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1040ez Tax Form 2014

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1040ez Tax Form 2014

1040ez tax form 2014 Internal Revenue Bulletin:  2010-9  March 1, 2010  Rev. 1040ez tax form 2014 Proc. 1040ez tax form 2014 2010-18 Table of Contents SECTION 1. 1040ez tax form 2014 PURPOSE SECTION 2. 1040ez tax form 2014 BACKGROUND SECTION 3. 1040ez tax form 2014 SCOPE SECTION 4. 1040ez tax form 2014 APPLICATION SECTION 5. 1040ez tax form 2014 EFFECTIVE DATE SECTION 6. 1040ez tax form 2014 DRAFTING INFORMATION SECTION 1. 1040ez tax form 2014 PURPOSE This revenue procedure provides: (1) limitations on depreciation deductions for owners of passenger automobiles first placed in service by the taxpayer during calendar year 2010, including a separate table of limitations on depreciation deductions for trucks and vans; and (2) the amounts to be included in income by lessees of passenger automobiles first leased by the taxpayer during calendar year 2010, including a separate table of inclusion amounts for lessees of trucks and vans. 1040ez tax form 2014 The tables detailing these depreciation limitations and lessee inclusion amounts reflect the automobile price inflation adjustments required by § 280F(d)(7) of the Internal Revenue Code. 1040ez tax form 2014 SECTION 2. 1040ez tax form 2014 BACKGROUND . 1040ez tax form 2014 01 For owners of passenger automobiles, § 280F(a) imposes dollar limitations on the depreciation deduction for the year the taxpayer places the passenger automobile in service and for each succeeding year. 1040ez tax form 2014 Section 280F(d)(7) requires the amounts allowable as depreciation deductions to be increased by a price inflation adjustment amount for passenger automobiles placed in service after 1988. 1040ez tax form 2014 The method of calculating this price inflation amount for trucks and vans placed in service in or after calendar year 2003 uses a different CPI “automobile component” (the “new trucks” component) than that used in the price inflation amount calculation for other passenger automobiles (the “new cars” component), resulting in somewhat higher depreciation deductions for trucks and vans. 1040ez tax form 2014 This change reflects the higher rate of price inflation for trucks and vans since 1988. 1040ez tax form 2014 . 1040ez tax form 2014 02 Section 280F(c) requires a reduction in the deduction allowed to the lessee of a leased passenger automobile. 1040ez tax form 2014 The reduction must be substantially equivalent to the limitations on the depreciation deductions imposed on owners of passenger automobiles. 1040ez tax form 2014 Under § 1. 1040ez tax form 2014 280F-7(a) of the Income Tax Regulations, this reduction requires a lessee to include in gross income an inclusion amount determined by applying a formula to the amount obtained from a table. 1040ez tax form 2014 One table applies to lessees of trucks and vans and another table applies to all other passenger automobiles. 1040ez tax form 2014 Each table shows inclusion amounts for a range of fair market values for each taxable year after the passenger automobile is first leased. 1040ez tax form 2014 SECTION 3. 1040ez tax form 2014 SCOPE . 1040ez tax form 2014 01 The limitations on depreciation deductions in section 4. 1040ez tax form 2014 01(2) of this revenue procedure apply to passenger automobiles (other than leased passenger automobiles) that are placed in service by the taxpayer in calendar year 2010, and continue to apply for each taxable year that the passenger automobile remains in service. 1040ez tax form 2014 . 1040ez tax form 2014 02 The tables in section 4. 1040ez tax form 2014 02 of this revenue procedure apply to leased passenger automobiles for which the lease term begins during calendar year 2010. 1040ez tax form 2014 Lessees of these passenger automobiles must use these tables to determine the inclusion amount for each taxable year during which the passenger automobile is leased. 1040ez tax form 2014 See Rev. 1040ez tax form 2014 Proc. 1040ez tax form 2014 2005-13, 2005-1 C. 1040ez tax form 2014 B. 1040ez tax form 2014 759, for passenger automobiles first leased before calendar year 2006; Rev. 1040ez tax form 2014 Proc. 1040ez tax form 2014 2006-18, 2006-1 C. 1040ez tax form 2014 B. 1040ez tax form 2014 645, for passenger automobiles first leased during calendar year 2006; Rev. 1040ez tax form 2014 Proc. 1040ez tax form 2014 2007-30, 2007-1 C. 1040ez tax form 2014 B. 1040ez tax form 2014 1104, for passenger automobiles first leased during calendar year 2007; Rev. 1040ez tax form 2014 Proc. 1040ez tax form 2014 2008-22, 2008-12 I. 1040ez tax form 2014 R. 1040ez tax form 2014 B. 1040ez tax form 2014 658, for passenger automobiles first leased during calendar year 2008; and Rev. 1040ez tax form 2014 Proc. 1040ez tax form 2014 2009-24, 2009-17 I. 1040ez tax form 2014 R. 1040ez tax form 2014 B. 1040ez tax form 2014 885, for passenger automobiles first leased during calendar year 2009. 1040ez tax form 2014 SECTION 4. 1040ez tax form 2014 APPLICATION . 1040ez tax form 2014 01 Limitations on Depreciation Deductions for Certain Automobiles. 1040ez tax form 2014 (1) Amount of the inflation adjustment. 1040ez tax form 2014 (a) Passenger automobiles (other than trucks or vans). 1040ez tax form 2014 Under § 280F(d)(7)(B)(i), the automobile price inflation adjustment for any calendar year is the percentage (if any) by which the CPI automobile component for October of the preceding calendar year exceeds the CPI automobile component for October 1987. 1040ez tax form 2014 The term “CPI automobile component” is defined in § 280F(d)(7)(B)(ii) as the “automobile component” of the Consumer Price Index for all Urban Consumers published by the Department of Labor. 1040ez tax form 2014 The new car component of the CPI was 115. 1040ez tax form 2014 2 for October 1987 and 137. 1040ez tax form 2014 851 for October 2009. 1040ez tax form 2014 The October 2009 index exceeded the October 1987 index by 22. 1040ez tax form 2014 651. 1040ez tax form 2014 Therefore, the automobile price inflation adjustment for 2010 for passenger automobiles (other than trucks and vans) is 19. 1040ez tax form 2014 66 percent (22. 1040ez tax form 2014 651/115. 1040ez tax form 2014 2 x 100%). 1040ez tax form 2014 The dollar limitations in § 280F(a) are multiplied by a factor of 0. 1040ez tax form 2014 1966, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations applicable to passenger automobiles (other than trucks and vans) for calendar year 2010. 1040ez tax form 2014 This adjustment applies to all passenger automobiles (other than trucks and vans) that are first placed in service in calendar year 2010. 1040ez tax form 2014 (b) Trucks and vans. 1040ez tax form 2014 To determine the dollar limitations for trucks and vans first placed in service during calendar year 2010, the new truck component of the CPI is used instead of the new car component. 1040ez tax form 2014 The new truck component of the CPI was 112. 1040ez tax form 2014 4 for October 1987 and 140. 1040ez tax form 2014 897 for October 2009. 1040ez tax form 2014 The October 2009 index exceeded the October 1987 index by 28. 1040ez tax form 2014 497. 1040ez tax form 2014 Therefore, the automobile price inflation adjustment for 2010 for trucks and vans is 25. 1040ez tax form 2014 35 percent (28. 1040ez tax form 2014 497/112. 1040ez tax form 2014 4 x 100%). 1040ez tax form 2014 The dollar limitations in § 280F(a) are multiplied by a factor of 0. 1040ez tax form 2014 2535, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations for trucks and vans. 1040ez tax form 2014 This adjustment applies to all trucks and vans that are first placed in service in calendar year 2010. 1040ez tax form 2014 (2) Amount of the limitation. 1040ez tax form 2014 Tables 1 and 2 contain the dollar amount of the depreciation limitation for each taxable year for passenger automobiles a taxpayer places in service in calendar year 2010. 1040ez tax form 2014 Use Table 1 for a passenger automobile (other than a truck or van) and Table 2 for a truck or van placed in service in calendar year 2010. 1040ez tax form 2014 REV. 1040ez tax form 2014 PROC. 1040ez tax form 2014 2010-18 TABLE 1 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE IN CALENDAR YEAR 2010 Tax Year Amount 1st Tax Year $3,060 2nd Tax Year $4,900 3rd Tax Year $2,950 Each Succeeding Year $1,775 REV. 1040ez tax form 2014 PROC. 1040ez tax form 2014 2010-18 TABLE 2 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE IN CALENDAR YEAR 2010 Tax Year Amount 1st Tax Year $3,160 2nd Tax Year $5,100 3rd Tax Year $3,050 Each Succeeding Year $1,875 . 1040ez tax form 2014 02 Inclusions in Income of Lessees of Passenger Automobiles. 1040ez tax form 2014 A taxpayer must follow the procedures in § 1. 1040ez tax form 2014 280F-7(a) for determining the inclusion amounts for passenger automobiles first leased in calendar year 2010. 1040ez tax form 2014 In applying these procedures, lessees of passenger automobiles other than trucks and vans should use Table 3 of this revenue procedure, while lessees of trucks and vans should use Table 4 of this revenue procedure. 1040ez tax form 2014 REV. 1040ez tax form 2014 PROC. 1040ez tax form 2014 2010-18 TABLE 3 DOLLAR AMOUNTS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2010 Fair Market Value of Passenger Automobile Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th & Later $16,700 $17,000 3 7 10 11 14 17,000 17,500 4 8 13 15 16 17,500 18,000 5 10 16 19 21 18,000 18,500 6 13 18 23 26 18,500 19,000 7 15 22 26 31 19,000 19,500 8 17 25 30 35 19,500 20,000 9 19 29 34 39 20,000 20,500 10 21 32 38 44 20,500 21,000 11 23 35 42 48 21,000 21,500 12 26 38 45 53 21,500 22,000 13 28 41 50 57 22,000 23,000 14 31 46 56 63 23,000 24,000 16 36 52 63 73 24,000 25,000 18 40 59 71 81 25,000 26,000 20 44 66 78 90 26,000 27,000 22 49 71 86 100 27,000 28,000 24 53 78 94 108 28,000 29,000 26 57 85 101 118 29,000 30,000 28 61 92 109 126 30,000 31,000 30 66 97 117 135 31,000 32,000 32 70 104 125 144 32,000 33,000 34 74 111 132 153 33,000 34,000 36 79 117 140 161 34,000 35,000 38 83 123 148 171 35,000 36,000 40 87 130 156 179 36,000 37,000 42 92 136 163 188 37,000 38,000 44 96 143 170 198 38,000 39,000 46 100 149 179 206 39,000 40,000 48 105 155 186 215 40,000 41,000 50 109 162 194 224 41,000 42,000 52 113 169 201 233 42,000 43,000 54 118 174 210 241 43,000 44,000 56 122 181 217 251 44,000 45,000 58 126 188 225 259 45,000 46,000 60 131 194 232 269 46,000 47,000 61 135 201 240 277 47,000 48,000 63 140 207 248 286 48,000 49,000 65 144 213 256 295 49,000 50,000 67 148 220 263 304 50,000 51,000 69 153 226 271 313 51,000 52,000 71 157 232 279 322 52,000 53,000 73 161 239 287 331 53,000 54,000 75 166 245 294 340 54,000 55,000 77 170 252 302 348 55,000 56,000 79 174 258 310 358 56,000 57,000 81 178 265 318 366 57,000 58,000 83 183 271 325 375 58,000 59,000 85 187 278 333 384 59,000 60,000 87 191 284 341 393 60,000 62,000 90 198 294 352 406 62,000 64,000 94 207 306 368 424 64,000 66,000 98 215 320 382 443 66,000 68,000 102 224 332 398 460 68,000 70,000 106 232 346 413 478 70,000 72,000 110 241 358 429 496 72,000 74,000 114 250 371 444 513 74,000 76,000 118 258 384 460 531 76,000 78,000 122 267 396 476 549 78,000 80,000 126 276 409 491 566 80,000 85,000 132 291 432 518 598 85,000 90,000 142 313 464 556 643 90,000 95,000 152 334 497 594 687 95,000 100,000 162 356 528 634 731 100,000 110,000 177 388 577 691 798 110,000 120,000 196 432 641 768 887 120,000 130,000 216 475 705 846 976 130,000 140,000 236 518 770 922 1,065 140,000 150,000 256 561 834 1,000 1,154 150,000 160,000 275 605 898 1,077 1,243 160,000 170,000 295 648 963 1,153 1,333 170,000 180,000 315 691 1,027 1,231 1,421 180,000 190,000 334 735 1,091 1,308 1,510 190,000 200,000 354 778 1,155 1,386 1,599 200,000 210,000 374 821 1,220 1,462 1,688 210,000 220,000 393 865 1,284 1,539 1,777 220,000 230,000 413 908 1,348 1,617 1,866 230,000 240,000 433 951 1,413 1,693 1,956 240,000 and up 453 995 1,476 1,771 2,044 REV. 1040ez tax form 2014 PROC. 1040ez tax form 2014 2010-18 TABLE 4 DOLLAR AMOUNTS FOR TRUCKS AND VANS WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2010 Fair Market Value of Passenger Automobile Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th & Later 17,000 17,500 3 6 9 10 11 17,500 18,000 4 8 12 14 16 18,000 18,500 5 10 15 18 21 18,500 19,000 6 12 19 22 24 19,000 19,500 7 15 21 26 29 19,500 20,000 8 17 25 29 34 20,000 20,500 9 19 28 33 38 20,500 21,000 10 21 31 37 43 21,000 21,500 11 23 35 41 47 21,500 22,000 12 25 38 45 51 22,000 23,000 13 29 42 51 58 23,000 24,000 15 33 49 58 67 24,000 25,000 17 37 56 66 76 25,000 26,000 19 42 62 73 85 26,000 27,000 21 46 68 82 93 27,000 28,000 23 50 75 89 103 28,000 29,000 25 55 81 97 111 29,000 30,000 27 59 88 104 121 30,000 31,000 29 63 94 113 129 31,000 32,000 31 68 100 120 138 32,000 33,000 33 72 107 127 148 33,000 34,000 35 76 114 135 156 34,000 35,000 37 81 119 143 165 35,000 36,000 39 85 126 151 174 36,000 37,000 41 89 133 158 183 37,000 38,000 43 94 139 166 191 38,000 39,000 45 98 145 174 201 39,000 40,000 47 102 152 182 209 40,000 41,000 49 106 159 189 218 41,000 42,000 51 111 164 198 227 42,000 43,000 53 115 171 205 236 43,000 44,000 55 119 178 213 245 44,000 45,000 57 124 184 220 254 45,000 46,000 59 128 190 228 263 46,000 47,000 60 133 197 235 272 47,000 48,000 62 137 203 244 280 48,000 49,000 64 142 209 251 290 49,000 50,000 66 146 216 259 298 50,000 51,000 68 150 223 266 308 51,000 52,000 70 154 229 275 316 52,000 53,000 72 159 235 282 325 53,000 54,000 74 163 242 290 334 54,000 55,000 76 167 249 297 343 55,000 56,000 78 172 254 305 352 56,000 57,000 80 176 261 313 361 57,000 58,000 82 180 268 320 370 58,000 59,000 84 185 274 328 378 59,000 60,000 86 189 280 336 388 60,000 62,000 89 195 291 347 401 62,000 64,000 93 204 303 363 418 64,000 66,000 97 213 315 379 436 66,000 68,000 101 221 329 394 454 68,000 70,000 105 230 341 410 472 70,000 72,000 109 239 354 424 490 72,000 74,000 113 247 367 440 508 74,000 76,000 117 256 380 455 526 76,000 78,000 121 264 393 471 543 78,000 80,000 125 273 406 486 561 80,000 85,000 131 289 428 513 592 85,000 90,000 141 310 461 552 636 90,000 95,000 151 332 492 591 681 95,000 100,000 161 353 525 629 726 100,000 110,000 176 386 573 686 793 110,000 120,000 195 430 637 763 882 120,000 130,000 215 473 701 841 971 130,000 140,000 235 516 766 918 1,059 140,000 150,000 255 559 830 995 1,149 150,000 160,000 274 603 894 1,072 1,238 160,000 170,000 294 646 958 1,150 1,326 170,000 180,000 314 689 1,023 1,226 1,416 180,000 190,000 333 733 1,087 1,303 1,505 190,000 200,000 353 776 1,151 1,381 1,594 200,000 210,000 373 819 1,216 1,457 1,683 210,000 220,000 392 863 1,280 1,534 1,772 220,000 230,000 412 906 1,344 1,612 1,861 230,000 240,000 432 949 1,409 1,689 1,949 240,000 and up 452 992 1,473 1,766 2,039 SECTION 5. 1040ez tax form 2014 EFFECTIVE DATE This revenue procedure applies to passenger automobiles that a taxpayer first places in service or first leases during calendar year 2010. 1040ez tax form 2014 SECTION 6. 1040ez tax form 2014 DRAFTING INFORMATION The principal author of this revenue procedure is Bernard P. 1040ez tax form 2014 Harvey of the Office of Associate Chief Counsel (Income Tax & Accounting). 1040ez tax form 2014 For further information regarding this revenue procedure, contact Mr. 1040ez tax form 2014 Harvey at (202) 622-4930 (not a toll-free call). 1040ez tax form 2014 Prev  Up  Next   Home   More Internal Revenue Bulletins
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Beware: Offers to Skip a Payment

If your credit company invites you to skip a monthly payment without a penalty, it is not doing you a favor. You will still owe finance charges on your unpaid balance. And interest could be adding up on any purchases you make after the due date you skipped.

Beware: Teaser Rates

Some cards are advertised with very low introductory interest rates called teasers. The rate is good for a short period of time. If you know you can pay what you owe while the low rate is in effect, it could be a good deal. But if the teaser time runs out and you still owe money, you could end up paying a higher rate than you might have without the special introductory rate. Just one late payment could also cancel the teaser rate.

Beware: Credit Insurance

When you take out a loan for a big purchase, a salesperson may try to sell you credit insurance. Your credit card company may also encourage you to purchase credit insurance. The coverage may be promoted as a way for you to protect yourself if your property is damaged or lost. Other credit insurance offers promises to make loan payments if you are laid off, become disabled or die. It is almost always better to buy regular property, life or disability insurance instead of credit insurance.

Be Alert: 'Credit Repair' Scams

Beware! Before you sign up for fee based credit repair services, beware. Many of the promised services are either illegal or ones you can do for free by yourself. Before you sign up to work with these companies, here are some tidbits to keep in mind:

  • A credit repair company must give you a copy of the "Consumer Credit File Rights under State and Federal Law" before you sign a contract.
  • The company cannot perform any services until you have signed a written contract and completed a three day waiting period, during which time you can cancel the contract without paying any fees.
  • The company cannot charge you until it has completed the promised services, according to the Credit Repair Organizations Act.
  • It is illegal to erase timely and accurate negative information contained in your credit history.
  • Suggestions that you create a new credit history (also called file segregation) by requesting an Employer Identification Number from the IRS are also illegal.
  • You can work to solve your own credit challenges, by requesting a free copy of your credit report, and by working with creditors to dispute incorrect information.

CARD Act Protections for Consumers

The Credit Card Accountability Responsibility & Disclosure (CARD) Act brought about sweeping protections for consumers. Among other things, your credit card company:

Fees

  • Cannot change rates or fees without sending you a notice 45 days in advance in most cases.
  • Must give you the option of rejecting a fee increase, but be aware that the credit card company may close your account if you reject the fee increase and may require a higher monthly payment.
  • Cannot charge you a late payment fee of more than $25, regardless of how much you owe- unless one of your last six payments was late or the credit card company can justify a higher fee based on the cost of late payments.
  • Cannot charge a late payment fee that is greater than your minimum payment.
  • Cannot charge you an inactivity fee for not using your card.
  • Cannot charge you more than one fee for a single late payment or any other violation of your cardholder agreement.
  • Cannot charge you over-the-limit transaction fees unless you opt in, stating that you want to allow transactions that take you over your credit card limit. If the credit card company allows the transaction without your opt-in, it cannot charge you a fee.
  • Can impose only one fee per billing cycle for transactions that take you over your credit limit if you opt in to over-the-limit transactions. You can revoke your opt-in at any time.

Payments

  • Has to tell you how long it will take to pay off your balance if you make only minimum payments.
  • Must mail or deliver your credit card bill at least 21 days before your payment is due.
  • Must apply any payments above the minimum required amount to the balance with the highest interest rate, if you have more than one rate.

Interest Rates

  • Cannot increase your rate for the first 12 months after you open an account unless you have a variable interest rate or an introductory rate; you are more than 60 days late paying your bill; or you are in a workout agreement and don't make payments as arranged.
  • Cannot charge higher rates for purchases made before you receive notice of a new rate.
  • Cannot use the double-cycle billing method when calculating interest; interest can only be charged on balances within the current billing cycle.
  • Cannot increase your Annual Percentage Rate (APR) without explaining why it is doing so. If your credit card company increases your APR, it generally must re-evaluate that rate increase every six months. Under some circumstances, it may have to reduce your rate after the evaluation.

What's more, a credit card company can grant credit cards to consumers under age 21 only if they can show they are able to make payments or have a cosigner for the card. The Federal Reserve has more information about CARD Act protections.

The 1040ez Tax Form 2014

1040ez tax form 2014 5. 1040ez tax form 2014   Illustrated Examples Table of Contents Illustrated Example of Form 4563Line 1. 1040ez tax form 2014 Line 2. 1040ez tax form 2014 Lines 3a and 3b. 1040ez tax form 2014 Lines 4a and 4b. 1040ez tax form 2014 Line 5. 1040ez tax form 2014 Line 6. 1040ez tax form 2014 Line 7. 1040ez tax form 2014 Line 9. 1040ez tax form 2014 Line 15. 1040ez tax form 2014 Illustrated Example of Form 5074Part I. 1040ez tax form 2014 Part II. 1040ez tax form 2014 Part III. 1040ez tax form 2014 Illustrated Example of Form 8689Part I. 1040ez tax form 2014 Part II. 1040ez tax form 2014 Part III. 1040ez tax form 2014 Part IV. 1040ez tax form 2014 Use the following examples to help you complete the correct attachment to your Form 1040. 1040ez tax form 2014 The completed form for each example is shown on the pages that follow. 1040ez tax form 2014 Illustrated Example of Form 4563 John Black is a U. 1040ez tax form 2014 S. 1040ez tax form 2014 citizen, single, and under 65. 1040ez tax form 2014 He was a bona fide resident of American Samoa during all of 2013. 1040ez tax form 2014 John must file Form 1040 because his gross income from sources outside the possessions ($10,000 of dividends from U. 1040ez tax form 2014 S. 1040ez tax form 2014 corporations) is more than his adjusted filing requirement for single filers under 65. 1040ez tax form 2014 (See Filing Requirement if Possession Income Is Excluded in chapter 4. 1040ez tax form 2014 ) Because he must file Form 1040 (not illustrated), he fills out Form 4563 to determine the amount of income from American Samoa he can exclude. 1040ez tax form 2014 See Bona Fide Resident of American Samoa in chapter 3. 1040ez tax form 2014 Completing Form 4563. 1040ez tax form 2014   John enters his name and social security number at the top of the form. 1040ez tax form 2014 Line 1. 1040ez tax form 2014   On Form 4563 (see later), John enters the date his bona fide residence began in American Samoa, June 2, 2012. 1040ez tax form 2014 Because he is still a bona fide resident, he enters “not ended” in the second blank space. 1040ez tax form 2014 Line 2. 1040ez tax form 2014   He checks the box labeled “Rented house or apartment” to describe his type of living quarters in American Samoa. 1040ez tax form 2014 Lines 3a and 3b. 1040ez tax form 2014   He checks “No” on line 3a because no family members lived with him. 1040ez tax form 2014 He leaves line 3b blank. 1040ez tax form 2014 Lines 4a and 4b. 1040ez tax form 2014   He checks “No” on line 4a because he did not maintain a home outside American Samoa. 1040ez tax form 2014 He leaves line 4b blank. 1040ez tax form 2014 Line 5. 1040ez tax form 2014   He enters the name and address of his employer, Samoa Products Co. 1040ez tax form 2014 It is a private American Samoa corporation. 1040ez tax form 2014 Line 6. 1040ez tax form 2014   He enters the dates of his 2-week vacation to New Zealand from November 11 to November 25. 1040ez tax form 2014 That was his only trip outside American Samoa during the year. 1040ez tax form 2014 Line 7. 1040ez tax form 2014   He enters the $24,000 in wages he received from Samoa Products Co. 1040ez tax form 2014 Line 9. 1040ez tax form 2014   He received $220 in dividends from an American Samoa corporation, which he enters here. 1040ez tax form 2014 He also received $10,000 of dividends from a U. 1040ez tax form 2014 S. 1040ez tax form 2014 corporation, but he will enter that amount only on his Form 1040 because the U. 1040ez tax form 2014 S. 1040ez tax form 2014 dividends do not qualify for the possession exclusion. 1040ez tax form 2014 Line 15. 1040ez tax form 2014   John totals the amounts on lines 7 and 9 to get the amount he can exclude from his gross income in 2013. 1040ez tax form 2014 He will not enter his excluded income on Form 1040. 1040ez tax form 2014 However, he will attach his completed Form 4563 to his Form 1040. 1040ez tax form 2014 Illustrated Example of Form 5074 Tracy Grey is a U. 1040ez tax form 2014 S. 1040ez tax form 2014 citizen who is a self-employed fisheries consultant with a tax home in New York. 1040ez tax form 2014 Her only income for 2013 was net self-employment income of $80,000. 1040ez tax form 2014 Of the $80,000, $20,000 was from consulting work in Guam and the rest was earned in the United States. 1040ez tax form 2014 Thinking she would owe tax to Guam on the $20,000, Tracy made estimated tax payments of $1,409 to Guam. 1040ez tax form 2014 She was not a bona fide resident of Guam during 2013. 1040ez tax form 2014 Tracy completes Form 1040 (not illustrated), reporting her worldwide income. 1040ez tax form 2014 Because the adjusted gross income on her Form 1040 was $50,000 or more and at least $5,000 of her gross income is from Guam, Tracy must file Form 5074 with her Form 1040. 1040ez tax form 2014 All amounts reported on Form 5074 are also reported on her Form 1040. 1040ez tax form 2014 See U. 1040ez tax form 2014 S. 1040ez tax form 2014 Citizen or Resident Alien (Other Than a Bona Fide Resident of Guam) in chapter 3. 1040ez tax form 2014 Completing Form 5074. 1040ez tax form 2014   Tracy enters her name and social security number at the top of the form. 1040ez tax form 2014 Part I. 1040ez tax form 2014   On Form 5074 (see later), Tracy enters her self-employment income from Guam ($20,000) on line 6. 1040ez tax form 2014 She has no other income from Guam, so the total on line 16 is $20,000. 1040ez tax form 2014 Part II. 1040ez tax form 2014   Tracy's only adjustment in Part II is the deductible part of the self-employment tax on her net income earned in Guam. 1040ez tax form 2014 She enters $1,413 on line 21 and line 28. 1040ez tax form 2014 Her adjusted gross income on line 29 is $18,587. 1040ez tax form 2014 Part III. 1040ez tax form 2014   Tracy made estimated tax payments of $1,409. 1040ez tax form 2014 She enters this amount on line 30, and again on line 34 as the total payments. 1040ez tax form 2014 Illustrated Example of Form 8689 Juan and Carla Moreno live and work in the United States. 1040ez tax form 2014 In 2013, they received $14,400 in income from the rental of a condominium they own in the U. 1040ez tax form 2014 S. 1040ez tax form 2014 Virgin Islands (USVI). 1040ez tax form 2014 The rental income was deposited in a bank in the USVI and they received $500 of interest on this income. 1040ez tax form 2014 They were not bona fide residents of the USVI during the entire tax year. 1040ez tax form 2014 The Morenos complete Form 1040 (not illustrated), reporting their income from all sources, including their interest income and the income and expenses from their USVI rental property (reported on Schedule E (Form 1040)). 1040ez tax form 2014 The Morenos take the standard deduction for married filing jointly, both are under 65, and they have no dependents. 1040ez tax form 2014 The Morenos also complete Form 8689 to determine how much of their U. 1040ez tax form 2014 S. 1040ez tax form 2014 tax shown on Form 1040, line 61 (with certain adjustments), must be paid to the U. 1040ez tax form 2014 S. 1040ez tax form 2014 Virgin Islands. 1040ez tax form 2014 See U. 1040ez tax form 2014 S. 1040ez tax form 2014 Citizen or Resident Alien (Other Than a Bona Fide Resident of the USVI) in chapter 3. 1040ez tax form 2014 The Morenos file their Form 1040, attaching Form 8689 and all other schedules, with the Internal Revenue Service. 1040ez tax form 2014 At the same time, they send a copy of their Form 1040 with all attachments, including Form 8689, to the Virgin Islands Bureau of Internal Revenue. 1040ez tax form 2014 The Virgin Islands Bureau of Internal Revenue will process this copy. 1040ez tax form 2014 Completing Form 8689. 1040ez tax form 2014   Juan and Carla enter their names and Juan's social security number at the top of the form. 1040ez tax form 2014 Part I. 1040ez tax form 2014   The Morenos enter their income from the USVI in Part I (see later). 1040ez tax form 2014 The interest income is entered on line 2 and the net rental income of $6,200 ($14,400 of rental income minus $8,200 of rental expenses) is entered on line 11. 1040ez tax form 2014 The Morenos' total USVI income of $6,700 is entered on line 16. 1040ez tax form 2014 Part II. 1040ez tax form 2014   The Morenos have no adjustments to their USVI income, so they enter zero (-0-) on line 28, and $6,700 on line 29. 1040ez tax form 2014 Their USVI adjusted gross income (AGI) is $6,700. 1040ez tax form 2014 Part III. 1040ez tax form 2014   On line 30, the Morenos enter the amount from Form 1040, line 61 ($4,539). 1040ez tax form 2014 Their Form 1040 does not show any entries required on line 31, so they leave that line blank and enter $4,539 on line 32. 1040ez tax form 2014   The Morenos enter their worldwide AGI, $54,901 (Form 1040, line 38), on line 33. 1040ez tax form 2014 Next, they find what percentage of their AGI is from USVI sources ($6,700 ÷ $54,901 = 0. 1040ez tax form 2014 122) and enter that as a decimal on line 34. 1040ez tax form 2014 They then apply that percentage to the U. 1040ez tax form 2014 S. 1040ez tax form 2014 tax entered on line 32 to find the amount of U. 1040ez tax form 2014 S. 1040ez tax form 2014 tax allocated to USVI income ($4,539 x 0. 1040ez tax form 2014 122 = $554), and enter that amount on line 35. 1040ez tax form 2014 Part IV. 1040ez tax form 2014   Part IV is used to show payments of income tax to the USVI only. 1040ez tax form 2014 The Morenos had no tax withheld by the U. 1040ez tax form 2014 S. 1040ez tax form 2014 Virgin Islands, but made estimated tax payments to the USVI of $400, which they entered on lines 37 and 39. 1040ez tax form 2014 They include this amount ($400) in the total payments on Form 1040, line 72. 1040ez tax form 2014 On the dotted line next to the entry space for line 72, they enter “Form 8689” and show the amount. 1040ez tax form 2014 The Morenos do not complete Form 1116 because they receive credit on Form 1040, line 72, for the tax paid to the USVI. 1040ez tax form 2014   The income tax they owe to the USVI ($154) is shown on Form 8689, line 44. 1040ez tax form 2014 They enter this amount on line 45. 1040ez tax form 2014 They also include this additional amount ($154) on the dotted line next to the entry space and in the total on Form 1040, line 72. 1040ez tax form 2014 The Morenos will pay their USVI tax at the same time they file the copy of their U. 1040ez tax form 2014 S. 1040ez tax form 2014 income tax return with the U. 1040ez tax form 2014 S. 1040ez tax form 2014 Virgin Islands. 1040ez tax form 2014 This image is too large to be displayed in the current screen. 1040ez tax form 2014 Please click the link to view the image. 1040ez tax form 2014 Form 4563, page 1 for John Black This image is too large to be displayed in the current screen. 1040ez tax form 2014 Please click the link to view the image. 1040ez tax form 2014 Form 5074, for Tracy Grey This image is too large to be displayed in the current screen. 1040ez tax form 2014 Please click the link to view the image. 1040ez tax form 2014 Form 8689, page 1 for Juan and Carla Moreno Prev  Up  Next   Home   More Online Publications