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How Do I Amend A Tax Return For 2010

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How Do I Amend A Tax Return For 2010

How do i amend a tax return for 2010 9. How do i amend a tax return for 2010   Depletion Table of Contents Introduction Topics - This chapter discusses: Who Can Claim Depletion? Mineral PropertyCost Depletion Percentage Depletion Oil and Gas Wells Mines and Geothermal Deposits Lessor's Gross Income TimberTimber units. How do i amend a tax return for 2010 Depletion unit. How do i amend a tax return for 2010 Introduction Depletion is the using up of natural resources by mining, drilling, quarrying stone, or cutting timber. How do i amend a tax return for 2010 The depletion deduction allows an owner or operator to account for the reduction of a product's reserves. How do i amend a tax return for 2010 There are two ways of figuring depletion: cost depletion and percentage depletion. How do i amend a tax return for 2010 For mineral property, you generally must use the method that gives you the larger deduction. How do i amend a tax return for 2010 For standing timber, you must use cost depletion. How do i amend a tax return for 2010 Topics - This chapter discusses: Who can claim depletion Mineral property Timber Who Can Claim Depletion? If you have an economic interest in mineral property or standing timber, you can take a deduction for depletion. How do i amend a tax return for 2010 More than one person can have an economic interest in the same mineral deposit or timber. How do i amend a tax return for 2010 In the case of leased property, the depletion deduction is divided between the lessor and the lessee. How do i amend a tax return for 2010 You have an economic interest if both the following apply. How do i amend a tax return for 2010 You have acquired by investment any interest in mineral deposits or standing timber. How do i amend a tax return for 2010 You have a legal right to income from the extraction of the mineral or cutting of the timber to which you must look for a return of your capital investment. How do i amend a tax return for 2010 A contractual relationship that allows you an economic or monetary advantage from products of the mineral deposit or standing timber is not, in itself, an economic interest. How do i amend a tax return for 2010 A production payment carved out of, or retained on the sale of, mineral property is not an economic interest. How do i amend a tax return for 2010 Individuals, corporations, estates, and trusts who claim depletion deductions may be liable for alternative minimum tax. How do i amend a tax return for 2010 Basis adjustment for depletion. How do i amend a tax return for 2010   You must reduce the basis of your property by the depletion allowed or allowable, whichever is greater. How do i amend a tax return for 2010 Mineral Property Mineral property includes oil and gas wells, mines, and other natural deposits (including geothermal deposits). How do i amend a tax return for 2010 For this purpose, the term “property” means each separate interest you own in each mineral deposit in each separate tract or parcel of land. How do i amend a tax return for 2010 You can treat two or more separate interests as one property or as separate properties. How do i amend a tax return for 2010 See section 614 of the Internal Revenue Code and the related regulations for rules on how to treat separate mineral interests. How do i amend a tax return for 2010 There are two ways of figuring depletion on mineral property. How do i amend a tax return for 2010 Cost depletion. How do i amend a tax return for 2010 Percentage depletion. How do i amend a tax return for 2010 Generally, you must use the method that gives you the larger deduction. How do i amend a tax return for 2010 However, unless you are an independent producer or royalty owner, you generally cannot use percentage depletion for oil and gas wells. How do i amend a tax return for 2010 See Oil and Gas Wells , later. How do i amend a tax return for 2010 Cost Depletion To figure cost depletion you must first determine the following. How do i amend a tax return for 2010 The property's basis for depletion. How do i amend a tax return for 2010 The total recoverable units of mineral in the property's natural deposit. How do i amend a tax return for 2010 The number of units of mineral sold during the tax year. How do i amend a tax return for 2010 Basis for depletion. How do i amend a tax return for 2010   To figure the property's basis for depletion, subtract all the following from the property's adjusted basis. How do i amend a tax return for 2010 Amounts recoverable through: Depreciation deductions, Deferred expenses (including deferred exploration and development costs), and Deductions other than depletion. How do i amend a tax return for 2010 The residual value of land and improvements at the end of operations. How do i amend a tax return for 2010 The cost or value of land acquired for purposes other than mineral production. How do i amend a tax return for 2010 Adjusted basis. How do i amend a tax return for 2010   The adjusted basis of your property is your original cost or other basis, plus certain additions and improvements, and minus certain deductions such as depletion allowed or allowable and casualty losses. How do i amend a tax return for 2010 Your adjusted basis can never be less than zero. How do i amend a tax return for 2010 See Publication 551, Basis of Assets, for more information on adjusted basis. How do i amend a tax return for 2010 Total recoverable units. How do i amend a tax return for 2010   The total recoverable units is the sum of the following. How do i amend a tax return for 2010 The number of units of mineral remaining at the end of the year (including units recovered but not sold). How do i amend a tax return for 2010 The number of units of mineral sold during the tax year (determined under your method of accounting, as explained next). How do i amend a tax return for 2010   You must estimate or determine recoverable units (tons, pounds, ounces, barrels, thousands of cubic feet, or other measure) of mineral products using the current industry method and the most accurate and reliable information you can obtain. How do i amend a tax return for 2010 You must include ores and minerals that are developed, in sight, blocked out, or assured. How do i amend a tax return for 2010 You must also include probable or prospective ores or minerals that are believed to exist based on good evidence. How do i amend a tax return for 2010 But see Elective safe harbor for owners of oil and gas property , later. How do i amend a tax return for 2010 Number of units sold. How do i amend a tax return for 2010   You determine the number of units sold during the tax year based on your method of accounting. How do i amend a tax return for 2010 Use the following table to make this determination. How do i amend a tax return for 2010    IF you  use . How do i amend a tax return for 2010 . How do i amend a tax return for 2010 . How do i amend a tax return for 2010 THEN the units sold during the year are . How do i amend a tax return for 2010 . How do i amend a tax return for 2010 . How do i amend a tax return for 2010 The cash method of accounting The units sold for which you receive payment during the tax year (regardless of the year of sale). How do i amend a tax return for 2010 An accrual method of accounting The units sold based on your inventories and method of accounting for inventory. How do i amend a tax return for 2010   The number of units sold during the tax year does not include any for which depletion deductions were allowed or allowable in earlier years. How do i amend a tax return for 2010 Figuring the cost depletion deduction. How do i amend a tax return for 2010   Once you have figured your property's basis for depletion, the total recoverable units, and the number of units sold during the tax year, you can figure your cost depletion deduction by taking the following steps. How do i amend a tax return for 2010 Step Action Result 1 Divide your property's basis for depletion by total recoverable units. How do i amend a tax return for 2010 Rate per unit. How do i amend a tax return for 2010 2 Multiply the rate per unit by units sold during the tax year. How do i amend a tax return for 2010 Cost depletion deduction. How do i amend a tax return for 2010 You must keep accounts for the depletion of each property and adjust these accounts each year for units sold and depletion claimed. How do i amend a tax return for 2010 Elective safe harbor for owners of oil and gas property. How do i amend a tax return for 2010   Instead of using the method described earlier to determine the total recoverable units, you can use an elective safe harbor. How do i amend a tax return for 2010 If you choose the elective safe harbor, the total recoverable units equal 105% of a property's proven reserves (both developed and undeveloped). How do i amend a tax return for 2010 For details, see Revenue Procedure 2004-19 on page 563 of Internal Revenue Bulletin 2004-10, available at www. How do i amend a tax return for 2010 irs. How do i amend a tax return for 2010 gov/pub/irs-irbs/irb04-10. How do i amend a tax return for 2010 pdf. How do i amend a tax return for 2010   To make the election, attach a statement to your timely filed (including extensions) original return for the first tax year for which the safe harbor is elected. How do i amend a tax return for 2010 The statement must indicate that you are electing the safe harbor provided by Revenue Procedure 2004-19. How do i amend a tax return for 2010 The election, if made, is effective for the tax year in which it is made and all later years. How do i amend a tax return for 2010 It cannot be revoked for the tax year in which it is elected, but may be revoked in a later year. How do i amend a tax return for 2010 Once revoked, it cannot be re-elected for the next 5 years. How do i amend a tax return for 2010 Percentage Depletion To figure percentage depletion, you multiply a certain percentage, specified for each mineral, by your gross income from the property during the tax year. How do i amend a tax return for 2010 The rates to be used and other rules for oil and gas wells are discussed later under Independent Producers and Royalty Owners and under Natural Gas Wells . How do i amend a tax return for 2010 Rates and other rules for percentage depletion of other specific minerals are found later in Mines and Geothermal Deposits . How do i amend a tax return for 2010 Gross income. How do i amend a tax return for 2010   When figuring percentage depletion, subtract from your gross income from the property the following amounts. How do i amend a tax return for 2010 Any rents or royalties you paid or incurred for the property. How do i amend a tax return for 2010 The part of any bonus you paid for a lease on the property allocable to the product sold (or that otherwise gives rise to gross income) for the tax year. How do i amend a tax return for 2010 A bonus payment includes amounts you paid as a lessee to satisfy a production payment retained by the lessor. How do i amend a tax return for 2010   Use the following fraction to figure the part of the bonus you must subtract. How do i amend a tax return for 2010 No. How do i amend a tax return for 2010 of units sold in the tax year Recoverable units from the property × Bonus Payments For oil and gas wells and geothermal deposits, more information about the definition of gross income from the property is under Oil and Gas Wells , later. How do i amend a tax return for 2010 For other property, more information about the definition of gross income from the property is under Mines and Geothermal Deposits , later. How do i amend a tax return for 2010 Taxable income limit. How do i amend a tax return for 2010   The percentage depletion deduction generally cannot be more than 50% (100% for oil and gas property) of your taxable income from the property figured without the depletion deduction and the domestic production activities deduction. How do i amend a tax return for 2010   Taxable income from the property means gross income from the property minus all allowable deductions (except any deduction for depletion or domestic production activities) attributable to mining processes, including mining transportation. How do i amend a tax return for 2010 These deductible items include, but are not limited to, the following. How do i amend a tax return for 2010 Operating expenses. How do i amend a tax return for 2010 Certain selling expenses. How do i amend a tax return for 2010 Administrative and financial overhead. How do i amend a tax return for 2010 Depreciation. How do i amend a tax return for 2010 Intangible drilling and development costs. How do i amend a tax return for 2010 Exploration and development expenditures. How do i amend a tax return for 2010 Deductible taxes (see chapter 5), but not taxes that you capitalize or take as a credit. How do i amend a tax return for 2010 Losses sustained. How do i amend a tax return for 2010   The following rules apply when figuring your taxable income from the property for purposes of the taxable income limit. How do i amend a tax return for 2010 Do not deduct any net operating loss deduction from the gross income from the property. How do i amend a tax return for 2010 Corporations do not deduct charitable contributions from the gross income from the property. How do i amend a tax return for 2010 If, during the year, you dispose of an item of section 1245 property that was used in connection with mineral property, reduce any allowable deduction for mining expenses by the part of any gain you must report as ordinary income that is allocable to the mineral property. How do i amend a tax return for 2010 See section 1. How do i amend a tax return for 2010 613-5(b)(1) of the regulations for information on how to figure the ordinary gain allocable to the property. How do i amend a tax return for 2010 Oil and Gas Wells You cannot claim percentage depletion for an oil or gas well unless at least one of the following applies. How do i amend a tax return for 2010 You are either an independent producer or a royalty owner. How do i amend a tax return for 2010 The well produces natural gas that is either sold under a fixed contract or produced from geopressured brine. How do i amend a tax return for 2010 If you are an independent producer or royalty owner, see Independent Producers and Royalty Owners , next. How do i amend a tax return for 2010 For information on the depletion deduction for wells that produce natural gas that is either sold under a fixed contract or produced from geopressured brine, see Natural Gas Wells , later. How do i amend a tax return for 2010 Independent Producers and Royalty Owners If you are an independent producer or royalty owner, you figure percentage depletion using a rate of 15% of the gross income from the property based on your average daily production of domestic crude oil or domestic natural gas up to your depletable oil or natural gas quantity. How do i amend a tax return for 2010 However, certain refiners, as explained next, and certain retailers and transferees of proven oil and gas properties, as explained next, cannot claim percentage depletion. How do i amend a tax return for 2010 For information on figuring the deduction, see Figuring percentage depletion , later. How do i amend a tax return for 2010 Refiners who cannot claim percentage depletion. How do i amend a tax return for 2010   You cannot claim percentage depletion if you or a related person refine crude oil and you and the related person refined more than 75,000 barrels on any day during the tax year based on average (rather than actual) daily refinery runs for the tax year. How do i amend a tax return for 2010 The average daily refinery run is computed by dividing total refinery runs for the tax year by the total number of days in the tax year. How do i amend a tax return for 2010 Related person. How do i amend a tax return for 2010   You and another person are related persons if either of you holds a significant ownership interest in the other person or if a third person holds a significant ownership interest in both of you. How do i amend a tax return for 2010 For example, a corporation, partnership, estate, or trust and anyone who holds a significant ownership interest in it are related persons. How do i amend a tax return for 2010 A partnership and a trust are related persons if one person holds a significant ownership interest in each of them. How do i amend a tax return for 2010 For purposes of the related person rules, significant ownership interest means direct or indirect ownership of 5% or more in any one of the following. How do i amend a tax return for 2010 The value of the outstanding stock of a corporation. How do i amend a tax return for 2010 The interest in the profits or capital of a partnership. How do i amend a tax return for 2010 The beneficial interests in an estate or trust. How do i amend a tax return for 2010 Any interest owned by or for a corporation, partnership, trust, or estate is considered to be owned directly both by itself and proportionately by its shareholders, partners, or beneficiaries. How do i amend a tax return for 2010 Retailers who cannot claim percentage depletion. How do i amend a tax return for 2010   You cannot claim percentage depletion if both the following apply. How do i amend a tax return for 2010 You sell oil or natural gas or their by-products directly or through a related person in any of the following situations. How do i amend a tax return for 2010 Through a retail outlet operated by you or a related person. How do i amend a tax return for 2010 To any person who is required under an agreement with you or a related person to use a trademark, trade name, or service mark or name owned by you or a related person in marketing or distributing oil, natural gas, or their by-products. How do i amend a tax return for 2010 To any person given authority under an agreement with you or a related person to occupy any retail outlet owned, leased, or controlled by you or a related person. How do i amend a tax return for 2010 The combined gross receipts from sales (not counting resales) of oil, natural gas, or their by-products by all retail outlets taken into account in (1) are more than $5 million for the tax year. How do i amend a tax return for 2010   For the purpose of determining if this rule applies, do not count the following. How do i amend a tax return for 2010 Bulk sales (sales in very large quantities) of oil or natural gas to commercial or industrial users. How do i amend a tax return for 2010 Bulk sales of aviation fuels to the Department of Defense. How do i amend a tax return for 2010 Sales of oil or natural gas or their by-products outside the United States if none of your domestic production or that of a related person is exported during the tax year or the prior tax year. How do i amend a tax return for 2010 Related person. How do i amend a tax return for 2010   To determine if you and another person are related persons, see Related person under Refiners who cannot claim percentage depletion, earlier. How do i amend a tax return for 2010 Sales through a related person. How do i amend a tax return for 2010   You are considered to be selling through a related person if any sale by the related person produces gross income from which you may benefit because of your direct or indirect ownership interest in the person. How do i amend a tax return for 2010   You are not considered to be selling through a related person who is a retailer if all the following apply. How do i amend a tax return for 2010 You do not have a significant ownership interest in the retailer. How do i amend a tax return for 2010 You sell your production to persons who are not related to either you or the retailer. How do i amend a tax return for 2010 The retailer does not buy oil or natural gas from your customers or persons related to your customers. How do i amend a tax return for 2010 There are no arrangements for the retailer to acquire oil or natural gas you produced for resale or made available for purchase by the retailer. How do i amend a tax return for 2010 Neither you nor the retailer knows of or controls the final disposition of the oil or natural gas you sold or the original source of the petroleum products the retailer acquired for resale. How do i amend a tax return for 2010 Transferees who cannot claim percentage depletion. How do i amend a tax return for 2010   You cannot claim percentage depletion if you received your interest in a proven oil or gas property by transfer after 1974 and before October 12, 1990. How do i amend a tax return for 2010 For a definition of the term “transfer,” see section 1. How do i amend a tax return for 2010 613A-7(n) of the regulations. How do i amend a tax return for 2010 For a definition of the term “interest in proven oil or gas property,” see section 1. How do i amend a tax return for 2010 613A-7(p) of the regulations. How do i amend a tax return for 2010 Figuring percentage depletion. How do i amend a tax return for 2010   Generally, as an independent producer or royalty owner, you figure your percentage depletion by computing your average daily production of domestic oil or gas and comparing it to your depletable oil or gas quantity. How do i amend a tax return for 2010 If your average daily production does not exceed your depletable oil or gas quantity, you figure your percentage depletion by multiplying the gross income from the oil or gas property (defined later) by 15%. How do i amend a tax return for 2010 If your average daily production of domestic oil or gas exceeds your depletable oil or gas quantity, you must make an allocation as explained later under Average daily production. How do i amend a tax return for 2010   In addition, there is a limit on the percentage depletion deduction. How do i amend a tax return for 2010 See Taxable income limit , later. How do i amend a tax return for 2010 Average daily production. How do i amend a tax return for 2010   Figure your average daily production by dividing your total domestic production of oil or gas for the tax year by the number of days in your tax year. How do i amend a tax return for 2010 Partial interest. How do i amend a tax return for 2010   If you have a partial interest in the production from a property, figure your share of the production by multiplying total production from the property by your percentage of interest in the revenues from the property. How do i amend a tax return for 2010   You have a partial interest in the production from a property if you have a net profits interest in the property. How do i amend a tax return for 2010 To figure the share of production for your net profits interest, you must first determine your percentage participation (as measured by the net profits) in the gross revenue from the property. How do i amend a tax return for 2010 To figure this percentage, you divide the income you receive for your net profits interest by the gross revenue from the property. How do i amend a tax return for 2010 Then multiply the total production from the property by your percentage participation to figure your share of the production. How do i amend a tax return for 2010 Example. How do i amend a tax return for 2010 Javier Robles owns oil property in which Pablo Olmos owns a 20% net profits interest. How do i amend a tax return for 2010 During the year, the property produced 10,000 barrels of oil, which Javier sold for $200,000. How do i amend a tax return for 2010 Javier had expenses of $90,000 attributable to the property. How do i amend a tax return for 2010 The property generated a net profit of $110,000 ($200,000 − $90,000). How do i amend a tax return for 2010 Pablo received income of $22,000 ($110,000 × . How do i amend a tax return for 2010 20) for his net profits interest. How do i amend a tax return for 2010 Pablo determined his percentage participation to be 11% by dividing $22,000 (the income he received) by $200,000 (the gross revenue from the property). How do i amend a tax return for 2010 Pablo determined his share of the oil production to be 1,100 barrels (10,000 barrels × 11%). How do i amend a tax return for 2010 Depletable oil or natural gas quantity. How do i amend a tax return for 2010   Generally, your depletable oil quantity is 1,000 barrels. How do i amend a tax return for 2010 Your depletable natural gas quantity is 6,000 cubic feet multiplied by the number of barrels of your depletable oil quantity that you choose to apply. How do i amend a tax return for 2010 If you claim depletion on both oil and natural gas, you must reduce your depletable oil quantity (1,000 barrels) by the number of barrels you use to figure your depletable natural gas quantity. How do i amend a tax return for 2010 Example. How do i amend a tax return for 2010 You have both oil and natural gas production. How do i amend a tax return for 2010 To figure your depletable natural gas quantity, you choose to apply 360 barrels of your 1000-barrel depletable oil quantity. How do i amend a tax return for 2010 Your depletable natural gas quantity is 2. How do i amend a tax return for 2010 16 million cubic feet of gas (360 × 6000). How do i amend a tax return for 2010 You must reduce your depletable oil quantity to 640 barrels (1000 − 360). How do i amend a tax return for 2010 If you have production from marginal wells, see section 613A(c)(6) of the Internal Revenue Code to figure your depletable oil or natural gas quantity. How do i amend a tax return for 2010 Also, see Notice 2012-50, available at www. How do i amend a tax return for 2010 irs. How do i amend a tax return for 2010 gov/irb/2012–31_IRB/index. How do i amend a tax return for 2010 html. How do i amend a tax return for 2010 Business entities and family members. How do i amend a tax return for 2010   You must allocate the depletable oil or gas quantity among the following related persons in proportion to each entity's or family member's production of domestic oil or gas for the year. How do i amend a tax return for 2010 Corporations, trusts, and estates if 50% or more of the beneficial interest is owned by the same or related persons (considering only persons that own at least 5% of the beneficial interest). How do i amend a tax return for 2010 You and your spouse and minor children. How do i amend a tax return for 2010 A related person is anyone mentioned in the related persons discussion under Nondeductible loss in chapter 2 of Publication 544, except that for purposes of this allocation, item (1) in that discussion includes only an individual, his or her spouse, and minor children. How do i amend a tax return for 2010 Controlled group of corporations. How do i amend a tax return for 2010   Members of the same controlled group of corporations are treated as one taxpayer when figuring the depletable oil or natural gas quantity. How do i amend a tax return for 2010 They share the depletable quantity. How do i amend a tax return for 2010 A controlled group of corporations is defined in section 1563(a) of the Internal Revenue Code, except that, for this purpose, the stock ownership requirement in that definition is “more than 50%” rather than “at least 80%. How do i amend a tax return for 2010 ” Gross income from the property. How do i amend a tax return for 2010   For purposes of percentage depletion, gross income from the property (in the case of oil and gas wells) is the amount you receive from the sale of the oil or gas in the immediate vicinity of the well. How do i amend a tax return for 2010 If you do not sell the oil or gas on the property, but manufacture or convert it into a refined product before sale or transport it before sale, the gross income from the property is the representative market or field price (RMFP) of the oil or gas, before conversion or transportation. How do i amend a tax return for 2010   If you sold gas after you removed it from the premises for a price that is lower than the RMFP, determine gross income from the property for percentage depletion purposes without regard to the RMFP. How do i amend a tax return for 2010   Gross income from the property does not include lease bonuses, advance royalties, or other amounts payable without regard to production from the property. How do i amend a tax return for 2010 Average daily production exceeds depletable quantities. How do i amend a tax return for 2010   If your average daily production for the year is more than your depletable oil or natural gas quantity, figure your allowance for depletion for each domestic oil or natural gas property as follows. How do i amend a tax return for 2010 Figure your average daily production of oil or natural gas for the year. How do i amend a tax return for 2010 Figure your depletable oil or natural gas quantity for the year. How do i amend a tax return for 2010 Figure depletion for all oil or natural gas produced from the property using a percentage depletion rate of 15%. How do i amend a tax return for 2010 Multiply the result figured in (3) by a fraction, the numerator of which is the result figured in (2) and the denominator of which is the result figured in (1). How do i amend a tax return for 2010 This is your depletion allowance for that property for the year. How do i amend a tax return for 2010 Taxable income limit. How do i amend a tax return for 2010   If you are an independent producer or royalty owner of oil and gas, your deduction for percentage depletion is limited to the smaller of the following. How do i amend a tax return for 2010 100% of your taxable income from the property figured without the deduction for depletion and the deduction for domestic production activities under section 199 of the Internal Revenue Code. How do i amend a tax return for 2010 For a definition of taxable income from the property, see Taxable income limit , earlier, under Mineral Property. How do i amend a tax return for 2010 65% of your taxable income from all sources, figured without the depletion allowance, the deduction for domestic production activities, any net operating loss carryback, and any capital loss carryback. How do i amend a tax return for 2010 You can carry over to the following year any amount you cannot deduct because of the 65%-of-taxable-income limit. How do i amend a tax return for 2010 Add it to your depletion allowance (before applying any limits) for the following year. How do i amend a tax return for 2010 Partnerships and S Corporations Generally, each partner or S corporation shareholder, and not the partnership or S corporation, figures the depletion allowance separately. How do i amend a tax return for 2010 (However, see Electing large partnerships must figure depletion allowance , later. How do i amend a tax return for 2010 ) Each partner or shareholder must decide whether to use cost or percentage depletion. How do i amend a tax return for 2010 If a partner or shareholder uses percentage depletion, he or she must apply the 65%-of-taxable-income limit using his or her taxable income from all sources. How do i amend a tax return for 2010 Partner's or shareholder's adjusted basis. How do i amend a tax return for 2010   The partnership or S corporation must allocate to each partner or shareholder his or her share of the adjusted basis of each oil or gas property held by the partnership or S corporation. How do i amend a tax return for 2010 The partnership or S corporation makes the allocation as of the date it acquires the oil or gas property. How do i amend a tax return for 2010   Each partner's share of the adjusted basis of the oil or gas property generally is figured according to that partner's interest in partnership capital. How do i amend a tax return for 2010 However, in some cases, it is figured according to the partner's interest in partnership income. How do i amend a tax return for 2010   The partnership or S corporation adjusts the partner's or shareholder's share of the adjusted basis of the oil and gas property for any capital expenditures made for the property and for any change in partnership or S corporation interests. How do i amend a tax return for 2010 Recordkeeping. How do i amend a tax return for 2010 Each partner or shareholder must separately keep records of his or her share of the adjusted basis in each oil and gas property of the partnership or S corporation. How do i amend a tax return for 2010 The partner or shareholder must reduce his or her adjusted basis by the depletion allowed or allowable on the property each year. How do i amend a tax return for 2010 The partner or shareholder must use that reduced adjusted basis to figure cost depletion or his or her gain or loss if the partnership or S corporation disposes of the property. How do i amend a tax return for 2010 Reporting the deduction. How do i amend a tax return for 2010   Information that you, as a partner or shareholder, use to figure your depletion deduction on oil and gas properties is reported by the partnership or S corporation on Schedule K-1 (Form 1065) or on Schedule K-1 (Form 1120S). How do i amend a tax return for 2010 Deduct oil and gas depletion for your partnership or S corporation interest on Schedule E (Form 1040). How do i amend a tax return for 2010 The depletion deducted on Schedule E is included in figuring income or loss from rental real estate or royalty properties. How do i amend a tax return for 2010 The instructions for Schedule E explain where to report this income or loss and whether you need to file either of the following forms. How do i amend a tax return for 2010 Form 6198, At-Risk Limitations. How do i amend a tax return for 2010 Form 8582, Passive Activity Loss Limitations. How do i amend a tax return for 2010 Electing large partnerships must figure depletion allowance. How do i amend a tax return for 2010   An electing large partnership, rather than each partner, generally must figure the depletion allowance. How do i amend a tax return for 2010 The partnership figures the depletion allowance without taking into account the 65-percent-of-taxable-income limit and the depletable oil or natural gas quantity. How do i amend a tax return for 2010 Also, the adjusted basis of a partner's interest in the partnership is not affected by the depletion allowance. How do i amend a tax return for 2010   An electing large partnership is one that meets both the following requirements. How do i amend a tax return for 2010 The partnership had 100 or more partners in the preceding year. How do i amend a tax return for 2010 The partnership chooses to be an electing large partnership. How do i amend a tax return for 2010 Disqualified persons. How do i amend a tax return for 2010   An electing large partnership does not figure the depletion allowance of its partners that are disqualified persons. How do i amend a tax return for 2010 Disqualified persons must figure it themselves, as explained earlier. How do i amend a tax return for 2010   All the following are disqualified persons. How do i amend a tax return for 2010 Refiners who cannot claim percentage depletion (discussed under Independent Producers and Royalty Owners , earlier). How do i amend a tax return for 2010 Retailers who cannot claim percentage depletion (discussed under Independent Producers and Royalty Owners , earlier). How do i amend a tax return for 2010 Any partner whose average daily production of domestic crude oil and natural gas is more than 500 barrels during the tax year in which the partnership tax year ends. How do i amend a tax return for 2010 Average daily production is discussed earlier. How do i amend a tax return for 2010 Natural Gas Wells You can use percentage depletion for a well that produces natural gas that is either Sold under a fixed contract, or Produced from geopressured brine. How do i amend a tax return for 2010 Natural gas sold under a fixed contract. How do i amend a tax return for 2010   Natural gas sold under a fixed contract qualifies for a percentage depletion rate of 22%. How do i amend a tax return for 2010 This is domestic natural gas sold by the producer under a contract that does not provide for a price increase to reflect any increase in the seller's tax liability because of the repeal of percentage depletion for gas. How do i amend a tax return for 2010 The contract must have been in effect from February 1, 1975, until the date of sale of the gas. How do i amend a tax return for 2010 Price increases after February 1, 1975, are presumed to take the increase in tax liability into account unless demonstrated otherwise by clear and convincing evidence. How do i amend a tax return for 2010 Natural gas from geopressured brine. How do i amend a tax return for 2010   Qualified natural gas from geopressured brine is eligible for a percentage depletion rate of 10%. How do i amend a tax return for 2010 This is natural gas that is both the following. How do i amend a tax return for 2010 Produced from a well you began to drill after September 1978 and before 1984. How do i amend a tax return for 2010 Determined in accordance with section 503 of the Natural Gas Policy Act of 1978 to be produced from geopressured brine. How do i amend a tax return for 2010 Mines and Geothermal Deposits Certain mines, wells, and other natural deposits, including geothermal deposits, qualify for percentage depletion. How do i amend a tax return for 2010 Mines and other natural deposits. How do i amend a tax return for 2010   For a natural deposit, the percentage of your gross income from the property that you can deduct as depletion depends on the type of deposit. How do i amend a tax return for 2010   The following is a list of the percentage depletion rates for the more common minerals. How do i amend a tax return for 2010 DEPOSITS RATE Sulphur, uranium, and, if from deposits in the United States, asbestos, lead ore, zinc ore, nickel ore, and mica 22% Gold, silver, copper, iron ore, and certain oil shale, if from deposits in the United States 15% Borax, granite, limestone, marble, mollusk shells, potash, slate, soapstone, and carbon dioxide produced from a well 14% Coal, lignite, and sodium chloride 10% Clay and shale used or sold for use in making sewer pipe or bricks or used or sold for use as sintered or burned lightweight aggregates 7½% Clay used or sold for use in making drainage and roofing tile, flower pots, and kindred products, and gravel, sand, and stone (other than stone used or sold for use by a mine owner or operator as dimension or ornamental stone) 5%   You can find a complete list of minerals and their percentage depletion rates in section 613(b) of the Internal Revenue Code. How do i amend a tax return for 2010 Corporate deduction for iron ore and coal. How do i amend a tax return for 2010   The percentage depletion deduction of a corporation for iron ore and coal (including lignite) is reduced by 20% of: The percentage depletion deduction for the tax year (figured without this reduction), minus The adjusted basis of the property at the close of the tax year (figured without the depletion deduction for the tax year). How do i amend a tax return for 2010 Gross income from the property. How do i amend a tax return for 2010   For property other than a geothermal deposit or an oil or gas well, gross income from the property means the gross income from mining. How do i amend a tax return for 2010 Mining includes all the following. How do i amend a tax return for 2010 Extracting ores or minerals from the ground. How do i amend a tax return for 2010 Applying certain treatment processes described later. How do i amend a tax return for 2010 Transporting ores or minerals (generally, not more than 50 miles) from the point of extraction to the plants or mills in which the treatment processes are applied. How do i amend a tax return for 2010 Excise tax. How do i amend a tax return for 2010   Gross income from mining includes the separately stated excise tax received by a mine operator from the sale of coal to compensate the operator for the excise tax the mine operator must pay to finance black lung benefits. How do i amend a tax return for 2010 Extraction. How do i amend a tax return for 2010   Extracting ores or minerals from the ground includes extraction by mine owners or operators of ores or minerals from the waste or residue of prior mining. How do i amend a tax return for 2010 This does not apply to extraction from waste or residue of prior mining by the purchaser of the waste or residue or the purchaser of the rights to extract ores or minerals from the waste or residue. How do i amend a tax return for 2010 Treatment processes. How do i amend a tax return for 2010   The processes included as mining depend on the ore or mineral mined. How do i amend a tax return for 2010 To qualify as mining, the treatment processes must be applied by the mine owner or operator. How do i amend a tax return for 2010 For a listing of treatment processes considered as mining, see section 613(c)(4) of the Internal Revenue Code and the related regulations. How do i amend a tax return for 2010 Transportation of more than 50 miles. How do i amend a tax return for 2010   If the IRS finds that the ore or mineral must be transported more than 50 miles to plants or mills to be treated because of physical and other requirements, the additional authorized transportation is considered mining and included in the computation of gross income from mining. How do i amend a tax return for 2010    If you wish to include transportation of more than 50 miles in the computation of gross income from mining, request an advance ruling from the IRS. How do i amend a tax return for 2010 Include in the request the facts about the physical and other requirements that prevented the construction and operation of the plant within 50 miles of the point of extraction. How do i amend a tax return for 2010 For more information about requesting an advance ruling, see Revenue Procedure 2013-1, available at www. How do i amend a tax return for 2010 irs. How do i amend a tax return for 2010 gov/irb/2013-01_IRB/ar11. How do i amend a tax return for 2010 html. How do i amend a tax return for 2010 Disposal of coal or iron ore. How do i amend a tax return for 2010   You cannot take a depletion deduction for coal (including lignite) or iron ore mined in the United States if both the following apply. How do i amend a tax return for 2010 You disposed of it after holding it for more than 1 year. How do i amend a tax return for 2010 You disposed of it under a contract under which you retain an economic interest in the coal or iron ore. How do i amend a tax return for 2010 Treat any gain on the disposition as a capital gain. How do i amend a tax return for 2010 Disposal to related person. How do i amend a tax return for 2010   This rule does not apply if you dispose of the coal or iron ore to one of the following persons. How do i amend a tax return for 2010 A related person (as listed in chapter 2 of Publication 544). How do i amend a tax return for 2010 A person owned or controlled by the same interests that own or control you. How do i amend a tax return for 2010 Geothermal deposits. How do i amend a tax return for 2010   Geothermal deposits located in the United States or its possessions qualify for a percentage depletion rate of 15%. How do i amend a tax return for 2010 A geothermal deposit is a geothermal reservoir of natural heat stored in rocks or in a watery liquid or vapor. How do i amend a tax return for 2010 For percentage depletion purposes, a geothermal deposit is not considered a gas well. How do i amend a tax return for 2010   Figure gross income from the property for a geothermal steam well in the same way as for oil and gas wells. How do i amend a tax return for 2010 See Gross income from the property , earlier, under Oil and Gas Wells. How do i amend a tax return for 2010 Percentage depletion on a geothermal deposit cannot be more than 50% of your taxable income from the property. How do i amend a tax return for 2010 Lessor's Gross Income In the case of leased property, the depletion deduction is divided between the lessor and the lessee. How do i amend a tax return for 2010 A lessor's gross income from the property that qualifies for percentage depletion usually is the total of the royalties received from the lease. How do i amend a tax return for 2010 Bonuses and advanced royalties. How do i amend a tax return for 2010   Bonuses and advanced royalties are payments a lessee makes before production to a lessor for the grant of rights in a lease or for minerals, gas, or oil to be extracted from leased property. How do i amend a tax return for 2010 If you are the lessor, your income from bonuses and advanced royalties received is subject to an allowance for depletion, as explained in the next two paragraphs. How do i amend a tax return for 2010 Figuring cost depletion. How do i amend a tax return for 2010   To figure cost depletion on a bonus, multiply your adjusted basis in the property by a fraction, the numerator of which is the bonus and the denominator of which is the total bonus and royalties expected to be received. How do i amend a tax return for 2010 To figure cost depletion on advanced royalties, use the computation explained earlier under Cost Depletion , treating the number of units for which the advanced royalty is received as the number of units sold. How do i amend a tax return for 2010 Figuring percentage depletion. How do i amend a tax return for 2010   In the case of mines, wells, and other natural deposits other than gas, oil, or geothermal property, you may use the percentage rates discussed earlier under Mines and Geothermal Deposits . How do i amend a tax return for 2010 Any bonus or advanced royalty payments are generally part of the gross income from the property to which the rates are applied in making the calculation. How do i amend a tax return for 2010 However, for oil, gas, or geothermal property, gross income does not include lease bonuses, advanced royalties, or other amounts payable without regard to production from the property. How do i amend a tax return for 2010 Ending the lease. How do i amend a tax return for 2010   If you receive a bonus on a lease that ends or is abandoned before you derive any income from mineral extraction, include in income the depletion deduction you took. How do i amend a tax return for 2010 Do this for the year the lease ends or is abandoned. How do i amend a tax return for 2010 Also increase your adjusted basis in the property to restore the depletion deduction you previously subtracted. How do i amend a tax return for 2010   For advanced royalties, include in income the depletion claimed on minerals for which the advanced royalties were paid if the minerals were not produced before the lease ended. How do i amend a tax return for 2010 Include this amount in income for the year the lease ends. How do i amend a tax return for 2010 Increase your adjusted basis in the property by the amount you include in income. How do i amend a tax return for 2010 Delay rentals. How do i amend a tax return for 2010   These are payments for deferring development of the property. How do i amend a tax return for 2010 Since delay rentals are ordinary rent, they are ordinary income that is not subject to depletion. How do i amend a tax return for 2010 These rentals can be avoided by either abandoning the lease, beginning development operations, or obtaining production. How do i amend a tax return for 2010 Timber You can figure timber depletion only by the cost method. How do i amend a tax return for 2010 Percentage depletion does not apply to timber. How do i amend a tax return for 2010 Base your depletion on your cost or other basis in the timber. How do i amend a tax return for 2010 Your cost does not include the cost of land or any amounts recoverable through depreciation. How do i amend a tax return for 2010 Depletion takes place when you cut standing timber. How do i amend a tax return for 2010 You can figure your depletion deduction when the quantity of cut timber is first accurately measured in the process of exploitation. How do i amend a tax return for 2010 Figuring cost depletion. How do i amend a tax return for 2010   To figure your cost depletion allowance, you multiply the number of timber units cut by your depletion unit. How do i amend a tax return for 2010 Timber units. How do i amend a tax return for 2010   When you acquire timber property, you must make an estimate of the quantity of marketable timber that exists on the property. How do i amend a tax return for 2010 You measure the timber using board feet, log scale, cords, or other units. How do i amend a tax return for 2010 If you later determine that you have more or less units of timber, you must adjust the original estimate. How do i amend a tax return for 2010   The term “timber property” means your economic interest in standing timber in each tract or block representing a separate timber account. How do i amend a tax return for 2010 Depletion unit. How do i amend a tax return for 2010   You figure your depletion unit each year by taking the following steps. How do i amend a tax return for 2010 Determine your cost or adjusted basis of the timber on hand at the beginning of the year. How do i amend a tax return for 2010 Adjusted basis is defined under Cost Depletion in the discussion on Mineral Property. How do i amend a tax return for 2010 Add to the amount determined in (1) the cost of any timber units acquired during the year and any additions to capital. How do i amend a tax return for 2010 Figure the number of timber units to take into account by adding the number of timber units acquired during the year to the number of timber units on hand in the account at the beginning of the year and then adding (or subtracting) any correction to the estimate of the number of timber units remaining in the account. How do i amend a tax return for 2010 Divide the result of (2) by the result of (3). How do i amend a tax return for 2010 This is your depletion unit. How do i amend a tax return for 2010 Example. How do i amend a tax return for 2010 You bought a timber tract for $160,000 and the land was worth as much as the timber. How do i amend a tax return for 2010 Your basis for the timber is $80,000. How do i amend a tax return for 2010 Based on an estimated one million board feet (1,000 MBF) of standing timber, you figure your depletion unit to be $80 per MBF ($80,000 ÷ 1,000). How do i amend a tax return for 2010 If you cut 500 MBF of timber, your depletion allowance would be $40,000 (500 MBF × $80). How do i amend a tax return for 2010 When to claim depletion. How do i amend a tax return for 2010   Claim your depletion allowance as a deduction in the year of sale or other disposition of the products cut from the timber, unless you choose to treat the cutting of timber as a sale or exchange (explained below). How do i amend a tax return for 2010 Include allowable depletion for timber products not sold during the tax year the timber is cut as a cost item in the closing inventory of timber products for the year. How do i amend a tax return for 2010 The inventory is your basis for determining gain or loss in the tax year you sell the timber products. How do i amend a tax return for 2010 Example. How do i amend a tax return for 2010 The facts are the same as in the previous example except that you sold only half of the timber products in the cutting year. How do i amend a tax return for 2010 You would deduct $20,000 of the $40,000 depletion that year. How do i amend a tax return for 2010 You would add the remaining $20,000 depletion to your closing inventory of timber products. How do i amend a tax return for 2010 Electing to treat the cutting of timber as a sale or exchange. How do i amend a tax return for 2010   You can elect, under certain circumstances, to treat the cutting of timber held for more than 1 year as a sale or exchange. How do i amend a tax return for 2010 You must make the election on your income tax return for the tax year to which it applies. How do i amend a tax return for 2010 If you make this election, subtract the adjusted basis for depletion from the fair market value of the timber on the first day of the tax year in which you cut it to figure the gain or loss on the cutting. How do i amend a tax return for 2010 You generally report the gain as long-term capital gain. How do i amend a tax return for 2010 The fair market value then becomes your basis for figuring your ordinary gain or loss on the sale or other disposition of the products cut from the timber. How do i amend a tax return for 2010 For more information, see Timber in chapter 2 of Publication 544, Sales and Other Dispositions of Assets. How do i amend a tax return for 2010   You may revoke an election to treat the cutting of timber as a sale or exchange without IRS's consent. How do i amend a tax return for 2010 The prior election (and revocation) is disregarded for purposes of making a subsequent election. How do i amend a tax return for 2010 See Form T (Timber), Forest Activities Schedule, for more information. How do i amend a tax return for 2010 Form T. How do i amend a tax return for 2010   Complete and attach Form T (Timber) to your income tax return if you claim a deduction for timber depletion, choose to treat the cutting of timber as a sale or exchange, or make an outright sale of timber. How do i amend a tax return for 2010 Prev  Up  Next   Home   More Online Publications
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Understanding Your CP72 Notice

You may have claimed a frivolous position on your tax return. A frivolous return is identified when some information on the return has no basis in the law.


What you need to do

  • File a corrected return within 30 days of the notice

You may want to

  • Review this notice with your tax preparer
  • Read about deductions and credits in Publication 17
  • Call us at the number shown on your notice
  • Review the Publication 2105 you received

Answers to Common Questions

What is this notice telling me?
Based on information on your return, it appears you have taken a frivolous position. A frivolous position is one that has no basis in the law.

What do I have to do?
Within 30 days of the notice date, you must file a corrected return removing the frivolous position. If you don't, a penalty of $5000 can be assessed on each frivolous return filed.


Tax publications you may find useful

The Truth About Frivolous Tax Arguments

Page Last Reviewed or Updated: 06-Mar-2014

Printable samples of this notice (PDF)

 

 

How to get help

  • Call the 1-800 number listed on the top right corner of your notice.
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  • See if you qualify for help from a Low Income Taxpayer Clinic.
     

The How Do I Amend A Tax Return For 2010

How do i amend a tax return for 2010 4. How do i amend a tax return for 2010   Tax Withholding and Estimated Tax Table of Contents What's New for 2014 Reminders Introduction Useful Items - You may want to see: Tax Withholding for 2014Salaries and Wages Tips Taxable Fringe Benefits Sick Pay Pensions and Annuities Gambling Winnings Unemployment Compensation Federal Payments Backup Withholding Estimated Tax for 2014Who Does Not Have To Pay Estimated Tax Who Must Pay Estimated Tax How To Figure Estimated Tax When To Pay Estimated Tax How To Figure Each Payment How To Pay Estimated Tax Credit for Withholding and Estimated Tax for 2013Withholding Estimated Tax Underpayment Penalty for 2013 What's New for 2014 Tax law changes for 2014. How do i amend a tax return for 2010  When you figure how much income tax you want withheld from your pay and when you figure your estimated tax, consider tax law changes effective in 2014. How do i amend a tax return for 2010 For more information, see Publication 505. How do i amend a tax return for 2010 Reminders Estimated tax safe harbor for higher income taxpayers. How do i amend a tax return for 2010  If your 2013 adjusted gross income was more than $150,000 ($75,000 if you are married filing a separate return), you must pay the smaller of 90% of your expected tax for 2014 or 110% of the tax shown on your 2013 return to avoid an estimated tax penalty. How do i amend a tax return for 2010 Introduction This chapter discusses how to pay your tax as you earn or receive income during the year. How do i amend a tax return for 2010 In general, the federal income tax is a pay-as-you-go tax. How do i amend a tax return for 2010 There are two ways to pay as you go. How do i amend a tax return for 2010 Withholding. How do i amend a tax return for 2010 If you are an employee, your employer probably withholds income tax from your pay. How do i amend a tax return for 2010 Tax also may be withheld from certain other income, such as pensions, bonuses, commissions, and gambling winnings. How do i amend a tax return for 2010 The amount withheld is paid to the IRS in your name. How do i amend a tax return for 2010 Estimated tax. How do i amend a tax return for 2010 If you do not pay your tax through withholding, or do not pay enough tax that way, you may have to pay estimated tax. How do i amend a tax return for 2010 People who are in business for themselves generally will have to pay their tax this way. How do i amend a tax return for 2010 Also, you may have to pay estimated tax if you receive income such as dividends, interest, capital gains, rent, and royalties. How do i amend a tax return for 2010 Estimated tax is used to pay not only income tax, but self-employment tax and alternative minimum tax as well. How do i amend a tax return for 2010 This chapter explains these methods. How do i amend a tax return for 2010 In addition, it also explains the following. How do i amend a tax return for 2010 Credit for withholding and estimated tax. How do i amend a tax return for 2010 When you file your 2013 income tax return, take credit for all the income tax withheld from your salary, wages, pensions, etc. How do i amend a tax return for 2010 , and for the estimated tax you paid for 2013. How do i amend a tax return for 2010 Also take credit for any excess social security or railroad retirement tax withheld (discussed in chapter 37). How do i amend a tax return for 2010 Underpayment penalty. How do i amend a tax return for 2010 If you did not pay enough tax during the year, either through withholding or by making estimated tax payments, you may have to pay a penalty. How do i amend a tax return for 2010 In most cases, the IRS can figure this penalty for you. How do i amend a tax return for 2010 See Underpayment Penalty for 2013 at the end of this chapter. How do i amend a tax return for 2010 Useful Items - You may want to see: Publication 505 Tax Withholding and Estimated Tax Form (and Instructions) W-4 Employee's Withholding Allowance Certificate W-4P Withholding Certificate for Pension or Annuity Payments W-4S Request for Federal Income Tax Withholding From Sick Pay W-4V Voluntary Withholding Request 1040-ES Estimated Tax for Individuals 2210 Underpayment of Estimated Tax by Individuals, Estates, and Trusts 2210-F Underpayment of Estimated Tax by Farmers and Fishermen Tax Withholding for 2014 This section discusses income tax withholding on: Salaries and wages, Tips, Taxable fringe benefits, Sick pay, Pensions and annuities, Gambling winnings, Unemployment compensation, and Certain federal payments. How do i amend a tax return for 2010 This section explains the rules for withholding tax from each of these types of income. How do i amend a tax return for 2010 This section also covers backup withholding on interest, dividends, and other payments. How do i amend a tax return for 2010 Salaries and Wages Income tax is withheld from the pay of most employees. How do i amend a tax return for 2010 Your pay includes your regular pay, bonuses, commissions, and vacation allowances. How do i amend a tax return for 2010 It also includes reimbursements and other expense allowances paid under a nonaccountable plan. How do i amend a tax return for 2010 See Supplemental Wages , later, for more information about reimbursements and allowances paid under a nonaccountable plan. How do i amend a tax return for 2010 If your income is low enough that you will not have to pay income tax for the year, you may be exempt from withholding. How do i amend a tax return for 2010 This is explained under Exemption From Withholding , later. How do i amend a tax return for 2010 You can ask your employer to withhold income tax from noncash wages and other wages not subject to withholding. How do i amend a tax return for 2010 If your employer does not agree to withhold tax, or if not enough is withheld, you may have to pay estimated tax, as discussed later under Estimated Tax for 2014 . How do i amend a tax return for 2010 Military retirees. How do i amend a tax return for 2010   Military retirement pay is treated in the same manner as regular pay for income tax withholding purposes, even though it is treated as a pension or annuity for other tax purposes. How do i amend a tax return for 2010 Household workers. How do i amend a tax return for 2010   If you are a household worker, you can ask your employer to withhold income tax from your pay. How do i amend a tax return for 2010 A household worker is an employee who performs household work in a private home, local college club, or local fraternity or sorority chapter. How do i amend a tax return for 2010   Tax is withheld only if you want it withheld and your employer agrees to withhold it. How do i amend a tax return for 2010 If you do not have enough income tax withheld, you may have to pay estimated tax, as discussed later under Estimated Tax for 2014 . How do i amend a tax return for 2010 Farmworkers. How do i amend a tax return for 2010   Generally, income tax is withheld from your cash wages for work on a farm unless your employer does both of these: Pays you cash wages of less than $150 during the year, and Has expenditures for agricultural labor totaling less than $2,500 during the year. How do i amend a tax return for 2010 Differential wage payments. How do i amend a tax return for 2010    When employees are on leave from employment for military duty, some employers make up the difference between the military pay and civilian pay. How do i amend a tax return for 2010 Payments to an employee who is on active duty for a period of more than 30 days will be subject to income tax withholding, but not subject to social security or Medicare taxes. How do i amend a tax return for 2010 The wages and withholding will be reported on Form W-2, Wage and Tax Statement. How do i amend a tax return for 2010   The credit employers can claim for differential wages paid to activated military reservists is scheduled to expire for wages paid after December 31, 2013. How do i amend a tax return for 2010 Determining Amount of Tax Withheld Using Form W-4 The amount of income tax your employer withholds from your regular pay depends on two things. How do i amend a tax return for 2010 The amount you earn in each payroll period. How do i amend a tax return for 2010 The information you give your employer on Form W-4. How do i amend a tax return for 2010 Form W-4 includes four types of information that your employer will use to figure your withholding. How do i amend a tax return for 2010 Whether to withhold at the single rate or at the lower married rate. How do i amend a tax return for 2010 How many withholding allowances you claim (each allowance reduces the amount withheld). How do i amend a tax return for 2010 Whether you want an additional amount withheld. How do i amend a tax return for 2010 Whether you are claiming an exemption from withholding in 2014. How do i amend a tax return for 2010 See Exemption From Withholding , later. How do i amend a tax return for 2010 Note. How do i amend a tax return for 2010 You must specify a filing status and a number of withholding allowances on Form W-4. How do i amend a tax return for 2010 You cannot specify only a dollar amount of withholding. How do i amend a tax return for 2010 New Job When you start a new job, you must fill out Form W-4 and give it to your employer. How do i amend a tax return for 2010 Your employer should have copies of the form. How do i amend a tax return for 2010 If you need to change the information later, you must fill out a new form. How do i amend a tax return for 2010 If you work only part of the year (for example, you start working after the beginning of the year), too much tax may be withheld. How do i amend a tax return for 2010 You may be able to avoid overwithholding if your employer agrees to use the part-year method. How do i amend a tax return for 2010 See Part-Year Method in chapter 1 of Publication 505 for more information. How do i amend a tax return for 2010 Employee also receiving pension income. How do i amend a tax return for 2010   If you receive pension or annuity income and begin a new job, you will need to file Form W-4 with your new employer. How do i amend a tax return for 2010 However, you can choose to split your withholding allowances between your pension and job in any manner. How do i amend a tax return for 2010 Changing Your Withholding During the year changes may occur to your marital status, exemptions, adjustments, deductions, or credits you expect to claim on your tax return. How do i amend a tax return for 2010 When this happens, you may need to give your employer a new Form W-4 to change your withholding status or your number of allowances. How do i amend a tax return for 2010 If the changes reduce the number of allowances you are claiming or changes your marital status from married to single, you must give your employer a new Form W-4 within 10 days. How do i amend a tax return for 2010 Generally, you can submit a new Form W-4 whenever you wish to change the number of your withholding allowances for any other reason. How do i amend a tax return for 2010 Changing your withholding for 2015. How do i amend a tax return for 2010   If events in 2014 will decrease the number of your withholding allowances for 2015, you must give your employer a new Form W-4 by December 1, 2014. How do i amend a tax return for 2010 If the event occurs in December 2014, submit a new Form W-4 within 10 days. How do i amend a tax return for 2010 Checking Your Withholding After you have given your employer a Form W-4, you can check to see whether the amount of tax withheld from your pay is too little or too much. How do i amend a tax return for 2010 If too much or too little tax is being withheld, you should give your employer a new Form W-4 to change your withholding. How do i amend a tax return for 2010 You should try to have your withholding match your actual tax liability. How do i amend a tax return for 2010 If not enough tax is withheld, you will owe tax at the end of the year and may have to pay interest and a penalty. How do i amend a tax return for 2010 If too much tax is withheld, you will lose the use of that money until you get your refund. How do i amend a tax return for 2010 Always check your withholding if there are personal or financial changes in your life or changes in the law that might change your tax liability. How do i amend a tax return for 2010 Note. How do i amend a tax return for 2010 You cannot give your employer a payment to cover withholding on salaries and wages for past pay periods or a payment for estimated tax. How do i amend a tax return for 2010 Completing Form W-4 and Worksheets Form W-4 has worksheets to help you figure how many withholding allowances you can claim. How do i amend a tax return for 2010 The worksheets are for your own records. How do i amend a tax return for 2010 Do not give them to your employer. How do i amend a tax return for 2010 Multiple jobs. How do i amend a tax return for 2010   If you have income from more than one job at the same time, complete only one set of Form W-4 worksheets. How do i amend a tax return for 2010 Then split your allowances between the Forms W-4 for each job. How do i amend a tax return for 2010 You cannot claim the same allowances with more than one employer at the same time. How do i amend a tax return for 2010 You can claim all your allowances with one employer and none with the other(s), or divide them any other way. How do i amend a tax return for 2010 Married individuals. How do i amend a tax return for 2010   If both you and your spouse are employed and expect to file a joint return, figure your withholding allowances using your combined income, adjustments, deductions, exemptions, and credits. How do i amend a tax return for 2010 Use only one set of worksheets. How do i amend a tax return for 2010 You can divide your total allowances any way, but you cannot claim an allowance that your spouse also claims. How do i amend a tax return for 2010   If you and your spouse expect to file separate returns, figure your allowances using separate worksheets based on your own individual income, adjustments, deductions, exemptions, and credits. How do i amend a tax return for 2010 Alternative method of figuring withholding allowances. How do i amend a tax return for 2010   You do not have to use the Form W-4 worksheets if you use a more accurate method of figuring the number of withholding allowances. How do i amend a tax return for 2010 For more information, see Alternative method of figuring withholding allowances under Completing Form W-4 and Worksheets in Publication 505, chapter 1. How do i amend a tax return for 2010 Personal Allowances Worksheet. How do i amend a tax return for 2010   Use the Personal Allowances Worksheet on Form W-4 to figure your withholding allowances based on exemptions and any special allowances that apply. How do i amend a tax return for 2010 Deduction and Adjustments Worksheet. How do i amend a tax return for 2010   Use the Deduction and Adjustments Worksheet on Form W-4 if you plan to itemize your deductions, claim certain credits, or claim adjustments to the income on your 2014 tax return and you want to reduce your withholding. How do i amend a tax return for 2010 Also, complete this worksheet when you have changes to these items to see if you need to change your withholding. How do i amend a tax return for 2010 Two-Earners/Multiple Jobs Worksheet. How do i amend a tax return for 2010   You may need to complete the Two-Earners/Multiple Jobs Worksheet on Form W-4 if you have more than one job, a working spouse, or are also receiving a pension. How do i amend a tax return for 2010 Also, on this worksheet you can add any additional withholding necessary to cover any amount you expect to owe other than income tax, such as self-employment tax. How do i amend a tax return for 2010 Getting the Right Amount of Tax Withheld In most situations, the tax withheld from your pay will be close to the tax you figure on your return if you follow these two rules. How do i amend a tax return for 2010 You accurately complete all the Form W-4 worksheets that apply to you. How do i amend a tax return for 2010 You give your employer a new Form W-4 when changes occur. How do i amend a tax return for 2010 But because the worksheets and withholding methods do not account for all possible situations, you may not be getting the right amount withheld. How do i amend a tax return for 2010 This is most likely to happen in the following situations. How do i amend a tax return for 2010 You are married and both you and your spouse work. How do i amend a tax return for 2010 You have more than one job at a time. How do i amend a tax return for 2010 You have nonwage income, such as interest, dividends, alimony, unemployment compensation, or self-employment income. How do i amend a tax return for 2010 You will owe additional amounts with your return, such as self-employment tax. How do i amend a tax return for 2010 Your withholding is based on obsolete Form W-4 information for a substantial part of the year. How do i amend a tax return for 2010 Your earnings are more than the amount shown under Check your withholding in the instructions at the top of page 1 of Form W-4. How do i amend a tax return for 2010 You work only part of the year. How do i amend a tax return for 2010 You change the number of your withholding allowances during the year. How do i amend a tax return for 2010 Cumulative wage method. How do i amend a tax return for 2010   If you change the number of your withholding allowances during the year, too much or too little tax may have been withheld for the period before you made the change. How do i amend a tax return for 2010 You may be able to compensate for this if your employer agrees to use the cumulative wage withholding method for the rest of the year. How do i amend a tax return for 2010 You must ask your employer in writing to use this method. How do i amend a tax return for 2010   To be eligible, you must have been paid for the same kind of payroll period (weekly, biweekly, etc. How do i amend a tax return for 2010 ) since the beginning of the year. How do i amend a tax return for 2010 Publication 505 To make sure you are getting the right amount of tax withheld, get Publication 505. How do i amend a tax return for 2010 It will help you compare the total tax to be withheld during the year with the tax you can expect to figure on your return. How do i amend a tax return for 2010 It also will help you determine how much, if any, additional withholding is needed each payday to avoid owing tax when you file your return. How do i amend a tax return for 2010 If you do not have enough tax withheld, you may have to pay estimated tax, as explained under Estimated Tax for 2014 , later. How do i amend a tax return for 2010 You can use the IRS Withholding Calculator at www. How do i amend a tax return for 2010 irs. How do i amend a tax return for 2010 gov/Individuals, instead of Publication 505 or the worksheets included with Form W-4, to determine whether you need to have your withholding increased or decreased. How do i amend a tax return for 2010 Rules Your Employer Must Follow It may be helpful for you to know some of the withholding rules your employer must follow. How do i amend a tax return for 2010 These rules can affect how to fill out your Form W-4 and how to handle problems that may arise. How do i amend a tax return for 2010 New Form W-4. How do i amend a tax return for 2010   When you start a new job, your employer should have you complete a Form W-4. How do i amend a tax return for 2010 Beginning with your first payday, your employer will use the information you give on the form to figure your withholding. How do i amend a tax return for 2010   If you later fill out a new Form W-4, your employer can put it into effect as soon as possible. How do i amend a tax return for 2010 The deadline for putting it into effect is the start of the first payroll period ending 30 or more days after you turn it in. How do i amend a tax return for 2010 No Form W-4. How do i amend a tax return for 2010   If you do not give your employer a completed Form W-4, your employer must withhold at the highest rate, as if you were single and claimed no withholding allowances. How do i amend a tax return for 2010 Repaying withheld tax. How do i amend a tax return for 2010   If you find you are having too much tax withheld because you did not claim all the withholding allowances you are entitled to, you should give your employer a new Form W-4. How do i amend a tax return for 2010 Your employer cannot repay any of the tax previously withheld. How do i amend a tax return for 2010 Instead, claim the full amount withheld when you file your tax return. How do i amend a tax return for 2010   However, if your employer has withheld more than the correct amount of tax for the Form W-4 you have in effect, you do not have to fill out a new Form W-4 to have your withholding lowered to the correct amount. How do i amend a tax return for 2010 Your employer can repay the amount that was withheld incorrectly. How do i amend a tax return for 2010 If you are not repaid, your Form W-2 will reflect the full amount actually withheld, which you would claim when you file your tax return. How do i amend a tax return for 2010 Exemption From Withholding If you claim exemption from withholding, your employer will not withhold federal income tax from your wages. How do i amend a tax return for 2010 The exemption applies only to income tax, not to social security or Medicare tax. How do i amend a tax return for 2010 You can claim exemption from withholding for 2014 only if both of the following situations apply. How do i amend a tax return for 2010 For 2013 you had a right to a refund of all federal income tax withheld because you had no tax liability. How do i amend a tax return for 2010 For 2014 you expect a refund of all federal income tax withheld because you expect to have no tax liability. How do i amend a tax return for 2010 Students. How do i amend a tax return for 2010   If you are a student, you are not automatically exempt. How do i amend a tax return for 2010 See chapter 1 to find out if you must file a return. How do i amend a tax return for 2010 If you work only part time or only during the summer, you may qualify for exemption from withholding. How do i amend a tax return for 2010 Age 65 or older or blind. How do i amend a tax return for 2010   If you are 65 or older or blind, use Worksheet 1-3 or 1-4 in chapter 1 of Publication 505, to help you decide if you qualify for exemption from withholding. How do i amend a tax return for 2010 Do not use either worksheet if you will itemize deductions, claim exemptions for dependents, or claim tax credits on your 2014 return. How do i amend a tax return for 2010 Instead, see Itemizing deductions or claiming exemptions or credits in chapter 1 of Publication 505. How do i amend a tax return for 2010 Claiming exemption from withholding. How do i amend a tax return for 2010   To claim exemption, you must give your employer a Form W-4. How do i amend a tax return for 2010 Do not complete lines 5 and 6. How do i amend a tax return for 2010 Enter “Exempt” on line 7. How do i amend a tax return for 2010   If you claim exemption, but later your situation changes so that you will have to pay income tax after all, you must file a new Form W-4 within 10 days after the change. How do i amend a tax return for 2010 If you claim exemption in 2014, but you expect to owe income tax for 2015, you must file a new Form W-4 by December 1, 2014. How do i amend a tax return for 2010   Your claim of exempt status may be reviewed by the IRS. How do i amend a tax return for 2010 An exemption is good for only 1 year. How do i amend a tax return for 2010   You must give your employer a new Form W-4 by February 15 each year to continue your exemption. How do i amend a tax return for 2010 Supplemental Wages Supplemental wages include bonuses, commissions, overtime pay, vacation allowances, certain sick pay, and expense allowances under certain plans. How do i amend a tax return for 2010 The payer can figure withholding on supplemental wages using the same method used for your regular wages. How do i amend a tax return for 2010 However, if these payments are identified separately from your regular wages, your employer or other payer of supplemental wages can withhold income tax from these wages at a flat rate. How do i amend a tax return for 2010 Expense allowances. How do i amend a tax return for 2010   Reimbursements or other expense allowances paid by your employer under a nonaccountable plan are treated as supplemental wages. How do i amend a tax return for 2010   Reimbursements or other expense allowances paid under an accountable plan that are more than your proven expenses are treated as paid under a nonaccountable plan if you do not return the excess payments within a reasonable period of time. How do i amend a tax return for 2010   For more information about accountable and nonaccountable expense allowance plans, see Reimbursements in chapter 26. How do i amend a tax return for 2010 Penalties You may have to pay a penalty of $500 if both of the following apply. How do i amend a tax return for 2010 You make statements or claim withholding allowances on your Form W-4 that reduce the amount of tax withheld. How do i amend a tax return for 2010 You have no reasonable basis for those statements or allowances at the time you prepare your Form W-4. How do i amend a tax return for 2010 There is also a criminal penalty for willfully supplying false or fraudulent information on your Form W-4 or for willfully failing to supply information that would increase the amount withheld. How do i amend a tax return for 2010 The penalty upon conviction can be either a fine of up to $1,000 or imprisonment for up to 1 year, or both. How do i amend a tax return for 2010 These penalties will apply if you deliberately and knowingly falsify your Form W-4 in an attempt to reduce or eliminate the proper withholding of taxes. How do i amend a tax return for 2010 A simple error or an honest mistake will not result in one of these penalties. How do i amend a tax return for 2010 For example, a person who has tried to figure the number of withholding allowances correctly, but claims seven when the proper number is six, will not be charged a W-4 penalty. How do i amend a tax return for 2010 Tips The tips you receive while working on your job are considered part of your pay. How do i amend a tax return for 2010 You must include your tips on your tax return on the same line as your regular pay. How do i amend a tax return for 2010 However, tax is not withheld directly from tip income, as it is from your regular pay. How do i amend a tax return for 2010 Nevertheless, your employer will take into account the tips you report when figuring how much to withhold from your regular pay. How do i amend a tax return for 2010 See chapter 6 for information on reporting your tips to your employer. How do i amend a tax return for 2010 For more information on the withholding rules for tip income, see Publication 531, Reporting Tip Income. How do i amend a tax return for 2010 How employer figures amount to withhold. How do i amend a tax return for 2010   The tips you report to your employer are counted as part of your income for the month you report them. How do i amend a tax return for 2010 Your employer can figure your withholding in either of two ways. How do i amend a tax return for 2010 By withholding at the regular rate on the sum of your pay plus your reported tips. How do i amend a tax return for 2010 By withholding at the regular rate on your pay plus a percentage of your reported tips. How do i amend a tax return for 2010 Not enough pay to cover taxes. How do i amend a tax return for 2010   If your regular pay is not enough for your employer to withhold all the tax (including income tax and social security and Medicare taxes (or the equivalent railroad retirement tax)) due on your pay plus your tips, you can give your employer money to cover the shortage. How do i amend a tax return for 2010 See Giving your employer money for taxes in chapter 6. How do i amend a tax return for 2010 Allocated tips. How do i amend a tax return for 2010   Your employer should not withhold income tax, Medicare tax, social security tax, or railroad retirement tax on any allocated tips. How do i amend a tax return for 2010 Withholding is based only on your pay plus your reported tips. How do i amend a tax return for 2010 Your employer should refund to you any incorrectly withheld tax. How do i amend a tax return for 2010 See Allocated Tips in chapter 6 for more information. How do i amend a tax return for 2010 Taxable Fringe Benefits The value of certain noncash fringe benefits you receive from your employer is considered part of your pay. How do i amend a tax return for 2010 Your employer generally must withhold income tax on these benefits from your regular pay. How do i amend a tax return for 2010 For information on fringe benefits, see Fringe Benefits under Employee Compensation in chapter 5. How do i amend a tax return for 2010 Although the value of your personal use of an employer-provided car, truck, or other highway motor vehicle is taxable, your employer can choose not to withhold income tax on that amount. How do i amend a tax return for 2010 Your employer must notify you if this choice is made. How do i amend a tax return for 2010 For more information on withholding on taxable fringe benefits, see chapter 1 of Publication 505. How do i amend a tax return for 2010 Sick Pay Sick pay is a payment to you to replace your regular wages while you are temporarily absent from work due to sickness or personal injury. How do i amend a tax return for 2010 To qualify as sick pay, it must be paid under a plan to which your employer is a party. How do i amend a tax return for 2010 If you receive sick pay from your employer or an agent of your employer, income tax must be withheld. How do i amend a tax return for 2010 An agent who does not pay regular wages to you may choose to withhold income tax at a flat rate. How do i amend a tax return for 2010 However, if you receive sick pay from a third party who is not acting as an agent of your employer, income tax will be withheld only if you choose to have it withheld. How do i amend a tax return for 2010 See Form W-4S , later. How do i amend a tax return for 2010 If you receive payments under a plan in which your employer does not participate (such as an accident or health plan where you paid all the premiums), the payments are not sick pay and usually are not taxable. How do i amend a tax return for 2010 Union agreements. How do i amend a tax return for 2010   If you receive sick pay under a collective bargaining agreement between your union and your employer, the agreement may determine the amount of income tax withholding. How do i amend a tax return for 2010 See your union representative or your employer for more information. How do i amend a tax return for 2010 Form W-4S. How do i amend a tax return for 2010   If you choose to have income tax withheld from sick pay paid by a third party, such as an insurance company, you must fill out Form W-4S. How do i amend a tax return for 2010 Its instructions contain a worksheet you can use to figure the amount you want withheld. How do i amend a tax return for 2010 They also explain restrictions that may apply. How do i amend a tax return for 2010   Give the completed form to the payer of your sick pay. How do i amend a tax return for 2010 The payer must withhold according to your directions on the form. How do i amend a tax return for 2010 Estimated tax. How do i amend a tax return for 2010   If you do not request withholding on Form W-4S, or if you do not have enough tax withheld, you may have to make estimated tax payments. How do i amend a tax return for 2010 If you do not pay enough tax, either through estimated tax or withholding, or a combination of both, you may have to pay a penalty. How do i amend a tax return for 2010 See Underpayment Penalty for 2013 at the end of this chapter. How do i amend a tax return for 2010 Pensions and Annuities Income tax usually will be withheld from your pension or annuity distributions unless you choose not to have it withheld. How do i amend a tax return for 2010 This rule applies to distributions from: A traditional individual retirement arrangement (IRA); A life insurance company under an endowment, annuity, or life insurance contract; A pension, annuity, or profit-sharing plan; A stock bonus plan; and Any other plan that defers the time you receive compensation. How do i amend a tax return for 2010 The amount withheld depends on whether you receive payments spread out over more than 1 year (periodic payments), within 1 year (nonperiodic payments), or as an eligible rollover distribution (ERD). How do i amend a tax return for 2010 Income tax withholding from an ERD is mandatory. How do i amend a tax return for 2010 More information. How do i amend a tax return for 2010   For more information on taxation of annuities and distributions (including ERDs) from qualified retirement plans, see chapter 10. How do i amend a tax return for 2010 For information on IRAs, see chapter 17. How do i amend a tax return for 2010 For more information on withholding on pensions and annuities, including a discussion of Form W-4P, see Pensions and Annuities in chapter 1 of Publication 505. How do i amend a tax return for 2010 Gambling Winnings Income tax is withheld at a flat 25% rate from certain kinds of gambling winnings. How do i amend a tax return for 2010 Gambling winnings of more than $5,000 from the following sources are subject to income tax withholding. How do i amend a tax return for 2010 Any sweepstakes; wagering pool, including payments made to winners of poker tournaments; or lottery. How do i amend a tax return for 2010 Any other wager, if the proceeds are at least 300 times the amount of the bet. How do i amend a tax return for 2010 It does not matter whether your winnings are paid in cash, in property, or as an annuity. How do i amend a tax return for 2010 Winnings not paid in cash are taken into account at their fair market value. How do i amend a tax return for 2010 Exception. How do i amend a tax return for 2010   Gambling winnings from bingo, keno, and slot machines generally are not subject to income tax withholding. How do i amend a tax return for 2010 However, you may need to provide the payer with a social security number to avoid withholding. How do i amend a tax return for 2010 See Backup withholding on gambling winnings in chapter 1 of Publication 505. How do i amend a tax return for 2010 If you receive gambling winnings not subject to withholding, you may need to pay estimated tax. How do i amend a tax return for 2010 See Estimated Tax for 2014 , later. How do i amend a tax return for 2010 If you do not pay enough tax, either through withholding or estimated tax, or a combination of both, you may have to pay a penalty. How do i amend a tax return for 2010 See Underpayment Penalty for 2013 at the end of this chapter. How do i amend a tax return for 2010 Form W-2G. How do i amend a tax return for 2010   If a payer withholds income tax from your gambling winnings, you should receive a Form W-2G, Certain Gambling Winnings, showing the amount you won and the amount withheld. How do i amend a tax return for 2010 Report the tax withheld on line 62 of Form 1040. How do i amend a tax return for 2010 Unemployment Compensation You can choose to have income tax withheld from unemployment compensation. How do i amend a tax return for 2010 To make this choice, fill out Form W-4V (or a similar form provided by the payer) and give it to the payer. How do i amend a tax return for 2010 All unemployment compensation is taxable. How do i amend a tax return for 2010 So, if you do not have income tax withheld, you may have to pay estimated tax. How do i amend a tax return for 2010 See Estimated Tax for 2014 , later. How do i amend a tax return for 2010 If you do not pay enough tax, either through withholding or estimated tax, or a combination of both, you may have to pay a penalty. How do i amend a tax return for 2010 For information, see Underpayment Penalty for 2013 at the end of this chapter. How do i amend a tax return for 2010 Federal Payments You can choose to have income tax withheld from certain federal payments you receive. How do i amend a tax return for 2010 These payments are: Social security benefits, Tier 1 railroad retirement benefits, Commodity credit corporation loans you choose to include in your gross income, Payments under the Agricultural Act of 1949 (7 U. How do i amend a tax return for 2010 S. How do i amend a tax return for 2010 C. How do i amend a tax return for 2010 1421 et. How do i amend a tax return for 2010 seq. How do i amend a tax return for 2010 ), as amended, or title II of the Disaster Assistance Act of 1988, that are treated as insurance proceeds and that you receive because: Your crops were destroyed or damaged by drought, flood, or any other natural disaster, or You were unable to plant crops because of a natural disaster described in (a), and Any other payment under Federal law as determined by the Secretary. How do i amend a tax return for 2010 To make this choice, fill out Form W-4V (or a similar form provided by the payer) and give it to the payer. How do i amend a tax return for 2010 If you do not choose to have income tax withheld, you may have to pay estimated tax. How do i amend a tax return for 2010 See Estimated Tax for 2014 , later. How do i amend a tax return for 2010 If you do not pay enough tax, either through withholding or estimated tax, or a combination of both, you may have to pay a penalty. How do i amend a tax return for 2010 For information, see Underpayment Penalty for 2013 at the end of this chapter. How do i amend a tax return for 2010 More information. How do i amend a tax return for 2010   For more information about the tax treatment of social security and railroad retirement benefits, see chapter 11. How do i amend a tax return for 2010 Get Publication 225, Farmer's Tax Guide, for information about the tax treatment of commodity credit corporation loans or crop disaster payments. How do i amend a tax return for 2010 Backup Withholding Banks or other businesses that pay you certain kinds of income must file an information return (Form 1099) with the IRS. How do i amend a tax return for 2010 The information return shows how much you were paid during the year. How do i amend a tax return for 2010 It also includes your name and taxpayer identification number (TIN). How do i amend a tax return for 2010 TINs are explained in chapter 1 under Social Security Number (SSN) . How do i amend a tax return for 2010 These payments generally are not subject to withholding. How do i amend a tax return for 2010 However, “backup” withholding is required in certain situations. How do i amend a tax return for 2010 Backup withholding can apply to most kinds of payments that are reported on Form 1099. How do i amend a tax return for 2010 The payer must withhold at a flat 28% rate in the following situations. How do i amend a tax return for 2010 You do not give the payer your TIN in the required manner. How do i amend a tax return for 2010 The IRS notifies the payer that the TIN you gave is incorrect. How do i amend a tax return for 2010 You are required, but fail, to certify that you are not subject to backup withholding. How do i amend a tax return for 2010 The IRS notifies the payer to start withholding on interest or dividends because you have underreported interest or dividends on your income tax return. How do i amend a tax return for 2010 The IRS will do this only after it has mailed you four notices over at least a 210-day period. How do i amend a tax return for 2010 See Backup Withholding in chapter 1 of Publication 505 for more information. How do i amend a tax return for 2010 Penalties. How do i amend a tax return for 2010   There are civil and criminal penalties for giving false information to avoid backup withholding. How do i amend a tax return for 2010 The civil penalty is $500. How do i amend a tax return for 2010 The criminal penalty, upon conviction, is a fine of up to $1,000 or imprisonment of up to 1 year, or both. How do i amend a tax return for 2010 Estimated Tax for 2014 Estimated tax is the method used to pay tax on income that is not subject to withholding. How do i amend a tax return for 2010 This includes income from self-employment, interest, dividends, alimony, rent, gains from the sale of assets, prizes, and awards. How do i amend a tax return for 2010 You also may have to pay estimated tax if the amount of income tax being withheld from your salary, pension, or other income is not enough. How do i amend a tax return for 2010 Estimated tax is used to pay both income tax and self-employment tax, as well as other taxes and amounts reported on your tax return. How do i amend a tax return for 2010 If you do not pay enough tax, either through withholding or estimated tax, or a combination of both, you may have to pay a penalty. How do i amend a tax return for 2010 If you do not pay enough by the due date of each payment period (see When To Pay Estimated Tax , later), you may be charged a penalty even if you are due a refund when you file your tax return. How do i amend a tax return for 2010 For information on when the penalty applies, see Underpayment Penalty for 2013 at the end of this chapter. How do i amend a tax return for 2010 Who Does Not Have To Pay Estimated Tax If you receive salaries or wages, you can avoid having to pay estimated tax by asking your employer to take more tax out of your earnings. How do i amend a tax return for 2010 To do this, give a new Form W-4 to your employer. How do i amend a tax return for 2010 See chapter 1 of Publication 505. How do i amend a tax return for 2010 Estimated tax not required. How do i amend a tax return for 2010   You do not have to pay estimated tax for 2014 if you meet all three of the following conditions. How do i amend a tax return for 2010 You had no tax liability for 2013. How do i amend a tax return for 2010 You were a U. How do i amend a tax return for 2010 S. How do i amend a tax return for 2010 citizen or resident alien for the whole year. How do i amend a tax return for 2010 Your 2013 tax year covered a 12-month period. How do i amend a tax return for 2010   You had no tax liability for 2013 if your total tax was zero or you did not have to file an income tax return. How do i amend a tax return for 2010 For the definition of “total tax” for 2013, see Publication 505, chapter 2. How do i amend a tax return for 2010 Who Must Pay Estimated Tax If you owe additional tax for 2013, you may have to pay estimated tax for 2014. How do i amend a tax return for 2010 You can use the following general rule as a guide during the year to see if you will have enough withholding, or if you should increase your withholding or make estimated tax payments. How do i amend a tax return for 2010 General rule. How do i amend a tax return for 2010   In most cases, you must pay estimated tax for 2014 if both of the following apply. How do i amend a tax return for 2010 You expect to owe at least $1,000 in tax for 2014, after subtracting your withholding and refundable credits. How do i amend a tax return for 2010 You expect your withholding plus your refundable credits to be less than the smaller of: 90% of the tax to be shown on your 2014 tax return, or 100% of the tax shown on your 2013 tax return (but see Special rules for farmers, fishermen, and higher income taxpayers, later). How do i amend a tax return for 2010 Your 2013 tax return must cover all 12 months. How do i amend a tax return for 2010    If the result from using the general rule above suggests that you will not have enough withholding, complete the 2014 Estimated Tax Worksheet in Publication 505 for a more accurate calculation. How do i amend a tax return for 2010 Special rules for farmers, fishermen, and higher income taxpayers. How do i amend a tax return for 2010   If at least two-thirds of your gross income for tax year 2013 or 2014 is from farming or fishing, substitute 662/3% for 90% in (2a) under the General rule, earlier. How do i amend a tax return for 2010 If your AGI for 2013 was more than $150,000 ($75,000 if your filing status for 2014 is married filing a separate return), substitute 110% for 100% in (2b) under General rule , earlier. How do i amend a tax return for 2010 See Figure 4-A and Publication 505, chapter 2 for more information. How do i amend a tax return for 2010 Figure 4-A. How do i amend a tax return for 2010 Do You Have To Pay Estimated Tax? Please click here for the text description of the image. How do i amend a tax return for 2010 Figure 4-A Do You Have To Pay Estimated Tax? Aliens. How do i amend a tax return for 2010   Resident and nonresident aliens also may have to pay estimated tax. How do i amend a tax return for 2010 Resident aliens should follow the rules in this chapter unless noted otherwise. How do i amend a tax return for 2010 Nonresident aliens should get Form 1040-ES (NR), U. How do i amend a tax return for 2010 S. How do i amend a tax return for 2010 Estimated Tax for Nonresident Alien Individuals. How do i amend a tax return for 2010   You are an alien if you are not a citizen or national of the United States. How do i amend a tax return for 2010 You are a resident alien if you either have a green card or meet the substantial presence test. How do i amend a tax return for 2010 For more information about the substantial presence test, see Publication 519, U. How do i amend a tax return for 2010 S. How do i amend a tax return for 2010 Tax Guide for Aliens. How do i amend a tax return for 2010 Married taxpayers. How do i amend a tax return for 2010   If you qualify to make joint estimated tax payments, apply the rules discussed here to your joint estimated income. How do i amend a tax return for 2010   You and your spouse can make joint estimated tax payments even if you are not living together. How do i amend a tax return for 2010   However, you and your spouse cannot make joint estimated tax payments if:  You are legally separated under a decree of divorce or separate maintenance, You and your spouse have different tax years, or Either spouse is a nonresident alien (unless that spouse elected to be treated as a resident alien for tax purposes (see chapter 1 of Publication 519)). How do i amend a tax return for 2010   If you do not qualify to make joint estimated tax payments, apply these rules to your separate estimated income. How do i amend a tax return for 2010 Making joint or separate estimated tax payments will not affect your choice of filing a joint tax return or separate returns for 2014. How do i amend a tax return for 2010 2013 separate returns and 2014 joint return. How do i amend a tax return for 2010   If you plan to file a joint return with your spouse for 2014, but you filed separate returns for 2013, your 2013 tax is the total of the tax shown on your separate returns. How do i amend a tax return for 2010 You filed a separate return if you filed as single, head of household, or married filing separately. How do i amend a tax return for 2010 2013 joint return and 2014 separate returns. How do i amend a tax return for 2010   If you plan to file a separate return for 2014 but you filed a joint return for 2013, your 2013 tax is your share of the tax on the joint return. How do i amend a tax return for 2010 You file a separate return if you file as single, head of household, or married filing separately. How do i amend a tax return for 2010   To figure your share of the tax on the joint return, first figure the tax both you and your spouse would have paid had you filed separate returns for 2013 using the same filing status as for 2014. How do i amend a tax return for 2010 Then multiply the tax on the joint return by the following fraction. How do i amend a tax return for 2010     The tax you would have paid had you filed a separate return   The total tax you and your spouse would have paid had you filed separate returns Example. How do i amend a tax return for 2010 Joe and Heather filed a joint return for 2013 showing taxable income of $48,500 and a tax of $6,386. How do i amend a tax return for 2010 Of the $48,500 taxable income, $40,100 was Joe's and the rest was Heather's. How do i amend a tax return for 2010 For 2014, they plan to file married filing separately. How do i amend a tax return for 2010 Joe figures his share of the tax on the 2013 joint return as follows. How do i amend a tax return for 2010   Tax on $40,100 based on a separate return $5,960     Tax on $8,400 based on a separate return 843     Total $6,803     Joe's percentage of total ($5,960 ÷ $6,803) 87. How do i amend a tax return for 2010 6%     Joe's share of tax on joint return  ($6,386 × 87. How do i amend a tax return for 2010 6%) $5,594   How To Figure Estimated Tax To figure your estimated tax, you must figure your expected adjusted gross income (AGI), taxable income, taxes, deductions, and credits for the year. How do i amend a tax return for 2010 When figuring your 2014 estimated tax, it may be helpful to use your income, deductions, and credits for 2013 as a starting point. How do i amend a tax return for 2010 Use your 2013 federal tax return as a guide. How do i amend a tax return for 2010 You can use Form 1040-ES and Publication 505 to figure your estimated tax. How do i amend a tax return for 2010 Nonresident aliens use Form 1040-ES (NR) and Publication 505 to figure estimated tax (see chapter 8 of Publication 519 for more information). How do i amend a tax return for 2010 You must make adjustments both for changes in your own situation and for recent changes in the tax law. How do i amend a tax return for 2010 For a discussion of these changes, visit IRS. How do i amend a tax return for 2010 gov. How do i amend a tax return for 2010 For more complete information on how to figure your estimated tax for 2014, see chapter 2 of Publication 505. How do i amend a tax return for 2010 When To Pay Estimated Tax For estimated tax purposes, the tax year is divided into four payment periods. How do i amend a tax return for 2010 Each period has a specific payment due date. How do i amend a tax return for 2010 If you do not pay enough tax by the due date of each payment period, you may be charged a penalty even if you are due a refund when you file your income tax return. How do i amend a tax return for 2010 The payment periods and due dates for estimated tax payments are shown next. How do i amend a tax return for 2010   For the period: Due date:*     Jan. How do i amend a tax return for 2010 1 – March 31 April 15     April 1 – May 31 June 16     June 1 – August 31 Sept. How do i amend a tax return for 2010 15     Sept. How do i amend a tax return for 2010 1– Dec. How do i amend a tax return for 2010 31 Jan. How do i amend a tax return for 2010 15, next year     *See Saturday, Sunday, holiday rule and January payment . How do i amend a tax return for 2010 Saturday, Sunday, holiday rule. How do i amend a tax return for 2010   If the due date for an estimated tax payment falls on a Saturday, Sunday, or legal holiday, the payment will be on time if you make it on the next day that is not a Saturday, Sunday, or legal holiday. How do i amend a tax return for 2010 January payment. How do i amend a tax return for 2010   If you file your 2014 Form 1040 or Form 1040A by January 31, 2015, and pay the rest of the tax you owe, you do not need to make the payment due on January 15, 2015. How do i amend a tax return for 2010 Fiscal year taxpayers. How do i amend a tax return for 2010   If your tax year does not start on January 1, see the Form 1040-ES instructions for your payment due dates. How do i amend a tax return for 2010 When To Start You do not have to make estimated tax payments until you have income on which you will owe income tax. How do i amend a tax return for 2010 If you have income subject to estimated tax during the first payment period, you must make your first payment by the due date for the first payment period. How do i amend a tax return for 2010 You can pay all your estimated tax at that time, or you can pay it in installments. How do i amend a tax return for 2010 If you choose to pay in installments, make your first payment by the due date for the first payment period. How do i amend a tax return for 2010 Make your remaining installment payments by the due dates for the later periods. How do i amend a tax return for 2010 No income subject to estimated tax during first period. How do i amend a tax return for 2010    If you do not have income subject to estimated tax until a later payment period, you must make your first payment by the due date for that period. How do i amend a tax return for 2010 You can pay your entire estimated tax by the due date for that period or you can pay it in installments by the due date for that period and the due dates for the remaining periods. How do i amend a tax return for 2010 The following chart shows when to make installment payments. How do i amend a tax return for 2010 If you first have income on which you must pay estimated tax: Make a payment  by:* Make later installments by:* Before April 1 April 15 June 16 Sept. How do i amend a tax return for 2010 15 Jan. How do i amend a tax return for 2010 15 next year April 1–May 31 June 16 Sept. How do i amend a tax return for 2010 15 Jan. How do i amend a tax return for 2010 15 next year June 1–Aug. How do i amend a tax return for 2010 31 Sept. How do i amend a tax return for 2010 15 Jan. How do i amend a tax return for 2010 15 next year After Aug. How do i amend a tax return for 2010 31 Jan. How do i amend a tax return for 2010 15 next year (None) *See Saturday, Sunday, holiday rule and January payment . How do i amend a tax return for 2010 How much to pay to avoid a penalty. How do i amend a tax return for 2010   To determine how much you should pay by each payment due date, see How To Figure Each Payment, next. How do i amend a tax return for 2010 How To Figure Each Payment You should pay enough estimated tax by the due date of each payment period to avoid a penalty for that period. How do i amend a tax return for 2010 You can figure your required payment for each period by using either the regular installment method or the annualized income installment method. How do i amend a tax return for 2010 These methods are described in chapter 2 of Publication 505. How do i amend a tax return for 2010 If you do not pay enough during each payment period, you may be charged a penalty even if you are due a refund when you file your tax return. How do i amend a tax return for 2010 If the earlier discussion of No income subject to estimated tax during first period or the later discussion of Change in estimated tax applies to you, you may benefit from reading Annualized Income Installment Method in chapter 2 of Publication 505 for information on how to avoid a penalty. How do i amend a tax return for 2010 Underpayment penalty. How do i amend a tax return for 2010   Under the regular installment method, if your estimated tax payment for any period is less than one-fourth of your estimated tax, you may be charged a penalty for underpayment of estimated tax for that period when you file your tax return. How do i amend a tax return for 2010 Under the annualized income installment method, your estimated tax payments vary with your income, but the amount required must be paid each period. How do i amend a tax return for 2010 See chapter 4 of Publication 505 for more information. How do i amend a tax return for 2010 Change in estimated tax. How do i amend a tax return for 2010   After you make an estimated tax payment, changes in your income, adjustments, deductions, credits, or exemptions may make it necessary for you to refigure your estimated tax. How do i amend a tax return for 2010 Pay the unpaid balance of your amended estimated tax by the next payment due date after the change or in installments by that date and the due dates for the remaining payment periods. How do i amend a tax return for 2010 Estimated Tax Payments Not Required You do not have to pay estimated tax if your withholding in each payment period is at least as much as: One-fourth of your required annual payment, or Your required annualized income installment for that period. How do i amend a tax return for 2010 You also do not have to pay estimated tax if you will pay enough through withholding to keep the amount you owe with your return under $1,000. How do i amend a tax return for 2010 How To Pay Estimated Tax There are several ways to pay estimated tax. How do i amend a tax return for 2010 Credit an overpayment on your 2013 return to your 2014 estimated tax. How do i amend a tax return for 2010 Pay by direct transfer from your bank account, or pay by credit or debit card using a pay-by-phone system or the Internet. How do i amend a tax return for 2010 Send in your payment (check or money order) with a payment voucher from Form 1040-ES. How do i amend a tax return for 2010 Credit an Overpayment If you show an overpayment of tax after completing your Form 1040 or Form 1040A for 2013, you can apply part or all of it to your estimated tax for 2014. How do i amend a tax return for 2010 On line 75 of Form 1040, or line 44 of Form 1040A, enter the amount you want credited to your estimated tax rather than refunded. How do i amend a tax return for 2010 Take the amount you have credited into account when figuring your estimated tax payments. How do i amend a tax return for 2010 You cannot have any of the amount you credited to your estimated tax refunded to you until you file your tax return for the following year. How do i amend a tax return for 2010 You also cannot use that overpayment in any other way. How do i amend a tax return for 2010 Pay Online Paying online is convenient and secure and helps make sure we get your payments on time. How do i amend a tax return for 2010 You can pay using either of the following electronic payment methods. How do i amend a tax return for 2010 Direct transfer from your bank account. How do i amend a tax return for 2010 Credit or debit card. How do i amend a tax return for 2010 To pay your taxes online or for more information, go to www. How do i amend a tax return for 2010 irs. How do i amend a tax return for 2010 gov/e-pay. How do i amend a tax return for 2010 Pay by Phone Paying by phone is another safe and secure method of paying electronically. How do i amend a tax return for 2010 Use one of the following methods. How do i amend a tax return for 2010 Direct transfer from your bank account. How do i amend a tax return for 2010 Credit or debit card. How do i amend a tax return for 2010 To pay by direct transfer from your bank account, call 1-800-555-4477 (English), 1-800-244-4829 (Espanol). How do i amend a tax return for 2010 People who are deaf, hard of hearing, or have a speech disability and who have access to TTY/TDD can call 1-800-733-4829. How do i amend a tax return for 2010 To pay using a credit or debit card, you can call one of the following service providers. How do i amend a tax return for 2010 There is a convenience fee charged by these providers that varies by provider, card type, and payment amount. How do i amend a tax return for 2010 WorldPay 1-888-9-PAY-TAXTM(1-888-972-9829) www. How do i amend a tax return for 2010 payUSAtax. How do i amend a tax return for 2010 com Official Payments Corporation 1-888-UPAY-TAXTM (1-888-872-9829) www. How do i amend a tax return for 2010 officialpayments. How do i amend a tax return for 2010 com Link2Gov Corporation 1-888-PAY-1040TM (1-888-729-1040) www. How do i amend a tax return for 2010 PAY1040. How do i amend a tax return for 2010 com For the latest details on how to pay by phone, go to www. How do i amend a tax return for 2010 irs. How do i amend a tax return for 2010 gov/e-pay. How do i amend a tax return for 2010 Pay by Check or Money Order Using the Estimated Tax Payment Voucher Each payment of estimated tax by check or money order must be accompanied by a payment voucher from Form 1040-ES. How do i amend a tax return for 2010 During 2013, if you: made at least one estimated tax payment but not by electronic means, did not use software or a paid preparer to prepare or file your return,  then you should receive a copy of the 2014 Form 1040-ES/V. How do i amend a tax return for 2010 The enclosed payment vouchers will be preprinted with your name, address, and social security number. How do i amend a tax return for 2010 Using the preprinted vouchers will speed processing, reduce the chance of error, and help save processing costs. How do i amend a tax return for 2010 Use the window envelopes that came with your Form 1040-ES package. How do i amend a tax return for 2010 If you use your own envelopes, make sure you mail your payment vouchers to the address shown in the Form 1040-ES instructions for the place where you live. How do i amend a tax return for 2010 Note. How do i amend a tax return for 2010 These criteria can change without notice. How do i amend a tax return for 2010 If you do not receive a Form 1040-ES/V package and you are required to make an estimated tax payment, you should go to www. How do i amend a tax return for 2010 irs. How do i amend a tax return for 2010 gov and print a copy of Form 1040-ES which includes four blank payment vouchers. How do i amend a tax return for 2010 Complete one of these and make your payment timely to avoid penalties for paying late. How do i amend a tax return for 2010 Do not use the address shown in the Form 1040 or Form 1040A instructions for your estimated tax payments. How do i amend a tax return for 2010 If you did not pay estimated tax last year, you can order Form 1040-ES from the IRS (see inside back cover of this publication) or download it from IRS. How do i amend a tax return for 2010 gov. How do i amend a tax return for 2010 Follow the instructions to make sure you use the vouchers correctly. How do i amend a tax return for 2010 Joint estimated tax payments. How do i amend a tax return for 2010   If you file a joint return and are making joint estimated tax payments, enter the names and social security numbers on the payment voucher in the same order as they will appear on the joint return. How do i amend a tax return for 2010 Change of address. How do i amend a tax return for 2010   You must notify the IRS if you are making estimated tax payments and you changed your address during the year. How do i amend a tax return for 2010 Complete Form 8822, Change of Address, and mail it to the address shown in the instructions for that form. How do i amend a tax return for 2010 Credit for Withholding and Estimated Tax for 2013 When you file your 2013 income tax return, take credit for all the income tax and excess social security or railroad retirement tax withheld from your salary, wages, pensions, etc. How do i amend a tax return for 2010 Also take credit for the estimated tax you paid for 2013. How do i amend a tax return for 2010 These credits are subtracted from your total tax. How do i amend a tax return for 2010 Because these credits are refundable, you should file a return and claim these credits, even if you do not owe tax. How do i amend a tax return for 2010 Two or more employers. How do i amend a tax return for 2010   If you had two or more employers in 2013 and were paid wages of more than $113,700, too much social security or tier 1 railroad retirement tax may have been withheld from your pay. How do i amend a tax return for 2010 You may be able to claim the excess as a credit against your income tax when you file your return. How do i amend a tax return for 2010 See Credit for Excess Social Security Tax or Railroad Retirement Tax Withheld in chapter 37. How do i amend a tax return for 2010 Withholding If you had income tax withheld during 2013, you should be sent a statement by January 31, 2014, showing your income and the tax withheld. How do i amend a tax return for 2010 Depending on the source of your income, you should receive: Form W-2, Wage and Tax Statement, Form W-2G, Certain Gambling Winnings, or A form in the 1099 series. How do i amend a tax return for 2010 Forms W-2 and W-2G. How do i amend a tax return for 2010   If you file a paper return, always file Form W-2 with your income tax return. How do i amend a tax return for 2010 File Form W-2G with your return only if it shows any federal income tax withheld from your winnings. How do i amend a tax return for 2010   You should get at least two copies of each form. How do i amend a tax return for 2010 If you file a paper return, attach one copy to the front of your federal income tax return. How do i amend a tax return for 2010 Keep one copy for your records. How do i amend a tax return for 2010 You also should receive copies to file with your state and local returns. How do i amend a tax return for 2010 Form W-2 Your employer is required to provide or send Form W-2 to you no later than January 31, 2014. How do i amend a tax return for 2010 You should receive a separate Form W-2 from each employer you worked for. How do i amend a tax return for 2010 If you stopped working before the end of 2013, your employer could have given you your Form W-2 at any time after you stopped working. How do i amend a tax return for 2010 However, your employer must provide or send it to you by January 31, 2014. How do i amend a tax return for 2010 If you ask for the form, your employer must send it to you within 30 days after receiving your written request or within 30 days after your final wage payment, whichever is later. How do i amend a tax return for 2010 If you have not received your Form W-2 by January 31, you should ask your employer for it. How do i amend a tax return for 2010 If you do not receive it by February 15, call the IRS. How do i amend a tax return for 2010 Form W-2 shows your total pay and other compensation and the income tax, social security tax, and Medicare tax that was withheld during the year. How do i amend a tax return for 2010 Include the federal income tax withheld (as shown in box 2 of Form W-2) on: Line 62 if you file Form 1040, Line 36 if you file Form 1040A, or Line 7 if you file Form 1040EZ. How do i amend a tax return for 2010 In addition, Form W-2 is used to report any taxable sick pay you received and any income tax withheld from your sick pay. How do i amend a tax return for 2010 Form W-2G If you had gambling winnings in 2013, the payer may have withheld income tax. How do i amend a tax return for 2010 If tax was withheld, the payer will give you a Form W-2G showing the amount you won and the amount of tax withheld. How do i amend a tax return for 2010 Report the amounts you won on line 21 of Form 1040. How do i amend a tax return for 2010 Take credit for the tax withheld on line 62 of Form 1040. How do i amend a tax return for 2010 If you had gambling winnings, you must use Form 1040; you cannot use Form 1040A or Form 1040EZ. How do i amend a tax return for 2010 The 1099 Series Most forms in the 1099 series are not filed with your return. How do i amend a tax return for 2010 These forms should be furnished to you by January 31, 2014 (or, for Forms 1099-B, 1099-S, and certain Forms 1099-MISC, by February 15, 2014). How do i amend a tax return for 2010 Unless instructed to file any of these forms with your return, keep them for your records. How do i amend a tax return for 2010 There are several different forms in this series, including: Form 1099-B, Proceeds From Broker and Barter Exchange Transactions; Form 1099-DIV, Dividends and Distributions; Form 1099-G, Certain Government Payments; Form 1099-INT, Interest Income; Form 1099-K, Payment Card and Third Party Network Transactions; Form 1099-MISC, Miscellaneous Income; Form 1099-OID, Original Issue Discount; Form 1099-PATR, Taxable Distributions Received from Cooperatives; Form 1099-Q, Payments From Qualified Education Programs; Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. How do i amend a tax return for 2010 ; Form 1099-S, Proceeds From Real Estate Transactions; Form RRB-1099, Payments by the Railroad Retirement Board. How do i amend a tax return for 2010 If you received the types of income reported on some forms in the 1099 series, you may not be able to use Form 1040A or Form 1040EZ. How do i amend a tax return for 2010 See the instructions to these forms for details. How do i amend a tax return for 2010 Form 1099-R. How do i amend a tax return for 2010   Attach Form 1099-R to your paper return if box 4 shows federal income tax withheld. How do i amend a tax return for 2010 Include the amount withheld in the total on line 62 of Form 1040 or line 36 of Form 1040A. How do i amend a tax return for 2010 You cannot use Form 1040EZ if you received payments reported on Form 1099-R. How do i amend a tax return for 2010 Backup withholding. How do i amend a tax return for 2010   If you were subject to backup withholding on income you received during 2013, include the amount withheld, as shown on your Form 1099, in the total on line 62 of Form 1040, line 36 of Form 1040A, or line 7 of Form 1040EZ. How do i amend a tax return for 2010 Form Not Correct If you receive a form with incorrect information on it, you should ask the payer for a corrected form. How do i amend a tax return for 2010 Call the telephone number or write to the address given for the payer on the form. How do i amend a tax return for 2010 The corrected Form W-2G or Form 1099 you receive will have an “X” in the “CORRECTED” box at the top of the form. How do i amend a tax return for 2010 A special form, Form W-2c, Corrected Wage and Tax Statement, is used to correct a Form W-2. How do i amend a tax return for 2010 In certain situations, you will receive two forms in place of the original incorrect form. How do i amend a tax return for 2010 This will happen when your taxpayer identification number is wrong or missing, your name and address are wrong, or you received the wrong type of form (for example, a Form 1099-DIV instead of a Form 1099-INT). How do i amend a tax return for 2010 One new form you receive will be the same incorrect form or have the same incorrect information, but all money amounts will be zero. How do i amend a tax return for 2010 This form will have an “X” in the “CORRECTED” box at the top of the form. How do i amend a tax return for 2010 The second new form should have all the correct information, prepared as though it is the original (the “CORRECTED” box will not be checked). How do i amend a tax return for 2010 Form Received After Filing If you file your return and you later receive a form for income that you did not include on your return, you should report the income and take credit for any income tax withheld by filing Form 1040X, Amended U. How do i amend a tax return for 2010 S. How do i amend a tax return for 2010 Individual Income Tax Return. How do i amend a tax return for 2010 Separate Returns If you are married but file a separate return, you can take credit only for the tax withheld from your own income. How do i amend a tax return for 2010 Do not include any amount withheld from your spouse's income. How do i amend a tax return for 2010 However, different rules may apply if you live in a community property state. How do i amend a tax return for 2010 Community property states are listed in chapter 2. How do i amend a tax return for 2010 For more information on these rules, and some exceptions, see Publication 555, Community Property. How do i amend a tax return for 2010 Fiscal Years If you file your tax return on the basis of a fiscal year (a 12-month period ending on the last day of any month except December), you must follow special rules to determine your credit for federal income tax withholding. How do i amend a tax return for 2010 For a discussion of how to take credit for withholding on a fiscal year return, see Fiscal Years (FY) in chapter 3 of Publication 505. How do i amend a tax return for 2010 Estimated Tax Take credit for all your estimated tax payments for 2013 on line 63 of Form 1040 or line 37 of Form 1040A. How do i amend a tax return for 2010 Include any overpayment from 2012 that you had credited to your 2013 estimated tax. How do i amend a tax return for 2010 You must use Form 1040 or Form 1040A if you paid estimated tax. How do i amend a tax return for 2010 You cannot use Form 1040EZ. How do i amend a tax return for 2010 Name changed. How do i amend a tax return for 2010   If you changed your name, and you made estimated tax payments using your old name, attach a brief statement to the front of your paper tax return indicating: When you made the payments, The amount of each payment, Your name when you made the payments, and Your social security number. How do i amend a tax return for 2010 The statement should cover payments you made jointly with your spouse as well as any you made separately. How do i amend a tax return for 2010   Be sure to report the change to the Social Security Administration. How do i amend a tax return for 2010 This prevents delays in processing your return and issuing any refunds. How do i amend a tax return for 2010 Separate Returns If you and your spouse made separate estimated tax payments for 2013 and you file separate returns, you can take credit only for your own payments. How do i amend a tax return for 2010 If you made joint estimated tax payments, you must decide how to divide the payments between your returns. How do i amend a tax return for 2010 One of you can claim all of the estimated tax paid and the other none, or you can divide it in any other way you agree on. How do i amend a tax return for 2010 If you cannot agree, you must divide the payments in proportion to each spouse's individual tax as shown on your separate returns for 2013. How do i amend a tax return for 2010 Divorced Taxpayers If you made joint estimated tax payments for 2013, and you were divorced during the year, either you or your former spouse can claim all of the joint payments, or you each can claim part of them. How do i amend a tax return for 2010 If you cannot agree on how to divide the payments, you must divide them in proportion to each spouse's individual tax as shown on your separate returns for 2013. How do i amend a tax return for 2010 If you claim any of the joint payments on your tax return, enter your former spouse's social security number (SSN) in the space provided on the front of Form 1040 or Form 1040A. How do i amend a tax return for 2010 If you divorced and remarried in 2013, enter your present spouse's SSN in that space and write your former spouse's SSN, followed by “DIV,” to the left of Form 1040, line 63, or Form 1040A, line 37. How do i amend a tax return for 2010 Underpayment Penalty for 2013 If you did not pay enough tax, either through withholding or by making timely estimated tax payments, you will have an underpayment of estimated tax and you may have to pay a penalty. How do i amend a tax return for 2010 Generally, you will not have to pay a penalty for 2013 if any of the following apply. How do i amend a tax return for 2010 The total of your withholding and estimated tax payments was at least as much as your 2012 tax (or 110% of your 2012 tax if your AGI was more than $150,000, $75,000 if your 2013 filing status is married filing separately) and you paid all required estimated tax payments on time. How do i amend a tax return for 2010 The tax balance due on your 2013 return is no more than 10% of your total 2013 tax, and you paid all required estimated tax payments on time. How do i amend a tax return for 2010 Your total 2013 tax minus your withholding and refundable credits is less than $1,000. How do i amend a tax return for 2010 You did not have a tax liability for 2012 and your 2012 tax year was 12 months, or You did not have any withholding taxes and your current year tax less any household employment taxes is less than $1,000. How do i amend a tax return for 2010 See Publication 505, chapter 4, for a definition of “total tax” for 2012 and 2013. How do i amend a tax return for 2010 Farmers and fishermen. How do i amend a tax return for 2010   Special rules apply if you are a farmer or fisherman. How do i amend a tax return for 2010 See Farmers and Fishermen in chapter 4 of Publication 505 for more information. How do i amend a tax return for 2010 IRS can figure the penalty for you. How do i amend a tax return for 2010   If you think you owe the penalty but you do not want to figure it yourself when you file your tax return, you may not have to. How do i amend a tax return for 2010 Generally, the IRS will figure the penalty for you and send you a bill. How do i amend a tax return for 2010 However, if you think you are able to lower or eliminate your penalty, you must complete Form 2210 or Form 2210-F and attach it to your paper return. How do i amend a tax return for 2010 See chapter 4 of Publication 505. How do i amend a tax return for 2010 Prev  Up  Next   Home   More Online Publications