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Amended Federal Tax Return 2011

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Amended Federal Tax Return 2011

Amended federal tax return 2011 Car Expenses Table of Contents Introduction Depreciation of CarSpecial Depreciation Allowance Depreciation Limit Amended Return Election Not To Claim Special Allowance If you purchased a car after September 10, 2001, for use in your business (or as an employee) and figure your deductible expenses using the actual car expense method, new law contains provisions that may affect your depreciation deduction for that car. Amended federal tax return 2011 Publication 463, Travel, Entertainment, Gift, and Car Expenses, contains information on figuring depreciation on your car. Amended federal tax return 2011 However, Publication 463 does not contain the new provisions because it was printed before the law was enacted. Amended federal tax return 2011 The new provisions are in the Supplement to Publication 463, which is reprinted below. Amended federal tax return 2011 Supplement to Publication 463 Travel, Entertainment, Gift, and Car Expenses   Introduction This supplemental publication is for taxpayers who purchased a car for business purposes after September 10, 2001, and figure their deductible expenses, including a deduction for depreciation, using the actual car expense method. Amended federal tax return 2011 After Publication 463 was printed, the Job Creation and Worker Assistance Act of 2002 was signed into law by the President. Amended federal tax return 2011 Certain provisions of this new law may reduce your taxes for 2001. Amended federal tax return 2011 The new law contains the following provisions. Amended federal tax return 2011 A new depreciation deduction, the special depreciation allowance. Amended federal tax return 2011 An increase in the limit on depreciation for any car for which you claim the new special depreciation allowance. Amended federal tax return 2011 If you have already filed your 2001 return, you may wish to file an amended return to claim any of these benefits. Amended federal tax return 2011 See Amended Return, later. Amended federal tax return 2011 Depreciation of Car If you used the actual car expense method to figure your deduction for a car you own and use in your business (or as an employee), you generally can claim a depreciation deduction. Amended federal tax return 2011 However, there is a limit on the depreciation deduction you can take for your car each year. Amended federal tax return 2011 See Depreciation Limit later. Amended federal tax return 2011 Special Depreciation Allowance The new law allows you to claim a special depreciation allowance. Amended federal tax return 2011 This special allowance is a deduction equal to 30% of the depreciable basis of qualified property. Amended federal tax return 2011 You figure the amount of the special depreciation allowance after any section 179 deduction you choose to claim, but before figuring your regular depreciation deduction under the Modified Accelerated Cost Recovery System (MACRS). Amended federal tax return 2011 See Depreciation Deduction under Actual Car Expenses in chapter 4 of Publication 463 for information about MACRS. Amended federal tax return 2011 You can claim the special depreciation allowance only for the year the qualified property is placed in service. Amended federal tax return 2011 Qualified property. Amended federal tax return 2011   Qualified property includes a car (any four-wheeled vehicle, including a truck or van not more than 6,000 pounds, that is made primarily for use on public streets, roads, and highways) that meets all of the following requirements. Amended federal tax return 2011 You bought it new. Amended federal tax return 2011 You bought it after September 10, 2001. Amended federal tax return 2011 (But a car is not qualified property if a binding written contract for you to buy the car was in effect before September 11, 2001. Amended federal tax return 2011 ) You began using it for business after September 10, 2001, and used it more than 50% in a qualified business use. Amended federal tax return 2011 Example. Amended federal tax return 2011 Bob bought a new car on October 15, 2001, for $20,000 and placed it in service immediately, using it 75% for business. Amended federal tax return 2011 Bob's car is qualified property. Amended federal tax return 2011 Bob chooses not to take a section 179 deduction for the car. Amended federal tax return 2011 He does claim the new special depreciation allowance. Amended federal tax return 2011 Bob first must figure the car's depreciable basis, which is $15,000 ($20,000 × . Amended federal tax return 2011 75). Amended federal tax return 2011 He then figures the special depreciation allowance of $4,500 ($15,000 × . Amended federal tax return 2011 30). Amended federal tax return 2011 The remaining depreciable basis of $10,500 ($15,000 - $4,500) is depreciated using MACRS (200% declining balance method, half-year convention) and results in a deduction of $2,100 ($10,500 × . Amended federal tax return 2011 20), for a total depreciation deduction for 2001 of $6,600 ($4,500 + $2,100). Amended federal tax return 2011 However, Bob's depreciation deduction is limited to $5,745 ($7,660 × . Amended federal tax return 2011 75), as discussed next. Amended federal tax return 2011 Depreciation Limit The limit on your depreciation deduction for 2001 is increased to $7,660 for a car that is qualified property (defined above) and for which you claim the special depreciation allowance. Amended federal tax return 2011 The limit is increased to $23,080 if the car is an electric car. Amended federal tax return 2011 The section 179 deduction is treated as depreciation for purposes of this limit. Amended federal tax return 2011 If you use a car less than 100% in your business or work, the limit is $7,660 (or $23,080 for an electric car) multiplied by the percentage of business and investment use during the year. Amended federal tax return 2011 For cars that do not qualify for (or for which you choose not to claim) the special depreciation allowance, the limit remains $3,060 ($9,280 for electric cars). Amended federal tax return 2011 Amended Return If you filed your 2001 calendar year return before June 1, 2002, and did not claim the new special depreciation allowance for a qualified car, you can claim it by filing an amended return on Form 1040X, Amended U. Amended federal tax return 2011 S. Amended federal tax return 2011 Individual Income Tax Return, by April 15, 2003. Amended federal tax return 2011 At the top of the Form 1040X, print “Filed pursuant to Revenue Procedure 2002–33. Amended federal tax return 2011 ” If you are an employee, attach Form 2106, Employee Business Expenses (revised March 2002). Amended federal tax return 2011 If you are self-employed, attach Form 4562, Depreciation and Amortization (revised March 2002). Amended federal tax return 2011 Or, you can claim the special depreciation allowance by filing Form 3115, Application for Change in Accounting Method, with your 2002 return. Amended federal tax return 2011 For details, see Revenue Procedure 2002–33. Amended federal tax return 2011 (But, filing Form 1040X for 2001 enables you to claim the special allowance earlier than attaching Form 3115 to your 2002 return. Amended federal tax return 2011 ) You cannot claim the special depreciation allowance on an amended return (or by using Form 3115) if you made, or are treated as having made, the election not to claim it described later. Amended federal tax return 2011 Example. Amended federal tax return 2011 The facts are the same as in the previous example except that Bob filed his original 2001 income tax return on April 15, 2002, and claimed a $3,000 ($20,000 x . Amended federal tax return 2011 75 x . Amended federal tax return 2011 20) depreciation deduction for his new car using MACRS. Amended federal tax return 2011 Bob now wishes to claim the special depreciation allowance for his new car on an amended 2001 return. Amended federal tax return 2011 Bob, who is an employee, files Form 1040X, by April 15, 2003, with an updated Form 2106 (revised March 2002) attached, increasing his total depreciation deduction to $5,745, as figured in the earlier example. Amended federal tax return 2011 Bob's new filled-in Form 2106 is shown later. Amended federal tax return 2011 Election Not To Claim Special Allowance You can elect not to claim the special depreciation allowance for a car by making a statement attached to, or written on, your return indicating that you are electing not to claim the special depreciation allowance for 5-year property. Amended federal tax return 2011 As a general rule, you must make this election by the due date (including extensions) of your return. Amended federal tax return 2011 You can have an automatic extension of 6 months from the due date of your return (excluding extensions) to make the election with an amended return. Amended federal tax return 2011 To get this extension, you must have filed your original return by the due date (including extensions). Amended federal tax return 2011 At the top of the statement, print “Filed pursuant to section 301. Amended federal tax return 2011 9100–2. Amended federal tax return 2011 ” If you elect not to claim the special depreciation allowance for a car, you cannot claim it for any other 5-year property placed in service during the same year. Amended federal tax return 2011 Unless you elect (or are treated as electing) not to claim the special depreciation allowance, you must reduce the car's adjusted basis by the amount of the allowance, even if the allowance was not claimed. Amended federal tax return 2011 Deemed election for return filed before June 1, 2002. Amended federal tax return 2011   If you did not make the election not to claim the special depreciation allowance in the time and manner described above, you will still be treated as electing not to claim it if all of the following apply. Amended federal tax return 2011 You filed your 2001 return before June 1, 2002. Amended federal tax return 2011 You claimed depreciation on your return but did not claim the special depreciation allowance. Amended federal tax return 2011 You did not file an amended 2001 return by April 15, 2003, or a Form 3115 with your 2002 return, to claim the special depreciation allowance. Amended federal tax return 2011 Form 2106, Page 1, for Bob Smith Form 2106, Page 2, for Bob Smith Prev  Up  Next   Home   More Online Publications
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The Amended Federal Tax Return 2011

Amended federal tax return 2011 Publication 972 - Introductory Material Table of Contents Future Developments Reminder IntroductionOrdering forms and publications. Amended federal tax return 2011 Tax questions. Amended federal tax return 2011 Future Developments For the latest information about developments related to Publication 972, such as legislation enacted after it was published, go to www. Amended federal tax return 2011 irs. Amended federal tax return 2011 gov/pub972. Amended federal tax return 2011 Reminder Photographs of missing children. Amended federal tax return 2011  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Amended federal tax return 2011 Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Amended federal tax return 2011 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. Amended federal tax return 2011 Introduction The purpose of this publication is: To figure the child tax credit you claim on Form 1040, line 51; Form 1040A, line 33; or Form 1040NR, line 48; and To figure the amount of earned income you enter on line 4a of Schedule 8812 (Form 1040A or 1040), Child Tax Credit. Amended federal tax return 2011 This publication is intended primarily for individuals sent here by the instructions to Forms 1040, 1040A, or 1040NR, or Schedule 8812. Amended federal tax return 2011 Even if you were not sent here by the instructions to one of the forms or the schedule, you can still choose to use this publication to figure your credit. Amended federal tax return 2011 However, most individuals can use a simpler worksheet in their tax form instructions. Amended federal tax return 2011 If you were sent here from your Form 1040, Form 1040A, or Form 1040NR instructions. Amended federal tax return 2011   Complete the Child Tax Credit Worksheet , later in this publication. Amended federal tax return 2011 If you were sent here from your Schedule 8812 instructions. Amended federal tax return 2011   Complete the 1040 and 1040NR Filers — Earned Income Worksheet , later in this publication. Amended federal tax return 2011 If you have not read your Form 1040, Form 1040A, or Form 1040NR instructions. Amended federal tax return 2011   Read the explanation of who must use this publication next. Amended federal tax return 2011 If you find that you are not required to use this publication to figure your child tax credit, you can use the simpler worksheet in the Form 1040, Form 1040A, or Form 1040NR instructions to figure your credit. Amended federal tax return 2011 Who must use this publication. Amended federal tax return 2011   If you answer “Yes” to either of the following questions, you must use this publication to figure your child tax credit. Amended federal tax return 2011 Are you excluding income from Puerto Rico or filing any of the following forms? Form 2555 or 2555-EZ (relating to foreign earned income). Amended federal tax return 2011 Form 4563 (exclusion of income for residents of American Samoa). Amended federal tax return 2011 Are you claiming any of the following credits? Mortgage interest credit, Form 8396. Amended federal tax return 2011 Adoption credit, Form 8839. Amended federal tax return 2011 Residential energy efficient property credit, Form 5695, Part I. Amended federal tax return 2011 District of Columbia first-time homebuyer credit, Form 8859. Amended federal tax return 2011 Comments and suggestions. Amended federal tax return 2011   We welcome your comments about this publication and your suggestions for future editions. Amended federal tax return 2011   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Amended federal tax return 2011 NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Amended federal tax return 2011 Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Amended federal tax return 2011   You can send your comments from www. Amended federal tax return 2011 irs. Amended federal tax return 2011 gov/formspubs/. Amended federal tax return 2011 Click on “More Information” and then on “Comment on Tax Forms and Publications. Amended federal tax return 2011 ”   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. Amended federal tax return 2011 Ordering forms and publications. Amended federal tax return 2011   Visit www. Amended federal tax return 2011 irs. Amended federal tax return 2011 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. Amended federal tax return 2011 Internal Revenue Service 1201 N. Amended federal tax return 2011 Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Amended federal tax return 2011   If you have a tax question, check the information available on IRS. Amended federal tax return 2011 gov or call 1-800-829-1040. Amended federal tax return 2011 We cannot answer tax questions sent to either of the above addresses. Amended federal tax return 2011 Prev  Up  Next   Home   More Online Publications