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Turbotax 2010 Free

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Turbotax 2010 Free

Turbotax 2010 free 7. Turbotax 2010 free   Filing Information Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: What, When, and Where To FileResident Aliens Nonresident Aliens Amended Returns and Claims for Refund Other Forms You May Have To File PenaltiesCivil Penalties Criminal Penalties Introduction This chapter provides the basic filing information that you may need. Turbotax 2010 free Topics - This chapter discusses: Forms aliens must file, When and where to file, Penalties, and Amended returns and claims for refund. Turbotax 2010 free Useful Items - You may want to see: Forms (and Instructions) 1040 U. Turbotax 2010 free S. Turbotax 2010 free Individual Income Tax Return 1040A U. Turbotax 2010 free S. Turbotax 2010 free Individual Income Tax Return 1040EZ Income Tax Return for Single and Joint Filers With No Dependents 1040NR U. Turbotax 2010 free S. Turbotax 2010 free Nonresident Alien Income Tax Return 1040NR-EZ U. Turbotax 2010 free S. Turbotax 2010 free Income Tax Return for Certain Nonresident Aliens With No Dependents See chapter 12 for information about getting these forms. Turbotax 2010 free What, When, and Where To File What return you must file as well as when and where you file that return, depends on your status at the end of the tax year as a resident or a nonresident alien. Turbotax 2010 free Resident Aliens Resident aliens should file Form 1040EZ, 1040A, or 1040 at the address shown in the instructions for that form. Turbotax 2010 free The due date for filing the return and paying any tax due is April 15 of the year following the year for which you are filing a return (but see the Tip, later). Turbotax 2010 free Under U. Turbotax 2010 free S. Turbotax 2010 free immigration law, a lawful permanent resident who is required to file a tax return as a resident and fails to do so may be regarded as having abandoned status and may lose permanent resident status. Turbotax 2010 free Extensions of time to file. Turbotax 2010 free   You are allowed an automatic extension to June 15 to file if your main place of business and the home you live in are outside the United States and Puerto Rico on April 15. Turbotax 2010 free You can get an extension of time to October 15 to file your return if you get an extension by April 15 (June 15 if you qualify for the June 15 extension). Turbotax 2010 free Use Form 4868 to get the extension to October 15. Turbotax 2010 free In addition to this 6-month extension, taxpayers who are out of the country (as defined in the Form 4868 instructions) can request a discretionary 2-month additional extension of time to file their returns (to December 15 for calendar year taxpayers). Turbotax 2010 free To request this extension, you must send the IRS a letter explaining the reasons why you need the additional 2 months. Turbotax 2010 free Send the letter by the extended due date (October 15 for calendar year taxpayers) to the following address:  Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215   You will not receive any notification from the IRS unless your request is denied for being untimely. Turbotax 2010 free   The discretionary 2-month additional extension is not available to taxpayers who have an approved extension of time to file on Form 2350 (for U. Turbotax 2010 free S. Turbotax 2010 free citizens and resident aliens abroad who expect to qualify for special tax treatment). Turbotax 2010 free    If the due date for filing falls on a Saturday, Sunday, or legal holiday, the due date is the next day which is not a Saturday, Sunday, or legal holiday. Turbotax 2010 free You may be able to file your return electronically. Turbotax 2010 free See IRS e-file in your form instructions. Turbotax 2010 free Nonresident Aliens Nonresident aliens who are required to file an income tax return should use Form 1040NR or, if qualified, Form 1040NR-EZ. Turbotax 2010 free If you are any of the following, you must file a return. Turbotax 2010 free A nonresident alien individual engaged or considered to be engaged in a trade or business in the United States during 2013. Turbotax 2010 free (But see Exceptions , later. Turbotax 2010 free ) You must file even if: Your income did not come from a trade or business conducted in the United States, You have no income from U. Turbotax 2010 free S. Turbotax 2010 free sources, or Your income is exempt from income tax. Turbotax 2010 free A nonresident alien individual not engaged in a trade or business in the United States with U. Turbotax 2010 free S. Turbotax 2010 free income on which the tax liability was not satisfied by the withholding of tax at the source. Turbotax 2010 free A representative or agent responsible for filing the return of an individual described in (1) or (2). Turbotax 2010 free A fiduciary for a nonresident alien estate or trust. Turbotax 2010 free You must also file if you want to: Claim a refund of overwithheld or overpaid tax, or Claim the benefit of any deductions or credits. Turbotax 2010 free For example, if you have no U. Turbotax 2010 free S. Turbotax 2010 free business activities but have income from real property that you choose to treat as effectively connected income (discussed in chapter 4), you must timely file a true and accurate return to take any allowable deductions against that income. Turbotax 2010 free For information on what is timely, see When to file for deductions and credits under When To File, later. Turbotax 2010 free Exceptions. Turbotax 2010 free   You do not need to file Form 1040NR or Form 1040NR-EZ if you meet either of the following conditions. Turbotax 2010 free Your only U. Turbotax 2010 free S. Turbotax 2010 free trade or business was the performance of personal services, and Your wages were less than $3,900, and You have no other need to file a return to claim a refund of overwithheld taxes, to satisfy additional withholding at source, or to claim income exempt or partly exempt by treaty. Turbotax 2010 free You were a nonresident alien student, teacher, or trainee who was temporarily present in the United States under an “F,” “J,” “M,” or “Q” visa and you have no income that is subject to tax, such as wages, tips, scholarship and fellowship grants, dividends, etc. Turbotax 2010 free Even if you have left the United States and filed a Form 1040-C, U. Turbotax 2010 free S. Turbotax 2010 free Departing Alien Income Tax Return, on departure, you still must file an annual U. Turbotax 2010 free S. Turbotax 2010 free income tax return. Turbotax 2010 free If you are married and both you and your spouse are required to file, you must each file a separate return. Turbotax 2010 free Form 1040NR-EZ You can use Form 1040NR-EZ if all of the following conditions are met. Turbotax 2010 free You do not claim any dependents. Turbotax 2010 free You cannot be claimed as a dependent on someone else's U. Turbotax 2010 free S. Turbotax 2010 free tax return. Turbotax 2010 free If you were married, you do not claim an exemption for your spouse. Turbotax 2010 free Your taxable income is less than $100,000. Turbotax 2010 free The only itemized deduction you can claim is for state and local income taxes. Turbotax 2010 free Note. Turbotax 2010 free Residents of India who were students or business apprentices may be able to take the standard deduction instead of the itemized deduction for state and local income taxes. Turbotax 2010 free See chapter 5. Turbotax 2010 free Your only U. Turbotax 2010 free S. Turbotax 2010 free source income is from wages, salaries, tips, taxable refunds of state and local income taxes, scholarship or fellowship grants, and nontaxable interest or dividends. Turbotax 2010 free (If you had taxable interest or dividend income, you cannot use this form. Turbotax 2010 free ) You are not claiming any adjustments to income other than the student loan interest deduction or scholarship and fellowship grants excluded. Turbotax 2010 free You are not claiming any tax credits. Turbotax 2010 free This is not an “expatriation return. Turbotax 2010 free ” See Expatriation Tax in chapter 4. Turbotax 2010 free The only taxes you owe are: The income tax from the Tax Table. Turbotax 2010 free The social security and Medicare tax from Form 4137 or Form 8919. Turbotax 2010 free You are not claiming a credit for excess social security and tier 1 RRTA tax withheld. Turbotax 2010 free You are not filing Form 8959, to figure the amount of Additional Medicare Tax you owe and/or the amount of Additional Medicare Tax withheld by your employer, if any. Turbotax 2010 free If you do not meet all of the above conditions, you must file Form 1040NR. Turbotax 2010 free When To File If you are an employee and you receive wages subject to U. Turbotax 2010 free S. Turbotax 2010 free income tax withholding, you will generally file by the 15th day of the 4th month after your tax year ends. Turbotax 2010 free For the 2013 calendar year, file your return by April 15, 2014. Turbotax 2010 free If you are not an employee who receives wages subject to U. Turbotax 2010 free S. Turbotax 2010 free income tax withholding, you must file by the 15th day of the 6th month after your tax year ends. Turbotax 2010 free For the 2013 calendar year, file your return by June 16, 2014 (because June 15 is a Sunday. Turbotax 2010 free ) Extensions of time to file. Turbotax 2010 free   If you cannot file your return by the due date, file Form 4868 or use one of the electronic filing options explained in the Form 4868 instructions. Turbotax 2010 free For the 2013 calendar year, this will extend the due date to October 15, 2014 (December 15, 2014, if the regular due date of your return is June 16, 2014). Turbotax 2010 free You must file the extension by the regular due date of your return. Turbotax 2010 free   In addition to the 6-month extension to October 15, taxpayers whose main place of business is outside the United States and Puerto Rico and who live outside those jurisdictions can request a discretionary 2-month extension of time to file their returns (to December 15 for calendar year taxpayers). Turbotax 2010 free To request this extension, you must send the IRS a letter explaining the reasons why you need the additional 2 months. Turbotax 2010 free Send the letter by the extended due date (October 15 for calendar year taxpayers) to the following address: Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215   You will not receive any notification from the IRS unless your request is denied for being untimely. Turbotax 2010 free When to file for deductions and credits. Turbotax 2010 free   To get the benefit of any allowable deductions or credits, you must timely file a true and accurate return. Turbotax 2010 free For this purpose, a return is timely if it is filed within 16 months of the due date just discussed. Turbotax 2010 free However, if you did not file a 2012 tax return and 2013 is not the first year for which you are required to file one, your 2013 return is timely for this purpose if it is filed by the earlier of: The date that is 16 months after the due date for filing your 2013 return, or The date the IRS notifies you that your 2013 return has not been filed and that you cannot claim certain deductions and credits. Turbotax 2010 free The allowance of the following credits is not affected by this time requirement. Turbotax 2010 free Credit for withheld taxes. Turbotax 2010 free Credit for excise tax on certain uses of gasoline and special fuels. Turbotax 2010 free Credit for tax paid by a mutual fund (or other regulated investment company) or a real estate investment trust on undistributed long-term capital gains. Turbotax 2010 free Protective return. Turbotax 2010 free   If your activities in the United States were limited and you do not believe that you had any gross income effectively connected with a U. Turbotax 2010 free S. Turbotax 2010 free trade or business during the year, you can file a protective return (Form 1040NR) by the deadline explained above. Turbotax 2010 free By filing a protective return, you protect your right to receive the benefit of deductions and credits in the event it is later determined that some or all of your income is effectively connected. Turbotax 2010 free You are not required to report any effectively connected income or any deductions on the protective return, but you must give the reason the return is being filed. Turbotax 2010 free   If you believe some of your activities resulted in effectively connected income, file your return reporting that income and related deductions by the regular due date. Turbotax 2010 free To protect your right to claim deductions or credits resulting from other activities, attach a statement to that return explaining that you wish to protect your right to claim deductions and credits if it is later determined that the other activities produced effectively connected income. Turbotax 2010 free   You can follow the same procedure if you believe you have no U. Turbotax 2010 free S. Turbotax 2010 free tax liability because of a U. Turbotax 2010 free S. Turbotax 2010 free tax treaty. Turbotax 2010 free Be sure to also complete item L on page 5 of Form 1040NR. Turbotax 2010 free Waiver of filing deadline. Turbotax 2010 free   The IRS may waive the filing deadline if you establish that, based on the facts and circumstances, you acted reasonably and in good faith in failing to file a U. Turbotax 2010 free S. Turbotax 2010 free income tax return (including a protective return) and you cooperate with the IRS in determining your U. Turbotax 2010 free S. Turbotax 2010 free income tax liability for the tax year for which you did not file a return. Turbotax 2010 free Where To File If you are not enclosing a payment, file Form 1040NR-EZ and Form 1040NR at the following address. Turbotax 2010 free  Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215 If enclosing a payment, mail your return to:  Internal Revenue Service  P. Turbotax 2010 free O. Turbotax 2010 free Box 1303 Charlotte, NC 28201-1303 Aliens from the U. Turbotax 2010 free S. Turbotax 2010 free Virgin Islands. Turbotax 2010 free    If you are a bona fide resident of the U. Turbotax 2010 free S. Turbotax 2010 free Virgin Islands during your entire tax year and work temporarily in the United States, you must pay your income taxes to the U. Turbotax 2010 free S. Turbotax 2010 free Virgin Islands and file your income tax returns at the following address. Turbotax 2010 free Virgin Islands Bureau of Internal Revenue 6115 Estate Smith Bay Suite 225 St. Turbotax 2010 free Thomas, VI 00802   Report all income from U. Turbotax 2010 free S. Turbotax 2010 free sources, as well as income from other sources, on your return. Turbotax 2010 free For information on filing U. Turbotax 2010 free S. Turbotax 2010 free Virgin Islands returns, contact the U. Turbotax 2010 free S. Turbotax 2010 free Virgin Islands Bureau of Internal Revenue. Turbotax 2010 free   Chapter 8 discusses withholding from U. Turbotax 2010 free S. Turbotax 2010 free wages of U. Turbotax 2010 free S. Turbotax 2010 free Virgin Islanders. Turbotax 2010 free Aliens from Guam or the Commonwealth of the Northern Mariana Islands. Turbotax 2010 free   If you are a bona fide resident of Guam or the Commonwealth of the Northern Mariana Islands (CNMI) during your entire tax year, you must file your return with, and pay any tax due to, Guam or the CNMI. Turbotax 2010 free Report all income, including income from U. Turbotax 2010 free S. Turbotax 2010 free sources, on your return. Turbotax 2010 free It is not necessary to file a separate U. Turbotax 2010 free S. Turbotax 2010 free income tax return. Turbotax 2010 free    Bona fide residents of Guam should file their Guam returns at the following address. Turbotax 2010 free   Department of Revenue and Taxation Government of Guam P. Turbotax 2010 free O. Turbotax 2010 free Box 23607 GMF, GU 96921    Bona fide residents of the CNMI should file their CNMI income tax returns at the following address. Turbotax 2010 free   Department of Finance Division of Revenue and Taxation Commonwealth of the Northern Mariana Islands P. Turbotax 2010 free O. Turbotax 2010 free Box 5234 CHRB Saipan, MP 96950   If you are not a bona fide resident of Guam or the CNMI, see Pub. Turbotax 2010 free 570, Tax Guide for Individuals With Income From U. Turbotax 2010 free S. Turbotax 2010 free Possessions, for information on where to file your return. Turbotax 2010 free Amended Returns and Claims for Refund If you find changes in your income, deductions, or credits after you mail your return, file Form 1040X, Amended U. Turbotax 2010 free S. Turbotax 2010 free Individual Income Tax Return. Turbotax 2010 free Also use Form 1040X if you should have filed Form 1040, 1040A, or 1040EZ instead of Form 1040NR or 1040NR-EZ, or vice versa. Turbotax 2010 free If you amend Form 1040NR or Form 1040NR-EZ or file the correct return, attach the corrected return (Form 1040, Form 1040NR, etc. Turbotax 2010 free ) to Form 1040X. Turbotax 2010 free Print “Amended” across the top. Turbotax 2010 free Ordinarily, an amended return claiming a refund must be filed within 3 years from the date your return was filed or within 2 years from the time the tax was paid, whichever is later. Turbotax 2010 free A return filed before the final due date is considered to have been filed on the due date. Turbotax 2010 free Other Forms You May Have To File You may be required to file information returns to report certain foreign income or assets, or monetary transactions. Turbotax 2010 free FinCen Form 105 FinCEN Form 105 (formerly Customs Form 4790), Report of International Transportation of Currency or Monetary Instruments, must be filed by each person who physically transports, mails, or ships, or causes to be physically transported, mailed, or shipped, currency or other monetary instruments in a total amount of more than $10,000 at one time from the United States to any place outside the United States, or into the United States from any place outside the United States. Turbotax 2010 free The filing requirement also applies to each person who receives in the United States currency or monetary instruments totaling more than $10,000 at one time from any place outside of the United States. Turbotax 2010 free The term “monetary instruments” means the following: Coin and currency of the United States or of any other country, Travelers' checks in any form, Investment securities or stock in bearer form or otherwise in such form that title to them passes upon delivery, Negotiable instruments (including checks, promissory notes, and money orders) in bearer form, endorsed without restriction, made out to a fictitious payee, or otherwise in such form that title to them passes upon delivery, and Checks, promissory notes, and money orders which are signed but on which the name of the payee has been omitted. Turbotax 2010 free However, the term does not include: Checks or money orders made payable to the order of a named person which have not been endorsed or which contain restrictive endorsements, Warehouse receipts, or Bills of lading. Turbotax 2010 free A transfer of funds through normal banking procedures (wire transfer) that does not involve the physical transportation of currency or monetary instruments is not required to be reported on FinCEN Form 105. Turbotax 2010 free Filing requirements. Turbotax 2010 free   FinCEN Form 105 filing requirements follow. Turbotax 2010 free Recipients. Turbotax 2010 free   Each person who receives currency or other monetary instruments in the United States must file FinCEN Form 105 within 15 days after receipt, with the Customs officer in charge at any port of entry or departure, or by mail at the following address. Turbotax 2010 free Commissioner of Customs  Attention: Currency Transportation Reports Washington, DC 20229 Shippers or mailers. Turbotax 2010 free   If the currency or other monetary instrument does not accompany the person entering or departing the United States, FinCEN Form 105 can be filed by mail at the above address on or before the date of entry, departure, mailing, or shipping. Turbotax 2010 free Travelers. Turbotax 2010 free   Travelers must file FinCEN Form 105 with the Customs officer in charge at any Customs port of entry or departure, when entering or departing the United States. Turbotax 2010 free Penalties. Turbotax 2010 free   Civil and criminal penalties are provided for failing to file a report, filing a report containing material omissions or misstatements, or filing a false or fraudulent report. Turbotax 2010 free Also, the entire amount of the currency or monetary instrument may be subject to seizure and forfeiture. Turbotax 2010 free More information. Turbotax 2010 free   More information regarding the filing of FinCEN Form 105 can be found in the instructions on the back of the form. Turbotax 2010 free Form 8938 You may have to file Form 8938, Statement of Specified Foreign Financial Assets, to report the ownership of specified foreign financial asset(s) if you are one of the following individuals. Turbotax 2010 free A resident alien of the United States for any part of the tax year. Turbotax 2010 free A resident alien of the United States who elects to be treated as a resident of a foreign country under the provisions of a U. Turbotax 2010 free S. Turbotax 2010 free income tax treaty. Turbotax 2010 free See Effect of Tax Treaties in chapter 1. Turbotax 2010 free A nonresident alien who makes an election to be treated as a resident alien for purposes of filing a joint income tax return. Turbotax 2010 free See chapter 1 for information about this election. Turbotax 2010 free A nonresident alien who is a bona fide resident of American Samoa or Puerto Rico. Turbotax 2010 free See Publication 570, Tax Guide for Individuals With Income From U. Turbotax 2010 free S. Turbotax 2010 free Possessions, for a definition of bona fide resident. Turbotax 2010 free You must file Form 8938 if the total value of those assets exceeds an applicable threshold (the “reporting threshold”). Turbotax 2010 free The reporting threshold varies depending on whether you live in the United States, are married, or file a joint income tax return with your spouse. Turbotax 2010 free Specified foreign financial assets include any financial account maintained by a foreign financial institution and, to the extent held for investment, any stock, securities, or any other interest in a foreign entity and any financial instrument or contract with an issuer or counterparty that is not a U. Turbotax 2010 free S. Turbotax 2010 free person. Turbotax 2010 free You may have to pay penalties if you are required to file Form 8938 and fail to do so, or if you have an understatement of tax due to any transaction involving an undisclosed foreign financial asset. Turbotax 2010 free More information about the filing of Form 8938 can be found in the separate instructions for Form 8938. Turbotax 2010 free Penalties The law provides penalties for failure to file returns or pay taxes as required. Turbotax 2010 free Civil Penalties If you do not file your return and pay your tax by the due date, you may have to pay a penalty. Turbotax 2010 free You may also have to pay a penalty if you substantially understate your tax, file a frivolous tax submission, or fail to supply your taxpayer identification number. Turbotax 2010 free If you provide fraudulent information on your return, you may have to pay a civil fraud penalty. Turbotax 2010 free Filing late. Turbotax 2010 free   If you do not file your return by the due date (including extensions), you may have to pay a failure-to-file penalty. Turbotax 2010 free The penalty is based on the tax not paid by the due date (without regard to extensions). Turbotax 2010 free The penalty is usually 5% for each month or part of a month that a return is late, but not more than 25%. Turbotax 2010 free Fraud. Turbotax 2010 free   If your failure to file is due to fraud, the penalty is 15% for each month or part of a month that your return is late, up to a maximum of 75%. Turbotax 2010 free Return over 60 days late. Turbotax 2010 free   If you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100% of the unpaid tax. Turbotax 2010 free Exception. Turbotax 2010 free   You will not have to pay the penalty if you show that you failed to file on time because of reasonable cause and not because of willful neglect. Turbotax 2010 free Paying tax late. Turbotax 2010 free   You will have to pay a failure-to-pay penalty of ½ of 1% (. Turbotax 2010 free 50%) of your unpaid taxes for each month, or part of a month, after the due date that the tax is not paid. Turbotax 2010 free This penalty does not apply during the automatic 6-month extension of time to file period, if you paid at least 90% of your actual tax liability on or before the due date of your return and pay the balance when you file the return. Turbotax 2010 free   The monthly rate of the failure-to-pay penalty is half the usual rate (. Turbotax 2010 free 25% instead of . Turbotax 2010 free 50%) if an installment agreement is in effect for that month. Turbotax 2010 free You must have filed your return by the due date (including extensions) to qualify for this reduced penalty. Turbotax 2010 free   If a notice of intent to levy is issued, the rate will increase to 1% at the start of the first month beginning at least 10 days after the day that the notice is issued. Turbotax 2010 free If a notice and demand for immediate payment is issued, the rate will increase to 1% at the start of the first month beginning after the day that the notice and demand is issued. Turbotax 2010 free   This penalty cannot be more than 25% of your unpaid tax. Turbotax 2010 free You will not have to pay the penalty if you can show that you had a good reason for not paying your tax on time. Turbotax 2010 free Combined penalties. Turbotax 2010 free   If both the failure-to-file penalty and the failure-to-pay penalty (discussed earlier) apply in any month, the 5% (or 15%) failure-to-file penalty is reduced by the failure-to-pay penalty. Turbotax 2010 free However, if you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100% of the unpaid tax. Turbotax 2010 free Accuracy-related penalty. Turbotax 2010 free   You may have to pay an accuracy-related penalty if you underpay your tax because: You show negligence or disregard of rules or regulations, You substantially understate your income tax, You claim tax benefits for a transaction that lacks economic substance, or You fail to disclose a foreign financial asset. Turbotax 2010 free The penalty is equal to 20% of the underpayment. Turbotax 2010 free The penalty is 40% of any portion of the underpayment that is attributable to an undisclosed noneconomic substance transaction or an undisclosed foreign financial asset transaction. Turbotax 2010 free The penalty will not be figured on any part of an underpayment on which the fraud penalty (discussed later) is charged. Turbotax 2010 free Negligence or disregard. Turbotax 2010 free   The term “negligence” includes a failure to make a reasonable attempt to comply with the tax law or to exercise ordinary and reasonable care in preparing a return. Turbotax 2010 free Negligence also includes failure to keep adequate books and records. Turbotax 2010 free You will not have to pay a negligence penalty if you have a reasonable basis for a position you took. Turbotax 2010 free   The term “disregard” includes any careless, reckless, or intentional disregard. Turbotax 2010 free Adequate disclosure. Turbotax 2010 free   You can avoid the penalty for disregard of rules or regulations if you adequately disclose on your return a position that has at least a reasonable basis. Turbotax 2010 free See Disclosure statement , later. Turbotax 2010 free   This exception will not apply to an item that is attributable to a tax shelter. Turbotax 2010 free In addition, it will not apply if you fail to keep adequate books and records, or substantiate items properly. Turbotax 2010 free Substantial understatement of income tax. Turbotax 2010 free   You understate your tax if the tax shown on your return is less than the correct tax. Turbotax 2010 free The understatement is substantial if it is more than the larger of 10% of the correct tax or $5,000. Turbotax 2010 free However, the amount of the understatement is reduced to the extent the understatement is due to: Substantial authority, or Adequate disclosure and a reasonable basis. Turbotax 2010 free   If an item on your return is attributable to a tax shelter, there is no reduction for an adequate disclosure. Turbotax 2010 free However, there is a reduction for a position with substantial authority, but only if you reasonably believed that your tax treatment was more likely than not the proper treatment. Turbotax 2010 free Substantial authority. Turbotax 2010 free   Whether there is or was substantial authority for the tax treatment of an item depends on the facts and circumstances. Turbotax 2010 free Consideration will be given to court opinions, Treasury regulations, revenue rulings, revenue procedures, and notices and announcements issued by the IRS and published in the Internal Revenue Bulletin that involve the same or similar circumstances as yours. Turbotax 2010 free Disclosure statement. Turbotax 2010 free   To adequately disclose the relevant facts about your tax treatment of an item, use Form 8275, Disclosure Statement. Turbotax 2010 free You must also have a reasonable basis for treating the item the way you did. Turbotax 2010 free   In cases of substantial understatement only, items that meet the requirements of Revenue Procedure 2012-51, 2012-51 IRB 719 (or later update) are considered adequately disclosed on your return without filing Form 8275. Turbotax 2010 free   Use Form 8275-R, Regulation Disclosure Statement, to disclose items or positions contrary to regulations. Turbotax 2010 free Transaction lacking economic substance. Turbotax 2010 free   For more information on economic substance, see section 7701(o). Turbotax 2010 free Foreign financial asset. Turbotax 2010 free   For more information on undisclosed foreign financial assets, see section 6662(j) or the Instructions for Form 8938. Turbotax 2010 free Reasonable cause. Turbotax 2010 free   You will not have to pay a penalty if you show a good reason (reasonable cause) for the way you treated an item. Turbotax 2010 free You must also show that you acted in good faith. Turbotax 2010 free This does not apply to a transaction that lacks economic substance. Turbotax 2010 free Filing erroneous claim for refund or credit. Turbotax 2010 free   You may have to pay a penalty if you file an erroneous claim for refund or credit. Turbotax 2010 free The penalty is equal to 20% of the disallowed amount of the claim, unless you can show a reasonable basis for the way you treated an item. Turbotax 2010 free However, any disallowed amount due to a transaction that lacks economic substance will not be treated as having a reasonable basis. Turbotax 2010 free The penalty will not be figured on any part of the disallowed amount of the claim that relates to the earned income credit or on which the accuracy-related or fraud penalties are charged. Turbotax 2010 free Frivolous tax submission. Turbotax 2010 free   You may have to pay a penalty of $5,000 if you file a frivolous tax return or other frivolous submissions. Turbotax 2010 free A frivolous tax return is one that does not include enough information to figure the correct tax or that contains information clearly showing that the tax you reported is substantially incorrect. Turbotax 2010 free For more information on frivolous returns, frivolous submissions, and a list of positions that are identified as frivolous, see Notice 2010-33, 2010-17 IRB 609 available at www. Turbotax 2010 free irs. Turbotax 2010 free gov/irb/2010-17_irb/ar13. Turbotax 2010 free html. Turbotax 2010 free   You will have to pay the penalty if you filed this kind of return or submission based on a frivolous position or a desire to delay or interfere with the administration of federal tax laws. Turbotax 2010 free This includes altering or striking out the preprinted language above the space provided for your signature. Turbotax 2010 free   This penalty is added to any other penalty provided by law. Turbotax 2010 free Fraud. Turbotax 2010 free   If there is any underpayment of tax on your return due to fraud, a penalty of 75% of the underpayment due to fraud will be added to your tax. Turbotax 2010 free Failure to supply taxpayer identification number. Turbotax 2010 free   If you do not include your social security number (SSN) or individual taxpayer identification number (ITIN) or the SSN or ITIN of another person where required on a return, statement, or other document, you will be subject to a penalty of $50 for each failure. Turbotax 2010 free You will also be subject to a penalty of $50 if you do not give your SSN or ITIN to another person when it is required on a return, statement, or other document. Turbotax 2010 free   For example, if you have a bank account that earns interest, you must give your SSN or ITIN to the bank. Turbotax 2010 free The number must be shown on the Form 1099-INT or other statement the bank sends you. Turbotax 2010 free If you do not give the bank your SSN or ITIN, you will be subject to the $50 penalty. Turbotax 2010 free (You also may be subject to “backup” withholding of income tax. Turbotax 2010 free )   You will not have to pay the penalty if you are able to show that the failure was due to reasonable cause and not willful neglect. Turbotax 2010 free Criminal Penalties You may be subject to criminal prosecution (brought to trial) for actions such as: Tax evasion, Willful failure to file a return, supply information, or pay any tax due, Fraud and false statements, or Preparing and filing a fraudulent return. Turbotax 2010 free Prev  Up  Next   Home   More Online Publications
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Turbotax 2010 free Publication 571 - Introductory Material Table of Contents Future Developments What's New for 2013 What's New for 2014 Reminder IntroductionOrdering forms and publications. Turbotax 2010 free Tax questions. Turbotax 2010 free Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 571 and its instructions, such as legislation enacted after they were published, go to www. Turbotax 2010 free irs. Turbotax 2010 free gov/pub571. Turbotax 2010 free What's New for 2013 Retirement savings contributions credit. Turbotax 2010 free  For 2013, the adjusted gross income limitations have increased from $57,500 to $59,000 for married filing jointly filers, from $43,125 to $44,250 for head of household filers, and from $28,750 to $29,500 for single, married filing separately, or qualifying widow(er) with dependent child filers. Turbotax 2010 free See chapter 10, Retirement Savings Contributions Credit (Saver's Credit), for additional information. Turbotax 2010 free Limit on elective deferrals. Turbotax 2010 free  For 2013, the limit on elective deferrals has increased from $17,000 to $17,500. Turbotax 2010 free Limit on annual additions. Turbotax 2010 free  For 2013, the limit on annual additions has increased from $50,000 to $51,000. Turbotax 2010 free What's New for 2014 Retirement savings contributions credit. Turbotax 2010 free  For 2014, the adjusted gross income limitations have increased from $59,000 to $60,000 for married filing jointly filers, from $44,250 to $45,000 for head of household filers, and from $29,500 to $30,000 for single, married filing separately, or qualifying widow(er) with dependent child filers. Turbotax 2010 free See chapter 10, Retirement Savings Contributions Credit (Saver's Credit), for additional information. Turbotax 2010 free Limit on elective deferrals. Turbotax 2010 free  For 2014, the limit on elective deferrals remains unchanged at $17,500. Turbotax 2010 free Limit on annual additions. Turbotax 2010 free  For 2014, the limit on annual additions has increased from $51,000 to $52,000. Turbotax 2010 free Reminder Photographs of missing children. Turbotax 2010 free  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Turbotax 2010 free Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Turbotax 2010 free You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Turbotax 2010 free Introduction This publication can help you better understand the tax rules that apply to your 403(b) (tax-sheltered annuity) plan. Turbotax 2010 free In this publication, you will find information to help you: Determine the maximum amount that can be contributed to your 403(b) account in 2014. Turbotax 2010 free Determine the maximum amount that could have been contributed to your 403(b) account in 2013. Turbotax 2010 free Identify excess contributions. Turbotax 2010 free Understand the basic rules for claiming the retirement savings contributions credit. Turbotax 2010 free Understand the basic rules for distributions and rollovers from 403(b) accounts. Turbotax 2010 free This publication does not provide specific information on the following topics. Turbotax 2010 free Distributions from 403(b) accounts. Turbotax 2010 free This is covered in Publication 575, Pension and Annuity Income. Turbotax 2010 free Rollovers. Turbotax 2010 free This is covered in Publication 590, Individual Retirement Arrangements (IRAs). Turbotax 2010 free How to use this publication. Turbotax 2010 free   This publication is organized into chapters to help you find information easily. Turbotax 2010 free    Chapter 1 answers questions frequently asked by 403(b) plan participants. Turbotax 2010 free    Chapters 2 through 6 explain the rules and terms you need to know to figure the maximum amount that could have been contributed to your 403(b) account for 2013 and the maximum amount that can be contributed to your 403(b) account in 2014. Turbotax 2010 free    Chapter 7 provides general information on the prevention and correction of excess contributions to your 403(b) account. Turbotax 2010 free    Chapter 8 provides general information on distributions, transfers, and rollovers. Turbotax 2010 free    Chapter 9 provides blank worksheets that you will need to accurately and actively participate in your 403(b) plan. Turbotax 2010 free Filled-in samples of most of these worksheets can be found throughout this publication. Turbotax 2010 free    Chapter 10 explains the rules for claiming the retirement savings contributions credit (saver's credit). Turbotax 2010 free Comments and suggestions. Turbotax 2010 free   We welcome your comments about this publication and your suggestions for future editions. Turbotax 2010 free   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Turbotax 2010 free NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Turbotax 2010 free Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Turbotax 2010 free   You can send your comments from www. Turbotax 2010 free irs. Turbotax 2010 free gov/formspubs/. Turbotax 2010 free Click on “More Information” and then on “Comment on Tax Forms and Publications. Turbotax 2010 free ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Turbotax 2010 free Ordering forms and publications. Turbotax 2010 free   Visit www. Turbotax 2010 free irs. Turbotax 2010 free gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Turbotax 2010 free  Internal Revenue Service 1201 N. Turbotax 2010 free Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Turbotax 2010 free   If you have a tax question, check the information available on IRS. Turbotax 2010 free gov or call 1-800-829-1040. Turbotax 2010 free We cannot answer tax questions sent to either of the above addresses. Turbotax 2010 free Useful Items - You may want to see: Publication 517 Social Security and Other Information for Members of the Clergy and Religious Workers 575 Pension and Annuity Income 590 Individual Retirement Arrangements (IRAs) Form (and Instructions) W-2 Wage and Tax Statement 1099-R Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Turbotax 2010 free 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts 5330 Return of Excise Taxes Related to Employee Benefit Plans Prev  Up  Next   Home   More Online Publications