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2012 Ez Tax Form

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2012 Ez Tax Form

2012 ez tax form Publication 4492-A - Main Contents Table of Contents DefinitionsKansas Disaster Area Storms and Tornadoes Casualty and Theft Losses Replacement Period for Nonrecognition of Gain Net Operating Losses IRAs and Other Retirement PlansDefinitions Taxation of Qualified Recovery Assistance Distributions Repayment of Qualified Recovery Assistance Distributions How To Report Qualified Recovery Assistance Distributions Repayment of Qualified Distributions for the Purchase or Construction of a Main Home Loans From Qualified Plans Additional Tax Relief for BusinessesSpecial Depreciation Allowance Increased Section 179 Deduction Employee Retention Credit Demolition and Clean-up Costs Request for Copy or Transcript of Tax Return How To Get Tax HelpLow Income Taxpayer Clinics (LITCs). 2012 ez tax form Definitions The following definitions are used throughout this publication. 2012 ez tax form Kansas Disaster Area The Kansas disaster area covers the Kansas counties of Barton, Clay, Cloud, Comanche, Dickinson, Edwards, Ellsworth, Kiowa, Leavenworth, Lyon, McPherson, Osage, Osborne, Ottawa, Phillips, Pottawatomie, Pratt, Reno, Rice, Riley, Saline, Shawnee, Smith, and Stafford. 2012 ez tax form Storms and Tornadoes The term “storms and tornadoes” as used in this publication, refers to the storms and tornadoes that began on May 4, 2007, and affected the Kansas disaster area (defined above). 2012 ez tax form Casualty and Theft Losses The following paragraphs explain changes to casualty and theft losses that occurred in the Kansas disaster area. 2012 ez tax form Limits on personal casualty or theft losses in the Kansas disaster area. 2012 ez tax form   Losses of personal use property that arose in the Kansas disaster area after May 3, 2007, are not subject to the $100 or 10% of adjusted gross income limits. 2012 ez tax form Qualifying losses include losses from casualties and thefts that arose in the disaster area and that were attributable to the storms and tornadoes. 2012 ez tax form When to deduct the loss. 2012 ez tax form   Casualty and theft losses are generally deductible only in the year the casualty occurred or the theft was discovered. 2012 ez tax form However, the Kansas disaster area is a Presidentially declared disaster. 2012 ez tax form Therefore, you could have elected to deduct losses from these storms and tornadoes on your tax return for the previous year. 2012 ez tax form The deadline for making this election has expired. 2012 ez tax form   The following special instructions explain how to complete your forms if you deduct the loss in 2007 or elected to deduct the loss in 2006. 2012 ez tax form Special instructions for individuals who file Form 4684 to claim a Kansas disaster area casualty or theft loss for 2007 or are amending their 2006 return. 2012 ez tax form   Individuals filing or amending their 2007 tax return or amending their 2006 tax return for casualty or theft losses that were attributable to the storms and tornadoes should enter “Kansas Disaster Area” at the top of Form 1040 or 1040X. 2012 ez tax form They must also complete and attach the 2006 version of Form 4684 for either year and enter “Kansas Disaster Area” on the top and on the dotted line next to line 11 and enter -0- on line 11. 2012 ez tax form Individuals filing or amending their 2007 tax return should cross out “2006” and enter “2007” at the top of Form 4684. 2012 ez tax form They must also enter the amount from line 21 of that form on line 20 of Schedule A (Form 1040). 2012 ez tax form Replacement Period for Nonrecognition of Gain Generally, an involuntary conversion occurs when property is damaged, destroyed, stolen, seized, requisitioned, or condemned, and you receive other property or money in payment, such as insurance or a condemnation award. 2012 ez tax form Generally, you do not have to report a gain (if any) if you replace the property within 2 years (4 years for a main home in a Presidentially declared disaster area). 2012 ez tax form However, for property that was involuntarily converted after May 3, 2007, as a result of the storms and tornadoes, a 5-year replacement period applies if substantially all of the use of the replacement property is in the Kansas disaster area. 2012 ez tax form For more information, see the Instructions for Form 4684. 2012 ez tax form Net Operating Losses Qualified recovery assistance loss. 2012 ez tax form   Generally, you can carry a net operating loss (NOL) back to the 2 tax years before the NOL year. 2012 ez tax form However, the portion of an NOL that is a qualified recovery assistance loss can be carried back to the 5 tax years before the NOL year. 2012 ez tax form In addition, the 90% limit on the alternative tax NOL deduction (ATNOLD) does not apply to such portion of the ATNOLD. 2012 ez tax form   A qualified recovery assistance loss is the smaller of: The excess of the NOL for the year over the specified liability loss for the year to which a 10-year carryback applies, or The total of the following deductions (to the extent they are taken into account in computing the NOL for the tax year): Qualified recovery assistance casualty loss (as defined below), Moving expenses paid or incurred after May 3, 2007, and before January 1, 2010, for the employment of an individual whose main home was in the Kansas disaster area before May 4, 2007, who was unable to remain in that home because of the storms and tornadoes, and whose main job location (after the move) is in the Kansas disaster area, Temporary housing expenses paid or incurred after May 3, 2007, and before January 1, 2010, to house employees of the taxpayer whose main job location is in the Kansas disaster area, Depreciation or amortization allowable for any qualified recovery assistance property (even if you elected not to claim the special recovery assistance depreciation allowance for such property) for the year placed in service, and Repair expenses (including expenses for the removal of debris) paid or incurred after May 3, 2007, and before January 1, 2010, for any damage from the storms and tornadoes to property located in the Kansas disaster area. 2012 ez tax form Qualified recovery assistance casualty loss. 2012 ez tax form   A qualified recovery assistance casualty loss is any deductible section 1231 loss of property located in the Kansas disaster area if the loss was caused by the storms and tornadoes. 2012 ez tax form For this purpose, the amount of the loss is reduced by any recognized gain from an involuntary conversion caused by the storms and tornadoes of property located in the Kansas disaster area. 2012 ez tax form Any such loss taken into account in figuring your qualified recovery assistance loss is not eligible for the election to be treated as having occurred in the previous tax year. 2012 ez tax form Amended return. 2012 ez tax form   If you have already filed your 2007 tax return and then carried your NOL back 2 years, you may file an amended return to carry back for 5 years your NOL attributable to a qualified recovery assistance loss. 2012 ez tax form More information. 2012 ez tax form    For more information on NOLs, see Publication 536. 2012 ez tax form IRAs and Other Retirement Plans New rules provide for tax-favored withdrawals, repayments, and loans from certain retirement plans for individuals who suffered economic losses as a result of the storms and tornadoes. 2012 ez tax form Definitions Qualified recovery assistance distribution. 2012 ez tax form   Except as provided below, a qualified recovery assistance distribution is any distribution you received and designated as such from an eligible retirement plan if all of the following apply. 2012 ez tax form The distribution was made after May 3, 2007, and before January 1, 2009. 2012 ez tax form Your main home was located in the Kansas disaster area on May 4, 2007. 2012 ez tax form You sustained an economic loss because of the storms and tornadoes. 2012 ez tax form Examples of an economic loss include, but are not limited to: Loss, damage to, or destruction of real or personal property from fire, flooding, looting, vandalism, theft, wind, or other cause; Loss related to displacement from your home; or Loss of livelihood due to temporary or permanent layoffs. 2012 ez tax form   If (1) through (3) above apply, you can generally designate any distribution (including periodic payments and required minimum distributions) from an eligible retirement plan as a qualified recovery assistance distribution, regardless of whether the distribution was made on account of the storms and tornadoes. 2012 ez tax form Qualified recovery assistance distributions are permitted without regard to your need or the actual amount of your economic loss. 2012 ez tax form   The total of your qualified recovery assistance distributions from all plans is limited to $100,000. 2012 ez tax form If you have distributions in excess of $100,000 from more than one type of plan, such as a 401(k) plan and an IRA, you may allocate the $100,000 limit among the plans any way you choose. 2012 ez tax form   A reduction or offset after May 3, 2007, of your account balance in an eligible retirement plan in order to repay a loan can also be designated as a qualified recovery assistance distribution. 2012 ez tax form Eligible retirement plan. 2012 ez tax form   An eligible retirement plan can be any of the following. 2012 ez tax form A qualified pension, profit-sharing, or stock bonus plan (including a 401(k) plan). 2012 ez tax form A qualified annuity plan. 2012 ez tax form A tax-sheltered annuity contract. 2012 ez tax form A governmental section 457 deferred compensation plan. 2012 ez tax form A traditional, SEP, SIMPLE, or Roth IRA. 2012 ez tax form Main home. 2012 ez tax form   Generally, your main home is the home where you live most of the time. 2012 ez tax form A temporary absence due to special circumstances, such as illness, education, business, military service, evacuation, or vacation, will not change your main home. 2012 ez tax form Taxation of Qualified Recovery Assistance Distributions Qualified recovery assistance distributions are included in income in equal amounts over three years. 2012 ez tax form However, if you elect, you can include the entire distribution in your income in the year it was received. 2012 ez tax form Qualified recovery assistance distributions are not subject to the additional 10% tax (or the additional 25% tax for certain distributions from SIMPLE IRAs) on early distributions from qualified retirement plans (including IRAs). 2012 ez tax form However, any distributions you receive in excess of the $100,000 qualified recovery assistance distribution limit may be subject to the additional tax on early distributions. 2012 ez tax form For more information, see How To Report Qualified Recovery Assistance Distributions on page 4. 2012 ez tax form Repayment of Qualified Recovery Assistance Distributions If you choose, you generally can repay any portion of a qualified recovery assistance distribution that is eligible for tax-free rollover treatment to an eligible retirement plan. 2012 ez tax form Also, you can repay a qualified recovery assistance distribution made on account of a hardship from a retirement plan. 2012 ez tax form However, see Exceptions below for qualified recovery assistance distributions you cannot repay. 2012 ez tax form You have three years from the day after the date you received the distribution to make a repayment. 2012 ez tax form Amounts that are repaid are treated as a qualified rollover and are not included in income. 2012 ez tax form Also, for purposes of the one-rollover-per-year limitation for IRAs, a repayment to an IRA is not considered a qualified rollover. 2012 ez tax form See Form 8915 for more information on how to report repayments. 2012 ez tax form Exceptions. 2012 ez tax form   You cannot repay the following types of distributions. 2012 ez tax form Qualified recovery assistance distributions received as a beneficiary (other than a surviving spouse). 2012 ez tax form Required minimum distributions. 2012 ez tax form Periodic payments (other than from an IRA) that are for: A period of 10 years or more, Your life or life expectancy, or The joint lives or joint life expectancies of you and your beneficiary. 2012 ez tax form How To Report Qualified Recovery Assistance Distributions You will need the following information to correctly report any 2007 or 2008 qualified recovery assistance distributions. 2012 ez tax form 2007 Qualified Recovery Assistance Distributions If you received a distribution after May 3, 2007, from an eligible retirement plan, you may be able to designate it as a qualified recovery assistance distribution. 2012 ez tax form See Qualified recovery assistance distribution on page 3. 2012 ez tax form If you have not filed your 2007 income tax return, see Form 8915 and Form 8606 on this page to see how to complete these forms for any qualified recovery assistance distributions. 2012 ez tax form Be sure to attach Form 8915 and Form 8606 (if required) to your 2007 income tax return. 2012 ez tax form If you have filed your 2007 income tax return, you will need to amend your return to designate any distributions as qualified recovery assistance distributions. 2012 ez tax form You can amend your 2007 income tax return by using Form 1040X. 2012 ez tax form You will need to complete and attach Form 8915 and Form 8606 (if required) to your amended income tax return for any qualified recovery assistance distributions. 2012 ez tax form See Form 8915 and Form 8606 on this page. 2012 ez tax form Form 8915. 2012 ez tax form   For a 2007 qualified recovery assistance distribution, complete the 2005 Form 8915, Qualified Hurricane Retirement Plan Distributions and Repayments. 2012 ez tax form Before you complete the form, modify the form as follows. 2012 ez tax form Cross out “Hurricane” in the title at the top of the form and enter “Recovery Assistance. 2012 ez tax form ” To the right of the title, cross out “2005” and enter “2007. 2012 ez tax form ” In Part I, at the top of column (a), cross out “2005” and enter “2007. 2012 ez tax form ” In Part II, cross out “Hurricane” in the title and enter “Recovery Assistance. 2012 ez tax form ” On lines 10 and 11, cross out “2005” and enter “2007. 2012 ez tax form ” In Part III, cross out “Hurricane” in the title and enter “Recovery Assistance. 2012 ez tax form ” On line 12, cross out “hurricane” and enter “recovery assistance. 2012 ez tax form ” On lines 13 and 14, cross out “line 15b” and “line 25b. 2012 ez tax form ” On lines 18 and 19, cross out “2005” and enter “2007. 2012 ez tax form ”   You can now complete Form 8915. 2012 ez tax form For the instructions, use the applicable dates and terms in this publication instead of those used in the 2005 Form 8915 instructions. 2012 ez tax form See Example 1 on page 5 to see how to complete Form 8915. 2012 ez tax form Form 8606. 2012 ez tax form   For a 2007 qualified recovery assistance distribution, complete or amend the 2007 Form 8606, Nondeductible IRAs. 2012 ez tax form Before you complete or amend the form, use the following additional instructions. 2012 ez tax form Form 8606, Part I. 2012 ez tax form    On line 6, subtract any repayments of qualified recovery assistance distributions from the amount you would otherwise enter on line 6. 2012 ez tax form Do not enter an amount less than -0-. 2012 ez tax form Include on line 7 the amount of any qualified recovery assistance distributions that you received even if they were later repaid. 2012 ez tax form Complete line 15 as follows. 2012 ez tax form If all of your distributions are qualified recovery assistance distributions, enter the amount from line 15 on Form 8915, line 13. 2012 ez tax form Do not enter this amount on Form 1040, line 15b; Form 1040A, line 11b; or Form 1040NR, line 16b. 2012 ez tax form If you have qualified recovery assistance distributions as well as other distributions, you will need to multiply the amount on line 15 by a fraction. 2012 ez tax form The numerator of the fraction is your total qualified recovery assistance distributions and the denominator is the amount from Form 8606, line 7. 2012 ez tax form Enter the result in the white space in the bottom margin of the form under line 15. 2012 ez tax form To the left of this amount, enter “Qualified recovery assistance distributions” and also enter this amount on Form 8915, line 13. 2012 ez tax form Then, subtract this amount from the amount on line 15 and include the result on Form 1040, line 15b; Form 1040A, line 11b; or Form 1040NR, line 16b. 2012 ez tax form Also, enter this amount on Form 8606 under your qualified recovery assistance distributions. 2012 ez tax form To the left of this amount, enter “Other distributions. 2012 ez tax form ” Form 8606, Part III. 2012 ez tax form    Include on line 19 the amount of any qualified recovery assistance distributions that you received even if they were later repaid. 2012 ez tax form Complete line 25 as follows. 2012 ez tax form If all of your distributions are qualified recovery assistance distributions, enter the amount from line 25 on Form 8915, line 14. 2012 ez tax form Do not enter this amount on Form 1040, line 15b; Form 1040A, line 11b; or Form 1040NR, line 16b. 2012 ez tax form If you have qualified recovery assistance distributions as well as other distributions, you will need to multiply the amount on line 25 by a fraction. 2012 ez tax form The numerator of the fraction is your total qualified recovery assistance distributions and the denominator is the amount from Form 8606, line 21. 2012 ez tax form Enter the result in the white space in the bottom margin of the form under line 25. 2012 ez tax form To the left of this amount, enter “Qualified recovery assistance distributions” and also enter this amount on Form 8915, line 14. 2012 ez tax form Then, subtract this amount from the amount on line 25 and include the result on Form 1040, line 15b; Form 1040A, line 11b; or Form 1040NR, line 16b. 2012 ez tax form Also, enter this amount on Form 8606 under your qualified recovery assistance distributions. 2012 ez tax form To the left of this amount, enter “Other distributions. 2012 ez tax form ” Example 1. 2012 ez tax form   On May 4, 2007, Margaret Maple lost her home due to the tornadoes on that day. 2012 ez tax form Her home was located in the Kansas disaster area. 2012 ez tax form On July 31, 2007, Margaret took out $30,000 from her 401(k) plan and an additional $15,000 from her traditional IRA in order to rebuild her home. 2012 ez tax form Margaret has not filed her 2007 return yet but would like to designate the $45,000 in distributions from her retirement plans as qualified recovery assistance distributions. 2012 ez tax form Since the distributions occurred in 2007, Margaret would modify and complete the 2005 Form 8915 as discussed on page 4. 2012 ez tax form Margaret would also need to complete Form 8606 since her distribution from her traditional IRA has nondeductible contributions from previous years. 2012 ez tax form   In addition to the $15,000 qualified recovery assistance distribution on July 31, 2007, Margaret received an additional distribution of $15,000 from her traditional IRA on October 31, 2007, that she did not designate as a qualified recovery assistance distribution. 2012 ez tax form Because Margaret has a qualified recovery assistance distribution as well as a distribution not so designated, Margaret must allocate the amount on Form 8606, line 15 to both distributions, as discussed earlier. 2012 ez tax form Margaret's qualified recovery assistance distributions are $13,125 ($26,250 × $15,000 ÷ $30,000). 2012 ez tax form Margaret enters in the white space in the bottom margin of Form 8606, the following, “Qualified recovery assistance distributions $13,125. 2012 ez tax form ” This amount is then reported on Form 8915, line 13. 2012 ez tax form Below this entry, Margaret enters “Other distributions $13,125,” and includes this amount on Form 1040, line 15b. 2012 ez tax form See Margaret's modified 2005 Form 8915 and 2007 Form 8606 shown on pages 6 through 8. 2012 ez tax form This image is too large to be displayed in the current screen. 2012 ez tax form Please click the link to view the image. 2012 ez tax form 2005 Form 8915, page 1, Illustrated Example 1. 2012 ez tax form This image is too large to be displayed in the current screen. 2012 ez tax form Please click the link to view the image. 2012 ez tax form 2005 Form 8915, page 2, Illustrated Example 1 This image is too large to be displayed in the current screen. 2012 ez tax form Please click the link to view the image. 2012 ez tax form Form 8606, page 1, Illustrated Example 1 2008 Qualified Recovery Assistance Distributions If you received a distribution in 2008 from an eligible retirement plan, you may be able to designate it as a qualified recovery assistance distribution. 2012 ez tax form See Qualified recovery assistance distribution on page 3. 2012 ez tax form You will need to complete and attach Form 8915 and Form 8606 (if required) to your 2008 income tax return for any qualified recovery assistance distributions. 2012 ez tax form See Form 8915 and Form 8606 below. 2012 ez tax form Form 8915. 2012 ez tax form   For a 2008 qualified recovery assistance distribution, you will need to complete the 2006 Form 8915. 2012 ez tax form Before you complete the form, modify the form as follows. 2012 ez tax form Cross out “Hurricane” in the title at the top of the form and enter “Recovery Assistance. 2012 ez tax form ” To the right of the title, cross out “2006” and enter “2008. 2012 ez tax form ” In the first sentence of Part I and on line 1, cross out “hurricane” and enter “recovery assistance,” cross out “2006” and enter “2008,” and cross out “2005” and enter “2007. 2012 ez tax form ” At the top of column (a) cross out “2006” and enter “2008. 2012 ez tax form ” In Part II, cross out “Hurricane” in the title and enter “Recovery Assistance. 2012 ez tax form ” On lines 12, 14, and 15, cross out “2005” and enter “2007. 2012 ez tax form ” On lines 17 and 19, cross out “2006” and enter “2008. 2012 ez tax form ” In Part III, cross out “Hurricane” in the title and enter “Recovery Assistance. 2012 ez tax form ” On line 21, cross out “hurricane” and enter “recovery assistance. 2012 ez tax form ” On lines 22 and 23, cross out “line 15b” and “line 25b. 2012 ez tax form ” On lines 27, 29, and 30, cross out “2005” and enter “2007. 2012 ez tax form ” On lines 32 and 34, cross out “2006” and enter “2008. 2012 ez tax form ”   You can now complete Form 8915. 2012 ez tax form For the instructions, use the applicable dates and terms in this publication instead of those used in the 2006 Form 8915 instructions. 2012 ez tax form Example 2. 2012 ez tax form   On June 15, 2008, Margaret Maple, from the previous example, took out $15,000 from her 401(k) plan that she is designating as a qualified recovery assistance distribution. 2012 ez tax form Since the distribution occurred in 2008, Margaret would modify and complete the 2006 Form 8915 as discussed above. 2012 ez tax form Also, since Margaret is including her 2007 recovery assistance distributions in income over 3 years, she reports the applicable amount of those distributions on the modified 2006 Form 8915. 2012 ez tax form See Margaret's modified 2006 Form 8915 shown on pages 9 and 10. 2012 ez tax form This image is too large to be displayed in the current screen. 2012 ez tax form Please click the link to view the image. 2012 ez tax form 2006 Form 8915, page 1, Illustrated Example 2 This image is too large to be displayed in the current screen. 2012 ez tax form Please click the link to view the image. 2012 ez tax form 2006 Form 8915, page 2, Illustrated Example 2 Form 8606. 2012 ez tax form   For a 2008 qualified recovery assistance distribution, you may need to complete the 2008 Form 8606. 2012 ez tax form Before you complete Form 8606, use the additional instructions outlined in Form 8606, Part I, on page 4 and Form 8606, Part III, on this page. 2012 ez tax form Repayment of Qualified Distributions for the Purchase or Construction of a Main Home If you received a qualified distribution to purchase or construct a main home in the Kansas disaster area, you can repay part or all of that distribution after May 3, 2007, but no later than October 22, 2008, to an eligible retirement plan. 2012 ez tax form For this purpose, an eligible retirement plan is any plan, annuity, or IRA to which a qualified rollover can be made. 2012 ez tax form To be a qualified distribution, the distribution must meet all of the following requirements. 2012 ez tax form The distribution is a hardship distribution from a 401(k) plan, a hardship distribution from a tax-sheltered annuity contract, or a qualified first-time homebuyer distribution from an IRA. 2012 ez tax form The distribution was received after November 4, 2006, and before May 5, 2007. 2012 ez tax form The distribution was to be used to purchase or construct a main home in the Kansas disaster area that was not purchased or constructed because of the storms and tornadoes. 2012 ez tax form Amounts that are repaid before October 23, 2008, are treated as a qualified rollover and are not included in income. 2012 ez tax form Also, for purposes of the one-rollover-per-year limitation for IRAs, a repayment to an IRA is not considered a qualified rollover. 2012 ez tax form A qualified distribution not repaid before October 23, 2008, may be taxable for 2006 or 2007 and subject to the additional 10% tax (or the additional 25% tax for certain SIMPLE IRAs) on early distributions. 2012 ez tax form You must file Form 8915 if you received a qualified distribution that you repaid, in whole or in part, before October 23, 2008. 2012 ez tax form See How to report, next, for information on completing Form 8915. 2012 ez tax form How to report. 2012 ez tax form   To report the repayment of a qualified distribution for the purchase or construction of a main home that was not purchased or constructed due to the storms and tornadoes, use the 2005 Form 8915, Part IV. 2012 ez tax form Before you complete the form, modify the form as follows. 2012 ez tax form Cross out “Hurricane” in the title at the top of the form and enter “Recovery Assistance. 2012 ez tax form ” To the right of the title, cross out “2005” and enter “2006” or “2007. 2012 ez tax form ” Enter only the year the distribution was received. 2012 ez tax form Cross out “Hurricane” in the title of Part IV and enter “Kansas. 2012 ez tax form ” In the sentence below the title of Part IV, cross out “March 1, 2006” and enter “October 23, 2008. 2012 ez tax form ” On line 24, cross out “March 1, 2006” and enter “October 23, 2008. 2012 ez tax form ” You can now complete Part IV of Form 8915. 2012 ez tax form Use the applicable dates and terms in this publication instead of those used in the 2005 Form 8915 instructions to complete the form. 2012 ez tax form Attach Form 8915 to your original or amended return for the year of the distribution. 2012 ez tax form Amended return. 2012 ez tax form   If you repay part or all of a qualified distribution by October 22, 2008, you will need to file an amended return for that part of a distribution that was previously included in income. 2012 ez tax form Loans From Qualified Plans The following benefits are available to qualified individuals. 2012 ez tax form Increases to the limits for distributions treated as loans from employer plans. 2012 ez tax form A 1-year suspension for payments due on plan loans. 2012 ez tax form Qualified individual. 2012 ez tax form   You are a qualified individual if your main home on May 4, 2007, was located in the Kansas disaster area and you had an economic loss because of the storms and tornadoes. 2012 ez tax form Examples of an economic loss include, but are not limited to: Loss, damage to, or destruction of real or personal property from fire, flooding, looting, vandalism, theft, wind, or other cause; Loss related to displacement from your home; or Loss of livelihood due to temporary or permanent layoffs. 2012 ez tax form Limits on plan loans. 2012 ez tax form   The $50,000 limit for distributions treated as plan loans is increased to $100,000. 2012 ez tax form In addition, the limit based on 50% of your vested accrued benefit is increased to 100% of that benefit. 2012 ez tax form If your home was located in the Kansas disaster area, the higher limits apply only to loans received during the period beginning on May 22, 2008, and ending on December 31, 2008. 2012 ez tax form One-year suspension of loan payments. 2012 ez tax form   Payments on plan loans outstanding after May 3, 2007, may be suspended for 1 year by the plan administrator. 2012 ez tax form To qualify for the suspension, the due date for any loan payment must occur during the period beginning on May 4, 2007, and ending on December 31, 2008. 2012 ez tax form Additional Tax Relief for Businesses Special Depreciation Allowance You can take a special depreciation allowance for qualified recovery assistance property (as defined below) you acquire after May 4, 2007. 2012 ez tax form The special allowance is an additional deduction of 50% of the property's depreciable basis (after any section 179 deduction and before figuring your regular depreciation deduction). 2012 ez tax form The special allowance applies only for the first year the property is placed in service. 2012 ez tax form The special allowance is deductible for both the regular tax and the alternative minimum tax (AMT). 2012 ez tax form There is no AMT adjustment required for any depreciation figured on the remaining basis of the property. 2012 ez tax form You can elect not to deduct the special allowance for qualified recovery assistance property. 2012 ez tax form If you make this election for any property, it applies to all property in the same class placed in service during the year. 2012 ez tax form Qualified recovery assistance property. 2012 ez tax form   Property that qualifies for the special allowance for qualified recovery assistance property includes the following. 2012 ez tax form Tangible property depreciated under the modified accelerated cost recovery system (MACRS) with a recovery period of 20 years or less. 2012 ez tax form Water utility property. 2012 ez tax form Computer software that is readily available for purchase by the general public, is subject to a nonexclusive license, and has not been substantially modified. 2012 ez tax form (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. 2012 ez tax form ) Qualified leasehold improvement property. 2012 ez tax form Nonresidential real property and residential rental property. 2012 ez tax form   For more information on this property, see Publication 946. 2012 ez tax form Other tests to be met. 2012 ez tax form   To be qualified recovery assistance property, the property must also meet all of the following tests. 2012 ez tax form You must have acquired the property, by purchase, after May 4, 2007, but only if no binding written contract for the acquisition was in effect before May 5, 2007. 2012 ez tax form The property must be placed in service before 2009 (2010 in the case of nonresidential real property and residential rental property). 2012 ez tax form Substantially all of the use of the property must be in the Kansas disaster area and in the active conduct of your trade or business in the Kansas disaster area. 2012 ez tax form The original use of the property in the Kansas disaster area must begin with you after May 4, 2007. 2012 ez tax form Used property can be qualified recovery assistance property if it has not previously been used within the Kansas disaster area. 2012 ez tax form Also, additional capital expenditures you incurred after May 4, 2007, to recondition or rebuild your property meet the original use test if the original use of the property in the Kansas disaster area began with you. 2012 ez tax form Excepted property. 2012 ez tax form   Qualified recovery assistance property does not include any of the following. 2012 ez tax form Property required to be depreciated using the Alternative Depreciation System (ADS). 2012 ez tax form Property any portion of which is financed with the proceeds of a tax-exempt obligation under section 103. 2012 ez tax form Property for which you are claiming a commercial revitalization deduction. 2012 ez tax form Property in the same class as that for which you elected not to claim the special allowance for qualified recovery assistance property. 2012 ez tax form Property placed in service and disposed of in the same tax year. 2012 ez tax form Property converted from business use to personal use in the same tax year it is placed in service. 2012 ez tax form Property converted from personal use to business use in the same or later tax year may be qualified recovery assistance property. 2012 ez tax form Recapture of special allowance. 2012 ez tax form   If, in any year after the year you claim the special allowance, the property ceases to be qualified recovery assistance property, you may have to recapture as ordinary income any excess benefit you received from claiming the special allowance. 2012 ez tax form Amended return. 2012 ez tax form   If you have already filed your tax return, you may have to amend that return to claim any special allowance. 2012 ez tax form Additional guidance will be published on how you may claim, or elect not to claim, the special allowance if you have already filed your tax return. 2012 ez tax form Increased Section 179 Deduction An increased section 179 deduction is allowable for qualified section 179 recovery assistance property (as defined later) placed in service in the Kansas disaster area. 2012 ez tax form Increased dollar limit. 2012 ez tax form   The limit on the section 179 deduction ($125,000 for 2007, $250,000 for 2008) is increased by the smaller of: $100,000, or The cost of qualified section 179 recovery assistance property placed in service during the year (including such property placed in service by your spouse, even if you are filing a separate return). 2012 ez tax form   The amount for which you can make the election is reduced if the cost of all section 179 property you placed in service during the year exceeds $500,000 for 2007 and $800,000 for 2008 increased by the smaller of: $600,000, or The cost of qualified section 179 recovery assistance property placed in service during the year. 2012 ez tax form Qualified section 179 recovery assistance property. 2012 ez tax form   Qualified section 179 recovery assistance property is section 179 property that is qualified recovery assistance property (explained earlier under Special Depreciation Allowance). 2012 ez tax form Section 179 property does not include nonresidential real property or residential rental property. 2012 ez tax form For more information, including the requirements that must be met for property to qualify for the section 179 deduction, see chapter 2 of Publication 946. 2012 ez tax form Amended return. 2012 ez tax form   If you have already filed your tax return, you may have to amend that return for any increased section 179 deduction. 2012 ez tax form Employee Retention Credit An eligible employer who conducted an active trade or business in the Kansas disaster area can claim the employee retention credit. 2012 ez tax form The credit is 40% of qualified wages for each eligible employee (up to a maximum of $6,000 in qualified wages per employee). 2012 ez tax form Generally, you must reduce your deduction for salaries and wages by the amount of this credit (before the tax liability limit). 2012 ez tax form Use Form 5884-A to claim the credit. 2012 ez tax form See Form 5884-A later. 2012 ez tax form The following rules and definitions apply. 2012 ez tax form Employers affected by the storms and tornadoes. 2012 ez tax form   The following definitions apply to employers affected by the storms and tornadoes. 2012 ez tax form Eligible employer. 2012 ez tax form   For this purpose, an eligible employer is any employer who meets all of the following. 2012 ez tax form Employed an average of not more than 200 employees on business days during the tax year before May 4, 2007. 2012 ez tax form Conducted an active trade or business on May 4, 2007, in the Kansas disaster area. 2012 ez tax form Whose trade or business was inoperable on any day after May 4, 2007, and before January 1, 2008, because of damage caused by the storms and tornadoes. 2012 ez tax form Eligible employee. 2012 ez tax form   For this purpose, an eligible employee is an employee whose principal place of employment on May 4, 2007, with the eligible employer was in the Kansas disaster area. 2012 ez tax form An employee is not an eligible employee for purposes of the storms and tornadoes if the employee is treated as an eligible employee for the work opportunity credit. 2012 ez tax form Qualified wages. 2012 ez tax form   Qualified wages are wages you paid or incurred before January 1, 2008, (up to $6,000 per employee) for an eligible employee beginning on the date your trade or business first became inoperable at the employee's principal place of employment immediately before May 4, 2007, and ending on the date your trade or business resumed significant operations at that place. 2012 ez tax form In addition, the wages must have been paid or incurred after May 4, 2007. 2012 ez tax form    This includes wages paid even if the employee performed no services, performed services at a place of employment other than the principal place of employment, or performed services at the principal place of employment before significant operations resumed. 2012 ez tax form    Wages qualifying for the credit generally have the same meaning as wages subject to the Federal Unemployment Tax Act (FUTA). 2012 ez tax form Qualified wages also include amounts you paid for medical or hospitalization expenses in connection with sickness or accident disability. 2012 ez tax form Qualified wages for any employee must be reduced by the amount of any work supplementation payment you received under the Social Security Act. 2012 ez tax form   For agricultural employees, if the work performed by any employee during more than half of any pay period qualified under FUTA as agricultural labor, that employee's wages subject to social security and Medicare taxes are qualified wages. 2012 ez tax form For a special rule that applies to railroad employees, see section 51(h)(1)(B). 2012 ez tax form   Qualified wages do not include the following. 2012 ez tax form Wages paid to your dependent or a related individual. 2012 ez tax form See section 51(i)(1). 2012 ez tax form Wages paid to any employee during the period for which you received payment for the employee from a federally funded on-the-job training program. 2012 ez tax form Wages for services of replacement workers during a strike or lockout. 2012 ez tax form Form 5884-A. 2012 ez tax form   Use Section A of Form 5884-A (Rev. 2012 ez tax form October 2006) to claim the employer retention credit. 2012 ez tax form Section B does not apply to the Kansas disaster area. 2012 ez tax form Before you complete the form, modify the form as follows. 2012 ez tax form Cross out “Hurricane Katrina, Rita, or Wilma” in the title at the top of the form and enter “Kansas Storms and Tornadoes. 2012 ez tax form ” On line 1a cross out “Hurricane Katrina” and enter “Kansas Storms and Tornadoes,” cross out “August 28, 2005,” and enter “May 4, 2007,” and cross out “January 1, 2006,” and enter “January 1, 2008. 2012 ez tax form ”   Complete the form as instructed. 2012 ez tax form Lines 1b and 1c do not apply. 2012 ez tax form Include the amount from Form 5884-A, line 4 in the amount entered on Form 3800, line 1x. 2012 ez tax form On the dotted line to the left of line 1x, enter “5884-A. 2012 ez tax form ” Use the applicable dates and terms in this publication instead of those used in the Form 5884-A instructions. 2012 ez tax form Amended return. 2012 ez tax form   You may have to amend a previously filed return to claim the employee retention credit. 2012 ez tax form Demolition and Clean-up Costs You can elect to deduct 50% of any qualified recovery assistance clean-up costs for the tax year in which the costs are paid or incurred, instead of capitalizing them. 2012 ez tax form Qualified recovery assistance clean-up costs are any amounts paid or incurred after May 3, 2007, and before January 1, 2010, for the removal of debris from, or the demolition of structures on, real property located in the Kansas disaster area that is: Held by you for use in a trade or business or for the production of income, or Inventory or other property held primarily for sale to customers in the ordinary course of your trade or business. 2012 ez tax form Amended return. 2012 ez tax form   If you have already filed your tax return, you may have to amend that return to claim the 50% of any qualified recovery assistance clean-up costs. 2012 ez tax form Request for Copy or Transcript of Tax Return Request for copy of tax return. 2012 ez tax form   You can use Form 4506 to order a copy of your tax return. 2012 ez tax form Generally, there is a $39. 2012 ez tax form 00 fee (subject to change) for requesting each copy of a tax return. 2012 ez tax form If your main home, principal place of business, or tax records are located in a Presidentially declared disaster area, the fee will be waived if the assigned disaster designation (for example, “Kansas Storms”) is written in red across the top of the form when filed. 2012 ez tax form Request for transcript of tax return. 2012 ez tax form   You can use Form 4506-T to order a free transcript of your tax return. 2012 ez tax form A transcript provides most of the line entries from a tax return and usually contains the information that a third party requires. 2012 ez tax form You can also call 1-800-829-1040 to order a transcript. 2012 ez tax form How To Get Tax Help You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get information from the IRS in several ways. 2012 ez tax form By selecting the method that is best for you, you will have quick and easy access to tax help. 2012 ez tax form Contacting your Taxpayer Advocate. 2012 ez tax form   The Taxpayer Advocate Service (TAS) is an independent organization within the IRS whose employees assist taxpayers who are experiencing economic harm, who are seeking help in resolving tax problems that have not been resolved through normal channels, or who believe that an IRS system or procedure is not working as it should. 2012 ez tax form   You can contact the TAS by calling the TAS toll-free case intake line at 1-877-777-4778 or TTY/TDD 1-800-829-4059 to see if you are eligible for assistance. 2012 ez tax form You can also call or write to your local taxpayer advocate, whose phone number and address are listed in your local telephone directory and in Publication 1546, Taxpayer Advocate Service — Your Voice at the IRS. 2012 ez tax form You can file Form 911, Request for Taxpayer Advocate Service Assistance (And Application for Taxpayer Assistance Order), or ask an IRS employee to complete it on your behalf. 2012 ez tax form For more information, go to www. 2012 ez tax form irs. 2012 ez tax form gov/advocate. 2012 ez tax form Low Income Taxpayer Clinics (LITCs). 2012 ez tax form   LITCs are independent organizations that provide low income taxpayers with representation in federal tax controversies with the IRS for free or for a nominal charge. 2012 ez tax form The clinics also provide tax education and outreach for taxpayers who speak English as a second language. 2012 ez tax form Publication 4134, Low Income Taxpayer Clinic List, provides information on clinics in your area. 2012 ez tax form It is available at www. 2012 ez tax form irs. 2012 ez tax form gov or your local IRS office. 2012 ez tax form Free tax services. 2012 ez tax form   To find out what services are available, get Publication 910, IRS Guide to Free Tax Services. 2012 ez tax form It contains lists of free tax information sources, including publications, services, and free tax education and assistance programs. 2012 ez tax form It also has an index of over 100 TeleTax topics, (recorded tax information) you can listen to on your telephone. 2012 ez tax form   Accessible versions of IRS published products are available on request in a variety of alternative formats for people with disabilities. 2012 ez tax form Free help with your return. 2012 ez tax form   Free help in preparing your return is available nationwide from IRS-trained volunteers. 2012 ez tax form The Volunteer Income Tax Assistance (VITA) program is designed to help low-income taxpayers and Tax Counseling for the Elderly (TCE) program is designed to assist taxpayers age 60 and older with their tax returns. 2012 ez tax form Many VITA sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. 2012 ez tax form To find a site near you, call 1-800-829-1040. 2012 ez tax form Or to find the nearest AARP TaxAide site, visit AARP's website at www. 2012 ez tax form aarp. 2012 ez tax form org/taxaide or call 1-888-227-7669. 2012 ez tax form For more information on these programs, go to www. 2012 ez tax form irs. 2012 ez tax form gov and enter keyword “VITA” in the upper right-hand corner. 2012 ez tax form Internet. 2012 ez tax form You can access the IRS website at www. 2012 ez tax form irs. 2012 ez tax form gov 24 hours a day, 7 days a week to: E-file your return. 2012 ez tax form Find out about commercial tax preparation and e-file services available free to eligible taxpayers. 2012 ez tax form Check the status of your refund. 2012 ez tax form Click on Where's My Refund. 2012 ez tax form Wait at least 6 weeks from the date you filed your return (3 weeks if you filed electronically). 2012 ez tax form Have your tax return available because you will need to know your social security number, your filing status, and the exact whole dollar amount of your refund. 2012 ez tax form Download forms, instructions, and publications. 2012 ez tax form Order IRS products online. 2012 ez tax form Research your tax questions online. 2012 ez tax form Search publications online by topic or keyword. 2012 ez tax form View Internal Revenue Bulletins (IRBs) published in the last few years. 2012 ez tax form Figure your withholding allowances using the withholding calculator online at www. 2012 ez tax form irs. 2012 ez tax form gov/individuals. 2012 ez tax form Determine if Form 6251 must be filed using our Alternative Minimum Tax (AMT) Assistant. 2012 ez tax form Sign up to receive local and national tax news by email. 2012 ez tax form Get information on starting and operating a small business. 2012 ez tax form Phone. 2012 ez tax form Many services are available by phone. 2012 ez tax form Ordering forms, instructions, and publications. 2012 ez tax form Call 1-800-829-3676 to order current-year forms, instructions, and publications, and prior-year forms and instructions. 2012 ez tax form You should receive your order within 10 days. 2012 ez tax form Asking tax questions. 2012 ez tax form Call the IRS with your tax questions at 1-800-829-1040. 2012 ez tax form Solving problems. 2012 ez tax form You can get face-to-face help solving tax problems every business day in IRS Taxpayer Assistance Centers. 2012 ez tax form An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. 2012 ez tax form Call your local Taxpayer Assistance Center for an appointment. 2012 ez tax form To find the number, go to www. 2012 ez tax form irs. 2012 ez tax form gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. 2012 ez tax form TTY/TDD equipment. 2012 ez tax form If you have access to TTY/TDD equipment, call 1-800-829-4059 to ask tax questions or to order forms and publications. 2012 ez tax form TeleTax topics. 2012 ez tax form Call 1-800-829-4477 to listen to pre-recorded messages covering various tax topics. 2012 ez tax form Refund information. 2012 ez tax form To check the status of your refund, call 1-800-829-4477 and press 1 for automated refund information or call 1-800-829-1954. 2012 ez tax form Be sure to wait at least 6 weeks from the date you filed your return (3 weeks if you filed electronically). 2012 ez tax form Have your tax return available because you will need to know your social security number, your filing status, and the exact whole dollar amount of your refund. 2012 ez tax form Evaluating the quality of our telephone services. 2012 ez tax form To ensure IRS representatives give accurate, courteous, and professional answers, we use several methods to evaluate the quality of our telephone services. 2012 ez tax form One method is for a second IRS representative to listen in on or record random telephone calls. 2012 ez tax form Another is to ask some callers to complete a short survey at the end of the call. 2012 ez tax form Walk-in. 2012 ez tax form Many products and services are available on a walk-in basis. 2012 ez tax form Products. 2012 ez tax form You can walk in to many post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. 2012 ez tax form Some IRS offices, libraries, grocery stores, copy centers, city and county government offices, credit unions, and office supply stores have a collection of products available to print from a CD or photocopy from reproducible proofs. 2012 ez tax form Also, some IRS offices and libraries have the Internal Revenue Code, regulations, Internal Revenue Bulletins, and Cumulative Bulletins available for research purposes. 2012 ez tax form Services. 2012 ez tax form You can walk in to your local Taxpayer Assistance Center every business day for personal, face-to-face tax help. 2012 ez tax form An employee can explain IRS letters, request adjustments to your tax account, or help you set up a payment plan. 2012 ez tax form If you need to resolve a tax problem, have questions about how the tax law applies to your individual tax return, or you're more comfortable talking with someone in person, visit your local Taxpayer Assistance Center where you can spread out your records and talk with an IRS representative face-to-face. 2012 ez tax form No appointment is necessary — just walk in. 2012 ez tax form If you prefer, you can call your local Center and leave a message requesting an appointment to resolve a tax account issue. 2012 ez tax form A representative will call you back within 2 business days to schedule an in-person appointment at your convenience. 2012 ez tax form If you have an ongoing, complex tax account problem or a special need, such as a disability, an appointment may be requested. 2012 ez tax form All other issues will be handled without an appointment. 2012 ez tax form To find the number of your local office, go to www. 2012 ez tax form irs. 2012 ez tax form gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. 2012 ez tax form Mail. 2012 ez tax form You can send your order for forms, instructions, and publications to the address below. 2012 ez tax form You should receive a response within 10 days after your request is received. 2012 ez tax form Internal Revenue Service 1201 N. 2012 ez tax form Mitsubishi Motorway Bloomington, IL 61705-6613 CD/DVD for tax products. 2012 ez tax form You can order Publication 1796, IRS Tax Products CD/DVD, and obtain: Current-year forms, instructions, and publications. 2012 ez tax form Prior-year forms, instructions, and publications. 2012 ez tax form Bonus: Historical Tax Products DVD - Ships with the final release. 2012 ez tax form IRS Tax Map: an electronic research tool and finding aid. 2012 ez tax form Tax law frequently asked questions (FAQ). 2012 ez tax form Tax Topics from the IRS telephone response system. 2012 ez tax form Fill-in, print, and save features for most tax forms. 2012 ez tax form Internal Revenue Bulletins. 2012 ez tax form Toll-free and email technical support. 2012 ez tax form The CD/DVD is released twice during the year in January and March. 2012 ez tax form Purchase the CD/DVD from National Technical Information Service (NTIS) at www. 2012 ez tax form irs. 2012 ez tax form gov/cdorders for $35 (no handling fee) or call 1-877-CDFORMS (1-877-233-6767) toll free to buy the CD/DVD for $35 (plus a $5 handling fee). 2012 ez tax form Price is subject to change. 2012 ez tax form CD for small businesses. 2012 ez tax form Publication 3207, The Small Business Resource Guide CD, is a must for every small business owner or any taxpayer about to start a business. 2012 ez tax form This year's CD includes: Helpful information, such as how to prepare a business plan, find financing for your business, and much more. 2012 ez tax form All the business tax forms, instructions, and publications needed to successfully manage a business. 2012 ez tax form Tax law changes. 2012 ez tax form Tax Map: an electronic research tool and finding aid. 2012 ez tax form Web links to various government agencies, business associations, and IRS organizations. 2012 ez tax form “Rate the Product” survey—your opportunity to suggest changes for future editions. 2012 ez tax form A site map of the CD to help you navigate the pages of the CD with ease. 2012 ez tax form An interactive “Teens in Biz” module that gives practical tips for teens about starting their own business, creating a business plan, and filing taxes. 2012 ez tax form An updated version of this CD is available each year in early April. 2012 ez tax form You can get a free copy by calling 1-800-829-3676 or by visiting www. 2012 ez tax form irs. 2012 ez tax form gov/smallbiz. 2012 ez tax form Prev  Up  Next   Home   More Online Publications
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The 2012 Ez Tax Form

2012 ez tax form Internal Revenue Bulletin:  2013-12  March 18, 2013  Rev. 2012 ez tax form Proc. 2012 ez tax form 2013-21 Table of Contents SECTION 1. 2012 ez tax form PURPOSE SECTION 2. 2012 ez tax form BACKGROUND SECTION 3. 2012 ez tax form SCOPE SECTION 4. 2012 ez tax form APPLICATION. 2012 ez tax form 01 Limitations on Depreciation Deductions for Certain Automobiles. 2012 ez tax form . 2012 ez tax form 02 Inclusions in Income of Lessees of Passenger Automobiles. 2012 ez tax form SECTION 5. 2012 ez tax form EFFECTIVE DATE SECTION 6. 2012 ez tax form DRAFTING INFORMATION SECTION 1. 2012 ez tax form 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 2013, including separate tables of limitations on depreciation deductions for trucks and vans; and (2) the amounts that must be included in income by lessees of passenger automobiles first leased by the taxpayer during calendar year 2013, including a separate table of inclusion amounts for lessees of trucks and vans. 2012 ez tax form 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. 2012 ez tax form SECTION 2. 2012 ez tax form BACKGROUND . 2012 ez tax form 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. 2012 ez tax form For passenger automobiles placed in service after 1988, § 280F(d)(7) requires the Internal Revenue Service to increase the amounts allowable as depreciation deductions by a price inflation adjustment amount. 2012 ez tax form 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. 2012 ez tax form This change reflects the higher rate of price inflation for trucks and vans since 1988. 2012 ez tax form . 2012 ez tax form 02 Section 331(a) of the American Taxpayer Relief Act of 2012, Pub. 2012 ez tax form L. 2012 ez tax form No. 2012 ez tax form 112-240, 126 Stat. 2012 ez tax form 2313 (Jan. 2012 ez tax form 2, 2013) (the “Act”) extended the 50 percent additional first year depreciation deduction under § 168(k) to qualified property acquired by the taxpayer after December 31, 2007, and before January 1, 2014, if no written binding contract for the acquisition of the property existed before January 1, 2008, and if the taxpayer places the property in service generally before January 1, 2014. 2012 ez tax form Section 168(k)(2)(F)(i) increases the first year depreciation allowed under § 280F(a)(1)(A)(i) by $8,000 for passenger automobiles to which the additional first year depreciation deduction under § 168(k) (hereinafter, referred to as “§ 168(k) additional first year depreciation deduction”) applies. 2012 ez tax form . 2012 ez tax form 03 Section 168(k)(2)(D)(i) provides that the § 168(k) additional first year depreciation deduction does not apply to any property required to be depreciated under the alternative depreciation system of § 168(g), including property described in § 280F(b)(1). 2012 ez tax form Section 168(k)(2)(D)(iii) permits a taxpayer to elect out of the § 168(k) additional first year depreciation deduction for any class of property. 2012 ez tax form Section 168(k)(4), as amended by the Act, permits a corporation to elect to increase the alternative minimum tax (“AMT”) credit limitation under § 53(c), instead of claiming the § 168(k) additional first year depreciation deduction for all eligible qualified property placed in service after December 31, 2012, that is round 3 extension property (as defined in § 168(k)(4)(J)(iv)). 2012 ez tax form Accordingly, this revenue procedure provides tables for passenger automobiles for which the § 168(k) additional first year depreciation deduction applies. 2012 ez tax form This revenue procedure also provides tables for passenger automobiles for which the § 168(k) additional first year depreciation deduction does not apply, either because taxpayer: (1) purchased the passenger automobile used; (2) did not use the passenger automobile during 2013 more than 50 percent for business purposes; (3) elected out of the § 168(k) additional first year depreciation deduction pursuant to § 168(k)(2)(D)(iii); or (4) elected to increase the § 53 AMT credit limitation in lieu of claiming § 168(k) additional first year depreciation. 2012 ez tax form . 2012 ez tax form 04 Section 280F(c) requires a reduction in the deduction allowed to the lessee of a leased passenger automobile. 2012 ez tax form The reduction must be substantially equivalent to the limitations on the depreciation deductions imposed on owners of passenger automobiles. 2012 ez tax form Under § 1. 2012 ez tax form 280F-7(a) of the Income Tax Regulations, this reduction requires a lessee to include in gross income an amount determined by applying a formula to the amount obtained from a table. 2012 ez tax form One table applies to lessees of trucks and vans and another table applies to all other passenger automobiles. 2012 ez tax form Each table shows inclusion amounts for a range of fair market values for each taxable year after the passenger automobile is first leased. 2012 ez tax form SECTION 3. 2012 ez tax form SCOPE . 2012 ez tax form 01 The limitations on depreciation deductions in section 4. 2012 ez tax form 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 2013, and continue to apply for each taxable year that the passenger automobile remains in service. 2012 ez tax form . 2012 ez tax form 02 The tables in section 4. 2012 ez tax form 02 of this revenue procedure apply to leased passenger automobiles for which the lease term begins during calendar year 2013. 2012 ez tax form 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. 2012 ez tax form See Rev. 2012 ez tax form Proc. 2012 ez tax form 2008-22, 2008-1 C. 2012 ez tax form B. 2012 ez tax form 658, for passenger automobiles first leased during calendar year 2008; Rev. 2012 ez tax form Proc. 2012 ez tax form 2009-24, 2009-17 I. 2012 ez tax form R. 2012 ez tax form B. 2012 ez tax form 885, for passenger automobiles first leased during calendar year 2009; Rev. 2012 ez tax form Proc. 2012 ez tax form 2010-18, 2010-09 I. 2012 ez tax form R. 2012 ez tax form B. 2012 ez tax form 427, as amplified and modified by section 4. 2012 ez tax form 03 of Rev. 2012 ez tax form Proc. 2012 ez tax form 2011-21, 2011-12 I. 2012 ez tax form R. 2012 ez tax form B. 2012 ez tax form 560, for passenger automobiles first leased during calendar year 2010; Rev. 2012 ez tax form Proc. 2012 ez tax form 2011-21, for passenger automobiles first leased during calendar year 2011; and Rev. 2012 ez tax form Proc. 2012 ez tax form 2012-23, 2012-14 I. 2012 ez tax form R. 2012 ez tax form B. 2012 ez tax form 712, for passenger automobiles first leased during calendar year 2012. 2012 ez tax form SECTION 4. 2012 ez tax form APPLICATION . 2012 ez tax form 01 Limitations on Depreciation Deductions for Certain Automobiles. 2012 ez tax form (1) Amount of the inflation adjustment. 2012 ez tax form (a) Passenger automobiles (other than trucks or vans). 2012 ez tax form 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. 2012 ez tax form Section 280F(d)(7)(B)(ii) defines the term “CPI automobile component” as the automobile component of the Consumer Price Index for all Urban Consumers published by the Department of Labor. 2012 ez tax form The new car component of the CPI was 115. 2012 ez tax form 2 for October 1987 and 143. 2012 ez tax form 787 for October 2012. 2012 ez tax form The October 2012 index exceeded the October 1987 index by 28. 2012 ez tax form 587. 2012 ez tax form Therefore, the automobile price inflation adjustment for 2013 for passenger automobiles (other than trucks and vans) is 24. 2012 ez tax form 8 percent (28. 2012 ez tax form 587/115. 2012 ez tax form 2 x 100%). 2012 ez tax form The dollar limitations in § 280F(a) are multiplied by a factor of 0. 2012 ez tax form 248, 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 2013. 2012 ez tax form This adjustment applies to all passenger automobiles (other than trucks and vans) that are first placed in service in calendar year 2013. 2012 ez tax form (b) Trucks and vans. 2012 ez tax form To determine the dollar limitations for trucks and vans first placed in service during calendar year 2013, the Service uses the new truck component of the CPI instead of the new car component. 2012 ez tax form The new truck component of the CPI was 112. 2012 ez tax form 4 for October 1987 and 149. 2012 ez tax form 386 for October 2012. 2012 ez tax form The October 2012 index exceeded the October 1987 index by 36. 2012 ez tax form 986. 2012 ez tax form Therefore, the automobile price inflation adjustment for 2013 for trucks and vans is 32. 2012 ez tax form 9 percent (36. 2012 ez tax form 986/112. 2012 ez tax form 4 x 100%). 2012 ez tax form The dollar limitations in § 280F(a) are multiplied by a factor of 0. 2012 ez tax form 329, 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. 2012 ez tax form This adjustment applies to all trucks and vans that are first placed in service in calendar year 2013. 2012 ez tax form (2) Amount of the limitation. 2012 ez tax form Tables 1 through 4 contain the dollar amount of the depreciation limitation for each taxable year for passenger automobiles a taxpayer places in service in calendar year 2013. 2012 ez tax form 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 2013 for which the § 168(k) additional first year depreciation deduction applies. 2012 ez tax form Use Table 3 for a passenger automobile (other than a truck or van), and Table 4 for a truck or van, placed in service in calendar year 2013 for which the § 168(k) additional first year depreciation deduction does not apply. 2012 ez tax form REV. 2012 ez tax form PROC. 2012 ez tax form 2013-21 TABLE 1 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE IN CALENDAR YEAR 2013 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $11,160 2nd Tax Year $5,100 3rd Tax Year $3,050 Each Succeeding Year $1,875 REV. 2012 ez tax form PROC. 2012 ez tax form 2013-21 TABLE 2 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE IN CALENDAR YEAR 2013 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $11,360 2nd Tax Year $5,400 3rd Tax Year $3,250 Each Succeeding Year $1,975 REV. 2012 ez tax form PROC. 2012 ez tax form 2013-21 TABLE 3 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE IN CALENDAR YEAR 2013 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION DOES NOT APPLY Tax Year Amount 1st Tax Year $3,160 2nd Tax Year $5,100 3rd Tax Year $3,050 Each Succeeding Year $1,875 REV. 2012 ez tax form PROC. 2012 ez tax form 2013-21 TABLE 4 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE IN CALENDAR YEAR 2013 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION DOES NOT APPLY Tax Year Amount 1st Tax Year $3,360 2nd Tax Year $5,400 3rd Tax Year $3,250 Each Succeeding Year $1,975 . 2012 ez tax form 02 Inclusions in Income of Lessees of Passenger Automobiles. 2012 ez tax form A taxpayer must follow the procedures in § 1. 2012 ez tax form 280F-7(a) for determining the inclusion amounts for passenger automobiles first leased in calendar year 2013. 2012 ez tax form In applying these procedures, lessees of passenger automobiles other than trucks and vans should use Table 5 of this revenue procedure, while lessees of trucks and vans should use Table 6 of this revenue procedure. 2012 ez tax form REV. 2012 ez tax form PROC. 2012 ez tax form 2013-21 TABLE 5 DOLLAR AMOUNTS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2013 Fair Market Value of Passenger Automobile Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th & later $19,000 $19,500 2 4 6 7 8 19,500 20,000 2 5 6 9 9 20,000 20,500 2 5 8 9 11 20,500 21,000 3 6 8 10 12 21,000 21,500 3 6 10 11 13 21,500 22,000 3 7 10 13 14 22,000 23,000 4 8 11 14 16 23,000 24,000 4 9 14 16 18 24,000 25,000 5 10 15 18 21 25,000 26,000 5 12 16 21 23 26,000 27,000 6 12 19 23 25 27,000 28,000 6 14 20 25 28 28,000 29,000 7 15 22 27 30 29,000 30,000 7 16 24 29 33 30,000 31,000 8 17 26 31 35 31,000 32,000 8 19 27 33 38 32,000 33,000 9 20 29 35 40 33,000 34,000 10 21 31 37 43 34,000 35,000 10 22 33 39 45 35,000 36,000 11 23 35 41 48 36,000 37,000 11 25 36 43 50 37,000 38,000 12 26 38 45 53 38,000 39,000 12 27 40 47 55 39,000 40,000 13 28 42 49 58 40,000 41,000 13 29 44 52 59 41,000 42,000 14 30 45 54 63 42,000 43,000 14 32 47 56 64 43,000 44,000 15 33 48 59 67 44,000 45,000 15 34 51 60 69 45,000 46,000 16 35 52 63 72 46,000 47,000 17 36 54 65 74 47,000 48,000 17 38 55 67 77 48,000 49,000 18 39 57 69 79 49,000 50,000 18 40 59 71 82 50,000 51,000 19 41 61 73 84 51,000 52,000 19 42 63 75 87 52,000 53,000 20 43 65 77 89 53,000 54,000 20 45 66 79 92 54,000 55,000 21 46 68 81 94 55,000 56,000 21 47 70 84 96 56,000 57,000 22 48 72 85 99 57,000 58,000 22 50 73 88 101 58,000 59,000 23 51 75 90 103 59,000 60,000 24 52 76 92 106 60,000 62,000 24 54 79 95 110 62,000 64,000 25 56 83 99 115 64,000 66,000 27 58 87 103 120 66,000 68,000 28 60 90 108 125 68,000 70,000 29 63 93 112 130 70,000 72,000 30 65 97 117 134 72,000 74,000 31 68 100 121 139 74,000 76,000 32 70 104 125 144 76,000 78,000 33 73 107 129 149 78,000 80,000 34 75 111 133 154 80,000 85,000 36 79 117 141 162 85,000 90,000 39 85 126 151 174 90,000 95,000 41 91 135 162 186 95,000 100,000 44 97 144 172 199 100,000 110,000 48 106 157 188 217 110,000 120,000 53 118 174 210 241 120,000 130,000 59 129 193 230 266 130,000 140,000 64 141 210 252 290 140,000 150,000 70 153 227 273 315 150,000 160,000 75 165 245 294 339 160,000 170,000 80 177 263 315 363 170,000 180,000 86 189 280 336 388 180,000 190,000 91 201 298 357 412 190,000 200,000 97 212 316 378 436 200,000 210,000 102 224 333 400 461 210,000 220,000 107 236 351 420 486 220,000 230,000 113 248 368 442 509 230,000 240,000 118 260 386 463 534 240,000 And up 124 272 403 484 558 REV. 2012 ez tax form PROC. 2012 ez tax form 2013-21 TABLE 6 DOLLAR AMOUNTS FOR TRUCKS AND VANS WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2013 Fair Market Value of Truck or Van Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th & later $19,000 $19,500 1 3 4 5 6 19,500 20,000 2 3 5 6 7 20,000 20,500 2 4 6 7 8 20,500 21,000 2 5 7 8 9 21,000 21,500 2 5 8 9 11 21,500 22,000 3 6 8 10 12 22,000 23,000 3 7 10 11 14 23,000 24,000 4 8 11 14 16 24,000 25,000 4 9 14 16 18 25,000 26,000 5 10 15 18 21 26,000 27,000 5 12 17 20 23 27,000 28,000 6 13 18 23 25 28,000 29,000 6 14 20 25 28 29,000 30,000 7 15 22 27 30 30,000 31,000 7 16 24 29 33 31,000 32,000 8 17 26 31 35 32,000 33,000 8 19 27 33 38 33,000 34,000 9 20 29 35 41 34,000 35,000 10 21 31 37 43 35,000 36,000 10 22 33 39 46 36,000 37,000 11 23 35 41 48 37,000 38,000 11 25 36 43 51 38,000 39,000 12 26 38 45 53 39,000 40,000 12 27 40 48 55 40,000 41,000 13 28 42 49 58 41,000 42,000 13 29 44 52 60 42,000 43,000 14 30 46 54 62 43,000 44,000 14 32 47 56 65 44,000 45,000 15 33 48 59 67 45,000 46,000 15 34 51 60 70 46,000 47,000 16 35 52 63 72 47,000 48,000 17 36 54 65 74 48,000 49,000 17 38 55 67 77 49,000 50,000 18 39 57 69 79 50,000 51,000 18 40 59 71 82 51,000 52,000 19 41 61 73 84 52,000 53,000 19 42 63 75 87 53,000 54,000 20 43 65 77 89 54,000 55,000 20 45 66 80 91 55,000 56,000 21 46 68 81 94 56,000 57,000 21 47 70 84 96 57,000 58,000 22 48 72 86 98 58,000 59,000 22 50 73 88 101 59,000 60,000 23 51 75 90 103 60,000 62,000 24 52 78 93 108 62,000 64,000 25 55 81 97 113 64,000 66,000 26 57 85 101 118 66,000 68,000 27 60 88 106 122 68,000 70,000 28 62 92 110 127 70,000 72,000 29 64 96 114 132 72,000 74,000 30 67 99 118 137 74,000 76,000 31 69 103 122 142 76,000 78,000 32 72 105 127 147 78,000 80,000 34 73 110 131 151 80,000 85,000 35 78 116 138 160 85,000 90,000 38 84 124 149 172 90,000 95,000 41 90 133 160 184 95,000 100,000 44 95 142 171 196 100,000 110,000 48 104 156 186 214 110,000 120,000 53 116 173 207 240 120,000 130,000 58 128 191 228 264 130,000 140,000 64 140 208 249 288 140,000 150,000 69 152 226 270 313 150,000 160,000 75 164 243 292 336 160,000 170,000 80 176 261 312 361 170,000 180,000 85 188 278 334 386 180,000 190,000 91 199 296 355 410 190,000 200,000 96 211 314 376 434 200,000 210,000 101 223 332 397 459 210,000 220,000 107 235 349 418 483 220,000 230,000 112 247 367 439 507 230,000 240,000 118 259 384 460 532 240,000 And up 123 271 401 482 556 SECTION 5. 2012 ez tax form EFFECTIVE DATE This revenue procedure applies to passenger automobiles that a taxpayer first places in service or first leases during calendar year 2013. 2012 ez tax form SECTION 6. 2012 ez tax form DRAFTING INFORMATION The principal author of this revenue procedure is Bernard P. 2012 ez tax form Harvey of the Office of Associate Chief Counsel (Income Tax & Accounting). 2012 ez tax form For further information regarding this revenue procedure, contact Mr. 2012 ez tax form Harvey at (202) 622-4930 (not a toll-free call). 2012 ez tax form Prev  Up  Next   Home   More Internal Revenue Bulletins