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Filing An Amended Tax Return

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Filing An Amended Tax Return

Filing an amended tax return 5. Filing an amended tax return   Exemptions, Deductions, and Credits Table of Contents Topics - This chapter discusses: Useful Items - You may want to see: Items Related to Excluded Income Exemptions Contributions to Foreign Charitable Organizations Moving ExpensesAllocation of Moving Expenses Forms To File Contributions to Individual Retirement Arrangements Taxes of Foreign Countries and U. Filing an amended tax return S. Filing an amended tax return PossessionsCredit for Foreign Income Taxes Deduction for Foreign Income Taxes Deduction for Other Foreign Taxes How To Report Deductions Topics - This chapter discusses: The rules concerning items related to excluded income, Exemptions, Contributions to foreign charitable organizations, Moving expenses, Contributions to individual retirement arrangements (IRAs), Taxes of foreign countries and U. Filing an amended tax return S. Filing an amended tax return possessions, and How to report deductions. Filing an amended tax return Useful Items - You may want to see: Publication 501 Exemptions, Standard Deduction, and Filing Information 514 Foreign Tax Credit for Individuals 521 Moving Expenses 523 Selling Your Home 590 Individual Retirement Arrangements (IRAs) 597 Information on the United States—Canada Income Tax Treaty Form (and Instructions) 1116 Foreign Tax Credit 2106 Employee Business Expenses 2555 Foreign Earned Income 2555-EZ Foreign Earned Income Exclusion 3903 Moving Expenses Schedule A (Form 1040) Itemized Deductions Schedule C (Form 1040) Profit or Loss From Business SS-5 Application for a Social Security Card W-7 Application for IRS Individual Taxpayer Identification Number See chapter 7 for information about getting these publications and forms. Filing an amended tax return Items Related to Excluded Income U. Filing an amended tax return S. Filing an amended tax return citizens and resident aliens living outside the United States generally are allowed the same deductions as citizens and residents living in the United States. Filing an amended tax return If you choose to exclude foreign earned income or housing amounts, you cannot deduct, exclude, or claim a credit for any item that can be allocated to or charged against the excluded amounts. Filing an amended tax return This includes any expenses, losses, and other normally deductible items that are allocable to the excluded income. Filing an amended tax return You can deduct only those expenses connected with earning includible income. Filing an amended tax return These rules apply only to items definitely related to the excluded earned income and they do not apply to other items that are not definitely related to any particular type of gross income. Filing an amended tax return These rules do not apply to items such as: Personal exemptions, Qualified retirement contributions, Alimony payments, Charitable contributions, Medical expenses, Mortgage interest, or Real estate taxes on your personal residence. Filing an amended tax return For purposes of these rules, your housing deduction is not treated as allocable to your excluded income, but the deduction for self- employment tax is. Filing an amended tax return If you receive foreign earned income in a tax year after the year in which you earned it, you may have to file an amended return for the earlier year to properly adjust the amounts of deductions, credits, or exclusions allocable to your foreign earned income and housing exclusions. Filing an amended tax return Example. Filing an amended tax return In 2012, you had $90,400 of foreign earned income and $9,500 of deductions allocable to your foreign earned income. Filing an amended tax return You did not have a housing exclusion. Filing an amended tax return Because you excluded all of your foreign earned income, you would not have been able to claim any of the deductions on your 2012 return. Filing an amended tax return In 2013, you received a $12,000 bonus for work you did abroad in 2012. Filing an amended tax return You can exclude $4,700 of the bonus because the limit on the foreign earned income exclusion for 2012 was $95,100 and you have already excluded $90,400. Filing an amended tax return Since you must include $7,300 of the bonus ($12,000 − $4,700) for work you did in 2012 in income, you can file an amended return for 2012 to claim $677 of the deductions. Filing an amended tax return This is the deductions allocable to the foreign earned income ($9,500) multiplied by the includible portion of the foreign earned income ($7,300) and divided by the total foreign earned income for 2012 ($102,400). Filing an amended tax return Exemptions You can claim an exemption for your nonresident alien spouse on your separate return, provided your spouse has no gross income for U. Filing an amended tax return S. Filing an amended tax return tax purposes and is not the dependent of another U. Filing an amended tax return S. Filing an amended tax return taxpayer. Filing an amended tax return You also can claim exemptions for individuals who qualify as your dependents. Filing an amended tax return To be your dependent, the individual must be a U. Filing an amended tax return S. Filing an amended tax return citizen, U. Filing an amended tax return S. Filing an amended tax return national, U. Filing an amended tax return S. Filing an amended tax return resident alien, or a resident of Canada or Mexico for some part of the calendar year in which your tax year begins. Filing an amended tax return Children. Filing an amended tax return   Children usually are citizens or residents of the same country as their parents. Filing an amended tax return If you were a U. Filing an amended tax return S. Filing an amended tax return citizen when your child was born, your child generally is a U. Filing an amended tax return S. Filing an amended tax return citizen. Filing an amended tax return This is true even if the child's other parent is a nonresident alien, the child was born in a foreign country, and the child lives abroad with the other parent. Filing an amended tax return   If you have a legally adopted child who is not a U. Filing an amended tax return S. Filing an amended tax return citizen, U. Filing an amended tax return S. Filing an amended tax return resident, or U. Filing an amended tax return S. Filing an amended tax return national, the child meets the citizen requirement if you are a U. Filing an amended tax return S. Filing an amended tax return citizen or U. Filing an amended tax return S. Filing an amended tax return national and the child lived with you as a member of your household all year. Filing an amended tax return Social security number. Filing an amended tax return   You must include on your return the social security number (SSN) of each dependent for whom you claim an exemption. Filing an amended tax return To get a social security number for a dependent, apply at a Social Security office or U. Filing an amended tax return S. Filing an amended tax return consulate. Filing an amended tax return You must provide original or certified copies of documents to verify the dependent's age, identity, and citizenship, and complete Form SS-5. Filing an amended tax return   If you do not have an SSN for a child who was born in 2013 and died in 2013, attach a copy of the child's birth certificate to your tax return. Filing an amended tax return Print “Died” in column (2) of line 6c of your Form 1040 or Form 1040A. Filing an amended tax return   If your dependent is a nonresident alien who is not eligible to get a social security number, you must list the dependent's individual taxpayer identification number (ITIN) instead of an SSN. Filing an amended tax return To apply for an ITIN, file Form W-7 with the IRS. Filing an amended tax return It usually takes 6 to 10 weeks to get an ITIN. Filing an amended tax return Enter your dependent's ITIN wherever an SSN is requested on your tax return. Filing an amended tax return More information. Filing an amended tax return   For more information about exemptions, see Publication 501. Filing an amended tax return Contributions to Foreign Charitable Organizations If you make contributions directly to a foreign church or other foreign charitable organization, you generally cannot deduct them. Filing an amended tax return Exceptions are explained under Canadian, Mexican, and Israeli charities, later. Filing an amended tax return You can deduct contributions to a U. Filing an amended tax return S. Filing an amended tax return organization that transfers funds to a charitable foreign organization if the U. Filing an amended tax return S. Filing an amended tax return organization controls the use of the funds by the foreign organization or if the foreign organization is just an administrative arm of the U. Filing an amended tax return S. Filing an amended tax return organization. Filing an amended tax return Canadian, Mexican, and Israeli charities. Filing an amended tax return   Under the income tax treaties with Canada, Mexico and Israel, you may be able to deduct contributions to certain Canadian, Mexican, and Israeli charitable organizations. Filing an amended tax return Generally, you must have income from sources in Canada, Mexico, or Israel, and the organization must meet certain requirements. Filing an amended tax return See Publication 597, Information on the United States-Canada Income Tax Treaty, and Publication 526, Charitable Contributions, for more information. Filing an amended tax return Moving Expenses If you moved to a new home in 2013 because of your job or business, you may be able to deduct the expenses of your move. Filing an amended tax return Generally, to be deductible, the moving expenses must have been paid or incurred in connection with starting work at a new job location. Filing an amended tax return See Publication 521 for a complete discussion of the deduction for moving expenses and information about moves within the United States. Filing an amended tax return Foreign moves. Filing an amended tax return   A foreign move is a move in connection with the start of work at a new job location outside the United States and its possessions. Filing an amended tax return A foreign move does not include a move back to the United States or its possessions. Filing an amended tax return Allocation of Moving Expenses When your new place of work is in a foreign country, your moving expenses are directly connected with the income earned in that foreign country. Filing an amended tax return If you exclude all or part of the income that you earn at the new location under the foreign earned income exclusion or the foreign housing exclusion, you cannot deduct the part of your moving expense that is allocable to the excluded income. Filing an amended tax return Also, you cannot deduct the part of the moving expense related to the excluded income for a move from a foreign country to the United States if you receive a reimbursement that you are able to treat as compensation for services performed in the foreign country. Filing an amended tax return Year to which expense is connected. Filing an amended tax return   The moving expense is connected with earning the income (including reimbursements, as discussed in chapter 4 under Reimbursement of moving expenses ) either entirely in the year of the move or in 2 years. Filing an amended tax return It is connected with earning the income entirely in the year of the move if you qualify for the foreign earned income exclusion under the bona fide residence test or physical presence test for at least 120 days during that tax year. Filing an amended tax return   If you do not qualify under either the bona fide residence test or the physical presence test for at least 120 days during the year of the move, the expense is connected with earning the income in 2 years. Filing an amended tax return The moving expense is connected with the year of the move and the following year if the move is from the United States to a foreign country. Filing an amended tax return The moving expense is connected with the year of the move and the preceding year if the move is from a foreign country to the United States. Filing an amended tax return Amount allocable to excluded income. Filing an amended tax return   To figure the amount of your moving expense that is allocable to your excluded foreign earned income (and not deductible), you must multiply your total moving expense deduction by a fraction. Filing an amended tax return The numerator (top number) of the fraction is the total of your excluded foreign earned income and housing amounts for both years and the denominator (bottom number) of the fraction is your total foreign earned income for both years. Filing an amended tax return Example. Filing an amended tax return On November 1, 2012, you transfer to Monaco. Filing an amended tax return Your tax home is in Monaco, and you are a bona fide resident of Monaco for the entire tax year 2013. Filing an amended tax return In 2012, you paid $6,000 for allowable moving expenses for your move from the United States to Monaco. Filing an amended tax return You were fully reimbursed (under a nonaccountable plan) for these expenses in the same year. Filing an amended tax return The reimbursement is included in your income. Filing an amended tax return Your only other income consists of $16,000 wages earned in 2012 after the date of your move, and $100,100 wages earned in Monaco for 2013. Filing an amended tax return Because you did not meet the bona fide residence test for at least 120 days during 2012, the year of the move, the moving expenses are for services you performed in both 2012 and the following year, 2013. Filing an amended tax return Your total foreign earned income for both years is $122,100, consisting of $16,000 wages for 2012, $100,100 wages for 2013, and $6,000 moving expense reimbursement for both years. Filing an amended tax return You have no housing exclusion. Filing an amended tax return The total amount you can exclude is $113,190, consisting of the $97,600 full-year exclusion for 2013 and a $15,590 part-year exclusion for 2012 ($95,100 times the fraction of 60 qualifying bona fide residence days over 366 total days in the year). Filing an amended tax return To find the part of your moving expenses that is not deductible, multiply your $6,000 total expenses by the fraction $113,190 over $122,100. Filing an amended tax return The result, $5,562, is your nondeductible amount. Filing an amended tax return    You must report the full amount of the moving expense reimbursement in the year in which you received the reimbursement. Filing an amended tax return In the preceding example, this year was 2012. Filing an amended tax return You attribute the reimbursement to both 2012 and 2013 only to figure the amount of foreign earned income eligible for exclusion for each year. Filing an amended tax return Move between foreign countries. Filing an amended tax return   If you move between foreign countries, your moving expense is allocable to income earned in the year of the move if you qualified under either the bona fide residence test or the physical presence test for a period that includes at least 120 days in the year of the move. Filing an amended tax return New place of work in U. Filing an amended tax return S. Filing an amended tax return   If your new place of work is in the United States, the deductible moving expenses are directly connected with the income earned in the United States. Filing an amended tax return If you treat a reimbursement from your employer as foreign earned income (see the discussion in chapter 4), you must allocate deductible moving expenses to foreign earned income. Filing an amended tax return Storage expenses. Filing an amended tax return   These expenses are attributable to work you do during the year in which you incur the storage expenses. Filing an amended tax return You cannot deduct the amount allocable to excluded income. Filing an amended tax return Moving Expense Attributable to Foreign Earnings in 2 Years If your moving expense deduction is attributable to your foreign earnings in 2 years (the year of the move and the following year), you should request an extension of time to file your return for the year of the move until after the end of the second year. Filing an amended tax return By then, you should have all the information needed to properly figure the moving expense deduction. Filing an amended tax return See Extensions under When To File and Pay in chapter 1. Filing an amended tax return If you do not request an extension, you should figure the part of the moving expense that you cannot deduct because it is allocable to the foreign earned income you are excluding. Filing an amended tax return You do this by multiplying the moving expense by a fraction, the numerator (top number) of which is your excluded foreign earned income for the year of the move, and the denominator (bottom number) of which is your total foreign earned income for the year of the move. Filing an amended tax return Once you know your foreign earnings and exclusion for the following year, you must either: Adjust the moving expense deduction by filing an amended return for the year of the move, or Recapture any additional unallowable amount as income on your return for the following year. Filing an amended tax return If, after you make the final computation, you have an additional amount of allowable moving expense deduction, you can claim this only on an amended return for the year of the move. Filing an amended tax return You cannot claim it on the return for the second year. Filing an amended tax return Forms To File Report your moving expenses on Form 3903. Filing an amended tax return Report your moving expense deduction on line 26 of Form 1040. Filing an amended tax return If you must reduce your moving expenses by the amount allocable to excluded income (as explained later under How To Report Deductions ), attach a statement to your return showing how you figured this amount. Filing an amended tax return For more information about figuring moving expenses, see Publication 521. Filing an amended tax return Contributions to Individual Retirement Arrangements Contributions to your individual retirement arrangements (IRAs) that are traditional IRAs or Roth IRAs are generally limited to the lesser of $5,500 ($6,500 if 50 or older) or your compensation that is includible in your gross income for the tax year. Filing an amended tax return In determining compensation for this purpose, do not take into account amounts you exclude under either the foreign earned income exclusion or the foreign housing exclusion. Filing an amended tax return Do not reduce your compensation by the foreign housing deduction. Filing an amended tax return If you are covered by an employer retirement plan at work, your deduction for your contributions to your traditional IRAs is generally limited based on your modified adjusted gross income. Filing an amended tax return This is your adjusted gross income figured without taking into account the foreign earned income exclusion, the foreign housing exclusion, or the foreign housing deduction. Filing an amended tax return Other modifications are also required. Filing an amended tax return For more information on IRAs, see Publication 590. Filing an amended tax return Taxes of Foreign Countries and U. Filing an amended tax return S. Filing an amended tax return Possessions You can take either a credit or a deduction for income taxes paid to a foreign country or a U. Filing an amended tax return S. Filing an amended tax return possession. Filing an amended tax return Taken as a deduction, foreign income taxes reduce your taxable income. Filing an amended tax return Taken as a credit, foreign income taxes reduce your tax liability. Filing an amended tax return You must treat all foreign income taxes the same way. Filing an amended tax return If you take a credit for any foreign income taxes, you cannot deduct any foreign income taxes. Filing an amended tax return However, you may be able to deduct other foreign taxes. Filing an amended tax return See Deduction for Other Foreign Taxes, later. Filing an amended tax return There is no rule to determine whether it is to your advantage to take a deduction or a credit for foreign income taxes. Filing an amended tax return In most cases, it is to your advantage to take foreign income taxes as a tax credit, which you subtract directly from your U. Filing an amended tax return S. Filing an amended tax return tax liability, rather than as a deduction in figuring taxable income. Filing an amended tax return However, if foreign income taxes were imposed at a high rate and the proportion of foreign income to U. Filing an amended tax return S. Filing an amended tax return income is small, a lower final tax may result from deducting the foreign income taxes. Filing an amended tax return In any event, you should figure your tax liability both ways and then use the one that is better for you. Filing an amended tax return You can make or change your choice within 10 years from the due date for filing the tax return on which you are entitled to take either the deduction or the credit. Filing an amended tax return Foreign income taxes. Filing an amended tax return   These are generally income taxes you pay to any foreign country or possession of the United States. Filing an amended tax return Foreign income taxes on U. Filing an amended tax return S. Filing an amended tax return return. Filing an amended tax return   Foreign income taxes can only be taken as a credit on Form 1040, line 47, or as an itemized deduction on Schedule A. Filing an amended tax return These amounts cannot be included as withheld income taxes on Form 1040, line 62. Filing an amended tax return Foreign taxes paid on excluded income. Filing an amended tax return   You cannot take a credit or deduction for foreign income taxes paid on earnings you exclude from tax under any of the following. Filing an amended tax return Foreign earned income exclusion. Filing an amended tax return Foreign housing exclusion. Filing an amended tax return Possession exclusion. Filing an amended tax return If your wages are completely excluded, you cannot deduct or take a credit for any of the foreign taxes paid on your wages. Filing an amended tax return   If only part of your wages is excluded, you cannot deduct or take a credit for the foreign income taxes allocable to the excluded part. Filing an amended tax return You find the taxes allocable to your excluded wages by applying a fraction to the foreign taxes paid on foreign earned income received during the tax year. Filing an amended tax return The numerator (top number) of the fraction is your excluded foreign earned income received during the tax year minus deductible expenses allocable to that income (not including the foreign housing deduction). Filing an amended tax return The denominator (bottom number) of the fraction is your total foreign earned income received during the tax year minus all deductible expenses allocable to that income (including the foreign housing deduction). Filing an amended tax return   If foreign law taxes both earned income and some other type of income and the taxes on the other type cannot be separated, the denominator of the fraction is the total amount of income subject to foreign tax minus deductible expenses allocable to that income. Filing an amended tax return    If you take a foreign tax credit for tax on income you could have excluded under your choice to exclude foreign earned income or your choice to exclude foreign housing costs, one or both of the choices may be considered revoked. Filing an amended tax return Credit for Foreign Income Taxes If you take the foreign tax credit, you may have to file Form 1116 with Form 1040. Filing an amended tax return Form 1116 is used to figure the amount of foreign tax paid or accrued that can be claimed as a foreign tax credit. Filing an amended tax return Do not include the amount of foreign tax paid or accrued as withheld federal income taxes on Form 1040, line 62. Filing an amended tax return The foreign income tax for which you can claim a credit is the amount of legal and actual tax liability you pay or accrue during the year. Filing an amended tax return The amount for which you can claim a credit is not necessarily the amount withheld by the foreign country. Filing an amended tax return You cannot take a foreign tax credit for income tax you paid to a foreign country that would be refunded by the foreign country if you made a claim for refund. Filing an amended tax return Subsidies. Filing an amended tax return   If a foreign country returns your foreign tax payments to you in the form of a subsidy, you cannot claim a foreign tax credit based on these payments. Filing an amended tax return This rule applies to a subsidy provided by any means that is determined, directly or indirectly, by reference to the amount of tax, or to the base used to figure the tax. Filing an amended tax return   Some ways of providing a subsidy are refunds, credits, deductions, payments, or discharges of obligations. Filing an amended tax return A credit is also not allowed if the subsidy is given to a person related to you, or persons who participated in a transaction or a related transaction with you. Filing an amended tax return Limit The foreign tax credit is limited to the part of your total U. Filing an amended tax return S. Filing an amended tax return tax that is in proportion to your taxable income from sources outside the United States compared to your total taxable income. Filing an amended tax return The allowable foreign tax credit cannot be more than your actual foreign tax liability. Filing an amended tax return Exemption from limit. Filing an amended tax return   You will not be subject to this limit and will not have to file Form 1116 if you meet all three of the following requirements. Filing an amended tax return Your only foreign source income for the year is passive income (dividends, interest, royalties, etc. Filing an amended tax return ) that is reported to you on a payee statement (such as a Form 1099-DIV or 1099-INT). Filing an amended tax return Your foreign taxes for the year that qualify for the credit are not more than $300 ($600 if you are filing a joint return) and are reported on a payee statement. Filing an amended tax return You elect this procedure. Filing an amended tax return If you make this election, you cannot carry back or carry over any unused foreign tax to or from this year. Filing an amended tax return Separate limit. Filing an amended tax return   You must figure the limit on a separate basis with regard to “passive category income” and “general category income” (see the instructions for Form 1116). Filing an amended tax return Figuring the limit. Filing an amended tax return   In figuring taxable income in each category, you take into account only the amount that you must include in income on your federal tax return. Filing an amended tax return Do not take any excluded amount into account. Filing an amended tax return   To determine your taxable income in each category, deduct expenses and losses that are definitely related to that income. Filing an amended tax return   Other expenses (such as itemized deductions or the standard deduction) not definitely related to specific items of income must be apportioned to the foreign income in each category by multiplying them by a fraction. Filing an amended tax return The numerator (top number) of the fraction is your gross foreign income in the separate limit category. Filing an amended tax return The denominator (bottom number) of the fraction is your gross income from all sources. Filing an amended tax return For this purpose, gross income includes income that is excluded under the foreign earned income provisions but does not include any other exempt income. Filing an amended tax return You must use special rules for deducting interest expenses. Filing an amended tax return For more information on allocating and apportioning your deductions, see Publication 514. Filing an amended tax return Exemptions. Filing an amended tax return   Do not take the deduction for exemptions for yourself, your spouse, or your dependents in figuring taxable income for purposes of the limit. Filing an amended tax return Recapture of foreign losses. Filing an amended tax return   If you have an overall foreign loss and the loss reduces your U. Filing an amended tax return S. Filing an amended tax return source income (resulting in a reduction of your U. Filing an amended tax return S. Filing an amended tax return tax liability), you must recapture the loss in later years when you have taxable income from foreign sources. Filing an amended tax return This is done by treating a part of your taxable income from foreign sources in later years as U. Filing an amended tax return S. Filing an amended tax return source income. Filing an amended tax return This reduces the numerator of the limiting fraction and the resulting foreign tax credit limit. Filing an amended tax return Recapture of domestic losses. Filing an amended tax return   If you have an overall domestic loss (resulting in no U. Filing an amended tax return S. Filing an amended tax return tax liability), you cannot claim a foreign tax credit for taxes paid during that year. Filing an amended tax return You must recapture the loss in later years when you have U. Filing an amended tax return S. Filing an amended tax return source taxable income. Filing an amended tax return This is done by treating a part of your taxable income from U. Filing an amended tax return S. Filing an amended tax return sources in later years as foreign source income. Filing an amended tax return This increases the numerator of the limiting fraction and the resulting foreign tax credit limit. Filing an amended tax return Foreign tax credit carryback and carryover. Filing an amended tax return   The amount of foreign income tax not allowed as a credit because of the limit can be carried back 1 year and carried forward 10 years. Filing an amended tax return   More information on figuring the foreign tax credit can be found in Publication 514. Filing an amended tax return Deduction for Foreign Income Taxes Instead of taking the foreign tax credit, you can deduct foreign income taxes as an itemized deduction on Schedule A (Form 1040). Filing an amended tax return You can deduct only foreign income taxes paid on income that is subject to U. Filing an amended tax return S. Filing an amended tax return tax. Filing an amended tax return You cannot deduct foreign taxes paid on earnings you exclude from tax under any of the following. Filing an amended tax return Foreign earned income exclusion. Filing an amended tax return Foreign housing exclusion. Filing an amended tax return Possession exclusion. Filing an amended tax return Example. Filing an amended tax return You are a U. Filing an amended tax return S. Filing an amended tax return citizen and qualify to exclude your foreign earned income. Filing an amended tax return Your excluded wages in Country X are $70,000 on which you paid income tax of $10,000. Filing an amended tax return You received dividends from Country X of $2,000 on which you paid income tax of $600. Filing an amended tax return You can deduct the $600 tax payment because the dividends relating to it are subject to U. Filing an amended tax return S. Filing an amended tax return tax. Filing an amended tax return Because you exclude your wages, you cannot deduct the income tax of $10,000. Filing an amended tax return If you exclude only a part of your wages, see the earlier discussion under Foreign taxes paid on excluded income. Filing an amended tax return Deduction for Other Foreign Taxes You can deduct real property taxes you pay that are imposed on you by a foreign country. Filing an amended tax return You take this deduction on Schedule A (Form 1040). Filing an amended tax return You cannot deduct other foreign taxes, such as personal property taxes, unless you incurred the expenses in a trade or business or in the production of income. Filing an amended tax return On the other hand, you generally can deduct personal property taxes when you pay them to U. Filing an amended tax return S. Filing an amended tax return possessions. Filing an amended tax return But if you claim the possession exclusion, see Publication 570. Filing an amended tax return The deduction for foreign taxes other than foreign income taxes is not related to the foreign tax credit. Filing an amended tax return You can take deductions for these miscellaneous foreign taxes and also claim the foreign tax credit for income taxes imposed by a foreign country. Filing an amended tax return How To Report Deductions If you exclude foreign earned income or housing amounts, how you show your deductions on your tax return and how you figure the amount allocable to your excluded income depends on whether the expenses are used in figuring adjusted gross income (Form 1040, line 38) or are itemized deductions. Filing an amended tax return If you have deductions used in figuring adjusted gross income, enter the total amount for each of these items on the appropriate lines and schedules of Form 1040. Filing an amended tax return Generally, you figure the amount of a deduction related to the excluded income by multiplying the deduction by a fraction, the numerator of which is your foreign earned income exclusion and the denominator of which is your foreign earned income. Filing an amended tax return Enter the amount of the deduction(s) related to excluded income on line 44 of Form 2555. Filing an amended tax return If you have itemized deductions related to excluded income, enter on Schedule A (Form 1040) only the part not related to excluded income. Filing an amended tax return You figure that amount by subtracting from the total deduction the amount related to excluded income. Filing an amended tax return Generally, you figure the amount that is related to the excluded income by multiplying the total deduction by a fraction, the numerator of which is your foreign earned income exclusion and the denominator of which is your foreign earned income. Filing an amended tax return Attach a statement to your return showing how you figured the deductible amount. Filing an amended tax return Example 1. Filing an amended tax return You are a U. Filing an amended tax return S. Filing an amended tax return citizen employed as an accountant. Filing an amended tax return Your tax home is in Germany for the entire tax year. Filing an amended tax return You meet the physical presence test. Filing an amended tax return Your foreign earned income for the year was $122,000 and your investment income was $10,380. Filing an amended tax return After excluding $97,600, your AGI is $34,780. Filing an amended tax return You had unreimbursed business expenses of $2,500 for travel and entertainment in earning your foreign income, of which $500 was for meals and entertainment. Filing an amended tax return These expenses are deductible only as miscellaneous deductions on Schedule A (Form 1040). Filing an amended tax return You also have $500 of miscellaneous expenses that are not related to your foreign income that you enter on line 23 of Schedule A. Filing an amended tax return You must fill out Form 2106. Filing an amended tax return On that form, reduce your deductible meal and entertainment expenses by 50% ($250). Filing an amended tax return You must reduce the remaining $2,250 of travel and entertainment expenses by 80% ($1,800) because you excluded 80% ($97,600/$122,000) of your foreign earned income. Filing an amended tax return You carry the remaining total of $450 to line 21 of Schedule A. Filing an amended tax return Add the $450 to the $500 that you have on line 23 and enter the total ($950) on line 24. Filing an amended tax return On line 26 of Schedule A, enter $696, which is 2% of your adjusted gross income of $34,780 (line 38, Form 1040) and subtract it from the amount on line 24. Filing an amended tax return Enter $254 on line 27 of Schedule A. Filing an amended tax return Example 2. Filing an amended tax return You are a U. Filing an amended tax return S. Filing an amended tax return citizen, have a tax home in Spain, and meet the physical presence test. Filing an amended tax return You are self-employed and personal services produce the business income. Filing an amended tax return Your gross income was $116,931, business expenses $66,895, and net income (profit) $50,036. Filing an amended tax return You choose the foreign earned income exclusion and exclude $97,600 of your gross income. Filing an amended tax return Since your excluded income is 83. Filing an amended tax return 47% of your total income, 83. Filing an amended tax return 47% of your business expenses are not deductible. Filing an amended tax return Report your total income and expenses on Schedule C (Form 1040). Filing an amended tax return On Form 2555 you will show the following: Line 20a, $116,931, gross income, Lines 42 and 43, $97,600, foreign earned income exclusion, and Line 44, $55,837 (83. Filing an amended tax return 47% × $66,895) business expenses attributable to the exclusion. Filing an amended tax return In this situation (Example 2), you cannot use Form 2555-EZ since you had self-employment income and business expenses. Filing an amended tax return Example 3. Filing an amended tax return Assume in Example 2 that both capital and personal services combine to produce the business income. Filing an amended tax return No more than 30% of your net income, or $15,011, assuming that this amount is a reasonable allowance for your services, is considered earned and can be excluded. Filing an amended tax return Your exclusion of $15,011 is 12. Filing an amended tax return 84% of your gross income ($15,011 ÷ $116,931). Filing an amended tax return Because you excluded 12. Filing an amended tax return 84% of your total income, $8,589 (. Filing an amended tax return 1284 x $66,895) of your business expenses is attributable to the excluded income and is not deductible. Filing an amended tax return Example 4. Filing an amended tax return You are a U. Filing an amended tax return S. Filing an amended tax return citizen, have a tax home in Brazil, and meet the physical presence test. Filing an amended tax return You are self-employed and both capital and personal services combine to produce business income. Filing an amended tax return Your gross income was $146,000, business expenses were $172,000, and your net loss was $26,000. Filing an amended tax return A reasonable allowance for the services you performed for the business is $77,000. Filing an amended tax return Because you incurred a net loss, the earned income limit of 30% of your net profit does not apply. Filing an amended tax return The $77,000 is foreign earned income. Filing an amended tax return If you choose to exclude the $77,000, you exclude 52. Filing an amended tax return 74% of your gross income ($77,000 ÷ $146,000), and 52. Filing an amended tax return 74% of your business expenses ($90,713) is attributable to that income and is not deductible. Filing an amended tax return Show your total income and expenses on Schedule C (Form 1040). Filing an amended tax return On Form 2555, exclude $77,000 and show $90,713 on line 44. Filing an amended tax return Subtract line 44 from line 43, and enter the difference as a negative (in parentheses) on line 45. Filing an amended tax return Because this amount is negative, enter it as a positive (no parentheses) on line 21, Form 1040, and combine it with your other income to arrive at total income on line 22 of Form 1040. Filing an amended tax return In this situation (Example 4), you would probably not want to choose the foreign earned income exclusion if this was the first year you were eligible. Filing an amended tax return If you had chosen the exclusion in an earlier year, you might want to revoke the choice for this year. Filing an amended tax return To do so would mean that you could not claim the exclusion again for the next 5 tax years without IRS approval. Filing an amended tax return See Choosing the Exclusion in chapter 4. Filing an amended tax return Example 5. Filing an amended tax return You are a U. Filing an amended tax return S. Filing an amended tax return citizen, have a tax home in Panama, and meet the bona fide residence test. Filing an amended tax return You have been performing services for clients as a partner in a firm that provides services exclusively in Panama. Filing an amended tax return Capital investment is not material in producing the partnership's income. Filing an amended tax return Under the terms of the partnership agreement, you are to receive 50% of the net profits. Filing an amended tax return The partnership received gross income of $244,000 and incurred operating expenses of $98,250. Filing an amended tax return Of the net profits of $145,750, you received $72,875 as your distributive share. Filing an amended tax return You choose to exclude $97,600 of your share of the gross income. Filing an amended tax return Because you exclude 80% ($97,600 ÷ $122,000) of your share of the gross income, you cannot deduct $39,300, 80% of your share of the operating expenses (. Filing an amended tax return 80 × $49,125). Filing an amended tax return Report $72,875, your distributive share of the partnership net profit, on Schedule E (Form 1040), Supplemental Income and Loss. Filing an amended tax return On Form 2555, show $97,600 on line 42 and show $39,300 on line 44. Filing an amended tax return Your exclusion on Form 2555 is $58,300. Filing an amended tax return In this situation (Example 5), you cannot use Form 2555-EZ since you had earned income other than salaries and wages and you had business expenses. Filing an amended tax return Prev  Up  Next   Home   More Online Publications
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The Filing An Amended Tax Return

Filing an amended tax return 7. Filing an amended tax return   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. Filing an amended tax return Topics - This chapter discusses: Forms aliens must file, When and where to file, Penalties, and Amended returns and claims for refund. Filing an amended tax return Useful Items - You may want to see: Forms (and Instructions) 1040 U. Filing an amended tax return S. Filing an amended tax return Individual Income Tax Return 1040A U. Filing an amended tax return S. Filing an amended tax return Individual Income Tax Return 1040EZ Income Tax Return for Single and Joint Filers With No Dependents 1040NR U. Filing an amended tax return S. Filing an amended tax return Nonresident Alien Income Tax Return 1040NR-EZ U. Filing an amended tax return S. Filing an amended tax return Income Tax Return for Certain Nonresident Aliens With No Dependents See chapter 12 for information about getting these forms. Filing an amended tax return 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. Filing an amended tax return Resident Aliens Resident aliens should file Form 1040EZ, 1040A, or 1040 at the address shown in the instructions for that form. Filing an amended tax return 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). Filing an amended tax return Under U. Filing an amended tax return S. Filing an amended tax return 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. Filing an amended tax return Extensions of time to file. Filing an amended tax return   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. Filing an amended tax return 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). Filing an amended tax return Use Form 4868 to get the extension to October 15. Filing an amended tax return 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). Filing an amended tax return To request this extension, you must send the IRS a letter explaining the reasons why you need the additional 2 months. Filing an amended tax return 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. Filing an amended tax return   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. Filing an amended tax return S. Filing an amended tax return citizens and resident aliens abroad who expect to qualify for special tax treatment). Filing an amended tax return    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. Filing an amended tax return You may be able to file your return electronically. Filing an amended tax return See IRS e-file in your form instructions. Filing an amended tax return Nonresident Aliens Nonresident aliens who are required to file an income tax return should use Form 1040NR or, if qualified, Form 1040NR-EZ. Filing an amended tax return If you are any of the following, you must file a return. Filing an amended tax return A nonresident alien individual engaged or considered to be engaged in a trade or business in the United States during 2013. Filing an amended tax return (But see Exceptions , later. Filing an amended tax return ) 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. Filing an amended tax return S. Filing an amended tax return sources, or Your income is exempt from income tax. Filing an amended tax return A nonresident alien individual not engaged in a trade or business in the United States with U. Filing an amended tax return S. Filing an amended tax return income on which the tax liability was not satisfied by the withholding of tax at the source. Filing an amended tax return A representative or agent responsible for filing the return of an individual described in (1) or (2). Filing an amended tax return A fiduciary for a nonresident alien estate or trust. Filing an amended tax return 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. Filing an amended tax return For example, if you have no U. Filing an amended tax return S. Filing an amended tax return 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. Filing an amended tax return For information on what is timely, see When to file for deductions and credits under When To File, later. Filing an amended tax return Exceptions. Filing an amended tax return   You do not need to file Form 1040NR or Form 1040NR-EZ if you meet either of the following conditions. Filing an amended tax return Your only U. Filing an amended tax return S. Filing an amended tax return 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. Filing an amended tax return 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. Filing an amended tax return Even if you have left the United States and filed a Form 1040-C, U. Filing an amended tax return S. Filing an amended tax return Departing Alien Income Tax Return, on departure, you still must file an annual U. Filing an amended tax return S. Filing an amended tax return income tax return. Filing an amended tax return If you are married and both you and your spouse are required to file, you must each file a separate return. Filing an amended tax return Form 1040NR-EZ You can use Form 1040NR-EZ if all of the following conditions are met. Filing an amended tax return You do not claim any dependents. Filing an amended tax return You cannot be claimed as a dependent on someone else's U. Filing an amended tax return S. Filing an amended tax return tax return. Filing an amended tax return If you were married, you do not claim an exemption for your spouse. Filing an amended tax return Your taxable income is less than $100,000. Filing an amended tax return The only itemized deduction you can claim is for state and local income taxes. Filing an amended tax return Note. Filing an amended tax return 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. Filing an amended tax return See chapter 5. Filing an amended tax return Your only U. Filing an amended tax return S. Filing an amended tax return source income is from wages, salaries, tips, taxable refunds of state and local income taxes, scholarship or fellowship grants, and nontaxable interest or dividends. Filing an amended tax return (If you had taxable interest or dividend income, you cannot use this form. Filing an amended tax return ) You are not claiming any adjustments to income other than the student loan interest deduction or scholarship and fellowship grants excluded. Filing an amended tax return You are not claiming any tax credits. Filing an amended tax return This is not an “expatriation return. Filing an amended tax return ” See Expatriation Tax in chapter 4. Filing an amended tax return The only taxes you owe are: The income tax from the Tax Table. Filing an amended tax return The social security and Medicare tax from Form 4137 or Form 8919. Filing an amended tax return You are not claiming a credit for excess social security and tier 1 RRTA tax withheld. Filing an amended tax return 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. Filing an amended tax return If you do not meet all of the above conditions, you must file Form 1040NR. Filing an amended tax return When To File If you are an employee and you receive wages subject to U. Filing an amended tax return S. Filing an amended tax return income tax withholding, you will generally file by the 15th day of the 4th month after your tax year ends. Filing an amended tax return For the 2013 calendar year, file your return by April 15, 2014. Filing an amended tax return If you are not an employee who receives wages subject to U. Filing an amended tax return S. Filing an amended tax return income tax withholding, you must file by the 15th day of the 6th month after your tax year ends. Filing an amended tax return For the 2013 calendar year, file your return by June 16, 2014 (because June 15 is a Sunday. Filing an amended tax return ) Extensions of time to file. Filing an amended tax return   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. Filing an amended tax return 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). Filing an amended tax return You must file the extension by the regular due date of your return. Filing an amended tax return   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). Filing an amended tax return To request this extension, you must send the IRS a letter explaining the reasons why you need the additional 2 months. Filing an amended tax return 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. Filing an amended tax return When to file for deductions and credits. Filing an amended tax return   To get the benefit of any allowable deductions or credits, you must timely file a true and accurate return. Filing an amended tax return For this purpose, a return is timely if it is filed within 16 months of the due date just discussed. Filing an amended tax return 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. Filing an amended tax return The allowance of the following credits is not affected by this time requirement. Filing an amended tax return Credit for withheld taxes. Filing an amended tax return Credit for excise tax on certain uses of gasoline and special fuels. Filing an amended tax return 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. Filing an amended tax return Protective return. Filing an amended tax return   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. Filing an amended tax return S. Filing an amended tax return trade or business during the year, you can file a protective return (Form 1040NR) by the deadline explained above. Filing an amended tax return 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. Filing an amended tax return 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. Filing an amended tax return   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. Filing an amended tax return 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. Filing an amended tax return   You can follow the same procedure if you believe you have no U. Filing an amended tax return S. Filing an amended tax return tax liability because of a U. Filing an amended tax return S. Filing an amended tax return tax treaty. Filing an amended tax return Be sure to also complete item L on page 5 of Form 1040NR. Filing an amended tax return Waiver of filing deadline. Filing an amended tax return   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. Filing an amended tax return S. Filing an amended tax return income tax return (including a protective return) and you cooperate with the IRS in determining your U. Filing an amended tax return S. Filing an amended tax return income tax liability for the tax year for which you did not file a return. Filing an amended tax return Where To File If you are not enclosing a payment, file Form 1040NR-EZ and Form 1040NR at the following address. Filing an amended tax return  Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215 If enclosing a payment, mail your return to:  Internal Revenue Service  P. Filing an amended tax return O. Filing an amended tax return Box 1303 Charlotte, NC 28201-1303 Aliens from the U. Filing an amended tax return S. Filing an amended tax return Virgin Islands. Filing an amended tax return    If you are a bona fide resident of the U. Filing an amended tax return S. Filing an amended tax return Virgin Islands during your entire tax year and work temporarily in the United States, you must pay your income taxes to the U. Filing an amended tax return S. Filing an amended tax return Virgin Islands and file your income tax returns at the following address. Filing an amended tax return Virgin Islands Bureau of Internal Revenue 6115 Estate Smith Bay Suite 225 St. Filing an amended tax return Thomas, VI 00802   Report all income from U. Filing an amended tax return S. Filing an amended tax return sources, as well as income from other sources, on your return. Filing an amended tax return For information on filing U. Filing an amended tax return S. Filing an amended tax return Virgin Islands returns, contact the U. Filing an amended tax return S. Filing an amended tax return Virgin Islands Bureau of Internal Revenue. Filing an amended tax return   Chapter 8 discusses withholding from U. Filing an amended tax return S. Filing an amended tax return wages of U. Filing an amended tax return S. Filing an amended tax return Virgin Islanders. Filing an amended tax return Aliens from Guam or the Commonwealth of the Northern Mariana Islands. Filing an amended tax return   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. Filing an amended tax return Report all income, including income from U. Filing an amended tax return S. Filing an amended tax return sources, on your return. Filing an amended tax return It is not necessary to file a separate U. Filing an amended tax return S. Filing an amended tax return income tax return. Filing an amended tax return    Bona fide residents of Guam should file their Guam returns at the following address. Filing an amended tax return   Department of Revenue and Taxation Government of Guam P. Filing an amended tax return O. Filing an amended tax return Box 23607 GMF, GU 96921    Bona fide residents of the CNMI should file their CNMI income tax returns at the following address. Filing an amended tax return   Department of Finance Division of Revenue and Taxation Commonwealth of the Northern Mariana Islands P. Filing an amended tax return O. Filing an amended tax return Box 5234 CHRB Saipan, MP 96950   If you are not a bona fide resident of Guam or the CNMI, see Pub. Filing an amended tax return 570, Tax Guide for Individuals With Income From U. Filing an amended tax return S. Filing an amended tax return Possessions, for information on where to file your return. Filing an amended tax return 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. Filing an amended tax return S. Filing an amended tax return Individual Income Tax Return. Filing an amended tax return Also use Form 1040X if you should have filed Form 1040, 1040A, or 1040EZ instead of Form 1040NR or 1040NR-EZ, or vice versa. Filing an amended tax return If you amend Form 1040NR or Form 1040NR-EZ or file the correct return, attach the corrected return (Form 1040, Form 1040NR, etc. Filing an amended tax return ) to Form 1040X. Filing an amended tax return Print “Amended” across the top. Filing an amended tax return 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. Filing an amended tax return A return filed before the final due date is considered to have been filed on the due date. Filing an amended tax return 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. Filing an amended tax return 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. Filing an amended tax return 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. Filing an amended tax return 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. Filing an amended tax return 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. Filing an amended tax return 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. Filing an amended tax return Filing requirements. Filing an amended tax return   FinCEN Form 105 filing requirements follow. Filing an amended tax return Recipients. Filing an amended tax return   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. Filing an amended tax return Commissioner of Customs  Attention: Currency Transportation Reports Washington, DC 20229 Shippers or mailers. Filing an amended tax return   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. Filing an amended tax return Travelers. Filing an amended tax return   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. Filing an amended tax return Penalties. Filing an amended tax return   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. Filing an amended tax return Also, the entire amount of the currency or monetary instrument may be subject to seizure and forfeiture. Filing an amended tax return More information. Filing an amended tax return   More information regarding the filing of FinCEN Form 105 can be found in the instructions on the back of the form. Filing an amended tax return 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. Filing an amended tax return A resident alien of the United States for any part of the tax year. Filing an amended tax return 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. Filing an amended tax return S. Filing an amended tax return income tax treaty. Filing an amended tax return See Effect of Tax Treaties in chapter 1. Filing an amended tax return A nonresident alien who makes an election to be treated as a resident alien for purposes of filing a joint income tax return. Filing an amended tax return See chapter 1 for information about this election. Filing an amended tax return A nonresident alien who is a bona fide resident of American Samoa or Puerto Rico. Filing an amended tax return See Publication 570, Tax Guide for Individuals With Income From U. Filing an amended tax return S. Filing an amended tax return Possessions, for a definition of bona fide resident. Filing an amended tax return You must file Form 8938 if the total value of those assets exceeds an applicable threshold (the “reporting threshold”). Filing an amended tax return 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. Filing an amended tax return 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. Filing an amended tax return S. Filing an amended tax return person. Filing an amended tax return 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. Filing an amended tax return More information about the filing of Form 8938 can be found in the separate instructions for Form 8938. Filing an amended tax return Penalties The law provides penalties for failure to file returns or pay taxes as required. Filing an amended tax return Civil Penalties If you do not file your return and pay your tax by the due date, you may have to pay a penalty. Filing an amended tax return 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. Filing an amended tax return If you provide fraudulent information on your return, you may have to pay a civil fraud penalty. Filing an amended tax return Filing late. Filing an amended tax return   If you do not file your return by the due date (including extensions), you may have to pay a failure-to-file penalty. Filing an amended tax return The penalty is based on the tax not paid by the due date (without regard to extensions). Filing an amended tax return The penalty is usually 5% for each month or part of a month that a return is late, but not more than 25%. Filing an amended tax return Fraud. Filing an amended tax return   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%. Filing an amended tax return Return over 60 days late. Filing an amended tax return   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. Filing an amended tax return Exception. Filing an amended tax return   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. Filing an amended tax return Paying tax late. Filing an amended tax return   You will have to pay a failure-to-pay penalty of ½ of 1% (. Filing an amended tax return 50%) of your unpaid taxes for each month, or part of a month, after the due date that the tax is not paid. Filing an amended tax return 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. Filing an amended tax return   The monthly rate of the failure-to-pay penalty is half the usual rate (. Filing an amended tax return 25% instead of . Filing an amended tax return 50%) if an installment agreement is in effect for that month. Filing an amended tax return You must have filed your return by the due date (including extensions) to qualify for this reduced penalty. Filing an amended tax return   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. Filing an amended tax return 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. Filing an amended tax return   This penalty cannot be more than 25% of your unpaid tax. Filing an amended tax return 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. Filing an amended tax return Combined penalties. Filing an amended tax return   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. Filing an amended tax return 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. Filing an amended tax return Accuracy-related penalty. Filing an amended tax return   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. Filing an amended tax return The penalty is equal to 20% of the underpayment. Filing an amended tax return 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. Filing an amended tax return The penalty will not be figured on any part of an underpayment on which the fraud penalty (discussed later) is charged. Filing an amended tax return Negligence or disregard. Filing an amended tax return   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. Filing an amended tax return Negligence also includes failure to keep adequate books and records. Filing an amended tax return You will not have to pay a negligence penalty if you have a reasonable basis for a position you took. Filing an amended tax return   The term “disregard” includes any careless, reckless, or intentional disregard. Filing an amended tax return Adequate disclosure. Filing an amended tax return   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. Filing an amended tax return See Disclosure statement , later. Filing an amended tax return   This exception will not apply to an item that is attributable to a tax shelter. Filing an amended tax return In addition, it will not apply if you fail to keep adequate books and records, or substantiate items properly. Filing an amended tax return Substantial understatement of income tax. Filing an amended tax return   You understate your tax if the tax shown on your return is less than the correct tax. Filing an amended tax return The understatement is substantial if it is more than the larger of 10% of the correct tax or $5,000. Filing an amended tax return 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. Filing an amended tax return   If an item on your return is attributable to a tax shelter, there is no reduction for an adequate disclosure. Filing an amended tax return 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. Filing an amended tax return Substantial authority. Filing an amended tax return   Whether there is or was substantial authority for the tax treatment of an item depends on the facts and circumstances. Filing an amended tax return 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. Filing an amended tax return Disclosure statement. Filing an amended tax return   To adequately disclose the relevant facts about your tax treatment of an item, use Form 8275, Disclosure Statement. Filing an amended tax return You must also have a reasonable basis for treating the item the way you did. Filing an amended tax return   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. Filing an amended tax return   Use Form 8275-R, Regulation Disclosure Statement, to disclose items or positions contrary to regulations. Filing an amended tax return Transaction lacking economic substance. Filing an amended tax return   For more information on economic substance, see section 7701(o). Filing an amended tax return Foreign financial asset. Filing an amended tax return   For more information on undisclosed foreign financial assets, see section 6662(j) or the Instructions for Form 8938. Filing an amended tax return Reasonable cause. Filing an amended tax return   You will not have to pay a penalty if you show a good reason (reasonable cause) for the way you treated an item. Filing an amended tax return You must also show that you acted in good faith. Filing an amended tax return This does not apply to a transaction that lacks economic substance. Filing an amended tax return Filing erroneous claim for refund or credit. Filing an amended tax return   You may have to pay a penalty if you file an erroneous claim for refund or credit. Filing an amended tax return 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. Filing an amended tax return However, any disallowed amount due to a transaction that lacks economic substance will not be treated as having a reasonable basis. Filing an amended tax return 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. Filing an amended tax return Frivolous tax submission. Filing an amended tax return   You may have to pay a penalty of $5,000 if you file a frivolous tax return or other frivolous submissions. Filing an amended tax return 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. Filing an amended tax return 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. Filing an amended tax return irs. Filing an amended tax return gov/irb/2010-17_irb/ar13. Filing an amended tax return html. Filing an amended tax return   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. Filing an amended tax return This includes altering or striking out the preprinted language above the space provided for your signature. Filing an amended tax return   This penalty is added to any other penalty provided by law. Filing an amended tax return Fraud. Filing an amended tax return   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. Filing an amended tax return Failure to supply taxpayer identification number. Filing an amended tax return   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. Filing an amended tax return 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. Filing an amended tax return   For example, if you have a bank account that earns interest, you must give your SSN or ITIN to the bank. Filing an amended tax return The number must be shown on the Form 1099-INT or other statement the bank sends you. Filing an amended tax return If you do not give the bank your SSN or ITIN, you will be subject to the $50 penalty. Filing an amended tax return (You also may be subject to “backup” withholding of income tax. Filing an amended tax return )   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. Filing an amended tax return 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. Filing an amended tax return Prev  Up  Next   Home   More Online Publications