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Freestatetaxreturns 2. Freestatetaxreturns   Tax Shelters and Other Reportable Transactions Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Abusive Tax SheltersRules To Curb Abusive Tax Shelters Investor Reporting Penalties Whether To Invest Introduction Investments that yield tax benefits are sometimes called “tax shelters. Freestatetaxreturns ” In some cases, Congress has concluded that the loss of revenue is an acceptable side effect of special tax provisions designed to encourage taxpayers to make certain types of investments. Freestatetaxreturns In many cases, however, losses from tax shelters produce little or no benefit to society, or the tax benefits are exaggerated beyond those intended. Freestatetaxreturns Those cases are called “abusive tax shelters. Freestatetaxreturns ” An investment that is considered a tax shelter is subject to restrictions, including the requirement that it be disclosed, as discussed later. Freestatetaxreturns Topics - This chapter discusses: Abusive Tax Shelters , Rules To Curb Abusive Tax Shelters , Investor Reporting , Penalties , and Whether To Invest . Freestatetaxreturns Useful Items - You may want to see: Publication 538 Accounting Periods and Methods 556 Examination of Returns, Appeal Rights, and Claims for Refund 561 Determining the Value of Donated Property 925 Passive Activity and At-Risk Rules Form (and Instructions) 8275 Disclosure Statement 8275-R Regulation Disclosure Statement 8283 Noncash Charitable Contributions 8886 Reportable Transaction Disclosure Statement See chapter 5, How To Get Tax Help , for information about getting these publications and forms. Freestatetaxreturns Abusive Tax Shelters Abusive tax shelters are marketing schemes involving artificial transactions with little or no economic reality. Freestatetaxreturns They often make use of unrealistic allocations, inflated appraisals, losses in connection with nonrecourse loans, mismatching of income and deductions, financing techniques that do not conform to standard commercial business practices, or mischaracterization of the substance of the transaction. Freestatetaxreturns Despite appearances to the contrary, the taxpayer generally risks little. Freestatetaxreturns Abusive tax shelters commonly involve package deals designed from the start to generate losses, deductions, or credits that will be far more than present or future investment. Freestatetaxreturns Or, they may promise investors from the start that future inflated appraisals will enable them, for example, to reap charitable contribution deductions based on those appraisals. Freestatetaxreturns (But see the appraisal requirements discussed under Rules To Curb Abusive Tax Shelters , later. Freestatetaxreturns ) They are commonly marketed in terms of the ratio of tax deductions allegedly available to each dollar invested. Freestatetaxreturns This ratio (or “write-off”) is frequently said to be several times greater than one-to-one. Freestatetaxreturns Because there are many abusive tax shelters, it is not possible to list all the factors you should consider in determining whether an offering is an abusive tax shelter. Freestatetaxreturns However, you should ask the following questions, which might provide a clue to the abusive nature of the plan. Freestatetaxreturns Do the tax benefits far outweigh the economic benefits? Is this a transaction you would seriously consider, apart from the tax benefits, if you hoped to make a profit? Do shelter assets really exist and, if so, are they insured for less than their purchase price? Is there a nontax justification for the way profits and losses are allocated to partners? Do the facts and supporting documents make economic sense? In that connection, are there sales and resales of the tax shelter property at ever increasing prices? Does the investment plan involve a gimmick, device, or sham to hide the economic reality of the transaction? Does the promoter offer to backdate documents after the close of the year? Are you instructed to backdate checks covering your investment? Is your debt a real debt or are you assured by the promoter that you will never have to pay it? Does this transaction involve laundering United States source income through foreign corporations incorporated in a tax haven and owned by United States shareholders? Rules To Curb Abusive Tax Shelters Congress has enacted a series of income tax laws designed to halt the growth of abusive tax shelters. Freestatetaxreturns These provisions include the following. Freestatetaxreturns Disclosure of reportable transactions. Freestatetaxreturns   You must disclose information for each reportable transaction in which you participate. Freestatetaxreturns See Reportable Transaction Disclosure Statement , later. Freestatetaxreturns   Material advisors with respect to any reportable transaction must disclose information about the transaction on Form 8918, Material Advisor Disclosure Statement. Freestatetaxreturns To determine whether you are a material advisor to a transaction, see the Instructions for Form 8918. Freestatetaxreturns   Material advisors will receive a reportable transaction number for the disclosed reportable transaction. Freestatetaxreturns They must provide this number to all persons to whom they acted as a material advisor. Freestatetaxreturns They must provide the number at the time the transaction is entered into. Freestatetaxreturns If they do not have the number at that time, they must provide it within 60 days from the date the number is mailed to them. Freestatetaxreturns For information on penalties for failure to disclose and failure to maintain lists, see Internal Revenue Code sections 6707, 6707A, and 6708. Freestatetaxreturns Requirement to maintain list. Freestatetaxreturns   Material advisors must maintain a list of persons to whom they provide material aid, assistance, or advice on any reportable transaction. Freestatetaxreturns The list must be available for inspection by the IRS, and the information required to be included on the list generally must be kept for 7 years. Freestatetaxreturns See Regulations section 301. Freestatetaxreturns 6112-1 for more information (including what information is required to be included on the list). Freestatetaxreturns Confidentiality privilege. Freestatetaxreturns   The confidentiality privilege between you and a federally authorized tax practitioner does not apply to written communications made after October 21, 2004, regarding the promotion of your direct or indirect participation in any tax shelter. Freestatetaxreturns Appraisal requirement for donated property. Freestatetaxreturns   If you claim a deduction of more than $5,000 for an item or group of similar items of donated property, you generally must get a qualified appraisal from a qualified appraiser and complete and attach section B of Form 8283 to your return. Freestatetaxreturns If you claim a deduction of more than $500,000 for the donated property, you generally must attach the qualified appraisal to your return. Freestatetaxreturns If you file electronically, see Form 8453, U. Freestatetaxreturns S. Freestatetaxreturns Individual Income Tax Transmittal for an IRS e-file Return, and its instructions. Freestatetaxreturns For more information about appraisals, including exceptions, see Publication 561. Freestatetaxreturns Passive activity loss and credit limits. Freestatetaxreturns   The passive activity loss and credit rules limit the amount of losses and credits that can be claimed from passive activities and limit the amount that can offset nonpassive income, such as certain portfolio income from investments. Freestatetaxreturns For more detailed information about determining and reporting income, losses, and credits from passive activities, see Publication 925. Freestatetaxreturns Interest on penalties. Freestatetaxreturns   If you are assessed an accuracy-related or civil fraud penalty (as discussed under Penalties , later), interest will be imposed on the amount of the penalty from the due date of the return (including any extensions) to the date you pay the penalty. Freestatetaxreturns Accounting method restriction. Freestatetaxreturns   Tax shelters generally cannot use the cash method of accounting. Freestatetaxreturns Uniform capitalization rules. Freestatetaxreturns   The uniform capitalization rules generally apply to producing property or acquiring it for resale. Freestatetaxreturns Under those rules, the direct cost and part of the indirect cost of the property must be capitalized or included in inventory. Freestatetaxreturns For more information, see Publication 538. Freestatetaxreturns Denial of deduction for interest on an underpayment due to a reportable transaction. Freestatetaxreturns   You cannot deduct any interest you paid or accrued on any part of an underpayment of tax due to an understatement arising from a reportable transaction (discussed later) if the relevant facts affecting the tax treatment of the item are not adequately disclosed. Freestatetaxreturns This rule applies to reportable transactions entered into in tax years beginning after October 22, 2004. Freestatetaxreturns Authority for Disallowance of Tax Benefits The IRS has published guidance concluding that the claimed tax benefits of various abusive tax shelters should be disallowed. Freestatetaxreturns The guidance is the conclusion of the IRS on how the law is applied to a particular set of facts. Freestatetaxreturns Guidance is published in the Internal Revenue Bulletin for taxpayers' information and also for use by IRS officials. Freestatetaxreturns So, if your return is examined and an abusive tax shelter is identified and challenged, published guidance dealing with that type of shelter, which disallows certain claimed tax shelter benefits, could serve as the basis for the examining official's challenge of the tax benefits you claimed. Freestatetaxreturns In such a case, the examiner will not compromise even if you or your representative believes you have authority for the positions taken on your tax return. Freestatetaxreturns The courts have generally been unsympathetic to taxpayers involved in abusive tax shelter schemes and have ruled in favor of the IRS in the majority of the cases in which these shelters have been challenged. Freestatetaxreturns Investor Reporting You may be required to file a reportable transaction disclosure statement. Freestatetaxreturns Reportable Transaction Disclosure Statement Use Form 8886 to disclose information for each reportable transaction (discussed later) in which you participated. Freestatetaxreturns Generally, you must attach Form 8886 to your return for each tax year in which you participated in the transaction. Freestatetaxreturns Under certain circumstances, a transaction must be disclosed within 90 days of the transaction being identified as a listed transaction or a transaction of interest (discussed later). Freestatetaxreturns In addition, for the first year Form 8886 is attached to your return, you must send a copy of the form to: Internal Revenue Service OTSA Mail Stop 4915 1973 North Rulon White Blvd. Freestatetaxreturns  Ogden, UT 84404 If you file your return electronically, the copy sent to OTSA must show exactly the same information, word for word, provided with the electronically filed return and it must be provided on the official IRS Form 8886 or an exact copy of the form. Freestatetaxreturns If you use a computer-generated or substitute Form 8886, it must be an exact copy of the official IRS form. Freestatetaxreturns If you fail to file Form 8886 as required or fail to include any required information on the form, you may have to pay a penalty. Freestatetaxreturns See Penalty for failure to disclose a reportable transaction , later under Penalties. Freestatetaxreturns The following discussion briefly describes reportable transactions. Freestatetaxreturns For more details, see the Instructions for Form 8886. Freestatetaxreturns Reportable transaction. Freestatetaxreturns   A reportable transaction is any of the following. Freestatetaxreturns A listed transaction. Freestatetaxreturns A confidential transaction. Freestatetaxreturns A transaction with contractual protection. Freestatetaxreturns A loss transaction. Freestatetaxreturns A transaction of interest entered into after November 1, 2006. Freestatetaxreturns Note. Freestatetaxreturns Transactions with a brief asset holding period were removed from the definition of reportable transaction for transactions entered into after August 2, 2007. Freestatetaxreturns Listed transaction. Freestatetaxreturns   A listed transaction is the same as, or substantially similar to, one of the types of transactions the IRS has determined to be a tax-avoidance transaction. Freestatetaxreturns These transactions have been identified in notices, regulations, and other published guidance issued by the IRS. Freestatetaxreturns For a list of existing guidance, see Notice 2009-59 in Internal Revenue Bulletin 2009-31, available at www. Freestatetaxreturns irs. Freestatetaxreturns gov/irb/2009-31_IRB/ar07. Freestatetaxreturns html. Freestatetaxreturns Confidential transaction. Freestatetaxreturns   A confidential transaction is offered to you under conditions of confidentiality and for which you have paid an advisor a minimum fee. Freestatetaxreturns A transaction is offered under conditions of confidentiality if the advisor who is paid the fee places a limit on your disclosure of the tax treatment or tax structure of the transaction and the limit protects the confidentiality of the advisor's tax strategies. Freestatetaxreturns The transaction is treated as confidential even if the conditions of confidentiality are not legally binding on you. Freestatetaxreturns Transaction with contractual protection. Freestatetaxreturns   Generally, a transaction with contractual protection is one in which you or a related party has the right to a full or partial refund of fees if all or part of the intended tax consequences of the transaction are not sustained, or a transaction for which the fees are contingent on your realizing the tax benefits from the transaction. Freestatetaxreturns For information on exceptions, see Revenue Procedure 2007-20 in Internal Revenue Bulletin 2007-7, available at www. Freestatetaxreturns irs. Freestatetaxreturns gov/irb/2007-07_IRB/ar15. Freestatetaxreturns html. Freestatetaxreturns Loss transaction. Freestatetaxreturns   For individuals, a loss transaction is one that results in a deductible loss if the gross amount of the loss is at least $2 million in a single tax year or $4 million in any combination of tax years. Freestatetaxreturns A loss from a foreign currency transaction under Internal Revenue Code section 988 is a loss transaction if the gross amount of the loss is at least $50,000 in a single tax year, whether or not the loss flows through from an S corporation or partnership. Freestatetaxreturns   Certain losses (such as losses from casualties, thefts, and condemnations) are excepted from this category and do not have to be reported on Form 8886. Freestatetaxreturns For information on other exceptions, see Revenue Procedure 2004-66 in Internal Revenue Bulletin 2004-50, as modified and superseded by Revenue Procedure 2013-11, (or future published guidance) available at www. Freestatetaxreturns irs. Freestatetaxreturns gov/irb/2004-50_IRB/ar11. Freestatetaxreturns html. Freestatetaxreturns Transaction of interest. Freestatetaxreturns   A transaction of interest is a transaction entered into after November 1, 2006, that is the same as, or substantially similar to, one of the types of transactions that the IRS has identified by notice, regulation, or other form of published guidance as a transaction of interest. Freestatetaxreturns The IRS has identified the following transactions of interest. Freestatetaxreturns “Toggling” grantor trusts as described in Notice 2007-73, 2007-36 I. Freestatetaxreturns R. Freestatetaxreturns B. Freestatetaxreturns 545, available at www. Freestatetaxreturns irs. Freestatetaxreturns gov/irb/2007-36_IRB/ar20. Freestatetaxreturns html. Freestatetaxreturns Certain transactions involving contributions of a successor member interest in a limited liability company as described in Notice 2007-72, 2007-36 I. Freestatetaxreturns R. Freestatetaxreturns B. Freestatetaxreturns 544, available at www. Freestatetaxreturns irs. Freestatetaxreturns gov/irb/2007-36_IRB/ar19. Freestatetaxreturns html. Freestatetaxreturns Certain transactions involving the sale or other disposition of all interests in a charitable remainder trust and claiming little or no taxable gain as described in Notice 2008-99, 2008-47 I. Freestatetaxreturns R. Freestatetaxreturns B. Freestatetaxreturns 1194, available at www. Freestatetaxreturns irs. Freestatetaxreturns gov/irb/2008-47_IRB/ar11. Freestatetaxreturns html. Freestatetaxreturns Certain transactions involving a U. Freestatetaxreturns S. Freestatetaxreturns taxpayer owning controlled foreign corporations (CFCs) that hold stock of a lower-tier CFC through a domestic partnership to avoid reporting income as described in Notice 2009-7, 2009-3 I. Freestatetaxreturns R. Freestatetaxreturns B. Freestatetaxreturns 312, available at www. Freestatetaxreturns irs. Freestatetaxreturns gov/irb/2009-03_IRB/ar10. Freestatetaxreturns html. Freestatetaxreturns   For updates to this list, go to www. Freestatetaxreturns irs. Freestatetaxreturns gov/Businesses/Corporations/Abusive-Tax-Shelters-and-Transactions. Freestatetaxreturns Penalties Investing in an abusive tax shelter may lead to substantial expenses. Freestatetaxreturns First, the promoter generally charges a substantial fee. Freestatetaxreturns If your return is examined by the IRS and a tax deficiency is determined, you will be faced with payment of more tax, interest on the underpayment, possibly a 20%, 30%, or even 40% accuracy-related penalty, or a 75% civil fraud penalty. Freestatetaxreturns You may also be subject to the penalty for failure to pay tax. Freestatetaxreturns These penalties are explained in the following paragraphs. Freestatetaxreturns Accuracy-related penalties. Freestatetaxreturns   An accuracy-related penalty of 20% can be imposed for underpayments of tax due to: Negligence or disregard of rules or regulations, Substantial understatement of tax, Substantial valuation misstatement (increased to 40% for gross valuation misstatement), Transaction lacking economic substance (increased to 40% for undisclosed transaction lacking economic substance), or Undisclosed foreign financial asset understatement (40% in all cases). Freestatetaxreturns Except for a transaction lacking economic substance, this penalty will not be imposed if you can show you had reasonable cause for any understatement of tax and that you acted in good faith. Freestatetaxreturns Your failure to disclose a reportable transaction is a strong indication that you failed to act in good faith. Freestatetaxreturns   If you are charged an accuracy-related penalty, interest will be imposed on the amount of the penalty from the due date of the return (including extensions) to the date you pay the penalty. Freestatetaxreturns   The 20% penalties do not apply to any underpayment attributable to a reportable transaction understatement subject to an accuracy-related penalty (discussed later). Freestatetaxreturns Negligence or disregard of rules or regulations. Freestatetaxreturns   The penalty for negligence or disregard of rules or regulations is imposed only on the part of the underpayment due to negligence or disregard of rules or regulations. Freestatetaxreturns The penalty will not be charged if you can show you had reasonable cause for understating your tax and that you acted in good faith. Freestatetaxreturns    Negligence includes any failure to make a reasonable attempt to comply with the provisions of the Internal Revenue Code. Freestatetaxreturns It also includes any failure to keep adequate books and records. Freestatetaxreturns A return position that has a reasonable basis is not negligence. Freestatetaxreturns   Disregard includes any careless, reckless, or intentional disregard of rules or regulations. Freestatetaxreturns   The penalty for disregard of rules and regulations can be avoided if all the following are true. Freestatetaxreturns You keep adequate books and records. Freestatetaxreturns You have a reasonable basis for your position on the tax issue. Freestatetaxreturns You make an adequate disclosure of your position. Freestatetaxreturns Use Form 8275 to make your disclosure and attach it to your return. Freestatetaxreturns To disclose a position contrary to a regulation, use Form 8275-R. Freestatetaxreturns Use Form 8886 to disclose a reportable transaction (discussed earlier). Freestatetaxreturns Substantial understatement of tax. Freestatetaxreturns   An understatement is considered to be substantial if it is more than the greater of: 10% of the tax required to be shown on the return, or $5,000. Freestatetaxreturns An “understatement” is the amount of tax required to be shown on your return for a tax year minus the amount of tax shown on the return, reduced by any rebates. Freestatetaxreturns The term “rebate” generally means a decrease in the tax shown on your original return as the result of your filing an amended return or claim for refund. Freestatetaxreturns   For items other than tax shelters, you can file Form 8275 or Form 8275-R to disclose items that could cause a substantial understatement of income tax. Freestatetaxreturns In that way, you can avoid the substantial understatement penalty if you have a reasonable basis for your position on the tax issue. Freestatetaxreturns Disclosure of the tax shelter item on a tax return does not reduce the amount of the understatement. Freestatetaxreturns   Also, the understatement penalty will not be imposed if you can show there was reasonable cause for the underpayment caused by the understatement and that you acted in good faith. Freestatetaxreturns An important factor in establishing reasonable cause and good faith will be the extent of your effort to determine your proper tax liability under the law. Freestatetaxreturns Substantial valuation misstatement. Freestatetaxreturns   In general, you are liable for a 20% penalty for a substantial valuation misstatement if all the following are true. Freestatetaxreturns The value or adjusted basis of any property claimed on the return is 150% or more of the correct amount. Freestatetaxreturns You underpaid your tax by more than $5,000 because of the misstatement. Freestatetaxreturns You cannot establish that you had reasonable cause for the underpayment and that you acted in good faith. Freestatetaxreturns   You may be assessed a penalty of 40% for a gross valuation misstatement. Freestatetaxreturns If you misstate the value or the adjusted basis of property by 200% or more of the amount determined to be correct, you will be assessed a penalty of 40%, instead of 20%, of the amount you underpaid because of the gross valuation misstatement. Freestatetaxreturns The penalty rate is also 40% if the property's correct value or adjusted basis is zero. Freestatetaxreturns Transaction lacking economic substance. Freestatetaxreturns   The economic substance doctrine only applies to an individual that entered into a transaction in connection with a trade or business or an activity engaged in for the production of income. Freestatetaxreturns For transactions entered into after March 30, 2010, a transaction has economic substance for you as an individual taxpayer only if: The transaction changes your economic position in a meaningful way (apart from federal income tax effects), or You have a substantial purpose (apart from federal income tax effects) for entering into the transaction. Freestatetaxreturns   For purposes of determining whether economic substance exists, a transaction's profit potential will only be taken into account if the present value of the reasonably expected pre-tax profit from the transaction is substantial compared to the present value of the expected net tax benefits that would be allowed if the transaction were respected. Freestatetaxreturns   If any part of your underpayment is due to any disallowance of claimed tax benefits by reason of a transaction lacking economic substance or failing to meet the requirements of any similar rule of law, that part of your underpayment will be subject to the 20% accuracy-related penalty even if you had a reasonable cause and acted in good faith concerning that part. Freestatetaxreturns   Additionally, the penalty increases to 40% if you do not adequately disclose on your return or in a statement attached to your return the relevant facts affecting the tax treatment of a transaction that lacks economic substance. Freestatetaxreturns Relevant facts include any facts affecting the tax treatment of the transaction. Freestatetaxreturns    Any excessive amount of an erroneous claim for an income tax refund or credit (other than a refund or credit related to the earned income credit) that results from a transaction found to be lacking economic substance will not be treated as having a reasonable basis and could be subject to a 20% penalty. Freestatetaxreturns Undisclosed foreign financial asset understatement. Freestatetaxreturns   For tax years beginning after March 18, 2010, you may be liable for a 40% penalty for an understatement of your tax liability due to an undisclosed foreign financial asset. Freestatetaxreturns An undisclosed foreign financial asset is any asset for which an information return, required to be provided under Internal Revenue Code section 6038, 6038B, 6038D, 6046A, or 6048 for any taxable year, is not provided. Freestatetaxreturns The penalty applies to any part of an underpayment related to the following undisclosed foreign financial assets. Freestatetaxreturns Any foreign business you control, reportable on Form 5471, Information Return of U. Freestatetaxreturns S. Freestatetaxreturns Persons With Respect To Certain Foreign Corporations, or Form 8865, Return of U. Freestatetaxreturns S. Freestatetaxreturns Persons With Respect to Certain Foreign Partnerships. Freestatetaxreturns Certain transfers of property to a foreign corporation or partnership, reportable on Form 926, Return by a U. Freestatetaxreturns S. Freestatetaxreturns Transferor of Property to a Foreign Corporation, or certain distributions to a foreign person, reportable on Form 8865. Freestatetaxreturns Your ownership interest in certain foreign financial assets, temporarily reportable on Form 8275 or 8275-R. Freestatetaxreturns    Instead of, or in addition to, Form 8275 or 8275-R, you may have to file Form 8938, Statement of Specified Foreign Financial Assets, with your tax return. Freestatetaxreturns See the Instructions for Form 8938 for details. Freestatetaxreturns    Your acquisition, disposition, or substantial change in ownership interest in a foreign partnership, reportable on Form 8865. Freestatetaxreturns Creation or transfer of money or property to certain foreign trusts, reportable on Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts. Freestatetaxreturns Penalty for incorrect appraisals. Freestatetaxreturns   The person who prepares an appraisal of the value of property may have to pay a penalty if: He or she knows, or reasonably should have known, that the appraisal would be used in connection with a return or claim for refund; and The claimed value of the property on a return or claim for refund based on that appraisal results in a substantial valuation misstatement or a gross valuation misstatement as discussed earlier. Freestatetaxreturns For details on the penalty amount and exceptions, see Publication 561. Freestatetaxreturns Penalty for failure to disclose a reportable transaction. Freestatetaxreturns   If you fail to include any required information regarding a reportable transaction (discussed earlier) on a return or statement, you may have to pay a penalty of 75% of the decrease in tax shown on your return as a result of such transaction (or that would have resulted if the transaction were respected for federal tax purposes). Freestatetaxreturns For an individual, the minimum penalty is $5,000 and the maximum is $10,000 (or $100,000 for a listed transaction). Freestatetaxreturns This penalty is in addition to any other penalty that may be imposed. Freestatetaxreturns   The IRS may rescind or abate the penalty for failing to disclose a reportable transaction under certain limited circumstances but cannot rescind the penalty for failing to disclose a listed transaction. Freestatetaxreturns For information on rescission, see Revenue Procedure 2007-21 in Internal Revenue Bulletin 2007-9 available at www. Freestatetaxreturns irs. Freestatetaxreturns gov/irb/2007-09_IRB/ar12. Freestatetaxreturns html. Freestatetaxreturns Accuracy-related penalty for a reportable transaction understatement. Freestatetaxreturns   If you have a reportable transaction understatement, you may have to pay a penalty equal to 20% of the amount of that understatement. Freestatetaxreturns This applies to any item due to a listed transaction or other reportable transaction with a significant purpose of avoiding or evading federal income tax. Freestatetaxreturns The penalty is 30% rather than 20% for the part of any reportable transaction understatement if the transaction was not properly disclosed. Freestatetaxreturns You may not have to pay the 20% penalty if you meet the strengthened reasonable cause and good faith exception. Freestatetaxreturns The reasonable cause and good faith exception does not apply to any part of a reportable transaction understatement attributable to one or more transactions that lack economic substance. Freestatetaxreturns   This penalty does not apply to the part of an understatement on which the fraud penalty, gross valuation misstatement penalty, or penalty for nondisclosure of noneconomic substance transactions is imposed. Freestatetaxreturns Civil fraud penalty. Freestatetaxreturns   If any underpayment of tax on your return is due to fraud, a penalty of 75% of the underpayment will be added to your tax. Freestatetaxreturns Joint return. Freestatetaxreturns   The fraud penalty on a joint return applies to a spouse only if some part of the underpayment is due to the fraud of that spouse. Freestatetaxreturns Failure to pay tax. Freestatetaxreturns   If a deficiency is assessed and is not paid within 10 days of the demand for payment, an investor can be penalized with up to a 25% addition to tax if the failure to pay continues. Freestatetaxreturns Whether To Invest In light of the adverse tax consequences and the substantial amount of penalties and interest that will result if the claimed tax benefits are disallowed, you should consider tax shelter investments carefully and seek competent legal and financial advice. Freestatetaxreturns Prev  Up  Next   Home   More Online Publications
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The Freestatetaxreturns

Freestatetaxreturns Index Symbols 1231 property sale, Sale of property interest. Freestatetaxreturns 401(k) plans, Elective Deferrals Excess contributions, Excess Contributions 403(b) plans, Elective Deferrals Limit for, Limit for tax-sheltered annuities. Freestatetaxreturns 457 plans, Elective Deferrals Limit for deferrals under, Limit for deferrals under section 457 plans. Freestatetaxreturns 501(c)(18)(D) plans, Elective Deferrals Contributions, Section 501(c)(18)(D) contributions. Freestatetaxreturns 501(c)(3) organizations, Student loans. Freestatetaxreturns 529 program, Qualified tuition program (QTP). Freestatetaxreturns 83(b) election, How to make the choice. Freestatetaxreturns A Academic health centers Meals and lodging when teaching and research organization, Academic health center. Freestatetaxreturns Accelerated death benefits, Accelerated Death Benefits Accident insurance, Accident or Health Plan Accidental death benefits, Accidental death benefits. Freestatetaxreturns Accrual method taxpayers, Prepaid income. Freestatetaxreturns Accrued leave payment At time of retirement or resignation, Accrued leave payment. Freestatetaxreturns Disability retirement, Accrued leave payment. Freestatetaxreturns Activity not for profit, Activity not for profit. Freestatetaxreturns Adoption Employer assistance, Adoption Assistance Advance commissions, Miscellaneous Compensation Aircraft, Flights on employer-provided aircraft. Freestatetaxreturns Airlines No-additional-cost services, No-Additional-Cost Services Valuation of flights on employer-provided aircraft, Flights on employer-provided aircraft. Freestatetaxreturns Alaska Permanent Fund dividend, Alaska Permanent Fund dividend. Freestatetaxreturns Alien status, waiver of, Waiver of alien status. Freestatetaxreturns Aliens Nonresident, Nonresident aliens. Freestatetaxreturns Alimony, Alimony. Freestatetaxreturns Alternative minimum tax (AMT) Recoveries, refiguring of, Subject to alternative minimum tax. Freestatetaxreturns Stock options, Alternative minimum tax (AMT). Freestatetaxreturns Annuities Charitable gift, Charitable gift annuities. Freestatetaxreturns Railroad retirement, Railroad retirement annuities. Freestatetaxreturns Tax-sheltered, Limit for tax-sheltered annuities. Freestatetaxreturns Archer MSAs, Archer MSA contributions. Freestatetaxreturns , Medical savings accounts (Archer MSAs and Medicare Advantage MSAs). Freestatetaxreturns Armed forces, Military Combat zone bonus, Veterans' benefits. Freestatetaxreturns Disability, Disability. Freestatetaxreturns Disability pensions, Military and Government Disability Pensions Health professions scholarship, Tuition Reduction Military action as cause of disability injuries, Terrorist attack or military action. Freestatetaxreturns Qualified reservist distribution, Qualified reservist distribution (QRD). Freestatetaxreturns Rehabilitative program payments, Veterans' benefits. Freestatetaxreturns Retirement pay, Military retirement pay. Freestatetaxreturns Veterans benefits, Veterans' benefits. Freestatetaxreturns Assistance (see Tax help) Athletic facilities, employer-provided, Athletic Facilities Automobile (see Vehicle, employer-provided) Awards (see Damages from lawsuits) B Babysitting, Babysitting. Freestatetaxreturns Back pay, award for, Back pay awards. Freestatetaxreturns Backup withholding Barter exchange transactions, Backup withholding. Freestatetaxreturns Bankruptcy Canceled debt not deemed to be income, Excluded debt. Freestatetaxreturns Barter income, Bartering Below-market loans, Below-market loans. Freestatetaxreturns Bequest for services, Bequest for services. Freestatetaxreturns Bicycle, Transportation Fringe benefit, Qualified bicycle commuting. Freestatetaxreturns Black lung benefit payments, Black lung benefit payments. Freestatetaxreturns Bonuses, Bonuses and awards. Freestatetaxreturns , Employee awards or bonuses. Freestatetaxreturns Breach of contract Damages as income, Court awards and damages. Freestatetaxreturns Bribes, Bribes. Freestatetaxreturns Business expenses Reimbursements, Allowances and reimbursements. Freestatetaxreturns Business income, Business and Investment Income, More information. Freestatetaxreturns C Cafeteria plans, Cafeteria plans. Freestatetaxreturns Campaign contributions, Campaign contributions. Freestatetaxreturns Campus lodging, Qualified campus lodging. Freestatetaxreturns , Moving Expense Reimbursements Cancellation of debt, Canceled Debts Cancellation of sales contracts, Canceled sales contract. Freestatetaxreturns Capital gains Recoveries, Capital gains. Freestatetaxreturns , Capital gains. Freestatetaxreturns Capital gains or losses Employee stock option plans (ESOPs), Option granted at a discount. Freestatetaxreturns Incentive stock options (ISOs), Incentive stock options (ISOs). Freestatetaxreturns Sale of personal property, Sale of personal items. Freestatetaxreturns Car (see Vehicle, employer-provided) Car pools, Car pools. Freestatetaxreturns Cash or deferred arrangements (CODAs), Elective Deferrals Cash rebates, Cash rebates. Freestatetaxreturns Casualty insurance Reimbursements from, Casualty insurance and other reimbursements. Freestatetaxreturns Catch-up contributions, Catch-up contributions. Freestatetaxreturns , Catch-up contributions. Freestatetaxreturns Charitable gift annuities, Charitable gift annuities. Freestatetaxreturns Child and Adult Care Food Program Payments to daycare providers, Food program payments to daycare providers. Freestatetaxreturns Child support payments, Child support payments. Freestatetaxreturns Childcare providers, Childcare providers. Freestatetaxreturns , Food program payments to daycare providers. Freestatetaxreturns Chronic illness, Chronically ill individual. Freestatetaxreturns Accelerated death benefits paid to, Exclusion for chronic illness. Freestatetaxreturns Citizens outside U. Freestatetaxreturns S. Freestatetaxreturns Exclusion of foreign income, Reminders Civil Rights Act of 1964, Title VII Back pay and damages for emotional distress under, Court awards and damages. Freestatetaxreturns Clergy, Clergy Coal, Coal and iron ore. Freestatetaxreturns Colleges and universities Faculty lodging, Faculty lodging. Freestatetaxreturns Scholarships and fellowships, Scholarships and fellowships. Freestatetaxreturns Commissions Advance, Miscellaneous Compensation Commuter highway vehicles, Transportation Compensation Employee, Employee Compensation Miscellaneous, Miscellaneous Compensation Unemployment, Unemployment compensation. Freestatetaxreturns Workers', Workers' Compensation Compensatory damages, Other compensation. Freestatetaxreturns , Court awards and damages. Freestatetaxreturns Constructive receipt of income, Constructively received income. Freestatetaxreturns Copyrights Infringement damages, Court awards and damages. Freestatetaxreturns Royalties, Copyrights and patents. Freestatetaxreturns Corporate directors, Corporate director. Freestatetaxreturns Cost-of-living allowances, Government cost-of-living allowances. Freestatetaxreturns Court awards, Court awards and damages. Freestatetaxreturns (see also Damages from lawsuits) Credit card Insurance, Credit card insurance. Freestatetaxreturns Credits Recoveries, refiguring of unused credits, Unused tax credits. Freestatetaxreturns , Unused tax credits. Freestatetaxreturns Currency transactions, foreign, Foreign currency transactions. Freestatetaxreturns D Damages from lawsuits, Court awards and damages. Freestatetaxreturns Back pay awards, Back pay awards. Freestatetaxreturns Breach of contract, Court awards and damages. Freestatetaxreturns Compensatory damages, Other compensation. Freestatetaxreturns , Court awards and damages. Freestatetaxreturns Emotional distress under Title VII, Civil Rights Act of 1964, Court awards and damages. Freestatetaxreturns Punitive damages, Court awards and damages. Freestatetaxreturns Daycare providers, Childcare providers. Freestatetaxreturns (see also Childcare providers) Food program payments to, Food program payments to daycare providers. Freestatetaxreturns De minimis benefits, De Minimis (Minimal) Benefits, Meals and Lodging Death benefits, Proceeds not received in installments. Freestatetaxreturns (see also Life insurance) Accelerated, Accelerated Death Benefits Debts Canceled, Canceled Debts Excluded debt, Excluded debt. Freestatetaxreturns Nonrecourse debts, Mortgage relief upon sale or other disposition. Freestatetaxreturns Recourse, Mortgage relief upon sale or other disposition. Freestatetaxreturns Stockholder's, Stockholder debt. Freestatetaxreturns Deduction Costs of discrimination suits, Deduction for costs involved in unlawful discrimination suits. Freestatetaxreturns Deferred compensation Nonqualified plans, Nonqualified deferred compensation plans. Freestatetaxreturns , Nonqualified deferred compensation plans of nonqualified entities. Freestatetaxreturns Dependent care benefits, Dependent Care Benefits Depletion allowance, Depletion. Freestatetaxreturns Differential wage payments, Differential wage payments. Freestatetaxreturns Armed forces, Differential wage payments. Freestatetaxreturns Directors' fees, Corporate director. Freestatetaxreturns Disability Military, Disability. Freestatetaxreturns Pensions, Disability Pensions Workers' compensation, Disability pension. Freestatetaxreturns Person with, Persons with disabilities. Freestatetaxreturns Unemployment compensation, paid as substitute for, Types of unemployment compensation. Freestatetaxreturns Disaster relief Disaster mitigation payments, Disaster mitigation payments. Freestatetaxreturns Disaster Relief and Emergency Assistance Act Grants, Disaster relief grants. Freestatetaxreturns Unemployment benefits, Unemployment Benefits Mitigation payments, Reminders Payments, Disaster relief payments. Freestatetaxreturns Discounts Employee discounts, Employee Discounts Employee stock purchase plans, Option granted at a discount. Freestatetaxreturns Mortgage loan for early payment, Discounted mortgage loan. Freestatetaxreturns Dividends Restricted stock, Dividends received on restricted stock. Freestatetaxreturns Divorced taxpayers Stock options exercised incident to divorce, Tax form. Freestatetaxreturns Down payment assistance, Down payment assistance. Freestatetaxreturns E Educational assistance Employer-provided, Educational Assistance Scholarships and fellowships, Scholarships and fellowships. Freestatetaxreturns Educational institutions Faculty lodging, Faculty lodging. Freestatetaxreturns Elderly persons Nutrition Program for the Elderly, Nutrition Program for the Elderly. Freestatetaxreturns Tax Counseling for the Elderly, Volunteer tax counseling. Freestatetaxreturns Election precinct officials, Election precinct official. Freestatetaxreturns Elective deferrals, Elective Deferrals Catch-up contributions, Catch-up contributions. Freestatetaxreturns , Catch-up contributions. Freestatetaxreturns Excess annual additions, Excess Annual Additions Excess contributions, Excess Contributions Excess deferrals, Excess deferrals. Freestatetaxreturns Increased limit for last 3 years prior to retirement age, Increased limit. Freestatetaxreturns Limit on, Elective Deferrals Reporting by employer, Reporting by employer. Freestatetaxreturns Emergency Homeowners' Loan Program, Hardest Hit Fund and Emergency Homeowners' Loan Program. Freestatetaxreturns Emotional distress damages, Emotional distress. Freestatetaxreturns Employee achievement awards, Employee achievement award. Freestatetaxreturns Employee awards or bonuses, Employee awards or bonuses. Freestatetaxreturns Employee compensation, Employee Compensation, Inherited property not substantially vested. Freestatetaxreturns Fringe benefits, Fringe Benefits, Special valuation rules. Freestatetaxreturns Restricted property, Restricted Property, Inherited property not substantially vested. Freestatetaxreturns Retirement plan contributions, Retirement Plan Contributions Stock options, Stock Options, Statutory Stock Options Employee discounts, Employee Discounts Employee stock purchase plans, Statutory Stock Options, Employee stock purchase plan. Freestatetaxreturns Employer, foreign, Foreign Employer Employer-owned life insurance, Employer-owned life insurance contract. Freestatetaxreturns Employer-provided Educational assistance, Educational Assistance Vehicles, Employer-provided vehicles. Freestatetaxreturns Employment Abroad, Employment abroad. Freestatetaxreturns Agency fees, Employment agency fees. Freestatetaxreturns Contracts Severance pay for cancellation of, Severance pay. Freestatetaxreturns Endowment proceeds, Endowment Contract Proceeds Energy Assistance, Payments to reduce cost of winter energy. Freestatetaxreturns Conservation Subsidies, Energy conservation subsidies. Freestatetaxreturns Utility rebates, Utility rebates. Freestatetaxreturns Estate income, Estate and trust income. Freestatetaxreturns Estimated tax Unemployment compensation, Tax withholding. Freestatetaxreturns Excess Annual additions, Excess Annual Additions Contributions, Excess Contributions Deferrals, Excess deferrals. Freestatetaxreturns Expected inheritance, Expected inheritance. Freestatetaxreturns Expenses paid by another, Expenses paid by another. Freestatetaxreturns Exxon Valdez settlement, Exxon Valdez settlement income. Freestatetaxreturns Eligible retirement plan, Contributions to eligible retirement plan. Freestatetaxreturns Income averaging, Income averaging. Freestatetaxreturns Legal expenses, Legal expenses. Freestatetaxreturns Reporting requirement-statement, Statement. Freestatetaxreturns F Faculty lodging, Faculty lodging. Freestatetaxreturns Fair market value (FMV), Fair market value. Freestatetaxreturns Stock options, Grant of option. Freestatetaxreturns Farming Qualified farm debt, cancellation of, Excluded debt. Freestatetaxreturns Federal employees Accrued leave payment, Accrued leave payment. Freestatetaxreturns Cost-of-living allowances, Government cost-of-living allowances. Freestatetaxreturns Disability pensions, Military and Government Disability Pensions Thrift Savings Plan for, Elective Deferrals Federal Employees Compensation Act (FECA) payments, Federal Employees' Compensation Act (FECA). Freestatetaxreturns Federal income tax Refunds, Federal income tax refund. Freestatetaxreturns Fees for services, Fees for services. Freestatetaxreturns Financial counseling fees, Financial Counseling Fees Fellowships, Scholarships and fellowships. Freestatetaxreturns FICA withholding Foreign employers, U. Freestatetaxreturns S. Freestatetaxreturns citizens working for in U. Freestatetaxreturns S. Freestatetaxreturns , Social security and Medicare taxes. Freestatetaxreturns Paid by employer, Social security and Medicare taxes paid by employer. Freestatetaxreturns Fiduciaries Fees for services, Fees for services. Freestatetaxreturns , Personal representatives. Freestatetaxreturns Financial counseling fees, Financial Counseling Fees (see also Retirement planning services) Fitness programs Employer-provided, Athletic Facilities Flights Employer-provided aircraft, Flights on employer-provided aircraft. Freestatetaxreturns No-additional-cost services, No-Additional-Cost Services Food benefits Daycare providers, food program payments to, Food program payments to daycare providers. Freestatetaxreturns Nutrition Program for the Elderly, Nutrition Program for the Elderly. Freestatetaxreturns Foreign Currency transactions, Foreign currency transactions. Freestatetaxreturns Employment, Foreign Employer Governments, employees of, Employees of international organizations or foreign governments. Freestatetaxreturns Income, Reminders Service, Service-connected disability. Freestatetaxreturns Form 1040 Excess contributions to elective deferrals, Excess Contributions Recoveries, Where to report. Freestatetaxreturns Unemployment compensation, Unemployment Benefits Wages from Form W-2, Employee Compensation Form 1040 or 1040A, Schedule B Restricted stock dividends, Stock you chose to include in your income. Freestatetaxreturns Form 1040, Schedule A Outplacement services, deduction for, Outplacement services. Freestatetaxreturns Repayment of commissions paid in advance, Advance commissions and other earnings. Freestatetaxreturns Form 1040, Schedule C Bartering, Bartering Childcare providers to use, Childcare providers. Freestatetaxreturns Personal property rental, reporting income from, Reporting business income and expenses. Freestatetaxreturns Royalties, Royalties Form 1040, Schedule C-EZ Bartering, Bartering Childcare Providers to use, Childcare providers. Freestatetaxreturns Personal property rental, reporting income from, Reporting business income and expenses. Freestatetaxreturns Royalties, Royalties Form 1040, Schedule D Stock options, Sale of the stock. Freestatetaxreturns Stock options reported on, Statutory Stock Options Form 1040, Schedule E Partner's return, Partner's return. Freestatetaxreturns Royalties, Royalties Form 1040A Recoveries, Where to report. Freestatetaxreturns Unemployment compensation, Unemployment Benefits Wages from Form W-2, Employee Compensation Form 1040EZ Recoveries, Where to report. Freestatetaxreturns Unemployment compensation, Unemployment Benefits Wages from Form W-2, Employee Compensation Form 1041 Estates and trusts, Estate and trust income. Freestatetaxreturns Form 1041, Schedule K-1 Beneficiary's share of income, deductions, credits, etc. Freestatetaxreturns , Estate and trust income. Freestatetaxreturns Form 1065 Partnership return, Partnership return. Freestatetaxreturns Form 1065, Schedule K-1 Partner's share of income, Schedule K-1 (Form 1065). Freestatetaxreturns , Partnership Income Form 1098 Mortgage interest statement, Mortgage interest refund. Freestatetaxreturns Form 1099-B Barter exchange transactions, Form 1099-B from barter exchange. Freestatetaxreturns , Backup withholding. Freestatetaxreturns Form 1099-C Cancellation of debt, Form 1099-C. Freestatetaxreturns Form 1099-DIV Restricted stock dividends, Stock you chose to include in your income. Freestatetaxreturns Form 1099-G State tax refunds, State tax refund. Freestatetaxreturns Unemployment compensation, Unemployment Benefits Form 1099-MISC Services totaling $600 or more, Fees for services. Freestatetaxreturns Stock options exercised incident to divorce, Tax form. Freestatetaxreturns Form 1099-R Charitable gift annuities, Charitable gift annuities. Freestatetaxreturns Excess annual additions, Excess Annual Additions Excess deferral amounts, Excess distributed to you. Freestatetaxreturns Surrender of life insurance policy for cash, Surrender of policy for cash. Freestatetaxreturns Form 1120-POL Political organizations, Campaign contributions. Freestatetaxreturns Form 1120S S corporation return, S corporation return. Freestatetaxreturns Form 1120S, Schedule K-1 Shareholder's share of income, credits, deductions, etc. Freestatetaxreturns , Schedule K-1 (Form 1120S). Freestatetaxreturns Form 2441 Child and dependent care expenses, Dependent Care Benefits Form 4255 Recapture of investment credit, Amounts Recovered for Credits Form 6251 Alternative minimum tax, Alternative minimum tax (AMT). Freestatetaxreturns Form 8839 Adoption assistance, Adoption Assistance Form 8853 Accelerated death benefits, Form 8853. Freestatetaxreturns Archer MSAs and long-term care insurance contracts, Archer MSA contributions. Freestatetaxreturns Form 8919 Uncollected social security and Medicare tax on wages, Employee Compensation Form RRB-1099 Railroad retirement board payments, Form RRB-1099. Freestatetaxreturns Form SSA-1099 Social security benefit statement, Form SSA-1099. Freestatetaxreturns Form W-2 501(c)(18)(D) contributions, Section 501(c)(18)(D) contributions. Freestatetaxreturns Accrued leave payment at time of retirement or resignation, Accrued leave payment. Freestatetaxreturns Back pay awards, Back pay awards. Freestatetaxreturns Bonuses or awards, Bonuses and awards. Freestatetaxreturns Elective deferrals, reporting by employer, Reporting by employer. Freestatetaxreturns Failure to receive from employer, Employee Compensation Fringe benefits reported on, Form W-2. Freestatetaxreturns Stock options from employers, Tax form. Freestatetaxreturns Wage and tax statement, Employee Compensation Form W-2G Gambling winnings, Form W-2G. Freestatetaxreturns Form W-4V Unemployment compensation, voluntary withholding request, Tax withholding. Freestatetaxreturns Form W-9 Request for taxpayer identification number, Backup withholding. Freestatetaxreturns Foster care, Foster care providers. Freestatetaxreturns Foster Grandparent Program, National Senior Service Corps programs. Freestatetaxreturns Found property, Found property. Freestatetaxreturns Free tax services, Free help with your tax return. Freestatetaxreturns Fringe benefits, Fringe Benefits, Special valuation rules. Freestatetaxreturns Accident and health insurance, Accident or Health Plan Adoption, employer assistance, Adoption Assistance Athletic facilities, Athletic Facilities Commuter highway vehicles, Transportation De minimis benefits, De Minimis (Minimal) Benefits, Meals and Lodging Dependent care benefits, Dependent Care Benefits Educational assistance, Educational Assistance Employee discounts, Employee Discounts Faculty lodging, Faculty lodging. Freestatetaxreturns Financial counseling fees, Financial Counseling Fees Holiday gifts, Holiday gifts. Freestatetaxreturns Meals and lodging, Meals and Lodging Moving expenses (see Moving expenses) No-additional-cost services, No-Additional-Cost Services Parking, Transportation Retirement planning (see Retirement planning services) Transit pass, Transportation, Transit pass. Freestatetaxreturns Tuition reduction, Tuition Reduction Valuation of, Valuation of Fringe Benefits, Special valuation rules. Freestatetaxreturns Vehicle, Employer-provided vehicles. Freestatetaxreturns Working condition benefits, Working Condition Benefits Frozen deposits Interest on, Interest on frozen deposits. Freestatetaxreturns G Gambling winnings and losses, Gambling winnings. Freestatetaxreturns Gas Royalties from, Oil, gas, and minerals. Freestatetaxreturns Gifts, Gifts and inheritances. Freestatetaxreturns Holiday gifts from employer, Holiday gifts. Freestatetaxreturns Government employees (see Federal employees; State employees) Grantor trusts, Grantor trust. Freestatetaxreturns Group-term life insurance Worksheets, Figuring the taxable cost. Freestatetaxreturns , Worksheet 1. Freestatetaxreturns Figuring the Cost of Group-Term Life Insurance To Include in Income—Illustrated Gulf oil spill, Reminders, Gulf oil spill. Freestatetaxreturns H HAMP Home affordable modification program Pay-for-performance success payments, Home Affordable Modification Program (HAMP). Freestatetaxreturns Hardest Hit Fund Program, Hardest Hit Fund and Emergency Homeowners' Loan Program. Freestatetaxreturns Health Flexible spending arrangement, Health flexible spending arrangement (health FSA). Freestatetaxreturns Insurance, Accident or Health Plan Reimbursement arrangement, Health reimbursement arrangement (HRA). Freestatetaxreturns Savings account, Health savings accounts (HSA). Freestatetaxreturns Help (see Tax help) Highly compensated employees Excess contributions to elective deferrals, Excess Contributions Historic preservation grants, Historic preservation grants. Freestatetaxreturns Hobby losses, Hobby losses. Freestatetaxreturns Holding period requirement, Holding period requirement. Freestatetaxreturns Holiday gifts, Holiday gifts. Freestatetaxreturns Holocaust victims restitution, Holocaust victims restitution. Freestatetaxreturns Home, sale of, Sale of home. Freestatetaxreturns Host or hostess, Host or Hostess Hotels No-additional-cost services, No-Additional-Cost Services Housing (see Lodging) I Illegal activities, Illegal activities. Freestatetaxreturns Incentive stock options (ISOs), Statutory Stock Options, Incentive stock options (ISOs). Freestatetaxreturns Income Assigned, Assignment of income. Freestatetaxreturns Business and investment, Business and Investment Income, More information. Freestatetaxreturns Constructive receipt of, Constructively received income. Freestatetaxreturns Estate and trust, Estate and trust income. Freestatetaxreturns Foreign employers, Foreign Employer Illegal, Illegal activities. Freestatetaxreturns Miscellaneous, Miscellaneous Income Other, Other Income Partnership, Partnership Income Prepaid, Prepaid income. Freestatetaxreturns S corporation, S Corporation Income Indian fishing rights, Indian fishing rights. Freestatetaxreturns Indian money account, Indian money account litigation settlement. Freestatetaxreturns Individual retirement arrangements (IRAs) Deduction, Benefits may affect your IRA deduction. Freestatetaxreturns Inherited IRA, Inherited pension or IRA. Freestatetaxreturns Inheritance, Gifts and inheritances. Freestatetaxreturns IRA, Inherited pension or IRA. Freestatetaxreturns Property not substantially vested, Inherited property not substantially vested. Freestatetaxreturns Injury benefits, Sickness and Injury Benefits, Reimbursement for medical care. Freestatetaxreturns Insurance Credit card, Credit card insurance. Freestatetaxreturns Health, Accident or Health Plan Life (see Life insurance) Long-term care (see Long-term care insurance) Interest Canceled debt including, Interest included in canceled debt. Freestatetaxreturns Frozen deposits, Interest on frozen deposits. Freestatetaxreturns Mortgage refunds, Mortgage interest refund. Freestatetaxreturns Option on insurance, Interest option on insurance. Freestatetaxreturns Recovery amounts, Interest on recovery. Freestatetaxreturns Savings bond, Interest on qualified savings bonds. Freestatetaxreturns State and local government obligations, Interest on state and local government obligations. Freestatetaxreturns Interference with business operations Damages as income, Court awards and damages. Freestatetaxreturns International organizations, employees of, Foreign Employer Interview expenses, Job interview expenses. Freestatetaxreturns Investment counseling fees, Financial Counseling Fees (see also Retirement planning services) Investment income, Business and Investment Income, More information. Freestatetaxreturns IRAs (see Individual retirement arrangements (IRAs)) Iron ore, Coal and iron ore. Freestatetaxreturns Itemized deductions Limited, Itemized deductions limited. Freestatetaxreturns Recoveries, Recoveries, Itemized Deduction Recoveries J Job interview expenses, Job interview expenses. Freestatetaxreturns Joint returns Social security benefits or railroad retirement payments, Joint return. Freestatetaxreturns Joint state/local tax return Recoveries, Joint state or local income tax return. Freestatetaxreturns Jury duty pay, Jury duty. Freestatetaxreturns K Kickbacks, Kickbacks. Freestatetaxreturns L Labor unions Convention expenses, reimbursed, Reimbursed union convention expenses. Freestatetaxreturns Dues, Union benefits and dues. Freestatetaxreturns Strike and lockout benefits, Strike and lockout benefits. Freestatetaxreturns Unemployment benefits paid from, Payments by a union. Freestatetaxreturns Last day of tax year, income received on, Constructively received income. Freestatetaxreturns Leave (see Accrued leave payment) Length-of-service awards, Employee achievement award. Freestatetaxreturns Life insurance Employer-owned, Employer-owned life insurance contract. Freestatetaxreturns Proceeds, Life Insurance Proceeds Surrender of policy for cash, Surrender of policy for cash. Freestatetaxreturns Loans, Discounted mortgage loan. Freestatetaxreturns (see also Mortgage) Below-market, Below-market loans. Freestatetaxreturns Student, Student loans. Freestatetaxreturns Lockout benefits, Strike and lockout benefits. Freestatetaxreturns Lodging Campus lodging, Qualified campus lodging. Freestatetaxreturns , Moving Expense Reimbursements Clergy, Housing Employer-paid or reimbursed, Meals and Lodging Faculty lodging, Faculty lodging. Freestatetaxreturns Replacement housing payments, Replacement housing payments. Freestatetaxreturns Long-term care insurance, Long-term care coverage. Freestatetaxreturns , Long-Term Care Insurance Contracts Lotteries and raffles, Lotteries and raffles. Freestatetaxreturns Lump-sum distributions Survivor benefits, Lump-sum payments. Freestatetaxreturns M Manufacturer incentive payments, Manufacturer incentive payments. Freestatetaxreturns Meals Employer-paid or reimbursed, Meals and Lodging Nutrition Program for the Elderly, Nutrition Program for the Elderly. Freestatetaxreturns Medical Care reimbursements, Reimbursement for medical care. Freestatetaxreturns Savings accounts, Medical savings accounts (Archer MSAs and Medicare Advantage MSAs). Freestatetaxreturns Medicare Advantage MSAs, Medical savings accounts (Archer MSAs and Medicare Advantage MSAs). Freestatetaxreturns Benefits, Medicare. Freestatetaxreturns Tax paid by employer, Social security and Medicare taxes paid by employer. Freestatetaxreturns Medicare tax (see Social security and Medicare taxes) Military (see Armed forces) Minerals Royalties from, Oil, gas, and minerals. Freestatetaxreturns Miscellaneous Compensation, Miscellaneous Compensation Income, Miscellaneous Income Missing children, photographs of, Reminders Mortgage Assistance payment (under sec. Freestatetaxreturns 235 of National Housing Act), Mortgage assistance payments under section 235 of the National Housing Act. Freestatetaxreturns Discounted loan, Discounted mortgage loan. Freestatetaxreturns Interest refund, Mortgage interest refund. Freestatetaxreturns Qualified principal residence indebtedness, Qualified principal residence indebtedness (QPRI). Freestatetaxreturns Relief, Mortgage relief upon sale or other disposition. Freestatetaxreturns Motor vehicle, employer-provided, Employer-provided vehicles. Freestatetaxreturns Moving expenses Reimbursements, Allowances and reimbursements. Freestatetaxreturns , Moving expense reimbursements. Freestatetaxreturns MSAs (Medical savings accounts), Medical savings accounts (Archer MSAs and Medicare Advantage MSAs). Freestatetaxreturns N National Health Service Corps Scholarship Program, Tuition Reduction National Oceanic and Atmospheric Administration, Service-connected disability. Freestatetaxreturns National Senior Service Corps, National Senior Service Corps programs. Freestatetaxreturns No-additional-cost services, No-Additional-Cost Services No-fault car insurance Disability benefits under, Other compensation. Freestatetaxreturns Nobel prize, Pulitzer, Nobel, and similar prizes. Freestatetaxreturns Nonrecourse debt, Mortgage relief upon sale or other disposition. Freestatetaxreturns Nonstatutory stock options, Nonstatutory Stock Options Nontaxable income, Introduction Not-for-profit activities, Activity not for profit. Freestatetaxreturns Notary fees, Notary public. Freestatetaxreturns Notes received for services, Note received for services. Freestatetaxreturns Nutrition Program for the Elderly, Nutrition Program for the Elderly. Freestatetaxreturns O Oil Royalties from, Oil, gas, and minerals. Freestatetaxreturns Old-age, survivors, and disability insurance benefits (OASDI), Old-age, survivors, and disability insurance benefits (OASDI). Freestatetaxreturns Options, stock, Stock Options, Statutory Stock Options Outplacement services, Outplacement services. Freestatetaxreturns Overseas work, Reminders P Parking fees Employer-paid or reimbursed, Transportation, Qualified parking. Freestatetaxreturns Partner and partnership income, Partnership Income Patents Infringement damages, Court awards and damages. Freestatetaxreturns Royalties, Copyrights and patents. Freestatetaxreturns Peace Corps, Peace Corps. Freestatetaxreturns Pensions Clergy, Pension. Freestatetaxreturns Disability pensions, Disability Pensions Inherited pensions, Inherited pension or IRA. Freestatetaxreturns Military, Military retirement pay. Freestatetaxreturns Personal property Rental income and expense, Rents From Personal Property Sale of, Sale of personal items. Freestatetaxreturns Personal representatives (see Fiduciaries) Prepaid income, Prepaid income. Freestatetaxreturns Price reduced after purchase, Price reduced after purchase. Freestatetaxreturns Prizes and awards, Bonuses and awards. Freestatetaxreturns , Prizes and awards. Freestatetaxreturns Achievement awards, Employee achievement award. Freestatetaxreturns Employee awards or bonuses, Employee awards or bonuses. Freestatetaxreturns Length-of-service awards, Employee achievement award. Freestatetaxreturns Pulitzer, Nobel, and similar prizes, Pulitzer, Nobel, and similar prizes. Freestatetaxreturns Safety achievement, Employee achievement award. Freestatetaxreturns Scholarship prizes, Prizes. Freestatetaxreturns Profit-sharing plan, Retirement and profit-sharing plans. Freestatetaxreturns Public assistance benefits, Welfare and Other Public Assistance Benefits Public Health Service, Service-connected disability. Freestatetaxreturns Public safety officers killed in line of duty, Public safety officer killed in the line of duty. Freestatetaxreturns Public transportation passes, employer-provided, Transportation, Transit pass. Freestatetaxreturns Publications (see Tax help) Pulitzer prize, Pulitzer, Nobel, and similar prizes. Freestatetaxreturns Punitive damages, Court awards and damages. Freestatetaxreturns Q Qualified joint venture, Reminders Qualified tuition program (QTP), Qualified tuition program (QTP). Freestatetaxreturns R Raffles, Lotteries and raffles. Freestatetaxreturns Railroad Retirement annuities, Railroad retirement annuities. Freestatetaxreturns Retirement benefits, Social security and equivalent railroad retirement benefits. Freestatetaxreturns Sick pay, Railroad sick pay. Freestatetaxreturns Unemployment compensation benefits, Types of unemployment compensation. Freestatetaxreturns Real estate Qualified real property business debt, cancellation of, Excluded debt. Freestatetaxreturns Rebates Cash, Cash rebates. Freestatetaxreturns Utility, Utility rebates. Freestatetaxreturns Recovery of amounts previously deducted, Recoveries, Standard deduction for earlier years. Freestatetaxreturns Itemized deductions, Recoveries, Itemized Deduction Recoveries Non-itemized deductions, Non-Itemized Deduction Recoveries Unused tax credits, refiguring of, Unused tax credits. Freestatetaxreturns , Unused tax credits. Freestatetaxreturns Refunds Federal income tax, Federal income tax refund. Freestatetaxreturns Mortgage interest, Mortgage interest refund. Freestatetaxreturns State tax, State tax refund. Freestatetaxreturns Rehabilitative program payments, Veterans' benefits. Freestatetaxreturns Reimbursements Business expenses, Allowances and reimbursements. Freestatetaxreturns Casualty losses, Casualty insurance and other reimbursements. Freestatetaxreturns Meals and lodging, Meals and Lodging Medical expenses, Reimbursement for medical care. Freestatetaxreturns Moving expenses, Allowances and reimbursements. Freestatetaxreturns , Moving expense reimbursements. Freestatetaxreturns Related party transactions Stock option transfer, Transfer in non-arm's-length transaction. Freestatetaxreturns Religious order members, Members of Religious Orders Rental income and expenses Personal property rental, Rents From Personal Property Reporting of, Reporting business income and expenses. Freestatetaxreturns Repayments, Repayments, Year of deduction (or credit). Freestatetaxreturns Repossession, Canceled sales contract. Freestatetaxreturns Restricted property, Restricted Property, Inherited property not substantially vested. Freestatetaxreturns Retired Senior Volunteer Program (RSVP), National Senior Service Corps programs. Freestatetaxreturns Retirement Settlement, Reminders Retirement planning services, Financial Counseling Fees, Retirement Planning Services Retirement plans, Military retirement pay. Freestatetaxreturns (see also Pensions) Automatic contribution arrangements, Qualified automatic contribution arrangements. Freestatetaxreturns Contributions, Retirement Plan Contributions, Excess Annual Additions, Statutory Stock Options Elective deferrals (see Elective deferrals) Rewards, Rewards. Freestatetaxreturns Roth contributions, Designated Roth contributions. Freestatetaxreturns Royalties, Royalties S S corporations, S Corporation Income Safety achievement awards, Employee achievement award. Freestatetaxreturns Salary reduction simplified employee pension plans (see SARSEPs) Sale of home, Sale of home. Freestatetaxreturns Sales contracts Cancellation of, Canceled sales contract. Freestatetaxreturns SARSEPs, Elective Deferrals Excess contributions, Excess Contributions Savings bonds, Interest on qualified savings bonds. Freestatetaxreturns Savings incentive match plans for employees (see SIMPLE plans) Scholarships and fellowships, Scholarships and fellowships. Freestatetaxreturns Self-employed persons U. Freestatetaxreturns S. Freestatetaxreturns citizens working for foreign employers in U. Freestatetaxreturns S. Freestatetaxreturns treated as, Social security and Medicare taxes. Freestatetaxreturns Senior Companion Program, National Senior Service Corps programs. Freestatetaxreturns Service Corps of Retired Executives (SCORE), Service Corps of Retired Executives (SCORE). Freestatetaxreturns Severance pay, Severance pay. Freestatetaxreturns Outplacement services, Outplacement services. Freestatetaxreturns Sick pay, Sick pay. Freestatetaxreturns Sickness and injury benefits, Sickness and Injury Benefits, Reimbursement for medical care. Freestatetaxreturns SIMPLE plans, Elective Deferrals Limit for deferrals under, Limit for deferrals under SIMPLE plans. Freestatetaxreturns Smallpox vaccine injuries, Smallpox vaccine injuries. Freestatetaxreturns Social security and Medicare taxes Foreign employers, U. Freestatetaxreturns S. Freestatetaxreturns citizens working for in U. Freestatetaxreturns S. Freestatetaxreturns , Social security and Medicare taxes. Freestatetaxreturns Paid by employer, Social security and Medicare taxes paid by employer. Freestatetaxreturns Social security benefits, Social security and equivalent railroad retirement benefits. Freestatetaxreturns Standard deduction Recoveries, Standard deduction limit. Freestatetaxreturns , Standard deduction for earlier years. Freestatetaxreturns State employees Unemployment benefits paid to, State employees. Freestatetaxreturns State or local governments Interest on obligations of, Interest on state and local government obligations. Freestatetaxreturns State or local taxes Refunds, State tax refund. Freestatetaxreturns Statutory stock option holding period, Sale of the stock. Freestatetaxreturns Stock appreciation rights, Stock appreciation rights. Freestatetaxreturns Stock options, Stock Options, Statutory Stock Options Stock options, nonstatutory Exercise or transfer, Exercise or transfer of option. Freestatetaxreturns Grant, Grant of option. Freestatetaxreturns Sale, Sale of the stock. Freestatetaxreturns Stock options, statutory Exercise, Exercise of option. Freestatetaxreturns Grant, Grant of option. Freestatetaxreturns Sale, Sale of the stock. Freestatetaxreturns Stockholder debts, Stockholder debt. Freestatetaxreturns Stolen property, Stolen property. Freestatetaxreturns Strike benefits, Strike and lockout benefits. Freestatetaxreturns Student loans Cancellation of debt, Student loans. Freestatetaxreturns Substantial risk of forfeiture, Substantial risk of forfeiture. Freestatetaxreturns Substantially vested property, Substantially vested. Freestatetaxreturns Supplemental security income (SSI) payments, Social security and equivalent railroad retirement benefits. Freestatetaxreturns Supplemental unemployment benefits, Supplemental unemployment benefits. Freestatetaxreturns Surviving spouse Life insurance proceeds paid to, Surviving spouse. Freestatetaxreturns Survivor benefits, Survivor Benefits T Tables and figures Group-term life insurance (Table 1), Group-Term Life Insurance Tax benefit rule, Tax benefit rule. Freestatetaxreturns Tax Counseling for the Elderly, Volunteer tax counseling. Freestatetaxreturns Tax help, How To Get Tax Help Tax-sheltered annuity plans (403(b) plans), Elective Deferrals Limit for, Limit for tax-sheltered annuities. Freestatetaxreturns Terminal illness, Exclusion for terminal illness. Freestatetaxreturns Terrorist attacks Disability payments for injuries from, Terrorist attack or military action. Freestatetaxreturns Victims of, tax relief, Reminders Thrift Savings Plan, Elective Deferrals Title VII, Civil Rights Act of 1964 Back pay and damages for emotional distress under, Court awards and damages. Freestatetaxreturns Tour guides, free tours for, Free tour. Freestatetaxreturns Trade Act of 1974 Trade readjustment allowances under, Types of unemployment compensation. Freestatetaxreturns , Repayment of benefits. Freestatetaxreturns Transferable property, Transferable property. Freestatetaxreturns Transit passes, Transportation, Transit pass. Freestatetaxreturns Travel agencies Free tour to organizer of group of tourists, Free tour. Freestatetaxreturns Travel and transportation expenses Free tours from travel agencies, Free tour. Freestatetaxreturns Fringe benefits, Transportation Reimbursements, Allowances and reimbursements. Freestatetaxreturns School children, transporting of, Transporting school children. Freestatetaxreturns Trusts Grantor trusts, Grantor trust. Freestatetaxreturns Income, Estate and trust income. Freestatetaxreturns Tuition program, qualified (QTP), Qualified tuition program (QTP). Freestatetaxreturns Tuition reduction, Tuition Reduction U Unemployment compensation, Unemployment Benefits Unions (see Labor unions) Unlawful discrimination suits Deduction for costs, Deduction for costs involved in unlawful discrimination suits. Freestatetaxreturns V VA payments, VA payments. Freestatetaxreturns Valuation Fringe benefits, Valuation of Fringe Benefits, Special valuation rules. Freestatetaxreturns Stock options, Nonstatutory Stock Options Vehicle Commuter highway, Commuter highway vehicle. Freestatetaxreturns Employer-provided, Employer-provided vehicles. Freestatetaxreturns Veterans benefits, Veterans' benefits. Freestatetaxreturns Disability compensation, Retroactive VA determination. Freestatetaxreturns Retroactive VA determination, Retroactive VA determination. Freestatetaxreturns Special statute of limitations. Freestatetaxreturns , Special statute of limitations. Freestatetaxreturns Viatical settlements, Viatical settlement. Freestatetaxreturns Volunteer work, Volunteers Tax counseling (Volunteer Income Tax Assistance Program), Volunteer tax counseling. Freestatetaxreturns Volunteers in Service to America (VISTA), Volunteers in Service to America (VISTA). Freestatetaxreturns W W-2 form (see Form W-2) Welfare benefits, Welfare and Other Public Assistance Benefits Whistleblower, Whistleblower's award. Freestatetaxreturns Winter energy payments, Payments to reduce cost of winter energy. Freestatetaxreturns Withholding Barter exchange transactions, Backup withholding. Freestatetaxreturns Unemployment compensation, Tax withholding. Freestatetaxreturns Work-training programs, Work-training program. Freestatetaxreturns Workers' compensation, Workers' Compensation Working condition benefits, Working Condition Benefits Worksheets Group-term life insurance (Worksheet 1), Figuring the taxable cost. Freestatetaxreturns , Worksheet 1. Freestatetaxreturns Figuring the Cost of Group-Term Life Insurance To Include in Income—Illustrated Prev  Up     Home   More Online Publications