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Turbotax For 2011 Tax Year

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Turbotax For 2011 Tax Year

Turbotax for 2011 tax year Index Symbols 403(b) plans Defined, Tax-sheltered annuity plan. Turbotax for 2011 tax year Loans from, without tax consequences, Exception for qualified plan, 403(b) plan, and government plan loans. Turbotax for 2011 tax year Simplified Method to be used, Who must use the Simplified Method. Turbotax for 2011 tax year 5% owners, 5% owners. Turbotax for 2011 tax year A Age 70, Age 70½. Turbotax for 2011 tax year Alimony (see Qualified domestic relations orders (QDROs)) Annuities 5% rate on early distributions, 5% rate on certain early distributions from deferred annuity contracts. Turbotax for 2011 tax year Defined, Annuity. Turbotax for 2011 tax year Fixed-period, Fixed-period annuities. Turbotax for 2011 tax year , Fixed-period annuity. Turbotax for 2011 tax year Guaranteed payments, Guaranteed payments. Turbotax for 2011 tax year Joint and survivor annuities, Joint and survivor annuities. Turbotax for 2011 tax year Minimum distributions from, Minimum distributions from an annuity plan. Turbotax for 2011 tax year Payments under, Annuity payments. Turbotax for 2011 tax year Qualified plan annuity starting before November 19, 1996, Qualified plan annuity starting before November 19, 1996. Turbotax for 2011 tax year Rollovers, Annuity contracts. Turbotax for 2011 tax year (see also Rollovers) Single-life, Annuities for a single life. Turbotax for 2011 tax year , Single-life annuity. Turbotax for 2011 tax year Starting date of, Annuity starting date defined. Turbotax for 2011 tax year , Who must use the Simplified Method. Turbotax for 2011 tax year , Annuity starting before November 19, 1996. Turbotax for 2011 tax year , Annuity starting date. Turbotax for 2011 tax year Before November 19, 1996, Annuity starting before November 19, 1996. Turbotax for 2011 tax year Distribution on or after, Distribution On or After Annuity Starting Date Transfers of contracts, Transfers of Annuity Contracts Types of, Types of pensions and annuities. Turbotax for 2011 tax year Variable annuities, Variable annuities. Turbotax for 2011 tax year , Variable Annuities, Death benefits. Turbotax for 2011 tax year Assistance (see Tax help) B Beneficiaries, Survivors and Beneficiaries C Capital gains Lump-sum distributions, Capital Gain Treatment Cash withdrawals (see Nonperiodic payments) Child support (see Qualified domestic relations orders (QDROs)) Corrective distributions of excess plan contributions, Corrective distributions of excess plan contributions. Turbotax for 2011 tax year Costs Investment in the contract, Cost (Investment in the Contract) Lump-sum distribution, determination for, Cost. Turbotax for 2011 tax year D Death benefits, Death benefits. Turbotax for 2011 tax year Death of employee, Distributions after the employee's death. Turbotax for 2011 tax year , Survivors of employees. Turbotax for 2011 tax year Death of retiree, Survivors of retirees. Turbotax for 2011 tax year Deductible voluntary employee contributions, Deductible voluntary employee contributions. Turbotax for 2011 tax year Defined contribution plans, Defined contribution plan. Turbotax for 2011 tax year Designated Roth accounts Costs, Designated Roth accounts. Turbotax for 2011 tax year Defined, Designated Roth account. Turbotax for 2011 tax year Qualified distributions, Designated Roth accounts. Turbotax for 2011 tax year Rollovers, Designated Roth accounts. Turbotax for 2011 tax year Disability pensions, Disability pensions. Turbotax for 2011 tax year , Disability Pensions Distributions, Examples (see also Rollovers) Beginning date for, Required beginning date. Turbotax for 2011 tax year Early distributions and penalty tax, Payment to you option. Turbotax for 2011 tax year , Tax on Early Distributions Employer securities, Distributions of employer securities. Turbotax for 2011 tax year Loans treated as, Loans Treated as Distributions Lump-sum, Distributions of employer securities. Turbotax for 2011 tax year , Lump-Sum Distributions, Examples Minimum required, Recapture tax for changes in distribution method under equal payment exception. Turbotax for 2011 tax year Nonperiodic, taxation of, Taxation of Nonperiodic Payments Periodic, taxation of, Taxation of Periodic Payments Public safety employees, Qualified public safety employees. Turbotax for 2011 tax year Qualified reservist, Qualified reservist distributions. Turbotax for 2011 tax year U. Turbotax for 2011 tax year S. Turbotax for 2011 tax year savings bonds, Distribution of U. Turbotax for 2011 tax year S. Turbotax for 2011 tax year savings bonds. Turbotax for 2011 tax year Dividends, Taxation of Nonperiodic Payments E Early withdrawal from deferred interest account Penalty tax on, Payment to you option. Turbotax for 2011 tax year , Tax on Early Distributions Employer securities, distributions of, Distributions of employer securities. Turbotax for 2011 tax year Estate tax, Reduction for federal estate tax. Turbotax for 2011 tax year Deduction, Estate tax deduction. Turbotax for 2011 tax year Estimated tax, Estimated tax. Turbotax for 2011 tax year Excess accumulation, tax on, Recapture tax for changes in distribution method under equal payment exception. Turbotax for 2011 tax year Excess plan contributions, corrective distributions of, Corrective distributions of excess plan contributions. Turbotax for 2011 tax year F Figuring taxable amount, Figuring the Taxable Amount, Distribution of U. Turbotax for 2011 tax year S. Turbotax for 2011 tax year savings bonds. Turbotax for 2011 tax year Fixed-period annuities, Fixed-period annuities. Turbotax for 2011 tax year , Fixed-period annuity. Turbotax for 2011 tax year Foreign employment contributions, Foreign employment contributions. Turbotax for 2011 tax year Form 4972, Lump-Sum Distributions W-4P, Choosing no withholding. Turbotax for 2011 tax year Form 1040/1040A Rollovers, How to report. Turbotax for 2011 tax year Form 1040X Changing your mind on lump-sum treatment, Changing your mind. Turbotax for 2011 tax year Form 1099-INT U. Turbotax for 2011 tax year S. Turbotax for 2011 tax year savings bonds distributions, Distribution of U. Turbotax for 2011 tax year S. Turbotax for 2011 tax year savings bonds. Turbotax for 2011 tax year Form 1099-R 10-year tax option for lump-sum distribution, 10-Year Tax Option Corrected form, Introduction Corrective distributions of excess plan contributions, Corrective distributions of excess plan contributions. Turbotax for 2011 tax year Exceptions to tax, Exceptions to tax. Turbotax for 2011 tax year Investment in the contract, Cost (Investment in the Contract) Loan treated as distribution from plan, Reporting by plan. Turbotax for 2011 tax year Rollovers, How to report. Turbotax for 2011 tax year Tax-free exchanges, Tax-free exchange reported on Form 1099-R. Turbotax for 2011 tax year Form 4972 10-year tax option for lump-sum distribution, 10-Year Tax Option Lump-sum distributions, Lump-Sum Distributions, Electing optional lump-sum treatment. Turbotax for 2011 tax year Form 5329 Recapture tax, Recapture tax for changes in distribution method under equal payment exception. Turbotax for 2011 tax year Special additional taxes (penalty taxes), Special Additional Taxes, Exceptions to tax. Turbotax for 2011 tax year Form RRB-1099-R, Form RRB-1099-R. Turbotax for 2011 tax year Form W-4P Withholding from retirement plan payments, Choosing no withholding. Turbotax for 2011 tax year , Nonperiodic distributions. Turbotax for 2011 tax year Form W-4V Voluntary withholding request for social security or railroad retirement benefits, Withholding Tax and Estimated Tax Free tax services, Free help with your tax return. Turbotax for 2011 tax year Frozen deposits, Frozen deposits. Turbotax for 2011 tax year Fully taxable payments, Fully Taxable Payments G General Rule, Partly Taxable Payments, General Rule Death of retiree under, Survivors of retirees. Turbotax for 2011 tax year Investment in the contract, determination of, Cost (Investment in the Contract) Guaranteed payments, Guaranteed payments. Turbotax for 2011 tax year H Help (see Tax help) Home purchase Loans from qualified plans for, Exception for qualified plan, 403(b) plan, and government plan loans. Turbotax for 2011 tax year I In-plan Roth rollovers, In-plan Roth rollovers. Turbotax for 2011 tax year Individual retirement accounts Minimum distributions from, Minimum distributions from an individual account plan. Turbotax for 2011 tax year Rollovers, Rollovers (see also Rollovers) Interest deduction Denial on loan from plan, Denial of interest deduction. Turbotax for 2011 tax year J Joint and survivor annuities, Joint and survivor annuities. Turbotax for 2011 tax year L Loans treated as distributions, Loans Treated as Distributions Local government employees Section 457 plans, Section 457 Deferred Compensation Plans Losses Lump-sum distribution, Losses. Turbotax for 2011 tax year Lump-sum distributions, Distributions of employer securities. Turbotax for 2011 tax year , Lump-Sum Distributions, Examples 10-year tax option, 10-Year Tax Option Capital gain treatment, Capital Gain Treatment Defined, Lump-Sum Distributions Election of, Changing your mind. Turbotax for 2011 tax year Form 4972, Lump-Sum Distributions M Minimum required distributions, Recapture tax for changes in distribution method under equal payment exception. Turbotax for 2011 tax year Missing children, photographs of, Reminders Multiple annuitants, Multiple annuitants. Turbotax for 2011 tax year Multiple-lives annuities, Multiple-lives annuity. Turbotax for 2011 tax year N Net Investment Income Tax, Net investment income tax. Turbotax for 2011 tax year , Distribution Before Annuity Starting Date From a Nonqualified Plan Net unrealized appreciation (NUA), Net unrealized appreciation (NUA). Turbotax for 2011 tax year Deferring tax on, Distributions of employer securities. Turbotax for 2011 tax year Nonperiodic payments Loan treated as, Loans Treated as Distributions Taxation of, Taxation of Nonperiodic Payments Nonqualified plans Distribution before annuity start date, Distribution Before Annuity Starting Date From a Nonqualified Plan General Rule to be used, Who must use the General Rule. Turbotax for 2011 tax year Loans treated as distributions from, Effect on investment in the contract. Turbotax for 2011 tax year Nonresident aliens Railroad retirement, Nonresident aliens. Turbotax for 2011 tax year P Partial rollovers, Partial rollovers. Turbotax for 2011 tax year Partly taxable payments, Partly Taxable Payments Penalty taxes Early distributions, Tax on Early Distributions Excess accumulation, Tax on Excess Accumulation Pensions Defined, Pension. Turbotax for 2011 tax year Disability pensions, Disability pensions. Turbotax for 2011 tax year , Disability Pensions Types of, Types of pensions and annuities. Turbotax for 2011 tax year Periodic payments Taxation of, Taxation of Periodic Payments Withholding tax, Periodic payments. Turbotax for 2011 tax year Public safety officers insurance premiums, Insurance Premiums for Retired Public Safety Officers Public school employees Tax-sheltered annuity plans for (see 403(b) plans) Publications (see Tax help) Q Qualified domestic relations orders (QDROs), Qualified domestic relations order (QDRO). Turbotax for 2011 tax year , Qualified domestic relations order (QDRO). Turbotax for 2011 tax year Alternate payee under and lump-sum distribution, Alternate payee under qualified domestic relations order. Turbotax for 2011 tax year Qualified employee annuities Defined, Qualified employee annuity. Turbotax for 2011 tax year Simplified Method to be used, Who must use the Simplified Method. Turbotax for 2011 tax year Qualified employee plans Defined, Qualified employee plan. Turbotax for 2011 tax year Simplified Method to be used, Who must use the Simplified Method. Turbotax for 2011 tax year Qualified plans, Who must use the General Rule. Turbotax for 2011 tax year (see also specific type of plan ) Distribution before annuity starting date, Distribution Before Annuity Starting Date From a Qualified Plan General Rule, Who must use the General Rule. Turbotax for 2011 tax year Loans from, without tax consequences, Exception for qualified plan, 403(b) plan, and government plan loans. Turbotax for 2011 tax year Rollovers, Qualified retirement plan. Turbotax for 2011 tax year Qualified settlement income Exxon Valdez litigation settlement, Qualified settlement income. Turbotax for 2011 tax year R Railroad retirement benefits, Railroad Retirement Benefits, Repayment of benefits received in an earlier year. Turbotax for 2011 tax year Taxability of, Withholding Tax and Estimated Tax Recapture tax Changes in distribution method, Recapture tax for changes in distribution method under equal payment exception. Turbotax for 2011 tax year Reemployment, Reemployment. Turbotax for 2011 tax year Related employers and related plans, Related employers and related plans. Turbotax for 2011 tax year Repayment of loan within 5 years, Exception for qualified plan, 403(b) plan, and government plan loans. Turbotax for 2011 tax year Required beginning date, Required beginning date. Turbotax for 2011 tax year Required distributions, minimum, Recapture tax for changes in distribution method under equal payment exception. Turbotax for 2011 tax year Retirement bonds, Retirement bonds. Turbotax for 2011 tax year Rollovers, Rollovers, Choosing the right option. Turbotax for 2011 tax year 20% tax rate on distribution, Eligible rollover distribution. Turbotax for 2011 tax year Comparison of direct payment vs. Turbotax for 2011 tax year direct rollover (Table 1), Choosing the right option. Turbotax for 2011 tax year Direct rollover to another qualified plan, Eligible rollover distribution. Turbotax for 2011 tax year , Direct rollover option. Turbotax for 2011 tax year In-plan Roth, In-plan Roth rollovers. Turbotax for 2011 tax year Nonspouse beneficiary, Rollovers by nonspouse beneficiary. Turbotax for 2011 tax year Nontaxable amounts, Rollover of nontaxable amounts. Turbotax for 2011 tax year Notice to recipients of eligible rollover distribution, Written explanation to recipients. Turbotax for 2011 tax year Property and cash distributed, Property and cash distributed. Turbotax for 2011 tax year Roth IRAs, Rollovers to Roth IRAs. Turbotax for 2011 tax year Substitution of other property, Rollovers of property. Turbotax for 2011 tax year Surviving spouse making, Rollover by surviving spouse. Turbotax for 2011 tax year S Section 457 deferred compensation plans, Section 457 Deferred Compensation Plans Securities of employer, distributions of, Distributions of employer securities. Turbotax for 2011 tax year Self-employed persons' rollovers, Rollovers Simplified Method, Partly Taxable Payments, Simplified Method Death of retiree under, Survivors of retirees. Turbotax for 2011 tax year How to use, How to use the Simplified Method. Turbotax for 2011 tax year Investment in the contract, determination of, Cost (Investment in the Contract) Not allowed, Who cannot use the Simplified Method. Turbotax for 2011 tax year Single-sum in connection with start of payments, Single-sum in connection with the start of annuity payments. Turbotax for 2011 tax year Single-life annuities, Annuities for a single life. Turbotax for 2011 tax year , Single-life annuity. Turbotax for 2011 tax year Social security, tax on, Withholding Tax and Estimated Tax State employees Section 457 plans, Section 457 Deferred Compensation Plans State insurer delinquency proceedings, State insurer delinquency proceedings. Turbotax for 2011 tax year Surviving spouse Distribution rules for, Distributions after the employee's death. Turbotax for 2011 tax year Rollovers by, Rollover by surviving spouse. Turbotax for 2011 tax year T Tables Comparison of direct payment vs. Turbotax for 2011 tax year direct rollover (Table 1), Choosing the right option. Turbotax for 2011 tax year Tax help, How To Get Tax Help Tax-free exchanges, Tax-free exchange. Turbotax for 2011 tax year Ten percent tax for early withdrawal, Payment to you option. Turbotax for 2011 tax year , Tax on Early Distributions Ten-year tax option, 10-Year Tax Option Time for making rollover, Time for making rollover. Turbotax for 2011 tax year Transfers of annuity contracts, Transfers of Annuity Contracts TTY/TDD information, How To Get Tax Help U U. Turbotax for 2011 tax year S. Turbotax for 2011 tax year savings bonds Distribution of, Distribution of U. Turbotax for 2011 tax year S. Turbotax for 2011 tax year savings bonds. Turbotax for 2011 tax year V Variable annuities, Variable annuities. Turbotax for 2011 tax year , Variable Annuities Voluntary employee contributions, Deductible voluntary employee contributions. Turbotax for 2011 tax year W Withdrawals, Withdrawals. Turbotax for 2011 tax year Employees withdrawing contributions, Plans that permitted withdrawal of employee contributions. Turbotax for 2011 tax year Withholding, Withholding Tax and Estimated Tax 10% rate used, Nonperiodic distributions. Turbotax for 2011 tax year 20% of eligible rollover, Withholding requirements. Turbotax for 2011 tax year , Payment to you option. Turbotax for 2011 tax year , 20% Mandatory withholding. Turbotax for 2011 tax year Periodic payments, Periodic payments. Turbotax for 2011 tax year Railroad retirement, Tax withholding. Turbotax for 2011 tax year Worksheets Simplified Method, How to use the Simplified Method. Turbotax for 2011 tax year Worksheet A, illustrated, Worksheet A. Turbotax for 2011 tax year Simplified Method Worksheet for Bill Smith Worksheet A, Simplified Method, Worksheet A. Turbotax for 2011 tax year Simplified Method Prev  Up     Home   More Online Publications
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The Turbotax For 2011 Tax Year

Turbotax for 2011 tax year Publication 595 - Main Contents Table of Contents Capital Construction FundCCF Accounts Types of Accounts You Must Maintain Within a CCF Tax Treatment of CCF Deposits Tax Treatment of CCF Earnings Tax Treatment of CCF Withdrawals More Information How To Get Tax Help Capital Construction Fund The following sections discuss CCF accounts and the types of bookkeeping accounts you must maintain when you invest in a CCF account. Turbotax for 2011 tax year They also discuss the income tax treatment of CCF deposits, earnings, and withdrawals. Turbotax for 2011 tax year CCF Accounts This section explains who can open a CCF account and how to use the account to defer income tax. Turbotax for 2011 tax year Opening a CCF account. Turbotax for 2011 tax year   If you are a U. Turbotax for 2011 tax year S. Turbotax for 2011 tax year citizen and you own or lease one or more eligible vessels (defined later), you can open a CCF account. Turbotax for 2011 tax year However, before you open your CCF account, you must enter into an agreement with the Secretary of Commerce through the NMFS. Turbotax for 2011 tax year This agreement will establish the following. Turbotax for 2011 tax year Agreement vessels. Turbotax for 2011 tax year Eligible vessels named in the agreement that will be the basis for the deferral of income tax. Turbotax for 2011 tax year Planned use of withdrawals. Turbotax for 2011 tax year Use of CCF funds to acquire, build, or rebuild a vessel. Turbotax for 2011 tax year CCF depository. Turbotax for 2011 tax year Where your CCF funds will be held. Turbotax for 2011 tax year    You can request an application kit or get additional information from NMFS at the following address. Turbotax for 2011 tax year NOAA/NMFS, Financial Services Division, F/MB5 Capital Construction Fund Program 1315 East-West Highway Silver Spring, MD 20910-3282    You can obtain information on the Capital Construction Fund Program at the following website: www. Turbotax for 2011 tax year nmfs. Turbotax for 2011 tax year noaa. Turbotax for 2011 tax year gov/mb/financial_services/ccf. Turbotax for 2011 tax year htm. Turbotax for 2011 tax year    You can call NMFS to request an application kit or get additional information at (301) 713-2393 (ext. Turbotax for 2011 tax year 204). Turbotax for 2011 tax year Their fax number is (301) 713-1939. Turbotax for 2011 tax year Eligible vessels. Turbotax for 2011 tax year   There are two types of vessels that may be considered eligible, those weighing 5 tons or more and those weighing less than 5 tons. Turbotax for 2011 tax year For each type, certain requirements must be met. Turbotax for 2011 tax year Vessel weighing 5 tons or more. Turbotax for 2011 tax year   To be considered eligible, the vessel must meet all the following requirements. Turbotax for 2011 tax year Be built or rebuilt in the United States. Turbotax for 2011 tax year Be documented under the laws of the United States. Turbotax for 2011 tax year Be used commercially in the fisheries of the United States. Turbotax for 2011 tax year Be operated in the foreign or domestic commerce of the United States. Turbotax for 2011 tax year Vessel weighing less than 5 tons. Turbotax for 2011 tax year   A small vessel, weighing at least 2 net tons but less than 5 net tons, must meet all the following requirements to be considered eligible. Turbotax for 2011 tax year Be built or rebuilt in the United States. Turbotax for 2011 tax year Be owned by a U. Turbotax for 2011 tax year S. Turbotax for 2011 tax year citizen. Turbotax for 2011 tax year Have a home port in the United States. Turbotax for 2011 tax year Be used commercially in the fisheries of the United States. Turbotax for 2011 tax year Deferring tax on CCF deposits and earnings. Turbotax for 2011 tax year   You can use a CCF account to defer income tax by taking the following actions. Turbotax for 2011 tax year Making deposits to your CCF account from taxable income. Turbotax for 2011 tax year Excluding from income deposits assigned to certain accounts (discussed later). Turbotax for 2011 tax year Making withdrawals from your CCF account when you acquire, build, or rebuild fishing vessels. Turbotax for 2011 tax year Reducing the basis of fishing vessels you acquire, build, or rebuild to recapture amounts previously excluded from tax. Turbotax for 2011 tax year    Reporting requirements. Turbotax for 2011 tax year Beginning with the tax year in which you establish your agreement, you must report annual deposit and withdrawal activity to the NMFS on NOAA Form 34-82. Turbotax for 2011 tax year This form is due within 30 days after you file your federal income tax return even if no deposits or withdrawals are made. Turbotax for 2011 tax year For more information, contact the NMFS at the address or phone number given earlier. Turbotax for 2011 tax year Types of Accounts You Must Maintain Within a CCF This section discusses the three types of bookkeeping accounts you must maintain when you invest in a CCF account. Turbotax for 2011 tax year Your total CCF deposits and earnings for any given year are limited to the amount attributed to these three accounts for that year. Turbotax for 2011 tax year Capital account. Turbotax for 2011 tax year   The capital account consists primarily of amounts attributable to the following items. Turbotax for 2011 tax year Allowable depreciation deductions for agreement vessels. Turbotax for 2011 tax year Any nontaxable return of capital from either (a) or (b), below. Turbotax for 2011 tax year The sale or other disposition of agreement vessels. Turbotax for 2011 tax year Insurance or indemnity proceeds attributable to agreement vessels. Turbotax for 2011 tax year Any tax-exempt interest earned on state or local bonds in your CCF account. Turbotax for 2011 tax year Capital gain account. Turbotax for 2011 tax year   The capital gain account consists of amounts attributable to the following items reduced by any capital losses from assets held in your CCF account for more than 6 months. Turbotax for 2011 tax year Any capital gain from either of the following sources. Turbotax for 2011 tax year The sale or other disposition of agreement vessels held for more than 6 months. Turbotax for 2011 tax year Insurance or indemnity proceeds attributable to agreement vessels held for more than 6 months. Turbotax for 2011 tax year Any capital gain from assets held in your CCF account for more than 6 months. Turbotax for 2011 tax year Ordinary income account. Turbotax for 2011 tax year   The ordinary income account consists of amounts attributable to the following items. Turbotax for 2011 tax year Any earnings (without regard to the carryback of any net operating or net capital loss) from the operation of agreement vessels in the fisheries of the United States or in the foreign or domestic commerce of the United States. Turbotax for 2011 tax year Any capital gain from the following sources reduced by any capital losses from assets held in your CCF account for 6 months or less. Turbotax for 2011 tax year The sale or other disposition of agreement vessels held for 6 months or less. Turbotax for 2011 tax year Insurance or indemnity proceeds attributable to agreement vessels held for 6 months or less. Turbotax for 2011 tax year Any capital gain from assets held in your CCF account for 6 months or less. Turbotax for 2011 tax year Any ordinary income (such as depreciation recapture) from either of the following sources. Turbotax for 2011 tax year The sale or other disposition of agreement vessels. Turbotax for 2011 tax year Insurance or indemnity proceeds attributable to agreement vessels. Turbotax for 2011 tax year Any interest (not including tax-exempt interest from state and local bonds), most dividends, and other ordinary income earned on the assets in your CCF account. Turbotax for 2011 tax year Tax Treatment of CCF Deposits This section explains the tax treatment of income used as the basis for CCF deposits. Turbotax for 2011 tax year Capital gains. Turbotax for 2011 tax year   Do not report any transaction that produces a capital gain if you deposit the net proceeds into your CCF account. Turbotax for 2011 tax year This treatment applies to either of the following transactions. Turbotax for 2011 tax year The sale or other disposition of an agreement vessel. Turbotax for 2011 tax year The receipt of insurance or indemnity proceeds attributable to an agreement vessel. Turbotax for 2011 tax year Depreciation recapture. Turbotax for 2011 tax year   Do not report any transaction that produces depreciation recapture if you deposit the net proceeds into your CCF account. Turbotax for 2011 tax year This treatment applies to either of the following transactions. Turbotax for 2011 tax year The sale or other disposition of an agreement vessel. Turbotax for 2011 tax year The receipt of insurance or indemnity proceeds attributable to an agreement vessel. Turbotax for 2011 tax year Earnings from operations. Turbotax for 2011 tax year   Report earnings from the operation of agreement vessels on your Schedule C or C-EZ (Form 1040) even if you deposit part of these earnings into your CCF account. Turbotax for 2011 tax year You subtract any part of the earnings you deposited into your CCF account from the amount you would otherwise enter as taxable income on Form 1040, line 43 (for 2005). Turbotax for 2011 tax year Next to line 43, write “CCF” and the amount of the deposits. Turbotax for 2011 tax year Do not deduct these CCF deposits on Schedule C or C-EZ (Form 1040). Turbotax for 2011 tax year If you deposit earnings from operations into your CCF account and you must complete other forms such as Form 6251, Alternative Minimum Tax (Individuals), or a worksheet for Schedule D (Form 1040), you will need to make an extra computation. Turbotax for 2011 tax year When the other form instructs you to use the amount from Form 1040, line 41 (for 2005), do not use that amount. Turbotax for 2011 tax year Instead, add Form 1040, lines 42 and 43 (for 2005), and use that amount. Turbotax for 2011 tax year Self-employment tax. Turbotax for 2011 tax year   You must use your net profit or loss from your fishing business to figure your self-employment tax. Turbotax for 2011 tax year Do not reduce your net profit or loss by any earnings from operations you deposit into your CCF account. Turbotax for 2011 tax year    Partnerships and S corporations. Turbotax for 2011 tax year The deduction for partnership earnings from operations deposited into a CCF account is separately stated on Schedule K (Form 1065), line 13d, and allocated to the partners on Schedule K-1 (Form 1065), box 13 (for 2005). Turbotax for 2011 tax year   The deduction for S corporation earnings deposited into a CCF account is separately stated on Schedule K (Form 1120S), line 12d, and allocated to the shareholders on Schedule K-1 (Form 1120S), box 12 (for 2005). Turbotax for 2011 tax year Tax Treatment of CCF Earnings This section explains the tax treatment of the earnings from the assets in your CCF account when the earnings are redeposited or left in your account. Turbotax for 2011 tax year However, if you choose to withdraw the earnings in the year earned, you must generally pay income tax on them. Turbotax for 2011 tax year Capital gains. Turbotax for 2011 tax year   Do not report any capital gains from the sale of capital assets held in your CCF account. Turbotax for 2011 tax year This includes capital gain distributions reported to you on Form 1099-DIV or a substitute statement. Turbotax for 2011 tax year However, you should attach a statement to your tax return to list the payers and the amounts and to identify the capital gains as “CCF account earnings. Turbotax for 2011 tax year ” Interest and dividends. Turbotax for 2011 tax year   Do not report any ordinary income (such as interest and dividends) you earn on the assets in your CCF account. Turbotax for 2011 tax year However, you should attach a statement to your return to list the payers and the amounts and to identify them as “CCF account earnings. Turbotax for 2011 tax year ”   If you are required to file Schedule B (Form 1040), you can add these earnings to the list of payers and amounts on line 1 or line 5 and identify them as “CCF earnings. Turbotax for 2011 tax year ” Then, subtract the same amounts from the list and identify them as “CCF deposits. Turbotax for 2011 tax year ” Tax-exempt interest. Turbotax for 2011 tax year   Do not report tax-exempt interest from state or local bonds you held in your CCF account. Turbotax for 2011 tax year You are not required to report this interest on Form 1040, line 8b. Turbotax for 2011 tax year Tax Treatment of CCF Withdrawals This section discusses the tax treatment of amounts you withdraw from your CCF account during the year. Turbotax for 2011 tax year Qualified Withdrawals A qualified withdrawal from a CCF account is one that is approved by NMFS for either of the following uses. Turbotax for 2011 tax year Acquiring, building, or rebuilding qualified vessels (defined next). Turbotax for 2011 tax year Making principal payments on the mortgage of a qualified vessel. Turbotax for 2011 tax year NMFS will not approve amounts withdrawn to purchase nets not continuously attached to the vessel, such as seine nets, gill set-nets, and gill drift-nets. Turbotax for 2011 tax year NMFS will approve amounts withdrawn to purchase trawl nets. Turbotax for 2011 tax year Qualified vessel. Turbotax for 2011 tax year   This is any vessel that meets all of the following requirements. Turbotax for 2011 tax year The vessel was built or rebuilt in the United States. Turbotax for 2011 tax year The vessel is documented under the laws of the United States. Turbotax for 2011 tax year The person maintaining the CCF account agrees with the Secretary of Commerce that the vessel will be operated in United States foreign trade, Great Lakes trade, noncontiguous domestic trade, or the fisheries of the United States. Turbotax for 2011 tax year How to determine the source of qualified withdrawals. Turbotax for 2011 tax year   When you make a qualified withdrawal, the amount is treated as being withdrawn in the following order from the accounts listed below. Turbotax for 2011 tax year The capital account. Turbotax for 2011 tax year The capital gain account. Turbotax for 2011 tax year The ordinary income account. Turbotax for 2011 tax year Excluding qualified withdrawals from tax. Turbotax for 2011 tax year   Do not report on your income tax return any qualified withdrawals from your CCF account. Turbotax for 2011 tax year Reduce the depreciable basis of fishing vessels you acquire, build, or rebuild when you make a qualified withdrawal from either the capital gain or the ordinary income account. Turbotax for 2011 tax year Nonqualified Withdrawals A nonqualified withdrawal from a CCF account is generally any withdrawal that is not a qualified withdrawal. Turbotax for 2011 tax year Qualified withdrawals are defined under Qualified Withdrawals, earlier. Turbotax for 2011 tax year Examples. Turbotax for 2011 tax year   Examples of nonqualified withdrawals include the following amounts from either the ordinary income account or the capital gain account. Turbotax for 2011 tax year Amounts remaining in a CCF account upon termination of your agreement with NMFS. Turbotax for 2011 tax year Amounts you withdraw and use to make principal payments on the mortgage of a vessel if the basis of that vessel and the bases of other vessels you own have already been reduced to zero. Turbotax for 2011 tax year Amounts determined by the IRS to cause your CCF account balance to exceed the amount appropriate to meet your planned use of withdrawals. Turbotax for 2011 tax year You will generally be given 3 years to revise your plans to cover this excess balance. Turbotax for 2011 tax year Amounts you leave in your account for more than 25 years. Turbotax for 2011 tax year There is a graduated schedule under which the percentage applied to determine the amount of the nonqualified withdrawal increases from 20% in the 26th year to 100% in the 30th year. Turbotax for 2011 tax year How to determine the source of nonqualified withdrawals. Turbotax for 2011 tax year    When you make a nonqualified withdrawal from your CCF account, the amount is treated as being withdrawn in the following order from the accounts listed below. Turbotax for 2011 tax year The ordinary income account. Turbotax for 2011 tax year The capital gain account. Turbotax for 2011 tax year The capital account. Turbotax for 2011 tax year Paying tax on nonqualified withdrawals. Turbotax for 2011 tax year   In general, nonqualified withdrawals are taxed separately from your other gross income and at the highest marginal tax rate in effect for the year of withdrawal. Turbotax for 2011 tax year However, nonqualified withdrawals treated as made from the capital gain account are taxed at a rate that cannot exceed 15% for individuals and 34% for corporations. Turbotax for 2011 tax year    Partnerships and S corporations. Turbotax for 2011 tax year Taxable nonqualified partnership withdrawals are separately stated on Schedule K (Form 1065), line 20c, and allocated to the partners on Schedule K-1 (Form 1065), box 20 (for 2005). Turbotax for 2011 tax year Taxable nonqualified withdrawals by an S corporation are separately stated on Schedule K (Form 1120S), line 17d, and allocated to the shareholders on Schedule K-1 (Form 1120S), box 17. Turbotax for 2011 tax year Interest. Turbotax for 2011 tax year   You must pay interest on the additional tax due to nonqualified withdrawals that are treated as made from either the ordinary income or the capital gain account. Turbotax for 2011 tax year The interest period begins on the last date for paying tax for the year for which you deposited the amount you withdrew from your CCF account. Turbotax for 2011 tax year The period ends on the last date for paying tax for the year in which you make the nonqualified withdrawal. Turbotax for 2011 tax year The interest rate on the nonqualified withdrawal is simple interest. Turbotax for 2011 tax year The rate is subject to change annually and is published in the Federal Register. Turbotax for 2011 tax year    You also can call NMFS at (301) 713-2393 (ext. Turbotax for 2011 tax year 204) to get the current interest rate. Turbotax for 2011 tax year Interest deduction. Turbotax for 2011 tax year   You can deduct the interest you pay on a nonqualified withdrawal as a trade or business expense. Turbotax for 2011 tax year Reporting the additional tax and interest. Turbotax for 2011 tax year   Attach a statement to your income tax return showing your computation of the tax and the interest on a nonqualified withdrawal. Turbotax for 2011 tax year Include the tax and interest on Form 1040, line 63 (for 2005). Turbotax for 2011 tax year To the left of line 63, write in the amount of tax and interest and “CCF. Turbotax for 2011 tax year ” Tax benefit rule. Turbotax for 2011 tax year   If any portion of your nonqualified withdrawal is properly attributable to contributions (not earnings on the contributions) you made to the CCF account that did not reduce your tax liability for any tax year prior to the withdrawal year, the following tax treatment applies. Turbotax for 2011 tax year The part that did not reduce your tax liability for any year prior to the withdrawal year is not taxed. Turbotax for 2011 tax year That part is allowed as a net operating loss deduction. Turbotax for 2011 tax year More Information This section briefly discussed the CCF program. Turbotax for 2011 tax year For more detailed information, see the following legislative authorities. Turbotax for 2011 tax year Section 607 of the Merchant Marine Act of 1936, as amended (46 U. Turbotax for 2011 tax year S. Turbotax for 2011 tax year C. Turbotax for 2011 tax year 1177). Turbotax for 2011 tax year Chapter 2, Part 259 of title 50 of the Code of Federal Regulations (50 C. Turbotax for 2011 tax year F. Turbotax for 2011 tax year R. Turbotax for 2011 tax year , Part 259). Turbotax for 2011 tax year Subchapter A, Part 3 of title 26 of the Code of Federal Regulations (26 C. Turbotax for 2011 tax year F. Turbotax for 2011 tax year R. Turbotax for 2011 tax year , Part 3). Turbotax for 2011 tax year Section 7518 of the Internal Revenue Code (IRC 7518). Turbotax for 2011 tax year The application kit you can obtain from NMFS at the address or phone number given earlier may contain copies of some of these sources of additional information. Turbotax for 2011 tax year Also, see their web page at www. Turbotax for 2011 tax year nmfs. Turbotax for 2011 tax year noaa. Turbotax for 2011 tax year gov/mb/financial_services/ccf. Turbotax for 2011 tax year htm. Turbotax for 2011 tax year How To Get Tax Help You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get information from the IRS in several ways. Turbotax for 2011 tax year By selecting the method that is best for you, you will have quick and easy access to tax help. Turbotax for 2011 tax year Contacting your Taxpayer Advocate. Turbotax for 2011 tax year   If you have attempted to deal with an IRS problem unsuccessfully, you should contact your Taxpayer Advocate. Turbotax for 2011 tax year   The Taxpayer Advocate independently represents your interests and concerns within the IRS by protecting your rights and resolving problems that have not been fixed through normal channels. Turbotax for 2011 tax year While Taxpayer Advocates cannot change the tax law or make a technical tax decision, they can clear up problems that resulted from previous contacts and ensure that your case is given a complete and impartial review. Turbotax for 2011 tax year   To contact your Taxpayer Advocate: Call the Taxpayer Advocate toll free at 1-877-777-4778, Call, write, or fax the Taxpayer Advocate office in your area, Call 1-800-829-4059 if you are a TTY/TDD user, or Visit www. Turbotax for 2011 tax year irs. Turbotax for 2011 tax year gov/advocate. Turbotax for 2011 tax year   For more information, see Publication 1546, How To Get Help With Unresolved Tax Problems (now available in Chinese, Korean, Russian, and Vietnamese, in addition to English and Spanish). Turbotax for 2011 tax year Free tax services. Turbotax for 2011 tax year   To find out what services are available, get Publication 910, IRS Guide to Free Tax Services. Turbotax for 2011 tax year It contains a list of free tax publications and an index of tax topics. Turbotax for 2011 tax year It also describes other free tax information services, including tax education and assistance programs and a list of TeleTax topics. Turbotax for 2011 tax year Internet. Turbotax for 2011 tax year You can access the IRS website 24 hours a day, 7 days a week, at www. Turbotax for 2011 tax year irs. Turbotax for 2011 tax year gov to: E-file your return. Turbotax for 2011 tax year Find out about commercial tax preparation and e-file services available free to eligible taxpayers. Turbotax for 2011 tax year Check the status of your refund. Turbotax for 2011 tax year Click on Where's My Refund. Turbotax for 2011 tax year Be sure to wait at least 6 weeks from the date you filed your return (3 weeks if you filed electronically). Turbotax for 2011 tax year Have your tax return available because you will need to know your social security number, your filing status, and the exact whole dollar amount of your refund. Turbotax for 2011 tax year Download forms, instructions, and publications. Turbotax for 2011 tax year Order IRS products online. Turbotax for 2011 tax year Research your tax questions online. Turbotax for 2011 tax year Search publications online by topic or keyword. Turbotax for 2011 tax year View Internal Revenue Bulletins (IRBs) published in the last few years. Turbotax for 2011 tax year Figure your withholding allowances using our Form W-4 calculator. Turbotax for 2011 tax year Sign up to receive local and national tax news by email. Turbotax for 2011 tax year Get information on starting and operating a small business. Turbotax for 2011 tax year Phone. Turbotax for 2011 tax year Many services are available by phone. Turbotax for 2011 tax year Ordering forms, instructions, and publications. Turbotax for 2011 tax year Call 1-800-829-3676 to order current-year forms, instructions, and publications and prior-year forms and instructions. Turbotax for 2011 tax year You should receive your order within 10 days. Turbotax for 2011 tax year Asking tax questions. Turbotax for 2011 tax year Call the IRS with your tax questions at 1-800-829-1040. Turbotax for 2011 tax year Solving problems. Turbotax for 2011 tax year You can get face-to-face help solving tax problems every business day in IRS Taxpayer Assistance Centers. Turbotax for 2011 tax year An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. Turbotax for 2011 tax year Call your local Taxpayer Assistance Center for an appointment. Turbotax for 2011 tax year To find the number, go to www. Turbotax for 2011 tax year irs. Turbotax for 2011 tax year gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. Turbotax for 2011 tax year TTY/TDD equipment. Turbotax for 2011 tax year If you have access to TTY/TDD equipment, call 1-800-829-4059 to ask tax questions or to order forms and publications. Turbotax for 2011 tax year TeleTax topics. Turbotax for 2011 tax year Call 1-800-829-4477 and press 2 to listen to pre-recorded messages covering various tax topics. Turbotax for 2011 tax year Refund information. Turbotax for 2011 tax year If you would like to check the status of your refund, call 1-800-829-4477 and press 1 for automated refund information and follow the recorded instructions or call 1-800-829-1954. Turbotax for 2011 tax year Be sure to wait at least 6 weeks from the date you filed your return (3 weeks if you filed electronically). Turbotax for 2011 tax year Have your tax return available because you will need to know your social security number, your filing status, and the exact whole dollar amount of your refund. Turbotax for 2011 tax year Evaluating the quality of our telephone services. Turbotax for 2011 tax year To ensure that IRS representatives give accurate, courteous, and professional answers, we use several methods to evaluate the quality of our telephone services. Turbotax for 2011 tax year One method is for a second IRS representative to sometimes listen in on or record telephone calls. Turbotax for 2011 tax year Another is to ask some callers to complete a short survey at the end of the call. Turbotax for 2011 tax year Walk-in. Turbotax for 2011 tax year Many products and services are available on a walk-in basis. Turbotax for 2011 tax year Products. Turbotax for 2011 tax year You can walk in to many post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Turbotax for 2011 tax year Some IRS offices, libraries, grocery stores, copy centers, city and county government offices, credit unions, and office supply stores have a collection of products available to print from a CD-ROM or photocopy from reproducible proofs. Turbotax for 2011 tax year Also, some IRS offices and libraries have the Internal Revenue Code, regulations, Internal Revenue Bulletins, and Cumulative Bulletins available for research purposes. Turbotax for 2011 tax year Services. Turbotax for 2011 tax year You can walk in to your local Taxpayer Assistance Center every business day for personal, face-to-face tax help. Turbotax for 2011 tax year An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. Turbotax for 2011 tax year If you need to resolve a tax problem, have questions about how the tax law applies to your individual tax return, or you're more comfortable talking with someone in person, visit your local Taxpayer Assistance Center where you can spread out your records and talk with an IRS representative face-to-face. Turbotax for 2011 tax year No appointment is necessary, but if you prefer, you can call your local Center and leave a message requesting an appointment to resolve a tax account issue. Turbotax for 2011 tax year A representative will call you back within 2 business days to schedule an in-person appointment at your convenience. Turbotax for 2011 tax year To find the number, go to www. Turbotax for 2011 tax year irs. Turbotax for 2011 tax year gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. Turbotax for 2011 tax year Mail. Turbotax for 2011 tax year You can send your order for forms, instructions, and publications to the address below and receive a response within 10 business days after your request is received. Turbotax for 2011 tax year National Distribution Center P. Turbotax for 2011 tax year O. Turbotax for 2011 tax year Box 8903 Bloomington, IL 61702-8903 CD-ROM for tax products. Turbotax for 2011 tax year You can order Publication 1796, IRS Tax Products on CD-ROM, and obtain: A CD that is released twice so you have the latest products. Turbotax for 2011 tax year The first release ships in late December and the final release ships in late February. Turbotax for 2011 tax year Current-year forms, instructions, and publications. Turbotax for 2011 tax year Prior-year forms, instructions, and publications. Turbotax for 2011 tax year Tax Map: an electronic research tool and finding aid. Turbotax for 2011 tax year Tax law frequently asked questions (FAQs). Turbotax for 2011 tax year Tax Topics from the IRS telephone response system. Turbotax for 2011 tax year Fill-in, print, and save features for most tax forms. Turbotax for 2011 tax year Internal Revenue Bulletins. Turbotax for 2011 tax year Toll-free and email technical support. Turbotax for 2011 tax year Buy the CD-ROM from National Technical Information Service (NTIS) at www. Turbotax for 2011 tax year irs. Turbotax for 2011 tax year gov/cdorders for $25 (no handling fee) or call 1-877-233-6767 toll free to buy the CD-ROM for $25 (plus a $5 handling fee). Turbotax for 2011 tax year CD-ROM for small businesses. Turbotax for 2011 tax year Publication 3207, Small Business Resource Guide CD-ROM, has a new look and enhanced navigation features. Turbotax for 2011 tax year This CD includes: Helpful information, such as how to prepare a business plan, find financing for your business, and much more. Turbotax for 2011 tax year All the business tax forms, instructions, and publications needed to successfully manage a business. Turbotax for 2011 tax year Tax law changes. Turbotax for 2011 tax year IRS Tax Map to help you find forms, instructions, and publications by searching on a keyword or topic. Turbotax for 2011 tax year Web links to various government agencies, business associations, and IRS organizations. Turbotax for 2011 tax year “Rate the Product” survey—your opportunity to suggest changes for future editions. Turbotax for 2011 tax year An updated version of this CD is available each year in early April. Turbotax for 2011 tax year You can get a free copy by calling 1-800-829-3676 or by visiting www. Turbotax for 2011 tax year irs. Turbotax for 2011 tax year gov/smallbiz. Turbotax for 2011 tax year Prev  Up  Next   Home   More Online Publications