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Turbo Tax 2011 Filing

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Turbo Tax 2011 Filing

Turbo tax 2011 filing Publication 536 - Main Content Table of Contents NOL Steps How To Figure an NOLNonbusiness deductions (line 6). Turbo tax 2011 filing Nonbusiness income (line 7). Turbo tax 2011 filing Nonbusiness capital losses. Turbo tax 2011 filing Business capital losses. Turbo tax 2011 filing Illustrated Form 1045, Schedule A When To Use an NOLExceptions to 2-Year Carryback Rule Waiving the Carryback Period How To Carry an NOL Back or Forward How To Claim an NOL DeductionDeducting a Carryback Deducting a Carryforward Change in Marital Status Change in Filing Status Illustrated Form 1045 How To Figure an NOL CarryoverIllustrated Form 1045, Schedule B NOL Carryover From 2013 to 2014Worksheet Instructions How To Get Tax HelpLow Income Taxpayer Clinics NOL Steps Follow Steps 1 through 5 to figure and use your NOL. Turbo tax 2011 filing Step 1. Turbo tax 2011 filing   Complete your tax return for the year. Turbo tax 2011 filing You may have an NOL if a negative figure appears on the line below: Individuals — Form 1040, line 41, or Form 1040NR, line 39. Turbo tax 2011 filing Estates and trusts — Form 1041, line 22. Turbo tax 2011 filing   If the amount on that line is not negative, stop here — you do not have an NOL. Turbo tax 2011 filing Step 2. Turbo tax 2011 filing   Determine whether you have an NOL and its amount. Turbo tax 2011 filing See How To Figure an NOL , later. Turbo tax 2011 filing If you do not have an NOL, stop here. Turbo tax 2011 filing Step 3. Turbo tax 2011 filing   Decide whether to carry the NOL back to a past year or to waive the carryback period and instead carry the NOL forward to a future year. Turbo tax 2011 filing See When To Use an NOL , later. Turbo tax 2011 filing Step 4. Turbo tax 2011 filing   Deduct the NOL in the carryback or carryforward year. Turbo tax 2011 filing See How To Claim an NOL Deduction , later. Turbo tax 2011 filing If your NOL deduction is equal to or less than your taxable income without the deduction, stop here — you have used up your NOL. Turbo tax 2011 filing Step 5. Turbo tax 2011 filing   Determine the amount of your unused NOL. Turbo tax 2011 filing See How To Figure an NOL Carryover , later. Turbo tax 2011 filing Carry over the unused NOL to the next carryback or carryforward year and begin again at Step 4. Turbo tax 2011 filing Note. Turbo tax 2011 filing   If your NOL deduction includes more than one NOL amount, apply Step 5 separately to each NOL amount, starting with the amount from the earliest year. Turbo tax 2011 filing How To Figure an NOL If your deductions for the year are more than your income for the year, you may have an NOL. Turbo tax 2011 filing There are rules that limit what you can deduct when figuring an NOL. Turbo tax 2011 filing In general, the following items are not allowed when figuring an NOL. Turbo tax 2011 filing Any deduction for personal exemptions. Turbo tax 2011 filing Capital losses in excess of capital gains. Turbo tax 2011 filing The section 1202 exclusion of the gain from the sale or exchange of qualified small business stock. Turbo tax 2011 filing Nonbusiness deductions in excess of nonbusiness income. Turbo tax 2011 filing The net operating loss deduction. Turbo tax 2011 filing The domestic production activities deduction. Turbo tax 2011 filing Form 1045, Schedule A. Turbo tax 2011 filing   Use Form 1045, Schedule A, to figure an NOL. Turbo tax 2011 filing The following discussion explains Schedule A and includes an illustrated example. Turbo tax 2011 filing   First, complete Form 1045, Schedule A, line 1, using amounts from your return. Turbo tax 2011 filing If line 1 is a negative amount, you may have an NOL. Turbo tax 2011 filing   Next, complete the rest of Form 1045, Schedule A, to figure your NOL. Turbo tax 2011 filing Nonbusiness deductions (line 6). Turbo tax 2011 filing   Enter on line 6 deductions that are not connected to your trade or business or your employment. Turbo tax 2011 filing Examples of deductions not related to your trade or business are: Alimony paid, Deductions for contributions to an IRA or a self-employed retirement plan, Health savings account deduction, Archer medical savings account deduction, Most itemized deductions (except for casualty and theft losses, state income tax on trade and business income, and any employee business expenses), and The standard deduction. Turbo tax 2011 filing   Do not include on line 6 the deduction for personal exemptions for you, your spouse, or your dependents. Turbo tax 2011 filing   Do not enter business deductions on line 6. Turbo tax 2011 filing These are deductions that are connected to your trade or business. Turbo tax 2011 filing They include the following. Turbo tax 2011 filing State income tax on income attributable to trade or business (including wages, salary, and unemployment compensation). Turbo tax 2011 filing Moving expenses. Turbo tax 2011 filing Educator expenses. Turbo tax 2011 filing The deduction for the deductible part of self-employed health insurance. Turbo tax 2011 filing Domestic production activities deduction. Turbo tax 2011 filing Rental losses. Turbo tax 2011 filing Loss on the sale or exchange of business real estate or depreciable property. Turbo tax 2011 filing Your share of a business loss from a partnership or an S corporation. Turbo tax 2011 filing Ordinary loss on the sale or exchange of stock in a small business corporation or a small business investment company. Turbo tax 2011 filing If you itemize your deductions, casualty and theft losses (even if they involve nonbusiness property) and employee business expenses (such as union dues, uniforms, tools, education expenses, and travel and transportation expenses). Turbo tax 2011 filing Loss on the sale of accounts receivable (if you use an accrual method of accounting). Turbo tax 2011 filing Interest and litigation expenses on state and federal income taxes related to your business. Turbo tax 2011 filing Unrecovered investment in a pension or annuity claimed on a decedent's final return. Turbo tax 2011 filing Payment by a federal employee to buy back sick leave used in an earlier year. Turbo tax 2011 filing Nonbusiness income (line 7). Turbo tax 2011 filing   Enter on line 7 only income that is not related to your trade or business or your employment. Turbo tax 2011 filing For example, enter your annuity income, dividends, and interest on investments. Turbo tax 2011 filing Also, include your share of nonbusiness income from partnerships and S corporations. Turbo tax 2011 filing   Do not include on line 7 the income you receive from your trade or business or your employment. Turbo tax 2011 filing This includes salaries and wages, self-employment income, unemployment compensation included in your gross income, and your share of business income from partnerships and S corporations. Turbo tax 2011 filing Also, do not include rental income or ordinary gain from the sale or other disposition of business real estate or depreciable business property. Turbo tax 2011 filing Adjustment for section 1202 exclusion (line 17). Turbo tax 2011 filing   Enter on line 17 any gain you excluded under section 1202 on the sale or exchange of qualified small business stock. Turbo tax 2011 filing Adjustments for capital losses (lines 19–22). Turbo tax 2011 filing   The amount deductible for capital losses is limited based on whether the losses are business capital losses or nonbusiness capital losses. Turbo tax 2011 filing Nonbusiness capital losses. Turbo tax 2011 filing   You can deduct your nonbusiness capital losses (line 2) only up to the amount of your nonbusiness capital gains without regard to any section 1202 exclusion (line 3). Turbo tax 2011 filing If your nonbusiness capital losses are more than your nonbusiness capital gains without regard to any section 1202 exclusion, you cannot deduct the excess. Turbo tax 2011 filing Business capital losses. Turbo tax 2011 filing   You can deduct your business capital losses (line 11) only up to the total of: Your nonbusiness capital gains that are more than the total of your nonbusiness capital losses and excess nonbusiness deductions (line 10), and Your total business capital gains without regard to any section 1202 exclusion (line 12). Turbo tax 2011 filing Domestic production activities deduction (line 23). Turbo tax 2011 filing   You cannot take the domestic production activities deduction when figuring your NOL. Turbo tax 2011 filing Enter on line 23 any domestic production activities deduction claimed on your return. Turbo tax 2011 filing NOLs from other years (line 24). Turbo tax 2011 filing   You cannot deduct any NOL carryovers or carrybacks from other years. Turbo tax 2011 filing Enter the total amount of your NOL deduction for losses from other years. Turbo tax 2011 filing Illustrated Form 1045, Schedule A The following example illustrates how to figure an NOL. Turbo tax 2011 filing It includes filled-in pages 1 and 2 of Form 1040 and Form 1045, Schedule A. Turbo tax 2011 filing Example. Turbo tax 2011 filing Glenn Johnson is in the retail record business. Turbo tax 2011 filing He is single and has the following income and deductions on his Form 1040 for 2013. Turbo tax 2011 filing See the illustrated Form 1040 , later. Turbo tax 2011 filing INCOME   Wages from part-time job $1,225 Interest on savings 425 Net long-term capital gain on sale of real estate used in business 2,000 Glenn's total income $3,650 DEDUCTIONS   Net loss from business (gross income of $67,000 minus expenses of $72,000) $5,000 Net short-term capital loss on sale of stock 1,000 Standard deduction 6,100 Personal exemption 3,900 Glenn's total deductions $16,000 Glenn's deductions exceed his income by $12,350 ($16,000 − $3,650). Turbo tax 2011 filing However, to figure whether he has an NOL, certain deductions are not allowed. Turbo tax 2011 filing He uses Form 1045, Schedule A, to figure his NOL. Turbo tax 2011 filing See the Illustrated Form 1045, Schedule A , later. Turbo tax 2011 filing The following items are not allowed on Form 1045, Schedule A. Turbo tax 2011 filing Nonbusiness net short-term capital loss $1,000 Nonbusiness deductions (standard deduction, $6,100) minus nonbusiness income (interest, $425) 5,675 Deduction for personal exemption 3,900 Total adjustments to net loss $10,575     Therefore, Glenn's NOL for 2013 is figured as follows: Glenn's total 2013 income $3,650 Less:     Glenn's original 2013 total deductions $16,000   Reduced by the disallowed items − 10,575 − 5,425 Glenn's NOL for 2013 $1,775 This image is too large to be displayed in the current screen. Turbo tax 2011 filing Please click the link to view the image. Turbo tax 2011 filing Form 1040, page 1 This image is too large to be displayed in the current screen. Turbo tax 2011 filing Please click the link to view the image. Turbo tax 2011 filing Form 1040, page 2 This image is too large to be displayed in the current screen. Turbo tax 2011 filing Please click the link to view the image. Turbo tax 2011 filing Form 1045, page 2 When To Use an NOL Generally, if you have an NOL for a tax year ending in 2013, you must carry back the entire amount of the NOL to the 2 tax years before the NOL year (the carryback period), and then carry forward any remaining NOL for up to 20 years after the NOL year (the carryforward period). Turbo tax 2011 filing You can, however, choose not to carry back an NOL and only carry it forward. Turbo tax 2011 filing See Waiving the Carryback Period , later. Turbo tax 2011 filing You cannot deduct any part of the NOL remaining after the 20-year carryforward period. Turbo tax 2011 filing NOL year. Turbo tax 2011 filing   This is the year in which the NOL occurred. Turbo tax 2011 filing Exceptions to 2-Year Carryback Rule Eligible losses, farming losses, qualified disaster losses, and specified liability losses, all defined next, qualify for longer carryback periods. Turbo tax 2011 filing Eligible loss. Turbo tax 2011 filing   The carryback period for eligible losses is 3 years. Turbo tax 2011 filing Only the eligible loss portion of the NOL can be carried back 3 years. Turbo tax 2011 filing An eligible loss is any part of an NOL that: Is from a casualty or theft, or Is attributable to a federally declared disaster for a qualified small business or certain qualified farming businesses. Turbo tax 2011 filing Qualified small business. Turbo tax 2011 filing   A qualified small business is a sole proprietorship or a partnership that has average annual gross receipts (reduced by returns and allowances) of $5 million or less during the 3-year period ending with the tax year of the NOL. Turbo tax 2011 filing If the business did not exist for this entire 3-year period, use the period the business was in existence. Turbo tax 2011 filing   An eligible loss does not include a farming loss or a qualified disaster loss. Turbo tax 2011 filing Farming loss. Turbo tax 2011 filing   The carryback period for a farming loss is 5 years. Turbo tax 2011 filing Only the farming loss portion of the NOL can be carried back 5 years. Turbo tax 2011 filing A farming loss is the smaller of: The amount that would be the NOL for the tax year if only income and deductions attributable to farming businesses were taken into account, or The NOL for the tax year. Turbo tax 2011 filing Farming business. Turbo tax 2011 filing   A farming business is a trade or business involving cultivation of land or the raising or harvesting of any agricultural or horticultural commodity. Turbo tax 2011 filing A farming business can include operating a nursery or sod farm or raising or harvesting most ornamental trees or trees bearing fruit, nuts, or other crops. Turbo tax 2011 filing The raising, shearing, feeding, caring for, training, and management of animals is also considered a farming business. Turbo tax 2011 filing   A farming business does not include contract harvesting of an agricultural or horticultural commodity grown or raised by someone else. Turbo tax 2011 filing It also does not include a business in which you merely buy or sell plants or animals grown or raised entirely by someone else. Turbo tax 2011 filing Waiving the 5-year carryback. Turbo tax 2011 filing   You can choose to figure the carryback period for a farming loss without regard to the special 5-year carryback rule. Turbo tax 2011 filing To make this choice for 2013, attach to your 2013 income tax return filed by the due date (including extensions) a statement that you are choosing to treat any 2013 farming losses without regard to the special 5-year carryback rule. Turbo tax 2011 filing If you filed your original return on time but did not file the statement with it, you can make this choice on an amended return filed within 6 months after the due date of the return (excluding extensions). Turbo tax 2011 filing Attach an election statement to your amended return, and write “Filed pursuant to section 301. Turbo tax 2011 filing 9100-2” at the top of the statement. Turbo tax 2011 filing Once made, this choice is irrevocable. Turbo tax 2011 filing Qualified disaster loss. Turbo tax 2011 filing   The carryback period for a qualified disaster loss is 5 years. Turbo tax 2011 filing Only the qualified disaster loss portion of the NOL can be carried back 5 years. Turbo tax 2011 filing A qualified disaster loss is the smaller of: The sum of: Any losses attributable to a federally declared disaster and occurring before January 1, 2010, in the disaster area, plus Any allowable qualified disaster expenses (even if you did not choose to treat those expenses as deductions in the current year), or The NOL for the tax year. Turbo tax 2011 filing Qualified disaster expenses. Turbo tax 2011 filing   A qualified disaster expense is any capital expense paid or incurred in connection with a trade or business or with business-related property which is: For the abatement or control of hazardous substances that were released as a result of a federally declared disaster occurring before January 1, 2010, For the removal of debris from, or the demolition of structures on, real property which is business-related property damaged or destroyed as a result of a federally declared disaster occurring before January 1, 2010, or For the repair of business-related property damaged as a result of a federally declared disaster occurring before January 1, 2010. Turbo tax 2011 filing Business-related property is property held for use in a trade or business, property held for the production of income, or inventory property. Turbo tax 2011 filing Note. Turbo tax 2011 filing Section 198A allows taxpayers to treat certain capital expenses (qualified disaster expenses) as deductions in the year the expenses were paid or incurred. Turbo tax 2011 filing Excluded losses. Turbo tax 2011 filing   A qualified disaster loss does not include any losses from property used in connection with any private or commercial golf course, country club, massage parlor, hot tub facility, suntan facility, or any store for which the principal business is the sale of alcoholic beverages for consumption off premises. Turbo tax 2011 filing   A qualified disaster loss also does not include any losses from any gambling or animal racing property. Turbo tax 2011 filing 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. Turbo tax 2011 filing Specified liability loss. Turbo tax 2011 filing   The carryback period for a specified liability loss is 10 years. Turbo tax 2011 filing Only the specified liability loss portion of the NOL can be carried back 10 years. Turbo tax 2011 filing Generally, a specified liability loss is a loss arising from: Product liability and expenses incurred in the investigation or settlement of, or opposition to, product liability claims, or An act (or failure to act) that occurred at least 3 years before the beginning of the loss year and resulted in a liability under a federal or state law requiring: Reclamation of land, Dismantling of a drilling platform, Remediation of environmental contamination, or Payment under any workers compensation act. Turbo tax 2011 filing   Any loss from a liability arising from (1) through (4) above can be taken into account as a specified liability loss only if you used an accrual method of accounting throughout the period in which the act (or failure to act) occurred. Turbo tax 2011 filing For details, see section 172(f). Turbo tax 2011 filing Waiving the 10-year carryback. Turbo tax 2011 filing   You can choose to figure the carryback period for a specified liability loss without regard to the special 10-year carryback rule. Turbo tax 2011 filing To make this choice for 2013 attach to your 2013 income tax return filed by the due date (including extensions) a statement that you are choosing to treat any 2013 specified liability losses without regard to the special 10-year carryback rule. Turbo tax 2011 filing If you filed your original return on time but did not file the statement with it, you can make this choice on an amended return filed within 6 months after the due date of the return (excluding extensions). Turbo tax 2011 filing Attach a statement to your amended return and write “Filed pursuant to section 301. Turbo tax 2011 filing 9100-2” at the top of the statement. Turbo tax 2011 filing Once made, this choice is irrevocable. Turbo tax 2011 filing Waiving the Carryback Period You can choose not to carry back your NOL. Turbo tax 2011 filing If you make this choice, then you can use your NOL only in the 20-year carryforward period. Turbo tax 2011 filing (This choice means you also choose not to carry back any alternative tax NOL. Turbo tax 2011 filing ) To make this choice, attach a statement to your original return filed by the due date (including extensions) for the NOL year. Turbo tax 2011 filing This statement must show that you are choosing to waive the carryback period under section 172(b)(3). Turbo tax 2011 filing If you filed your original return on time but did not file the statement with it, you can make this choice on an amended return filed within 6 months of the due date of the return (excluding extensions). Turbo tax 2011 filing Attach a statement to your amended return, and write “Filed pursuant to section 301. Turbo tax 2011 filing 9100-2” at the top of the statement. Turbo tax 2011 filing Once you choose to waive the carryback period, it generally is irrevocable. Turbo tax 2011 filing If you choose to waive the carryback period for more than one NOL, you must make a separate choice and attach a separate statement for each NOL year. Turbo tax 2011 filing If you do not file this statement on time, you cannot waive the carryback period. Turbo tax 2011 filing How To Carry an NOL Back or Forward If you choose to carry back the NOL, you must first carry the entire NOL to the earliest carryback year. Turbo tax 2011 filing If your NOL is not used up, you can carry the rest to the next earliest carryback year, and so on. Turbo tax 2011 filing If you waive the carryback period or do not use up the NOL in the carryback period, carry forward what remains of the NOL to the 20 tax years following the NOL year. Turbo tax 2011 filing Start by carrying it to the first tax year after the NOL year. Turbo tax 2011 filing If you do not use it up, carry the unused part to the next year. Turbo tax 2011 filing Continue to carry any unused part of the NOL forward until the NOL is used up or you complete the 20-year carryforward period. Turbo tax 2011 filing Example 1. Turbo tax 2011 filing You started your business as a sole proprietor in 2013 and had a $42,000 NOL for the year. Turbo tax 2011 filing No part of the NOL qualifies for the 3-year, 5-year, or 10-year carryback. Turbo tax 2011 filing You begin using your NOL in 2011, the second year before the NOL year, as shown in the following chart. Turbo tax 2011 filing Year   Carryback/  Carryover Unused  Loss 2011 $42,000 $40,000 2012 40,000 37,000 2013 (NOL year)     2014 37,000 31,500 2015 31,500 22,500 2016 22,500 12,700 2017 12,700 4,000 2018 4,000 -0- If your loss were larger, you could carry it forward until the year 2033. Turbo tax 2011 filing If you still had an unused 2013 carryforward after the year 2033, you would not be allowed to deduct it. Turbo tax 2011 filing Example 2. Turbo tax 2011 filing Assume the same facts as in Example 1 , except that $4,000 of the NOL is attributable to a casualty loss and this loss qualifies for a 3-year carryback period. Turbo tax 2011 filing You begin using the $4,000 in 2010. Turbo tax 2011 filing As shown in the following chart, $3,000 of this NOL is used in 2010. Turbo tax 2011 filing The remaining $1,000 is carried to 2011 with the $38,000 NOL that you must begin using in 2011. Turbo tax 2011 filing Year   Carryback/  Carryover Unused  Loss 2010 $4,000 $1,000 2011 39,000 37,000 2012 37,000 34,000 2013 (NOL year)     2014 34,000 28,500 2015 28,500 19,500 2016 19,500 9,700 2017 9,700 1,000 2018 1,000 -0- How To Claim an NOL Deduction If you have not already carried the NOL to an earlier year, your NOL deduction is the total NOL. Turbo tax 2011 filing If you carried the NOL to an earlier year, your NOL deduction is the carried over NOL minus the NOL amount you used in the earlier year or years. Turbo tax 2011 filing If you carry more than one NOL to the same year, your NOL deduction is the total of these carrybacks and carryovers. Turbo tax 2011 filing NOL resulting in no taxable income. Turbo tax 2011 filing   If your NOL is more than the taxable income of the year you carry it to (figured before deducting the NOL), you generally will have an NOL carryover to the next year. Turbo tax 2011 filing See How To Figure an NOL Carryover , later, to determine how much NOL you have used and how much you carry to the next year. Turbo tax 2011 filing Deducting a Carryback If you carry back your NOL, you can use either Form 1045 or Form 1040X. Turbo tax 2011 filing You can get your refund faster by using Form 1045, but you have a shorter time to file it. Turbo tax 2011 filing You can use Form 1045 to apply an NOL to all carryback years. Turbo tax 2011 filing If you use Form 1040X, you must use a separate Form 1040X for each carryback year to which you apply the NOL. Turbo tax 2011 filing Estates and trusts that do not file Form 1045 must file an amended Form 1041 (instead of Form 1040X) for each carryback year to which NOLs are applied. Turbo tax 2011 filing Use a copy of the appropriate year's Form 1041, check the “Amended return” box, and follow the Form 1041 instructions for amended returns. Turbo tax 2011 filing Include the NOL deduction with other deductions not subject to the 2% limit (line 15a). Turbo tax 2011 filing Also, see the special procedures for filing an amended return due to an NOL carryback, explained under Form 1040X , later. Turbo tax 2011 filing Form 1045. Turbo tax 2011 filing   You can apply for a quick refund by filing Form 1045. Turbo tax 2011 filing This form results in a tentative adjustment of tax in the carryback year. Turbo tax 2011 filing See the Illustrated Form 1045 . Turbo tax 2011 filing at the end of this discussion. Turbo tax 2011 filing   If the IRS refunds or credits an amount to you from Form 1045 and later determines that the refund or credit is too much, the IRS may assess and collect the excess immediately. Turbo tax 2011 filing   Generally, you must file Form 1045 on or after the date you file your tax return for the NOL year, but not later than one year after the end of the NOL year. Turbo tax 2011 filing If the last day of the NOL year falls on a Saturday, Sunday, or holiday, the form will be considered timely if postmarked on the next business day. Turbo tax 2011 filing For example, if you are a calendar year taxpayer with a carryback from 2013 to 2011, you must file Form 1045 on or after the date you file your tax return for 2013, but no later than December 31, 2014. Turbo tax 2011 filing Form 1040X. Turbo tax 2011 filing   If you do not file Form 1045, you can file Form 1040X to get a refund of tax because of an NOL carryback. Turbo tax 2011 filing File Form 1040X within 3 years after the due date, including extensions, for filing the return for the NOL year. Turbo tax 2011 filing For example, if you are a calendar year taxpayer and filed your 2011 return by the April 15, 2012, due date, you must file a claim for refund of 2008 tax because of an NOL carryback from 2011 by April 15, 2015. Turbo tax 2011 filing   Attach a computation of your NOL using Form 1045, Schedule A, and, if it applies, your NOL carryover using Form 1045, Schedule B, discussed later . Turbo tax 2011 filing Refiguring your tax. Turbo tax 2011 filing   To refigure your total tax liability for a carryback year, first refigure your adjusted gross income for that year. Turbo tax 2011 filing (On Form 1045, use lines 10 and 11 and the “After carryback” column for the applicable carryback year. Turbo tax 2011 filing ) Use your adjusted gross income after applying the NOL deduction to refigure income or deduction items that are based on, or limited to, a percentage of your adjusted gross income. Turbo tax 2011 filing Refigure the following items. Turbo tax 2011 filing The special allowance for passive activity losses from rental real estate activities. Turbo tax 2011 filing Taxable social security and tier 1 railroad retirement benefits. Turbo tax 2011 filing IRA deductions. Turbo tax 2011 filing Excludable savings bond interest. Turbo tax 2011 filing Excludable employer-provided adoption benefits. Turbo tax 2011 filing The student loan interest deduction. Turbo tax 2011 filing The tuition and fees deduction. Turbo tax 2011 filing   If more than one of these items apply, refigure them in the order listed above, using your adjusted gross income after applying the NOL deduction and any previous item. Turbo tax 2011 filing (Enter your NOL deduction on Form 1045, line 10. Turbo tax 2011 filing On line 11, using the “After carryback” column, enter your adjusted gross income refigured after applying the NOL deduction and after refiguring any above items. Turbo tax 2011 filing )   Next, refigure your taxable income. Turbo tax 2011 filing (On Form 1045, use lines 12 through 15 and the “After carryback” column. Turbo tax 2011 filing ) Use your refigured adjusted gross income (Form 1045, line 11, using the “After carryback” column) to refigure certain deductions and other items that are based on or limited to a percentage of your adjusted gross income. Turbo tax 2011 filing Refigure the following items. Turbo tax 2011 filing The itemized deduction for medical expenses. Turbo tax 2011 filing The itemized deduction for qualified mortgage insurance premiums. Turbo tax 2011 filing The itemized deduction for casualty losses. Turbo tax 2011 filing Miscellaneous itemized deductions subject to the 2% limit. Turbo tax 2011 filing The overall limit on itemized deductions (do not apply to carryback years beginning after December 31, 2009). Turbo tax 2011 filing The phaseout of the deduction for exemptions (do not apply to carryback years beginning after December 31, 2009). Turbo tax 2011 filing Qualified motor vehicle tax (do not apply to carryback years beginning after December 31, 2009). Turbo tax 2011 filing    Do not refigure the itemized deduction for charitable contributions. Turbo tax 2011 filing   Finally, use your refigured taxable income (Form 1045, line 15, using the “After carryback” column) to refigure your total tax liability. Turbo tax 2011 filing Refigure your income tax, your alternative minimum tax, and any credits that are based on or limited by your adjusted gross income (AGI), modified adjusted gross income (MAGI), or tax liability. Turbo tax 2011 filing (On Form 1045, use lines 16 through 25, and the “After carryback” column. Turbo tax 2011 filing ) The earned income credit, for example, may be affected by changes to adjusted gross income or the amount of tax (or both) and, therefore, must be recomputed. Turbo tax 2011 filing If you become eligible for a credit because of the carryback, complete the form for that specific credit (such as the EIC Worksheet) for that year. Turbo tax 2011 filing   While it is necessary to refigure your income tax, alternative minimum tax, and credits, do not refigure your self-employment tax. Turbo tax 2011 filing Deducting a Carryforward If you carry forward your NOL to a tax year after the NOL year, list your NOL deduction as a negative figure on the “Other income” line of Form 1040 or Form 1040NR (line 21 for 2013). Turbo tax 2011 filing Estates and trusts include an NOL deduction on Form 1041 with other deductions not subject to the 2% limit (line 15a for 2013). Turbo tax 2011 filing You must attach a statement that shows all the important facts about the NOL. Turbo tax 2011 filing Your statement should include a computation showing how you figured the NOL deduction. Turbo tax 2011 filing If you deduct more than one NOL in the same year, your statement must cover each of them. Turbo tax 2011 filing Change in Marital Status If you and your spouse were not married to each other in all years involved in figuring NOL carrybacks and carryovers, only the spouse who had the loss can take the NOL deduction. Turbo tax 2011 filing If you file a joint return, the NOL deduction is limited to the income of that spouse. Turbo tax 2011 filing For example, if your marital status changes because of death or divorce, and in a later year you have an NOL, you can carry back that loss only to the part of the income reported on the joint return (filed with your former spouse) that was related to your taxable income. Turbo tax 2011 filing After you deduct the NOL in the carryback year, the joint rates apply to the resulting taxable income. Turbo tax 2011 filing Refund limit. Turbo tax 2011 filing   If you are not married in the NOL year (or are married to a different spouse), and in the carryback year you were married and filed a joint return, your refund for the overpaid joint tax may be limited. Turbo tax 2011 filing You can claim a refund for the difference between your share of the refigured tax and your contribution toward the tax paid on the joint return. Turbo tax 2011 filing The refund cannot be more than the joint overpayment. Turbo tax 2011 filing Attach a statement showing how you figured your refund. Turbo tax 2011 filing Figuring your share of a joint tax liability. Turbo tax 2011 filing   There are five steps for figuring your share of the refigured joint tax liability. Turbo tax 2011 filing Figure your total tax as though you had filed as married filing separately. Turbo tax 2011 filing Figure your spouse's total tax as though your spouse had also filed as married filing separately. Turbo tax 2011 filing Add the amounts in (1) and (2). Turbo tax 2011 filing Divide the amount in (1) by the amount in (3). Turbo tax 2011 filing Multiply the refigured tax on your joint return by the amount figured in (4). Turbo tax 2011 filing This is your share of the joint tax liability. Turbo tax 2011 filing Figuring your contribution toward tax paid. Turbo tax 2011 filing   Unless you have an agreement or clear evidence of each spouse's contributions toward the payment of the joint tax liability, figure your contribution by adding the tax withheld on your wages and your share of joint estimated tax payments or tax paid with the return. Turbo tax 2011 filing If the original return for the carryback year resulted in an overpayment, reduce your contribution by your share of the tax refund. Turbo tax 2011 filing Figure your share of a joint payment or refund by the same method used in figuring your share of the joint tax liability. Turbo tax 2011 filing Use your taxable income as originally reported on the joint return in steps (1) and (2) above, and substitute the joint payment or refund for the refigured joint tax in step (5). Turbo tax 2011 filing Change in Filing Status If you and your spouse were married and filed a joint return for each year involved in figuring NOL carrybacks and carryovers, figure the NOL deduction on a joint return as you would for an individual. Turbo tax 2011 filing However, treat the NOL deduction as a joint NOL. Turbo tax 2011 filing If you and your spouse were married and filed separate returns for each year involved in figuring NOL carrybacks and carryovers, the spouse who sustained the loss may take the NOL deduction on a separate return. Turbo tax 2011 filing Special rules apply for figuring the NOL carrybacks and carryovers of married people whose filing status changes for any tax year involved in figuring an NOL carryback or carryover. Turbo tax 2011 filing Separate to joint return. Turbo tax 2011 filing   If you and your spouse file a joint return for a carryback or carryforward year, and were married but filed separate returns for any of the tax years involved in figuring the NOL carryback or carryover, treat the separate carryback or carryover as a joint carryback or carryover. Turbo tax 2011 filing Joint to separate returns. Turbo tax 2011 filing   If you and your spouse file separate returns for a carryback or carryforward year, but filed a joint return for any or all of the tax years involved in figuring the NOL carryover, figure each of your carryovers separately. Turbo tax 2011 filing Joint return in NOL year. Turbo tax 2011 filing   Figure each spouse's share of the joint NOL through the following steps. Turbo tax 2011 filing Figure each spouse's NOL as if he or she filed a separate return. Turbo tax 2011 filing See How To Figure an NOL , earlier. Turbo tax 2011 filing If only one spouse has an NOL, stop here. Turbo tax 2011 filing All of the joint NOL is that spouse's NOL. Turbo tax 2011 filing If both spouses have an NOL, multiply the joint NOL by a fraction, the numerator of which is spouse A's NOL figured in (1) and the denominator of which is the total of the spouses' NOLs figured in (1). Turbo tax 2011 filing The result is spouse A's share of the joint NOL. Turbo tax 2011 filing The rest of the joint NOL is spouse B's share. Turbo tax 2011 filing Example 1. Turbo tax 2011 filing Mark and Nancy are married and file a joint return for 2013. Turbo tax 2011 filing They have an NOL of $5,000. Turbo tax 2011 filing They carry the NOL back to 2011, a year in which Mark and Nancy filed separate returns. Turbo tax 2011 filing Figured separately, Nancy's 2013 deductions were more than her income, and Mark's income was more than his deductions. Turbo tax 2011 filing Mark does not have any NOL to carry back. Turbo tax 2011 filing Nancy can carry back the entire $5,000 NOL to her 2011 separate return. Turbo tax 2011 filing Example 2. Turbo tax 2011 filing Assume the same facts as in Example 1 , except that both Mark and Nancy had deductions in 2013 that were more than their income. Turbo tax 2011 filing Figured separately, his NOL is $1,800 and her NOL is $3,000. Turbo tax 2011 filing The sum of their separate NOLs ($4,800) is less than their $5,000 joint NOL because his deductions included a $200 net capital loss that is not allowed in figuring his separate NOL. Turbo tax 2011 filing The loss is allowed in figuring their joint NOL because it was offset by Nancy's capital gains. Turbo tax 2011 filing Mark's share of their $5,000 joint NOL is $1,875 ($5,000 × $1,800/$4,800) and Nancy's is $3,125 ($5,000 − $1,875). Turbo tax 2011 filing Joint return in previous carryback or carryforward year. Turbo tax 2011 filing   If only one spouse had an NOL deduction on the previous year's joint return, all of the joint carryover is that spouse's carryover. Turbo tax 2011 filing If both spouses had an NOL deduction (including separate carryovers of a joint NOL, figured as explained in the previous discussion ), figure each spouse's share of the joint carryover through the following steps. Turbo tax 2011 filing Figure each spouse's modified taxable income as if he or she filed a separate return. Turbo tax 2011 filing See Modified taxable income under How To Figure an NOL Carryover , later. Turbo tax 2011 filing Multiply the joint modified taxable income you used to figure the joint carryover by a fraction, the numerator of which is spouse A's modified taxable income figured in (1) and the denominator of which is the total of the spouses' modified taxable incomes figured in (1). Turbo tax 2011 filing This is spouse A's share of the joint modified taxable income. Turbo tax 2011 filing Subtract the amount figured in (2) from the joint modified taxable income. Turbo tax 2011 filing This is spouse B's share of the joint modified taxable income. Turbo tax 2011 filing Reduce the amount figured in (3), but not below zero, by spouse B's NOL deduction. Turbo tax 2011 filing Add the amounts figured in (2) and (4). Turbo tax 2011 filing Subtract the amount figured in (5) from spouse A's NOL deduction. Turbo tax 2011 filing This is spouse A's share of the joint carryover. Turbo tax 2011 filing The rest of the joint carryover is spouse B's share. Turbo tax 2011 filing Example. Turbo tax 2011 filing Sam and Wanda filed a joint return for 2011 and separate returns for 2012 and 2013. Turbo tax 2011 filing In 2013, Sam had an NOL of $18,000 and Wanda had an NOL of $2,000. Turbo tax 2011 filing They choose to carry back both NOLs 2 years to their 2011 joint return and claim a $20,000 NOL deduction. Turbo tax 2011 filing Their joint modified taxable income (MTI) for 2011 is $15,000, and their joint NOL carryover to 2012 is $5,000 ($20,000 – $15,000). Turbo tax 2011 filing Sam and Wanda each figure their separate MTI for 2011 as if they had filed separate returns. Turbo tax 2011 filing Then they figure their shares of the $5,000 carryover as follows. Turbo tax 2011 filing Step 1. Turbo tax 2011 filing   Sam's separate MTI $9,000 Wanda's separate MTI + 3,000 Total MTI $12,000 Step 2. Turbo tax 2011 filing   Joint MTI $15,000 Sam's MTI ÷ total MTI ($9,000 ÷ $12,000) × . Turbo tax 2011 filing 75 Sam's share of joint MTI $11,250 Step 3. Turbo tax 2011 filing   Joint MTI $15,000 Sam's share of joint MTI − 11,250 Wanda's share of joint MTI $3,750 Step 4. Turbo tax 2011 filing   Wanda's share of joint MTI $3,750 Wanda's NOL deduction − 2,000 Wanda's remaining share $1,750 Step 5. Turbo tax 2011 filing   Sam's share of joint MTI $11,250 Wanda's remaining share + 1,750 Joint MTI to be offset $13,000 Step 6. Turbo tax 2011 filing   Sam's NOL deduction $18,000 Joint MTI to be offset − 13,000 Sam's carryover to 2012 $5,000 Joint carryover to 2012 $5,000 Sam's carryover − 5,000 Wanda's carryover to 2012 $-0- Wanda's $2,000 NOL deduction offsets $2,000 of her $3,750 share of the joint modified taxable income and is completely used up. Turbo tax 2011 filing She has no carryover to 2012. Turbo tax 2011 filing Sam's $18,000 NOL deduction offsets all of his $11,250 share of joint modified taxable income and the remaining $1,750 of Wanda's share. Turbo tax 2011 filing His carryover to 2012 is $5,000. Turbo tax 2011 filing Illustrated Form 1045 The following example illustrates how to use Form 1045 to claim an NOL deduction in a carryback year. Turbo tax 2011 filing It includes a filled-in page 1 of Form 1045. Turbo tax 2011 filing Example. Turbo tax 2011 filing Martha Sanders is a self-employed contractor. Turbo tax 2011 filing Martha's 2013 deductions are more than her 2013 income because of a business loss. Turbo tax 2011 filing She uses Form 1045 to carry back her NOL 2 years and claim an NOL deduction in 2011. Turbo tax 2011 filing Her filing status in both years was single. Turbo tax 2011 filing See the filled-in Form 1045 later. Turbo tax 2011 filing Martha figures her 2013 NOL on Form 1045, Schedule A (not shown). Turbo tax 2011 filing (For an example using Form 1045, Schedule A, see Illustrated Form 1045, Schedule A under How To Figure an NOL , earlier. Turbo tax 2011 filing ) She enters the $10,000 NOL from Form 1045, Schedule A, line 25, on Form 1045, line 1a. Turbo tax 2011 filing Martha completes lines 10 through 25, using the “Before carryback” column under the column for the second preceding tax year ended 12/31/11 on page 1 of Form 1045 using the following amounts from her 2011 return. Turbo tax 2011 filing 2011 Adjusted gross income $50,000 Itemized deductions:     Medical expenses [$6,000 − ($50,000 × 7. Turbo tax 2011 filing 5%)] $2,250   State income tax + 2,000   Real estate tax + 4,000   Home mortgage interest + 5,000   Total itemized deductions $13,250 Exemption $3,700 Income tax $4,550 Self-employment tax $6,120   Martha refigures her taxable income for 2011 after carrying back her 2013 NOL as follows: 2011 Adjusted gross income $50,000 Less:     NOL from 2013 −10,000 2011 Adjusted gross income after carryback $40,000 Less:     Itemized deductions:     Medical expenses [$6,000 − ($40,000 × 7. Turbo tax 2011 filing 5%)] $3,000   State income tax + 2,000   Real estate tax + 4,000   Home mortgage interest + 5,000   Total itemized deductions −14,000 Less:     Exemption − 3,700 2011 Taxable income after carryback $22,300 Martha then completes lines 10 through 25, using the “After carryback” column under the column for the second preceding tax year ended 12/31/11. Turbo tax 2011 filing On line 10, Martha enters her $10,000 NOL deduction. Turbo tax 2011 filing Her new adjusted gross income on line 11 is $40,000 ($50,000 − $10,000). Turbo tax 2011 filing To complete line 12, she must refigure her medical expense deduction using her new adjusted gross income. Turbo tax 2011 filing Her refigured medical expense deduction is $3,000 [$6,000 − ($40,000 × 7. Turbo tax 2011 filing 5%)]. Turbo tax 2011 filing This increases her total itemized deductions to $14,000 [$13,250 + ($3,000 − $2,250)]. Turbo tax 2011 filing Martha uses her refigured taxable income ($22,300) from line 15, and the tax tables in her 2011 Form 1040 instructions to find her income tax. Turbo tax 2011 filing She enters the new amount, $2,924, on line 16, and her new total tax liability, $9,044, on line 25. Turbo tax 2011 filing Martha used up her $10,000 NOL in 2011 so she does not complete a column for the first preceding tax year ended 12/31/2012. Turbo tax 2011 filing The decrease in tax because of her NOL deduction (line 27) is $1,612. Turbo tax 2011 filing Martha files Form 1045 after filing her 2013 return, but no later than December 31, 2014. Turbo tax 2011 filing She mails it to the Internal Revenue Service Center for the place where she lives as shown in the 2013 instructions for Form 1040 and attaches a copy of her 2013 return (including the applicable forms and schedules). Turbo tax 2011 filing This image is too large to be displayed in the current screen. Turbo tax 2011 filing Please click the link to view the image. Turbo tax 2011 filing Form 1045, page 1 How To Figure an NOL Carryover If your NOL is more than your taxable income for the year to which you carry it (figured before deducting the NOL), you may have an NOL carryover. Turbo tax 2011 filing You must make certain modifications to your taxable income to determine how much NOL you will use up in that year and how much you can carry over to the next tax year. Turbo tax 2011 filing Your carryover is the excess of your NOL deduction over your modified taxable income for the carryback or carryforward year. Turbo tax 2011 filing If your NOL deduction includes more than one NOL, apply the NOLs against your modified taxable income in the same order in which you incurred them, starting with the earliest. Turbo tax 2011 filing Modified taxable income. Turbo tax 2011 filing   Your modified taxable income is your taxable income figured with the following changes. Turbo tax 2011 filing You cannot claim an NOL deduction for the NOL carryover you are figuring or for any later NOL. Turbo tax 2011 filing You cannot claim a deduction for capital losses in excess of your capital gains. Turbo tax 2011 filing Also, you must increase your taxable income by the amount of any section 1202 exclusion. Turbo tax 2011 filing You cannot claim the domestic production activities deduction. Turbo tax 2011 filing You cannot claim a deduction for your exemptions for yourself, your spouse, or dependents. Turbo tax 2011 filing You must figure any item affected by the amount of your adjusted gross income after making the changes in (1), (2), and (3), above, and certain other changes to your adjusted gross income that result from (1), (2), and (3). Turbo tax 2011 filing This includes income and deduction items used to figure adjusted gross income (for example, IRA deductions), as well as certain itemized deductions. Turbo tax 2011 filing To figure a charitable contribution deduction, do not include deductions for NOL carrybacks in the change in (1) but do include deductions for NOL carryforwards from tax years before the NOL year. Turbo tax 2011 filing   Your taxable income as modified cannot be less than zero. Turbo tax 2011 filing Form 1045, Schedule B. Turbo tax 2011 filing   You can use Form 1045, Schedule B, to figure your modified taxable income for carryback years and your carryover from each of those years. Turbo tax 2011 filing Do not use Form 1045, Schedule B, for a carryforward year. Turbo tax 2011 filing If your 2013 return includes an NOL deduction from an NOL year before 2013 that reduced your taxable income to zero (to less than zero, if an estate or trust), see NOL Carryover From 2013 to 2014 , later. Turbo tax 2011 filing Illustrated Form 1045, Schedule B The following example illustrates how to figure an NOL carryover from a carryback year. Turbo tax 2011 filing It includes a filled-in Form 1045, Schedule B. Turbo tax 2011 filing Example. Turbo tax 2011 filing Ida Brown runs a small clothing shop. Turbo tax 2011 filing In 2013, she has an NOL of $36,000 that she carries back to 2011. Turbo tax 2011 filing She has no other carrybacks or carryforwards to 2011. Turbo tax 2011 filing Ida's adjusted gross income in 2011 was $35,000, consisting of her salary of $36,000 minus a $1,000 capital loss deduction. Turbo tax 2011 filing She is single and claimed only one personal exemption of $3,700. Turbo tax 2011 filing During that year, she gave $1,450 in charitable contributions. Turbo tax 2011 filing Her medical expenses were $3,000. Turbo tax 2011 filing She also deducted $1,650 in taxes and $3,125 in home mortgage interest. Turbo tax 2011 filing Her deduction for charitable contributions was not limited because her contributions, $1,450, were less than 50% of her adjusted gross income. Turbo tax 2011 filing The deduction for medical expenses was limited to expenses over 7. Turbo tax 2011 filing 5% of adjusted gross income (. Turbo tax 2011 filing 075 × $35,000 = $2,625; $3,000 − $2,625 = $375). Turbo tax 2011 filing The deductions for taxes and home mortgage interest were not subject to any limits. Turbo tax 2011 filing She was able to claim $6,600 ($1,450 + $375 + $1,650 + $3,125) in itemized deductions and a personal exemption deduction of $3,700 for 2011. Turbo tax 2011 filing She had no other deductions in 2011 (except the NOL deduction). Turbo tax 2011 filing Her taxable income (figured without the NOL deduction) for the year was $24,700. Turbo tax 2011 filing Ida's adjusted gross income in 2012 was $9,325, consisting of net business income from the clothing shop of $12,325 and a net capital loss of $3,000. Turbo tax 2011 filing She did not itemize her deductions in 2012. Turbo tax 2011 filing She deducted the standard deduction of $5,950 and the personal exemption deduction of $3,800. Turbo tax 2011 filing She had no other deductions in 2012 (other than the NOL deduction). Turbo tax 2011 filing Her taxable income, therefore, was ($425). Turbo tax 2011 filing Ida's $36,000 carryback will result in her having 2011 taxable income of zero. Turbo tax 2011 filing She then completes the column for the second preceding tax year ended 12/31/11 on Form 1045, Schedule B, to figure how much of her NOL she uses up in 2011 and how much she can carry over to 2012. Turbo tax 2011 filing She completes the column for the first preceding tax year ended 12/31/12. Turbo tax 2011 filing See the illustrated Form 1045, Schedule B , shown later. Turbo tax 2011 filing Column 1, line 1. Turbo tax 2011 filing Ida enters $36,000, her 2013 net operating loss, on line 1. Turbo tax 2011 filing Column 1, line 2. Turbo tax 2011 filing She enters $24,700, her 2011 taxable income (figured without the NOL deduction), on line 2. Turbo tax 2011 filing Column 1, line 3. Turbo tax 2011 filing Ida enters her net capital loss deduction of $1,000 on line 3. Turbo tax 2011 filing Column 1, lines 4 and 5. Turbo tax 2011 filing Ida had no section 1202 exclusion or domestic production activities deduction in 2011. Turbo tax 2011 filing She enters zero on lines 4 and 5. Turbo tax 2011 filing Column 1, line 6. Turbo tax 2011 filing Although Ida's entry on line 3 modifies her adjusted gross income, that does not affect any other items included in her adjusted gross income. Turbo tax 2011 filing Ida enters zero on line 6. Turbo tax 2011 filing Column 1, line 7. Turbo tax 2011 filing Ida had itemized deductions and entered $1,000 on line 3, so she completes lines 11 through 38 to figure her adjustment to itemized deductions. Turbo tax 2011 filing On line 7, she enters the total adjustment from line 38. Turbo tax 2011 filing Column 1, line 8. Turbo tax 2011 filing Ida enters the deduction for her personal exemption of $3,700 for 2011. Turbo tax 2011 filing Column 1, line 9. Turbo tax 2011 filing After combining lines 2 through 8, Ida's modified taxable income is $29,475. Turbo tax 2011 filing Column 1, line 10. Turbo tax 2011 filing Ida figures her carryover to 2012 by subtracting her modified taxable income (line 9) from her NOL deduction (line 1). Turbo tax 2011 filing She enters the $6,525 carryover on line 10. Turbo tax 2011 filing She also enters the $6,525 as her NOL deduction for 2012 on Form 1045, page 1, line 10, in the “After carryback” column under the column for the first preceding tax year ended 12/31/12. Turbo tax 2011 filing (For an illustrated example of page 1 of Form 1045, see Illustrated Form 1045 under How To Claim an NOL Deduction , earlier. Turbo tax 2011 filing ) Next, Ida completes column 2 for the first preceding tax year ended 12/31/12. Turbo tax 2011 filing Column 1, line 11. Turbo tax 2011 filing Ida's adjusted gross income for 2011 was $35,000. Turbo tax 2011 filing Column 1, line 12. Turbo tax 2011 filing She adds lines 3 through 6 and enters $1,000 on line 12. Turbo tax 2011 filing (This is her net capital loss deduction added back, which modifies her adjusted gross income. Turbo tax 2011 filing ) Column 1, line 13. Turbo tax 2011 filing Her modified adjusted gross income for 2011 is now $36,000. Turbo tax 2011 filing Column 1, line 14. Turbo tax 2011 filing On her 2011 tax return, she deducted $375 as medical expenses. Turbo tax 2011 filing Column 1, line 15. Turbo tax 2011 filing Her actual medical expenses were $3,000. Turbo tax 2011 filing Column 1, line 16. Turbo tax 2011 filing She multiplies her modified adjusted gross income, $36,000, by . Turbo tax 2011 filing 075. Turbo tax 2011 filing She enters $2,700 on line 16. Turbo tax 2011 filing Column 1, line 17. Turbo tax 2011 filing She substracts $2,700 from her actual medical expenses, $3,000. Turbo tax 2011 filing She enters $300 on line 17. Turbo tax 2011 filing This is her modified medical deduction. Turbo tax 2011 filing Column 1, line 18. Turbo tax 2011 filing The difference between her medical deduction and her modified medical deduction is $75. Turbo tax 2011 filing She enters this on line 18. Turbo tax 2011 filing Column 1, lines 19 through 21. Turbo tax 2011 filing Ida had no deduction for qualified mortgage insurance premiums in 2011. Turbo tax 2011 filing She skips lines 19 and 20 and enters zero on line 21. Turbo tax 2011 filing Column 1, line 22. Turbo tax 2011 filing She enters her modified adjusted gross income of $36,000 on line 22. Turbo tax 2011 filing Column 1, line 23. Turbo tax 2011 filing She had no other carrybacks to 2011 and enters zero on line 23. Turbo tax 2011 filing Column 1, line 24. Turbo tax 2011 filing Her modified adjusted gross income remains $36,000. Turbo tax 2011 filing Column 1, line 25. Turbo tax 2011 filing Her actual contributions for 2011 were $1,450, which she enters on line 25. Turbo tax 2011 filing Column 1, line 26. Turbo tax 2011 filing She now refigures her charitable contributions based on her modified adjusted gross income. Turbo tax 2011 filing Her contributions are well below the 50% limit, so she enters $1,450 on line 26. Turbo tax 2011 filing Column 1, line 27. Turbo tax 2011 filing The difference is zero. Turbo tax 2011 filing Column 1, lines 28 through 37. Turbo tax 2011 filing Ida had no casualty losses or deductions for miscellaneous items in 2011. Turbo tax 2011 filing She skips lines 28 through 31 and lines 33 through 36. Turbo tax 2011 filing Ida enters zero on lines 32 and 37. Turbo tax 2011 filing Column 1, line 38. Turbo tax 2011 filing She combines lines 18, 21, 27, 32, and 37 and enters $75 on line 38. Turbo tax 2011 filing She carries this figure to line 7. Turbo tax 2011 filing Column 2, line 1. Turbo tax 2011 filing Ida enters $6,525, the carryback of her 2013 NOL to 2012, from column 1, line 10, on line 1. Turbo tax 2011 filing Column 2, line 2. Turbo tax 2011 filing She enters ($425), her 2012 taxable income, on line 2. Turbo tax 2011 filing Column 2, line 3. Turbo tax 2011 filing Ida enters her net capital loss deduction of $3,000 on line 3. Turbo tax 2011 filing Column 2, lines 4 and 5. Turbo tax 2011 filing Ida had no section 1202 exclusion or domestic production activities deduction in 2012. Turbo tax 2011 filing She enters zero on lines 4 and 5. Turbo tax 2011 filing Column 2, line 6. Turbo tax 2011 filing Although Ida's entry on line 3 modifies her adjusted gross income, that does not affect any other items included in her adjusted gross income. Turbo tax 2011 filing Ida enters zero on line 6. Turbo tax 2011 filing Column 2, line 7. Turbo tax 2011 filing Because Ida did not itemize deductions on her 2012 tax return, she enters zero on line 7. Turbo tax 2011 filing Column 2, line 8. Turbo tax 2011 filing Ida enters the deduction for her personal exemption of $3,800 for 2012. Turbo tax 2011 filing Column 2, line 9. Turbo tax 2011 filing After combining lines 2 through 8, Ida's modified taxable income is $6,375. Turbo tax 2011 filing Column 2, line 10. Turbo tax 2011 filing Ida figures her carryforward to 2014 by subtracting her modified taxable income (line 9) from her NOL deduction (line 1). Turbo tax 2011 filing She enters the $150 carryover on line 10. Turbo tax 2011 filing This image is too large to be displayed in the current screen. Turbo tax 2011 filing Please click the link to view the image. Turbo tax 2011 filing Form 1045, page 3 This image is too large to be displayed in the current screen. Turbo tax 2011 filing Please click the link to view the image. Turbo tax 2011 filing Form 1045, page 4 NOL Carryover From 2013 to 2014 If you had an NOL deduction carried forward from a year prior to 2013 that resulted in your having taxable income on your 2013 return of zero (of less than zero, if an estate or trust), complete Table 1 , Worksheet for NOL Carryover From 2013 to 2014, on the following pages. Turbo tax 2011 filing It will help you figure your NOL to carry to 2014. Turbo tax 2011 filing Keep the worksheet for your records. Turbo tax 2011 filing Worksheet Instructions At the top of the worksheet, enter the NOL year for which you are figuring the carryover. Turbo tax 2011 filing More than one NOL. Turbo tax 2011 filing   If your 2013 NOL deduction includes amounts for more than one loss year, complete this worksheet only for one loss year. Turbo tax 2011 filing To determine which year, start with your earliest NOL and subtract each NOL separately from your taxable income figured without the NOL deduction. Turbo tax 2011 filing Complete this worksheet for the earliest NOL that results in your having taxable income below zero. Turbo tax 2011 filing Your NOL carryover to 2014 is the total of the amount on line 10 of the worksheet and all later NOL amounts. Turbo tax 2011 filing Example. Turbo tax 2011 filing Your taxable income for 2013 is $5,000 without your $9,000 NOL deduction. Turbo tax 2011 filing Your NOL deduction includes a $2,000 carryover from 2011 and a $7,000 carryover from 2012. Turbo tax 2011 filing Subtract your 2011 NOL of $2,000 from $5,000. Turbo tax 2011 filing This gives you taxable income of $3,000. Turbo tax 2011 filing Your 2011 NOL is now completely used up. Turbo tax 2011 filing Subtract your $7,000 2012 NOL from $3,000. Turbo tax 2011 filing This gives you taxable income of ($4,000). Turbo tax 2011 filing You now complete the worksheet for your 2012 NOL. Turbo tax 2011 filing Your NOL carryover to 2014 is the unused part of your 2012 NOL from line 10 of the worksheet. Turbo tax 2011 filing Line 2. Turbo tax 2011 filing   Treat your NOL deduction for the NOL year entered at the top of the worksheet and later years as a positive amount. Turbo tax 2011 filing Add it to your negative taxable income (figured without the NOL deduction). Turbo tax 2011 filing Enter the result on line 2. Turbo tax 2011 filing Line 6. Turbo tax 2011 filing   You must refigure the following income and deductions based on adjusted gross income. Turbo tax 2011 filing The special allowance for passive activity losses from rental real estate activities. Turbo tax 2011 filing Taxable social security and tier 1 railroad retirement benefits. Turbo tax 2011 filing IRA deductions. Turbo tax 2011 filing Excludable savings bond interest. Turbo tax 2011 filing Excludable employer-provided adoption benefits. Turbo tax 2011 filing The student loan interest deduction. Turbo tax 2011 filing The tuition and fees deduction. Turbo tax 2011 filing   If none of these items apply to you, enter zero on line 6. Turbo tax 2011 filing Otherwise, increase your adjusted gross income by the total of lines 3 through 5 and your NOL deduction for the NOL year entered at the top of the worksheet and later years. Turbo tax 2011 filing Using this increased adjusted gross income, refigure the items that apply, in the order listed above. Turbo tax 2011 filing Your adjustment for each item is the difference between the refigured amount and the amount included on your return. Turbo tax 2011 filing Combine the adjustments for previous items with your adjusted gross income before refiguring the next item. Turbo tax 2011 filing Keep a record of your computations. Turbo tax 2011 filing   Enter your total adjustments for the above items on line 6. Turbo tax 2011 filing Line 7. Turbo tax 2011 filing   Enter zero if you claimed the standard deduction or the amounts on lines 3 through 5 are zero. Turbo tax 2011 filing Otherwise, use lines 11 through 33 of the worksheet to figure the amount to enter on this line. Turbo tax 2011 filing Complete only those sections that apply to you. Turbo tax 2011 filing Estates and trusts. Turbo tax 2011 filing   Enter zero on line 7 if you did not claim any miscellaneous deductions on Form 1041, line 15c, or a casualty or theft loss. Turbo tax 2011 filing Otherwise, refigure these deductions by substituting modified adjusted gross income (see below ) for adjusted gross income. Turbo tax 2011 filing Subtract the recomputed deductions from those claimed on the return. Turbo tax 2011 filing Enter the result on line 7. Turbo tax 2011 filing Modified adjusted gross income. Turbo tax 2011 filing   To refigure miscellaneous itemized deductions of an estate or trust (Form 1041, line 15c), modified adjusted gross income is the total of the following amounts. Turbo tax 2011 filing The adjusted gross income on the return. Turbo tax 2011 filing The amounts from lines 3 through 5 of the worksheet. Turbo tax 2011 filing The exemption amount from Form 1041, line 20. Turbo tax 2011 filing The NOL deduction for the NOL year entered at the top of the worksheet and for later years. Turbo tax 2011 filing   To refigure the casualty and theft loss deduction of an estate or trust, modified adjusted gross income is the total of the following amounts. Turbo tax 2011 filing The adjusted gross income amount you used to figure the deduction claimed on the return. Turbo tax 2011 filing The amounts from lines 3 through 5 of the worksheet. Turbo tax 2011 filing The NOL deduction for the NOL year entered at the top of the worksheet and for later years. Turbo tax 2011 filing Line 11. Turbo tax 2011 filing   Treat your NOL deduction for the NOL year entered at the top of the worksheet and for later years as a positive amount. Turbo tax 2011 filing Add it to your adjusted gross income. Turbo tax 2011 filing Enter the result on line 11. Turbo tax 2011 filing Line 20. Turbo tax 2011 filing   Is your modified adjusted gross income from line 13 of this worksheet more than $100,000 ($50,000 if married filing separately)?   □ Yes. Turbo tax 2011 filing Your deduction is limited. Turbo tax 2011 filing Refigure your deduction using the Mortgage Insurance Premiums Deduction Worksheet in the 2013 Instructions for Form 1045. Turbo tax 2011 filing On line 2 of the Mortgage Insurance Premiums Deduction Worksheet, enter the amount from line 13 of this worksheet. Turbo tax 2011 filing   □ No. Turbo tax 2011 filing Your deduction is not limited. Turbo tax 2011 filing Enter the amount from line 19 on line 20 and enter -0- on line 21. Turbo tax 2011 filing Line 23. Turbo tax 2011 filing   If you had a contributions carryover from 2012 to 2013 and your NOL deduction includes an amount from an NOL year before 2012, you may have to reduce your contributions carryover. Turbo tax 2011 filing Reduce the contributions carryover by the amount of any adjustment you made to your 2012 charitable contributions deduction when figuring your NOL carryover to 2013. Turbo tax 2011 filing Use the reduced contributions carryover to figure the amount to enter on line 23. Turbo tax 2011 filing Please click here for the text description of the image. Turbo tax 2011 filing Worksheet for NOL Carryover Worksheet for NOL Carryover (Continued) How To Get Tax Help Whether it's help with a tax issue, preparing your tax return or a need for a free publication or form, get the help you need the way you want it: online, use a smart phone, call or walk in to an IRS office or volunteer site near you. Turbo tax 2011 filing Free help with your tax return. Turbo tax 2011 filing   You can get free help preparing your return nationwide from IRS-certified volunteers. Turbo tax 2011 filing The Volunteer Income Tax Assistance (VITA) program helps low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers. Turbo tax 2011 filing The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Turbo tax 2011 filing Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. Turbo tax 2011 filing In addition, some VITA and TCE sites provide taxpayers the opportunity to prepare their own return with help from an IRS-certified volunteer. Turbo tax 2011 filing To find the nearest VITA or TCE site, you can use the VITA Locator Tool on IRS. Turbo tax 2011 filing gov, download the IRS2Go app, or call 1-800-906-9887. Turbo tax 2011 filing   As part of the TCE program, AARP offers the Tax-Aide counseling program. Turbo tax 2011 filing To find the nearest AARP Tax-Aide site, visit AARP's website at www. Turbo tax 2011 filing aarp. Turbo tax 2011 filing org/money/taxaide or call 1-888-227-7669. Turbo tax 2011 filing For more information on these programs, go to IRS. Turbo tax 2011 filing gov and enter “VITA” in the search box. Turbo tax 2011 filing Internet. Turbo tax 2011 filing    IRS. Turbo tax 2011 filing gov and IRS2Go are ready when you are —24 hours a day, 7 days a week. Turbo tax 2011 filing Download the free IRS2Go app from the iTunes app store or from Google Play. Turbo tax 2011 filing Use it to check your refund status, order transcripts of your tax returns or tax account, watch the IRS YouTube channel, get IRS news as soon as it's released to the public, subscribe to filing season updates or daily tax tips, and follow the IRS Twitter news feed, @IRSnews, to get the latest federal tax news, including information about tax law changes and important IRS programs. Turbo tax 2011 filing Check the status of your 2013 refund with the Where's My Refund? application on IRS. Turbo tax 2011 filing gov or download the IRS2Go app and select the Refund Status option. Turbo tax 2011 filing The IRS issues more than 9 out of 10 refunds in less than 21 days. Turbo tax 2011 filing Using these applications, you can start checking on the status of your return within 24 hours after we receive your e-filed return or 4 weeks after you mail a paper return. Turbo tax 2011 filing You will also be given a personalized refund date as soon as the IRS processes your tax return and approves your refund. Turbo tax 2011 filing The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Turbo tax 2011 filing Use the Interactive Tax Assistant (ITA) to research your tax questions. Turbo tax 2011 filing No need to wait on the phone or stand in line. Turbo tax 2011 filing The ITA is available 24 hours a day, 7 days a week, and provides you with a variety of tax information related to general filing topics, deductions, credits, and income. Turbo tax 2011 filing When you reach the response screen, you can print the entire interview and the final response for your records. Turbo tax 2011 filing New subject areas are added on a regular basis. Turbo tax 2011 filing  Answers not provided through ITA may be found in Tax Trails, one of the Tax Topics on IRS. Turbo tax 2011 filing gov which contain general individual and business tax information or by searching the IRS Tax Map, which includes an international subject index. Turbo tax 2011 filing You can use the IRS Tax Map to search publications and instructions by topic or keyword. Turbo tax 2011 filing The IRS Tax Map integrates forms and publications into one research tool and provides single-point access to tax law information by subject. Turbo tax 2011 filing When the user searches the IRS Tax Map, they will be provided with links to related content in existing IRS publications, forms and instructions, questions and answers, and Tax Topics. Turbo tax 2011 filing Coming this filing season, you can immediately view and print for free all 5 types of individual federal tax transcripts (tax returns, tax account, record of account, wage and income statement, and certification of non-filing) using Get Transcript. Turbo tax 2011 filing You can also ask the IRS to mail a return or an account transcript to you. Turbo tax 2011 filing Only the mail option is available by choosing the Tax Records option on the IRS2Go app by selecting Mail Transcript on IRS. Turbo tax 2011 filing gov or by calling 1-800-908-9946. Turbo tax 2011 filing Tax return and tax account transcripts are generally available for the current year and the past three years. Turbo tax 2011 filing Determine if you are eligible for the EITC and estimate the amount of the credit with the Earned Income Tax Credit (EITC) Assistant. Turbo tax 2011 filing Visit Understanding Your IRS Notice or Letter to get answers to questions about a notice or letter you received from the IRS. Turbo tax 2011 filing If you received the First Time Homebuyer Credit, you can use the First Time Homebuyer Credit Account Look-up tool for information on your repayments and account balance. Turbo tax 2011 filing Check the status of your amended return using Where's My Amended Return? Go to IRS. Turbo tax 2011 filing gov and enter Where's My Amended Return? in the search box. Turbo tax 2011 filing You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Turbo tax 2011 filing It can take up to 3 weeks from the date you mailed it to show up in our system. Turbo tax 2011 filing Make a payment using one of several safe and convenient electronic payment options available on IRS. Turbo tax 2011 filing gov. Turbo tax 2011 filing Select the Payment tab on the front page of IRS. Turbo tax 2011 filing gov for more information. Turbo tax 2011 filing Determine if you are eligible and apply for an online payment agreement, if you owe more tax than you can pay today. Turbo tax 2011 filing Figure your income tax withholding with the IRS Withholding Calculator on IRS. Turbo tax 2011 filing gov. Turbo tax 2011 filing Use it if you've had too much or too little withheld, your personal situation has changed, you're starting a new job or you just want to see if you're having the right amount withheld. Turbo tax 2011 filing Determine if you might be subject to the Alternative Minimum Tax by using the Alternative Minimum Tax Assistant on IRS. Turbo tax 2011 filing gov. Turbo tax 2011 filing Request an Electronic Filing PIN by going to IRS. Turbo tax 2011 filing gov and entering Electronic Filing PIN in the search box. Turbo tax 2011 filing Download forms, instructions and publications, including accessible versions for people with disabilities. Turbo tax 2011 filing Locate the nearest Taxpayer Assistance Center (TAC) using the Office Locator tool on IRS. Turbo tax 2011 filing gov, or choose the Contact Us option on the IRS2Go app and search Local Offices. Turbo tax 2011 filing An employee can answer questions about your tax account or help you set up a payment plan. Turbo tax 2011 filing Before you visit, check the Office Locator on IRS. Turbo tax 2011 filing gov, or Local Offices under Contact Us on IRS2Go to confirm the address, phone number, days and hours of operation, and the services provided. Turbo tax 2011 filing If you have a special need, such as a disability, you can request an appointment. Turbo tax 2011 filing Call the local number listed in the Office Locator, or look in the phone book under United States Government, Internal Revenue Service. Turbo tax 2011 filing Apply for an Employer Identification Number (EIN). Turbo tax 2011 filing Go to IRS. Turbo tax 2011 filing gov and enter Apply for an EIN in the search box. Turbo tax 2011 filing Read the Internal Revenue Code, regulations, or other official guidance. Turbo tax 2011 filing Read Internal Revenue Bulletins. Turbo tax 2011 filing Sign up to receive local and national tax news and more by email. Turbo tax 2011 filing Just click on “subscriptions” above the search box on IRS. Turbo tax 2011 filing gov and choose from a variety of options. Turbo tax 2011 filing Phone. Turbo tax 2011 filing    You can call the IRS, or you can carry it in your pocket with the IRS2Go app on your smart phone or tablet. Turbo tax 2011 filing Download the free IRS2Go app from the iTunes app store or from Google Play. Turbo tax 2011 filing Call to locate the nearest volunteer help site, 1-800-906-9887 or you can use the VITA Locator Tool on IRS. Turbo tax 2011 filing gov, or download the IRS2Go app. Turbo tax 2011 filing Low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers can get free help with their tax return from the nationwide Volunteer Income Tax Assistance (VITA) program. Turbo tax 2011 filing The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Turbo tax 2011 filing Most VITA and TCE sites offer free electronic filing. Turbo tax 2011 filing Some VITA and TCE sites provide IRS-certified volunteers who can help prepare your tax return. Turbo tax 2011 filing Through the TCE program, AARP offers the Tax-Aide counseling program; call 1-888-227-7669 to find the nearest Tax-Aide location. Turbo tax 2011 filing Call the automated Where's My Refund? information hotline to check the status of your 2013 refund 24 hours a day, 7 days a week at 1-800-829-1954. Turbo tax 2011 filing If you e-file, you can start checking on the status of your return within 24 hours after the IRS receives your tax return or 4 weeks after you've mailed a paper return. Turbo tax 2011 filing The IRS issues more than 9 out of 10 refunds in less than 21 days. Turbo tax 2011 filing Where's My Refund? will give you a personalized refund date as soon as the IRS processes your tax return and approves your refund. Turbo tax 2011 filing Before you call this automated hotline, have your 2013 tax return handy so you can enter your social security number, your filing status, and the exact whole dollar amount of your refund. Turbo tax 2011 filing The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Turbo tax 2011 filing Note, the above information is for our automated hotline. Turbo tax 2011 filing Our live phone and walk-in assistors can research the status of your refund only if it's been 21 days or more since you filed electronically or more than 6 weeks since you mailed your paper return. Turbo tax 2011 filing Call the Amended Return Hotline, 1-866-464-2050, to check the status of your amended return. Turbo tax 2011 filing You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Turbo tax 2011 filing It can take up to 3 weeks from the date you mailed it to show up in our system. Turbo tax 2011 filing Call 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions, publications, and prior-year forms and instructions (limited to 5 years). Turbo tax 2011 filing You should receive your order within 10 business days. Turbo tax 2011 filing Call TeleTax, 1-800-829-4477, to listen to pre-recorded messages covering general and business tax information. Turbo tax 2011 filing If, between January and April 15, you still have questions about the Form 1040, 1040A, or 1040EZ (like filing requirements, dependents, credits, Schedule D, pensions and IRAs or self-employment taxes), call 1-800-829-1040. Turbo tax 2011 filing Call using TTY/TDD equipment, 1-800-829-4059 to ask tax questions or order forms and publications. Turbo tax 2011 filing The TTY/TDD telephone number is for people who are deaf, hard of hearing, or have a speech disability. Turbo tax 2011 filing These individuals can also contact the IRS through relay services such as the Federal Relay Service. Turbo tax 2011 filing Walk-in. Turbo tax 2011 filing   You can find a selection of forms, publications and services — in person. Turbo tax 2011 filing Products. Turbo tax 2011 filing You can walk in to some post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Turbo tax 2011 filing Some IRS offices, libraries, and city and county government offices have a collection of products available to photocopy from reproducible proofs. Turbo tax 2011 filing Services. Turbo tax 2011 filing You can walk in to your local TAC for face-to-face tax help. Turbo tax 2011 filing An employee can answer questions about your tax account or help you set up a payment plan. Turbo tax 2011 filing Before visiting, use the Office Locator tool on IRS. Turbo tax 2011 filing gov, or choose the Contact Us option on the IRS2Go app and search Local Offices for days and hours of operation, and services provided. Turbo tax 2011 filing Mail. Turbo tax 2011 filing   You can send your order for forms, instructions, and publications to the address below. Turbo tax 2011 filing You should receive a response within 10 business days after your request is received. Turbo tax 2011 filing Internal Revenue Service 1201 N. Turbo tax 2011 filing Mitsubishi Motorway Bloomington, IL 61705-6613    The Taxpayer Advocate Service Is Here to Help You. Turbo tax 2011 filing The Taxpayer Advocate Service (TAS) is your voice at the IRS. Turbo tax 2011 filing Our job is to ensure that every taxpayer is treated fairly and that you know and understand your rights. Turbo tax 2011 filing   What can TAS do for you? We can offer you free help with IRS problems that you can't resolve on your own. Turbo tax 2011 filing We know this process can be confusing, but the worst thing you can do is nothing at all! TAS can help if you can't resolve your tax problem and: Your problem is causing financial difficulties for you, your family, or your business. Turbo tax 2011 filing You face (or your business is facing) an immediate threat of adverse action. Turbo tax 2011 filing You've tried repeatedly to contact the IRS but no one has responded, or the IRS hasn't responded by the date promised. Turbo tax 2011 filing   If you qualify for our help, you'll be assigned to one advocate who'll be with you at every turn and will do everything possible to resolve your problem. Turbo tax 2011 filing Here's why we can help: TAS is an independent organization within the IRS. Turbo tax 2011 filing Our advocates know how to work with the IRS. Turbo tax 2011 filing Our services are free and tailored to meet your needs. Turbo tax 2011 filing We have offices in every state, the District of Columbia, and Puerto Rico. Turbo tax 2011 filing   How can you reach us? If you think TAS can help you, call your local advocate, whose number is in your local directory and at Taxpayer Advocate, or call us toll-free at 1-877-777-4778. Turbo tax 2011 filing   How else does TAS help taxpayers?  TAS also works to resolve large-scale, systemic problems that affect many taxpayers. Turbo tax 2011 filing If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System. Turbo tax 2011 filing Low Income Taxpayer Clinics Low Income
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The American Recovery and Reinvestment Act of 2009: Information Center

Update May 31, 2013 — Some of the credits and other provisions described on this page, which either expired at the end of 2011 or were set to change or expire at the end of 2012, were extended by the American Taxpayer Relief Act of 2012 (ATRA). Updated information is noted, where applicable, on the web pages relating to these specific credits and other provisions.

Update Oct. 31, 2011 — Some of the credits and other provisions described on this page, which were to change or expire at the end of 2010, were extended by the Tax Relief and Job Creation Act of 2010. Additional updated information is noted, where applicable, on the web pages relating to these specific credits and other provisions.

Update July 6, 2010 — For those claiming the homebuyer credit, the deadline for closing (going to settlement) on home purchases was extended from June 30 to Sept. 30, 2010. 

Información en Español

Information for Individuals

Can you benefit from Recovery Act tax credits? Try the White House Tax Savings Tool to find out.

 Many of the Recovery Act provisions are geared toward individuals:

  • Education benefits. The American Opportunity Tax Credit and enhanced benefits for 529 college savings plans help families and students find ways to pay higher education expenses.

  • Earned Income Tax Credit. The EITC increased beginning in  2009.

  • Additional child tax credit. More families qualify for the ACTC starting in 2009.

  • Home energy efficiency and renewable energy incentives. See what you can do to reap tax rewards.

  • Increased Transportation Subsidy. Employer-provided benefits for transit and parking rose beginning in 2009.

  • Homebuyer Credit. Homebuyers who purchased by April 30, 2010, and settled by Sept. 30, 2010, may be eligible for a credit of up to $8,000. Documentation requirements apply. See the first-time homebuyer page for more.

  • COBRA. Workers who lost their jobs between Sept. 1, 2008, and May 31, 2010, may qualify for reduced COBRA health insurance premiums for up to 15 months.

  • Making Work Pay Tax Credit. This credit meant more take-home pay for many Americans in 2009 and 2010. Make sure enough tax is withheld from your pay with the help of the IRS withholding calculator. See Making Work Pay for more.

  • $250 for Social Security Recipients, Veterans and Railroad Retirees. The Economic Recovery Payment was paid by the Social Security Administration, Department of Veterans Affairs and the Railroad Retirement Board in 2009 or, in some cases, 2010. To verify whether you received it, call 1-866-234-2942 and select Option 1 or visit Did I Receive a 2010 Economic Recovery Payment? (no longer available) on this website.

  • Money Back for New Vehicles. Taxpayers who bought new cars and certain other new vehicles in 2009 can deduct the state and local sales taxes they paid as well as other taxes and fees they paid in states with no sales tax.

  • Up to $2,400 in Unemployment Benefits Tax Free in 2009. Individuals should check their tax withholding.

  • Health Coverage Tax Credit. This credit increased from 65 percent to 80 percent of qualified health insurance premiums, and more people are eligible.

Information for Businesses

The following Recovery Act provisions affect businesses:

 Related Items:

 


For information on the Administration's broader economic recovery program, visit

 

Page Last Reviewed or Updated: 26-Mar-2014

The Turbo Tax 2011 Filing

Turbo tax 2011 filing 6. Turbo tax 2011 filing   Retail Tax on Heavy Trucks, Trailers, and Tractors Table of Contents Highway vehicle. Turbo tax 2011 filing Vehicles not considered highway vehicles. Turbo tax 2011 filing Idling reduction device. Turbo tax 2011 filing Separate purchase. Turbo tax 2011 filing Leases. Turbo tax 2011 filing Exported vehicle. Turbo tax 2011 filing Tax on resale of tax-paid trailers and semitrailers. Turbo tax 2011 filing Use treated as sale. Turbo tax 2011 filing Sale. Turbo tax 2011 filing Long-term lease. Turbo tax 2011 filing Short-term lease. Turbo tax 2011 filing Related person. Turbo tax 2011 filing Exclusions from tax base. Turbo tax 2011 filing Sales not at arm's length. Turbo tax 2011 filing Installment sales. Turbo tax 2011 filing Repairs and modifications. Turbo tax 2011 filing Further manufacture. Turbo tax 2011 filing Rail trailers and rail vans. Turbo tax 2011 filing Parts and accessories. Turbo tax 2011 filing Trash containers. Turbo tax 2011 filing House trailers. Turbo tax 2011 filing Camper coaches or bodies for self-propelled mobile homes. Turbo tax 2011 filing Farm feed, seed, and fertilizer equipment. Turbo tax 2011 filing Ambulances and hearses. Turbo tax 2011 filing Truck-tractors. Turbo tax 2011 filing Concrete mixers. Turbo tax 2011 filing Registration requirement. Turbo tax 2011 filing Further manufacture. Turbo tax 2011 filing A tax of 12% of the sales price is imposed on the first retail sale of the following articles, including related parts and accessories sold on or in connection with, or with the sale of, the articles. Turbo tax 2011 filing Truck chassis and bodies. Turbo tax 2011 filing Truck trailer and semitrailer chassis and bodies. Turbo tax 2011 filing Tractors of the kind chiefly used for highway transportation in combination with a trailer or semitrailer. Turbo tax 2011 filing A truck is a highway vehicle primarily designed to transport its load on the same chassis as the engine, even if it is equipped to tow a vehicle, such as a trailer or semitrailer. Turbo tax 2011 filing A tractor is a highway vehicle designed to tow a vehicle, such as a trailer or semitrailer. Turbo tax 2011 filing A tractor may carry incidental items of cargo when towing or limited amounts of cargo when not towing. Turbo tax 2011 filing A sale of a truck, truck trailer, or semitrailer is considered a sale of a chassis and a body. Turbo tax 2011 filing The seller is liable for the tax. Turbo tax 2011 filing Chassis or body. Turbo tax 2011 filing   A chassis or body is taxable only if you sell it for use as a component part of a highway vehicle that is a truck, truck trailer or semitrailer, or a tractor of the kind chiefly used for highway transportation in combination with a trailer or semitrailer. Turbo tax 2011 filing Highway vehicle. Turbo tax 2011 filing   A highway vehicle is any self-propelled vehicle designed to carry a load over public highways, whether or not it is also designed to perform other functions. Turbo tax 2011 filing Examples of vehicles designed to carry a load over public highways are passenger automobiles, motorcycles, buses, and highway-type trucks and truck tractors. Turbo tax 2011 filing A vehicle is a highway vehicle even though the vehicle's design allows it to perform a highway transportation function for only one of the following. Turbo tax 2011 filing A particular type of load, such as passengers, furnishings, and personal effects (as in a house, office, or utility trailer). Turbo tax 2011 filing A special kind of cargo, goods, supplies, or materials. Turbo tax 2011 filing Some off-highway task unrelated to highway transportation, except as discussed next. Turbo tax 2011 filing Vehicles not considered highway vehicles. Turbo tax 2011 filing   Generally, the following kinds of vehicles are not considered highway vehicles for purposes of the retail tax. Turbo tax 2011 filing Specially designed mobile machinery for nontransportation functions. Turbo tax 2011 filing A self-propelled vehicle is not a highway vehicle if all the following apply. Turbo tax 2011 filing The chassis has permanently mounted to it machinery or equipment used to perform certain operations (construction, manufacturing, drilling, mining, timbering, processing, farming, or similar operations) if the operation of the machinery or equipment is unrelated to transportation on or off the public highways. Turbo tax 2011 filing The chassis has been specially designed to serve only as a mobile carriage and mount (and power source, if applicable) for the machinery or equipment, whether or not the machinery or equipment is in operation. Turbo tax 2011 filing The chassis could not, because of its special design and without substantial structural modification, be used as part of a vehicle designed to carry any other load. Turbo tax 2011 filing Vehicles specially designed for off-highway transportation. Turbo tax 2011 filing A vehicle is not treated as a highway vehicle if the vehicle is specially designed for the primary function of transporting a particular type of load other than over the public highway and because of this special design, the vehicles's capability to transport a load over a public highway is substantially limited or impaired. Turbo tax 2011 filing To make this determination, you can take into account the vehicle's size, whether the vehicle is subject to licensing, safety, or other requirements, and whether the vehicle can transport a load at a sustained speed of at least 25 miles per hour. Turbo tax 2011 filing It does not matter that the vehicle can carry heavier loads off highway than it is allowed to carry over the highway. Turbo tax 2011 filing Nontransportation trailers and semitrailers. Turbo tax 2011 filing A trailer or semitrailer is not treated as a highway vehicle if it is specially designed to function only as an enclosed stationary shelter for carrying on a nontransportation function at an off-highway site. Turbo tax 2011 filing For example, a trailer that is capable only of functioning as an office for an off-highway construction operation is not a highway vehicle. Turbo tax 2011 filing Gross vehicle weight. Turbo tax 2011 filing   The tax does not apply to truck chassis and bodies suitable for use with a vehicle that has a gross vehicle weight (defined below) of 33,000 pounds or less. Turbo tax 2011 filing It also does not apply to truck trailer and semitrailer chassis and bodies suitable for use with a trailer or semitrailer that has a gross vehicle weight of 26,000 pounds or less. Turbo tax 2011 filing Tractors that have a gross vehicle weight of 19,500 pounds or less and a gross combined weight of 33,000 pounds or less are excluded from the 12% retail tax. Turbo tax 2011 filing   The following four classifications of truck body types meet the suitable for use standard and will be excluded from the retail excise tax. Turbo tax 2011 filing Platform truck bodies 21 feet or less in length. Turbo tax 2011 filing Dry freight and refrigerated truck van bodies 24 feet or less in length. Turbo tax 2011 filing Dump truck bodies with load capacities of 8 cubic yards or less. Turbo tax 2011 filing Refuse packer truck bodies with load capacities of 20 cubic yards or less. Turbo tax 2011 filing For more information on these classifications, see Revenue Procedure 2005-19, which is on page 832 of I. Turbo tax 2011 filing R. Turbo tax 2011 filing B. Turbo tax 2011 filing 2005-14 at www. Turbo tax 2011 filing irs. Turbo tax 2011 filing gov/pub/irs-irbs/irb05-14. Turbo tax 2011 filing pdf. Turbo tax 2011 filing   The gross vehicle weight means the maximum total weight of a loaded vehicle. Turbo tax 2011 filing Generally, this maximum total weight is the gross vehicle weight rating provided by the manufacturer or determined by the seller of the completed article. Turbo tax 2011 filing The seller's gross vehicle weight rating is determined solely on the basis of the strength of the chassis frame and the axle capacity and placement. Turbo tax 2011 filing The seller may not take into account any readily attachable components (such as tires or rim assemblies) in determining the gross vehicle weight. Turbo tax 2011 filing See Regulations section 145. Turbo tax 2011 filing 4051-1(e)(3) for more information. Turbo tax 2011 filing Parts or accessories. Turbo tax 2011 filing   The tax applies to parts or accessories sold on or in connection with, or with the sale of, a taxable article. Turbo tax 2011 filing For example, if at the time of the sale by the retailer, the part or accessory has been ordered from the retailer, the part or accessory will be considered as sold in connection with the sale of the vehicle. Turbo tax 2011 filing The tax applies in this case whether or not the retailer bills the parts or accessories separately. Turbo tax 2011 filing   If the retailer sells a taxable chassis, body, or tractor without parts or accessories considered essential for the operation or appearance of the taxable article, the sale of the parts or accessories by the retailer to the purchaser is considered made in connection with the sale of the taxable article even though they are shipped separately, at the same time, or on a different date. Turbo tax 2011 filing The tax applies unless there is evidence to the contrary. Turbo tax 2011 filing For example, if a retailer sells to any person a chassis and the bumpers for the chassis, or sells a taxable tractor and the fifth wheel and attachments, the tax applies to the parts or accessories regardless of the method of billing or the time at which the shipments were made. Turbo tax 2011 filing The tax does not apply to parts and accessories that are spares or replacements. Turbo tax 2011 filing   The tax imposed on parts and accessories sold on or in connection with the taxable articles listed earlier and the tax imposed on the separate purchase of parts and accessories (discussed next) for the taxable articles listed earlier do not apply to an idling reduction device or insulation that has an R value of at least R35 per inch. Turbo tax 2011 filing Idling reduction device. Turbo tax 2011 filing   An idling reduction device is any device or system of devices that provide the tractor with services, such as heat, air conditioning, and electricity, without the use of the main drive engine while the tractor is temporarily parked or stationary. Turbo tax 2011 filing The device must be affixed to the tractor and determined by the Administrator of the EPA, in consultation with the Secretary of Energy and Secretary of Transportation, to reduce idling while parked or stationary. Turbo tax 2011 filing The EPA discusses idling reduction technologies on its website at www. Turbo tax 2011 filing epa. Turbo tax 2011 filing gov/smartway/technology/idling. Turbo tax 2011 filing htm. Turbo tax 2011 filing Separate purchase. Turbo tax 2011 filing   The tax generally applies to the price of a part or accessory and its installation if the following conditions are met. Turbo tax 2011 filing The owner, lessee, or operator of any vehicle that contains a taxable article installs any part or accessory on the vehicle. Turbo tax 2011 filing The installation occurs within 6 months after the vehicle is first placed in service. Turbo tax 2011 filing   The owners of the trade or business installing the parts or accessories are secondarily liable for the tax. Turbo tax 2011 filing   A vehicle is placed in service on the date the owner takes actual possession of the vehicle. Turbo tax 2011 filing This date is established by a signed delivery ticket or other comparable document indicating delivery to and acceptance by the owner. Turbo tax 2011 filing   The tax does not apply if the installed part or accessory is a replacement part or accessory. Turbo tax 2011 filing The tax also does not apply if the total price of the parts and accessories, including installation charges, during the 6-month period is $1,000 or less. Turbo tax 2011 filing However, if the total price is more than $1,000, the tax applies to the cost of all parts and accessories (and installation charges) during that period. Turbo tax 2011 filing Example. Turbo tax 2011 filing You bought a taxable vehicle and placed it in service on April 8. Turbo tax 2011 filing On May 3, you bought and installed parts and accessories at a cost of $850. Turbo tax 2011 filing On July 15, you bought and installed parts and accessories for $300. Turbo tax 2011 filing Tax of $138 (12% of $1,150) applies on July 15. Turbo tax 2011 filing Also, tax will apply to any costs of additional parts and accessories installed on the vehicle before October 8. Turbo tax 2011 filing First retail sale defined. Turbo tax 2011 filing   The sale of an article is treated as the first retail sale, and the seller will be liable for the tax imposed on the sale unless one of the following exceptions applies. Turbo tax 2011 filing There has been a prior taxable sale, lease, or use of the article (however, see Tax on resale of tax-paid trailers and semitrailers, later). Turbo tax 2011 filing The sale qualifies as a tax-free sale under section 4221 (see Sales exempt from tax, later). Turbo tax 2011 filing The seller in good faith accepts from the purchaser a statement signed under penalties of perjury and executed in good faith that the purchaser intends to resell the article or lease it on a long-term basis. Turbo tax 2011 filing There is no registration requirement. Turbo tax 2011 filing Leases. Turbo tax 2011 filing   A long-term lease (a lease with a term of 1 year or more, taking into account options to renew) before a first retail sale is treated as a taxable sale. Turbo tax 2011 filing The tax is imposed on the lessor at the time of the lease. Turbo tax 2011 filing   A short-term lease (a lease with a term of less than 1 year, taking into account options to renew) before a first retail sale is treated as a taxable use. Turbo tax 2011 filing The tax is imposed on the lessor at the time of the lease. Turbo tax 2011 filing Exported vehicle. Turbo tax 2011 filing   A vehicle exported before its first retail sale, used in a foreign country, and then returned to the United States is subject to the retail tax on its first domestic use or retail sale after importation. Turbo tax 2011 filing Tax on resale of tax-paid trailers and semitrailers. Turbo tax 2011 filing   The tax applies to a trailer or semitrailer resold within 6 months after having been sold in a taxable sale. Turbo tax 2011 filing The seller liable for the tax on the resale can claim a credit equal to the tax paid on the prior taxable sale. Turbo tax 2011 filing The credit cannot exceed the tax on the resale. Turbo tax 2011 filing See Regulations section 145. Turbo tax 2011 filing 4052-1(a)(4) for information on the conditions to allowance for the credit. Turbo tax 2011 filing Use treated as sale. Turbo tax 2011 filing   If any person uses a taxable article before the first retail sale of the article, that person is liable for the tax as if the article had been sold at retail by that person. Turbo tax 2011 filing Figure the tax on the price at which similar articles are sold in the ordinary course of trade by retailers. Turbo tax 2011 filing The tax attaches when the use begins. Turbo tax 2011 filing   If the seller of an article regularly sells the articles at retail in arm's-length transactions, figure the tax on its use on the lowest established retail price for the articles in effect at the time of the taxable use. Turbo tax 2011 filing   If the seller of an article does not regularly sell the articles at retail in arm's-length transactions, a constructive price on which the tax is figured will be determined by the IRS after considering the selling practices and price structures of sellers of similar articles. Turbo tax 2011 filing   If a seller of an article incurs liability for tax on the use of the article and later sells or leases the article in a transaction that otherwise would be taxable, liability for tax is not incurred on the later sale or lease. Turbo tax 2011 filing Presumptive retail sales price. Turbo tax 2011 filing   There are rules to ensure that the tax base of transactions considered to be taxable sales includes either an actual or presumed markup percentage. Turbo tax 2011 filing If the person liable for tax is the vehicle's manufacturer, producer, or importer, the following discussions show how you figure the presumptive retail sales price depending on the type of transaction and the persons involved in the transaction. Turbo tax 2011 filing Table 6-1 outlines the appropriate tax base calculation for various transactions. Turbo tax 2011 filing   The presumed markup percentage to be used for trucks and truck-tractors is 4%. Turbo tax 2011 filing But for truck trailers and semitrailers and remanufactured trucks and tractors, the presumed markup percentage is zero. Turbo tax 2011 filing Sale. Turbo tax 2011 filing   For a taxable sale by a manufacturer, producer, importer, or related person, you generally figure the tax on a tax base of the sales price plus an amount equal to the presumed markup percentage times that sales price. Turbo tax 2011 filing Long-term lease. Turbo tax 2011 filing   In the case of a long-term lease by a manufacturer, producer, importer, or related person, figure the tax on a tax base of the constructive sales price plus an amount equal to the presumed markup percentage times the constructive sales price. Turbo tax 2011 filing Short-term lease. Turbo tax 2011 filing   When a manufacturer, producer, importer, or related person leases an article in a short-term lease considered a taxable use, figure the tax on a constructive sales price at which those or similar articles generally are sold in the ordinary course of trade by retailers. Turbo tax 2011 filing   But if the lessor in this situation regularly sells articles at retail in arm's-length transactions, figure the tax on the lowest established retail price in effect at the time of the taxable use. Turbo tax 2011 filing   If a person other than the manufacturer, producer, importer, or related person leases an article in a short-term lease considered a taxable use, figure the tax on a tax base of the price for which the article was sold to the lessor plus the cost of parts and accessories installed by the lessor and a presumed markup percentage. Turbo tax 2011 filing Related person. Turbo tax 2011 filing   A related person is any member of the same controlled group as the manufacturer, producer, or importer. Turbo tax 2011 filing Do not treat as a related person a person that sells the articles through a permanent retail establishment in the normal course of being a retailer if that person has records to prove the article was sold for a price that included a markup equal to or greater than the presumed markup percentage. Turbo tax 2011 filing Table 6-1. Turbo tax 2011 filing Tax Base IF the transaction is a. Turbo tax 2011 filing . Turbo tax 2011 filing . Turbo tax 2011 filing THEN figuring the base by using the. Turbo tax 2011 filing . Turbo tax 2011 filing . Turbo tax 2011 filing Sale by the manufacturer, producer, importer, or related person Sales price plus (presumed markup percentage × sales price) Sale by the dealer Total consideration paid for the item including any charges incident to placing it in a condition ready for use Long-term lease by the manufacturer, producer, importer, or related person Constructive sales price plus (presumed markup percentage × constructive sales price) Short-term lease by the manufacturer, producer, importer, or related person Constructive sales price at which such or similar articles are sold Short-term lease by a lessor other than the manufacturer, producer, importer, or related person Price for which the article was sold to the lessor plus the cost of parts and accessories installed by the lessor plus a presumed markup percentage Short-term lease where the articles are regularly sold at arm's length Lowest established retail price in effect at the time of the taxable use General rule for sales by dealers to the consumer. Turbo tax 2011 filing   For a taxable sale, other than a long-term lease, by a person other than a manufacturer, producer, importer, or related person, your tax base is the retail sales price as discussed next under Determination of tax base. Turbo tax 2011 filing   When you sell an article to the consumer, generally you do not add a presumed markup to the tax base. Turbo tax 2011 filing However, you do add a markup if all the following apply. Turbo tax 2011 filing You do not perform any significant activities relating to the processing of the sale of a taxable article. Turbo tax 2011 filing The main reason for processing the sale through you is to avoid or evade the presumed markup. Turbo tax 2011 filing You do not have records proving that the article was sold for a price that included a markup equal to or greater than the presumed markup percentage. Turbo tax 2011 filing In these situations, your tax base is the sales price plus an amount equal to the presumed markup percentage times that selling price. Turbo tax 2011 filing Determination of tax base. Turbo tax 2011 filing   These rules apply to both normal retail sales price and presumptive retail sales price computations. Turbo tax 2011 filing To arrive at the tax base, the price is the total consideration paid (including trade-in allowance) for the item and includes any charge incident to placing the article in a condition ready for use. Turbo tax 2011 filing However, see Presumptive retail sales price, earlier. Turbo tax 2011 filing Exclusions from tax base. Turbo tax 2011 filing   Exclude from the tax base the retail excise tax imposed on the sale. Turbo tax 2011 filing Exclude any state or local retail sales tax if stated as a separate charge from the price whether the sales tax is imposed on the seller or purchaser. Turbo tax 2011 filing Also exclude the value of any used component of the article furnished by the first user of the article. Turbo tax 2011 filing   Exclude charges for transportation, delivery, insurance, and installation (other than installation charges for parts and accessories, discussed earlier) and other expenses incurred in connection with the delivery of an article to a purchaser. Turbo tax 2011 filing These expenses are those incurred in delivery from the retail dealer to the customer. Turbo tax 2011 filing In the case of delivery directly from the manufacturer to the dealer's customer, include the transportation and delivery charges to the extent the charges do not exceed what it would have cost to ship the article to the dealer. Turbo tax 2011 filing   Exclude amounts charged for machinery or equipment that does not contribute to the highway transportation function of the vehicle, provided those charges are supported by adequate records. Turbo tax 2011 filing For example, for an industrial vacuum loader vehicle, exclude amounts charged for the vacuum pump and hose, filter system, material separator, silencer or muffler, control cabinet, and ladder. Turbo tax 2011 filing Similarly, for a sewer cleaning vehicle, exclude amounts charged for the high pressure water pump, hose components, and the vacuum pipe. Turbo tax 2011 filing Sales not at arm's length. Turbo tax 2011 filing   For any taxable article sold (not at arm's length) at less than the fair market price, figure the excise tax on the price for which similar articles are sold at retail in the ordinary course of trade. Turbo tax 2011 filing   A sale is not at arm's length if either of the following apply. Turbo tax 2011 filing One of the parties is controlled (in law or in fact) by the other or there is common control, whether or not the control is actually exercised to influence the sales price. Turbo tax 2011 filing The sale is made under special arrangements between a seller and a purchaser. Turbo tax 2011 filing Installment sales. Turbo tax 2011 filing   If the first retail sale is an installment sale, or other form of sale in which the sales price is paid in installments, tax liability arises at the time of the sale. Turbo tax 2011 filing The tax is figured on the entire sales price. Turbo tax 2011 filing No part of the tax is deferred because the sales price is paid in installments. Turbo tax 2011 filing Repairs and modifications. Turbo tax 2011 filing   The tax does not apply to the sale or use of an article that has been repaired or modified unless the cost of the repairs and modifications is more than 75% of the retail price of a comparable new article. Turbo tax 2011 filing This includes modifications that change the transportation function of an article or restore a wrecked article to a functional condition. Turbo tax 2011 filing However, this exception generally does not apply to an article that was not subject to the tax when it was new. Turbo tax 2011 filing Further manufacture. Turbo tax 2011 filing   The tax does not apply to the use by a person of a taxable article as material in the manufacture or production of, or as a component part of, another article to be manufactured or produced by that person. Turbo tax 2011 filing Do not treat a person as engaged in the manufacture of any article merely because that person combines the article with a: Coupling device (including any fifth wheel); Wrecker crane; Loading and unloading equipment (including any crane, hoist, winch, or power liftgate); Aerial ladder or tower; Ice and snow control equipment; Earth moving, excavation, and construction equipment; Spreader; Sleeper cab; Cab shield; or Wood or metal floor. Turbo tax 2011 filing Combining an article with an item in this list does not give rise to taxability. Turbo tax 2011 filing However, see Parts or accessories discussed earlier. Turbo tax 2011 filing Articles exempt from tax. Turbo tax 2011 filing   The tax on heavy trucks, trailers, and tractors does not apply to sales of the articles described in the following discussions. Turbo tax 2011 filing Rail trailers and rail vans. Turbo tax 2011 filing   This is any chassis or body of a trailer or semitrailer designed for use both as a highway vehicle and a railroad car (including any parts and accessories designed primarily for use on and in connection with it). Turbo tax 2011 filing Do not treat a piggyback trailer or semitrailer as designed for use as a railroad car. Turbo tax 2011 filing Parts and accessories. Turbo tax 2011 filing   This is any part or accessory sold separately from the truck or trailer, except as described earlier under Parts or accessories and Separate purchase. Turbo tax 2011 filing Trash containers. Turbo tax 2011 filing   This is any box, container, receptacle, bin, or similar article that meets all the following conditions. Turbo tax 2011 filing It is designed to be used as a trash container. Turbo tax 2011 filing It is not designed to carry freight other than trash. Turbo tax 2011 filing It is not designed to be permanently mounted on or affixed to a truck chassis or body. Turbo tax 2011 filing House trailers. Turbo tax 2011 filing   This is any house trailer (regardless of size) suitable for use in connection with either passenger automobiles or trucks. Turbo tax 2011 filing Camper coaches or bodies for self-propelled mobile homes. Turbo tax 2011 filing   This is any article designed to be mounted or placed on trucks, truck chassis, or automobile chassis and to be used primarily as living quarters or camping accommodations. Turbo tax 2011 filing Further, the tax does not apply to chassis specifically designed and constructed to accommodate and transport self-propelled mobile home bodies. Turbo tax 2011 filing Farm feed, seed, and fertilizer equipment. Turbo tax 2011 filing   This is any body primarily designed to process or prepare, haul, spread, load, or unload feed, seed, or fertilizer to or on farms. Turbo tax 2011 filing This exemption applies only to the farm equipment body (and parts and accessories) and not to the chassis upon which the farm equipment is mounted. Turbo tax 2011 filing Ambulances and hearses. Turbo tax 2011 filing   This is any ambulance, hearse, or combination ambulance-hearse. Turbo tax 2011 filing Truck-tractors. Turbo tax 2011 filing   This is any truck-tractor specifically designed for use in shifting semitrailers in and around freight yards and freight terminals. Turbo tax 2011 filing Concrete mixers. Turbo tax 2011 filing   This is any article designed to be placed or mounted on a truck, truck trailer, or semitrailer chassis to be used to process or prepare concrete. Turbo tax 2011 filing This exemption does not apply to the chassis on which the article is mounted. Turbo tax 2011 filing Sales exempt from tax. Turbo tax 2011 filing   The following sales are ordinarily exempt from tax. Turbo tax 2011 filing Sales to a state or local government for its exclusive use. Turbo tax 2011 filing Sales to Indian tribal governments, but only if the transaction involves the exercise of an essential tribal government function. Turbo tax 2011 filing Sales to a nonprofit educational organization for its exclusive use. Turbo tax 2011 filing Sales to a qualified blood collector organization (as defined under Communications Tax in chapter 4) for its exclusive use in the collection, storage, or transportation of blood. Turbo tax 2011 filing Sales for use by the purchaser for further manufacture of other taxable articles (see below). Turbo tax 2011 filing Sales for export or for resale by the purchaser to a second purchaser for export. Turbo tax 2011 filing Sales to the United Nations for official use. Turbo tax 2011 filing Registration requirement. Turbo tax 2011 filing   In general, the seller and buyer must be registered for a sale to be tax free. Turbo tax 2011 filing See the Form 637 instructions for more information. Turbo tax 2011 filing Certain registration exceptions apply in the case of sales to state and local governments, sales to foreign purchasers for export, and sales for resale or long term leasing. Turbo tax 2011 filing Further manufacture. Turbo tax 2011 filing   If you buy articles tax free and resell or use them other than in the manufacture of another article, you are liable for the tax on their resale or use just as if you had manufactured and made the first retail sale of them. Turbo tax 2011 filing Credits or refunds. Turbo tax 2011 filing   A credit or refund (without interest) of the retail tax on the taxable articles described earlier may be allowable if the tax has been paid with respect to an article and, before any other use, such article is used by any person as a component part of another taxable article manufactured or produced. Turbo tax 2011 filing The person using the article as a component part is eligible for the credit or refund. Turbo tax 2011 filing   A credit or refund is allowable if, before any other use, an article is, by any person: Exported, Used or sold for use as supplies for vessels, Sold to a state or local government for its exclusive use, Sold to a nonprofit educational organization for its exclusive use, or Sold to a qualified blood collector organization (as defined under Communications Tax in chapter 4) for its exclusive use in the collection, storage, or transportation of blood. Turbo tax 2011 filing A credit or refund is also allowable if there is a price readjustment by reason of the return or repossession of an article or by reason of a bona fide discount, rebate, or allowance. Turbo tax 2011 filing   See also Conditions to allowance in chapter 5. Turbo tax 2011 filing Tire credit. Turbo tax 2011 filing   A credit is allowed against the retail tax on the taxable articles described earlier if taxable tires are sold on or in connection with the sale of the article. Turbo tax 2011 filing The credit is equal to the manufacturers excise tax imposed on the taxable tires (discussed earlier). Turbo tax 2011 filing This is the section 4051(d) taxable tire credit and is claimed on Schedule C (Form 720) for the same quarter for which the tax on the heavy vehicle is reported. Turbo tax 2011 filing Prev  Up  Next   Home   More Online Publications