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Www Irs Gov 2011 Tax Forms

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Www Irs Gov 2011 Tax Forms

Www irs gov 2011 tax forms Internal Revenue Bulletin:  2013-7  February 11, 2013  Rev. Www irs gov 2011 tax forms Proc. Www irs gov 2011 tax forms 2013-16 Table of Contents SECTION 1. Www irs gov 2011 tax forms PURPOSE SECTION 2. Www irs gov 2011 tax forms BACKGROUND—HAMP AND THE HAMP PRINCIPAL REDUCTION ALTERNATIVE SECTION 3. Www irs gov 2011 tax forms BACKGROUND—APPLICABLE PROVISIONS OF LAW SECTION 4. Www irs gov 2011 tax forms FEDERAL INCOME TAX TREATMENT SECTION 5. Www irs gov 2011 tax forms INFORMATION-REPORTING OBLIGATIONS SECTION 6. Www irs gov 2011 tax forms HAMP-PRA BORROWERS’ REPORTING OF DISCHARGES OF INDEBTEDNESS UNDER HAMP-PRA SECTION 7. Www irs gov 2011 tax forms PENALTY RELIEF FOR 2012 SECTION 8. Www irs gov 2011 tax forms SCOPE AND EFFECTIVE DATE SECTION 9. Www irs gov 2011 tax forms DRAFTING INFORMATION SECTION 1. Www irs gov 2011 tax forms PURPOSE This revenue procedure provides guidance to mortgage loan holders, loan servicers, and borrowers who are participating in the Department of the Treasury’s (Treasury) and Department of Housing and Urban Development’s (HUD) Home Affordable Modification Program® (HAMP®). Www irs gov 2011 tax forms Under HAMP, a borrower may be eligible for principal reduction of the outstanding balance of a qualifying mortgage pursuant to the program’s Principal Reduction AlternativeSM (PRA). Www irs gov 2011 tax forms In appropriate cases, HAMP has been offering the PRA as part of a HAMP loan modification since the last quarter of 2010. Www irs gov 2011 tax forms Current plans call for HAMP to continue accepting new borrowers through the end of 2013. Www irs gov 2011 tax forms The Internal Revenue Service (Service) is providing this guidance to address the tax consequences for borrowers (HAMP-PRA borrowers) who are participating in the PRA and the reporting obligations for participating mortgage loan holders and servicers. Www irs gov 2011 tax forms SECTION 2. Www irs gov 2011 tax forms BACKGROUND—HAMP AND THE HAMP PRINCIPAL REDUCTION ALTERNATIVE . Www irs gov 2011 tax forms 01 To help distressed borrowers lower their monthly mortgage payments, Treasury and HUD established HAMP for mortgage loans that are not owned or guaranteed by the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac). Www irs gov 2011 tax forms A description of the program can be found at www. Www irs gov 2011 tax forms makinghomeaffordable. Www irs gov 2011 tax forms gov. Www irs gov 2011 tax forms . Www irs gov 2011 tax forms 02 Under HAMP, a participating loan servicer, acting on behalf of the mortgage loan holder, must consider a sequence of modification steps for each eligible borrower’s mortgage loan until the borrower’s monthly payment is reduced to a monthly payment amount determined under the HAMP guidelines. Www irs gov 2011 tax forms These steps include a reduction in the mortgage loan’s interest rate, an extension of the mortgage loan’s term, and a reduction in the mortgage loan’s principal balance. Www irs gov 2011 tax forms . Www irs gov 2011 tax forms 03 In some cases, the unpaid principal balance of the modified mortgage loan is divided into (1) an amount that bears stated interest and that is used to calculate the borrower’s new monthly mortgage payment (the “Non-forbearance Portion”), and (2) a forbearance amount, which does not bear stated interest and on which periodic payments of stated principal are not required. Www irs gov 2011 tax forms The stated principal of the forbearance amount is due upon the earliest of the borrower’s transfer of the property, payoff of the balance on the Non-forbearance Portion of the mortgage loan, or maturity of the mortgage loan. Www irs gov 2011 tax forms However, as noted in section 2. Www irs gov 2011 tax forms 06 of this revenue procedure, a HAMP-PRA borrower sometimes may not have to pay all or a portion of the forbearance amount. Www irs gov 2011 tax forms (The forbearance amount associated with a HAMP-PRA principal reduction is called the “PRA Forbearance Amount. Www irs gov 2011 tax forms ”) . Www irs gov 2011 tax forms 04 If a mortgage loan is being considered for a HAMP modification and the amount owed on the mortgage loan is greater than 115 percent of the value of the property, then the servicer must consider whether principal reduction under PRA should be used as part of the HAMP modification. Www irs gov 2011 tax forms . Www irs gov 2011 tax forms 05 The first step toward a HAMP modification is a trial period plan, in which the borrower’s monthly mortgage payment is set at a monthly payment amount determined under the HAMP guidelines. Www irs gov 2011 tax forms The trial period plan effective date is the due date for the first of the reduced payments that are to be made under the trial period plan. Www irs gov 2011 tax forms (It is the first day of either the first or the second month after the servicer transmits the trial period notice to the borrower. Www irs gov 2011 tax forms ) In general, the trial period is three months, and, during this period, the borrower must satisfy certain conditions before the changes to the terms of the mortgage loan become permanent (the “Trial Period Conditions”). Www irs gov 2011 tax forms Specifically, depending on the borrower’s trial period payment history, the borrower’s compliance with HAMP and servicer guidelines, and his or her satisfaction of all other Trial Period Conditions, the borrower will be offered a permanent modification of the terms of the mortgage loan, including monthly mortgage payments that are lower than those under the old mortgage loan. Www irs gov 2011 tax forms Until the effective date of a permanent modification, the terms of the existing mortgage loan continue to apply. Www irs gov 2011 tax forms . Www irs gov 2011 tax forms 06 After the mortgage loan is permanently modified under HAMP, if the modified mortgage loan is in good standing on the first, second, or third annual anniversary of the trial period plan effective date (the “Three-year Period”), the servicer must reduce the unpaid principal balance of the mortgage loan on the respective anniversary date by one-third of the initial PRA Forbearance Amount. Www irs gov 2011 tax forms (The servicer allocates the entire reduction to the remaining PRA Forbearance Amount. Www irs gov 2011 tax forms ) In general, if a HAMP-PRA borrower’s mortgage loan is in good standing and if the HAMP-PRA borrower pays in full the Non-forbearance Portion of the mortgage loan prior to the reduction of the entire PRA Forbearance Amount, the servicer must reduce the remaining outstanding principal balance of the mortgage loan by the remaining PRA Forbearance Amount. Www irs gov 2011 tax forms . Www irs gov 2011 tax forms 07 In connection with every HAMP loan modification, the HAMP program administrator (acting on behalf of the federal government) provides incentives to the borrower, the servicer, and the investor (that is, the holder of the mortgage loan). Www irs gov 2011 tax forms If a HAMP loan modification includes a PRA principal reduction, the HAMP program administrator makes additional incentive payments to the investor. Www irs gov 2011 tax forms These additional incentives are called “PRA Investor Incentive Payments” and are generally spread over three years. Www irs gov 2011 tax forms The size of the PRA Investor Incentive Payments depends on the amount of principal reduced, the loan-to-value ratio at the time of the HAMP modification, and the loan’s payment history before the modification. Www irs gov 2011 tax forms The PRA Investor Incentive Payments range from 18 to 63 percent of the principal amounts reduced. Www irs gov 2011 tax forms For purposes of this revenue procedure, the excess of the initial PRA Forbearance Amount of a mortgage loan over the aggregate PRA Investor Incentive Payments scheduled to be paid with respect to that loan is called the “PRA Adjusted Forbearance Amount. Www irs gov 2011 tax forms ” . Www irs gov 2011 tax forms 08 A PRA Investor Incentive Payment is earned by the investor on each date on which the servicer reduces the unpaid principal balance of the mortgage loan by a portion of the PRA Forbearance Amount (generally, on the first three annual anniversaries of the trial period plan effective date). Www irs gov 2011 tax forms . Www irs gov 2011 tax forms 09 If a HAMP-PRA borrower’s early payment in full of the Non-forbearance Portion of the mortgage loan accelerates the reduction of the remaining PRA Forbearance Amount (described above in section 2. Www irs gov 2011 tax forms 06 of this revenue procedure), the remaining PRA Investor Incentive Payments from the HAMP program administrator are also accelerated. Www irs gov 2011 tax forms . Www irs gov 2011 tax forms 10 If, prior to completion of the Three-year Period, a mortgage loan ceases to be in good standing because of the HAMP-PRA borrower’s payment history, then the remaining PRA Forbearance Amount is not further reduced and is due when the HAMP-PRA borrower transfers the property, the HAMP-PRA borrower refinances, or otherwise pays off the Non-forbearance Portion of the mortgage loan, or the mortgage loan matures. Www irs gov 2011 tax forms SECTION 3. Www irs gov 2011 tax forms BACKGROUND—APPLICABLE PROVISIONS OF LAW . Www irs gov 2011 tax forms 01 Under § 61 of the Internal Revenue Code, except as otherwise provided in subtitle A, gross income means all income from whatever source derived, including income from discharge of indebtedness. Www irs gov 2011 tax forms See § 61(a)(12). Www irs gov 2011 tax forms . Www irs gov 2011 tax forms 02 Under § 1. Www irs gov 2011 tax forms 1001-3 of the Income Tax Regulations, if a debt instrument undergoes a significant modification, then the modification results in an exchange of the original debt instrument for the modified debt instrument. Www irs gov 2011 tax forms In general, an agreement to change a term of a debt instrument is a modification at the time the borrower and holder enter into the agreement, even if the change in term is not immediately effective. Www irs gov 2011 tax forms However, if the change is conditioned on reasonable closing conditions, a modification occurs on the closing date of the agreement. Www irs gov 2011 tax forms See § 1. Www irs gov 2011 tax forms 1001-3(c)(6). Www irs gov 2011 tax forms . Www irs gov 2011 tax forms 03 Under § 108(e)(10), in the case of a debt-for-debt exchange (including a deemed exchange under § 1. Www irs gov 2011 tax forms 1001-3), the borrower is treated as having satisfied the original debt instrument with an amount of money equal to the issue price of the new debt instrument. Www irs gov 2011 tax forms If the amount of debt satisfied in this manner exceeds that issue price, the borrower realizes discharge of indebtedness income on the exchange. Www irs gov 2011 tax forms See also § 1. Www irs gov 2011 tax forms 61-12(c). Www irs gov 2011 tax forms . Www irs gov 2011 tax forms 04 The issue price of a non-publicly traded debt instrument issued for non-publicly traded property generally reflects the amount of principal that the borrower is required to pay to the holder of the instrument. Www irs gov 2011 tax forms If a borrower has the ability to avoid paying certain amounts (including principal) without violating the terms of the instrument, the payment schedule for the instrument is generally determined based on an assumption that the borrower will avoid any requirement to make those payments. Www irs gov 2011 tax forms See, e. Www irs gov 2011 tax forms g. Www irs gov 2011 tax forms , §§ 1. Www irs gov 2011 tax forms 1272-1(c)(5) and 1. Www irs gov 2011 tax forms 1274-2(d). Www irs gov 2011 tax forms . Www irs gov 2011 tax forms 05 Under § 108(a), gross income does not include any amount that but for § 108(a) would be includible in gross income by reason of the discharge (in whole or in part) of a taxpayer’s indebtedness if (1) the indebtedness discharged is qualified principal residence indebtedness that is discharged before January 1, 2014, or (2) the discharge occurs when the taxpayer is insolvent. Www irs gov 2011 tax forms Section 108(a)(1)(E) and 108(a)(1)(B). Www irs gov 2011 tax forms (Although § 108 contains other exclusions as well, this revenue procedure focuses on these two exclusions because they are the most likely to apply to the greatest number of HAMP-PRA borrowers. Www irs gov 2011 tax forms ) . Www irs gov 2011 tax forms 06 Under §§ 108(h) and 163(h)(3)(B), qualified principal residence indebtedness is any indebtedness that is incurred by a borrower to buy, build, or substantially improve the borrower’s principal residence and is secured by that residence. Www irs gov 2011 tax forms . Www irs gov 2011 tax forms 07 Qualified principal residence indebtedness also includes a loan secured by the borrower’s principal residence that refinances qualified principal residence indebtedness, but only to the extent of the amount of the refinanced indebtedness. Www irs gov 2011 tax forms See §§ 108(h) and 163(h)(3)(B)(i). Www irs gov 2011 tax forms . Www irs gov 2011 tax forms 08 The maximum amount of discharged indebtedness that a borrower may exclude from gross income under the qualified principal residence indebtedness exclusion is $2,000,000 ($1,000,000 for a married individual filing a separate return). Www irs gov 2011 tax forms Under § 108(h)(4), if only part of the discharged indebtedness is qualified principal residence indebtedness, then the exclusion applies only to the amount of the discharged indebtedness that exceeds the amount of the loan (determined immediately before the discharge) that is not qualified principal residence indebtedness. Www irs gov 2011 tax forms . Www irs gov 2011 tax forms 09 Under § 108(a)(3), the insolvency exclusion applies to the lesser of the amount of the debt discharged or the amount by which the taxpayer is insolvent immediately before the discharge. Www irs gov 2011 tax forms . Www irs gov 2011 tax forms 10 Section 108(d)(3) provides that, for purposes of the insolvency exclusion, a taxpayer is insolvent to the extent that the taxpayer’s total liabilities exceed the fair market value of all of the taxpayer’s assets immediately before the discharge of indebtedness. Www irs gov 2011 tax forms Under § 108(a)(2)(C), the qualified principal residence indebtedness exclusion takes precedence over the insolvency exclusion when both exclusions apply to discharged indebtedness, unless the taxpayer elects to apply the insolvency exclusion. Www irs gov 2011 tax forms . Www irs gov 2011 tax forms 11 If an amount is excluded from gross income as a discharge of qualified principal residence indebtedness, the taxpayer must reduce the basis of the taxpayer’s principal residence. Www irs gov 2011 tax forms See § 108(h)(1). Www irs gov 2011 tax forms If a discharged amount is excluded from gross income because the taxpayer was insolvent when the discharge occurred, the taxpayer must reduce certain tax attributes (possibly including basis). Www irs gov 2011 tax forms See § 108(b). Www irs gov 2011 tax forms For further discussion of income from the discharge of indebtedness, the qualified principal residence indebtedness exclusion, the insolvency exclusion, and other exclusions from gross income that may apply, see Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments (for Individuals). Www irs gov 2011 tax forms . Www irs gov 2011 tax forms 12 Taxpayers who exclude any discharged amounts from gross income report both the exclusion and the resulting reduction in basis or other tax attributes on Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment). Www irs gov 2011 tax forms See Form 982 instructions and Publication 4681. Www irs gov 2011 tax forms This form is to be filed with the tax return for the taxable year in which the amount is discharged but is excluded from gross income. Www irs gov 2011 tax forms . Www irs gov 2011 tax forms 13 Governmental payments made to or on behalf of individuals or other persons are included within the broad definition of gross income under § 61 unless an exception applies. Www irs gov 2011 tax forms See Notice 2003-18, 2003-1 C. Www irs gov 2011 tax forms B. Www irs gov 2011 tax forms 699, and Rev. Www irs gov 2011 tax forms Rul. Www irs gov 2011 tax forms 79-356, 1979-2 C. Www irs gov 2011 tax forms B. Www irs gov 2011 tax forms 28. Www irs gov 2011 tax forms However, if disbursements are made by a governmental unit to individuals in the interest of the general welfare (that is, are generally based on individual or family need) and the disbursements do not represent compensation for services, then the amounts disbursed are excluded from the income of the recipient (general welfare exclusion). Www irs gov 2011 tax forms See Rev. Www irs gov 2011 tax forms Rul. Www irs gov 2011 tax forms 2005-46, 2005-2 C. Www irs gov 2011 tax forms B. Www irs gov 2011 tax forms 120, and Rev. Www irs gov 2011 tax forms Rul. Www irs gov 2011 tax forms 75-246, 1975-1 C. Www irs gov 2011 tax forms B. Www irs gov 2011 tax forms 24. Www irs gov 2011 tax forms . Www irs gov 2011 tax forms 14 Under § 451 and § 1. Www irs gov 2011 tax forms 451-1(a), a taxpayer that uses the cash receipts and disbursements method of accounting includes income in gross income when the taxpayer actually or constructively receives the income. Www irs gov 2011 tax forms . Www irs gov 2011 tax forms 15 Section 6041 requires every person engaged in a trade or business (including the United States and its agencies) to (1) file an information return (Form 1099-MISC, Miscellaneous Income, is used for this purpose) for each calendar year in which the person makes, in the course of its trade or business, payments to another person of fixed or determinable income aggregating $600 or more, and (2) furnish a copy of the information return to that other person. Www irs gov 2011 tax forms See § 6041(a) and (d) and § 1. Www irs gov 2011 tax forms 6041-1(a)(1) and (b). Www irs gov 2011 tax forms . Www irs gov 2011 tax forms 16 Section 6050P requires applicable entities (including the United States and its agencies, financial entities, and any organization a significant trade or business of which is the lending of money) to (1) file an information return (Form 1099-C, Cancellation of Debt, is used for this purpose) for each calendar year in which it discharges indebtedness of another person of $600 or more, and (2) furnish a copy of the information return to that other person. Www irs gov 2011 tax forms See § 6050P(a)-(c) and §§ 1. Www irs gov 2011 tax forms 6050P-1(a) and 1. Www irs gov 2011 tax forms 6050P-2(a) and (d). Www irs gov 2011 tax forms . Www irs gov 2011 tax forms 17 Section 6721 imposes penalties with respect to information returns required to be filed with the Service. Www irs gov 2011 tax forms These penalties apply in the case of a failure to timely file an information return, a failure to include all required information on the return, or the inclusion of incorrect information on the return. Www irs gov 2011 tax forms Section 6724(d)(1) includes Forms 1099-MISC and 1099-C in the term “information return. Www irs gov 2011 tax forms ” . Www irs gov 2011 tax forms 18 Section 6722 imposes penalties with respect to payee statements required to be furnished to payees. Www irs gov 2011 tax forms These penalties apply in the case of a failure to timely furnish a payee statement, a failure to include all required information on the statement, or the inclusion of incorrect information on the payee statement. Www irs gov 2011 tax forms Section 6724(d)(2) includes in the term “payee statement” copies of Forms 1099-MISC and 1099-C that are required to be furnished to taxpayers. Www irs gov 2011 tax forms SECTION 4. Www irs gov 2011 tax forms FEDERAL INCOME TAX TREATMENT . Www irs gov 2011 tax forms 01 Because a HAMP modification with a PRA principal reduction is a significant modification, it results in a deemed debt-for-debt exchange in which the HAMP-PRA borrower satisfies the old mortgage loan by issuing a new one. Www irs gov 2011 tax forms See § 1. Www irs gov 2011 tax forms 1001-3. Www irs gov 2011 tax forms At the time of the modification, therefore, under § 108 and this revenue procedure, the HAMP-PRA borrower realizes discharge of indebtedness income equal to any excess of the adjusted issue price of the old mortgage loan (which was satisfied in the deemed exchange) over the issue price of the new (post-modification) mortgage loan. Www irs gov 2011 tax forms See also § 61(a)(12) and § 1. Www irs gov 2011 tax forms 61-12(c). Www irs gov 2011 tax forms . Www irs gov 2011 tax forms 02 A HAMP-PRA borrower has the ability to avoid payment of the PRA Adjusted Forbearance Amount. Www irs gov 2011 tax forms Because the HAMP-PRA borrower has this ability, that amount should not be taken into account in determining the issue price of the new mortgage loan. Www irs gov 2011 tax forms Because the issue price of the new mortgage loan does not include the PRA Adjusted Forbearance Amount, the PRA Adjusted Forbearance Amount contributes to the excess of the adjusted issue price of the old mortgage loan (which was satisfied in the deemed exchange) over the issue price of the new mortgage loan. Www irs gov 2011 tax forms . Www irs gov 2011 tax forms 03 On the other hand, the investor has not given up its right to receive the remainder of the PRA Forbearance Amount, because the HAMP program administrator is expected to make those payments on the HAMP-PRA borrower’s behalf by making the PRA Investor Incentive Payments. Www irs gov 2011 tax forms Because the remainder of the PRA Forbearance Amount is payable in this manner, that remainder is included in the issue price of the new mortgage loan. Www irs gov 2011 tax forms . Www irs gov 2011 tax forms 04 The Trial Period Conditions are reasonable closing conditions that must be satisfied before the changes to the terms of the mortgage loan become permanent. Www irs gov 2011 tax forms Therefore, for purposes of § 1. Www irs gov 2011 tax forms 1001-3, the date of the modification is the date of the permanent modification. Www irs gov 2011 tax forms . Www irs gov 2011 tax forms 05 Unless an exclusion applies, the HAMP-PRA borrower includes in gross income the discharge of indebtedness income described in section 4. Www irs gov 2011 tax forms 01 of this revenue procedure for the taxable year in which the permanent modification occurs. Www irs gov 2011 tax forms Under certain conditions, however, section 6 of this revenue procedure permits a borrower to report the discharge of indebtedness under HAMP-PRA over the Three-year Period. Www irs gov 2011 tax forms The qualified principal residence indebtedness exclusion under § 108(a)(1)(E) and the insolvency exclusion under § 108(a)(1)(B) are two exclusions that may apply to the discharge. Www irs gov 2011 tax forms . Www irs gov 2011 tax forms 06 The PRA Investor Incentive Payment is treated as a payment on the mortgage loan by the HAMP program administrator on behalf of the HAMP-PRA borrower. Www irs gov 2011 tax forms . Www irs gov 2011 tax forms 07 To the extent that the HAMP-PRA borrower uses the property as the HAMP-PRA borrower’s principal residence or the property is occupied by the HAMP-PRA borrower’s legal dependent, parent, or grandparent without rent being charged or collected, the HAMP-PRA borrower excludes from his or her gross income under the general welfare exclusion the PRA Investor Incentive Payments that the HAMP program administrator makes to the investor in the mortgage loan. Www irs gov 2011 tax forms This is consistent with Rev. Www irs gov 2011 tax forms Rul. Www irs gov 2011 tax forms 2009-19, 2009-28 I. Www irs gov 2011 tax forms R. Www irs gov 2011 tax forms B. Www irs gov 2011 tax forms 111, which addressed the treatment of Pay-for-Performance Success Payments. Www irs gov 2011 tax forms . Www irs gov 2011 tax forms 08 To the extent that the HAMP-PRA borrower uses the property as a rental property or holds the property vacant and available for rent, the HAMP-PRA borrower includes PRA Investor Incentive Payments in gross income. Www irs gov 2011 tax forms If the HAMP-PRA borrower uses the cash receipts and disbursements method of accounting, then the HAMP-PRA borrower includes a PRA Investor Incentive Payment in gross income in the taxable year in which it is applied as a payment on the HAMP-PRA borrower’s mortgage loan. Www irs gov 2011 tax forms . Www irs gov 2011 tax forms 09 As described in section 2. Www irs gov 2011 tax forms 09 of this revenue procedure, if a HAMP-PRA borrower pays in full the Non-forbearance Portion of the mortgage loan while the loan is in good standing and prior to completion of the Three-year Period, that payment accelerates both the reduction in the remaining PRA Forbearance Amount and the PRA Investor Incentive Payments from the HAMP program administrator. Www irs gov 2011 tax forms To the extent that the HAMP-PRA borrower is described in section 4. Www irs gov 2011 tax forms 07 of this revenue procedure, the HAMP-PRA borrower excludes from his or her gross income under the general welfare exclusion the accelerated PRA Investor Incentive Payments. Www irs gov 2011 tax forms To the extent that the HAMP-PRA borrower is described in section 4. Www irs gov 2011 tax forms 08 of this revenue procedure, the HAMP-PRA borrower includes in income in the year of the acceleration the remaining amount of the PRA Investor Incentive Payment. Www irs gov 2011 tax forms SECTION 5. Www irs gov 2011 tax forms INFORMATION-REPORTING OBLIGATIONS . Www irs gov 2011 tax forms 01 Under § 6050P, the investor is required to file a Form 1099-C with respect to a borrower who realizes discharge of indebtedness of $600 or more. Www irs gov 2011 tax forms A copy of this form is required to be furnished to the borrower. Www irs gov 2011 tax forms . Www irs gov 2011 tax forms 02 As stated in sections 4. Www irs gov 2011 tax forms 01 and 4. Www irs gov 2011 tax forms 04 of this revenue procedure, the HAMP-PRA discharge of indebtedness is realized at the time of the permanent modification of the mortgage loan. Www irs gov 2011 tax forms . Www irs gov 2011 tax forms 03 An investor is an applicable entity that is required under § 1. Www irs gov 2011 tax forms 6050P-1 and this revenue procedure to issue a Form 1099-C for discharge of indebtedness. Www irs gov 2011 tax forms Under § 1. Www irs gov 2011 tax forms 6050P-1(b)(2)(F), the permanent modification of a mortgage loan is an identifiable event. Www irs gov 2011 tax forms Identifiable events determine when Forms 1099-C have to be issued. Www irs gov 2011 tax forms Thus, the Form 1099-C is issued for the calendar year in which the permanent mortgage loan modification occurs. Www irs gov 2011 tax forms This rule under § 1. Www irs gov 2011 tax forms 6050P-1(b)(2)(F) applies even if, under section 6 of this revenue procedure, the HAMP-PRA borrower chooses to treat the HAMP-PRA discharge as being realized at the times when the unpaid principal balance of the new mortgage loan is reduced. Www irs gov 2011 tax forms . Www irs gov 2011 tax forms 04 The investor (or the loan servicer acting on behalf of the investor) reports the full amount of the discharge on the Form 1099-C regardless of whether some or all of the amount is excludible from income under the qualified principal residence indebtedness exclusion, the insolvency exclusion, or any other exclusion that may apply. Www irs gov 2011 tax forms That discharged amount will generally be the PRA Adjusted Forbearance Amount (which does not include the amounts expected to be satisfied by PRA Investor Incentive Payments). Www irs gov 2011 tax forms . Www irs gov 2011 tax forms 05 To the extent that PRA Investor Incentive Payments are made on behalf of a HAMP-PRA borrower who is described in section 4. Www irs gov 2011 tax forms 07 of this revenue procedure, the PRA Investor Incentive Payments are excluded from the gross income of the HAMP-PRA borrower, and thus they are not fixed or determinable income to the HAMP-PRA borrower. Www irs gov 2011 tax forms Under § 6041, these payments are not subject to information reporting. Www irs gov 2011 tax forms See Notice 2011-14, 2011-11 I. Www irs gov 2011 tax forms R. Www irs gov 2011 tax forms B. Www irs gov 2011 tax forms 544, 546. Www irs gov 2011 tax forms . Www irs gov 2011 tax forms 06 To the extent that PRA Investor Incentive Payments are made on behalf of a HAMP-PRA borrower who is described in section 4. Www irs gov 2011 tax forms 08 of this revenue procedure, the PRA Investor Incentive Payments are includible in gross income as fixed or determinable income in the taxable year required by the HAMP-PRA borrower’s method of accounting. Www irs gov 2011 tax forms The payment is subject to the information reporting requirements of § 6041, as described in section 3. Www irs gov 2011 tax forms 15 of this revenue procedure. Www irs gov 2011 tax forms Accordingly, the HAMP program administrator is required to issue a Form 1099-MISC reporting the PRA Investor Incentive Payment. Www irs gov 2011 tax forms SECTION 6. Www irs gov 2011 tax forms HAMP-PRA BORROWERS’ REPORTING OF DISCHARGES OF INDEBTEDNESS UNDER HAMP-PRA . Www irs gov 2011 tax forms 01 In general. Www irs gov 2011 tax forms The HAMP-PRA program began in the last quarter of 2010, and since that time there has been uncertainty about whether the amount of the discharge of indebtedness should be reported in the year of the permanent modification or over the Three-year Period (when the unpaid principal balance on the new mortgage loan is reduced). Www irs gov 2011 tax forms As a result, some HAMP-PRA borrowers have been reporting the discharge of indebtedness under HAMP-PRA over the Three-year Period. Www irs gov 2011 tax forms Given the temporary nature of the program and the issuance of this guidance after participation in the program has begun, in the interests of equitable and sound tax administration, HAMP-PRA borrowers may report discharges of indebtedness under HAMP-PRA under the rules in this section 6. Www irs gov 2011 tax forms A HAMP-PRA borrower may choose to report discharges of indebtedness under HAMP-PRA pursuant to the rules in this section 6 only if the borrower applies the same borrower option under section 6. Www irs gov 2011 tax forms 02 of this revenue procedure consistently to the taxable year of the permanent modification and to all subsequent taxable years. Www irs gov 2011 tax forms Thus, a HAMP-PRA borrower may not choose a borrower option under section 6. Www irs gov 2011 tax forms 02 of this revenue procedure if a statute of limitations has expired for any of the taxable years that are necessary for consistent application of that option. Www irs gov 2011 tax forms . Www irs gov 2011 tax forms 02 HAMP-PRA borrower options. Www irs gov 2011 tax forms A HAMP-PRA borrower may treat the HAMP-PRA discharge as being realized in either of the following ways— (1) One hundred percent of the PRA Adjusted Forbearance Amount at the time of the permanent modification; or (2) One third of the PRA Adjusted Forbearance Amount on each of the first three annual anniversaries of the trial period plan effective date (described in section 2. Www irs gov 2011 tax forms 06 of this revenue procedure), when, as required by the terms of the new mortgage loan, the servicer reduces the unpaid principal balance of the new mortgage loan. Www irs gov 2011 tax forms If some or all of the reduction in the unpaid principal balance is accelerated (as described in section 2. Www irs gov 2011 tax forms 06 of this revenue procedure) because the HAMP-PRA borrower prepays the Non-forbearance Portion of the mortgage loan, then the HAMP-PRA discharge represented by the amount of the reduction that was accelerated is treated as being realized at the time of the accelerated reduction. Www irs gov 2011 tax forms . Www irs gov 2011 tax forms 03 HAMP-PRA borrowers who choose to realize the HAMP-PRA discharge at the time of the permanent modification. Www irs gov 2011 tax forms (1) If a HAMP-PRA borrower chooses to treat the HAMP-PRA discharge as being realized at the time of the permanent modification, then for the taxable year in which the permanent modification occurs, the HAMP-PRA borrower reports on Form 982 the amount, if any, of the discharge that is excluded from gross income and includes in gross income any remaining discharge. Www irs gov 2011 tax forms (2) If a HAMP-PRA borrower’s mortgage loan was permanently modified under HAMP in 2010 or 2011, and if the borrower was reporting the discharge of indebtedness using the method described in section 6. Www irs gov 2011 tax forms 02(2) of this revenue procedure, then the borrower may change to reporting the discharge of indebtedness using the method described in section 6. Www irs gov 2011 tax forms 02(1) of this revenue procedure by filing a 2012 Form 982 with the borrower’s timely filed (with extensions) 2012 income tax return. Www irs gov 2011 tax forms This section 6. Www irs gov 2011 tax forms 03(2) applies only if the change to reporting the discharge using the method described in section 6. Www irs gov 2011 tax forms 02(1) of this revenue procedure does not change the borrower’s federal income tax liability (including any change in federal income tax liability due to a change in basis or tax attributes (under § 108(h)(1) or § 108(b))) for any taxable year prior to the borrower’s 2012 taxable year. Www irs gov 2011 tax forms To make this change, the borrower must— (i) Compute the amount of discharge of indebtedness that would be included in income under § 61(a)(12) or excluded from gross income under § 108, basing the computation of the discharge on the facts as of the year of the permanent modification; and (ii) Report on a 2012 Form 982 the reduction in basis or tax attributes (under § 108(h)(1) or § 108(b)) due to the permanent modification that the borrower would have reported on the Form 982 for the taxable year of the permanent modification, minus any reductions due to the permanent modification that the borrower actually reported on Forms 982 for taxable years prior to 2012. Www irs gov 2011 tax forms (3) Example. Www irs gov 2011 tax forms The following example illustrates the application of section 6. Www irs gov 2011 tax forms 03(2) of this revenue procedure. Www irs gov 2011 tax forms In 2010, B’s basis in B’s principal residence was $330,000. Www irs gov 2011 tax forms In 2010, B’s mortgage loan on the principal residence is permanently modified under HAMP-PRA. Www irs gov 2011 tax forms B realized $30,000 of cancellation of indebtedness from the permanent modification, all of which qualifies for the exclusion from income for qualified principal residence indebtedness under § 108(a)(1)(E). Www irs gov 2011 tax forms The trial period plan effective date also fell in 2010. Www irs gov 2011 tax forms B’s federal income tax return for 2010 was consistent with B’s reporting this discharge of indebtedness using the method described in section 6. Www irs gov 2011 tax forms 02(2) of this revenue procedure. Www irs gov 2011 tax forms That is, B’s 2010 return did not include income from discharge of indebtedness under HAMP-PRA, nor did the return contain a Form 982 reporting exclusion of any such discharge of indebtedness. Www irs gov 2011 tax forms The next year, B reported on line 10(b) of the 2011 Form 982 that B filed with B’s 2011 federal income tax return a $10,000 reduction in basis in the principal residence. Www irs gov 2011 tax forms For 2012, B chooses to change to reporting the discharge of indebtedness using the method described in section 6. Www irs gov 2011 tax forms 02(1) of this revenue procedure. Www irs gov 2011 tax forms Thus, B files a 2012 Form 982 with B’s timely filed (including extensions) 2012 federal income tax return, and on line 10(b) of that form, B reports a $20,000 basis reduction in the principal residence ($30,000 basis reduction that B would have excluded from income in 2010 using the method described in section 6. Www irs gov 2011 tax forms 02(1) of this revenue procedure, minus the $10,000 basis reduction that B reported on B’s 2011 Form 982). Www irs gov 2011 tax forms (4) If a HAMP-PRA borrower reports the entire HAMP-PRA discharge using the method described in section 6. Www irs gov 2011 tax forms 02(1) of this revenue procedure, and if that HAMP-PRA borrower’s mortgage loan ceases to be in good standing during the Three-year Period as described in section 2. Www irs gov 2011 tax forms 10 of this revenue procedure, then some or all of the anticipated reductions in the PRA Adjusted Forbearance Amount will not take place. Www irs gov 2011 tax forms Because the amount of these anticipated reductions was not included in determining the issue price of the new mortgage loan that, pursuant to § 1. Www irs gov 2011 tax forms 1001-3, the HAMP-PRA borrower is deemed to issue in satisfaction of the old mortgage loan, the issue price of the new mortgage loan was understated. Www irs gov 2011 tax forms Under these circumstances, the discharge of indebtedness income determined as of the date of the permanent modification will have been overstated. Www irs gov 2011 tax forms (5) The Service will not challenge a HAMP-PRA borrower who is described in section 6. Www irs gov 2011 tax forms 03(4) of this revenue procedure and who takes the following corrective measures: (i) If a HAMP-PRA borrower included any of the discharge of indebtedness in gross income, the HAMP-PRA borrower may file an amended return that does not include the amount of the discharge of indebtedness that was previously reported as gross income but that, because of the HAMP-PRA borrower’s failure to keep the new mortgage loan in good standing, was not ultimately discharged. Www irs gov 2011 tax forms The amended return should be for the taxable year in which the income was included (that is, the year of the permanent modification), provided the applicable statute of limitations remains open for that taxable year. Www irs gov 2011 tax forms (ii) If the HAMP-PRA borrower did not include any of the discharge of indebtedness in gross income (that is, if the HAMP-PRA borrower excluded all of it), the HAMP-PRA borrower may file a new Form 982 that the Service will treat as superseding the earlier Form 982. Www irs gov 2011 tax forms The new Form 982 will reflect the revised reduction in basis or in tax attributes (under § 108(h)(1) or § 108(b)). Www irs gov 2011 tax forms The new Form 982 should be the Form 982 for the year of the permanent modification and should be filed with the return for the taxable year in which the HAMP-PRA borrower’s mortgage loan ceased to be in good standing. Www irs gov 2011 tax forms . Www irs gov 2011 tax forms 04 HAMP-PRA borrowers who choose to treat the HAMP-PRA discharge as being realized on the dates on which the unpaid principal balance of the mortgage loan is reduced. Www irs gov 2011 tax forms (1) If a HAMP-PRA borrower chooses to realize the HAMP-PRA discharge at the times that the unpaid principal balance on the new mortgage loan is reduced, instead of at the time of the permanent modification, then the HAMP-PRA borrower’s federal income tax returns for the taxable year that contains the permanent modification and for the subsequent taxable years must not treat any of the discharge as being realized at the time of the permanent modification and must treat the entire HAMP-PRA discharge as being realized in the amounts—and at the times—of the reductions in the unpaid principal balance. Www irs gov 2011 tax forms Except as described in the last sentence of this paragraph, therefore, the income tax return for the year of the permanent modification must include no gross income from—nor report on Form 982 an exclusion of—any amount of the HAMP-PRA discharge. Www irs gov 2011 tax forms Instead, the HAMP-PRA discharge is included in gross income (or is reported on Form 982 as excluded from gross income) in the subsequent years in which the unpaid principal balance is reduced. Www irs gov 2011 tax forms If the first such reduction occurs in the year of the permanent modification, however, then the amount of any such reduction is reflected as an inclusion or exclusion on the federal income tax return for that year. Www irs gov 2011 tax forms (2) A HAMP-PRA borrower who has been using the method described in section 6. Www irs gov 2011 tax forms 02(1) of this revenue procedure may change to the method described in section 6. Www irs gov 2011 tax forms 02(2) but must comply with the consistency and open-year requirements described in section 6. Www irs gov 2011 tax forms 01 of this revenue procedure. Www irs gov 2011 tax forms SECTION 7. Www irs gov 2011 tax forms PENALTY RELIEF FOR 2012 . Www irs gov 2011 tax forms 01 The Service will not assert penalties under § 6721 or § 6722 against an investor for failing to timely file and furnish a 2012 Form 1099-C as required by section 5. Www irs gov 2011 tax forms 03 through 5. Www irs gov 2011 tax forms 04 and section 8. Www irs gov 2011 tax forms 02 of this revenue procedure with respect to discharge of indebtedness resulting from HAMP-PRA permanent modifications that take place during calendar year 2012 if the following requirements are satisfied: (1) Not later than February 28, 2013, a statement is sent to the HAMP-PRA borrower containing the following: (a) The HAMP-PRA borrower’s name, address, and taxpayer identification number; and (b) The date and amount of the discharge of indebtedness (as described in sections 4. Www irs gov 2011 tax forms 01 through 4. Www irs gov 2011 tax forms 04 of this revenue procedure) that is required to be reported for 2012. Www irs gov 2011 tax forms (2) Not later than March 28, 2013, a statement is sent to the Service. Www irs gov 2011 tax forms It must be in the form of a single statement that separately lists for each HAMP-PRA borrower the information specified in section 7. Www irs gov 2011 tax forms 01(1) of this revenue procedure. Www irs gov 2011 tax forms The statement should be sent to the Service at the following address: Internal Revenue Service Center Stop 6728AUSC Austin, TX 73301 . Www irs gov 2011 tax forms 02 The Service will not assert penalties under § 6721 or § 6722 with respect to any Forms 1099-MISC for 2012 that sections 5. Www irs gov 2011 tax forms 06 and 8. Www irs gov 2011 tax forms 02 of this revenue procedure require to be filed with the Service and furnished to taxpayers. Www irs gov 2011 tax forms . Www irs gov 2011 tax forms 03 Section 8. Www irs gov 2011 tax forms 03 and 8. Www irs gov 2011 tax forms 04 of this revenue procedure, below, describes penalty relief regarding Forms 1099-C and 1099-MISC for 2010 and 2011. Www irs gov 2011 tax forms SECTION 8. Www irs gov 2011 tax forms SCOPE AND EFFECTIVE DATE . Www irs gov 2011 tax forms 01 This revenue procedure applies to all borrowers, investors, and servicers who participate, or have participated, in the HAMP-PRA, regardless of when the permanent modification occurs. Www irs gov 2011 tax forms . Www irs gov 2011 tax forms 02 Section 5 of this revenue procedure is effective for Forms 1099-C and 1099-MISC due or filed after January 24, 2013. Www irs gov 2011 tax forms . Www irs gov 2011 tax forms 03 Because of the effective date in section 8. Www irs gov 2011 tax forms 02 of this revenue procedure, an investor is not subject to penalties under § 6721 or § 6722 on the grounds that the investor failed to timely file and furnish a 2010 or 2011 Form 1099-C as described in section 5. Www irs gov 2011 tax forms 03 through 5. Www irs gov 2011 tax forms 04 of this revenue procedure (or on the grounds that the investor filed or furnished a 2010 or 2011 Form 1099-C that is inconsistent with section 5. Www irs gov 2011 tax forms 03 through 5. Www irs gov 2011 tax forms 04 of this revenue procedure), provided that the investor demonstrates a good faith attempt to comply with the requirements of § 6050P and that the failure was not due to willful neglect. Www irs gov 2011 tax forms . Www irs gov 2011 tax forms 04 Because of the effective date in section 8. Www irs gov 2011 tax forms 02 of this revenue procedure, the Service will not assert penalties under § 6721 or § 6722 on the grounds of a failure to timely file and furnish a 2010 or 2011 Form 1099-MISC, as described in section 5. Www irs gov 2011 tax forms 06 of this revenue procedure. Www irs gov 2011 tax forms SECTION 9. Www irs gov 2011 tax forms DRAFTING INFORMATION The principal authors of this revenue procedure are Ronald J. Www irs gov 2011 tax forms Goldstein of the Office of Chief Counsel (Procedure and Administration); Shareen S. Www irs gov 2011 tax forms Pflanz and Sheldon A. Www irs gov 2011 tax forms Iskow of the Office of Chief Counsel (Income Tax and Accounting); and Andrea M. Www irs gov 2011 tax forms Hoffenson of the Office of Chief Counsel (Financial Institutions and Products). Www irs gov 2011 tax forms For further information regarding this revenue procedure, contact Procedure and Administration branch 1 at (202) 622-4910, Income Tax and Accounting branch 4 at (202) 622-4920, or Financial Institutions and Products branch 1 at (202) 622-3920 (not toll-free calls). Www irs gov 2011 tax forms Prev  Up  Next   Home   More Internal Revenue Bulletins
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Tax Law Changes Related to National Disaster Relief

FS-2009-8, January 2009

(Updated June 21, 2010 — For information regarding the filing of 2009 income tax returns, refer to the last section of this document, "Reporting Losses from a Federally Declared Disaster Occurring in 2010.")

The National Disaster Relief Act of 2008, Subtitle B or Title VII of the Emergency Economic Stabilization Act of 2008, signed into law on Oct. 3, 2008, as Public Law 110-343, provides tax relief for victims of federally declared disasters occurring after
Dec. 31, 2007, and before Jan. 1, 2010.

Prior to enactment of the National Disaster Relief Act, when a major disaster struck, Congress would draft legislation providing targeted tax benefits for taxpayers affected by the disaster that were specific to that particular disaster.

The National Disaster Relief Act, which provides a broad package of tax benefits that may be used by anyone who is affected by a federally declared disaster, effectively replaces the strategy of providing targeted benefits for disaster victims in the weeks or months following the incident. Certain provisions of the National Disaster Relief Act of 2008 do not apply to the Midwestern disaster areas –– disasters affecting the Midwest that were declared from May 20, 2008 through July 31, 2008 –– because the Heartland and Hurricane Ike Disaster Relief Act, part of the same legislation that resulted in the National Disaster Relief Act, provides other tax benefits. See Publication 4492-B for detailed information on the tax benefits that apply to the Midwestern disaster areas. 

The National Disaster Relief Act provides the following tax benefits: 

  • Allows all taxpayers, not just those who itemize, to claim the casualty loss deduction regardless of the taxpayer’s adjusted gross income level;
  • Increases the amount by which all individual taxpayers must reduce their personal casualty losses from each casualty from $100 to $500 for taxable years beginning after Dec. 31, 2008. The reduction amount returns to $100 for taxable years beginning after Dec. 31, 2009;   
  • Removes the requirement that the net casualty loss deduction be allowed only if the casualty loss exceeds 10 percent of the taxpayer’s adjusted gross income;
  • Provides a five-year net operating loss (NOL) carryback for qualified natural disaster losses.
  • Waives certain mortgage revenue bond requirements for affected taxpayers and allows the bond proceeds to be used for rebuilding.

For business taxpayers, the Act also:   

  • Allows an affected business taxpayer to deduct certain qualified disaster cleanup expenses;
  • Allows an affected business taxpayer to deduct 50 percent of the cost of qualifying property in addition to the regular depreciation allowance that is normally available; and
  • Increases the limits that an affected business taxpayer can expense for qualifying section 179 property.

Major portions of the National Disaster Relief Act are highlighted below.

See Publication 547, Casualties, Disasters, and Thefts, for information necessary in preparing 2008 tax returns. 

Section 706: Losses Attributable to Federally Declared Disasters

Section 706 of the National Disaster Relief Act provides relief to individual taxpayers whose personal-use property was damaged or destroyed by a casualty in a federally declared disaster area. 

Under prior law, individuals who suffered casualty losses as a result of a Presidentially-declared disaster –– the term was redefined as “federally declared disaster” in the legislation –– were required to reduce the loss from each casualty event by $100 and reduce the total of their casualty losses for the tax year by 10 percent of their adjusted gross income. In addition, these individuals were required to claim their casualty losses as an itemized deduction. 

The new law removes the 10 percent of adjusted gross income limitation for net disaster losses and allows individuals to claim the net disaster losses even if they do not itemize their deductions. 

To qualify, a loss must be attributable to a federally declared disaster and occur in an area determined by the President to warrant federal assistance. A federally declared disaster is any disaster subsequently determined by the President to warrant assistance by the federal government under the Stafford Act. The deduction is limited to the “net disaster loss” which consists of the excess of personal casualty losses attributable to a federally declared disaster over personal casualty gains. The new law is effective for disasters declared in taxable years beginning after Dec. 31, 2007, and occurring before Jan. 1, 2010. Information on disaster declarations and the areas they encompass may be found at the Federal Emergency Management Agency (FEMA) Web site.

The new law also changes the amount by which all individual taxpayers must reduce their personal casualty losses from each casualty from $100 to $500. This change is effective for taxable years beginning after Dec. 31, 2008. The reduction amount returns to $100 for taxable years beginning after Dec. 31, 2009.   

For more information on these tax law changes, see Publication 547, Casualties, Disasters, and Thefts.

Section 712 provides that these changes to the law do not apply to the casualty losses in the Midwestern disaster areas declared during the period beginning on May 20, 2008, and ending on July 31, 2008. See Publication 4492-B for more information on the Midwestern disaster areas.

Section 707: Expensing of Qualified Disaster Expenses

Section 707 of the National Disaster Relief Act allows taxpayers to elect to currently deduct qualified disaster expenses in the tax year paid or incurred. Qualified disaster expenses consist of expenditures paid or incurred in connection with a trade or business or with business-related property that otherwise must be capitalized and that are:

  • For the abatement or control of hazardous substances that were released on account of a federally declared disaster;
  • Debris removal or demolition of structures on real property damaged or destroyed by a federally declared disaster; or
  • For the repair of business-related property damaged by a federally declared disaster. 

As previously explained, a federally declared disaster is any disaster subsequently determined by the President to warrant assistance by the federal government under the Stafford Act. This provision is effective for amounts paid or incurred after Dec. 31, 2007, in connection with disasters declared after that date and federally declared disasters occurring before Jan. 1, 2010. 

Section 712 provides that these changes to the law do not apply to the casualty losses in the Midwestern disaster areas declared during the period beginning on May 20, 2008, and ending on July 31, 2008

Section 708: Net Operating Losses Attributable to Federally Declared Disasters

In general, a net operating loss is carried back two years and carried forward 20. Section 708 of the National Disaster Relief Act allows taxpayers to carry back a qualified disaster loss five years. A qualified disaster loss is the lesser of the taxpayer’s net operating loss for the taxable year or the sum of the following:

  • The taxpayer’s losses allowable under section 165 of the Internal Revenue Code for the taxable year attributable to a federally declared disaster occurring before Jan. 1, 2010, and occurring in a disaster area; and
  • The taxpayer’s deduction for the taxable year for qualified disaster expenses allowable under section 198A(a) of the Internal Revenue Code (or the amount that would have been allowable if the taxpayer deducted qualified disaster expenses). 

A qualified disaster loss is treated a net operating loss that is separate from the taxpayer’s regular NOL. 

Section 708 also includes a provision that allows taxpayers to elect to disregard the five-year carryback rule for their qualified disaster loss. . 

Finally, Section 708 provides an exception to the general rule that a taxpayer may use an alternative minimum tax (AMT) net operating loss deduction to offset only 90 percent of the taxpayer’s alternative minimum taxable income. Section 708 provides that the 90-percent limit does not apply to the portion of the AMT net operating loss deduction attributable to a qualified disaster loss. 

These rules apply to disasters declared in taxable years beginning after Dec. 31, 2007.  

Section 712 provides that these changes to the law do not apply to the Midwestern disaster areas declared during the period beginning on May 20, 2008, and ending on July 31, 2008.

Section 709: Waiver of Certain Mortgage Revenue Bond Requirements Following Federally Declared Disasters

Section 709 of the National Disaster Relief Act adds new paragraph 12 to section 143(k) of the Internal Revenue Code, which waives certain mortgage revenue bond requirements otherwise applicable where an affected taxpayer’s principal residence is destroyed or damaged as a result of a federally declared disaster. An earlier law, the Housing Assistance Tax Act of 2008 enacted on June 30, 2008, also added a different §143(k)(12) to the Code. So currently there are two §143(k)(12)s in the Code.

New Code section 143(k)(12)(A) provides that, at the election of the taxpayer, if a person’s principal residence is destroyed –– the home is rendered unsafe for use as a result of a federally declared disaster occurring between Dec. 31, 2007 and Jan. 1, 2010, or the home is demolished or relocated because of an order issued as a result of such federally declared disaster occurring during such timeframe –– then for two years following the date of such disaster, the three-year requirement of section 143(d)(1) does not apply and the purchase price requirement is relaxed. Accordingly, such person may receive a mortgage loan financed with the proceeds of tax exempt qualified mortgage bonds regardless of whether he owned his principal residence within three years of receiving such mortgage loan, and such mortgage loan may be for the acquisition of a home which costs 110 percent of the average area purchase price. 

New Code section 143(k)(12)(B) provides that, at the election of the taxpayer, if a person’s principal residence is damaged as a result of a federally declared disaster occurring after Dec. 31, 2007, and before Jan. 1, 2010, any loan taken by such person to repair or reconstruct such residence in an amount equal to the lesser of the cost of such repair or reconstruction or $150,000 may be treated as a qualified rehabilitation loan and thus may be financed using the proceeds of tax-exempt qualified mortgage bonds. An election, once made, cannot be revoked unless permission is granted by the Secretary. 

Section 709 further provides that a taxpayer who makes a section 143(k)(12) election  may not also elect to apply the special rules for residences located in disaster areas found in Code section 143(k)(11). The special rules found in Code section 143(k)(11) allow taxpayers to use the proceeds of tax exempt qualified mortgage bonds issued between May 1, 2008, and Jan. 1, 2010, to finance mortgage loans for residences located in disaster areas for two years from the date of the applicable disaster declaration without regard to the three-year requirement by treating the residence as if it were a targeted area residence for purposes of the purchase price requirement and the income requirements. This provision, unlike § 143(k)(12), does not limit the financing only to those taxpayers whose homes were damaged by the disaster.

Section 712 provides that these changes to the law do not apply to the Midwestern disaster areas declared during the period beginning on May 20, 2008, and ending on July 31, 2008.

Section 710: Special Depreciation Allowance for Qualified Disaster Property

Section 710 of the National Disaster Relief Act provides a special 50 percent depreciation allowance for purchases of qualified disaster assistance property. It allows taxpayers to deduct 50 percent of the cost of qualified disaster assistance property in addition to the regular depreciation allowance that is normally available.

This new special “bonus depreciation” allowance applies to most types of tangible personal property and computer software acquired on or after the date on which the federally declared disaster occurs, and placed in service on or before Dec. 31 of the third year following the date on which the federally declared disaster occurs. In addition, the new bonus depreciation allowance applies to most nonresidential real property and residential rental property acquired on or after the date on which the federally declared disaster occurs, and placed in service on or before Dec. 31 of the fourth year following the date on which the federally declared disaster occurs.

To qualify for the new bonus depreciation allowance, 80 percent or more of the use of the property must be in the disaster area and in the active conduct of a trade or business by the taxpayer in that disaster area. Also, the property owner must rehabilitate property damaged, or replace property destroyed or condemned, as a result of the federally declared disaster and must be similar in nature to, and located in the same county as, the property being rehabilitated or replaced.

Section 711: Increased Expensing for Qualified Disaster Assistance Property

In general, a taxpayer may elect to expense up to a certain amount or dollar limit of section 179 property placed in service during the tax year. However, this dollar limit is reduced, but not below zero, if the cost of section 179 property placed in service during that year exceeds a certain amount, or reduced dollar limit. For 2008, the dollar limit is $250,000 and the reduced dollar limit is $800,000.

Section 711 of the National Disaster Relief Act increases the limits that businesses can expense for qualified section 179 disaster assistance property. Generally, the new law increases the dollar limit that is normally available for a particular tax year by the lesser of $100,000, or the cost of qualified section 179 disaster assistance property placed in service during that year. Also, the new law generally increases the reduced dollar limit that is normally available for a particular year by the lesser of $600,000, or the cost of qualified section 179 disaster assistance property placed in service during that year.    

Qualified section 179 disaster assistance property is section 179 property that is qualified disaster assistance property for purposes of the new bonus depreciation allowance provided under section 710 of the National Disaster Relief Act. Section 179 property is most types of tangible personal property and off-the-shelf computer software.

The new law did not change the amount that a taxpayer can elect to expense for certain sport utility vehicles and certain other vehicles placed in service during the tax year.  Accordingly, a taxpayer cannot elect to expense more than $25,000 of the cost of these types of vehicles.

Section 712: Coordination with Heartland Disaster Relief

Section 712 of the National Disaster Relief Act explains that certain provisions contained in the National Disaster Relief Act do not apply to the Midwestern Disaster Areas. For information specific to the Midwestern Disaster Areas, see Publication 4492-B.

Reporting Losses from a Federally Declared Disaster Occurring in 2010

The National Disaster Relief Act of 2008, Subtitle B or Title VII of the Emergency Economic Stabilization Act of 2008, provided enhanced tax relief for victims of federally declared disasters occurring after Dec. 31, 2007, and before Jan. 1, 2010. Those provisions are not effective for disasters occurring after Dec. 31, 2009. Legislation extending the provisions to disasters occurring before Jan. 1, 2011, has been proposed but has not yet been signed into law.

Because the enhanced casualty loss provisions are not effective for federally declared disasters occurring after Dec. 31, 2009, taxpayers affected by federally declared disasters in 2010 may take the loss into account for tax year 2009. See Page 12 of the 2009 version of Publication 547 for information on elections to deduct disaster losses in the year preceding the disaster year, including the time limits on making such elections.

This means, if you are an affected taxpayer with respect to a federally declared disaster occurring after Dec. 31, 2009, you may claim the loss on your 2009 income tax return. Claiming a loss on your 2009 return will allow you to take advantage of the National Disaster Relief Act provisions effective for tax year 2009. 

Page Last Reviewed or Updated: 20-Mar-2014

The Www Irs Gov 2011 Tax Forms

Www irs gov 2011 tax forms 5. Www irs gov 2011 tax forms   Figuring Your Tax Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Tax Year Identification NumberF-1 and M-1 visa holders. Www irs gov 2011 tax forms J-1 visa holders. Www irs gov 2011 tax forms Filing StatusResident Aliens Nonresident Aliens Reporting Your Income DeductionsResident Aliens Nonresident Aliens ExemptionsResident Aliens Nonresident Aliens Itemized DeductionsResident Aliens Nonresident Aliens Tax Credits and PaymentsResident Aliens Nonresident Aliens Bona Fide Residents of American Samoa or Puerto Rico Introduction After you have determined your alien status, the source of your income, and if and how that income is taxed in the United States, your next step is to figure your tax. Www irs gov 2011 tax forms The information in this chapter is not as comprehensive for resident aliens as it is for nonresident aliens. Www irs gov 2011 tax forms Resident aliens should get publications, forms, and instructions for U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms citizens, because the information for filing returns for resident aliens is generally the same as for U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms citizens. Www irs gov 2011 tax forms If you are both a nonresident alien and a resident alien in the same tax year, see chapter 6 for a discussion of dual-status aliens. Www irs gov 2011 tax forms Topics - This chapter discusses: Identification numbers, Filing status, Deductions, Exemptions, Tax credits and payments, and Special rules for bona fide residents of American Samoa and Puerto Rico. Www irs gov 2011 tax forms Useful Items - You may want to see: Publication 463 Travel, Entertainment, Gift, and Car Expenses 501 Exemptions, Standard Deduction, and Filing Information 521 Moving Expenses 526 Charitable Contributions 535 Business Expenses 597 Information on the United States–Canada Income Tax Treaty Form (and Instructions) W-7 Application for IRS Individual Taxpayer Identification Number 1040 U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms Individual Income Tax Return 1040NR U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms Nonresident Alien Income Tax Return 1040NR-EZ U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms Income Tax Return for Certain Nonresident Aliens With No Dependents 2106 Employee Business Expenses 2106-EZ Unreimbursed Employee Business Expenses 3903 Moving Expenses 4563 Exclusion of Income for Bona Fide Residents of American Samoa 8959 Additional Medicare Tax See chapter 12 for information about getting these publications and forms. Www irs gov 2011 tax forms Tax Year You must figure your income and file a tax return on the basis of an annual accounting period called a tax year. Www irs gov 2011 tax forms If you have not previously established a fiscal tax year, your tax year is the calendar year. Www irs gov 2011 tax forms A calendar year is 12 consecutive months ending on December 31. Www irs gov 2011 tax forms If you have previously established a regular fiscal year (12 consecutive months ending on the last day of a month other than December or a 52–53 week year) and are considered to be a U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms resident for any calendar year, you will be treated as a U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms resident for any part of your fiscal year that falls within that calendar year. Www irs gov 2011 tax forms Identification Number A taxpayer identification number must be furnished on returns, statements, and other tax-related documents. Www irs gov 2011 tax forms For an individual, this is a social security number (SSN). Www irs gov 2011 tax forms If you do not have and are not eligible to get an SSN, you must apply for an individual taxpayer identification number (ITIN). Www irs gov 2011 tax forms An employer identification number (EIN) is required if you are engaged in a trade or business as a sole proprietor and have employees or a qualified retirement plan. Www irs gov 2011 tax forms You must furnish a taxpayer identification number if you are: An alien who has income effectively connected with the conduct of a U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms trade or business at any time during the year, An alien who has a U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms office or place of business at any time during the year, A nonresident alien spouse treated as a resident, as discussed in chapter 1, or Any other alien who files a tax return, an amended return, or a refund claim (but not information returns). Www irs gov 2011 tax forms Social security number (SSN). Www irs gov 2011 tax forms   Generally, you can get an SSN if you have been lawfully admitted to the United States for permanent residence or under other immigration categories that authorize U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms employment. Www irs gov 2011 tax forms   To apply for this number, get Form SS-5, Application for a Social Security Card, from your local Social Security Administration (SSA) office or call the SSA at 1-800-772-1213. Www irs gov 2011 tax forms You can also download Form SS-5 from the SSA's website at www. Www irs gov 2011 tax forms socialsecurity. Www irs gov 2011 tax forms gov/ssnumber/ss5. Www irs gov 2011 tax forms htm. Www irs gov 2011 tax forms You must visit an SSA office in person and submit your Form SS-5 along with original documentation showing your age, identity, immigration status, and authority to work in the United States. Www irs gov 2011 tax forms Generally, you will receive your card about 2 weeks after the SSA has all of the necessary information. Www irs gov 2011 tax forms F-1 and M-1 visa holders. Www irs gov 2011 tax forms    If you are an F-1 or M-1 student, you must also show your Form I-20. Www irs gov 2011 tax forms For more information, see SSA Publication 05-10181, International Students and Social Security Numbers, available online at www. Www irs gov 2011 tax forms socialsecurity. Www irs gov 2011 tax forms gov/pubs/10181. Www irs gov 2011 tax forms html. Www irs gov 2011 tax forms J-1 visa holders. Www irs gov 2011 tax forms   If you are a J-1 exchange visitor, you will also need to show your Form DS-2019. Www irs gov 2011 tax forms For more information, see SSA Publication 05-10107, Foreign Workers and Social Security Numbers, available online at www. Www irs gov 2011 tax forms socialsecurity. Www irs gov 2011 tax forms gov/pubs/10107. Www irs gov 2011 tax forms html. Www irs gov 2011 tax forms Individual taxpayer identification number (ITIN). Www irs gov 2011 tax forms   If you do not have and are not eligible to get an SSN, you must apply for an ITIN. Www irs gov 2011 tax forms For details on how to do so, see Form W-7 and its instructions. Www irs gov 2011 tax forms Allow 6 to 10 weeks for the IRS to notify you of your ITIN. Www irs gov 2011 tax forms If you already have an ITIN, enter it wherever an SSN is required on your tax return. Www irs gov 2011 tax forms   An ITIN is for tax use only. Www irs gov 2011 tax forms It does not entitle you to social security benefits or change your employment or immigration status under U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms law. Www irs gov 2011 tax forms   In addition to those aliens who are required to furnish a taxpayer identification number and are not eligible for an SSN, a Form W-7 must be filed for: Alien individuals who are claimed as dependents and are not eligible for an SSN, and Alien spouses who are claimed as exemptions and are not eligible for an SSN. Www irs gov 2011 tax forms Employer identification number (EIN). Www irs gov 2011 tax forms   An individual may use an SSN (or ITIN) for individual taxes and an EIN for business taxes. Www irs gov 2011 tax forms To apply for an EIN, file Form SS-4, Application for Employer Identification Number, with the IRS. Www irs gov 2011 tax forms Filing Status The amount of your tax depends on your filing status. Www irs gov 2011 tax forms Your filing status is important in determining whether you can take certain deductions and credits. Www irs gov 2011 tax forms The rules for determining your filing status are different for resident aliens and nonresident aliens. Www irs gov 2011 tax forms Resident Aliens Resident aliens can use the same filing statuses available to U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms citizens. Www irs gov 2011 tax forms See your form instructions or Publication 501 for more information on filing status. Www irs gov 2011 tax forms Married filing jointly. Www irs gov 2011 tax forms   Generally, you can file as married filing jointly only if both you and your spouse were resident aliens for the entire tax year, or if you make one of the choices discussed in chapter 1 to treat your spouse as a resident alien for the entire tax year. Www irs gov 2011 tax forms Qualifying widow(er). Www irs gov 2011 tax forms   If your spouse died in 2011 or 2012, you did not remarry before the end of 2013, and you have a dependent child living with you, you may qualify to file as a qualifying widow(er) and use the joint return tax rates. Www irs gov 2011 tax forms This applies only if you could have filed a joint return with your spouse for the year your spouse died. Www irs gov 2011 tax forms Head of household. Www irs gov 2011 tax forms   You can qualify as head of household if you are unmarried or considered unmarried on the last day of the year and you pay more than half the cost of keeping up a home for you and a qualifying person. Www irs gov 2011 tax forms You must be a resident alien for the entire tax year. Www irs gov 2011 tax forms   You are considered unmarried for this purpose if your spouse was a nonresident alien at any time during the year and you do not make one of the choices discussed in chapter 1 to treat your spouse as a resident alien for the entire tax year. Www irs gov 2011 tax forms Note. Www irs gov 2011 tax forms   Even if you are considered unmarried for head of household purposes because you are married to a nonresident alien, you may still be considered married for purposes of the earned income credit. Www irs gov 2011 tax forms In that case, you will not be entitled to the credit. Www irs gov 2011 tax forms See Publication 596 for more information. Www irs gov 2011 tax forms Nonresident Aliens If you are a nonresident alien filing Form 1040NR, you may be able to use one of the filing statuses discussed later. Www irs gov 2011 tax forms If you are filing Form 1040NR-EZ, you can only claim “Single nonresident alien” or “Married nonresident alien” as your filing status. Www irs gov 2011 tax forms Married nonresident alien. Www irs gov 2011 tax forms   Married nonresident aliens who are not married to U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms citizens or residents generally must use the Tax Table column or the Tax Computation Worksheet for married filing separate returns when determining the tax on income effectively connected with a U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms trade or business. Www irs gov 2011 tax forms Exceptions. Www irs gov 2011 tax forms   Married nonresident aliens normally cannot use the Tax Table column or the Tax Computation Worksheet for single individuals. Www irs gov 2011 tax forms However, you may be able to file as single if you lived apart from your spouse during the last 6 months of the year and you are a married resident of Canada, Mexico, South Korea, or are a married U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms national. Www irs gov 2011 tax forms See the instructions for Form 1040NR or Form 1040NR-EZ to see if you qualify. Www irs gov 2011 tax forms U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms national is defined later in this section under Qualifying widow(er) . Www irs gov 2011 tax forms   A nonresident alien generally cannot file as married filing jointly. Www irs gov 2011 tax forms However, a nonresident alien who is married to a U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms citizen or resident can choose to be treated as a resident and file a joint return on Form 1040, Form 1040A, or Form 1040EZ. Www irs gov 2011 tax forms For information on these choices, see chapter 1. Www irs gov 2011 tax forms If you do not make the choice to file jointly, file Form 1040NR or Form 1040NR-EZ and use the Tax Table column or the Tax Computation Worksheet for married individuals filing separately. Www irs gov 2011 tax forms Qualifying widow(er). Www irs gov 2011 tax forms   You may be eligible to file as a qualifying widow(er) and use the joint return tax rates if all of the following conditions apply. Www irs gov 2011 tax forms You were a resident of Canada, Mexico, or South Korea, or a U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms national (defined later). Www irs gov 2011 tax forms Your spouse died in 2011 or 2012 and you did not remarry before the end of 2013. Www irs gov 2011 tax forms You have a dependent child living with you. Www irs gov 2011 tax forms See the instructions for Form 1040NR for the rules for filing as a qualifying widow(er) with a dependent child. Www irs gov 2011 tax forms   A U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms national is an individual who, although not a U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms citizen, owes his or her allegiance to the United States. Www irs gov 2011 tax forms U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms nationals include American Samoans and Northern Mariana Islanders who chose to become U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms nationals instead of U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms citizens. Www irs gov 2011 tax forms Head of household. Www irs gov 2011 tax forms   You cannot file as head of household if you are a nonresident alien at any time during the tax year. Www irs gov 2011 tax forms However, if you are married, your spouse can qualify as a head of household if: Your spouse is a resident alien or U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms citizen for the entire tax year, You do not choose to be treated as a resident alien, and Your spouse meets the other requirements for this filing status, as discussed earlier under Resident Aliens . Www irs gov 2011 tax forms Note. Www irs gov 2011 tax forms   Even if your spouse is considered unmarried for head of household purposes because you are a nonresident alien, your spouse may still be considered married for purposes of the earned income credit. Www irs gov 2011 tax forms In that case, your spouse will not be entitled to the credit. Www irs gov 2011 tax forms See Publication 596 for more information. Www irs gov 2011 tax forms Estates and trusts. Www irs gov 2011 tax forms   A nonresident alien estate or trust using Form 1040NR must use Tax Rate Schedule W in the Form 1040NR instructions when determining the tax on income effectively connected with a U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms trade or business. Www irs gov 2011 tax forms Special rules for aliens from certain U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms possessions. Www irs gov 2011 tax forms   A nonresident alien who is a bona fide resident of American Samoa or Puerto Rico for the entire tax year and who is temporarily working in the United States should read Bona Fide Residents of American Samoa or Puerto Rico, at the end of this chapter, for information about special rules. Www irs gov 2011 tax forms Reporting Your Income You must report each item of income that is taxable according to the rules in chapters 2, 3, and 4. Www irs gov 2011 tax forms For resident aliens, this includes income from sources both within and outside the United States. Www irs gov 2011 tax forms For nonresident aliens, this includes both income that is effectively connected with a trade or business in the United States (subject to graduated tax rates) and income from U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms sources that is not effectively connected (subject to a flat 30% tax rate or lower tax treaty rate). Www irs gov 2011 tax forms Deductions Resident and nonresident aliens can claim similar deductions on their U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms tax returns. Www irs gov 2011 tax forms However, nonresident aliens generally can claim only deductions related to income that is effectively connected with their U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms trade or business. Www irs gov 2011 tax forms Resident Aliens You can claim the same deductions allowed to U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms citizens if you are a resident alien for the entire tax year. Www irs gov 2011 tax forms While the discussion that follows contains some of the same general rules and guidelines that apply to you, it is specifically directed toward nonresident aliens. Www irs gov 2011 tax forms You should get Form 1040 and instructions for more information on how to claim your allowable deductions. Www irs gov 2011 tax forms Nonresident Aliens You can claim deductions to figure your effectively connected taxable income. Www irs gov 2011 tax forms You generally cannot claim deductions related to income that is not connected with your U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms business activities. Www irs gov 2011 tax forms Except for personal exemptions, and certain itemized deductions, discussed later, you can claim deductions only to the extent they are connected with your effectively connected income. Www irs gov 2011 tax forms Ordinary and necessary business expenses. Www irs gov 2011 tax forms   You can deduct all ordinary and necessary expenses in the operation of your U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms trade or business to the extent they relate to income effectively connected with that trade or business. Www irs gov 2011 tax forms The deduction for travel expenses while in the United States is discussed under Itemized Deductions, later. Www irs gov 2011 tax forms For information about other business expenses, see Publication 535. Www irs gov 2011 tax forms Losses. Www irs gov 2011 tax forms   You can deduct losses resulting from transactions that you entered into for profit and that you were not reimbursed for by insurance, etc. Www irs gov 2011 tax forms to the extent that they relate to income that is effectively connected with a trade or business in the United States. Www irs gov 2011 tax forms Educator expenses. Www irs gov 2011 tax forms   If you were an eligible educator in 2013, you can deduct as an adjustment to income up to $250 in unreimbursed qualified expenses you paid or incurred during 2013 for books, supplies (other than nonathletic supplies for courses of instruction in health or physical education), computer equipment, and other equipment and materials used in the classroom. Www irs gov 2011 tax forms For more information, see your tax form instructions. Www irs gov 2011 tax forms Individual retirement arrangement (IRA). Www irs gov 2011 tax forms   If you made contributions to a traditional IRA for 2013, you may be able to take an IRA deduction. Www irs gov 2011 tax forms But you must have taxable compensation effectively connected with a U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms trade or business to do so. Www irs gov 2011 tax forms A Form 5498 should be sent to you by May 31, 2014, that shows all contributions to your traditional IRA for 2013. Www irs gov 2011 tax forms If you were covered by a retirement plan (qualified pension, profit-sharing (including 401(k)), annuity, SEP, SIMPLE, etc. Www irs gov 2011 tax forms ) at work or through self-employment, your IRA deduction may be reduced or eliminated. Www irs gov 2011 tax forms But you can still make contributions to a traditional IRA even if you cannot deduct them. Www irs gov 2011 tax forms If you made nondeductible contributions to a traditional IRA for 2013, you must report them on Form 8606, Nondeductible IRAs. Www irs gov 2011 tax forms   For more information, see Publication 590, Individual Retirement Arrangements (IRAs). Www irs gov 2011 tax forms Moving expenses. Www irs gov 2011 tax forms   If you are a nonresident alien temporarily in the United States earning taxable income for performing personal services, you can deduct moving expenses to the United States if you meet both of the following tests. Www irs gov 2011 tax forms You are a full-time employee for at least 39 weeks during the 12 months right after you move, or if you are self-employed, you work full time for at least 39 weeks during the first 12 months and 78 weeks during the first 24 months right after you move. Www irs gov 2011 tax forms Your new job location is at least 50 miles farther (by the shortest commonly traveled route) from your former home than your former job location was. Www irs gov 2011 tax forms If you had no former job location, the new job location must be at least 50 miles from your former home. Www irs gov 2011 tax forms   You cannot deduct the moving expense you have when returning to your home abroad or moving to a foreign job site. Www irs gov 2011 tax forms   Figure your deductible moving expenses to the United States on Form 3903, and deduct them on line 26 of Form 1040NR. Www irs gov 2011 tax forms   For more information on the moving expense deduction, see Publication 521. Www irs gov 2011 tax forms Reimbursements. Www irs gov 2011 tax forms   If your employer reimbursed you for allowable moving expenses under an accountable plan, your employer should have excluded these reimbursements from your income. Www irs gov 2011 tax forms You can only deduct allowable moving expenses that were not reimbursed by your employer or that were reimbursed but the reimbursement was included in your income. Www irs gov 2011 tax forms For more information, see Publication 521. Www irs gov 2011 tax forms Moving expense or travel expense. Www irs gov 2011 tax forms   If you deduct moving expenses to the United States, you cannot also deduct travel expenses (discussed later under Itemized Deductions) while temporarily away from your tax home in a foreign country. Www irs gov 2011 tax forms Moving expenses are based on a change in your principal place of business while travel expenses are based on your temporary absence from your principal place of business. Www irs gov 2011 tax forms Self-employed SEP, SIMPLE, and qualified retirement plans. Www irs gov 2011 tax forms   If you are self-employed, you may be able to deduct contributions to a SEP, SIMPLE, or qualified retirement plan that provides retirement benefits for yourself and your common-law employees, if any. Www irs gov 2011 tax forms To make deductible contributions for yourself, you must have net earnings from self-employment that are effectively connected with your U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms trade or business. Www irs gov 2011 tax forms   Get Publication 560, Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans), for further information. Www irs gov 2011 tax forms Penalty on early withdrawal of savings. Www irs gov 2011 tax forms   You must include in income all effectively connected interest income you receive or that is credited to your account during the year. Www irs gov 2011 tax forms Do not reduce it by any penalty you must pay on an early withdrawal from a time savings account. Www irs gov 2011 tax forms However, if the interest income is effectively connected with your U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms trade or business during the year, you can deduct on line 30 of Form 1040NR the amount of the early withdrawal penalty that the banking institution charged. Www irs gov 2011 tax forms Student loan interest expense. Www irs gov 2011 tax forms   If you paid interest on a student loan in 2013, you may be able to deduct up to $2,500 of the interest you paid. Www irs gov 2011 tax forms Generally, you can claim the deduction if all the following requirements are met. Www irs gov 2011 tax forms Your filing status is any filing status except married filing separately. Www irs gov 2011 tax forms Your modified adjusted gross income is less than $75,000. Www irs gov 2011 tax forms No one else is claiming an exemption for you on his or her 2013 tax return. Www irs gov 2011 tax forms You paid interest on a loan taken out only to pay tuition and other qualified higher education expenses for yourself, your spouse, someone who was your dependent when the loan was taken out, or someone you could have claimed as a dependent for the year the loan was taken out except that: The person filed a joint return, The person had gross income that was equal to or more than the exemption amount for that year ($3,900 for 2013), or You could be claimed as a dependent on someone else's return. Www irs gov 2011 tax forms The loan is not from a related person or a person who borrowed the proceeds under a qualified employer plan or a contract purchased under such a plan. Www irs gov 2011 tax forms The education expenses were paid or incurred within a reasonable period of time before or after the loan was taken out. Www irs gov 2011 tax forms The person for whom the expenses were paid or incurred was an eligible student. Www irs gov 2011 tax forms Use the worksheet in the Form 1040NR or Form 1040NR-EZ instructions to figure the deduction. Www irs gov 2011 tax forms For more information, see Publication 970, Tax Benefits for Education. Www irs gov 2011 tax forms Exemptions Resident aliens can claim personal exemptions and exemptions for dependents in the same way as U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms citizens. Www irs gov 2011 tax forms However, nonresident aliens generally can claim only a personal exemption for themselves on their U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms tax return. Www irs gov 2011 tax forms Resident Aliens You can claim personal exemptions and exemptions for dependents according to the dependency rules for U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms citizens. Www irs gov 2011 tax forms You can claim an exemption for your spouse on a separate return if your spouse had no gross income for U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms tax purposes and was not the dependent of another taxpayer. Www irs gov 2011 tax forms You can claim this exemption even if your spouse has not been a resident alien for a full tax year or is an alien who has not come to the United States. Www irs gov 2011 tax forms You can claim an exemption for each person who qualifies as a dependent according to the rules for U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms citizens. Www irs gov 2011 tax forms The dependent must be a citizen or national (defined earlier) of the United States or be a resident of the United States, Canada, or Mexico for some part of the calendar year in which your tax year begins. Www irs gov 2011 tax forms Get Publication 501 for more information. Www irs gov 2011 tax forms Your spouse and each dependent for whom you claim an exemption must have either an SSN or an ITIN. Www irs gov 2011 tax forms See Identification Number, earlier. Www irs gov 2011 tax forms Nonresident Aliens Generally, if you are a nonresident alien engaged in a trade or business in the United States, you can claim only one personal exemption ($3,900 for 2013). Www irs gov 2011 tax forms You may be able to claim an exemption for a spouse and a dependent if you are described in any of the following discussions. Www irs gov 2011 tax forms Your spouse and each dependent for whom you claim an exemption must have either an SSN or an ITIN. Www irs gov 2011 tax forms See Identification Number, earlier. Www irs gov 2011 tax forms Residents of Mexico or Canada or U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms nationals. Www irs gov 2011 tax forms   If you are a resident of Mexico or Canada or a national of the United States (defined earlier), you can also claim a personal exemption for your spouse if your spouse had no gross income for U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms tax purposes and cannot be claimed as the dependent on another U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms taxpayer's return. Www irs gov 2011 tax forms In addition, you can claim exemptions for your dependents who meet certain tests. Www irs gov 2011 tax forms Residents of Mexico, Canada, or nationals of the United States must use the same rules as U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms citizens to determine who is a dependent and for which dependents exemptions can be claimed. Www irs gov 2011 tax forms See Publication 501 for these rules. Www irs gov 2011 tax forms For purposes of these rules, dependents who are U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms nationals meet the citizenship test discussed in Publication 501. Www irs gov 2011 tax forms Residents of South Korea. Www irs gov 2011 tax forms   Nonresident aliens who are residents of South Korea may be able to claim exemptions for a spouse and children. Www irs gov 2011 tax forms The income tax treaty with South Korea imposes two additional requirements on South Korean residents: The spouse and all children claimed must live with the alien in the United States at some time during the tax year, and The additional deduction for the exemptions must be prorated based on the ratio of the alien's U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms source gross income effectively connected with a U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms trade or business for the tax year to the alien's entire income from all sources during the tax year. Www irs gov 2011 tax forms Example. Www irs gov 2011 tax forms Mr. Www irs gov 2011 tax forms Park, a nonresident alien who is a resident of South Korea, lives temporarily in the United States with his wife and two children. Www irs gov 2011 tax forms During the tax year he receives U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms compensation of $18,000. Www irs gov 2011 tax forms He also receives $6,000 of income from sources outside the United States that is not effectively connected with his U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms trade or business. Www irs gov 2011 tax forms Thus, his total income for the year is $24,000. Www irs gov 2011 tax forms Mr. Www irs gov 2011 tax forms Park meets all requirements for claiming exemptions for his spouse and two children. Www irs gov 2011 tax forms The additional deduction for 2013 is $8,775 figured as follows: $18,000 $24,000 × $11,700* = $8,775               *3 × $3,900 = $11,700   Students and business apprentices from India. Www irs gov 2011 tax forms   Students and business apprentices who are eligible for the benefits of Article 21(2) of the United States–India Income Tax Treaty may be able to claim exemptions for their spouse and dependents. Www irs gov 2011 tax forms   You can claim an exemption for your spouse if he or she had no gross income during the year and cannot be claimed as a dependent on another U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms taxpayer's return. Www irs gov 2011 tax forms   You can claim exemptions for each of your dependents not admitted to the United States on “F-2,” “J-2,” or “M-2” visas if they meet the same rules that apply to U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms citizens. Www irs gov 2011 tax forms See Publication 501 for these rules. Www irs gov 2011 tax forms   List your spouse and dependents on line 7c of Form 1040NR. Www irs gov 2011 tax forms Enter the total on the appropriate line to the right of line 7c. Www irs gov 2011 tax forms Itemized Deductions Nonresident aliens can claim some of the same itemized deductions that resident aliens can claim. Www irs gov 2011 tax forms However, nonresident aliens can claim itemized deductions only if they have income effectively connected with their U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms trade or business. Www irs gov 2011 tax forms Resident Aliens You can claim the same itemized deductions as U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms citizens, using Schedule A of Form 1040. Www irs gov 2011 tax forms These deductions include certain medical and dental expenses, state and local income taxes, real estate taxes, interest you paid on a home mortgage, charitable contributions, casualty and theft losses, and miscellaneous deductions. Www irs gov 2011 tax forms If you do not itemize your deductions, you can claim the standard deduction for your particular filing status. Www irs gov 2011 tax forms For further information, see Form 1040 and instructions. Www irs gov 2011 tax forms Nonresident Aliens You can deduct certain itemized deductions if you receive income effectively connected with your U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms trade or business. Www irs gov 2011 tax forms These deductions include state and local income taxes, charitable contributions to U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms organizations, casualty and theft losses, and miscellaneous deductions. Www irs gov 2011 tax forms Use Schedule A of Form 1040NR to claim itemized deductions. Www irs gov 2011 tax forms If you are filing Form 1040NR-EZ, you can only claim a deduction for state or local income taxes. Www irs gov 2011 tax forms If you are claiming any other itemized deduction, you must file Form 1040NR. Www irs gov 2011 tax forms Standard deduction. Www irs gov 2011 tax forms   Nonresident aliens cannot claim the standard deduction. Www irs gov 2011 tax forms However, see Students and business apprentices from India , next. Www irs gov 2011 tax forms Students and business apprentices from India. Www irs gov 2011 tax forms   A special rule applies to students and business apprentices who are eligible for the benefits of Article 21(2) of the United States–India Income Tax Treaty. Www irs gov 2011 tax forms You can claim the standard deduction provided you do not claim itemized deductions. Www irs gov 2011 tax forms   Use Worksheet 5-1 to figure your standard deduction. Www irs gov 2011 tax forms If you are married and your spouse files a return and itemizes deductions, you cannot take the standard deduction. Www irs gov 2011 tax forms State and local income taxes. Www irs gov 2011 tax forms   You can deduct state and local income taxes you paid on income that is effectively connected with a trade or business in the United States. Www irs gov 2011 tax forms If you received a refund or rebate in 2013 of taxes you paid in an earlier year, do not reduce your deduction by that amount. Www irs gov 2011 tax forms Instead, you must include the refund or rebate in income if you deducted the taxes in the earlier year and the deduction reduced your tax. Www irs gov 2011 tax forms See Recoveries in Publication 525 for details on how to figure the amount to include in income. Www irs gov 2011 tax forms Charitable contributions. Www irs gov 2011 tax forms   You can deduct your charitable contributions or gifts to qualified organizations subject to certain limits. Www irs gov 2011 tax forms Qualified organizations include organizations that are religious, charitable, educational, scientific, or literary in nature, or that work to prevent cruelty to children or animals. Www irs gov 2011 tax forms Certain organizations that promote national or international amateur sports competition are also qualified organizations. Www irs gov 2011 tax forms Foreign organizations. Www irs gov 2011 tax forms   Contributions made directly to a foreign organization are not deductible. Www irs gov 2011 tax forms However, you can deduct contributions to a U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms organization that transfers funds to a charitable foreign organization if the U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms organization controls the use of the funds or if the foreign organization is only an administrative arm of the U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms organization. Www irs gov 2011 tax forms   For more information about organizations that qualify to receive charitable contributions, see Publication 526, Charitable Contributions. Www irs gov 2011 tax forms Worksheet 5-1. Www irs gov 2011 tax forms 2013 Standard Deduction Worksheet for Students and Business Apprentices From India Caution. Www irs gov 2011 tax forms If you are married filing a separate return and your spouse itemizes deductions, do not complete this worksheet. Www irs gov 2011 tax forms You cannot take the standard deduction even if you were born before January 2, 1949, or are blind. Www irs gov 2011 tax forms 1 Enter the amount shown below for your filing status. Www irs gov 2011 tax forms           Single or married filing separately—$6,100 Qualifying widow(er)—$12,200 1. Www irs gov 2011 tax forms           2 Can you be claimed as a dependent on someone else's U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms income tax return?  No. Www irs gov 2011 tax forms Enter the amount from line 1 on line 4. Www irs gov 2011 tax forms Skip line 3 and go to line 5. Www irs gov 2011 tax forms   Yes. Www irs gov 2011 tax forms Go to line 3. Www irs gov 2011 tax forms         3 Is your earned income* more than $650?           Yes. Www irs gov 2011 tax forms Add $350 to your earned income. Www irs gov 2011 tax forms Enter the total. Www irs gov 2011 tax forms           No. Www irs gov 2011 tax forms Enter $1,000 3. Www irs gov 2011 tax forms       4 Enter the smaller of line 1 or line 3 4. Www irs gov 2011 tax forms   5 If born before January 2, 1949, OR blind, enter $1,200 ($1,500 if single). Www irs gov 2011 tax forms If born before January 2, 1949, AND blind, enter $2,400 ($3,000 if single). Www irs gov 2011 tax forms Otherwise, enter -0- 5. Www irs gov 2011 tax forms   6 Add lines 4 and 5. Www irs gov 2011 tax forms Enter the total here and on Form 1040NR, line 38 (or Form 1040NR-EZ, line 11). Www irs gov 2011 tax forms Print “Standard Deduction Allowed Under U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms –India Income Tax Treaty” in the space to the left of these lines. Www irs gov 2011 tax forms This is your standard deduction for 2013. Www irs gov 2011 tax forms 6. Www irs gov 2011 tax forms   *Earned income includes wages, salaries, tips, professional fees, and other compensation received for personal services you performed. Www irs gov 2011 tax forms It also includes any amount received as a scholarship that you must include in your income. Www irs gov 2011 tax forms Generally, your earned income is the total of the amount(s) you reported on Form 1040NR, lines 8,12,13, and 19, minus amounts on lines 27 and 31 (or Form 1040NR-EZ, lines 3 and 5, minus any amount on line 8). Www irs gov 2011 tax forms Contributions from which you benefit. Www irs gov 2011 tax forms   If you receive a benefit as a result of making a contribution to a qualified organization, you can deduct only the amount of your contribution that is more than the value of the benefit you receive. Www irs gov 2011 tax forms   If you pay more than the fair market value to a qualified organization for merchandise, goods, or services, the amount you pay that is more than the value of the item can be a charitable contribution. Www irs gov 2011 tax forms For the excess amount to qualify, you must pay it with the intent to make a charitable contribution. Www irs gov 2011 tax forms Cash contributions. Www irs gov 2011 tax forms   You cannot deduct a cash contribution, regardless of the amount, unless you keep as a record of the contribution a bank record (such as a canceled check, a bank copy of a canceled check, or a bank statement containing the name of the charity, the date, and the amount) or a written record from the charity. Www irs gov 2011 tax forms The written record must include the name of the charity, date of the contribution, and the amount of the contribution. Www irs gov 2011 tax forms   You may deduct a cash contribution of $250 or more only if you have a written statement from the charitable organization showing: The amount of any money contributed, Whether the organization gave you any goods or services in return for your contribution, and A description and estimate of the value of any goods or services described in (2). Www irs gov 2011 tax forms If you received only intangible religious benefits, the organization must state this, but it does not have to describe or value the benefit. Www irs gov 2011 tax forms Noncash contributions. Www irs gov 2011 tax forms   For contributions not made in cash, the records you must keep depend on the amount of your deduction. Www irs gov 2011 tax forms See Publication 526 for details. Www irs gov 2011 tax forms For example, if you make a noncash contribution and the amount of your deduction is more than $500, you must complete and attach to your tax return Form 8283, Noncash Charitable Contributions. Www irs gov 2011 tax forms If you deduct more than $500 for a contribution of a motor vehicle, boat, or airplane, you must also attach a statement from the charitable organization to your return. Www irs gov 2011 tax forms If your total deduction is over $5,000, you also may have to get appraisals of the values of the property. Www irs gov 2011 tax forms If the donated property is valued at more than $5,000, you must obtain a qualified appraisal. Www irs gov 2011 tax forms You generally must attach to your tax return an appraisal of any property if your deduction for the property is more than $500,000. Www irs gov 2011 tax forms See Form 8283 and its instructions for details. Www irs gov 2011 tax forms Contributions of appreciated property. Www irs gov 2011 tax forms   If you contribute property to a qualified organization, the amount of your charitable contribution is generally the fair market value of the property at the time of the contribution. Www irs gov 2011 tax forms However, if you contribute property with a fair market value that is more than your basis in it, you may have to reduce the fair market value by the amount of appreciation (increase in value) when you figure your deduction. Www irs gov 2011 tax forms Your basis in the property is generally what you paid for it. Www irs gov 2011 tax forms If you need more information about basis, get Publication 551, Basis of Assets. Www irs gov 2011 tax forms   Different rules apply to figuring your deduction, depending on whether the property is: Ordinary income property, or Capital gain property. Www irs gov 2011 tax forms For information about these rules, see Publication 526. Www irs gov 2011 tax forms Limit. Www irs gov 2011 tax forms   The amount you can deduct in a tax year is limited in the same way it is for a citizen or resident of the United States. Www irs gov 2011 tax forms For a discussion of limits on charitable contributions and other information, get Publication 526. Www irs gov 2011 tax forms Casualty and theft losses. Www irs gov 2011 tax forms   You can deduct your loss from fire, storm, shipwreck, or other casualty, or theft of property even though your property is not connected with a U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms trade or business. Www irs gov 2011 tax forms The property can be personal use property or income-producing property not connected with a U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms trade or business. Www irs gov 2011 tax forms The property must be located in the United States at the time of the casualty or theft. Www irs gov 2011 tax forms You can deduct theft losses only in the year in which you discover the loss. Www irs gov 2011 tax forms   The amount of the loss is the fair market value of the property immediately before the casualty or theft less its fair market value immediately after the casualty or theft (but not more than its cost or adjusted basis) less any insurance or other reimbursement. Www irs gov 2011 tax forms The fair market value of property immediately after a theft is considered zero, because you no longer have the property. Www irs gov 2011 tax forms   If your property is covered by insurance, you should file a timely insurance claim for reimbursement. Www irs gov 2011 tax forms If you do not, you cannot deduct this loss as a casualty or theft loss. Www irs gov 2011 tax forms   Figure your deductible casualty and theft losses on Form 4684, Casualties and Thefts. Www irs gov 2011 tax forms Losses from personal use property. Www irs gov 2011 tax forms    You cannot deduct the first $100 of each casualty or theft loss to property held for personal use. Www irs gov 2011 tax forms You can deduct only the total of these losses for the year (reduced by the $100 limit) that is more than 10% of your adjusted gross income (line 37, Form 1040NR) for the year. Www irs gov 2011 tax forms Losses from income-producing property. Www irs gov 2011 tax forms   These losses are not subject to the limitations that apply to personal use property. Www irs gov 2011 tax forms Use Section B of Form 4684 to figure your deduction for these losses. Www irs gov 2011 tax forms Job expenses and other miscellaneous deductions. Www irs gov 2011 tax forms   You can deduct job expenses, such as allowable unreimbursed travel expenses (discussed next), and other miscellaneous deductions. Www irs gov 2011 tax forms Generally, the allowable deductions must be related to effectively connected income. Www irs gov 2011 tax forms Deductible expenses include: Union dues, Safety equipment and small tools needed for your job, Dues to professional organizations, Subscriptions to professional journals, Tax return preparation fees, and Casualty and theft losses of property used in performing services as an employee (employee property). Www irs gov 2011 tax forms   Most miscellaneous itemized deductions are deductible only if they are more than 2% of your adjusted gross income (line 37, Form 1040NR). Www irs gov 2011 tax forms For more information on miscellaneous deductions, see the instructions for Form 1040NR. Www irs gov 2011 tax forms Travel expenses. Www irs gov 2011 tax forms   You may be able to deduct your ordinary and necessary travel expenses while you are temporarily performing personal services in the United States. Www irs gov 2011 tax forms Generally, a temporary assignment in a single location is one that is realistically expected to last (and does in fact last) for one year or less. Www irs gov 2011 tax forms You must be able to show you were present in the United States on an activity that required your temporary absence from your regular place of work. Www irs gov 2011 tax forms   For example, if you have established a “tax home” through regular employment in a foreign country, and intend to return to similar employment in the same country at the end of your temporary stay in the United States, you can deduct reasonable travel expenses you paid. Www irs gov 2011 tax forms You cannot deduct travel expenses for other members of your family or party. Www irs gov 2011 tax forms Deductible travel expenses. Www irs gov 2011 tax forms   If you qualify, you can deduct your expenses for: Transportation—airfare, local transportation, including train, bus, etc. Www irs gov 2011 tax forms , Lodging—rent paid, utilities (do not include telephone), hotel or motel room expenses, and Meal expenses—actual expenses allowed if you keep records of the amounts, or, if you do not wish to keep detailed records, you are generally allowed a standard meal allowance amount depending on the date and area of your travel. Www irs gov 2011 tax forms You generally can deduct only 50% of unreimbursed meal expenses. Www irs gov 2011 tax forms The standard meal allowance rates for high-cost areas are available at www. Www irs gov 2011 tax forms gsa. Www irs gov 2011 tax forms gov/perdiem. Www irs gov 2011 tax forms The rates for other areas are in Publication 463. Www irs gov 2011 tax forms   Use Form 2106 or 2106-EZ to figure your allowable expenses that you claim on line 7 of Schedule A (Form 1040NR). Www irs gov 2011 tax forms Expenses allocable to U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms tax-exempt income. Www irs gov 2011 tax forms   You cannot deduct an expense, or part of an expense, that is allocable to U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms tax-exempt income, including income exempt by tax treaty. Www irs gov 2011 tax forms Example. Www irs gov 2011 tax forms Irina Oak, a citizen of Poland, resided in the United States for part of the year to acquire business experience from a U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms company. Www irs gov 2011 tax forms During her stay in the United States, she received a salary of $8,000 from her Polish employer. Www irs gov 2011 tax forms She received no other U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms source income. Www irs gov 2011 tax forms She spent $3,000 on travel expenses, of which $1,000 were for meals. Www irs gov 2011 tax forms None of these expenses were reimbursed. Www irs gov 2011 tax forms Under the tax treaty with Poland, $5,000 of her salary is exempt from U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms income tax. Www irs gov 2011 tax forms In filling out Form 2106-EZ, she must reduce her deductible meal expenses by half ($500). Www irs gov 2011 tax forms She must reduce the remaining $2,500 of travel expenses by 62. Www irs gov 2011 tax forms 5% ($1,563) because 62. Www irs gov 2011 tax forms 5% ($5,000 ÷ $8,000) of her salary is exempt from tax. Www irs gov 2011 tax forms She enters the remaining total of $937 on line 7 of Schedule A (Form 1040NR). Www irs gov 2011 tax forms She completes the remaining lines according to the instructions for Schedule A. Www irs gov 2011 tax forms More information. Www irs gov 2011 tax forms   For more information about deductible expenses, reimbursements, and recordkeeping, get Publication 463. Www irs gov 2011 tax forms Tax Credits and Payments This discussion covers tax credits and payments for resident aliens, followed by a discussion of the credits and payments for nonresident aliens. Www irs gov 2011 tax forms Resident Aliens Resident aliens generally claim tax credits and report tax payments, including withholding, using the same rules that apply to U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms citizens. Www irs gov 2011 tax forms The following items are some of the credits you may be able to claim. Www irs gov 2011 tax forms Foreign tax credit. Www irs gov 2011 tax forms   You can claim a credit, subject to certain limits, for income tax you paid or accrued to a foreign country on foreign source income. Www irs gov 2011 tax forms You cannot claim a credit for taxes paid or accrued on excluded foreign earned income. Www irs gov 2011 tax forms To claim a credit for income taxes paid or accrued to a foreign country, you generally will file Form 1116, Foreign Tax Credit (Individual, Estate, or Trust), with your Form 1040. Www irs gov 2011 tax forms   For more information, get Publication 514, Foreign Tax Credit for Individuals. Www irs gov 2011 tax forms Child and dependent care credit. Www irs gov 2011 tax forms   You may be able to take this credit if you pay someone to care for your qualifying child who is under age 13, or your disabled dependent or disabled spouse, so that you can work or look for work. Www irs gov 2011 tax forms Generally, you must be able to claim an exemption for your dependent. Www irs gov 2011 tax forms   For more information, get Publication 503, Child and Dependent Care Expenses, and Form 2441, Child and Dependent Care Expenses. Www irs gov 2011 tax forms Credit for the elderly or the disabled. Www irs gov 2011 tax forms   You may qualify for this credit if you are 65 or older or if you retired on permanent and total disability. Www irs gov 2011 tax forms For more information on this credit, get Publication 524, Credit for the Elderly or the Disabled, and Schedule R (Form 1040A or 1040). Www irs gov 2011 tax forms Education credits. Www irs gov 2011 tax forms   You may qualify for these credits if you paid qualified education expenses for yourself, your spouse, or your dependent. Www irs gov 2011 tax forms There are two education credits: the American Opportunity Credit and the lifetime learning credit. Www irs gov 2011 tax forms You cannot claim these credits if you are married filing separately. Www irs gov 2011 tax forms Use Form 8863, Education Credits (American Opportunity and Lifetime Learning Credits), to figure the credit. Www irs gov 2011 tax forms For more information, see Publication 970. Www irs gov 2011 tax forms Retirement savings contributions credit. Www irs gov 2011 tax forms   You may qualify for this credit (also known as the saver's credit) if you made eligible contributions to an employer-sponsored retirement plan or to an individual retirement arrangement (IRA) in 2013. Www irs gov 2011 tax forms You cannot claim this credit if: You were born after January 1, 1996, You were a full-time student, Your exemption is claimed by someone else on his or her 2013 tax return, or Your adjusted gross income is more than: $59,000, if your filing status is married filing jointly, $44,250, if your filing status is head of household, or $29,500, if your filing status is single, married filing separately, or qualifying widow(er). Www irs gov 2011 tax forms Use Form 8880, Credit for Qualified Retirement Savings Contributions, to figure the credit. Www irs gov 2011 tax forms For more information, see Publication 590. Www irs gov 2011 tax forms Child tax credit. Www irs gov 2011 tax forms   You may be able to take this credit if you have a qualifying child. Www irs gov 2011 tax forms   A qualifying child for purposes of the child tax credit is a child who: Was under age 17 at the end of 2013. Www irs gov 2011 tax forms Is your son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister, half brother, half sister, or a descendant of any of them (for example, your grandchild, niece, or nephew). Www irs gov 2011 tax forms Is a U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms citizen, a U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms national, or a resident alien. Www irs gov 2011 tax forms Did not provide over half of his or her own support for 2013. Www irs gov 2011 tax forms Lived with you more than half of 2013. Www irs gov 2011 tax forms Temporary absences, such as for school, vacation, or medical care, count as time lived in the home. Www irs gov 2011 tax forms Is claimed as a dependent on your return. Www irs gov 2011 tax forms An adopted child is always treated as your own child. Www irs gov 2011 tax forms An adopted child includes a child lawfully placed with you for legal adoption. Www irs gov 2011 tax forms   See your form instructions for additional details. Www irs gov 2011 tax forms Adoption credit. Www irs gov 2011 tax forms   You may qualify to take a tax credit of up to $12,970 for qualifying expenses paid to adopt an eligible child. Www irs gov 2011 tax forms This amount may be allowed for the adoption of a child with special needs regardless of whether you have qualifying expenses. Www irs gov 2011 tax forms To claim the adoption credit, file Form 8839, Qualified Adoption Expenses, with your Form 1040. Www irs gov 2011 tax forms Earned income credit. Www irs gov 2011 tax forms   You may qualify for an earned income credit of up to $3,250 if a child lived with you in the United States and your earned income and adjusted gross income were each less than $37,870 ($43,210 if married filing jointly). Www irs gov 2011 tax forms If two children lived with you in the United States and your earned income and adjusted gross income were each less than $43,038 ($48,378 if married filing jointly), your credit could be as much as $5,372. Www irs gov 2011 tax forms If three or more children lived with you in the United States and your earned income and adjusted gross income were each less than $46,227 ($51,567 if married filing jointly), your credit could be as much as $6,044. Www irs gov 2011 tax forms If you do not have a qualifying child and your earned income and adjusted gross income were each less than $14,340 ($19,680 if married filing jointly), your credit could be as much as $487. Www irs gov 2011 tax forms You cannot claim the earned income credit if your filing status is married filing separately. Www irs gov 2011 tax forms    You and your spouse (if filing a joint return) and any qualifying child must have valid SSNs to claim this credit. Www irs gov 2011 tax forms You cannot claim the credit using an ITIN. Www irs gov 2011 tax forms If a social security card has a legend that says Not Valid for Employment and the number was issued so that you (or your spouse or your qualifying child) could receive a federally funded benefit, you cannot claim the earned income credit. Www irs gov 2011 tax forms An example of a federally funded benefit is Medicaid. Www irs gov 2011 tax forms If a card has this legend and the individual's immigration status has changed so that the individual is now a U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms citizen or lawful permanent resident, ask the SSA to issue a new social security card without the legend. Www irs gov 2011 tax forms Other information. Www irs gov 2011 tax forms   There are other eligibility rules that are not discussed here. Www irs gov 2011 tax forms For more information, get Publication 596, Earned Income Credit. Www irs gov 2011 tax forms Nonresident Aliens You can claim some of the same credits that resident aliens can claim. Www irs gov 2011 tax forms You can also report certain taxes you paid, are considered to have paid, or that were withheld from your income. Www irs gov 2011 tax forms Credits Credits are allowed only if you receive effectively connected income. Www irs gov 2011 tax forms You may be able to claim some of the following credits. Www irs gov 2011 tax forms Foreign tax credit. Www irs gov 2011 tax forms   If you receive foreign source income that is effectively connected with a trade or business in the United States, you can claim a credit for any income taxes paid or accrued to any foreign country or U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms possession on that income. Www irs gov 2011 tax forms   If you do not have foreign source income effectively connected with a U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms trade or business, you cannot claim credits against your U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms tax for taxes paid or accrued to a foreign country or U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms possession. Www irs gov 2011 tax forms   You cannot take any credit for taxes imposed by a foreign country or U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms possession on your U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms source income if those taxes were imposed only because you are a citizen or resident of the foreign country or possession. Www irs gov 2011 tax forms   If you claim a foreign tax credit, you generally will have to attach to your return a Form 1116. Www irs gov 2011 tax forms See Publication 514 for more information. Www irs gov 2011 tax forms Child and dependent care credit. Www irs gov 2011 tax forms   You may qualify for this credit if you pay someone to care for your qualifying child who is under age 13, or your disabled dependent or disabled spouse, so that you can work or look for work. Www irs gov 2011 tax forms Generally, you must be able to claim an exemption for your dependent. Www irs gov 2011 tax forms   Married nonresident aliens can claim the credit only if they choose to file a joint return with a U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms citizen or resident spouse as discussed in chapter 1, or if they qualify as certain married individuals living apart (see Joint Return Test in Publication 503). Www irs gov 2011 tax forms   The amount of your child and dependent care expense that qualifies for the credit in any tax year cannot be more than your earned income from the United States for that tax year. Www irs gov 2011 tax forms Earned income generally means wages, salaries, and professional fees for personal services performed. Www irs gov 2011 tax forms   For more information, get Publication 503. Www irs gov 2011 tax forms Education credits. Www irs gov 2011 tax forms   If you are a nonresident alien for any part of the year, you generally cannot claim the education credits. Www irs gov 2011 tax forms However, if you are married and choose to file a joint return with a U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms citizen or resident spouse as discussed in chapter 1, you may be eligible for these credits. Www irs gov 2011 tax forms Retirement savings contributions credit. Www irs gov 2011 tax forms   You may qualify for this credit (also known as the saver's credit) if you made eligible contributions to an employer-sponsored retirement plan or to an individual retirement arrangement (IRA) in 2013. Www irs gov 2011 tax forms You cannot claim this credit if: You were born after January 1, 1996, You were a full-time student, Your exemption is claimed by someone else on his or her 2013 tax return, or Your adjusted gross income is more than $29,500. Www irs gov 2011 tax forms Use Form 8880 to figure the credit. Www irs gov 2011 tax forms For more information, see Publication 590. Www irs gov 2011 tax forms Child tax credit. Www irs gov 2011 tax forms   You may be able to take this credit if you have a qualifying child. Www irs gov 2011 tax forms   A qualifying child for purposes of the child tax credit is a child who: Was under age 17 at the end of 2013. Www irs gov 2011 tax forms Is your son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister, half brother, half sister, or a descendant of any of them (for example, your grandchild, niece, or nephew). Www irs gov 2011 tax forms Is a U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms citizen, a U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms national, or a resident alien. Www irs gov 2011 tax forms Did not provide over half of his or her own support for 2013. Www irs gov 2011 tax forms Lived with you more than half of 2013. Www irs gov 2011 tax forms Temporary absences, such as for school, vacation, or medical care, count as time lived in the home. Www irs gov 2011 tax forms Is claimed as a dependent on your return. Www irs gov 2011 tax forms An adopted child is always treated as your own child. Www irs gov 2011 tax forms An adopted child includes a child lawfully placed with you for legal adoption. Www irs gov 2011 tax forms   See your form instructions for additional details. Www irs gov 2011 tax forms Adoption credit. Www irs gov 2011 tax forms   You may qualify to take a tax credit of up to $12,970 for qualifying expenses paid to adopt an eligible child. Www irs gov 2011 tax forms This amount may be allowed for the adoption of a child with special needs regardless of whether you have qualifying expenses. Www irs gov 2011 tax forms To claim the adoption credit, file Form 8839 with your Form 1040NR. Www irs gov 2011 tax forms   Married nonresident aliens can claim the credit only if they choose to file a joint return with a U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms citizen or resident spouse as discussed in chapter 1, or if they qualify as certain married individuals living apart (see Married Persons Not Filing Jointly in the Form 8839 instructions). Www irs gov 2011 tax forms Credit for prior year minimum tax. Www irs gov 2011 tax forms   If you paid alternative minimum tax in a prior year, get Form 8801, Credit for Prior Year Minimum Tax—Individuals, Estates, and Trusts, to see if you qualify for this credit. Www irs gov 2011 tax forms Earned income credit. Www irs gov 2011 tax forms   If you are a nonresident alien for any part of the tax year, you generally cannot get the earned income credit. Www irs gov 2011 tax forms However, if you are married and choose to file a joint return with a U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms citizen or resident spouse as discussed in chapter 1, you may be eligible for the credit. Www irs gov 2011 tax forms    You, your spouse, and any qualifying child must have valid SSNs to claim this credit. Www irs gov 2011 tax forms You cannot claim the credit using an ITIN. Www irs gov 2011 tax forms If a social security card has a legend that says Not Valid for Employment and the number was issued so that you (or your spouse or your qualifying child) could receive a federally funded benefit, you cannot claim the earned income credit. Www irs gov 2011 tax forms An example of a federally funded benefit is Medicaid. Www irs gov 2011 tax forms If a card has this legend and the individual's immigration status has changed so that the individual is now a U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms citizen or lawful permanent resident, ask the SSA to issue a new social security card without the legend. Www irs gov 2011 tax forms   See Publication 596 for more information on the credit. Www irs gov 2011 tax forms Tax Withheld You can claim the tax withheld during the year as a payment against your U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms tax. Www irs gov 2011 tax forms You claim it on line 61 of Form 1040NR or on line 18 of Form 1040NR-EZ. Www irs gov 2011 tax forms The tax withheld reduces any tax you owe with Form 1040NR or Form 1040NR-EZ. Www irs gov 2011 tax forms Withholding from wages. Www irs gov 2011 tax forms   Any federal income tax withheld from your wages during the tax year while you were a nonresident alien is allowed as a payment against your U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms income tax liability for the same year. Www irs gov 2011 tax forms You can claim the income tax withheld whether or not you were engaged in a trade or business in the United States during the year, and whether or not the wages (or any other income) were connected with a trade or business in the United States. Www irs gov 2011 tax forms Excess social security tax withheld. Www irs gov 2011 tax forms   If you have two or more employers, you may be able to claim a credit against your U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms income tax liability for social security tax withheld in excess of the maximum required. Www irs gov 2011 tax forms See Social Security and Medicare Taxes in chapter 8 for more information. Www irs gov 2011 tax forms Additional Medicare Tax. Www irs gov 2011 tax forms   Your employer is responsible for withholding the 0. Www irs gov 2011 tax forms 9% Additional Medicare Tax on Medicare wages or RRTA compensation it pays to you in excess of $200,000 in 2013. Www irs gov 2011 tax forms If you do not owe Additional Medicare Tax, you can claim a credit for any withheld Additional Medicare Tax against the total tax liability shown on your tax return by filing Form 8959. Www irs gov 2011 tax forms Tax paid on undistributed long-term capital gains. Www irs gov 2011 tax forms   If you are a shareholder in a mutual fund (or other regulated investment company) or real estate investment trust, you can claim a credit for your share of any taxes paid by the company on its undistributed long-term capital gains. Www irs gov 2011 tax forms You will receive information on Form 2439, Notice to Shareholder of Undistributed Long-Term Capital Gains, which you must attach to your return. Www irs gov 2011 tax forms Tax withheld at the source. Www irs gov 2011 tax forms   You can claim as a payment any tax withheld at the source on investment and other fixed or determinable annual or periodic income paid to you. Www irs gov 2011 tax forms Fixed or determinable income includes interest, dividend, rental, and royalty income that you do not claim to be effectively connected income. Www irs gov 2011 tax forms Wage or salary payments can be fixed or determinable income to you, but usually are subject to withholding as discussed above. Www irs gov 2011 tax forms Taxes on fixed or determinable income are withheld at a 30% rate or at a lower treaty rate. Www irs gov 2011 tax forms Tax withheld on partnership income. Www irs gov 2011 tax forms   If you are a foreign partner in a partnership, the partnership will withhold tax on your share of effectively connected taxable income from the partnership. Www irs gov 2011 tax forms The partnership will give you a statement on Form 8805, Foreign Partner's Information Statement of Section 1446 Withholding Tax, showing the tax withheld. Www irs gov 2011 tax forms A partnership that is publicly traded may withhold on your actual distributions of effectively connected income. Www irs gov 2011 tax forms In this case, the partnership will give you a statement on Form 1042-S. Www irs gov 2011 tax forms Claim the tax withheld as a payment on line 61b or 61d of Form 1040NR, as appropriate. Www irs gov 2011 tax forms Claiming tax withheld on your return. Www irs gov 2011 tax forms   When you fill out your tax return, take extra care to enter the correct amount of any tax withheld shown on your information documents. Www irs gov 2011 tax forms The following table lists some of the more common information documents and shows where to find the amount of tax withheld. Www irs gov 2011 tax forms Form number Location  of tax  withheld RRB-1042S Box 12 SSA-1042S Box 9 W-2 Box 2 W-2c Box 2 1042-S Box 9 8805 Line 10 8288-A Box 2 Bona Fide Residents of American Samoa or Puerto Rico If you are a nonresident alien who is a bona fide resident of American Samoa or Puerto Rico for the entire tax year, you generally are taxed the same as resident aliens. Www irs gov 2011 tax forms You should file Form 1040 and report all income from sources both in and outside the United States. Www irs gov 2011 tax forms However, you can exclude the income discussed in the following paragraphs. Www irs gov 2011 tax forms For tax purposes other than reporting income, however, you will be treated as a nonresident alien. Www irs gov 2011 tax forms For example, you are not allowed the standard deduction, you cannot file a joint return, and you are not allowed a deduction for a dependent unless that person is a citizen or national of the United States. Www irs gov 2011 tax forms There are also limits on what deductions and credits are allowed. Www irs gov 2011 tax forms See Nonresident Aliens under Deductions , Itemized Deductions , and Tax Credits and Payments in this chapter. Www irs gov 2011 tax forms Residents of Puerto Rico. Www irs gov 2011 tax forms   If you are a bona fide resident of Puerto Rico for the entire year, you can exclude from gross income all income from sources in Puerto Rico (other than amounts for services performed as an employee of the United States or any of its agencies). Www irs gov 2011 tax forms   If you report income on a calendar year basis and you do not have wages subject to withholding, file your return and pay your tax by June 15. Www irs gov 2011 tax forms You must also make your first payment of estimated tax by June 15. Www irs gov 2011 tax forms You cannot file a joint income tax return or make joint payments of estimated tax. Www irs gov 2011 tax forms However, if you are married to a U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms citizen or resident, see Nonresident Spouse Treated as a Resident in chapter 1. Www irs gov 2011 tax forms   If you earn wages subject to withholding, your U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms income tax return is due by April 15. Www irs gov 2011 tax forms Your first payment of estimated tax is also due by April 15. Www irs gov 2011 tax forms For information on withholding and estimated tax, see chapter 8 . Www irs gov 2011 tax forms Residents of American Samoa. Www irs gov 2011 tax forms   If you are a bona fide resident of American Samoa for the entire year, you can exclude from gross income all income from sources in American Samoa (other than amounts for services performed as an employee of the U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms government or any of its agencies). Www irs gov 2011 tax forms An employee of the American Samoan government is not considered an employee of the U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms government or any of its agencies for purposes of the exclusion. Www irs gov 2011 tax forms For more information about this exclusion, get Form 4563 and Publication 570, Tax Guide for Individuals With Income From U. Www irs gov 2011 tax forms S. Www irs gov 2011 tax forms Possessions. Www irs gov 2011 tax forms Prev  Up  Next   Home   More Online Publications