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Where To File 2012 Federal Income Tax Return

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Where To File 2012 Federal Income Tax Return

Where to file 2012 federal income tax return Publication 542 - Main Content Table of Contents Businesses Taxed as CorporationsPersonal services. Where to file 2012 federal income tax return Employee-owners. Where to file 2012 federal income tax return Other rules. Where to file 2012 federal income tax return Other rules. Where to file 2012 federal income tax return Property Exchanged for StockNonqualified preferred stock. Where to file 2012 federal income tax return Liabilities. Where to file 2012 federal income tax return Election to reduce basis. Where to file 2012 federal income tax return Capital Contributions Filing and Paying Income TaxesIncome Tax Return Penalties Estimated Tax U. Where to file 2012 federal income tax return S. Where to file 2012 federal income tax return Real Property Interest Accounting MethodsSection 481(a) adjustment. Where to file 2012 federal income tax return Accounting Periods Recordkeeping Income, Deductions, and Special ProvisionsCosts of Going Into Business Related Persons Income From Qualifying Shipping Activities Election to Expense Qualified Refinery Property Deduction to Comply With EPA Sulfur Regulations Energy-Efficient Commercial Building Property Deduction Corporate Preference Items Dividends-Received Deduction Extraordinary Dividends Below-Market Loans Charitable Contributions Capital Losses Net Operating Losses At-Risk Limits Passive Activity Limits Figuring TaxTax Rate Schedule Alternative Minimum Tax (AMT) Credits Recapture Taxes Accumulated Earnings Tax Distributions to ShareholdersMoney or Property Distributions Distributions of Stock or Stock Rights Constructive Distributions Reporting Dividends and Other Distributions How To Get Tax Help Businesses Taxed as Corporations The rules you must use to determine whether a business is taxed as a corporation changed for businesses formed after 1996. Where to file 2012 federal income tax return Business formed before 1997. Where to file 2012 federal income tax return   A business formed before 1997 and taxed as a corporation under the old rules will generally continue to be taxed as a corporation. Where to file 2012 federal income tax return Business formed after 1996. Where to file 2012 federal income tax return   The following businesses formed after 1996 are taxed as corporations. Where to file 2012 federal income tax return A business formed under a federal or state law that refers to it as a corporation, body corporate, or body politic. Where to file 2012 federal income tax return A business formed under a state law that refers to it as a joint-stock company or joint-stock association. Where to file 2012 federal income tax return An insurance company. Where to file 2012 federal income tax return Certain banks. Where to file 2012 federal income tax return A business wholly owned by a state or local government. Where to file 2012 federal income tax return A business specifically required to be taxed as a corporation by the Internal Revenue Code (for example, certain publicly traded partnerships). Where to file 2012 federal income tax return Certain foreign businesses. Where to file 2012 federal income tax return Any other business that elects to be taxed as a corporation. Where to file 2012 federal income tax return For example, a limited liability company (LLC) can elect to be treated as an association taxable as a corporation by filing Form 8832, Entity Classification Election. Where to file 2012 federal income tax return For more information about LLCs, see Publication 3402, Taxation of Limited Liability Companies. Where to file 2012 federal income tax return S corporations. Where to file 2012 federal income tax return   Some corporations may meet the qualifications for electing to be S corporations. Where to file 2012 federal income tax return For information on S corporations, see the instructions for Form 1120S, U. Where to file 2012 federal income tax return S. Where to file 2012 federal income tax return Income Tax Return for an S Corporation. Where to file 2012 federal income tax return Personal service corporations. Where to file 2012 federal income tax return   A corporation is a personal service corporation if it meets all of the following requirements. Where to file 2012 federal income tax return Its principal activity during the “testing period” is performing personal services (defined later). Where to file 2012 federal income tax return Generally, the testing period for any tax year is the prior tax year. Where to file 2012 federal income tax return If the corporation has just been formed, the testing period begins on the first day of its tax year and ends on the earlier of: The last day of its tax year, or The last day of the calendar year in which its tax year begins. Where to file 2012 federal income tax return Its employee-owners substantially perform the services in (1), above. Where to file 2012 federal income tax return This requirement is met if more than 20% of the corporation's compensation cost for its activities of performing personal services during the testing period is for personal services performed by employee-owners. Where to file 2012 federal income tax return Its employee-owners own more than 10% of the fair market value of its outstanding stock on the last day of the testing period. Where to file 2012 federal income tax return Personal services. Where to file 2012 federal income tax return   Personal services include any activity performed in the fields of accounting, actuarial science, architecture, consulting, engineering, health (including veterinary services), law, and the performing arts. Where to file 2012 federal income tax return Employee-owners. Where to file 2012 federal income tax return   A person is an employee-owner of a personal service corporation if both of the following apply. Where to file 2012 federal income tax return He or she is an employee of the corporation or performs personal services for, or on behalf of, the corporation (even if he or she is an independent contractor for other purposes) on any day of the testing period. Where to file 2012 federal income tax return He or she owns any stock in the corporation at any time during the testing period. Where to file 2012 federal income tax return Other rules. Where to file 2012 federal income tax return   For other rules that apply to personal service corporations see Accounting Periods, later. Where to file 2012 federal income tax return Closely held corporations. Where to file 2012 federal income tax return   A corporation is closely held if all of the following apply. Where to file 2012 federal income tax return It is not a personal service corporation. Where to file 2012 federal income tax return At any time during the last half of the tax year, more than 50% of the value of its outstanding stock is, directly or indirectly, owned by or for five or fewer individuals. Where to file 2012 federal income tax return “Individual” includes certain trusts and private foundations. Where to file 2012 federal income tax return Other rules. Where to file 2012 federal income tax return   For the at-risk rules that apply to closely held corporations, seeAt-Risk Limits, later. Where to file 2012 federal income tax return Property Exchanged for Stock If you transfer property (or money and property) to a corporation in exchange for stock in that corporation (other than nonqualified preferred stock, described later), and immediately afterward you are in control of the corporation, the exchange is usually not taxable. Where to file 2012 federal income tax return This rule applies both to individuals and to groups who transfer property to a corporation. Where to file 2012 federal income tax return It also applies whether the corporation is being formed or is already operating. Where to file 2012 federal income tax return It does not apply in the following situations. Where to file 2012 federal income tax return The corporation is an investment company. Where to file 2012 federal income tax return You transfer the property in a bankruptcy or similar proceeding in exchange for stock used to pay creditors. Where to file 2012 federal income tax return The stock is received in exchange for the corporation's debt (other than a security) or for interest on the corporation's debt (including a security) that accrued while you held the debt. Where to file 2012 federal income tax return Both the corporation and any person involved in a nontaxable exchange of property for stock must attach to their income tax returns a complete statement of all facts pertinent to the exchange. Where to file 2012 federal income tax return For more information, see section 1. Where to file 2012 federal income tax return 351-3 of the Regulations. Where to file 2012 federal income tax return Control of a corporation. Where to file 2012 federal income tax return   To be in control of a corporation, you or your group of transferors must own, immediately after the exchange, at least 80% of the total combined voting power of all classes of stock entitled to vote and at least 80% of the outstanding shares of each class of nonvoting stock. Where to file 2012 federal income tax return Example 1. Where to file 2012 federal income tax return You and Bill Jones buy property for $100,000. Where to file 2012 federal income tax return You both organize a corporation when the property has a fair market value of $300,000. Where to file 2012 federal income tax return You transfer the property to the corporation for all its authorized capital stock, which has a par value of $300,000. Where to file 2012 federal income tax return No gain is recognized by you, Bill, or the corporation. Where to file 2012 federal income tax return Example 2. Where to file 2012 federal income tax return You and Bill transfer the property with a basis of $100,000 to a corporation in exchange for stock with a fair market value of $300,000. Where to file 2012 federal income tax return This represents only 75% of each class of stock of the corporation. Where to file 2012 federal income tax return The other 25% was already issued to someone else. Where to file 2012 federal income tax return You and Bill recognize a taxable gain of $200,000 on the transaction. Where to file 2012 federal income tax return Services rendered. Where to file 2012 federal income tax return   The term property does not include services rendered or to be rendered to the issuing corporation. Where to file 2012 federal income tax return The value of stock received for services is income to the recipient. Where to file 2012 federal income tax return Example. Where to file 2012 federal income tax return You transfer property worth $35,000 and render services valued at $3,000 to a corporation in exchange for stock valued at $38,000. Where to file 2012 federal income tax return Right after the exchange, you own 85% of the outstanding stock. Where to file 2012 federal income tax return No gain is recognized on the exchange of property. Where to file 2012 federal income tax return However, you recognize ordinary income of $3,000 as payment for services you rendered to the corporation. Where to file 2012 federal income tax return Property of relatively small value. Where to file 2012 federal income tax return   The term property does not include property of a relatively small value when it is compared to the value of stock and securities already owned or to be received for services by the transferor if the main purpose of the transfer is to qualify for the nonrecognition of gain or loss by other transferors. Where to file 2012 federal income tax return   Property transferred will not be considered to be of relatively small value if its fair market value is at least 10% of the fair market value of the stock and securities already owned or to be received for services by the transferor. Where to file 2012 federal income tax return Stock received in disproportion to property transferred. Where to file 2012 federal income tax return   If a group of transferors exchange property for corporate stock, each transferor does not have to receive stock in proportion to his or her interest in the property transferred. Where to file 2012 federal income tax return If a disproportionate transfer takes place, it will be treated for tax purposes in accordance with its true nature. Where to file 2012 federal income tax return It may be treated as if the stock were first received in proportion and then some of it used to make gifts, pay compensation for services, or satisfy the transferor's obligations. Where to file 2012 federal income tax return Money or other property received. Where to file 2012 federal income tax return   If, in an otherwise nontaxable exchange of property for corporate stock, you also receive money or property other than stock, you may have to recognize gain. Where to file 2012 federal income tax return You must recognize gain only up to the amount of money plus the fair market value of the other property you receive. Where to file 2012 federal income tax return The rules for figuring the recognized gain in this situation generally follow those for a partially nontaxable exchange discussed in Publication 544 under Like-Kind Exchanges. Where to file 2012 federal income tax return If the property you give up includes depreciable property, the recognized gain may have to be reported as ordinary income from depreciation. Where to file 2012 federal income tax return See chapter 3 of Publication 544. Where to file 2012 federal income tax return No loss is recognized. Where to file 2012 federal income tax return Nonqualified preferred stock. Where to file 2012 federal income tax return   Nonqualified preferred stock is treated as property other than stock. Where to file 2012 federal income tax return Generally, it is preferred stock with any of the following features. Where to file 2012 federal income tax return The holder has the right to require the issuer or a related person to redeem or buy the stock. Where to file 2012 federal income tax return The issuer or a related person is required to redeem or buy the stock. Where to file 2012 federal income tax return The issuer or a related person has the right to redeem or buy the stock and, on the issue date, it is more likely than not that the right will be exercised. Where to file 2012 federal income tax return The dividend rate on the stock varies with reference to interest rates, commodity prices, or similar indices. Where to file 2012 federal income tax return For a detailed definition of nonqualified preferred stock, see section 351(g)(2) of the Internal Revenue Code. Where to file 2012 federal income tax return Liabilities. Where to file 2012 federal income tax return   If the corporation assumes your liabilities, the exchange generally is not treated as if you received money or other property. Where to file 2012 federal income tax return There are two exceptions to this treatment. Where to file 2012 federal income tax return If the liabilities the corporation assumes are more than your adjusted basis in the property you transfer, gain is recognized up to the difference. Where to file 2012 federal income tax return However, if the liabilities assumed give rise to a deduction when paid, such as a trade account payable or interest, no gain is recognized. Where to file 2012 federal income tax return If there is no good business reason for the corporation to assume your liabilities, or if your main purpose in the exchange is to avoid federal income tax, the assumption is treated as if you received money in the amount of the liabilities. Where to file 2012 federal income tax return For more information on the assumption of liabilities, see section 357(d) of the Internal Revenue Code. Where to file 2012 federal income tax return Example. Where to file 2012 federal income tax return You transfer property to a corporation for stock. Where to file 2012 federal income tax return Immediately after the transfer, you control the corporation. Where to file 2012 federal income tax return You also receive $10,000 in the exchange. Where to file 2012 federal income tax return Your adjusted basis in the transferred property is $20,000. Where to file 2012 federal income tax return The stock you receive has a fair market value (FMV) of $16,000. Where to file 2012 federal income tax return The corporation also assumes a $5,000 mortgage on the property for which you are personally liable. Where to file 2012 federal income tax return Gain is realized as follows. Where to file 2012 federal income tax return FMV of stock received $16,000 Cash received 10,000 Liability assumed by corporation 5,000 Total received $31,000 Minus: Adjusted basis of property transferred 20,000 Realized gain $11,000   The liability assumed is not treated as money or other property. Where to file 2012 federal income tax return The recognized gain is limited to $10,000, the cash received. Where to file 2012 federal income tax return Loss on exchange. Where to file 2012 federal income tax return   If you have a loss from an exchange and own, directly or indirectly, more than 50% of the corporation's stock, you cannot deduct the loss. Where to file 2012 federal income tax return For more information, see Nondeductible Loss under Sales and Exchanges Between Related Persons in chapter 2 of Publication 544. Where to file 2012 federal income tax return Basis of stock or other property received. Where to file 2012 federal income tax return   The basis of the stock you receive is generally the adjusted basis of the property you transfer. Where to file 2012 federal income tax return Increase this amount by any amount treated as a dividend, plus any gain recognized on the exchange. Where to file 2012 federal income tax return Decrease this amount by any cash you received, the fair market value of any other property you received, and any loss recognized on the exchange. Where to file 2012 federal income tax return Also decrease this amount by the amount of any liability the corporation or another party to the exchange assumed from you, unless payment of the liability gives rise to a deduction when paid. Where to file 2012 federal income tax return    Further decreases may be required when the corporation or another party to the exchange assumes from you a liability that gives rise to a deduction when paid, if the basis of the stock would otherwise be higher than its fair market value on the date of the exchange. Where to file 2012 federal income tax return This rule does not apply if the entity assuming the liability acquired either substantially all of the assets or the trade or business with which the liability is associated. Where to file 2012 federal income tax return The basis of any other property you receive is its fair market value on the date of the trade. Where to file 2012 federal income tax return Basis of property transferred. Where to file 2012 federal income tax return   A corporation that receives property from you in exchange for its stock generally has the same basis you had in the property, increased by any gain you recognized on the exchange. Where to file 2012 federal income tax return However, the increase for the gain recognized may be limited. Where to file 2012 federal income tax return For more information, see section 362 of the Internal Revenue Code. Where to file 2012 federal income tax return Election to reduce basis. Where to file 2012 federal income tax return   In a section 351 transaction, if the adjusted basis of the property transferred exceeds the property's fair market value, the transferor and transferee may make an irrevocable election to treat the basis of the stock received by the transferor as having a basis equal to the fair market value of the property transferred. Where to file 2012 federal income tax return The transferor and transferee make this election by attaching a statement to their tax returns filed by the due date (including extensions) for the tax year in which the transaction occurred. Where to file 2012 federal income tax return However, if the transferor makes the election by including the certification provided in Notice 2005-70, 2005-41, I. Where to file 2012 federal income tax return R. Where to file 2012 federal income tax return B. Where to file 2012 federal income tax return 694, on or with its tax return filed by the due date (including extensions), then no election need be made by the transferee. Where to file 2012 federal income tax return    For more information on making this election, see section 362(e)(2)(C) of the Internal Revenue Code, and Notice 2005-70. Where to file 2012 federal income tax return Capital Contributions This section explains the tax treatment of contributions from shareholders and nonshareholders. Where to file 2012 federal income tax return Paid-in capital. Where to file 2012 federal income tax return   Contributions to the capital of a corporation, whether or not by shareholders, are paid-in capital. Where to file 2012 federal income tax return These contributions are not taxable to the corporation. Where to file 2012 federal income tax return Basis. Where to file 2012 federal income tax return   The corporation's basis of property contributed to capital by a shareholder is the same as the basis the shareholder had in the property, increased by any gain the shareholder recognized on the exchange. Where to file 2012 federal income tax return However, the increase for the gain recognized may be limited. Where to file 2012 federal income tax return For more information, see Basis of property transferred, above, and section 362 of the Internal Revenue Code. Where to file 2012 federal income tax return   The basis of property contributed to capital by a person other than a shareholder is zero. Where to file 2012 federal income tax return   If a corporation receives a cash contribution from a person other than a shareholder, the corporation must reduce the basis of any property acquired with the contribution during the 12-month period beginning on the day it received the contribution by the amount of the contribution. Where to file 2012 federal income tax return If the amount contributed is more than the cost of the property acquired, then reduce, but not below zero, the basis of the other properties held by the corporation on the last day of the 12-month period in the following order. Where to file 2012 federal income tax return Depreciable property. Where to file 2012 federal income tax return Amortizable property. Where to file 2012 federal income tax return Property subject to cost depletion but not to percentage depletion. Where to file 2012 federal income tax return All other remaining properties. Where to file 2012 federal income tax return   Reduce the basis of property in each category to zero before going on to the next category. Where to file 2012 federal income tax return   There may be more than one piece of property in each category. Where to file 2012 federal income tax return Base the reduction of the basis of each property on the following ratio:   Basis of each piece of property   Bases of all properties (within that category) If the corporation wishes to make this adjustment in some other way, it must get IRS approval. Where to file 2012 federal income tax return The corporation files a request for approval with its income tax return for the tax year in which it receives the contribution. Where to file 2012 federal income tax return Filing and Paying Income Taxes The federal income tax is a pay-as-you-go tax. Where to file 2012 federal income tax return A corporation generally must make estimated tax payments as it earns or receives income during its tax year. Where to file 2012 federal income tax return After the end of the year, the corporation must file an income tax return. Where to file 2012 federal income tax return This section will help you determine when and how to pay and file corporate income taxes. Where to file 2012 federal income tax return For certain corporations affected by Presidentially declared disasters such as hurricanes, the due dates for filing returns, paying taxes, and performing other time-sensitive acts may be extended. Where to file 2012 federal income tax return The IRS may also forgive the interest and penalties on any underpaid tax for the length of any extension. Where to file 2012 federal income tax return For more information, visit www. Where to file 2012 federal income tax return irs. Where to file 2012 federal income tax return gov/newsroom/article/0,,id=108362. Where to file 2012 federal income tax return 00. Where to file 2012 federal income tax return Income Tax Return This section will help you determine when and how to report a corporation's income tax. Where to file 2012 federal income tax return Who must file. Where to file 2012 federal income tax return   Unless exempt under section 501 of the Internal Revenue Code, all domestic corporations in existence for any part of a tax year (including corporations in bankruptcy) must file an income tax return whether or not they have taxable income. Where to file 2012 federal income tax return Which form to file. Where to file 2012 federal income tax return   A corporation generally must file Form 1120, U. Where to file 2012 federal income tax return S. Where to file 2012 federal income tax return Corporation Income Tax Return, to report its income, gains, losses, deductions, credits, and to figure its income tax liability. Where to file 2012 federal income tax return Certain organizations and entities must file special returns. Where to file 2012 federal income tax return For more information, see Special Returns for Certain Organizations, in the Instructions for Form 1120. Where to file 2012 federal income tax return Electronic filing. Where to file 2012 federal income tax return   Corporations can generally electronically file (e-file) Form 1120 and certain related forms, schedules, and attachments. Where to file 2012 federal income tax return Certain corporations with total assets of $10 million or more, that file at least 250 returns a year must e-file Form 1120. Where to file 2012 federal income tax return However, in certain instances, these corporations can request a waiver. Where to file 2012 federal income tax return For more information regarding electronic filing, visit www. Where to file 2012 federal income tax return irs. Where to file 2012 federal income tax return gov/efile. Where to file 2012 federal income tax return When to file. Where to file 2012 federal income tax return   Generally, a corporation must file its income tax return by the 15th day of the 3rd month after the end of its tax year. Where to file 2012 federal income tax return A new corporation filing a short-period return must generally file by the 15th day of the 3rd month after the short period ends. Where to file 2012 federal income tax return A corporation that has dissolved must generally file by the 15th day of the 3rd month after the date it dissolved. Where to file 2012 federal income tax return Example 1. Where to file 2012 federal income tax return A corporation's tax year ends December 31. Where to file 2012 federal income tax return It must file its income tax return by March 15th. Where to file 2012 federal income tax return Example 2. Where to file 2012 federal income tax return A corporation's tax year ends June 30. Where to file 2012 federal income tax return It must file its income tax return by September 15th. Where to file 2012 federal income tax return   If the due date falls on a Saturday, Sunday, or legal holiday, the due date is extended to the next business day. Where to file 2012 federal income tax return Extension of time to file. Where to file 2012 federal income tax return   File Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information and Other Returns, to request an extension of time to file a corporation income tax return. Where to file 2012 federal income tax return The IRS will grant the extension if you complete the form properly, file it, and pay any tax due by the original due date for the return. Where to file 2012 federal income tax return   Form 7004 does not extend the time for paying the tax due on the return. Where to file 2012 federal income tax return Interest, and possibly penalties, will be charged on any part of the final tax due not shown as a balance due on Form 7004. Where to file 2012 federal income tax return The interest is figured from the original due date of the return to the date of payment. Where to file 2012 federal income tax return   For more information, see the instructions for Form 7004. Where to file 2012 federal income tax return How to pay your taxes. Where to file 2012 federal income tax return   A corporation must pay its tax due in full no later than the 15th day of the 3rd month after the end of its tax year. Where to file 2012 federal income tax return Electronic Federal Tax Payment System (EFTPS). Where to file 2012 federal income tax return   Corporations generally must use EFTPS to make deposits of all tax liabilities (including social security, Medicare, withheld income, excise, and corporate income taxes). Where to file 2012 federal income tax return For more information on EFTPS and enrollment, visit www. Where to file 2012 federal income tax return eftps. Where to file 2012 federal income tax return gov or call 1-800-555-4477. Where to file 2012 federal income tax return Also see Publication 966, The Secure Way to Pay Your Federal Taxes. Where to file 2012 federal income tax return Note. Where to file 2012 federal income tax return Forms 8109 and 8109-B, Federal Tax Deposit Coupon, can no longer be used to make federal tax deposits. Where to file 2012 federal income tax return Penalties Generally, if the corporation receives a notice about interest and penalties after it files its return, send the IRS an explanation and we will determine if the corporation meets reasonable-cause criteria. Where to file 2012 federal income tax return Do not attach an explanation when the corporation's return is filed. Where to file 2012 federal income tax return See the instructions for your income tax return. Where to file 2012 federal income tax return Late filing of return. Where to file 2012 federal income tax return    A corporation that does not file its tax return by the due date, including extensions, may be penalized 5% of the unpaid tax for each month or part of a month the return is late, up to a maximum of 25% of the unpaid tax. Where to file 2012 federal income tax return If the corporation is charged a penalty for late payment of tax (discussed next) for the same period of time, the penalty for late filing is reduced by the amount of the penalty for late payment. Where to file 2012 federal income tax return The minimum penalty for a return that is over 60 days late is the smaller of the tax due or $100. Where to file 2012 federal income tax return The penalty will not be imposed if the corporation can show the failure to file on time was due to a reasonable cause. Where to file 2012 federal income tax return Late payment of tax. Where to file 2012 federal income tax return    A corporation that does not pay the tax when due may be penalized ½ of 1% of the unpaid tax for each month or part of a month the tax is not paid, up to a maximum of 25% of the unpaid tax. Where to file 2012 federal income tax return The penalty will not be imposed if the corporation can show that the failure to pay on time was due to a reasonable cause. Where to file 2012 federal income tax return Trust fund recovery penalty. Where to file 2012 federal income tax return   If income, social security, and Medicare taxes that a corporation must withhold from employee wages are not withheld or are not deposited or paid to the United States Treasury, the trust fund recovery penalty may apply. Where to file 2012 federal income tax return The penalty is the full amount of the unpaid trust fund tax. Where to file 2012 federal income tax return This penalty may apply to you if these unpaid taxes cannot be immediately collected from the business. Where to file 2012 federal income tax return   The trust fund recovery penalty may be imposed on all persons who are determined by the IRS to be responsible for collecting, accounting for, and paying these taxes, and who acted willfully in not doing so. Where to file 2012 federal income tax return   A responsible person can be an officer or employee of a corporation, an accountant, or a volunteer director/trustee. Where to file 2012 federal income tax return A responsible person also may include one who signs checks for the corporation or otherwise has authority to cause the spending of business funds. Where to file 2012 federal income tax return   Willfully means voluntarily, consciously, and intentionally. Where to file 2012 federal income tax return A responsible person acts willfully if the person knows the required actions are not taking place. Where to file 2012 federal income tax return   For more information on withholding and paying these taxes, see Publication 15 (Circular E), Employer's Tax Guide, and Publication 51, (Circular A), Agricultural Employer's Tax Guide. Where to file 2012 federal income tax return Other penalties. Where to file 2012 federal income tax return   Other penalties can be imposed for negligence, substantial understatement of tax, reportable transaction understatements, and fraud. Where to file 2012 federal income tax return See sections 6662, 6662A, and 6663 of the Internal Revenue Code. Where to file 2012 federal income tax return Estimated Tax Generally, a corporation must make installment payments if it expects its estimated tax for the year to be $500 or more. Where to file 2012 federal income tax return If the corporation does not pay the installments when they are due, it could be subject to an underpayment penalty. Where to file 2012 federal income tax return This section will explain how to avoid this penalty. Where to file 2012 federal income tax return When to pay estimated tax. Where to file 2012 federal income tax return   Installment payments are due by the 15th day of the 4th, 6th, 9th, and 12th months of the corporation's tax year. Where to file 2012 federal income tax return Example 1. Where to file 2012 federal income tax return Your corporation's tax year ends December 31. Where to file 2012 federal income tax return Installment payments are due on April 15, June 15, September 15, and December 15. Where to file 2012 federal income tax return Example 2. Where to file 2012 federal income tax return Your corporation's tax year ends June 30. Where to file 2012 federal income tax return Installment payments are due on October 15, December 15, March 15, and June 15. Where to file 2012 federal income tax return   If any due date falls on a Saturday, Sunday, or legal holiday, the installment is due on the next business day. Where to file 2012 federal income tax return How to figure each required installment. Where to file 2012 federal income tax return   Use Form 1120-W, Estimated Tax for Corporations, as a worksheet to figure each required installment of estimated tax. Where to file 2012 federal income tax return You will generally use one of the following two methods to figure each required installment. Where to file 2012 federal income tax return You should use the method that yields the smallest installment payments. Where to file 2012 federal income tax return Note. Where to file 2012 federal income tax return In these discussions, “return” generally refers to the corporation's original return. Where to file 2012 federal income tax return However, an amended return is considered the original return if it is filed by the due date (including extensions) of the original return. Where to file 2012 federal income tax return Method 1. Where to file 2012 federal income tax return   Each required installment is 25% of the income tax the corporation will show on its return for the current year. Where to file 2012 federal income tax return Method 2. Where to file 2012 federal income tax return   Each required installment is 25% of the income tax shown on the corporation's return for the previous year. Where to file 2012 federal income tax return   To use Method 2: The corporation must have filed a return for the previous year, The return must have been for a full 12 months, and The return must have shown a positive tax liability (not zero). Where to file 2012 federal income tax return Also, if the corporation is a large corporation, it can use Method 2 to figure the first installment only. Where to file 2012 federal income tax return   See the Instructions for Form 1120-W, for the definition of a large corporation and other special rules for large corporations. Where to file 2012 federal income tax return Other methods. Where to file 2012 federal income tax return   If a corporation's income is expected to vary during the year because, for example, its business is seasonal, it may be able to lower the amount of one or more required installments by using one or both of the following methods. Where to file 2012 federal income tax return The annualized income installment method. Where to file 2012 federal income tax return The adjusted seasonal installment method. Where to file 2012 federal income tax return Use Schedule A of Form 1120-W to determine if using one or both of these methods will lower the amount of any required installments. Where to file 2012 federal income tax return Refiguring required installments. Where to file 2012 federal income tax return   If after the corporation figures and deposits its estimated tax it finds that its tax liability for the year will be more or less than originally estimated, it may have to refigure its required installments to see if an underpayment penalty may apply. Where to file 2012 federal income tax return An immediate catchup payment should be made to reduce any penalty resulting from the underpayment of any earlier installments. Where to file 2012 federal income tax return Underpayment penalty. Where to file 2012 federal income tax return   If the corporation does not pay a required installment of estimated tax by its due date, it may be subject to a penalty. Where to file 2012 federal income tax return The penalty is figured separately for each installment due date. Where to file 2012 federal income tax return The corporation may owe a penalty for an earlier due date, even if it paid enough tax later to make up the underpayment. Where to file 2012 federal income tax return This is true even if the corporation is due a refund when its return is filed. Where to file 2012 federal income tax return Form 2220. Where to file 2012 federal income tax return   Use Form 2220, Underpayment of Estimated Tax by Corporations, to determine if a corporation is subject to the penalty for underpayment of estimated tax and to figure the amount of the penalty. Where to file 2012 federal income tax return   If the corporation is charged a penalty, the amount of the penalty depends on the following three factors. Where to file 2012 federal income tax return The amount of the underpayment. Where to file 2012 federal income tax return The period during which the underpayment was due and unpaid. Where to file 2012 federal income tax return The interest rate for underpayments published quarterly by the IRS in the Internal Revenue Bulletin. Where to file 2012 federal income tax return   A corporation generally does not have to file Form 2220 with its income tax return because the IRS will figure any penalty and bill the corporation. Where to file 2012 federal income tax return However, even if the corporation does not owe a penalty, complete and attach the form to the corporation's tax return if any of the following apply. Where to file 2012 federal income tax return The annualized income installment method was used to figure any required installment. Where to file 2012 federal income tax return The adjusted seasonal installment method was used to figure any required installment. Where to file 2012 federal income tax return The corporation is a large corporation figuring its first required installment based on the prior year's tax. Where to file 2012 federal income tax return How to pay estimated tax. Where to file 2012 federal income tax return   A corporation is generally required to use EFTPS to pay its taxes. Where to file 2012 federal income tax return See Electronic Federal Tax Payment System (EFTPS), earlier. Where to file 2012 federal income tax return Also see the Instructions for Form 1120-W. Where to file 2012 federal income tax return Quick refund of overpayments. Where to file 2012 federal income tax return   A corporation that has overpaid its estimated tax for the tax year may be able to apply for a quick refund. Where to file 2012 federal income tax return Use Form 4466, Corporation Application for Quick Refund of Overpayment of Estimated Tax, to apply for a quick refund of an overpayment of estimated tax. Where to file 2012 federal income tax return A corporation can apply for a quick refund if the overpayment is: At least 10% of its expected tax liability, and At least $500. Where to file 2012 federal income tax return Use Form 4466 to figure the corporation's expected tax liability and the overpayment of estimated tax. Where to file 2012 federal income tax return File Form 4466 before the 16th day of the 3rd month after the end of the tax year, but before the corporation files its income tax return. Where to file 2012 federal income tax return Do not file Form 4466 before the end of the corporation's tax year. Where to file 2012 federal income tax return An extension of time to file the corporation's income tax return will not extend the time for filing Form 4466. Where to file 2012 federal income tax return The IRS will act on the form within 45 days from the date you file it. Where to file 2012 federal income tax return U. Where to file 2012 federal income tax return S. Where to file 2012 federal income tax return Real Property Interest If a domestic corporation acquires a U. Where to file 2012 federal income tax return S. Where to file 2012 federal income tax return real property interest from a foreign person or firm, the corporation may have to withhold tax on the amount it pays for the property. Where to file 2012 federal income tax return The amount paid includes cash, the fair market value of other property, and any assumed liability. Where to file 2012 federal income tax return If a domestic corporation distributes a U. Where to file 2012 federal income tax return S. Where to file 2012 federal income tax return real property interest to a foreign person or firm, it may have to withhold tax on the fair market value of the property. Where to file 2012 federal income tax return A corporation that fails to withhold may be liable for the tax, and any penalties and interest that apply. Where to file 2012 federal income tax return For more information, see section 1445 of the Internal Revenue Code; Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities; Form 8288, U. Where to file 2012 federal income tax return S. Where to file 2012 federal income tax return Withholding Tax Return for Dispositions by Foreign Persons of U. Where to file 2012 federal income tax return S. Where to file 2012 federal income tax return Real Property Interests; and Form 8288-A, Statement of Withholding on Dispositions by Foreign Persons of U. Where to file 2012 federal income tax return S. Where to file 2012 federal income tax return Real Property Interests. Where to file 2012 federal income tax return Accounting Methods An accounting method is a set of rules used to determine when and how income and expenses are reported. Where to file 2012 federal income tax return Taxable income should be determined using the method of accounting regularly used in keeping the corporation's books and records. Where to file 2012 federal income tax return In all cases, the method used must clearly show taxable income. Where to file 2012 federal income tax return Generally, permissible methods include: Cash, Accrual, or Any other method authorized by the Internal Revenue Code. Where to file 2012 federal income tax return Accrual method. Where to file 2012 federal income tax return   Generally, a corporation (other than a qualified personal service corporation) must use the accrual method of accounting if its average annual gross receipts exceed $5 million. Where to file 2012 federal income tax return A corporation engaged in farming operations also must use the accrual method. Where to file 2012 federal income tax return   If inventories are required, the accrual method generally must be used for sales and purchases of merchandise. Where to file 2012 federal income tax return However, qualifying taxpayers and eligible businesses of qualifying small business taxpayers are excepted from using the accrual method for eligible trades or businesses and may account for inventoriable items as materials and supplies that are not incidental. Where to file 2012 federal income tax return   Under the accrual method, an amount is includable in income when: All the events have occurred that fix the right to receive the income, which is the earliest of the date: The required performance takes place, Payment is due, or Payment is received; and The amount can be determined with reasonable accuracy. Where to file 2012 federal income tax return   Generally, an accrual basis taxpayer can deduct accrued expenses in the tax year when: All events that determine the liability have occurred, The amount of the liability can be figured with reasonable accuracy, and Economic performance takes place with respect to the expense. Where to file 2012 federal income tax return   There are exceptions to the economic performance rule for certain items, including recurring expenses. Where to file 2012 federal income tax return See section 461(h) of the Internal Revenue Code and the related regulations for the rules for determining when economic performance takes place. Where to file 2012 federal income tax return Nonaccrual experience method. Where to file 2012 federal income tax return   Accrual method corporations are not required to maintain accruals for certain amounts from the performance of services that, on the basis of their experience, will not be collected, if: The services are in the fields of health, law, engineering, architecture, accounting, actuarial science, performing arts, or consulting; or The corporation's average annual gross receipts for the 3 prior tax years does not exceed $5 million. Where to file 2012 federal income tax return   This provision does not apply if interest is required to be paid on the amount or if there is any penalty for failure to pay the amount timely. Where to file 2012 federal income tax return Percentage of completion method. Where to file 2012 federal income tax return   Long-term contracts (except for certain real property construction contracts) must generally be accounted for using the percentage of completion method described in section 460 of the Internal Revenue Code. Where to file 2012 federal income tax return Mark-to-market accounting method. Where to file 2012 federal income tax return   Generally, dealers in securities must use the mark-to-market accounting method described in section 475 of the Internal Revenue Code. Where to file 2012 federal income tax return Under this method any security held by a dealer as inventory must be included in inventory at its FMV. Where to file 2012 federal income tax return Any security not held as inventory at the close of the tax year is treated as sold at its FMV on the last business day of the tax year. Where to file 2012 federal income tax return Any gain or loss must be taken into account in determining gross income. Where to file 2012 federal income tax return The gain or loss taken into account is treated as ordinary gain or loss. Where to file 2012 federal income tax return   Dealers in commodities and traders in securities and commodities can elect to use the mark-to-market accounting method. Where to file 2012 federal income tax return Change in accounting method. Where to file 2012 federal income tax return   A corporation can change its method of accounting used to report taxable income (for income as a whole or for the treatment of any material item). Where to file 2012 federal income tax return The corporation must file Form 3115, Application for Change in Accounting Method. Where to file 2012 federal income tax return For more information, see Form 3115 and Publication 538. Where to file 2012 federal income tax return Section 481(a) adjustment. Where to file 2012 federal income tax return   The corporation may have to make an adjustment under section 481(a) of the Internal Revenue Code to prevent amounts of income or expense from being duplicated or omitted. Where to file 2012 federal income tax return The section 481(a) adjustment period is generally 1 year for a net negative adjustment and 4 years for a net positive adjustment. Where to file 2012 federal income tax return However, a corporation can elect to use a 1-year adjustment period if the net section 481(a) adjustment for the change is less than $25,000. Where to file 2012 federal income tax return The corporation must complete the appropriate lines of Form 3115 to make the election. Where to file 2012 federal income tax return See the Instructions for Form 3115. Where to file 2012 federal income tax return Accounting Periods A corporation must figure its taxable income on the basis of a tax year. Where to file 2012 federal income tax return A tax year is the annual accounting period a corporation uses to keep its records and report its income and expenses. Where to file 2012 federal income tax return Generally, corporations can use either a calendar year or a fiscal year as its tax year. Where to file 2012 federal income tax return Unless special rules apply, a corporation generally adopts a tax year by filing its first federal income tax return using that tax year. Where to file 2012 federal income tax return For more information, see Publication 538. Where to file 2012 federal income tax return Personal service corporation. Where to file 2012 federal income tax return   A personal service corporation must use a calendar year as its tax year unless: It elects to use a 52–53 week tax year that ends with reference to the calendar year; It can establish a business purpose for a different tax year and obtains approval of the IRS. Where to file 2012 federal income tax return See Form 1128, Application To Adopt, Change, or Retain a Tax Year, and Publication 538; or It elects under section 444 of the Internal Revenue Code to have a tax year other than a calendar year. Where to file 2012 federal income tax return Use Form 8716, Election to Have a Tax Year Other Than a Required Tax Year, to make the election. Where to file 2012 federal income tax return   If a personal service corporation makes a section 444 election, its deduction for certain amounts paid to employee-owners may be limited. Where to file 2012 federal income tax return See Schedule H (Form 1120), Section 280H Limitations for a Personal Service Corporation (PSC), to figure the maximum deduction. Where to file 2012 federal income tax return Change of tax year. Where to file 2012 federal income tax return   Generally, a corporation must get the consent of the IRS before changing its tax year by filing Form 1128. Where to file 2012 federal income tax return However, under certain conditions, a corporation can change its tax year without getting the consent. Where to file 2012 federal income tax return For more information, see Form 1128 and Publication 538. Where to file 2012 federal income tax return Recordkeeping A corporation should keep its records for as long as they may be needed for the administration of any provision of the Internal Revenue Code. Where to file 2012 federal income tax return Usually records that support items of income, deductions, or credits on the return must be kept for 3 years from the date the return is due or filed, whichever is later. Where to file 2012 federal income tax return Keep records that verify the corporation's basis in property for as long as they are needed to figure the basis of the original or replacement property. Where to file 2012 federal income tax return The corporation should keep copies of all filed returns. Where to file 2012 federal income tax return They help in preparing future and amended returns and in the calculation of earnings and profits. Where to file 2012 federal income tax return Income, Deductions, and Special Provisions Rules on income and deductions that apply to individuals also apply, for the most part, to corporations. Where to file 2012 federal income tax return However, the following special provisions apply only to corporations. Where to file 2012 federal income tax return Costs of Going Into Business When you go into business, treat all costs you incur to get your business started as capital expenses. Where to file 2012 federal income tax return However, a corporation can elect to deduct a limited amount of start-up or organizational costs. Where to file 2012 federal income tax return Any costs not deducted can be amortized. Where to file 2012 federal income tax return Start-up costs are costs for creating an active trade or business or investigating the creation or acquisition of an active trade or business. Where to file 2012 federal income tax return Organizational costs are the direct costs of creating the corporation. Where to file 2012 federal income tax return For more information on deducting or amortizing start-up and organizational costs, see the instructions for your income tax return. Where to file 2012 federal income tax return Also see, Publication 535, chapter 7, Costs You Can Deduct or Capitalize, and chapter 8, Amortization. Where to file 2012 federal income tax return Related Persons A corporation that uses an accrual method of accounting cannot deduct business expenses and interest owed to a related person who uses the cash method of accounting until the corporation makes the payment and the corresponding amount is includible in the related person's gross income. Where to file 2012 federal income tax return Determine the relationship, for this rule, as of the end of the tax year for which the expense or interest would otherwise be deductible. Where to file 2012 federal income tax return If a deduction is denied, the rule will continue to apply even if the corporation's relationship with the person ends before the expense or interest is includible in the gross income of that person. Where to file 2012 federal income tax return These rules also deny the deduction of losses on the sale or exchange of property between related persons. Where to file 2012 federal income tax return Related persons. Where to file 2012 federal income tax return   For purposes of this rule, the following persons are related to a corporation. Where to file 2012 federal income tax return Another corporation, that is a member of the same controlled group (as defined in section 267(f) of the Internal Revenue Code). Where to file 2012 federal income tax return An individual who owns, directly or indirectly, more than 50% of the value of the outstanding stock of the corporation. Where to file 2012 federal income tax return A trust fiduciary, when the trust or the grantor of the trust owns, directly or indirectly, more than 50% in value of the outstanding stock of the corporation. Where to file 2012 federal income tax return An S corporation, if the same persons own more than 50% in value of the outstanding stock of each corporation. Where to file 2012 federal income tax return A partnership, if the same persons own more than 50% in value of the outstanding stock of the corporation and more than 50% of the capital or profits interest in the partnership. Where to file 2012 federal income tax return Any employee-owner, if the corporation is a personal service corporation (see Personal service corporation, earlier), regardless of the amount of stock owned by the employee-owner. Where to file 2012 federal income tax return Ownership of stock. Where to file 2012 federal income tax return   To determine whether an individual directly or indirectly owns any of the outstanding stock of a corporation, the following apply. Where to file 2012 federal income tax return Stock owned, directly or indirectly, by or for a corporation, partnership, estate, or trust, is treated as being owned proportionately by or for its shareholders, partners, or beneficiaries. Where to file 2012 federal income tax return An individual is treated as owning the stock owned, directly or indirectly, by or for the individual's family. Where to file 2012 federal income tax return Family includes only brothers and sisters (including half brothers and half sisters), a spouse, ancestors, and lineal descendants. Where to file 2012 federal income tax return Any individual owning (other than by applying (2), above) stock in a corporation, is treated as also owning the stock owned directly or indirectly by that individual's partner. Where to file 2012 federal income tax return To apply (1), (2), or (3), above, stock constructively owned by a person under (1) is treated as actually owned by that person. Where to file 2012 federal income tax return But stock constructively owned by an individual under (2) or (3) is not treated as actually owned by the individual for applying either (2) or (3) to make another person the constructive owner of that stock. Where to file 2012 federal income tax return Reallocation of income and deductions. Where to file 2012 federal income tax return   Where it is necessary to clearly show income or prevent tax evasion, the IRS can reallocate gross income, deductions, credits, or allowances between two or more organizations, trades, or businesses owned or controlled directly, or indirectly, by the same interests. Where to file 2012 federal income tax return Complete liquidations. Where to file 2012 federal income tax return   The disallowance of losses from the sale or exchange of property between related persons does not apply to liquidating distributions. Where to file 2012 federal income tax return More information. Where to file 2012 federal income tax return   For more information about the related person rules, see Publication 544. Where to file 2012 federal income tax return Income From Qualifying Shipping Activities A corporation may make an election to be taxed on its notional shipping income at the highest corporate tax rate. Where to file 2012 federal income tax return If a corporation makes this election it may exclude income from qualifying shipping activities from gross income. Where to file 2012 federal income tax return Also if the election is made, the corporation generally may not claim any loss, deduction, or credit with respect to qualifying shipping activities. Where to file 2012 federal income tax return A corporation making this election may also elect to defer gain on the disposition of a qualifying vessel. Where to file 2012 federal income tax return A corporation uses Form 8902, Alternative Tax on Qualifying Shipping Activities, to make the election and figure the alternative tax. Where to file 2012 federal income tax return For more information regarding the election, see Form 8902. Where to file 2012 federal income tax return Election to Expense Qualified Refinery Property A corporation can make an irrevocable election on its tax return filed by the due date (including extensions) to deduct 50% of the cost of qualified refinery property (defined in section 179C(c) of the Internal Revenue Code), placed in service before January 1, 2014. Where to file 2012 federal income tax return The deduction is allowed for the year in which the property is placed in service. Where to file 2012 federal income tax return A subchapter T cooperative can make an irrevocable election on its return by the due date (including extensions) to allocate this deduction to its owners based on their ownership interest. Where to file 2012 federal income tax return For more information, see section 179C of the Internal Revenue Code and the related Regulations. Where to file 2012 federal income tax return Deduction to Comply With EPA Sulfur Regulations A small business refiner can make an irrevocable election on its tax return filed by the due date (including extensions) to deduct up to 75% of qualified costs paid or incurred to comply with the Highway Diesel Fuel Sulfur Control Requirements of the Environmental Protection Agency (EPA). Where to file 2012 federal income tax return A subchapter T cooperative can make an irrevocable election on its return filed by the due date (including extensions) to allocate the deduction to its owners based on their ownership interest. Where to file 2012 federal income tax return For more information, see sections 45H and 179B of the Internal Revenue Code and the related Regulations. Where to file 2012 federal income tax return Energy-Efficient Commercial Building Property Deduction A corporation can claim a deduction for costs associated with energy-efficient commercial building property, placed in service before January 1, 2014. Where to file 2012 federal income tax return In order to qualify for the deduction: The costs must be associated with depreciable or amortizable property in a Standard 90. Where to file 2012 federal income tax return 1-2001 domestic building; The property must be either a part of the interior lighting system, the heating, cooling, ventilation and hot water system, or the building envelope (defined in section 179D(c)(1)(C) of the Internal Revenue Code); and The property must be installed as part of a plan to reduce the total annual energy and power costs of the building by 50% or more. Where to file 2012 federal income tax return The deduction is limited to $1. Where to file 2012 federal income tax return 80 per square foot of the building less the total amount of deductions taken for this property in prior tax years. Where to file 2012 federal income tax return Other rules and limitations apply. Where to file 2012 federal income tax return The corporation must reduce the basis of any property by any deduction taken. Where to file 2012 federal income tax return The deduction is subject to recapture if the corporation fails to fully implement an energy savings plan. Where to file 2012 federal income tax return For more information, see section 179D of the Internal Revenue Code. Where to file 2012 federal income tax return Also see Notice 2006-52, 2006-26 I. Where to file 2012 federal income tax return R. Where to file 2012 federal income tax return B. Where to file 2012 federal income tax return 1175, clarified and amplified by Notice 2008-40, 2008-14 I. Where to file 2012 federal income tax return R. Where to file 2012 federal income tax return B. Where to file 2012 federal income tax return 725, and any successor. Where to file 2012 federal income tax return Corporate Preference Items A corporation must make special adjustments to certain items before it takes them into account in determining its taxable income. Where to file 2012 federal income tax return These items are known as corporate preference items and they include the following. Where to file 2012 federal income tax return Gain on the disposition of section 1250 property. Where to file 2012 federal income tax return For more information, see section 1250 Property under Depreciation Recapture in chapter 3 of Publication 544. Where to file 2012 federal income tax return Percentage depletion for iron ore and coal (including lignite). Where to file 2012 federal income tax return For more information, see Mines and Geothermal Deposits under Mineral Property in chapter 9 of Publication 535. Where to file 2012 federal income tax return Amortization of pollution control facilities. Where to file 2012 federal income tax return For more information, see Pollution Control Facilities in chapter 8 of Publication 535 and section 291(a)(5) of the Internal Revenue Code. Where to file 2012 federal income tax return Mineral exploration and development costs. Where to file 2012 federal income tax return For more information, see Exploration Costs and Development Costs in chapter 7 of Publication 535. Where to file 2012 federal income tax return For more information on corporate preference items, see section 291 of the Internal Revenue Code. Where to file 2012 federal income tax return Dividends-Received Deduction A corporation can deduct a percentage of certain dividends received during its tax year. Where to file 2012 federal income tax return This section discusses the general rules that apply. Where to file 2012 federal income tax return The deduction is figured on Form 1120, Schedule C, or the applicable schedule of your income tax return. Where to file 2012 federal income tax return For more information, see the Instructions for Form 1120, or the instructions for your applicable income tax return. Where to file 2012 federal income tax return Dividends from domestic corporations. Where to file 2012 federal income tax return   A corporation can deduct, within certain limits, 70% of the dividends received if the corporation receiving the dividend owns less than 20% of the corporation distributing the dividend. Where to file 2012 federal income tax return If the corporation owns 20% or more of the distributing corporation's stock, it can, subject to certain limits, deduct 80% of the dividends received. Where to file 2012 federal income tax return Ownership. Where to file 2012 federal income tax return   Determine ownership, for these rules, by the amount of voting power and value of the paying corporation's stock (other than certain preferred stock) the receiving corporation owns. Where to file 2012 federal income tax return Small business investment companies. Where to file 2012 federal income tax return   Small business investment companies can deduct 100% of the dividends received from taxable domestic corporations. Where to file 2012 federal income tax return Dividends from regulated investment companies. Where to file 2012 federal income tax return   Regulated investment company dividends received are subject to certain limits. Where to file 2012 federal income tax return Capital gain dividends received from a regulated investment company do not qualify for the deduction. Where to file 2012 federal income tax return For more information, see section 854 of the Internal Revenue Code. Where to file 2012 federal income tax return No deduction allowed for certain dividends. Where to file 2012 federal income tax return   Corporations cannot take a deduction for dividends received from the following entities. Where to file 2012 federal income tax return A real estate investment trust (REIT). Where to file 2012 federal income tax return A corporation exempt from tax under section 501 or 521 of the Internal Revenue Code either for the tax year of the distribution or the preceding tax year. Where to file 2012 federal income tax return A corporation whose stock was held less than 46 days during the 91-day period beginning 45 days before the stock became ex-dividend with respect to the dividend. Where to file 2012 federal income tax return Ex-dividend means the holder has no rights to the dividend. Where to file 2012 federal income tax return A corporation whose preferred stock was held less than 91 days during the 181-day period beginning 90 days before the stock became ex-dividend with respect to the dividend if the dividends received are for a period or periods totaling more than 366 days. Where to file 2012 federal income tax return Any corporation, if your corporation is under an obligation (pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property. Where to file 2012 federal income tax return Dividends on deposits. Where to file 2012 federal income tax return   Dividends on deposits or withdrawable accounts in domestic building and loan associations, mutual savings banks, cooperative banks, and similar organizations are interest, not dividends. Where to file 2012 federal income tax return They do not qualify for this deduction. Where to file 2012 federal income tax return Limit on deduction for dividends. Where to file 2012 federal income tax return   The total deduction for dividends received or accrued is generally limited (in the following order) to: 80% of the difference between taxable income and the 100% deduction allowed for dividends received from affiliated corporations, or by a small business investment company, for dividends received or accrued from 20%-owned corporations, then 70% of the difference between taxable income and the 100% deduction allowed for dividends received from affiliated corporations, or by a small business investment company, for dividends received or accrued from less-than-20%-owned corporations (reducing taxable income by the total dividends received from 20%-owned corporations). Where to file 2012 federal income tax return Figuring the limit. Where to file 2012 federal income tax return   In figuring the limit, determine taxable income without the following items. Where to file 2012 federal income tax return The net operating loss deduction. Where to file 2012 federal income tax return The domestic production activities deduction. Where to file 2012 federal income tax return The deduction for dividends received. Where to file 2012 federal income tax return Any adjustment due to the nontaxable part of an extraordinary dividend (see Extraordinary Dividends, below). Where to file 2012 federal income tax return Any capital loss carryback to the tax year. Where to file 2012 federal income tax return Effect of net operating loss. Where to file 2012 federal income tax return   If a corporation has a net operating loss (NOL) for a tax year, the limit of 80% (or 70%) of taxable income does not apply. Where to file 2012 federal income tax return To determine whether a corporation has an NOL, figure the dividends-received deduction without the 80% (or 70%) of taxable income limit. Where to file 2012 federal income tax return Example 1. Where to file 2012 federal income tax return A corporation loses $25,000 from operations. Where to file 2012 federal income tax return It receives $100,000 in dividends from a 20%-owned corporation. Where to file 2012 federal income tax return Its taxable income is $75,000 ($100,000 – $25,000) before the deduction for dividends received. Where to file 2012 federal income tax return If it claims the full dividends-received deduction of $80,000 ($100,000 × 80%) and combines it with an operations loss of $25,000, it will have an NOL of ($5,000). Where to file 2012 federal income tax return Therefore, the 80% of taxable income limit does not apply. Where to file 2012 federal income tax return The corporation can deduct the full $80,000. Where to file 2012 federal income tax return Example 2. Where to file 2012 federal income tax return Assume the same facts as in Example 1, except that the corporation only loses $15,000 from operations. Where to file 2012 federal income tax return Its taxable income is $85,000 before the deduction for dividends received. Where to file 2012 federal income tax return After claiming the dividends-received deduction of $80,000 ($100,000 × 80%), its taxable income is $5,000. Where to file 2012 federal income tax return Because the corporation will not have an NOL after applying a full dividends-received deduction, its allowable dividends-received deduction is limited to 80% of its taxable income, or $68,000 ($85,000 × 80%). Where to file 2012 federal income tax return Extraordinary Dividends If a corporation receives an extraordinary dividend on stock held 2 years or less before the dividend announcement date, it generally must reduce its basis in the stock by the nontaxed part of the dividend. Where to file 2012 federal income tax return The nontaxed part is any dividends-received deduction allowable for the dividends. Where to file 2012 federal income tax return Extraordinary dividend. Where to file 2012 federal income tax return   An extraordinary dividend is any dividend on stock that equals or exceeds a certain percentage of the corporation's adjusted basis in the stock. Where to file 2012 federal income tax return The percentages are: 5% for stock preferred as to dividends, or 10% for other stock. Where to file 2012 federal income tax return Treat all dividends received that have ex-dividend dates within an 85-consecutive-day period as one dividend. Where to file 2012 federal income tax return Treat all dividends received that have ex-dividend dates within a 365-consecutive-day period as extraordinary dividends if the total of the dividends exceeds 20% of the corporation's adjusted basis in the stock. Where to file 2012 federal income tax return Disqualified preferred stock. Where to file 2012 federal income tax return   Any dividend on disqualified preferred stock is treated as an extraordinary dividend regardless of the period of time the corporation held the stock. Where to file 2012 federal income tax return   Disqualified preferred stock is any stock preferred as to dividends if any of the following apply. Where to file 2012 federal income tax return The stock when issued has a dividend rate that declines (or can reasonably be expected to decline) in the future. Where to file 2012 federal income tax return The issue price of the stock exceeds its liquidation rights or stated redemption price. Where to file 2012 federal income tax return The stock is otherwise structured to avoid the rules for extraordinary dividends and to enable corporate shareholders to reduce tax through a combination of dividends-received deductions and loss on the disposition of the stock. Where to file 2012 federal income tax return   These rules apply to stock issued after July 10, 1989, unless it was issued under a written binding contract in effect on that date, and thereafter, before the issuance of the stock. Where to file 2012 federal income tax return More information. Where to file 2012 federal income tax return   For more information on extraordinary dividends, see section 1059 of the Internal Revenue Code. Where to file 2012 federal income tax return Below-Market Loans If a corporation receives a below-market loan and uses the proceeds for its trade or business, it may be able to deduct the forgone interest. Where to file 2012 federal income tax return A below-market loan is a loan on which no interest is charged or on which interest is charged at a rate below the applicable federal rate. Where to file 2012 federal income tax return A below-market loan generally is treated as an arm's-length transaction in which the borrower is considered as having received both the following: A loan in exchange for a note that requires payment of interest at the applicable federal rate, and An additional payment in an amount equal to the forgone interest. Where to file 2012 federal income tax return Treat the additional payment as a gift, dividend, contribution to capital, payment of compensation, or other payment, depending on the substance of the transaction. Where to file 2012 federal income tax return Foregone interest. Where to file 2012 federal income tax return   For any period, forgone interest is equal to: The interest that would be payable for that period if interest accrued on the loan at the applicable federal rate and was payable annually on December 31, minus Any interest actually payable on the loan for the period. Where to file 2012 federal income tax return See Below-market loans, in chapter 4 of Publication 535 for more information. Where to file 2012 federal income tax return Charitable Contributions A corporation can claim a limited deduction for charitable contributions made in cash or other property. Where to file 2012 federal income tax return The contribution is deductible if made to, or for the use of, a qualified organization. Where to file 2012 federal income tax return For more information on qualified organizations, see Publication 526, Charitable Contributions. Where to file 2012 federal income tax return Also see, Exempt Organizations Select Check (EO Select Check) at www. Where to file 2012 federal income tax return irs. Where to file 2012 federal income tax return gov/charities, the on-line search tool for finding information on organizations eligible to receive tax-deductible contributions. Where to file 2012 federal income tax return Note. Where to file 2012 federal income tax return You cannot take a deduction if any of the net earnings of an organization receiving contributions benefit any private shareholder or individual. Where to file 2012 federal income tax return Cash method corporation. Where to file 2012 federal income tax return   A corporation using the cash method of accounting deducts contributions in the tax year paid. Where to file 2012 federal income tax return Accrual method corporation. Where to file 2012 federal income tax return   A corporation using an accrual method of accounting can choose to deduct unpaid contributions for the tax year the board of directors authorizes them if it pays them by the 15th day of the 3rd month after the close of that tax year. Where to file 2012 federal income tax return Make the choice by reporting the contribution on the corporation's return for the tax year. Where to file 2012 federal income tax return A declaration stating that the board of directors adopted the resolution during the tax year must accompany the return. Where to file 2012 federal income tax return The declaration must include the date the resolution was adopted. Where to file 2012 federal income tax return Limitations on deduction. Where to file 2012 federal income tax return   A corporation cannot deduct charitable contributions that exceed 10% of its taxable income for the tax year. Where to file 2012 federal income tax return Figure taxable income for this purpose without the following. Where to file 2012 federal income tax return The deduction for charitable contributions. Where to file 2012 federal income tax return The dividends-received deduction. Where to file 2012 federal income tax return The deduction allowed under section 249 of the Internal Revenue Code. Where to file 2012 federal income tax return The domestic production activities deduction. Where to file 2012 federal income tax return Any net operating loss carryback to the tax year. Where to file 2012 federal income tax return Any capital loss carryback to the tax year. Where to file 2012 federal income tax return Farmers and ranchers. Where to file 2012 federal income tax return    Corporations that are farmers and ranchers should see section 170(b)(2) of the Internal Revenue Code for special rules that may affect the deduction limit. Where to file 2012 federal income tax return Carryover of excess contributions. Where to file 2012 federal income tax return   You can carry over, within certain limits, to each of the subsequent 5 years any charitable contributions made during the current year that exceed the 10% limit. Where to file 2012 federal income tax return You lose any excess not used within that period. Where to file 2012 federal income tax return For example, if a corporation has a carryover of excess contributions paid in 2010 and it does not use all the excess on its return for 2011, it can carry any excess over to 2012, 2013, 2014, and 2015, if applicable. Where to file 2012 federal income tax return Any excess not used in 2015 is lost. Where to file 2012 federal income tax return Do not deduct a carryover of excess contributions in the carryover year until after you deduct contributions made in that year (subject to the 10% limit). Where to file 2012 federal income tax return You cannot deduct a carryover of excess contributions to the extent it increases a net operating loss carryover. Where to file 2012 federal income tax return Cash contributions. Where to file 2012 federal income tax return   A corporation must maintain a record of any contribution of cash, check, or other monetary contribution, regardless of the amount. Where to file 2012 federal income tax return The record can be a bank record, receipt, letter, or other written communication from the donee indicating the name of the organization, the date of the contribution, and the amount of the contribution. Where to file 2012 federal income tax return Keep the record of the contribution with the other corporate records. Where to file 2012 federal income tax return Do not attach the records to the corporation's return. Where to file 2012 federal income tax return For more information on cash contributions, see Publication 526. Where to file 2012 federal income tax return Gifts of $250 or more. Where to file 2012 federal income tax return   Generally, no deduction is allowed for any contribution of $250 or more unless the corporation gets a written acknowledgement from the donee organization. Where to file 2012 federal income tax return The acknowledgement should show the amount of cash contributed, a description of the property contributed, and either gives a description and a good faith estimate of the value of any goods or services provided in return for the contribution or states that no goods or services were provided in return for the contribution. Where to file 2012 federal income tax return The acknowledgement should be received by the due date (including extensions) of the return, or, if earlier, the date the return was filed. Where to file 2012 federal income tax return Keep the acknowledgement with other corporate records. Where to file 2012 federal income tax return Do not attach the acknowledgement to the return. Where to file 2012 federal income tax return Contributions of property other than cash. Where to file 2012 federal income tax return   If a corporation (other than a closely-held or a personal service corporation) claims a deduction of more than $500 for contributions of property other than cash, a schedule describing the property and the method used to determine its fair market value must be attached to the corporation's return. Where to file 2012 federal income tax return In addition the corporation should keep a record of: The approximate date and manner of acquisition of the donated property and The cost or other basis of the donated property held by the donor for less than 12 months prior to contribution. Where to file 2012 federal income tax return   Closely held and personal service corporations must complete and attach Form 8283, Noncash Charitable Contributions, to their returns if they claim a deduction of more than $500 for non-cash contributions. Where to file 2012 federal income tax return For all other corporations, if the deduction claimed for donated property exceeds $5,000, complete Form 8283 and attach it to the corporation's return. Where to file 2012 federal income tax return   A corporation must obtain a qualified appraisal for all deductions of property claimed in excess of $5,000. Where to file 2012 federal income tax return A qualified appraisal is not required for the donation of cash, publicly traded securities, inventory, and any qualified vehicles sold by a donee organization without any significant intervening use or material improvement. Where to file 2012 federal income tax return The appraisal should be maintained with other corporate records and only attached to the corporation's return when the deduction claimed exceeds $500,000; $20,000 for donated art work. Where to file 2012 federal income tax return   See Form 8283 for more information. Where to file 2012 federal income tax return Qualified conservation contributions. Where to file 2012 federal income tax return   If a corporation makes a qualified conservation contribution, the corporation must provide information regarding the legal interest being donated, the fair market value of the underlying property before and after the donation, and a description of the conservation purpose for which the property will be used. Where to file 2012 federal income tax return For more information, see section 170(h) of the Internal Revenue Code. Where to file 2012 federal income tax return Contributions of used vehicles. Where to file 2012 federal income tax return   A corporation is allowed a deduction for the contribution of used motor vehicles, boats, and airplanes. Where to file 2012 federal income tax return The deduction is limited, and other special rules apply. Where to file 2012 federal income tax return For more information, see Publication 526. Where to file 2012 federal income tax return Reduction for contributions of certain property. Where to file 2012 federal income tax return   For a charitable contribution of property, the corporation must reduce the contribution by the sum of: The ordinary income and short-term capital gain that would have resulted if the property were sold at its FMV and For certain contributions, the long-term capital gain that would have resulted if the property were sold at its FMV. Where to file 2012 federal income tax return   The reduction for the long-term capital gain applies to: Contributions of tangible personal property for use by an exempt organization for a purpose or function unrelated to the basis for its exemption; Contributions of any property to or for the use of certain private foundations except for stock for which market quotations are readily available; and Contributions of any patent, certain copyrights, trademark, trade name, trade secret, know-how, software (that is a section 197 intangible), or similar property, or applications or registrations of such property. Where to file 2012 federal income tax return Larger deduction. Where to file 2012 federal income tax return   A corporation (other than an S corporation) may be able to claim a deduction equal to the lesser of (a) the basis of the donated inventory or property plus one-half of the inventory or property's appreciation (gain if the donated inventory or property was sold at fair market value on the date of the donation), or (b) two times basis of the donated inventory or property. Where to file 2012 federal income tax return This deduction may be allowed for certain contributions of: Certain inventory and other property made to a donee organization and used solely for the care of the ill, the needy, and infants. Where to file 2012 federal income tax return Scientific property constructed by the corporation (other than an S corporation, personal holding company, or personal service corporation) and donated no later than 2 years after substantial completion of the construction. Where to file 2012 federal income tax return The property must be donated to a qualified organization and its original use must be by the donee for research, experimentation, or research training within the United States in the area of physical or biological science. Where to file 2012 federal income tax return Computer technology and equipment acquired or constructed and donated no later than 3 years after either acquisition or substantial completion of construction to an educational organization for educational purposes within the United States. Where to file 2012 federal income tax return Contributions to organizations conducting lobbying activities. Where to file 2012 federal income tax return   Contributions made to an organization that conducts lobbying activities are not deductible if: The lobbying activities relate to matters of direct financial interest to the donor's trade or business and The principal purpose of the contribution was to avoid federal income tax by obtaining a deduction for activities that would have been nondeductible under the lobbying expense rules if conducted directly by the donor. Where to file 2012 federal income tax return More information. Where to file 2012 federal income tax return   For more information on charitable contributions, including substantiation and recordkeeping requirements, see section 170 of the Internal Revenue Code, the related regulations, and Publication 526. Where to file 2012 federal income tax return Capital Losses A corporation can deduct capital losses only up to the amount of its capital gains. Where to file 2012 federal income tax return In other words, if a corporation has an excess capital loss, it cannot deduct the loss in the current tax year. Where to file 2012 federal income tax return Instead, it carries the loss to other tax years and deducts it from any net capital gains that occur in those years. Where to file 2012 federal income tax return A capital loss is carried to other years in the following order. Where to file 2012 federal income tax return 3 years prior to the loss year. Where to file 2012 federal income tax return 2 years prior to the loss year. Where to file 2012 federal income tax return 1 year prior to the loss year. Where to file 2012 federal income tax return Any loss remaining is carried forward for 5 years. Where to file 2012 federal income tax return When you carry a net capital loss to another tax year, treat it as a short-term loss. Where to file 2012 federal income tax return It does not retain its original identity as long term or short term. Where to file 2012 federal income tax return Example. Where to file 2012 federal income tax return A calendar year corporation has a net short-term capital gain of $3,000 and a net long-term capital loss of $9,000. Where to file 2012 federal income tax return The short-term gain offsets some of the long-term loss, leaving a net capital loss of $6,000. Where to file 2012 federal income tax return The corporation treats this $6,000 as a short-term loss when carried back or forward. Where to file 2012 federal income tax return The corporation carries the $6,000 short-term loss back 3 years. Where to file 2012 federal income tax return In year 1, the corporation had a net short-term capital gain of $8,000 and a net long-term capital gain of $5,000. Where to file 2012 federal income tax return It subtracts the $6,000 short-term loss first from the net short-term gain. Where to file 2012 federal income tax return This results in a net capital gain for year 1 of $7,000. Where to file 2012 federal income tax return This consists of a net short-term capital gain of $2,000 ($8,000 − $6,000) and a net long-term capital gain of $5,000. Where to file 2012 federal income tax return S corporation status. Where to file 2012 federal income tax return   A corporation may not carry a capital loss from, or to, a year for which it is an S corporation. Where to file 2012 federal income tax return Rules for carryover and carryback. Where to file 2012 federal income tax return   When carrying a capital loss from one year to another, the following rules apply. Where to file 2012 federal income tax return When figuring the current year's net capital loss, you cannot combine it with a capital loss carried from another year. Where to file 2012 federal income tax return In other words, you can carry capital losses only to years that would otherwise have a total net capital gain. Where to file 2012 federal income tax return If you carry capital losses from 2 or more years to the same year, deduct the loss from the earliest year first. Where to file 2012 federal income tax return You cannot use a capital loss carried from another year to produce or increase a net operating loss in the year to which you carry it back. Where to file 2012 federal income tax return Refunds. Where to file 2012 federal income tax return   When you carry back a capital loss to an earlier tax year, refigure your tax for that year. Where to file 2012 federal income tax return If your corrected tax is less than the tax you originally owed, use either Form 1139, Corporate Application for Tentative Refund, or Form 1120X, Amended U. Where to file 2012 federal income tax return S. Where to file 2012 federal income tax return Corporation Income Tax Return, to apply for a refund. Where to file 2012 federal income tax return Form 1139. Where to file 2012 federal income tax return    A corporation can get a refund faster by using Form 1139. Where to file 2012 federal income tax return It cannot file Form 1139 before filing the return for the corporation's capital loss year, but it must file Form 1139 no later than 1 year after the year it sustains the capital loss. Where to file 2012 federal income tax return Form 1120X. Where to file 2012 federal income tax return   If the corporation does not file Form 1139, it must file Form 1120X to apply for a refund. Where to file 2012 federal income tax return The corporation must file the Form 1120X within 3 years of the due date, includin
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The Where To File 2012 Federal Income Tax Return

Where to file 2012 federal income tax return Publication 590 - Introductory Material Table of Contents What's New for 2013 What's New for 2014 Reminders IntroductionOrdering forms and publications. Where to file 2012 federal income tax return Tax questions. Where to file 2012 federal income tax return Useful Items - You may want to see: Note. Where to file 2012 federal income tax return After 2013, Publication 590 will be split into two separate publications as follows. Where to file 2012 federal income tax return Publication 590-A, will focus on contributions to traditional IRAs as well as Roth IRAs. Where to file 2012 federal income tax return This publication will include the rules for rollover and conversion contributions. Where to file 2012 federal income tax return Publication 590-B, will focus on distributions from traditional IRAs as well as Roth IRAs. Where to file 2012 federal income tax return This publication will include the rules for required minimum distributions and IRA beneficiaries. Where to file 2012 federal income tax return What's New for 2013 Traditional IRA contribution and deduction limit. Where to file 2012 federal income tax return  The contribution limit to your traditional IRA for 2013 will be increased to the smaller of the following amounts: $5,500, or Your taxable compensation for the year. Where to file 2012 federal income tax return If you were age 50 or older before 2014, the most that can be contributed to your traditional IRA for 2013 will be the smaller of the following amounts: $6,500, or Your taxable compensation for the year. Where to file 2012 federal income tax return For more information, see How Much Can Be Contributed? in chapter 1. Where to file 2012 federal income tax return Roth IRA contribution limit. Where to file 2012 federal income tax return  If contributions on your behalf are made only to Roth IRAs, your contribution limit for 2013 will generally be the lesser of: $5,500, or Your taxable compensation for the year. Where to file 2012 federal income tax return If you were age 50 or older before 2014 and contributions on your behalf were made only to Roth IRAs, your contribution limit for 2013 will generally be the lesser of: $6,500, or Your taxable compensation for the year. Where to file 2012 federal income tax return However, if your modified adjusted gross income (AGI) is above a certain amount, your contribution limit may be reduced. Where to file 2012 federal income tax return For more information, see How Much Can Be Contributed? under Can You Contribute to a Roth IRA? in chapter 2. Where to file 2012 federal income tax return Modified AGI limit for traditional IRA contributions increased. Where to file 2012 federal income tax return  For 2013, if you were covered by a retirement plan at work, your deduction for contributions to a traditional IRA is reduced (phased out) if your modified AGI is: More than $95,000 but less than $115,000 for a married couple filing a joint return or a qualifying widow(er), More than $59,000 but less than $69,000 for a single individual or head of household, or Less than $10,000 for a married individual filing a separate return. Where to file 2012 federal income tax return If you either lived with your spouse or file a joint return, and your spouse was covered by a retirement plan at work, but you were not, your deduction is phased out if your modified AGI is more than $178,000 but less than $188,000. Where to file 2012 federal income tax return If your modified AGI is $188,000 or more, you cannot take a deduction for contributions to a traditional IRA. Where to file 2012 federal income tax return See How Much Can You Deduct? in chapter 1. Where to file 2012 federal income tax return Modified AGI limit for Roth IRA contributions increased. Where to file 2012 federal income tax return  For 2013, your Roth IRA contribution limit is reduced (phased out) in the following situations. Where to file 2012 federal income tax return Your filing status is married filing jointly or qualifying widow(er) and your modified AGI is at least $178,000. Where to file 2012 federal income tax return You cannot make a Roth IRA contribution if your modified AGI is $188,000 or more. Where to file 2012 federal income tax return Your filing status is single, head of household, or married filing separately and you did not live with your spouse at any time in 2013 and your modified AGI is at least $112,000. Where to file 2012 federal income tax return You cannot make a Roth IRA contribution if your modified AGI is $127,000 or more. Where to file 2012 federal income tax return Your filing status is married filing separately, you lived with your spouse at any time during the year, and your modified AGI is more than -0-. Where to file 2012 federal income tax return You cannot make a Roth IRA contribution if your modified AGI is $10,000 or more. Where to file 2012 federal income tax return See Can You Contribute to a Roth IRA? in chapter 2. Where to file 2012 federal income tax return Net Investment Income Tax. Where to file 2012 federal income tax return  For purposes of the Net Investment Income Tax (NIIT), net investment income does not include distributions from a qualified retirement plan (for example, 401(a), 403(a), 403(b), 457(b) plans, and IRAs). Where to file 2012 federal income tax return However, these distributions are taken into account when determining the modified adjusted gross income threshold. Where to file 2012 federal income tax return Distributions from a nonqualified retirement plan are included in net investment income. Where to file 2012 federal income tax return See Form 8960, Net Investment Income Tax—Individuals, Estates, and Trusts, and its instructions for more information. Where to file 2012 federal income tax return Kay Bailey Hutchison Spousal IRA. Where to file 2012 federal income tax return . Where to file 2012 federal income tax return  In 2013, spousal IRAs were renamed to Kay Bailey Hutchison Spousal IRAs. Where to file 2012 federal income tax return There are no changes to the rules regarding these IRAs. Where to file 2012 federal income tax return See Kay Bailey Hutchison Spousal IRA Limit in chapter 1 for more information. Where to file 2012 federal income tax return What's New for 2014 Modified AGI limit for traditional IRA contributions increased. Where to file 2012 federal income tax return  For 2014, if you are covered by a retirement plan at work, your deduction for contributions to a traditional IRA is reduced (phased out) if your modified AGI is: More than $96,000 but less than $116,000 for a married couple filing a joint return or a qualifying widow(er), More than $60,000 but less than $70,000 for a single individual or head of household, or Less than $10,000 for a married individual filing a separate return. Where to file 2012 federal income tax return If you either live with your spouse or file a joint return, and your spouse is covered by a retirement plan at work, but you are not, your deduction is phased out if your modified AGI is more than $181,000 but less than $191,000. Where to file 2012 federal income tax return If your modified AGI is $191,000 or more, you cannot take a deduction for contributions to a traditional IRA. Where to file 2012 federal income tax return Modified AGI limit for Roth IRA contributions increased. Where to file 2012 federal income tax return  For 2014, your Roth IRA contribution limit is reduced (phased out) in the following situations. Where to file 2012 federal income tax return Your filing status is married filing jointly or qualifying widow(er) and your modified AGI is at least $181,000. Where to file 2012 federal income tax return You cannot make a Roth IRA contribution if your modified AGI is $191,000 or more. Where to file 2012 federal income tax return Your filing status is single, head of household, or married filing separately and you did not live with your spouse at any time in 2014 and your modified AGI is at least $114,000. Where to file 2012 federal income tax return You cannot make a Roth IRA contribution if your modified AGI is $129,000 or more. Where to file 2012 federal income tax return Your filing status is married filing separately, you lived with your spouse at any time during the year, and your modified AGI is more than -0-. Where to file 2012 federal income tax return You cannot make a Roth IRA contribution if your modified AGI is $10,000 or more. Where to file 2012 federal income tax return Reminders Future developments. Where to file 2012 federal income tax return  For the latest information about developments related to Publication 590, such as legislation enacted after it was published, go to www. Where to file 2012 federal income tax return irs. Where to file 2012 federal income tax return gov/pub590. Where to file 2012 federal income tax return Simplified employee pension (SEP). Where to file 2012 federal income tax return  SEP IRAs are not covered in this publication. Where to file 2012 federal income tax return They are covered in Publication 560, Retirement Plans for Small Business. Where to file 2012 federal income tax return Deemed IRAs. Where to file 2012 federal income tax return  A qualified employer plan (retirement plan) can maintain a separate account or annuity under the plan (a deemed IRA) to receive voluntary employee contributions. Where to file 2012 federal income tax return If the separate account or annuity otherwise meets the requirements of an IRA, it will be subject only to IRA rules. Where to file 2012 federal income tax return An employee's account can be treated as a traditional IRA or a Roth IRA. Where to file 2012 federal income tax return For this purpose, a “qualified employer plan” includes: A qualified pension, profit-sharing, or stock bonus plan (section 401(a) plan), A qualified employee annuity plan (section 403(a) plan), A tax-sheltered annuity plan (section 403(b) plan), and A deferred compensation plan (section 457 plan) maintained by a state, a political subdivision of a state, or an agency or instrumentality of a state or political subdivision of a state. Where to file 2012 federal income tax return Contributions to both traditional and Roth IRAs. Where to file 2012 federal income tax return  For information on your combined contribution limit if you contribute to both traditional and Roth IRAs, see Roth IRAs and traditional IRAs under How Much Can Be Contributed? in chapter 2. Where to file 2012 federal income tax return Statement of required minimum distribution (RMD). Where to file 2012 federal income tax return  If an RMD is required from your IRA, the trustee, custodian, or issuer that held the IRA at the end of the preceding year must either report the amount of the RMD to you, or offer to calculate it for you. Where to file 2012 federal income tax return The report or offer must include the date by which the amount must be distributed. Where to file 2012 federal income tax return The report is due January 31 of the year in which the minimum distribution is required. Where to file 2012 federal income tax return It can be provided with the year-end fair market value statement that you normally get each year. Where to file 2012 federal income tax return No report is required for section 403(b) contracts (generally tax-sheltered annuities) or for IRAs of owners who have died. Where to file 2012 federal income tax return IRA interest. Where to file 2012 federal income tax return  Although interest earned from your IRA is generally not taxed in the year earned, it is not tax-exempt interest. Where to file 2012 federal income tax return Tax on your traditional IRA is generally deferred until you take a distribution. Where to file 2012 federal income tax return Do not report this interest on your return as tax-exempt interest. Where to file 2012 federal income tax return For more information on tax-exempt interest, see the instructions for your tax return. Where to file 2012 federal income tax return Photographs of missing children. Where to file 2012 federal income tax return  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Where to file 2012 federal income tax return Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Where to file 2012 federal income tax return 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. Where to file 2012 federal income tax return Introduction This publication discusses individual retirement arrangements (IRAs). Where to file 2012 federal income tax return An IRA is a personal savings plan that gives you tax advantages for setting aside money for retirement. Where to file 2012 federal income tax return What are some tax advantages of an IRA?   Two tax advantages of an IRA are that: Contributions you make to an IRA may be fully or partially deductible, depending on which type of IRA you have and on your circumstances, and Generally, amounts in your IRA (including earnings and gains) are not taxed until distributed. Where to file 2012 federal income tax return In some cases, amounts are not taxed at all if distributed according to the rules. Where to file 2012 federal income tax return What's in this publication?   This publication discusses traditional, Roth, and SIMPLE IRAs. Where to file 2012 federal income tax return It explains the rules for: Setting up an IRA, Contributing to an IRA, Transferring money or property to and from an IRA, Handling an inherited IRA, Receiving distributions (making withdrawals) from an IRA, and Taking a credit for contributions to an IRA. Where to file 2012 federal income tax return   It also explains the penalties and additional taxes that apply when the rules are not followed. Where to file 2012 federal income tax return To assist you in complying with the tax rules for IRAs, this publication contains worksheets, sample forms, and tables, which can be found throughout the publication and in the appendices at the back of the publication. Where to file 2012 federal income tax return How to use this publication. Where to file 2012 federal income tax return   The rules that you must follow depend on which type of IRA you have. Where to file 2012 federal income tax return Use Table I-1 to help you determine which parts of this publication to read. Where to file 2012 federal income tax return Also use Table I-1 if you were referred to this publication from instructions to a form. Where to file 2012 federal income tax return Comments and suggestions. Where to file 2012 federal income tax return   We welcome your comments about this publication and your suggestions for future editions. Where to file 2012 federal income tax return   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Where to file 2012 federal income tax return NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Where to file 2012 federal income tax return Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Where to file 2012 federal income tax return   You can send your comments from www. Where to file 2012 federal income tax return irs. Where to file 2012 federal income tax return gov/formspubs/. Where to file 2012 federal income tax return Click on “More Information” and then on “Comment on Tax Forms and Publications”. Where to file 2012 federal income tax return   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. Where to file 2012 federal income tax return Ordering forms and publications. Where to file 2012 federal income tax return   Visit www. Where to file 2012 federal income tax return irs. Where to file 2012 federal income tax return 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. Where to file 2012 federal income tax return Internal Revenue Service 1201 N. Where to file 2012 federal income tax return Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Where to file 2012 federal income tax return   If you have a tax question, check the information available on IRS. Where to file 2012 federal income tax return gov or call 1-800-829-1040. Where to file 2012 federal income tax return We cannot answer tax questions sent to either of the above addresses. Where to file 2012 federal income tax return Useful Items - You may want to see: Publications 560 Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans) 571 Tax-Sheltered Annuity Plans (403(b) Plans) 575 Pension and Annuity Income 939 General Rule for Pensions and Annuities Forms (and instructions) W-4P Withholding Certificate for Pension or Annuity Payments 1099-R Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Where to file 2012 federal income tax return 5304-SIMPLE Savings Incentive Match Plan for Employees of Small Employers (SIMPLE)–Not for Use With a Designated Financial Institution 5305-S SIMPLE Individual Retirement Trust Account 5305-SA SIMPLE Individual Retirement Custodial Account 5305-SIMPLE Savings Incentive Match Plan for Employees of Small Employers (SIMPLE)–for Use With a Designated Financial Institution 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts 5498 IRA Contribution Information 8606 Nondeductible IRAs 8815 Exclusion of Interest From Series EE and I U. Where to file 2012 federal income tax return S. Where to file 2012 federal income tax return Savings Bonds Issued After 1989 8839 Qualified Adoption Expenses 8880 Credit for Qualified Retirement Savings Contributions See chapter 5 for information about getting these publications and forms. Where to file 2012 federal income tax return Table I-1. Where to file 2012 federal income tax return Using This Publication IF you need information on . Where to file 2012 federal income tax return . Where to file 2012 federal income tax return . Where to file 2012 federal income tax return THEN see . Where to file 2012 federal income tax return . Where to file 2012 federal income tax return . Where to file 2012 federal income tax return traditional IRAs chapter 1. Where to file 2012 federal income tax return Roth IRAs chapter 2, and parts of  chapter 1. Where to file 2012 federal income tax return SIMPLE IRAs chapter 3. Where to file 2012 federal income tax return the credit for qualified retirement savings contributions (the saver's credit) chapter 4. Where to file 2012 federal income tax return how to keep a record of your contributions to, and distributions from, your traditional IRA(s) appendix A. Where to file 2012 federal income tax return SEP IRAs and 401(k) plans Publication 560. Where to file 2012 federal income tax return Coverdell education savings accounts (formerly called education IRAs) Publication 970. Where to file 2012 federal income tax return IF for 2013, you received social security benefits, had taxable compensation, contributed to a traditional IRA, and you or your spouse was covered by an employer retirement plan, and you want to. Where to file 2012 federal income tax return . Where to file 2012 federal income tax return . Where to file 2012 federal income tax return THEN see . Where to file 2012 federal income tax return . Where to file 2012 federal income tax return . Where to file 2012 federal income tax return first figure your modified adjusted gross income (AGI) appendix B, worksheet 1. Where to file 2012 federal income tax return then figure how much of your traditional IRA contribution you can deduct appendix B, worksheet 2. Where to file 2012 federal income tax return and finally figure how much of your social security is taxable appendix B, worksheet 3. Where to file 2012 federal income tax return Table I-2. Where to file 2012 federal income tax return How Are a Traditional IRA and a Roth IRA Different? This table shows the differences between traditional and Roth IRAs. Where to file 2012 federal income tax return Answers in the middle column apply to traditional IRAs. Where to file 2012 federal income tax return Answers in the right column apply to Roth IRAs. Where to file 2012 federal income tax return Question Answer   Traditional IRA? Roth IRA? Is there an age limit on when I can open and contribute to a Yes. Where to file 2012 federal income tax return You must not have reached age  70½ by the end of the year. Where to file 2012 federal income tax return See Who Can Open a Traditional IRA? in chapter 1. Where to file 2012 federal income tax return No. Where to file 2012 federal income tax return You can be any age. Where to file 2012 federal income tax return See Can You Contribute to a Roth IRA? in chapter 2. Where to file 2012 federal income tax return If I earned more than $5,500 in 2013 ($6,500 if I was 50 or older by the end of 2013), is there a limit on how much I can contribute to a Yes. Where to file 2012 federal income tax return For 2013, you can contribute to a traditional IRA up to: $5,500, or $6,500 if you were age 50 or older by the end of 2013. Where to file 2012 federal income tax return  There is no upper limit on how much you can earn and still contribute. Where to file 2012 federal income tax return See How Much Can Be Contributed? in chapter 1. Where to file 2012 federal income tax return Yes. Where to file 2012 federal income tax return For 2013, you may be able to contribute to a Roth IRA up to: $5,500, or $6,500 if you were age 50 or older by the end of 2013,  but the amount you can contribute may be less than that depending on your income, filing status, and if you contribute to another IRA. Where to file 2012 federal income tax return See How Much Can Be Contributed? and Table 2-1 in chapter 2. Where to file 2012 federal income tax return Can I deduct contributions to a Yes. Where to file 2012 federal income tax return You may be able to deduct your contributions to a traditional IRA depending on your income, filing status, whether you are covered by a retirement plan at work, and whether you receive social security benefits. Where to file 2012 federal income tax return See How Much Can You Deduct? in chapter 1. Where to file 2012 federal income tax return No. Where to file 2012 federal income tax return You can never deduct contributions to a Roth IRA. Where to file 2012 federal income tax return See What Is a Roth IRA? in chapter 2. Where to file 2012 federal income tax return Do I have to file a form just because I contribute to a Not unless you make nondeductible contributions to your traditional IRA. Where to file 2012 federal income tax return In that case, you must file Form 8606. Where to file 2012 federal income tax return See Nondeductible Contributions in chapter 1. Where to file 2012 federal income tax return No. Where to file 2012 federal income tax return You do not have to file a form if you contribute to a Roth IRA. Where to file 2012 federal income tax return See Contributions not reported in chapter 2. Where to file 2012 federal income tax return Do I have to start taking distributions when I reach a certain age from a Yes. Where to file 2012 federal income tax return You must begin receiving required minimum distributions by April 1 of the year following the year you reach age 70½. Where to file 2012 federal income tax return See When Must You Withdraw Assets? (Required Minimum Distributions) in chapter 1. Where to file 2012 federal income tax return No. Where to file 2012 federal income tax return If you are the original owner of a Roth IRA, you do not have to take distributions regardless of your age. Where to file 2012 federal income tax return See Are Distributions Taxable? in chapter 2. Where to file 2012 federal income tax return However, if you are the beneficiary of a Roth IRA, you may have to take distributions. Where to file 2012 federal income tax return See Distributions After Owner's Death in chapter 2. Where to file 2012 federal income tax return How are distributions taxed from a Distributions from a traditional IRA are taxed as ordinary income, but if you made nondeductible contributions, not all of the distribution is taxable. Where to file 2012 federal income tax return See Are Distributions Taxable? in chapter 1. Where to file 2012 federal income tax return Distributions from a Roth IRA are not taxed as long as you meet certain criteria. Where to file 2012 federal income tax return See Are Distributions Taxable? in chapter 2. Where to file 2012 federal income tax return Do I have to file a form just because I receive distributions from a Not unless you have ever made a nondeductible contribution to a traditional IRA. Where to file 2012 federal income tax return If you have, file Form 8606. Where to file 2012 federal income tax return See Nondeductible Contributions in chapter 1. Where to file 2012 federal income tax return Yes. Where to file 2012 federal income tax return File Form 8606 if you received distributions from a Roth IRA (other than a rollover, qualified charitable distribution, one-time distribution to fund an HSA, recharacterization, certain qualified distributions, or a return of certain contributions). Where to file 2012 federal income tax return Prev  Up  Next   Home   More Online Publications