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File Tax

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File Tax

File tax Index A Adjusted basis defined, Adjusted basis defined. File tax Administrative or management activities, Administrative or management activities. File tax Assistance (see Tax help) Attorneys, Place To Meet Patients, Clients, or Customers B Business expenses not for use of home, Business expenses not for use of your home. File tax Business furniture and equipment, Business Furniture and Equipment Business percentage, Business Percentage Business use of the home requirements (see Qualifying for a deduction) C Carryover of expenses, Carryover of unallowed expenses. File tax Casualty losses, Casualty losses. File tax Child and Adult Care Food Program reimbursements, Meals. File tax Computer Listed property, Listed Property D Daycare facilities, Daycare Facility, Standard meal and snack rates. File tax (see also Family daycare providers) Eligible children for standard meal and snack rates, Standard meal and snack rates. File tax Exceptions for regular use requirement, Daycare Facility Family daycare, Standard meal and snack rates. File tax Family daycare provider, Standard meal and snack rates. File tax Meals, Meals. File tax , Standard meal and snack rates. File tax Regular use, Daycare Facility Standard meal and snack rates, Meals. File tax , Standard meal and snack rates. File tax Deduction limit, Deduction Limit Deduction requirements Employee use, Additional tests for employee use. File tax Exceptions to exclusive use, Exceptions to Exclusive Use Exclusive use, Exclusive Use More than one trade or business, More Than One Trade or Business Place to meet clients, Place To Meet Patients, Clients, or Customers Principal place of business, Principal Place of Business Regular use, Regular Use Separate structure, Separate Structure Storage of inventory or product samples, Storage of inventory or product samples. File tax Trade or business use, Trade or Business Use Deductions Figuring, Figuring the Deduction, Part 2—Figure Your Allowable Deduction Limit, Deduction Limit Part-year use, Part-year use. File tax Qualifying for, Qualifying for a Deduction, Separate Structure Rental to employer, Rental to employer. File tax Unreimbursed partnership expenses, Deducting unreimbursed partnership expenses. File tax Using Actual Expenses, Using Actual Expenses Dentists, Place To Meet Patients, Clients, or Customers Depreciation, Property Bought for Business Use 5-year property, Depreciation 7-year property, Depreciation Adjusted basis, Adjusted basis defined. File tax Fair market value, Fair market value defined. File tax Figuring depreciation for the current year, Figuring the depreciation deduction for the current year. File tax Furniture and equipment, Business Furniture and Equipment, Depreciation Home, Depreciating Your Home Nonresidential real property, Figuring the depreciation deduction for the current year. File tax Percentage table for 39-year nonresidential real property, Depreciation table. File tax Permanent improvements, Permanent improvements. File tax , Depreciating permanent improvements. File tax Depreciation of home, Depreciating Your Home Basis adjustment, Basis Adjustment MACRS (Table 2), Depreciation table. File tax Property bought for business use, Depreciation Sale or exchange of home, Depreciation Doctors, Place To Meet Patients, Clients, or Customers E Employee use of home, Additional tests for employee use. File tax Employees Adequately accounting to employer, Adequately accounting to employer. File tax Casualty losses, Casualty losses. File tax Mortgage interest, Deductible mortgage interest. File tax Other expenses, Other expenses. File tax Real estate taxes, Real estate taxes. File tax Exclusive use, Exclusive Use Expenses Casualty losses, Casualty losses. File tax Direct, Actual Expenses Indirect, Actual Expenses Insurance, Insurance. File tax Mortgage interest, Deductible mortgage interest. File tax , Qualified mortgage insurance premiums. File tax Real estate taxes, Real estate taxes. File tax Related to tax-exempt income, Expenses related to tax-exempt income. File tax Rent, Rent. File tax Repairs, Repairs. File tax Security system, Security system. File tax Telephone, Telephone. File tax Types of, Actual Expenses Unrelated, Actual Expenses Utilities and services, Utilities and services. File tax Where to deduct, Where To Deduct F Fair market value, Fair market value defined. File tax Family daycare providers Meal and snack log (Exhibit A), Standard meal and snack rates. File tax Standard meal and snack rates, Standard meal and snack rates. File tax Standard meal and snack rates (Table 3), Standard meal and snack rates. File tax Figuring the deduction Business percentage, Business Percentage Deduction limit, Deduction Limit Form, Useful Items - You may want to see:, Self-Employed Persons, Real estate taxes. File tax 1040, Schedule F, Casualty losses. File tax 2106, Employees 4562, Reporting and recordkeeping requirements. File tax 4684, Casualty losses. File tax 8829, Actual Expenses, Casualty losses. File tax , Business Percentage, Daycare Facility W-2 Reimbursed expenses, Employees Free tax services, Free help with your tax return. File tax Furniture and equipment, Business Furniture and Equipment H Help (see Tax help) Home Business percentage, Business Percentage Depreciation, Depreciating Your Home Sale of, Sale or Exchange of Your Home Home expenses, Can you deduct business use of, Figure A, , Principal Place of Business I Improvements (see Permanent improvements) Insurance, Insurance. File tax Inventory, storage of, Storage of inventory or product samples. File tax L Listed property Computers, Listed Property Defined, Listed Property Employee requirements, Employee. File tax Reporting and recordkeeping requirements, Reporting and recordkeeping requirements. File tax Years following the year placed in service, Years following the year placed in service. File tax M MACRS percentage table 39-year nonresidential real property, Depreciation table. File tax Meals, Meals. File tax Meeting with patients, clients, or customers on premises, Place To Meet Patients, Clients, or Customers More than one place of business, More than one place of business. File tax More than one trade or business, More Than One Trade or Business More-than-50%-use test, More-than-50%-use test. File tax Mortgage interest, Deductible mortgage interest. File tax , Qualified mortgage insurance premiums. File tax P Partners, Partners Partnership expenses, unreimbursed, Deducting unreimbursed partnership expenses. File tax Permanent improvements, Permanent improvements. File tax , Depreciating permanent improvements. File tax Personal property converted to business use, Personal Property Converted to Business Use Place of business, more than one, More than one place of business. File tax Principal place of business, Principal Place of Business Product samples, Storage of inventory or product samples. File tax Property bought for business use Depreciation, Depreciation Section 179 deduction, Property Bought for Business Use, Section 179 Deduction Property converted to business use, Personal, Personal Property Converted to Business Use Publications, Useful Items - You may want to see: (see Tax help) Q Qualifying for a deduction, Qualifying for a Deduction R Real estate taxes, Real estate taxes. File tax Recordkeeping, Recordkeeping Recordkeeping requirements Business furniture and equipment, Reporting and recordkeeping requirements. File tax Family daycare provider meal and snack log (Exhibit A), Standard meal and snack rates. File tax Regular use, Regular Use Reminders, Reminders Rent, Rent. File tax Repairs, Repairs. File tax Reporting requirements Business furniture and equipment, Reporting and recordkeeping requirements. File tax S Sale or exchange of your home, Sale or Exchange of Your Home Basis adjustment, Basis Adjustment Depreciation taken, Depreciation Ownership and use tests, Ownership and use tests. File tax Section 179, Section 179 Deduction Furniture and equipment, Business Furniture and Equipment, Listed Property Listed property, Business Furniture and Equipment, Listed Property Personal property converted to business use, Personal Property Converted to Business Use Property bought for business use, Property Bought for Business Use Security system, Security system. File tax Self-employed persons Deduction of expenses, Self-Employed Persons Separate structure, Separate Structure Simplified Method Actual expenses and depreciation of your home, Actual expenses and depreciation of your home. File tax Allowable area, Allowable area. File tax Business expenses not related to use of the home, Business expenses not related to use of the home. File tax Electing the simplified method, Electing the Simplified Method More than one home, More than one home. File tax More than one qualified business use, More than one qualified business use. File tax Shared use, Shared use. File tax Expenses deductible without regard to business use, Expenses deductible without regard to business use. File tax No carryover of unallowed expenses, No deduction of carryover of actual expenses. File tax Simplified amount, Simplified Amount Space used regularly for daycare, Space used regularly for daycare. File tax Using the simplified method, Using the Simplified Method Standard meal and snack rates, Standard meal and snack rates. File tax Storage of inventory, Storage of inventory or product samples. File tax T Tables and figures MACRS Depreciation of home (Table 2), Depreciation table. File tax Qualifying for deduction (Figure A), Standard meal and snack rates (Table 3), Table 3. File tax Standard Meal and Snack Rates1 Types of expenses (Table 1), Actual Expenses Tax help, How To Get Tax Help Telephone, Telephone. File tax Trade or business use, Trade or Business Use TTY/TDD information, How To Get Tax Help Types of expenses, Actual Expenses U Utilities, Utilities and services. File tax W Where to deduct expenses, Where To Deduct Employees, Employees Self-employed, Self-Employed Persons Worksheets Area Adjustment Worksheet (for simplified method), Area Adjustment Worksheet (for simplified method) Worksheets to figure the deduction for business use of your home (simplified method), Worksheets To Figure the Deduction for Business Use of Your Home (Simplified Method) Daycare facility worksheet (for simplified method), Daycare Facility Worksheet (for simplified method) Simplified method worksheet, Simplified Method Worksheet Prev  Up     Home   More Online Publications
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The File Tax

File tax 7. File tax   Filing Information Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: What, When, and Where To FileResident Aliens Nonresident Aliens Amended Returns and Claims for Refund Other Forms You May Have To File PenaltiesCivil Penalties Criminal Penalties Introduction This chapter provides the basic filing information that you may need. File tax Topics - This chapter discusses: Forms aliens must file, When and where to file, Penalties, and Amended returns and claims for refund. File tax Useful Items - You may want to see: Forms (and Instructions) 1040 U. File tax S. File tax Individual Income Tax Return 1040A U. File tax S. File tax Individual Income Tax Return 1040EZ Income Tax Return for Single and Joint Filers With No Dependents 1040NR U. File tax S. File tax Nonresident Alien Income Tax Return 1040NR-EZ U. File tax S. File tax Income Tax Return for Certain Nonresident Aliens With No Dependents See chapter 12 for information about getting these forms. File tax What, When, and Where To File What return you must file as well as when and where you file that return, depends on your status at the end of the tax year as a resident or a nonresident alien. File tax Resident Aliens Resident aliens should file Form 1040EZ, 1040A, or 1040 at the address shown in the instructions for that form. File tax The due date for filing the return and paying any tax due is April 15 of the year following the year for which you are filing a return (but see the Tip, later). File tax Under U. File tax S. File tax immigration law, a lawful permanent resident who is required to file a tax return as a resident and fails to do so may be regarded as having abandoned status and may lose permanent resident status. File tax Extensions of time to file. File tax   You are allowed an automatic extension to June 15 to file if your main place of business and the home you live in are outside the United States and Puerto Rico on April 15. File tax You can get an extension of time to October 15 to file your return if you get an extension by April 15 (June 15 if you qualify for the June 15 extension). File tax Use Form 4868 to get the extension to October 15. File tax In addition to this 6-month extension, taxpayers who are out of the country (as defined in the Form 4868 instructions) can request a discretionary 2-month additional extension of time to file their returns (to December 15 for calendar year taxpayers). File tax To request this extension, you must send the IRS a letter explaining the reasons why you need the additional 2 months. File tax 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 73301-0215   You will not receive any notification from the IRS unless your request is denied for being untimely. File tax   The discretionary 2-month additional extension is not available to taxpayers who have an approved extension of time to file on Form 2350 (for U. File tax S. File tax citizens and resident aliens abroad who expect to qualify for special tax treatment). File tax    If the due date for filing falls on a Saturday, Sunday, or legal holiday, the due date is the next day which is not a Saturday, Sunday, or legal holiday. File tax You may be able to file your return electronically. File tax See IRS e-file in your form instructions. File tax Nonresident Aliens Nonresident aliens who are required to file an income tax return should use Form 1040NR or, if qualified, Form 1040NR-EZ. File tax If you are any of the following, you must file a return. File tax A nonresident alien individual engaged or considered to be engaged in a trade or business in the United States during 2013. File tax (But see Exceptions , later. File tax ) You must file even if: Your income did not come from a trade or business conducted in the United States, You have no income from U. File tax S. File tax sources, or Your income is exempt from income tax. File tax A nonresident alien individual not engaged in a trade or business in the United States with U. File tax S. File tax income on which the tax liability was not satisfied by the withholding of tax at the source. File tax A representative or agent responsible for filing the return of an individual described in (1) or (2). File tax A fiduciary for a nonresident alien estate or trust. File tax You must also file if you want to: Claim a refund of overwithheld or overpaid tax, or Claim the benefit of any deductions or credits. File tax For example, if you have no U. File tax S. File tax business activities but have income from real property that you choose to treat as effectively connected income (discussed in chapter 4), you must timely file a true and accurate return to take any allowable deductions against that income. File tax For information on what is timely, see When to file for deductions and credits under When To File, later. File tax Exceptions. File tax   You do not need to file Form 1040NR or Form 1040NR-EZ if you meet either of the following conditions. File tax Your only U. File tax S. File tax trade or business was the performance of personal services, and Your wages were less than $3,900, and You have no other need to file a return to claim a refund of overwithheld taxes, to satisfy additional withholding at source, or to claim income exempt or partly exempt by treaty. File tax You were a nonresident alien student, teacher, or trainee who was temporarily present in the United States under an “F,” “J,” “M,” or “Q” visa and you have no income that is subject to tax, such as wages, tips, scholarship and fellowship grants, dividends, etc. File tax Even if you have left the United States and filed a Form 1040-C, U. File tax S. File tax Departing Alien Income Tax Return, on departure, you still must file an annual U. File tax S. File tax income tax return. File tax If you are married and both you and your spouse are required to file, you must each file a separate return. File tax Form 1040NR-EZ You can use Form 1040NR-EZ if all of the following conditions are met. File tax You do not claim any dependents. File tax You cannot be claimed as a dependent on someone else's U. File tax S. File tax tax return. File tax If you were married, you do not claim an exemption for your spouse. File tax Your taxable income is less than $100,000. File tax The only itemized deduction you can claim is for state and local income taxes. File tax Note. File tax Residents of India who were students or business apprentices may be able to take the standard deduction instead of the itemized deduction for state and local income taxes. File tax See chapter 5. File tax Your only U. File tax S. File tax source income is from wages, salaries, tips, taxable refunds of state and local income taxes, scholarship or fellowship grants, and nontaxable interest or dividends. File tax (If you had taxable interest or dividend income, you cannot use this form. File tax ) You are not claiming any adjustments to income other than the student loan interest deduction or scholarship and fellowship grants excluded. File tax You are not claiming any tax credits. File tax This is not an “expatriation return. File tax ” See Expatriation Tax in chapter 4. File tax The only taxes you owe are: The income tax from the Tax Table. File tax The social security and Medicare tax from Form 4137 or Form 8919. File tax You are not claiming a credit for excess social security and tier 1 RRTA tax withheld. File tax You are not filing Form 8959, to figure the amount of Additional Medicare Tax you owe and/or the amount of Additional Medicare Tax withheld by your employer, if any. File tax If you do not meet all of the above conditions, you must file Form 1040NR. File tax When To File If you are an employee and you receive wages subject to U. File tax S. File tax income tax withholding, you will generally file by the 15th day of the 4th month after your tax year ends. File tax For the 2013 calendar year, file your return by April 15, 2014. File tax If you are not an employee who receives wages subject to U. File tax S. File tax income tax withholding, you must file by the 15th day of the 6th month after your tax year ends. File tax For the 2013 calendar year, file your return by June 16, 2014 (because June 15 is a Sunday. File tax ) Extensions of time to file. File tax   If you cannot file your return by the due date, file Form 4868 or use one of the electronic filing options explained in the Form 4868 instructions. File tax For the 2013 calendar year, this will extend the due date to October 15, 2014 (December 15, 2014, if the regular due date of your return is June 16, 2014). File tax You must file the extension by the regular due date of your return. File tax   In addition to the 6-month extension to October 15, taxpayers whose main place of business is outside the United States and Puerto Rico and who live outside those jurisdictions can request a discretionary 2-month extension of time to file their returns (to December 15 for calendar year taxpayers). File tax To request this extension, you must send the IRS a letter explaining the reasons why you need the additional 2 months. File tax 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 73301-0215   You will not receive any notification from the IRS unless your request is denied for being untimely. File tax When to file for deductions and credits. File tax   To get the benefit of any allowable deductions or credits, you must timely file a true and accurate return. File tax For this purpose, a return is timely if it is filed within 16 months of the due date just discussed. File tax However, if you did not file a 2012 tax return and 2013 is not the first year for which you are required to file one, your 2013 return is timely for this purpose if it is filed by the earlier of: The date that is 16 months after the due date for filing your 2013 return, or The date the IRS notifies you that your 2013 return has not been filed and that you cannot claim certain deductions and credits. File tax The allowance of the following credits is not affected by this time requirement. File tax Credit for withheld taxes. File tax Credit for excise tax on certain uses of gasoline and special fuels. File tax Credit for tax paid by a mutual fund (or other regulated investment company) or a real estate investment trust on undistributed long-term capital gains. File tax Protective return. File tax   If your activities in the United States were limited and you do not believe that you had any gross income effectively connected with a U. File tax S. File tax trade or business during the year, you can file a protective return (Form 1040NR) by the deadline explained above. File tax By filing a protective return, you protect your right to receive the benefit of deductions and credits in the event it is later determined that some or all of your income is effectively connected. File tax You are not required to report any effectively connected income or any deductions on the protective return, but you must give the reason the return is being filed. File tax   If you believe some of your activities resulted in effectively connected income, file your return reporting that income and related deductions by the regular due date. File tax To protect your right to claim deductions or credits resulting from other activities, attach a statement to that return explaining that you wish to protect your right to claim deductions and credits if it is later determined that the other activities produced effectively connected income. File tax   You can follow the same procedure if you believe you have no U. File tax S. File tax tax liability because of a U. File tax S. File tax tax treaty. File tax Be sure to also complete item L on page 5 of Form 1040NR. File tax Waiver of filing deadline. File tax   The IRS may waive the filing deadline if you establish that, based on the facts and circumstances, you acted reasonably and in good faith in failing to file a U. File tax S. File tax income tax return (including a protective return) and you cooperate with the IRS in determining your U. File tax S. File tax income tax liability for the tax year for which you did not file a return. File tax Where To File If you are not enclosing a payment, file Form 1040NR-EZ and Form 1040NR at the following address. File tax  Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215 If enclosing a payment, mail your return to:  Internal Revenue Service  P. File tax O. File tax Box 1303 Charlotte, NC 28201-1303 Aliens from the U. File tax S. File tax Virgin Islands. File tax    If you are a bona fide resident of the U. File tax S. File tax Virgin Islands during your entire tax year and work temporarily in the United States, you must pay your income taxes to the U. File tax S. File tax Virgin Islands and file your income tax returns at the following address. File tax Virgin Islands Bureau of Internal Revenue 6115 Estate Smith Bay Suite 225 St. File tax Thomas, VI 00802   Report all income from U. File tax S. File tax sources, as well as income from other sources, on your return. File tax For information on filing U. File tax S. File tax Virgin Islands returns, contact the U. File tax S. File tax Virgin Islands Bureau of Internal Revenue. File tax   Chapter 8 discusses withholding from U. File tax S. File tax wages of U. File tax S. File tax Virgin Islanders. File tax Aliens from Guam or the Commonwealth of the Northern Mariana Islands. File tax   If you are a bona fide resident of Guam or the Commonwealth of the Northern Mariana Islands (CNMI) during your entire tax year, you must file your return with, and pay any tax due to, Guam or the CNMI. File tax Report all income, including income from U. File tax S. File tax sources, on your return. File tax It is not necessary to file a separate U. File tax S. File tax income tax return. File tax    Bona fide residents of Guam should file their Guam returns at the following address. File tax   Department of Revenue and Taxation Government of Guam P. File tax O. File tax Box 23607 GMF, GU 96921    Bona fide residents of the CNMI should file their CNMI income tax returns at the following address. File tax   Department of Finance Division of Revenue and Taxation Commonwealth of the Northern Mariana Islands P. File tax O. File tax Box 5234 CHRB Saipan, MP 96950   If you are not a bona fide resident of Guam or the CNMI, see Pub. File tax 570, Tax Guide for Individuals With Income From U. File tax S. File tax Possessions, for information on where to file your return. File tax Amended Returns and Claims for Refund If you find changes in your income, deductions, or credits after you mail your return, file Form 1040X, Amended U. File tax S. File tax Individual Income Tax Return. File tax Also use Form 1040X if you should have filed Form 1040, 1040A, or 1040EZ instead of Form 1040NR or 1040NR-EZ, or vice versa. File tax If you amend Form 1040NR or Form 1040NR-EZ or file the correct return, attach the corrected return (Form 1040, Form 1040NR, etc. File tax ) to Form 1040X. File tax Print “Amended” across the top. File tax Ordinarily, an amended return claiming a refund must be filed within 3 years from the date your return was filed or within 2 years from the time the tax was paid, whichever is later. File tax A return filed before the final due date is considered to have been filed on the due date. File tax Other Forms You May Have To File You may be required to file information returns to report certain foreign income or assets, or monetary transactions. File tax FinCen Form 105 FinCEN Form 105 (formerly Customs Form 4790), Report of International Transportation of Currency or Monetary Instruments, must be filed by each person who physically transports, mails, or ships, or causes to be physically transported, mailed, or shipped, currency or other monetary instruments in a total amount of more than $10,000 at one time from the United States to any place outside the United States, or into the United States from any place outside the United States. File tax The filing requirement also applies to each person who receives in the United States currency or monetary instruments totaling more than $10,000 at one time from any place outside of the United States. File tax The term “monetary instruments” means the following: Coin and currency of the United States or of any other country, Travelers' checks in any form, Investment securities or stock in bearer form or otherwise in such form that title to them passes upon delivery, Negotiable instruments (including checks, promissory notes, and money orders) in bearer form, endorsed without restriction, made out to a fictitious payee, or otherwise in such form that title to them passes upon delivery, and Checks, promissory notes, and money orders which are signed but on which the name of the payee has been omitted. File tax However, the term does not include: Checks or money orders made payable to the order of a named person which have not been endorsed or which contain restrictive endorsements, Warehouse receipts, or Bills of lading. File tax A transfer of funds through normal banking procedures (wire transfer) that does not involve the physical transportation of currency or monetary instruments is not required to be reported on FinCEN Form 105. File tax Filing requirements. File tax   FinCEN Form 105 filing requirements follow. File tax Recipients. File tax   Each person who receives currency or other monetary instruments in the United States must file FinCEN Form 105 within 15 days after receipt, with the Customs officer in charge at any port of entry or departure, or by mail at the following address. File tax Commissioner of Customs  Attention: Currency Transportation Reports Washington, DC 20229 Shippers or mailers. File tax   If the currency or other monetary instrument does not accompany the person entering or departing the United States, FinCEN Form 105 can be filed by mail at the above address on or before the date of entry, departure, mailing, or shipping. File tax Travelers. File tax   Travelers must file FinCEN Form 105 with the Customs officer in charge at any Customs port of entry or departure, when entering or departing the United States. File tax Penalties. File tax   Civil and criminal penalties are provided for failing to file a report, filing a report containing material omissions or misstatements, or filing a false or fraudulent report. File tax Also, the entire amount of the currency or monetary instrument may be subject to seizure and forfeiture. File tax More information. File tax   More information regarding the filing of FinCEN Form 105 can be found in the instructions on the back of the form. File tax Form 8938 You may have to file Form 8938, Statement of Specified Foreign Financial Assets, to report the ownership of specified foreign financial asset(s) if you are one of the following individuals. File tax A resident alien of the United States for any part of the tax year. File tax A resident alien of the United States who elects to be treated as a resident of a foreign country under the provisions of a U. File tax S. File tax income tax treaty. File tax See Effect of Tax Treaties in chapter 1. File tax A nonresident alien who makes an election to be treated as a resident alien for purposes of filing a joint income tax return. File tax See chapter 1 for information about this election. File tax A nonresident alien who is a bona fide resident of American Samoa or Puerto Rico. File tax See Publication 570, Tax Guide for Individuals With Income From U. File tax S. File tax Possessions, for a definition of bona fide resident. File tax You must file Form 8938 if the total value of those assets exceeds an applicable threshold (the “reporting threshold”). File tax 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. File tax 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. File tax S. File tax person. File tax 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. File tax More information about the filing of Form 8938 can be found in the separate instructions for Form 8938. File tax Penalties The law provides penalties for failure to file returns or pay taxes as required. File tax Civil Penalties If you do not file your return and pay your tax by the due date, you may have to pay a penalty. File tax You may also have to pay a penalty if you substantially understate your tax, file a frivolous tax submission, or fail to supply your taxpayer identification number. File tax If you provide fraudulent information on your return, you may have to pay a civil fraud penalty. File tax Filing late. File tax   If you do not file your return by the due date (including extensions), you may have to pay a failure-to-file penalty. File tax The penalty is based on the tax not paid by the due date (without regard to extensions). File tax The penalty is usually 5% for each month or part of a month that a return is late, but not more than 25%. File tax Fraud. File tax   If your failure to file is due to fraud, the penalty is 15% for each month or part of a month that your return is late, up to a maximum of 75%. File tax Return over 60 days late. File tax   If you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100% of the unpaid tax. File tax Exception. File tax   You will not have to pay the penalty if you show that you failed to file on time because of reasonable cause and not because of willful neglect. File tax Paying tax late. File tax   You will have to pay a failure-to-pay penalty of ½ of 1% (. File tax 50%) of your unpaid taxes for each month, or part of a month, after the due date that the tax is not paid. File tax This penalty does not apply during the automatic 6-month extension of time to file period, if you paid at least 90% of your actual tax liability on or before the due date of your return and pay the balance when you file the return. File tax   The monthly rate of the failure-to-pay penalty is half the usual rate (. File tax 25% instead of . File tax 50%) if an installment agreement is in effect for that month. File tax You must have filed your return by the due date (including extensions) to qualify for this reduced penalty. File tax   If a notice of intent to levy is issued, the rate will increase to 1% at the start of the first month beginning at least 10 days after the day that the notice is issued. File tax If a notice and demand for immediate payment is issued, the rate will increase to 1% at the start of the first month beginning after the day that the notice and demand is issued. File tax   This penalty cannot be more than 25% of your unpaid tax. File tax You will not have to pay the penalty if you can show that you had a good reason for not paying your tax on time. File tax Combined penalties. File tax   If both the failure-to-file penalty and the failure-to-pay penalty (discussed earlier) apply in any month, the 5% (or 15%) failure-to-file penalty is reduced by the failure-to-pay penalty. File tax However, if you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100% of the unpaid tax. File tax Accuracy-related penalty. File tax   You may have to pay an accuracy-related penalty if you underpay your tax because: You show negligence or disregard of rules or regulations, You substantially understate your income tax, You claim tax benefits for a transaction that lacks economic substance, or You fail to disclose a foreign financial asset. File tax The penalty is equal to 20% of the underpayment. File tax The penalty is 40% of any portion of the underpayment that is attributable to an undisclosed noneconomic substance transaction or an undisclosed foreign financial asset transaction. File tax The penalty will not be figured on any part of an underpayment on which the fraud penalty (discussed later) is charged. File tax Negligence or disregard. File tax   The term “negligence” includes a failure to make a reasonable attempt to comply with the tax law or to exercise ordinary and reasonable care in preparing a return. File tax Negligence also includes failure to keep adequate books and records. File tax You will not have to pay a negligence penalty if you have a reasonable basis for a position you took. File tax   The term “disregard” includes any careless, reckless, or intentional disregard. File tax Adequate disclosure. File tax   You can avoid the penalty for disregard of rules or regulations if you adequately disclose on your return a position that has at least a reasonable basis. File tax See Disclosure statement , later. File tax   This exception will not apply to an item that is attributable to a tax shelter. File tax In addition, it will not apply if you fail to keep adequate books and records, or substantiate items properly. File tax Substantial understatement of income tax. File tax   You understate your tax if the tax shown on your return is less than the correct tax. File tax The understatement is substantial if it is more than the larger of 10% of the correct tax or $5,000. File tax However, the amount of the understatement is reduced to the extent the understatement is due to: Substantial authority, or Adequate disclosure and a reasonable basis. File tax   If an item on your return is attributable to a tax shelter, there is no reduction for an adequate disclosure. File tax However, there is a reduction for a position with substantial authority, but only if you reasonably believed that your tax treatment was more likely than not the proper treatment. File tax Substantial authority. File tax   Whether there is or was substantial authority for the tax treatment of an item depends on the facts and circumstances. File tax Consideration will be given to court opinions, Treasury regulations, revenue rulings, revenue procedures, and notices and announcements issued by the IRS and published in the Internal Revenue Bulletin that involve the same or similar circumstances as yours. File tax Disclosure statement. File tax   To adequately disclose the relevant facts about your tax treatment of an item, use Form 8275, Disclosure Statement. File tax You must also have a reasonable basis for treating the item the way you did. File tax   In cases of substantial understatement only, items that meet the requirements of Revenue Procedure 2012-51, 2012-51 IRB 719 (or later update) are considered adequately disclosed on your return without filing Form 8275. File tax   Use Form 8275-R, Regulation Disclosure Statement, to disclose items or positions contrary to regulations. File tax Transaction lacking economic substance. File tax   For more information on economic substance, see section 7701(o). File tax Foreign financial asset. File tax   For more information on undisclosed foreign financial assets, see section 6662(j) or the Instructions for Form 8938. File tax Reasonable cause. File tax   You will not have to pay a penalty if you show a good reason (reasonable cause) for the way you treated an item. File tax You must also show that you acted in good faith. File tax This does not apply to a transaction that lacks economic substance. File tax Filing erroneous claim for refund or credit. File tax   You may have to pay a penalty if you file an erroneous claim for refund or credit. File tax The penalty is equal to 20% of the disallowed amount of the claim, unless you can show a reasonable basis for the way you treated an item. File tax However, any disallowed amount due to a transaction that lacks economic substance will not be treated as having a reasonable basis. File tax The penalty will not be figured on any part of the disallowed amount of the claim that relates to the earned income credit or on which the accuracy-related or fraud penalties are charged. File tax Frivolous tax submission. File tax   You may have to pay a penalty of $5,000 if you file a frivolous tax return or other frivolous submissions. File tax A frivolous tax return is one that does not include enough information to figure the correct tax or that contains information clearly showing that the tax you reported is substantially incorrect. File tax For more information on frivolous returns, frivolous submissions, and a list of positions that are identified as frivolous, see Notice 2010-33, 2010-17 IRB 609 available at www. File tax irs. File tax gov/irb/2010-17_irb/ar13. File tax html. File tax   You will have to pay the penalty if you filed this kind of return or submission based on a frivolous position or a desire to delay or interfere with the administration of federal tax laws. File tax This includes altering or striking out the preprinted language above the space provided for your signature. File tax   This penalty is added to any other penalty provided by law. File tax Fraud. File tax   If there is any underpayment of tax on your return due to fraud, a penalty of 75% of the underpayment due to fraud will be added to your tax. File tax Failure to supply taxpayer identification number. File tax   If you do not include your social security number (SSN) or individual taxpayer identification number (ITIN) or the SSN or ITIN of another person where required on a return, statement, or other document, you will be subject to a penalty of $50 for each failure. File tax You will also be subject to a penalty of $50 if you do not give your SSN or ITIN to another person when it is required on a return, statement, or other document. File tax   For example, if you have a bank account that earns interest, you must give your SSN or ITIN to the bank. File tax The number must be shown on the Form 1099-INT or other statement the bank sends you. File tax If you do not give the bank your SSN or ITIN, you will be subject to the $50 penalty. File tax (You also may be subject to “backup” withholding of income tax. File tax )   You will not have to pay the penalty if you are able to show that the failure was due to reasonable cause and not willful neglect. File tax Criminal Penalties You may be subject to criminal prosecution (brought to trial) for actions such as: Tax evasion, Willful failure to file a return, supply information, or pay any tax due, Fraud and false statements, or Preparing and filing a fraudulent return. 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