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1040x Turbotax Online

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1040x Turbotax Online

1040x turbotax online Publication 523 - Introductory Material Table of Contents Future Developments Reminders IntroductionOrdering forms and publications. 1040x turbotax online Tax questions. 1040x turbotax online Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 523, such as legislation enacted after it was published, go to www. 1040x turbotax online irs. 1040x turbotax online gov/pub523. 1040x turbotax online Reminders Change of address. 1040x turbotax online  If you change your mailing address, be sure to notify the Internal Revenue Service (IRS) using Form 8822, Change of Address. 1040x turbotax online Mail it to the Internal Revenue Service Center for your old address. 1040x turbotax online (Addresses for the Service Centers are on the back of the form. 1040x turbotax online ) Home sold with undeducted points. 1040x turbotax online  If you have not deducted all the points you paid to secure a mortgage on your old home, you may be able to deduct the remaining points in the year of sale. 1040x turbotax online See Points in Publication 936, Home Mortgage Interest Deduction. 1040x turbotax online Photographs of missing children. 1040x turbotax online  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. 1040x turbotax online Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. 1040x turbotax online You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. 1040x turbotax online Introduction This publication explains the tax rules that apply when you sell your main home. 1040x turbotax online In most cases, your main home is the one in which you live most of the time. 1040x turbotax online If you sold your main home in 2013, you may be able to exclude from income any gain up to a limit of $250,000 ($500,000 on a joint return in most cases). 1040x turbotax online See Excluding the Gain , later. 1040x turbotax online Generally, if you can exclude all the gain, you do not need to report the sale on your tax return. 1040x turbotax online If you have gain that cannot be excluded, you generally must report it on Form 8949, Sales and Other Dispositions of Capital Assets, and Schedule D (Form 1040), Capital Gains and Losses. 1040x turbotax online You may also have to complete Form 4797, Sales of Business Property. 1040x turbotax online See Reporting the Sale , later. 1040x turbotax online If you have a loss on the sale, you generally cannot deduct it on your return. 1040x turbotax online However, you may need to report it. 1040x turbotax online See Reporting the Sale , later. 1040x turbotax online The main topics in this publication are: Figuring gain or loss, Basis, Excluding the gain, Ownership and use tests, and Reporting the sale. 1040x turbotax online Other topics include: Business use or rental of home, Deducting taxes in the year of sale, and Recapturing a federal mortgage subsidy. 1040x turbotax online Net Investment Income Tax (NIIT). 1040x turbotax online   If any part of the gain on the sale of a home is not excluded under the rules discussed in this publication, it may be subject to the NIIT. 1040x turbotax online For more details, see Form 8960, Net Investment Income Tax—Individuals, Estates, and Trusts, and its instructions. 1040x turbotax online Worksheets. 1040x turbotax online   Near the end of this publication you will find worksheets you can use to figure your gain (or loss) and your exclusion. 1040x turbotax online Use Worksheet 1 to figure the adjusted basis of the home you sold. 1040x turbotax online Use Worksheet 2 to figure the gain (or loss), the exclusion, and the taxable gain (if any) on the sale. 1040x turbotax online If you do not qualify for the maximum exclusion, use Worksheet 3 to figure your reduced maximum exclusion. 1040x turbotax online Date of sale. 1040x turbotax online    If you received a Form 1099-S, Proceeds From Real Estate Transactions, the date of sale should be shown in box 1. 1040x turbotax online If you did not receive this form, the date of sale is the earlier of (a) the date title transferred or (b) the date the economic burdens and benefits of ownership shifted to the buyer. 1040x turbotax online In most cases, these dates are the same. 1040x turbotax online What is not covered in this publication. 1040x turbotax online   This publication does not cover the sale of rental property, second homes, or vacation homes. 1040x turbotax online For information on how to report any gain or loss from those sales, see Publication 544, Sales and Other Dispositions of Assets. 1040x turbotax online Comments and suggestions. 1040x turbotax online   We welcome your comments about this publication and your suggestions for future editions. 1040x turbotax online   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. 1040x turbotax online NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. 1040x turbotax online Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. 1040x turbotax online   You can send your comments from www. 1040x turbotax online irs. 1040x turbotax online gov/formspubs/. 1040x turbotax online Click on “More Information” and then on “Comment on Tax Forms and Publications”. 1040x turbotax online   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. 1040x turbotax online Ordering forms and publications. 1040x turbotax online   Visit www. 1040x turbotax online irs. 1040x turbotax online gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. 1040x turbotax online Internal Revenue Service 1201 N. 1040x turbotax online Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. 1040x turbotax online   If you have a tax question, check the information available on IRS. 1040x turbotax online gov or call 1-800-829-1040. 1040x turbotax online We cannot answer tax questions sent to either of the above addresses. 1040x turbotax online Useful Items - You may want to see: Publication 527 Residential Rental Property 530 Tax Information for Homeowners 544 Sales and Other Dispositions of Assets 547 Casualties, Disasters, and Thefts 551 Basis of Assets 587 Business Use of Your Home 936 Home Mortgage Interest Deduction 4681 Canceled Debts, Foreclosures, Repossessions, and Abandonments Form (and Instructions) Schedule A (Form 1040) Itemized Deductions Schedule D (Form 1040) Capital Gains and Losses 982 Reduction of Tax Attributes Due to Discharge of Indebtedness 1040 U. 1040x turbotax online S. 1040x turbotax online Individual Income Tax Return 1040NR U. 1040x turbotax online S. 1040x turbotax online Nonresident Alien Income Tax Return 1040X Amended U. 1040x turbotax online S. 1040x turbotax online Individual Income Tax Return 1099-S Proceeds From Real Estate Transactions 4797 Sales of Business Property 5405 Repayment of the First-Time Homebuyer Credit 8822 Change of Address 8828 Recapture of Federal Mortgage Subsidy 8939 Allocation of Increase in Basis for Property Acquired From a Decedent 8949 Sales and Other Dispositions of Capital Assets W-2 Wage and Tax Statement See How To Get Tax Help , near the end of this publication, for information about getting these publications and forms. 1040x turbotax online Prev  Up  Next   Home   More Online Publications
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Recent Developments for Tax Forms, Instructions, and Publications

Note to Users of Form 1042 --27-MAR-2014
 

Correction to Instructions for Form 706-NA --07-MAR-2014
 

Retiring Form 5300 (Schedule Q), Elective Determination Requests, and the Instructions -- 28-FEB-2014
 

Correction to 2013 Instructions for Form 1041 and Schedules A, B, G, J, and K-1 -- 20-FEB-2014
 

Clarification for Form 8879, IRS e-file Signature Authorization --13-FEB-2014
 

Update to Fax Numbers for Filing Form 2848 --13-FEB-2014
 

Reminder for Employers: No Federal Income Tax Withholding on Disability Payments for Injuries Incurred as a Direct Result of a Terrorist Attack Directed Against the United States -- 04-FEB-2014
 

The Form 706-D and the Instructions for Form 706-D are Retired. The Information will not be included in another product. -- 03-FEB-2014
 

The Publication 5500 Filing Reminder is Obsolete -- 03-FEB-2014
 

Change: Schedule D-1 (Form 1041) Will No Longer be Revised or Used, Beginning with Tax Year 2013 -- 24-JAN-2014
 

Correction to 2013 Instructions for Schedule H (Form 990) -- 23-JAN-2014
 

Important Information Regarding Additional Medicare Tax -- 23-JAN-2014
 

Personal Exemption Update for Qualified Disability Trusts Subject to Phaseout for 2013 Form 1041-ES, Estimated Income Tax for Estates and Trusts -- 13-JAN-2014
 

Final Release of 2013 Original Issue Discount (OID) Tables -- 10-JAN-2014
 

Corrections to the 2013 Instructions for Form 1116, Foreign Tax Credit (Individual, Estate, or Trust)--10 JAN 2014
 

Correction to 2013 Schedule K-1 (Form 1041), Beneficiary’s Share of Income, Deductions, Credits, etc. -- 8-JAN-2014
 

Corrections to Publication 1212 (Rev. December 2013), Guide to Original Issue Discount (OID) Instruments, Examples 5 and 6 -- 08-JAN-2014
 

Correction to 2013 Instructions for Form 709 United States Gift (and Generation-Skipping Transfer) Tax Return -- 07-JAN-14
 

Correction to 2013 Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return -- 07-JAN-2014
 

Update to the Instructions for Form 9465, Installment Agreement Request (Rev. December 2013) -- 06-JAN-2014
 

Correction to 2013 Instructions for Form 709 United States Gift (and Generation-Skipping Transfer) Tax Return -- 31-DEC-2013
 

Correction to 2013 Schedule I (Form 1041), Alternative Minimum Tax - Estates and Trusts -- 22-DEC-2013
 

Update for Filers of Form 8958, Allocation of Tax Amounts Between Certain Individuals in Community Property States -- 16-DEC-2013
 

Update to Publication 555, Community Property -- 13-DEC-2013
 

Correction to Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return -- 03-DEC-2013
 

Corrections to 2013 Instructions for Form 706 United States Estate (and Generation-Skipping Transfer) Tax Return (Nov-12-2013) -- 25-NOV-2013
 

Change to the 2014 Specific Instructions for Form 1099-C, Box 2. Amount of Debt Discharged -- 07-NOV-13


Change to the 2013 Instructions for Form 1099-R for reporting certain distributions from nonqualified plans -- 06-NOV-13
 

Correction to 2013 Instructions for Schedule R (Form 990) -- 06-NOV-13
 

Form 5884-B, New Hire Retention Credit, is identified as a historical form and cannot be used with a current year federal tax return -- 5-NOV-2013
 

Additional Instructions for 2012 Form 8949, Sales and Other Dispositions of Capital Assets -- 27-AUG-2013
 

Update to 2012 Instructions for Form 990-T -- 12-AUG-2013
 

Update to 2012 Instructions for Form 990-EZ -- 12-AUG-2013
 

Changes to the 2013 Form 1096, Box 5 Reporting Instructions for Form 1099-B -- 09-AUG-2013
 

Change to Filing Address for Form SS-8, Determination of Worker Status for Purposes of Federal Employment Taxes and Income Tax Withholding -- 22-MAY-2013
 

Clarification for Form 1024, Application for Recognition of Exemption Under Section 501(a) (Rev. September 1998) -- 02-MAY-2013
 

Page Last Reviewed or Updated: 31-Mar-2014

The 1040x Turbotax Online

1040x turbotax online 1. 1040x turbotax online   Filing Information Table of Contents Topics - This chapter discusses: Useful Items - You may want to see: Filing RequirementsWhen To File and Pay Foreign Currency Does My Return Have To Be On Paper? Where To File Nonresident Alien Spouse Treated as a ResidentSocial Security Number (SSN) How To Make the Choice Suspending the Choice Ending the Choice Estimated Tax Other Forms You May Have To File Topics - This chapter discusses: Whether you have to file a return, When to file your return and pay any tax due, How to treat foreign currency, How to file electronically, Where to file your return, When you can treat your nonresident alien spouse as a resident, and When you may have to make estimated tax payments. 1040x turbotax online Useful Items - You may want to see: Publication 3 Armed Forces' Tax Guide 501 Exemptions, Standard Deduction, and Filing Information 505 Tax Withholding and Estimated Tax 519 U. 1040x turbotax online S. 1040x turbotax online Tax Guide for Aliens 970 Tax Benefits for Education Form (and Instructions) 1040-ES Estimated Tax for Individuals 1040X Amended U. 1040x turbotax online S. 1040x turbotax online Individual Income Tax Return 2350 Application for Extension of Time To File U. 1040x turbotax online S. 1040x turbotax online Income Tax Return 2555 Foreign Earned Income 2555-EZ Foreign Earned Income Exclusion 4868 Application for Automatic Extension of Time To File U. 1040x turbotax online S. 1040x turbotax online Individual Income Tax Return 8822 Change of Address See chapter 7 for information about getting these publications and forms. 1040x turbotax online Filing Requirements If you are a U. 1040x turbotax online S. 1040x turbotax online citizen or resident alien, the rules for filing income, estate, and gift tax returns and for paying estimated tax are generally the same whether you are in the United States or abroad. 1040x turbotax online Your income, filing status, and age generally determine whether you must file an income tax return. 1040x turbotax online Generally, you must file a return for 2013 if your gross income from worldwide sources is at least the amount shown for your filing status in the following table. 1040x turbotax online Filing Status*   Amount Single $10,000 65 or older $11,500 Head of household $12,850 65 or older $14,350 Qualifying widow(er) $16,100 65 or older $17,300 Married filing jointly $20,000 Not living with spouse at end of year $3,900 One spouse 65 or older $21,200 Both spouses 65 or older $22,400 Married filing separately $3,900 *If you are the dependent of another taxpayer, see the instructions for Form 1040 for more information on whether you must file a return. 1040x turbotax online Gross income. 1040x turbotax online   This includes all income you receive in the form of money, goods, property, and services that is not exempt from tax. 1040x turbotax online   For purposes of determining whether you must file a return, gross income includes any income that you can exclude as foreign earned income or as a foreign housing amount. 1040x turbotax online If you are self-employed, your gross income includes the amount on Part I, line 7 of Schedule C (Form 1040), Profit or Loss From Business, or line 1 of Schedule C-EZ (Form 1040), Net Profit From Business. 1040x turbotax online Self-employed individuals. 1040x turbotax online   If your net earnings from self-employment are $400 or more, you must file a return even if your gross income is below the amount listed for your filing status in the table shown earlier. 1040x turbotax online Net earnings from self-employment are defined in Publication 334, Tax Guide for Small Business. 1040x turbotax online 65 or older. 1040x turbotax online   You are considered to be age 65 on the day before your 65th birthday. 1040x turbotax online For example, if your 65th birthday is on January 1, 2014, you are considered 65 for 2013. 1040x turbotax online Residents of U. 1040x turbotax online S. 1040x turbotax online possessions. 1040x turbotax online   If you are (or were) a bona fide resident of a U. 1040x turbotax online S. 1040x turbotax online possession, you may be required to file Form 8898, Statement for Individuals Who Begin or End Bona Fide Residence in a U. 1040x turbotax online S. 1040x turbotax online Possession. 1040x turbotax online See the instructions for the form for more information. 1040x turbotax online When To File and Pay If you file on a calendar year basis, the due date for filing your return is April 15 of the following year. 1040x turbotax online If you file on a fiscal year basis (a year ending on the last day of any month except December), the due date is 3 months and 15 days after the close of your fiscal year. 1040x turbotax online In general, the tax shown on your return should be paid by the due date of the return, without regard to any extension of time for filing the return. 1040x turbotax online When the due date for doing any act for tax purposes—filing a return, paying taxes, etc. 1040x turbotax online — falls on a Saturday, Sunday, or legal holiday, the due date is delayed until the next business day. 1040x turbotax online A tax return delivered by the U. 1040x turbotax online S. 1040x turbotax online mail or a designated delivery service that is postmarked or dated by the delivery service on or before the due date is considered to have been filed on or before that date. 1040x turbotax online See your Form 1040 or Form 1040A instructions for a list of designated delivery services. 1040x turbotax online Foreign wire transfers. 1040x turbotax online   If you have a U. 1040x turbotax online S. 1040x turbotax online bank account, you can use: EFTPS (Electronic Federal Tax Payment System), or Federal Tax Application (same-day wire transfer). 1040x turbotax online If you do not have a U. 1040x turbotax online S. 1040x turbotax online bank account, ask if your financial institution has a U. 1040x turbotax online S. 1040x turbotax online affiliate that can help you make same-day wire transfers. 1040x turbotax online   For more information, visit www. 1040x turbotax online eftps. 1040x turbotax online gov. 1040x turbotax online Extensions You can get an extension of time to file your return. 1040x turbotax online In some circumstances, you also can get an extension of time to file and pay any tax due. 1040x turbotax online However, if you pay the tax due after the regular due date, interest will be charged from the regular due date until the date the tax is paid. 1040x turbotax online This publication discusses four extensions: an automatic 2-month extension, an automatic 6-month extension, an additional extension for taxpayers out of the country, and an extension of time to meet tests. 1040x turbotax online If you served in a combat zone or qualified hazardous duty area, see Publication 3 for a discussion of extensions of deadlines. 1040x turbotax online Automatic 2-month extension. 1040x turbotax online   You are allowed an automatic 2-month extension to file your return and pay federal income tax if you are a U. 1040x turbotax online S. 1040x turbotax online citizen or resident alien, and on the regular due date of your return: You are living outside the United States and Puerto Rico and your main place of business or post of duty is outside the United States and Puerto Rico, or You are in military or naval service on duty outside the United States and Puerto Rico. 1040x turbotax online   If you use a calendar year, the regular due date of your return is April 15. 1040x turbotax online Even if you are allowed an extension, you will have to pay interest on any tax not paid by the regular due date of your return. 1040x turbotax online Married taxpayers. 1040x turbotax online   If you file a joint return, either you or your spouse can qualify for the automatic extension. 1040x turbotax online If you and your spouse file separate returns, this automatic extension applies only to the spouse who qualifies for it. 1040x turbotax online How to get the extension. 1040x turbotax online   To use this automatic 2-month extension, you must attach a statement to your return explaining which of the two situations listed earlier qualified you for the extension. 1040x turbotax online Automatic 6-month extension. 1040x turbotax online   If you are not able to file your return by the due date, you generally can get an automatic 6-month extension of time to file (but not of time to pay). 1040x turbotax online To get this automatic extension, you must file a paper Form 4868 or use IRS e-file (electronic filing). 1040x turbotax online For more information about filing electronically, see E-file options , later. 1040x turbotax online   The form must show your properly estimated tax liability based on the information available to you. 1040x turbotax online    You may not be eligible. 1040x turbotax online You cannot use the automatic 6-month extension of time to file if: You want the IRS to figure your tax, or You are under a court order to file by the regular due date. 1040x turbotax online E-file options. 1040x turbotax online    You can use e-file to get an extension of time to file. 1040x turbotax online You can either file Form 4868 electronically or you can pay part or all of your estimate of tax due using a credit or debit card. 1040x turbotax online   First, complete Form 4868 to use as a worksheet. 1040x turbotax online If you think you may owe tax when you file your return, use Part II of the form to estimate your balance due. 1040x turbotax online    Then, do one of the following. 1040x turbotax online E-file Form 4868. 1040x turbotax online You can use a tax software package with your personal computer or a tax professional to file Form 4868 electronically. 1040x turbotax online You will need to provide certain information from your tax return for 2012. 1040x turbotax online If you wish to make a payment by electronic funds withdrawal, see the instructions for Form 4868. 1040x turbotax online If you e-file Form 4868, do not also send a paper Form 4868. 1040x turbotax online E-file and pay by credit or debit card. 1040x turbotax online You can get an extension by paying part or all of your estimate of tax due by using a credit or debit card. 1040x turbotax online You can do this by phone or over the Internet. 1040x turbotax online If you do this, you do not file Form 4868. 1040x turbotax online For more information, see the instructions for your tax return. 1040x turbotax online When to file. 1040x turbotax online   Generally, you must request the 6-month extension by the regular due date of your return. 1040x turbotax online Previous 2-month extension. 1040x turbotax online   If you cannot file your return within the automatic 2-month extension period, you generally can get an additional 4 months to file your return, for a total of 6 months. 1040x turbotax online The 2-month period and the 6-month period start at the same time. 1040x turbotax online You have to request the additional 4 months by the new due date allowed by the 2-month extension. 1040x turbotax online   The additional 4 months of time to file (unlike the original 2-month extension) is not an extension of time to pay. 1040x turbotax online You must make an accurate estimate of your tax based on the information available to you. 1040x turbotax online If you find you cannot pay the full amount due with Form 4868, you can still get the extension. 1040x turbotax online You will owe interest on the unpaid amount from the original due date of the return. 1040x turbotax online   You also may be charged a penalty for paying the tax late unless you have reasonable cause for not paying your tax when due. 1040x turbotax online Penalties for paying the tax late are assessed from the original due date of your return, unless you qualify for the automatic 2-month extension. 1040x turbotax online In that situation, penalties for paying late are assessed from the extended due date of the payment (June 15 for calendar year taxpayers). 1040x turbotax online Additional extension of time for taxpayers out of the country. 1040x turbotax online   In addition to the 6-month extension, taxpayers who are out of the country can request a discretionary 2-month additional extension of time to file their returns (to December 15 for calendar year taxpayers). 1040x turbotax online   To request this extension, you must send the Internal Revenue Service a letter explaining the reasons why you need the additional 2 months. 1040x turbotax online Send the letter by the extended due date (October 15 for calendar year taxpayers) to the following address: Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0045   You will not receive any notification from the Internal Revenue Service unless your request is denied. 1040x turbotax online   The discretionary 2-month additional extension is not available to taxpayers who have an approved extension of time to file on Form 2350, discussed next. 1040x turbotax online Extension of time to meet tests. 1040x turbotax online   You generally cannot get an extension of more than 6 months. 1040x turbotax online However, if you are outside the United States and meet certain requirements, you may be able to get a longer extension. 1040x turbotax online   You can get an extension of more than 6 months to file your tax return if you need the time to meet either the bona fide residence test or the physical presence test to qualify for either the foreign earned income exclusion or the foreign housing exclusion or deduction. 1040x turbotax online The tests, the exclusions, and the deduction are explained in chapter 4. 1040x turbotax online   You should request an extension if all three of the following apply. 1040x turbotax online You are a U. 1040x turbotax online S. 1040x turbotax online citizen or resident alien. 1040x turbotax online You expect to meet either the bona fide residence test or the physical presence test, but not until after your tax return is due. 1040x turbotax online Your tax home is in a foreign country (or countries) throughout your period of bona fide residence or physical presence, whichever applies. 1040x turbotax online   If you are granted an extension, it generally will be to 30 days beyond the date on which you can reasonably expect to qualify for an exclusion or deduction under either the bona fide residence test or the physical presence test. 1040x turbotax online However, if you have moving expenses that are for services performed in 2 years, you may be granted an extension until after the end of the second year. 1040x turbotax online How to get an extension. 1040x turbotax online   To obtain an extension, file Form 2350 either by giving it to a local IRS representative or other IRS employee or by mailing it to the: Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0045   You must file Form 2350 by the due date for filing your return. 1040x turbotax online Generally, if both your tax home and your abode are outside the United States and Puerto Rico on the regular due date of your return and you file on a calendar year basis, the due date for filing your return is June 15. 1040x turbotax online What if tests are not met. 1040x turbotax online   If you obtain an extension and unforeseen events make it impossible for you to meet either the bona fide residence test or the physical presence test, you should file your income tax return as soon as possible because you must pay interest on any tax due after the regular due date of the return (even though an extension was granted). 1040x turbotax online    You should make any request for an extension early, so that if it is denied you still can file your return on time. 1040x turbotax online Otherwise, if you file late and additional tax is due, you may be subject to a penalty. 1040x turbotax online Return filed before test is met. 1040x turbotax online   If you file a return before you meet the bona fide residence test or the physical presence test, you must include all income from both U. 1040x turbotax online S. 1040x turbotax online and foreign sources and pay the tax on that income. 1040x turbotax online If you later meet either of the tests, you can claim the foreign earned income exclusion, the foreign housing exclusion, or the foreign housing deduction on Form 1040X. 1040x turbotax online Foreign Currency You must express the amounts you report on your U. 1040x turbotax online S. 1040x turbotax online tax return in U. 1040x turbotax online S. 1040x turbotax online dollars. 1040x turbotax online If you receive all or part of your income or pay some or all of your expenses in foreign currency, you must translate the foreign currency into U. 1040x turbotax online S. 1040x turbotax online dollars. 1040x turbotax online How you do this depends on your functional currency. 1040x turbotax online Your functional currency generally is the U. 1040x turbotax online S. 1040x turbotax online dollar unless you are required to use the currency of a foreign country. 1040x turbotax online You must make all federal income tax determinations in your functional currency. 1040x turbotax online The U. 1040x turbotax online S. 1040x turbotax online dollar is the functional currency for all taxpayers except some qualified business units (QBUs). 1040x turbotax online A QBU is a separate and clearly identified unit of a trade or business that maintains separate books and records. 1040x turbotax online Even if you have a QBU, your functional currency is the dollar if any of the following apply. 1040x turbotax online You conduct the business in U. 1040x turbotax online S. 1040x turbotax online dollars. 1040x turbotax online The principal place of business is located in the United States. 1040x turbotax online You choose to or are required to use the U. 1040x turbotax online S. 1040x turbotax online dollar as your functional currency. 1040x turbotax online The business books and records are not kept in the currency of the economic environment in which a significant part of the business activities is conducted. 1040x turbotax online Make all income tax determinations in your functional currency. 1040x turbotax online If your functional currency is the U. 1040x turbotax online S. 1040x turbotax online dollar, you must immediately translate into U. 1040x turbotax online S. 1040x turbotax online dollars all items of income, expense, etc. 1040x turbotax online (including taxes), that you receive, pay, or accrue in a foreign currency and that will affect computation of your income tax. 1040x turbotax online Use the exchange rate prevailing when you receive, pay, or accrue the item. 1040x turbotax online If there is more than one exchange rate, use the one that most properly reflects your income. 1040x turbotax online You can generally get exchange rates from banks and U. 1040x turbotax online S. 1040x turbotax online Embassies. 1040x turbotax online If your functional currency is not the U. 1040x turbotax online S. 1040x turbotax online dollar, make all income tax determinations in your functional currency. 1040x turbotax online At the end of the year, translate the results, such as income or loss, into U. 1040x turbotax online S. 1040x turbotax online dollars to report on your income tax return. 1040x turbotax online Blocked Income You generally must report your foreign income in terms of U. 1040x turbotax online S. 1040x turbotax online dollars and, with one exception (see Fulbright Grant, later), you must pay taxes due on it in U. 1040x turbotax online S. 1040x turbotax online dollars. 1040x turbotax online If, because of restrictions in a foreign country, your income is not readily convertible into U. 1040x turbotax online S. 1040x turbotax online dollars or into other money or property that is readily convertible into U. 1040x turbotax online S. 1040x turbotax online dollars, your income is “blocked” or “deferrable” income. 1040x turbotax online You can report this income in one of two ways: Report the income and pay your federal income tax with U. 1040x turbotax online S. 1040x turbotax online dollars that you have in the United States or in some other country, or Postpone the reporting of the income until it becomes unblocked. 1040x turbotax online If you choose to postpone the reporting of the income, you must file an information return with your tax return. 1040x turbotax online For this information return, you should use another Form 1040 labeled “Report of Deferrable Foreign Income, pursuant to Rev. 1040x turbotax online Rul. 1040x turbotax online 74-351. 1040x turbotax online ” You must declare on the information return that you will include the deferrable income in your taxable income for the year that it becomes unblocked. 1040x turbotax online You also must state that you waive any right to claim that the deferrable income was includible in your income for any earlier year. 1040x turbotax online You must report your income on your information return using the foreign currency in which you received that income. 1040x turbotax online If you have blocked income from more than one foreign country, include a separate information return for each country. 1040x turbotax online Income becomes unblocked and reportable for tax purposes when it becomes convertible, or when it is converted, into U. 1040x turbotax online S. 1040x turbotax online dollars or into other money or property that is convertible into U. 1040x turbotax online S. 1040x turbotax online currency. 1040x turbotax online Also, if you use blocked income for your personal expenses or dispose of it by gift, bequest, or devise, you must treat it as unblocked and reportable. 1040x turbotax online If you have received blocked income on which you have not paid tax, you should check to see whether that income is still blocked. 1040x turbotax online If it is not, you should take immediate steps to pay tax on it, file a declaration or amended declaration of estimated tax, and include the income on your tax return for the year in which the income became unblocked. 1040x turbotax online If you choose to postpone reporting blocked income and in a later tax year you wish to begin including it in gross income although it is still blocked, you must obtain the permission of the IRS to do so. 1040x turbotax online To apply for permission, file Form 3115, Application for Change in Accounting Method. 1040x turbotax online You also must request permission from the IRS on Form 3115 if you have not chosen to defer the reporting of blocked income in the past, but now wish to begin reporting blocked income under the deferred method. 1040x turbotax online See the instructions for Form 3115 for information on changing your accounting method. 1040x turbotax online Fulbright Grant All income must be reported in U. 1040x turbotax online S. 1040x turbotax online dollars. 1040x turbotax online In most cases, the tax also must be paid in U. 1040x turbotax online S. 1040x turbotax online dollars. 1040x turbotax online If, however, at least 70% of your Fulbright grant has been paid in nonconvertible foreign currency (blocked income), you can use the currency of the host country to pay the part of the U. 1040x turbotax online S. 1040x turbotax online tax that is based on the blocked income. 1040x turbotax online Paying U. 1040x turbotax online S. 1040x turbotax online tax in foreign currency. 1040x turbotax online   To qualify for this method of payment, you must prepare a statement that shows the following information. 1040x turbotax online You were a Fulbright grantee and were paid in nonconvertible foreign currency. 1040x turbotax online The total grant you received during the year and the amount you received in nonconvertible foreign currency. 1040x turbotax online At least 70% of the grant was paid in nonconvertible foreign currency. 1040x turbotax online The statement must be certified by the U. 1040x turbotax online S. 1040x turbotax online educational foundation or commission paying the grant or other person having control of grant payments to you. 1040x turbotax online   You should prepare at least two copies of this statement. 1040x turbotax online Attach one copy to your Form 1040 and keep the other copy for identification purposes when you make a tax deposit of nonconvertible foreign currency. 1040x turbotax online Figuring actual tax. 1040x turbotax online   When you prepare your income tax return, you may owe tax or the entire liability may have been satisfied with your estimated tax payments. 1040x turbotax online If you owe tax, figure the part due to (and payable in) the nonconvertible foreign currency by using the following formula. 1040x turbotax online   Adjusted gross income that is blocked income × Total U. 1040x turbotax online S. 1040x turbotax online tax = Tax on blocked income     Total adjusted  gross income     You must attach all of the following to the return. 1040x turbotax online A copy of the certified statement discussed earlier. 1040x turbotax online A detailed statement showing the allocation of tax attributable to amounts received in foreign currency and the rates of exchange used in determining your tax liability in U. 1040x turbotax online S. 1040x turbotax online dollars. 1040x turbotax online The original deposit receipt for any balance of tax due that you paid in nonconvertible foreign currency. 1040x turbotax online Figuring estimated tax on nonconvertible foreign currency. 1040x turbotax online   If you are liable for estimated tax (discussed later), figure the amount you can pay to the IRS in nonconvertible foreign currency using the following formula. 1040x turbotax online   Adjusted gross income that is blocked income × Total estimated U. 1040x turbotax online S. 1040x turbotax online tax = Estimated tax on blocked income     Total adjusted  gross income     If you must pay your host country income tax on your grant, subtract any estimated foreign tax credit that applies to your grant from the estimated tax on the blocked income. 1040x turbotax online Deposit of foreign currency with disbursing officer. 1040x turbotax online   Once you have determined the amount of the actual tax or estimated tax that you can pay in nonconvertible foreign currency, deposit that amount with the disbursing officer of the Department of State in the foreign country in which the foundation or commission paying the grant is located. 1040x turbotax online Estimated tax installments. 1040x turbotax online   You can either deposit the full estimated tax amount before the first installment due date or make four equal payments before the installment due dates. 1040x turbotax online See Estimated Tax , later. 1040x turbotax online Deposit receipt. 1040x turbotax online   Upon accepting the foreign currency, the disbursing officer will give you a receipt in duplicate. 1040x turbotax online The original of this receipt (showing the amount of foreign currency deposited and its equivalent in U. 1040x turbotax online S. 1040x turbotax online dollars) should be attached to your Form 1040 or payment voucher from Form 1040-ES. 1040x turbotax online Keep the copy for your records. 1040x turbotax online Does My Return Have To Be On Paper? IRS e-file (electronic filing) is the fastest, easiest, and most convenient way to file your income tax return electronically. 1040x turbotax online IRS e-file offers accurate, safe, and fast alternatives to filing on paper. 1040x turbotax online IRS computers quickly and automatically check for errors or other missing information. 1040x turbotax online Even returns with a foreign address can be e-filed! How to e-file. 1040x turbotax online   There are three ways you can e-file. 1040x turbotax online Use your personal computer. 1040x turbotax online Use a volunteer. 1040x turbotax online Many programs offering free tax help can e-file your return. 1040x turbotax online Use a tax professional. 1040x turbotax online Most tax professionals can e-file your return. 1040x turbotax online These methods are explained in detail in the instructions for your tax return. 1040x turbotax online Where To File If any of the following situations apply to you, do not file your return with the service center listed for your home state. 1040x turbotax online You claim the foreign earned income exclusion. 1040x turbotax online You claim the foreign housing exclusion or deduction. 1040x turbotax online You live in a foreign country. 1040x turbotax online Instead, use one of the following special addresses. 1040x turbotax online If you are not enclosing a check or money order, file your return with the: Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215 USA If you are enclosing a check or money order, file your return with: Internal Revenue Service Center P. 1040x turbotax online O. 1040x turbotax online Box 1303 Charlotte, NC 28201-1303 USA If you do not know where your legal residence is and you do not have a principal place of business in the United States, you can file with the appropriate address listed above. 1040x turbotax online However, you should not file with the addresses listed above if you are a bona fide resident of the U. 1040x turbotax online S. 1040x turbotax online Virgin Islands, Guam, or the Commonwealth of the Northern Mariana Islands during your entire tax year. 1040x turbotax online Resident of U. 1040x turbotax online S. 1040x turbotax online Virgin Islands (USVI). 1040x turbotax online   If you are a bona fide resident of the USVI during your entire tax year, you generally are not required to file a U. 1040x turbotax online S. 1040x turbotax online return. 1040x turbotax online However, you must file a return with the USVI. 1040x turbotax online    Send your return to the:     Virgin Islands Bureau of Internal Revenue 6115 Estate Smith Bay Suite 225 St. 1040x turbotax online Thomas, Virgin Islands 00802 Non-USVI resident with USVI income. 1040x turbotax online   If you are a U. 1040x turbotax online S. 1040x turbotax online citizen or resident alien and you have income from sources in the USVI or income effectively connected with the conduct of a trade or business in the USVI, and you are not a bona fide resident of the USVI during your entire tax year, you must file identical tax returns with the United States and the USVI. 1040x turbotax online File the original return with the United States and file a signed copy of the U. 1040x turbotax online S. 1040x turbotax online return (including all attachments, forms, and schedules) with the Virgin Islands Bureau of Internal Revenue. 1040x turbotax online   You must complete Form 8689, Allocation of Individual Income Tax to the U. 1040x turbotax online S. 1040x turbotax online Virgin Islands, and attach a copy to both your U. 1040x turbotax online S. 1040x turbotax online return and your USVI return. 1040x turbotax online You should file your U. 1040x turbotax online S. 1040x turbotax online return with the address listed under Where To File. 1040x turbotax online   See Publication 570, Tax Guide for Individuals With Income From U. 1040x turbotax online S. 1040x turbotax online Possessions, for information about filing Virgin Islands returns. 1040x turbotax online Resident of Guam. 1040x turbotax online   If you are a bona fide resident of Guam during your entire tax year, you should file a return with Guam. 1040x turbotax online    Send your return to the:     Department of Revenue and Taxation Government of Guam P. 1040x turbotax online O. 1040x turbotax online Box 23607 GMF, GU 96921   However, if you have income from sources within Guam and you are a U. 1040x turbotax online S. 1040x turbotax online citizen or resident alien, but not a bona fide resident of Guam during the entire tax year, you should file a return with the United States. 1040x turbotax online Send your return to the address listed under Where To File. 1040x turbotax online   See Publication 570 for information about filing Guam returns. 1040x turbotax online Resident of the Commonwealth of the Northern Mariana Islands. 1040x turbotax online   If you are a bona fide resident of the Commonwealth of the Northern Mariana Islands (CNMI) during your entire tax year, you should file a return with the Northern Mariana Islands. 1040x turbotax online    Send your return to the:      Division of Revenue and Taxation Commonwealth of the Northern Mariana Islands P. 1040x turbotax online O. 1040x turbotax online Box 5234, CHRB Saipan, MP 96950   However, if you have income from sources within the CNMI and you are a U. 1040x turbotax online S. 1040x turbotax online citizen or resident alien, but not a bona fide resident of the CNMI during the entire tax year, you should file a return with the United States. 1040x turbotax online Send your return to the address listed under Where To File. 1040x turbotax online   See Publication 570 for information about filing Northern Mariana Islands returns. 1040x turbotax online Nonresident Alien Spouse Treated as a Resident If, at the end of your tax year, you are married and one spouse is a U. 1040x turbotax online S. 1040x turbotax online citizen or a resident alien and the other is a nonresident alien, you can choose to treat the nonresident as a U. 1040x turbotax online S. 1040x turbotax online resident. 1040x turbotax online This includes situations in which one of you is a nonresident alien at the beginning of the tax year and a resident alien at the end of the year and the other is a nonresident alien at the end of the year. 1040x turbotax online If you make this choice, the following two rules apply. 1040x turbotax online You and your spouse are treated, for income tax purposes, as residents for all tax years that the choice is in effect. 1040x turbotax online You must file a joint income tax return for the year you make the choice. 1040x turbotax online This means that neither of you can claim under any tax treaty not to be a U. 1040x turbotax online S. 1040x turbotax online resident for a tax year for which the choice is in effect. 1040x turbotax online You can file joint or separate returns in years after the year in which you make the choice. 1040x turbotax online Example 1. 1040x turbotax online Pat Smith, a U. 1040x turbotax online S. 1040x turbotax online citizen, is married to Norman, a nonresident alien. 1040x turbotax online Pat and Norman make the choice to treat Norman as a resident alien by attaching a statement to their joint return. 1040x turbotax online Pat and Norman must report their worldwide income for the year they make the choice and for all later years unless the choice is ended or suspended. 1040x turbotax online Although Pat and Norman must file a joint return for the year they make the choice, they can file either joint or separate returns for later years. 1040x turbotax online Example 2. 1040x turbotax online When Bob and Sharon Williams got married, both were nonresident aliens. 1040x turbotax online In June of last year, Bob became a resident alien and remained a resident for the rest of the year. 1040x turbotax online Bob and Sharon both choose to be treated as resident aliens by attaching a statement to their joint return for last year. 1040x turbotax online Bob and Sharon must report their worldwide income for last year and all later years unless the choice is ended or suspended. 1040x turbotax online Bob and Sharon must file a joint return for last year, but they can file either joint or separate returns for later years. 1040x turbotax online If you do not choose to treat your nonresident alien spouse as a U. 1040x turbotax online S. 1040x turbotax online resident, you may be able to use head of household filing status. 1040x turbotax online To use this status, you must pay more than half the cost of maintaining a household for certain dependents or relatives other than your nonresident alien spouse. 1040x turbotax online For more information, see Publication 501. 1040x turbotax online Social Security Number (SSN) If you choose to treat your nonresident alien spouse as a U. 1040x turbotax online S. 1040x turbotax online resident, your spouse must have either an SSN or an individual taxpayer identification number (ITIN). 1040x turbotax online To get an SSN for a nonresident alien spouse, apply at an office of the U. 1040x turbotax online S. 1040x turbotax online Social Security Administration (SSA) or U. 1040x turbotax online S. 1040x turbotax online consulate. 1040x turbotax online You must complete Form SS-5, Application for a Social Security Card, available at www. 1040x turbotax online socialsecurity. 1040x turbotax online gov or by calling 1-800-772-1213. 1040x turbotax online You must also provide original or certified copies of documents to verify that spouse's age, identity, and citizenship. 1040x turbotax online If the nonresident alien spouse is not eligible to get an SSN, he or she can file Form W-7, Application for IRS Individual Taxpayer Identification Number, with the IRS to apply for an ITIN. 1040x turbotax online How To Make the Choice Attach a statement, signed by both spouses, to your joint return for the first tax year for which the choice applies. 1040x turbotax online It should contain the following: A declaration that one spouse was a nonresident alien and the other spouse a U. 1040x turbotax online S. 1040x turbotax online citizen or resident alien on the last day of your tax year and that you choose to be treated as U. 1040x turbotax online S. 1040x turbotax online residents for the entire tax year, and The name, address, and social security number (or individual taxpayer identification number) of each spouse. 1040x turbotax online (If one spouse died, include the name and address of the person making the choice for the deceased spouse. 1040x turbotax online ) You generally make this choice when you file your joint return. 1040x turbotax online However, you also can make the choice by filing a joint amended return on Form 1040X. 1040x turbotax online Attach Form 1040, 1040A, or 1040EZ and print “Amended” across the top of the amended return. 1040x turbotax online If you make the choice with an amended return, you and your spouse also must amend any returns that you may have filed after the year for which you made the choice. 1040x turbotax online You generally must file the amended joint return within 3 years from the date you filed your original U. 1040x turbotax online S. 1040x turbotax online income tax return or 2 years from the date you paid your income tax for that year, whichever is later. 1040x turbotax online Table 1–1. 1040x turbotax online Ending the Choice To Treat Nonresident Alien Spouse as a Resident Revocation   Either spouse can revoke the choice for any tax year. 1040x turbotax online   • The revocation must be made by the due date for filing the tax return for that tax year. 1040x turbotax online   • The spouse who revokes the choice must attach a signed statement declaring that the choice is being revoked. 1040x turbotax online The statement revoking the choice must include the following:     • The name, address, and social security number (or taxpayer identification number) of each spouse. 1040x turbotax online     • The name and address of any person who is revoking the choice for a deceased spouse. 1040x turbotax online     • A list of any states, foreign countries, and possessions that have community property laws in which either spouse is domiciled or where real property is located from which either spouse receives income. 1040x turbotax online   • If the spouse revoking the choice does not have to file a return and does not file a claim for refund, send the statement to the Internal Revenue Service Center where the last joint return was filed. 1040x turbotax online Death   The death of either spouse ends the choice, beginning with the first tax year following the year in which the spouse died. 1040x turbotax online   • If the surviving spouse is a U. 1040x turbotax online S. 1040x turbotax online citizen or resident alien and is entitled to the joint tax rates as a surviving spouse, the choice will not end until the close of the last year for which these joint rates may be used. 1040x turbotax online   • If both spouses die in the same tax year, the choice ends on the first day after the close of the tax year in which the spouses died. 1040x turbotax online Divorce or  Legal separation   A divorce or legal separation ends the choice as of the beginning of the tax year in which the legal separation occurs. 1040x turbotax online Inadequate records   The Internal Revenue Service can end the choice for any tax year that either spouse has failed to keep adequate books, records, and other information necessary to determine the correct income tax liability, or to provide adequate access to those records. 1040x turbotax online Suspending the Choice The choice to be treated as a resident alien does not apply to any later tax year if neither of you is a U. 1040x turbotax online S. 1040x turbotax online citizen or resident alien at any time during the later tax year. 1040x turbotax online Example. 1040x turbotax online Dick Brown was a resident alien on December 31, 2010, and married to Judy, a nonresident alien. 1040x turbotax online They chose to treat Judy as a resident alien and filed a joint 2010 income tax return. 1040x turbotax online On January 10, 2012, Dick became a nonresident alien. 1040x turbotax online Judy had remained a nonresident alien. 1040x turbotax online Because Dick was a resident alien during part of 2012, Dick and Judy can file joint or separate returns for that year. 1040x turbotax online Neither Dick nor Judy was a resident alien at any time during 2013 and their choice is suspended for that year. 1040x turbotax online For 2013, both are treated as nonresident aliens. 1040x turbotax online If Dick becomes a resident alien again in 2014, their choice is no longer suspended and both are treated as resident aliens. 1040x turbotax online Ending the Choice Once made, the choice to be treated as a resident applies to all later years unless suspended (as explained earlier) or ended in one of the ways shown in Table 1-1. 1040x turbotax online If the choice is ended for any of the reasons listed in Table 1-1, neither spouse can make a choice in any later tax year. 1040x turbotax online Estimated Tax The requirements for determining who must pay estimated tax are the same for a U. 1040x turbotax online S. 1040x turbotax online citizen or resident abroad as for a taxpayer in the United States. 1040x turbotax online For current instructions on making estimated tax payments, see Form 1040-ES. 1040x turbotax online If you had a tax liability for 2013, you may have to pay estimated tax for 2014. 1040x turbotax online Generally, you must make estimated tax payments for 2014 if you expect to owe at least $1,000 in tax for 2014 after subtracting your withholding and credits and you expect your withholding and credits to be less than the smaller of: 90% of the tax to be shown on your 2014 tax return, or 100% of the tax shown on your 2013 tax return. 1040x turbotax online (The return must cover all 12 months. 1040x turbotax online ) If less than two-thirds of your gross income for 2013 and 2014 is from farming or fishing and your adjusted gross income for 2013 is more than $150,000 ($75,000 if you are married and file separately), substitute 110% for 100% in (2). 1040x turbotax online See Publication 505 for more information. 1040x turbotax online The first installment of estimated tax is due on April 15, 2014. 1040x turbotax online Foreign earned income exclusion. 1040x turbotax online   When figuring your estimated gross income, subtract amounts you expect to exclude under the foreign earned income exclusion and the foreign housing exclusion. 1040x turbotax online In addition, you can reduce your income by your estimated foreign housing deduction. 1040x turbotax online However, you must estimate tax on your nonexcluded income using the tax rates that will apply had you not excluded the income. 1040x turbotax online If the actual amount of the exclusion or deduction is less than you estimate, you may have to pay a penalty for underpayment of estimated tax. 1040x turbotax online   For more information about figuring your estimated tax, see Publication 505. 1040x turbotax online Other Forms You May Have To File FinCEN Form 114 (replaces Form TD F 90-22. 1040x turbotax online 1). 1040x turbotax online   Beginning October 1, 2013, Form 114, Report of Foreign Bank and Financial Accounts (FBAR), must be filed instead of Form TD F 90-22. 1040x turbotax online 1. 1040x turbotax online Form 114 is filed electronically with the Financial Crimes Enforcement Network (FinCEN). 1040x turbotax online See the filing instructions at www. 1040x turbotax online bsaefiling. 1040x turbotax online fincen. 1040x turbotax online treas. 1040x turbotax online gov/main. 1040x turbotax online html. 1040x turbotax online   You must file Form 114 if you had any financial interest in, or signature or other authority over a bank, securities, or other financial account in a foreign country. 1040x turbotax online You do not need to file the report if the assets are with a U. 1040x turbotax online S. 1040x turbotax online military banking facility operated by a financial institution or if the combined assets in the account(s) are $10,000 or less during the entire year. 1040x turbotax online   More information about the filing of Form 114 can be found in the instructions for the form. 1040x turbotax online FinCEN Form 105. 1040x turbotax online   You must file Form 105, Report of International Transportation of Currency or Monetary Instruments, if you physically transport, mail, ship, or cause to be physically transported, mailed, or shipped into or out of the United States, currency or other monetary instruments totaling more than $10,000 at one time. 1040x turbotax online Certain recipients of currency or monetary instruments also must file Form 105. 1040x turbotax online   More information about the filing of Form 105 can be found in the instructions on the back of the form. 1040x turbotax online Form 8938. 1040x turbotax online   You must file Form 8938 to report the ownership of specified foreign financial assets if the total value of those assets exceeds an applicable threshold amount (the “reporting threshold ”). 1040x turbotax online The reporting threshold varies depending on whether you live in the United States, are married, or file a joint income tax return with your spouse. 1040x turbotax online Specified foreign financial assets include any financial account maintained by a foreign financial institution and, to the extent held for investment, any stock, securities, or any other interest in a foreign entity and any financial instrument or contract with an issuer or counterparty that is not a U. 1040x turbotax online S. 1040x turbotax online person. 1040x turbotax online   You may have to pay penalties if you are required to file Form 8938 and fail to do so, or if you have an understatement of tax due to any transaction involving an undisclosed foreign financial asset. 1040x turbotax online   More information about the filing of Form 8938 can be found in the separate instructions for Form 8938. 1040x turbotax online Prev  Up  Next   Home   More Online Publications