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Taxhow 1040x

Free Irs Tax Forms 2012Free State Only Tax FilingHrblock Free FileHow To Amend 2012 Federal Tax ReturnAmended ReturnsFile An Amended Tax ReturnAmend My 2011 TaxIrs Form State Tax FormsFree Amended Tax Return Online2012 Tax Preparation SoftwareTax Act 2011 Free DownloadElectronic File 1040ezFree Fillable 1040x Form1040ez Tax FilingOnline Amended Tax ReturnStudent Tax RefundFiling State Taxes Free2011 Amended Tax FormAmended Tax ReturnsDoes H&r Block Do Taxes For FreeFiling Amended Tax Return 2010File Ez OnlineSenior Tax Rebate2010 1040 Tax FormFree Tax EfileFree Efile For State TaxesFree Online State TaxIrs Tax FormsWww Irs Gov Form 1040xForm 1040nr 2011Free 2012 State Tax Filing1040 FormE-file 2012 TaxHow To Fill Out A 1040x FormHow To File An Ammended ReturnAmended Us Tax Form 1040xFile A 1040xWhere Can I File 2009 Taxes Online For Free2012 Free Tax Filing OnlineAmended Federal Tax Return Form

Taxhow 1040x

Taxhow 1040x Index A Accountable plan, Accountable plans. Taxhow 1040x Additional Medicare Tax, What's New, Introduction, Additional Medicare Tax. Taxhow 1040x Administrators, Teachers or administrators. Taxhow 1040x American Samoa, Residents of Puerto Rico, the U. Taxhow 1040x S. Taxhow 1040x Virgin Islands, Guam, the CNMI, and American Samoa. Taxhow 1040x , Specified U. Taxhow 1040x S. Taxhow 1040x possessions. Taxhow 1040x Assistance (see Tax help) C Cantors, Cantors. Taxhow 1040x Christian Science Practitioners, Table 1. Taxhow 1040x Are Your Ministerial Earnings* Covered Under FICA or SECA?, Christian Science Practitioners and Readers, Practitioners. Taxhow 1040x , Christian Science Practitioners and Readers, Members of the Clergy Readers, Table 1. Taxhow 1040x Are Your Ministerial Earnings* Covered Under FICA or SECA?, Christian Science Practitioners and Readers, Readers. Taxhow 1040x , Christian Science Practitioners and Readers Common-law employee, Common-law employee. Taxhow 1040x Commonwealth of the Northern Mariana Islands (CNMI), Residents of Puerto Rico, the U. Taxhow 1040x S. Taxhow 1040x Virgin Islands, Guam, the CNMI, and American Samoa. Taxhow 1040x , Specified U. Taxhow 1040x S. Taxhow 1040x possessions. Taxhow 1040x Comprehensive example, Comprehensive Example, Attachment 2—John E. Taxhow 1040x White011-00-2222 Worksheet 4. Taxhow 1040x Figuring Net Self-Employment Income for Schedule SE (Form 1040) Credit Earned income, Earned Income Credit Retirement savings contributions, Retirement savings contributions credit. Taxhow 1040x D Deduction for self-employment tax, Deduction for SE Tax E Earned income credit, Earned Income Credit Effective date Exemption from FICA taxes, Effective date. Taxhow 1040x Exemption from self-employment (SE) tax, Effective date of exemption. Taxhow 1040x , Effective date of exemption. Taxhow 1040x Employment status, Employment status for other tax purposes. Taxhow 1040x Estimated tax, Income Tax Withholding and Estimated Tax Exclusion, foreign earned income, Foreign Earned Income Exemption Form 4029, Table 2. Taxhow 1040x The Self-Employment Tax Exemption Application and Approval Process, Requesting Exemption—Form 4029 Form 4361, Table 2. Taxhow 1040x The Self-Employment Tax Exemption Application and Approval Process, Requesting Exemption—Form 4361 From FICA taxes, Exemption From FICA Taxes From self-employment (SE) tax, Exemption From Self-Employment (SE) Tax, Refunds of SE tax paid. Taxhow 1040x F Federal Insurance Contributions Act (see FICA) FICA Earnings covered, Table 1. Taxhow 1040x Are Your Ministerial Earnings* Covered Under FICA or SECA? Effective date of exemption, Effective date. Taxhow 1040x Election to exclude church employees, Election by Church To Exclude Its Employees From FICA Coverage Filing requirements for most taxpayers, Filing Your Return Foreign earned income, Foreign Earned Income Form 1040, Excess rental allowance. Taxhow 1040x , Health Insurance Costs of Self-Employed Ministers, Deduction for SE Tax, Exemption from SE tax. Taxhow 1040x , Form 1040, , 1040-ES, Income Tax Withholding and Estimated Tax 1040X, Refunds of SE tax. Taxhow 1040x , Refunds of SE tax paid. Taxhow 1040x 2106-EZ, 4029, Table 2. Taxhow 1040x The Self-Employment Tax Exemption Application and Approval Process, Requesting Exemption—Form 4029, Exemption from SE tax. Taxhow 1040x 4361, Table 2. Taxhow 1040x The Self-Employment Tax Exemption Application and Approval Process, Requesting Exemption—Form 4361, Exemption from SE tax. Taxhow 1040x 8959, What's New, Introduction, Additional Medicare Tax. Taxhow 1040x 941, Forms 941, 943, and 944. Taxhow 1040x 943, Forms 941, 943, and 944. Taxhow 1040x 944, Forms 941, 943, and 944. Taxhow 1040x Schedule A (Form 1040), Schedule C-EZ (Form 1040), Schedule SE (Form 1040), SS-8, Form SS-8. Taxhow 1040x Free tax services, Free help with your tax return. Taxhow 1040x G Gross income Amounts included in, Amounts included in gross income. Taxhow 1040x Amounts not included in, Amounts not included in gross income. Taxhow 1040x Guam, Residents of Puerto Rico, the U. Taxhow 1040x S. Taxhow 1040x Virgin Islands, Guam, the CNMI, and American Samoa. Taxhow 1040x , Specified U. Taxhow 1040x S. Taxhow 1040x possessions. Taxhow 1040x H Health insurance costs, deductibility, Health Insurance Costs of Self-Employed Ministers Help (see Tax help) Home ownership, exclusion of allowance, Home ownership. Taxhow 1040x , Cantors. Taxhow 1040x House or parsonage, fair rental value, Fair rental value of parsonage. Taxhow 1040x I Income tax Estimated tax, Income Tax Withholding and Estimated Tax Income and expenses, Income Tax: Income and Expenses, Income Tax Withholding and Estimated Tax Withholding, Income Tax Withholding and Estimated Tax Individual retirement arrangements (IRAs), Individual retirement arrangements (IRAs). Taxhow 1040x K Keogh (H. Taxhow 1040x R. Taxhow 1040x 10) plans, Retirement plans for the self-employed. Taxhow 1040x L Lay employees (see Religious workers) Living abroad, Overseas duty. Taxhow 1040x , Foreign Earned Income M Members of recognized religious sects, Table 1. Taxhow 1040x Are Your Ministerial Earnings* Covered Under FICA or SECA?, Members of Recognized Religious Sects Members of religious orders, Table 1. Taxhow 1040x Are Your Ministerial Earnings* Covered Under FICA or SECA?, Members of Religious Orders, Members of Religious Orders, Members of the Clergy, Refunds of SE tax. Taxhow 1040x , Earnings—Members of Religious Orders Ministerial services, exemption for Christian Science practitioners and readers, Christian Science Practitioners and Readers Members of religious orders, Members of Religious Orders Ministers, Ministers Ministers, Table 1. Taxhow 1040x Are Your Ministerial Earnings* Covered Under FICA or SECA?, Ministers, Ministers defined. Taxhow 1040x , Form SS-8. Taxhow 1040x , Ministers, Members of the Clergy, Refunds of SE tax. Taxhow 1040x , Income Tax: Income and Expenses, Income Tax Withholding and Estimated Tax Retired, Retired ministers. Taxhow 1040x Missionary team, married couple, Married Couple Missionary Team N Nonaccountable plan, Nonaccountable plan. Taxhow 1040x Nonfarm optional method, Nonfarm Optional Method Nonresident aliens, U. Taxhow 1040x S. Taxhow 1040x Citizens and Resident and Nonresident Aliens O Offerings and fees, Amounts included in gross income. Taxhow 1040x , Offerings and Fees Overseas duty, Overseas duty. Taxhow 1040x , Foreign Earned Income P Parsonage allowance, Amounts included in gross income. Taxhow 1040x , Exclusion of Rental Allowance and Fair Rental Value of a Parsonage, Cantors. Taxhow 1040x Publications (see Tax help) Puerto Rico, Residents of Puerto Rico, the U. Taxhow 1040x S. Taxhow 1040x Virgin Islands, Guam, the CNMI, and American Samoa. Taxhow 1040x , Specified U. Taxhow 1040x S. Taxhow 1040x possessions. Taxhow 1040x Q Qualified retirement plan, Retirement plans for the self-employed. Taxhow 1040x R Refunds, self-employment tax, Refunds of SE tax. Taxhow 1040x , Refunds of SE tax paid. Taxhow 1040x Reimbursements, Employee reimbursement arrangements. Taxhow 1040x Religious orders, members of, Table 1. Taxhow 1040x Are Your Ministerial Earnings* Covered Under FICA or SECA?, Members of Religious Orders, Members of Religious Orders, Members of the Clergy, Refunds of SE tax. Taxhow 1040x , Earnings—Members of Religious Orders Religious workers, Table 1. Taxhow 1040x Are Your Ministerial Earnings* Covered Under FICA or SECA?, Coverage of Religious Workers (Church Employees) Rental allowance, Amounts included in gross income. Taxhow 1040x , Exclusion of Rental Allowance and Fair Rental Value of a Parsonage, Rental allowances. Taxhow 1040x , Cantors. Taxhow 1040x Resident aliens, U. Taxhow 1040x S. Taxhow 1040x Citizens and Resident and Nonresident Aliens Retired ministers, Retired ministers. Taxhow 1040x Retirement savings arrangements, Retirement Savings Arrangements Retirement savings contributions credit, Retirement savings contributions credit. Taxhow 1040x Royalty income from books, Books or articles. Taxhow 1040x S SECA, Table 1. Taxhow 1040x Are Your Ministerial Earnings* Covered Under FICA or SECA?, Social Security Coverage Sects, members of recognized religious, Table 1. Taxhow 1040x Are Your Ministerial Earnings* Covered Under FICA or SECA?, Members of Recognized Religious Sects Self-Employment Contributions Act (see SECA) Self-employment tax Deduction, Deduction for SE Tax Exemption, Exemption From Self-Employment (SE) Tax, Refunds of SE tax paid. Taxhow 1040x , Exemption from SE tax. Taxhow 1040x Maximum earnings, Earnings Subject to SE Tax Nonfarm optional method, Nonfarm Optional Method Refunds of, Refunds of SE tax. Taxhow 1040x , Refunds of SE tax paid. Taxhow 1040x Regular method, Regular Method Self-employment, net earnings from, Self-Employment Tax: Figuring Net Earnings, More information. Taxhow 1040x SIMPLE plan, Retirement plans for the self-employed. Taxhow 1040x Simplified employee pension (SEP) plan, Retirement plans for the self-employed. Taxhow 1040x Social security coverage, Social Security Coverage T Tax help, How To Get Tax Help Tax-free income, deductibility of expenses, Expenses Allocable to Tax-Free Income Tax-sheltered annuity plans, Tax-sheltered annuity plans. Taxhow 1040x Teachers, Teachers or administrators. Taxhow 1040x Theological students, Theological students. Taxhow 1040x Traveling evangelists, Traveling evangelists. Taxhow 1040x U U. Taxhow 1040x S. Taxhow 1040x citizens, U. Taxhow 1040x S. Taxhow 1040x Citizens and Resident and Nonresident Aliens U. Taxhow 1040x S. Taxhow 1040x Virgin Islands, Residents of Puerto Rico, the U. Taxhow 1040x S. Taxhow 1040x Virgin Islands, Guam, the CNMI, and American Samoa. Taxhow 1040x , Specified U. Taxhow 1040x S. Taxhow 1040x possessions. Taxhow 1040x V Vow of poverty, Table 1. Taxhow 1040x Are Your Ministerial Earnings* Covered Under FICA or SECA?, Vow of poverty. Taxhow 1040x , Services performed outside the order. Taxhow 1040x , Effect of employee status. Taxhow 1040x , Exemption From Self-Employment (SE) Tax, Earnings—Members of Religious Orders Prev  Up     Home   More Online Publications
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Letter 1962C Frequently Asked Questions (FAQs)

What is the letter telling me?

This letter confirms your written request for a Direct Debit Installment Agreement has been approved. It explains the fees we charge for establishing your agreement. It also explains what to do if you qualify for a Low Income Fee Reduction.

What do I have to do?

Be sure to have the amount of your payment in your checking account by the due date in the letter.

What happens if the funds are not available?

If you are unable to have sufficient funds in your checking account, you must call us at least 10 days prior to your payment due date.

How much time do I have?

The customer has to make one manual payment before we can begin to take payments electronically.

What happens if I don't take any action?

If you do not ensure there are sufficient funds in your checking account, then your installment agreement will default. Your bank may charge you fees for insufficient funds.

Who should I contact?

The telephone number will be provided in your acknowledgement letter.

What if I don't agree or have already taken corrective action?

If you do not agree with this letter, call us immediately at the number included. We will do our best to help you. If you have called us about this matter before, but we did not correct the problem, you may want to contact the Office of the Taxpayer Advocate.

Page Last Reviewed or Updated: 30-Jan-2014

The Taxhow 1040x

Taxhow 1040x 1. Taxhow 1040x   Filing Information Table of Contents Topics - This chapter discusses: Useful Items - You may want to see: Filing RequirementsWhen To File and Pay Foreign Currency Does My Return Have To Be On Paper? Where To File Nonresident Alien Spouse Treated as a ResidentSocial Security Number (SSN) How To Make the Choice Suspending the Choice Ending the Choice Estimated Tax Other Forms You May Have To File Topics - This chapter discusses: Whether you have to file a return, When to file your return and pay any tax due, How to treat foreign currency, How to file electronically, Where to file your return, When you can treat your nonresident alien spouse as a resident, and When you may have to make estimated tax payments. Taxhow 1040x Useful Items - You may want to see: Publication 3 Armed Forces' Tax Guide 501 Exemptions, Standard Deduction, and Filing Information 505 Tax Withholding and Estimated Tax 519 U. Taxhow 1040x S. Taxhow 1040x Tax Guide for Aliens 970 Tax Benefits for Education Form (and Instructions) 1040-ES Estimated Tax for Individuals 1040X Amended U. Taxhow 1040x S. Taxhow 1040x Individual Income Tax Return 2350 Application for Extension of Time To File U. Taxhow 1040x S. Taxhow 1040x Income Tax Return 2555 Foreign Earned Income 2555-EZ Foreign Earned Income Exclusion 4868 Application for Automatic Extension of Time To File U. Taxhow 1040x S. Taxhow 1040x Individual Income Tax Return 8822 Change of Address See chapter 7 for information about getting these publications and forms. Taxhow 1040x Filing Requirements If you are a U. Taxhow 1040x S. Taxhow 1040x citizen or resident alien, the rules for filing income, estate, and gift tax returns and for paying estimated tax are generally the same whether you are in the United States or abroad. Taxhow 1040x Your income, filing status, and age generally determine whether you must file an income tax return. Taxhow 1040x Generally, you must file a return for 2013 if your gross income from worldwide sources is at least the amount shown for your filing status in the following table. Taxhow 1040x Filing Status*   Amount Single $10,000 65 or older $11,500 Head of household $12,850 65 or older $14,350 Qualifying widow(er) $16,100 65 or older $17,300 Married filing jointly $20,000 Not living with spouse at end of year $3,900 One spouse 65 or older $21,200 Both spouses 65 or older $22,400 Married filing separately $3,900 *If you are the dependent of another taxpayer, see the instructions for Form 1040 for more information on whether you must file a return. Taxhow 1040x Gross income. Taxhow 1040x   This includes all income you receive in the form of money, goods, property, and services that is not exempt from tax. Taxhow 1040x   For purposes of determining whether you must file a return, gross income includes any income that you can exclude as foreign earned income or as a foreign housing amount. Taxhow 1040x If you are self-employed, your gross income includes the amount on Part I, line 7 of Schedule C (Form 1040), Profit or Loss From Business, or line 1 of Schedule C-EZ (Form 1040), Net Profit From Business. Taxhow 1040x Self-employed individuals. Taxhow 1040x   If your net earnings from self-employment are $400 or more, you must file a return even if your gross income is below the amount listed for your filing status in the table shown earlier. Taxhow 1040x Net earnings from self-employment are defined in Publication 334, Tax Guide for Small Business. Taxhow 1040x 65 or older. Taxhow 1040x   You are considered to be age 65 on the day before your 65th birthday. Taxhow 1040x For example, if your 65th birthday is on January 1, 2014, you are considered 65 for 2013. Taxhow 1040x Residents of U. Taxhow 1040x S. Taxhow 1040x possessions. Taxhow 1040x   If you are (or were) a bona fide resident of a U. Taxhow 1040x S. Taxhow 1040x possession, you may be required to file Form 8898, Statement for Individuals Who Begin or End Bona Fide Residence in a U. Taxhow 1040x S. Taxhow 1040x Possession. Taxhow 1040x See the instructions for the form for more information. Taxhow 1040x When To File and Pay If you file on a calendar year basis, the due date for filing your return is April 15 of the following year. Taxhow 1040x If you file on a fiscal year basis (a year ending on the last day of any month except December), the due date is 3 months and 15 days after the close of your fiscal year. Taxhow 1040x In general, the tax shown on your return should be paid by the due date of the return, without regard to any extension of time for filing the return. Taxhow 1040x When the due date for doing any act for tax purposes—filing a return, paying taxes, etc. Taxhow 1040x — falls on a Saturday, Sunday, or legal holiday, the due date is delayed until the next business day. Taxhow 1040x A tax return delivered by the U. Taxhow 1040x S. Taxhow 1040x mail or a designated delivery service that is postmarked or dated by the delivery service on or before the due date is considered to have been filed on or before that date. Taxhow 1040x See your Form 1040 or Form 1040A instructions for a list of designated delivery services. Taxhow 1040x Foreign wire transfers. Taxhow 1040x   If you have a U. Taxhow 1040x S. Taxhow 1040x bank account, you can use: EFTPS (Electronic Federal Tax Payment System), or Federal Tax Application (same-day wire transfer). Taxhow 1040x If you do not have a U. Taxhow 1040x S. Taxhow 1040x bank account, ask if your financial institution has a U. Taxhow 1040x S. Taxhow 1040x affiliate that can help you make same-day wire transfers. Taxhow 1040x   For more information, visit www. Taxhow 1040x eftps. Taxhow 1040x gov. Taxhow 1040x Extensions You can get an extension of time to file your return. Taxhow 1040x In some circumstances, you also can get an extension of time to file and pay any tax due. Taxhow 1040x However, if you pay the tax due after the regular due date, interest will be charged from the regular due date until the date the tax is paid. Taxhow 1040x This publication discusses four extensions: an automatic 2-month extension, an automatic 6-month extension, an additional extension for taxpayers out of the country, and an extension of time to meet tests. Taxhow 1040x If you served in a combat zone or qualified hazardous duty area, see Publication 3 for a discussion of extensions of deadlines. Taxhow 1040x Automatic 2-month extension. Taxhow 1040x   You are allowed an automatic 2-month extension to file your return and pay federal income tax if you are a U. Taxhow 1040x S. Taxhow 1040x citizen or resident alien, and on the regular due date of your return: You are living outside the United States and Puerto Rico and your main place of business or post of duty is outside the United States and Puerto Rico, or You are in military or naval service on duty outside the United States and Puerto Rico. Taxhow 1040x   If you use a calendar year, the regular due date of your return is April 15. Taxhow 1040x Even if you are allowed an extension, you will have to pay interest on any tax not paid by the regular due date of your return. Taxhow 1040x Married taxpayers. Taxhow 1040x   If you file a joint return, either you or your spouse can qualify for the automatic extension. Taxhow 1040x If you and your spouse file separate returns, this automatic extension applies only to the spouse who qualifies for it. Taxhow 1040x How to get the extension. Taxhow 1040x   To use this automatic 2-month extension, you must attach a statement to your return explaining which of the two situations listed earlier qualified you for the extension. Taxhow 1040x Automatic 6-month extension. Taxhow 1040x   If you are not able to file your return by the due date, you generally can get an automatic 6-month extension of time to file (but not of time to pay). Taxhow 1040x To get this automatic extension, you must file a paper Form 4868 or use IRS e-file (electronic filing). Taxhow 1040x For more information about filing electronically, see E-file options , later. Taxhow 1040x   The form must show your properly estimated tax liability based on the information available to you. Taxhow 1040x    You may not be eligible. Taxhow 1040x You cannot use the automatic 6-month extension of time to file if: You want the IRS to figure your tax, or You are under a court order to file by the regular due date. Taxhow 1040x E-file options. Taxhow 1040x    You can use e-file to get an extension of time to file. Taxhow 1040x You can either file Form 4868 electronically or you can pay part or all of your estimate of tax due using a credit or debit card. Taxhow 1040x   First, complete Form 4868 to use as a worksheet. Taxhow 1040x If you think you may owe tax when you file your return, use Part II of the form to estimate your balance due. Taxhow 1040x    Then, do one of the following. Taxhow 1040x E-file Form 4868. Taxhow 1040x You can use a tax software package with your personal computer or a tax professional to file Form 4868 electronically. Taxhow 1040x You will need to provide certain information from your tax return for 2012. Taxhow 1040x If you wish to make a payment by electronic funds withdrawal, see the instructions for Form 4868. Taxhow 1040x If you e-file Form 4868, do not also send a paper Form 4868. Taxhow 1040x E-file and pay by credit or debit card. Taxhow 1040x You can get an extension by paying part or all of your estimate of tax due by using a credit or debit card. Taxhow 1040x You can do this by phone or over the Internet. Taxhow 1040x If you do this, you do not file Form 4868. Taxhow 1040x For more information, see the instructions for your tax return. Taxhow 1040x When to file. Taxhow 1040x   Generally, you must request the 6-month extension by the regular due date of your return. Taxhow 1040x Previous 2-month extension. Taxhow 1040x   If you cannot file your return within the automatic 2-month extension period, you generally can get an additional 4 months to file your return, for a total of 6 months. Taxhow 1040x The 2-month period and the 6-month period start at the same time. Taxhow 1040x You have to request the additional 4 months by the new due date allowed by the 2-month extension. Taxhow 1040x   The additional 4 months of time to file (unlike the original 2-month extension) is not an extension of time to pay. Taxhow 1040x You must make an accurate estimate of your tax based on the information available to you. Taxhow 1040x If you find you cannot pay the full amount due with Form 4868, you can still get the extension. Taxhow 1040x You will owe interest on the unpaid amount from the original due date of the return. Taxhow 1040x   You also may be charged a penalty for paying the tax late unless you have reasonable cause for not paying your tax when due. Taxhow 1040x Penalties for paying the tax late are assessed from the original due date of your return, unless you qualify for the automatic 2-month extension. Taxhow 1040x In that situation, penalties for paying late are assessed from the extended due date of the payment (June 15 for calendar year taxpayers). Taxhow 1040x Additional extension of time for taxpayers out of the country. Taxhow 1040x   In addition to the 6-month extension, taxpayers who are out of the country can request a discretionary 2-month additional extension of time to file their returns (to December 15 for calendar year taxpayers). Taxhow 1040x   To request this extension, you must send the Internal Revenue Service a letter explaining the reasons why you need the additional 2 months. Taxhow 1040x Send the letter by the extended due date (October 15 for calendar year taxpayers) to the following address: Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0045   You will not receive any notification from the Internal Revenue Service unless your request is denied. Taxhow 1040x   The discretionary 2-month additional extension is not available to taxpayers who have an approved extension of time to file on Form 2350, discussed next. Taxhow 1040x Extension of time to meet tests. Taxhow 1040x   You generally cannot get an extension of more than 6 months. Taxhow 1040x However, if you are outside the United States and meet certain requirements, you may be able to get a longer extension. Taxhow 1040x   You can get an extension of more than 6 months to file your tax return if you need the time to meet either the bona fide residence test or the physical presence test to qualify for either the foreign earned income exclusion or the foreign housing exclusion or deduction. Taxhow 1040x The tests, the exclusions, and the deduction are explained in chapter 4. Taxhow 1040x   You should request an extension if all three of the following apply. Taxhow 1040x You are a U. Taxhow 1040x S. Taxhow 1040x citizen or resident alien. Taxhow 1040x You expect to meet either the bona fide residence test or the physical presence test, but not until after your tax return is due. Taxhow 1040x Your tax home is in a foreign country (or countries) throughout your period of bona fide residence or physical presence, whichever applies. Taxhow 1040x   If you are granted an extension, it generally will be to 30 days beyond the date on which you can reasonably expect to qualify for an exclusion or deduction under either the bona fide residence test or the physical presence test. Taxhow 1040x However, if you have moving expenses that are for services performed in 2 years, you may be granted an extension until after the end of the second year. Taxhow 1040x How to get an extension. Taxhow 1040x   To obtain an extension, file Form 2350 either by giving it to a local IRS representative or other IRS employee or by mailing it to the: Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0045   You must file Form 2350 by the due date for filing your return. Taxhow 1040x Generally, if both your tax home and your abode are outside the United States and Puerto Rico on the regular due date of your return and you file on a calendar year basis, the due date for filing your return is June 15. Taxhow 1040x What if tests are not met. Taxhow 1040x   If you obtain an extension and unforeseen events make it impossible for you to meet either the bona fide residence test or the physical presence test, you should file your income tax return as soon as possible because you must pay interest on any tax due after the regular due date of the return (even though an extension was granted). Taxhow 1040x    You should make any request for an extension early, so that if it is denied you still can file your return on time. Taxhow 1040x Otherwise, if you file late and additional tax is due, you may be subject to a penalty. Taxhow 1040x Return filed before test is met. Taxhow 1040x   If you file a return before you meet the bona fide residence test or the physical presence test, you must include all income from both U. Taxhow 1040x S. Taxhow 1040x and foreign sources and pay the tax on that income. Taxhow 1040x If you later meet either of the tests, you can claim the foreign earned income exclusion, the foreign housing exclusion, or the foreign housing deduction on Form 1040X. Taxhow 1040x Foreign Currency You must express the amounts you report on your U. Taxhow 1040x S. Taxhow 1040x tax return in U. Taxhow 1040x S. Taxhow 1040x dollars. Taxhow 1040x If you receive all or part of your income or pay some or all of your expenses in foreign currency, you must translate the foreign currency into U. Taxhow 1040x S. Taxhow 1040x dollars. Taxhow 1040x How you do this depends on your functional currency. Taxhow 1040x Your functional currency generally is the U. Taxhow 1040x S. Taxhow 1040x dollar unless you are required to use the currency of a foreign country. Taxhow 1040x You must make all federal income tax determinations in your functional currency. Taxhow 1040x The U. Taxhow 1040x S. Taxhow 1040x dollar is the functional currency for all taxpayers except some qualified business units (QBUs). Taxhow 1040x A QBU is a separate and clearly identified unit of a trade or business that maintains separate books and records. Taxhow 1040x Even if you have a QBU, your functional currency is the dollar if any of the following apply. Taxhow 1040x You conduct the business in U. Taxhow 1040x S. Taxhow 1040x dollars. Taxhow 1040x The principal place of business is located in the United States. Taxhow 1040x You choose to or are required to use the U. Taxhow 1040x S. Taxhow 1040x dollar as your functional currency. Taxhow 1040x The business books and records are not kept in the currency of the economic environment in which a significant part of the business activities is conducted. Taxhow 1040x Make all income tax determinations in your functional currency. Taxhow 1040x If your functional currency is the U. Taxhow 1040x S. Taxhow 1040x dollar, you must immediately translate into U. Taxhow 1040x S. Taxhow 1040x dollars all items of income, expense, etc. Taxhow 1040x (including taxes), that you receive, pay, or accrue in a foreign currency and that will affect computation of your income tax. Taxhow 1040x Use the exchange rate prevailing when you receive, pay, or accrue the item. Taxhow 1040x If there is more than one exchange rate, use the one that most properly reflects your income. Taxhow 1040x You can generally get exchange rates from banks and U. Taxhow 1040x S. Taxhow 1040x Embassies. Taxhow 1040x If your functional currency is not the U. Taxhow 1040x S. Taxhow 1040x dollar, make all income tax determinations in your functional currency. Taxhow 1040x At the end of the year, translate the results, such as income or loss, into U. Taxhow 1040x S. Taxhow 1040x dollars to report on your income tax return. Taxhow 1040x Blocked Income You generally must report your foreign income in terms of U. Taxhow 1040x S. Taxhow 1040x dollars and, with one exception (see Fulbright Grant, later), you must pay taxes due on it in U. Taxhow 1040x S. Taxhow 1040x dollars. Taxhow 1040x If, because of restrictions in a foreign country, your income is not readily convertible into U. Taxhow 1040x S. Taxhow 1040x dollars or into other money or property that is readily convertible into U. Taxhow 1040x S. Taxhow 1040x dollars, your income is “blocked” or “deferrable” income. Taxhow 1040x You can report this income in one of two ways: Report the income and pay your federal income tax with U. Taxhow 1040x S. Taxhow 1040x dollars that you have in the United States or in some other country, or Postpone the reporting of the income until it becomes unblocked. Taxhow 1040x If you choose to postpone the reporting of the income, you must file an information return with your tax return. Taxhow 1040x For this information return, you should use another Form 1040 labeled “Report of Deferrable Foreign Income, pursuant to Rev. Taxhow 1040x Rul. Taxhow 1040x 74-351. Taxhow 1040x ” You must declare on the information return that you will include the deferrable income in your taxable income for the year that it becomes unblocked. Taxhow 1040x You also must state that you waive any right to claim that the deferrable income was includible in your income for any earlier year. Taxhow 1040x You must report your income on your information return using the foreign currency in which you received that income. Taxhow 1040x If you have blocked income from more than one foreign country, include a separate information return for each country. Taxhow 1040x Income becomes unblocked and reportable for tax purposes when it becomes convertible, or when it is converted, into U. Taxhow 1040x S. Taxhow 1040x dollars or into other money or property that is convertible into U. Taxhow 1040x S. Taxhow 1040x currency. Taxhow 1040x Also, if you use blocked income for your personal expenses or dispose of it by gift, bequest, or devise, you must treat it as unblocked and reportable. Taxhow 1040x If you have received blocked income on which you have not paid tax, you should check to see whether that income is still blocked. Taxhow 1040x If it is not, you should take immediate steps to pay tax on it, file a declaration or amended declaration of estimated tax, and include the income on your tax return for the year in which the income became unblocked. Taxhow 1040x If you choose to postpone reporting blocked income and in a later tax year you wish to begin including it in gross income although it is still blocked, you must obtain the permission of the IRS to do so. Taxhow 1040x To apply for permission, file Form 3115, Application for Change in Accounting Method. Taxhow 1040x You also must request permission from the IRS on Form 3115 if you have not chosen to defer the reporting of blocked income in the past, but now wish to begin reporting blocked income under the deferred method. Taxhow 1040x See the instructions for Form 3115 for information on changing your accounting method. Taxhow 1040x Fulbright Grant All income must be reported in U. Taxhow 1040x S. Taxhow 1040x dollars. Taxhow 1040x In most cases, the tax also must be paid in U. Taxhow 1040x S. Taxhow 1040x dollars. Taxhow 1040x If, however, at least 70% of your Fulbright grant has been paid in nonconvertible foreign currency (blocked income), you can use the currency of the host country to pay the part of the U. Taxhow 1040x S. Taxhow 1040x tax that is based on the blocked income. Taxhow 1040x Paying U. Taxhow 1040x S. Taxhow 1040x tax in foreign currency. Taxhow 1040x   To qualify for this method of payment, you must prepare a statement that shows the following information. Taxhow 1040x You were a Fulbright grantee and were paid in nonconvertible foreign currency. Taxhow 1040x The total grant you received during the year and the amount you received in nonconvertible foreign currency. Taxhow 1040x At least 70% of the grant was paid in nonconvertible foreign currency. Taxhow 1040x The statement must be certified by the U. Taxhow 1040x S. Taxhow 1040x educational foundation or commission paying the grant or other person having control of grant payments to you. Taxhow 1040x   You should prepare at least two copies of this statement. Taxhow 1040x Attach one copy to your Form 1040 and keep the other copy for identification purposes when you make a tax deposit of nonconvertible foreign currency. Taxhow 1040x Figuring actual tax. Taxhow 1040x   When you prepare your income tax return, you may owe tax or the entire liability may have been satisfied with your estimated tax payments. Taxhow 1040x If you owe tax, figure the part due to (and payable in) the nonconvertible foreign currency by using the following formula. Taxhow 1040x   Adjusted gross income that is blocked income × Total U. Taxhow 1040x S. Taxhow 1040x tax = Tax on blocked income     Total adjusted  gross income     You must attach all of the following to the return. Taxhow 1040x A copy of the certified statement discussed earlier. Taxhow 1040x A detailed statement showing the allocation of tax attributable to amounts received in foreign currency and the rates of exchange used in determining your tax liability in U. Taxhow 1040x S. Taxhow 1040x dollars. Taxhow 1040x The original deposit receipt for any balance of tax due that you paid in nonconvertible foreign currency. Taxhow 1040x Figuring estimated tax on nonconvertible foreign currency. Taxhow 1040x   If you are liable for estimated tax (discussed later), figure the amount you can pay to the IRS in nonconvertible foreign currency using the following formula. Taxhow 1040x   Adjusted gross income that is blocked income × Total estimated U. Taxhow 1040x S. Taxhow 1040x tax = Estimated tax on blocked income     Total adjusted  gross income     If you must pay your host country income tax on your grant, subtract any estimated foreign tax credit that applies to your grant from the estimated tax on the blocked income. Taxhow 1040x Deposit of foreign currency with disbursing officer. Taxhow 1040x   Once you have determined the amount of the actual tax or estimated tax that you can pay in nonconvertible foreign currency, deposit that amount with the disbursing officer of the Department of State in the foreign country in which the foundation or commission paying the grant is located. Taxhow 1040x Estimated tax installments. Taxhow 1040x   You can either deposit the full estimated tax amount before the first installment due date or make four equal payments before the installment due dates. Taxhow 1040x See Estimated Tax , later. Taxhow 1040x Deposit receipt. Taxhow 1040x   Upon accepting the foreign currency, the disbursing officer will give you a receipt in duplicate. Taxhow 1040x The original of this receipt (showing the amount of foreign currency deposited and its equivalent in U. Taxhow 1040x S. Taxhow 1040x dollars) should be attached to your Form 1040 or payment voucher from Form 1040-ES. Taxhow 1040x Keep the copy for your records. Taxhow 1040x Does My Return Have To Be On Paper? IRS e-file (electronic filing) is the fastest, easiest, and most convenient way to file your income tax return electronically. Taxhow 1040x IRS e-file offers accurate, safe, and fast alternatives to filing on paper. Taxhow 1040x IRS computers quickly and automatically check for errors or other missing information. Taxhow 1040x Even returns with a foreign address can be e-filed! How to e-file. Taxhow 1040x   There are three ways you can e-file. Taxhow 1040x Use your personal computer. Taxhow 1040x Use a volunteer. Taxhow 1040x Many programs offering free tax help can e-file your return. Taxhow 1040x Use a tax professional. Taxhow 1040x Most tax professionals can e-file your return. Taxhow 1040x These methods are explained in detail in the instructions for your tax return. Taxhow 1040x Where To File If any of the following situations apply to you, do not file your return with the service center listed for your home state. Taxhow 1040x You claim the foreign earned income exclusion. Taxhow 1040x You claim the foreign housing exclusion or deduction. Taxhow 1040x You live in a foreign country. Taxhow 1040x Instead, use one of the following special addresses. Taxhow 1040x If you are not enclosing a check or money order, file your return with the: Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215 USA If you are enclosing a check or money order, file your return with: Internal Revenue Service Center P. Taxhow 1040x O. Taxhow 1040x Box 1303 Charlotte, NC 28201-1303 USA If you do not know where your legal residence is and you do not have a principal place of business in the United States, you can file with the appropriate address listed above. Taxhow 1040x However, you should not file with the addresses listed above if you are a bona fide resident of the U. Taxhow 1040x S. Taxhow 1040x Virgin Islands, Guam, or the Commonwealth of the Northern Mariana Islands during your entire tax year. Taxhow 1040x Resident of U. Taxhow 1040x S. Taxhow 1040x Virgin Islands (USVI). Taxhow 1040x   If you are a bona fide resident of the USVI during your entire tax year, you generally are not required to file a U. Taxhow 1040x S. Taxhow 1040x return. Taxhow 1040x However, you must file a return with the USVI. Taxhow 1040x    Send your return to the:     Virgin Islands Bureau of Internal Revenue 6115 Estate Smith Bay Suite 225 St. Taxhow 1040x Thomas, Virgin Islands 00802 Non-USVI resident with USVI income. Taxhow 1040x   If you are a U. Taxhow 1040x S. Taxhow 1040x citizen or resident alien and you have income from sources in the USVI or income effectively connected with the conduct of a trade or business in the USVI, and you are not a bona fide resident of the USVI during your entire tax year, you must file identical tax returns with the United States and the USVI. Taxhow 1040x File the original return with the United States and file a signed copy of the U. Taxhow 1040x S. Taxhow 1040x return (including all attachments, forms, and schedules) with the Virgin Islands Bureau of Internal Revenue. Taxhow 1040x   You must complete Form 8689, Allocation of Individual Income Tax to the U. Taxhow 1040x S. Taxhow 1040x Virgin Islands, and attach a copy to both your U. Taxhow 1040x S. Taxhow 1040x return and your USVI return. Taxhow 1040x You should file your U. Taxhow 1040x S. Taxhow 1040x return with the address listed under Where To File. Taxhow 1040x   See Publication 570, Tax Guide for Individuals With Income From U. Taxhow 1040x S. Taxhow 1040x Possessions, for information about filing Virgin Islands returns. Taxhow 1040x Resident of Guam. Taxhow 1040x   If you are a bona fide resident of Guam during your entire tax year, you should file a return with Guam. Taxhow 1040x    Send your return to the:     Department of Revenue and Taxation Government of Guam P. Taxhow 1040x O. Taxhow 1040x Box 23607 GMF, GU 96921   However, if you have income from sources within Guam and you are a U. Taxhow 1040x S. Taxhow 1040x citizen or resident alien, but not a bona fide resident of Guam during the entire tax year, you should file a return with the United States. Taxhow 1040x Send your return to the address listed under Where To File. Taxhow 1040x   See Publication 570 for information about filing Guam returns. Taxhow 1040x Resident of the Commonwealth of the Northern Mariana Islands. Taxhow 1040x   If you are a bona fide resident of the Commonwealth of the Northern Mariana Islands (CNMI) during your entire tax year, you should file a return with the Northern Mariana Islands. Taxhow 1040x    Send your return to the:      Division of Revenue and Taxation Commonwealth of the Northern Mariana Islands P. Taxhow 1040x O. Taxhow 1040x Box 5234, CHRB Saipan, MP 96950   However, if you have income from sources within the CNMI and you are a U. Taxhow 1040x S. Taxhow 1040x citizen or resident alien, but not a bona fide resident of the CNMI during the entire tax year, you should file a return with the United States. Taxhow 1040x Send your return to the address listed under Where To File. Taxhow 1040x   See Publication 570 for information about filing Northern Mariana Islands returns. Taxhow 1040x Nonresident Alien Spouse Treated as a Resident If, at the end of your tax year, you are married and one spouse is a U. Taxhow 1040x S. Taxhow 1040x citizen or a resident alien and the other is a nonresident alien, you can choose to treat the nonresident as a U. Taxhow 1040x S. Taxhow 1040x resident. Taxhow 1040x This includes situations in which one of you is a nonresident alien at the beginning of the tax year and a resident alien at the end of the year and the other is a nonresident alien at the end of the year. Taxhow 1040x If you make this choice, the following two rules apply. Taxhow 1040x You and your spouse are treated, for income tax purposes, as residents for all tax years that the choice is in effect. Taxhow 1040x You must file a joint income tax return for the year you make the choice. Taxhow 1040x This means that neither of you can claim under any tax treaty not to be a U. Taxhow 1040x S. Taxhow 1040x resident for a tax year for which the choice is in effect. Taxhow 1040x You can file joint or separate returns in years after the year in which you make the choice. Taxhow 1040x Example 1. Taxhow 1040x Pat Smith, a U. Taxhow 1040x S. Taxhow 1040x citizen, is married to Norman, a nonresident alien. Taxhow 1040x Pat and Norman make the choice to treat Norman as a resident alien by attaching a statement to their joint return. Taxhow 1040x Pat and Norman must report their worldwide income for the year they make the choice and for all later years unless the choice is ended or suspended. Taxhow 1040x Although Pat and Norman must file a joint return for the year they make the choice, they can file either joint or separate returns for later years. Taxhow 1040x Example 2. Taxhow 1040x When Bob and Sharon Williams got married, both were nonresident aliens. Taxhow 1040x In June of last year, Bob became a resident alien and remained a resident for the rest of the year. Taxhow 1040x Bob and Sharon both choose to be treated as resident aliens by attaching a statement to their joint return for last year. Taxhow 1040x Bob and Sharon must report their worldwide income for last year and all later years unless the choice is ended or suspended. Taxhow 1040x Bob and Sharon must file a joint return for last year, but they can file either joint or separate returns for later years. Taxhow 1040x If you do not choose to treat your nonresident alien spouse as a U. Taxhow 1040x S. Taxhow 1040x resident, you may be able to use head of household filing status. Taxhow 1040x To use this status, you must pay more than half the cost of maintaining a household for certain dependents or relatives other than your nonresident alien spouse. Taxhow 1040x For more information, see Publication 501. Taxhow 1040x Social Security Number (SSN) If you choose to treat your nonresident alien spouse as a U. Taxhow 1040x S. Taxhow 1040x resident, your spouse must have either an SSN or an individual taxpayer identification number (ITIN). Taxhow 1040x To get an SSN for a nonresident alien spouse, apply at an office of the U. Taxhow 1040x S. Taxhow 1040x Social Security Administration (SSA) or U. Taxhow 1040x S. Taxhow 1040x consulate. Taxhow 1040x You must complete Form SS-5, Application for a Social Security Card, available at www. Taxhow 1040x socialsecurity. Taxhow 1040x gov or by calling 1-800-772-1213. Taxhow 1040x You must also provide original or certified copies of documents to verify that spouse's age, identity, and citizenship. Taxhow 1040x If the nonresident alien spouse is not eligible to get an SSN, he or she can file Form W-7, Application for IRS Individual Taxpayer Identification Number, with the IRS to apply for an ITIN. Taxhow 1040x How To Make the Choice Attach a statement, signed by both spouses, to your joint return for the first tax year for which the choice applies. Taxhow 1040x It should contain the following: A declaration that one spouse was a nonresident alien and the other spouse a U. Taxhow 1040x S. Taxhow 1040x citizen or resident alien on the last day of your tax year and that you choose to be treated as U. Taxhow 1040x S. Taxhow 1040x residents for the entire tax year, and The name, address, and social security number (or individual taxpayer identification number) of each spouse. Taxhow 1040x (If one spouse died, include the name and address of the person making the choice for the deceased spouse. Taxhow 1040x ) You generally make this choice when you file your joint return. Taxhow 1040x However, you also can make the choice by filing a joint amended return on Form 1040X. Taxhow 1040x Attach Form 1040, 1040A, or 1040EZ and print “Amended” across the top of the amended return. Taxhow 1040x If you make the choice with an amended return, you and your spouse also must amend any returns that you may have filed after the year for which you made the choice. Taxhow 1040x You generally must file the amended joint return within 3 years from the date you filed your original U. Taxhow 1040x S. Taxhow 1040x income tax return or 2 years from the date you paid your income tax for that year, whichever is later. Taxhow 1040x Table 1–1. Taxhow 1040x Ending the Choice To Treat Nonresident Alien Spouse as a Resident Revocation   Either spouse can revoke the choice for any tax year. Taxhow 1040x   • The revocation must be made by the due date for filing the tax return for that tax year. Taxhow 1040x   • The spouse who revokes the choice must attach a signed statement declaring that the choice is being revoked. Taxhow 1040x The statement revoking the choice must include the following:     • The name, address, and social security number (or taxpayer identification number) of each spouse. Taxhow 1040x     • The name and address of any person who is revoking the choice for a deceased spouse. Taxhow 1040x     • A list of any states, foreign countries, and possessions that have community property laws in which either spouse is domiciled or where real property is located from which either spouse receives income. Taxhow 1040x   • If the spouse revoking the choice does not have to file a return and does not file a claim for refund, send the statement to the Internal Revenue Service Center where the last joint return was filed. Taxhow 1040x Death   The death of either spouse ends the choice, beginning with the first tax year following the year in which the spouse died. Taxhow 1040x   • If the surviving spouse is a U. Taxhow 1040x S. Taxhow 1040x citizen or resident alien and is entitled to the joint tax rates as a surviving spouse, the choice will not end until the close of the last year for which these joint rates may be used. Taxhow 1040x   • If both spouses die in the same tax year, the choice ends on the first day after the close of the tax year in which the spouses died. Taxhow 1040x Divorce or  Legal separation   A divorce or legal separation ends the choice as of the beginning of the tax year in which the legal separation occurs. Taxhow 1040x Inadequate records   The Internal Revenue Service can end the choice for any tax year that either spouse has failed to keep adequate books, records, and other information necessary to determine the correct income tax liability, or to provide adequate access to those records. Taxhow 1040x Suspending the Choice The choice to be treated as a resident alien does not apply to any later tax year if neither of you is a U. Taxhow 1040x S. Taxhow 1040x citizen or resident alien at any time during the later tax year. Taxhow 1040x Example. Taxhow 1040x Dick Brown was a resident alien on December 31, 2010, and married to Judy, a nonresident alien. Taxhow 1040x They chose to treat Judy as a resident alien and filed a joint 2010 income tax return. Taxhow 1040x On January 10, 2012, Dick became a nonresident alien. Taxhow 1040x Judy had remained a nonresident alien. Taxhow 1040x Because Dick was a resident alien during part of 2012, Dick and Judy can file joint or separate returns for that year. Taxhow 1040x Neither Dick nor Judy was a resident alien at any time during 2013 and their choice is suspended for that year. Taxhow 1040x For 2013, both are treated as nonresident aliens. Taxhow 1040x If Dick becomes a resident alien again in 2014, their choice is no longer suspended and both are treated as resident aliens. Taxhow 1040x Ending the Choice Once made, the choice to be treated as a resident applies to all later years unless suspended (as explained earlier) or ended in one of the ways shown in Table 1-1. Taxhow 1040x If the choice is ended for any of the reasons listed in Table 1-1, neither spouse can make a choice in any later tax year. Taxhow 1040x Estimated Tax The requirements for determining who must pay estimated tax are the same for a U. Taxhow 1040x S. Taxhow 1040x citizen or resident abroad as for a taxpayer in the United States. Taxhow 1040x For current instructions on making estimated tax payments, see Form 1040-ES. Taxhow 1040x If you had a tax liability for 2013, you may have to pay estimated tax for 2014. Taxhow 1040x Generally, you must make estimated tax payments for 2014 if you expect to owe at least $1,000 in tax for 2014 after subtracting your withholding and credits and you expect your withholding and credits to be less than the smaller of: 90% of the tax to be shown on your 2014 tax return, or 100% of the tax shown on your 2013 tax return. Taxhow 1040x (The return must cover all 12 months. Taxhow 1040x ) If less than two-thirds of your gross income for 2013 and 2014 is from farming or fishing and your adjusted gross income for 2013 is more than $150,000 ($75,000 if you are married and file separately), substitute 110% for 100% in (2). Taxhow 1040x See Publication 505 for more information. Taxhow 1040x The first installment of estimated tax is due on April 15, 2014. Taxhow 1040x Foreign earned income exclusion. Taxhow 1040x   When figuring your estimated gross income, subtract amounts you expect to exclude under the foreign earned income exclusion and the foreign housing exclusion. Taxhow 1040x In addition, you can reduce your income by your estimated foreign housing deduction. Taxhow 1040x However, you must estimate tax on your nonexcluded income using the tax rates that will apply had you not excluded the income. Taxhow 1040x If the actual amount of the exclusion or deduction is less than you estimate, you may have to pay a penalty for underpayment of estimated tax. Taxhow 1040x   For more information about figuring your estimated tax, see Publication 505. Taxhow 1040x Other Forms You May Have To File FinCEN Form 114 (replaces Form TD F 90-22. Taxhow 1040x 1). Taxhow 1040x   Beginning October 1, 2013, Form 114, Report of Foreign Bank and Financial Accounts (FBAR), must be filed instead of Form TD F 90-22. Taxhow 1040x 1. Taxhow 1040x Form 114 is filed electronically with the Financial Crimes Enforcement Network (FinCEN). Taxhow 1040x See the filing instructions at www. Taxhow 1040x bsaefiling. Taxhow 1040x fincen. Taxhow 1040x treas. Taxhow 1040x gov/main. Taxhow 1040x html. Taxhow 1040x   You must file Form 114 if you had any financial interest in, or signature or other authority over a bank, securities, or other financial account in a foreign country. Taxhow 1040x You do not need to file the report if the assets are with a U. Taxhow 1040x S. Taxhow 1040x military banking facility operated by a financial institution or if the combined assets in the account(s) are $10,000 or less during the entire year. Taxhow 1040x   More information about the filing of Form 114 can be found in the instructions for the form. Taxhow 1040x FinCEN Form 105. Taxhow 1040x   You must file Form 105, Report of International Transportation of Currency or Monetary Instruments, if you physically transport, mail, ship, or cause to be physically transported, mailed, or shipped into or out of the United States, currency or other monetary instruments totaling more than $10,000 at one time. Taxhow 1040x Certain recipients of currency or monetary instruments also must file Form 105. Taxhow 1040x   More information about the filing of Form 105 can be found in the instructions on the back of the form. Taxhow 1040x Form 8938. Taxhow 1040x   You must file Form 8938 to report the ownership of specified foreign financial assets if the total value of those assets exceeds an applicable threshold amount (the “reporting threshold ”). Taxhow 1040x The reporting threshold varies depending on whether you live in the United States, are married, or file a joint income tax return with your spouse. Taxhow 1040x Specified foreign financial assets include any financial account maintained by a foreign financial institution and, to the extent held for investment, any stock, securities, or any other interest in a foreign entity and any financial instrument or contract with an issuer or counterparty that is not a U. Taxhow 1040x S. Taxhow 1040x person. Taxhow 1040x   You may have to pay penalties if you are required to file Form 8938 and fail to do so, or if you have an understatement of tax due to any transaction involving an undisclosed foreign financial asset. Taxhow 1040x   More information about the filing of Form 8938 can be found in the separate instructions for Form 8938. Taxhow 1040x Prev  Up  Next   Home   More Online Publications