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How To File Taxes While Unemployed

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How To File Taxes While Unemployed

How to file taxes while unemployed 7. How to file taxes while unemployed   Costs You Can Deduct or Capitalize Table of Contents What's New Introduction Topics - This chapter discusses: Useful Items - You may want to see: Carrying Charges Research and Experimental CostsProduct. How to file taxes while unemployed Costs not included. How to file taxes while unemployed Intangible Drilling Costs Exploration CostsPartnerships and S corporations. How to file taxes while unemployed Development Costs Circulation Costs Business Start-Up and Organizational Costs Reforestation Costs Retired Asset Removal Costs Barrier Removal CostsOther barrier removals. How to file taxes while unemployed Film and Television Production Costs What's New Film and television productions costs. How to file taxes while unemployed  The election to expense film and television production costs does not apply to productions that begin after December 31, 2013. How to file taxes while unemployed See Film and Television Production Costs , later. How to file taxes while unemployed Introduction This chapter discusses costs you can elect to deduct or capitalize. How to file taxes while unemployed You generally deduct a cost as a current business expense by subtracting it from your income in either the year you incur it or the year you pay it. How to file taxes while unemployed If you capitalize a cost, you may be able to recover it over a period of years through periodic deductions for amortization, depletion, or depreciation. How to file taxes while unemployed When you capitalize a cost, you add it to the basis of property to which it relates. How to file taxes while unemployed A partnership, corporation, estate, or trust makes the election to deduct or capitalize the costs discussed in this chapter except for exploration costs for mineral deposits. How to file taxes while unemployed Each individual partner, shareholder, or beneficiary elects whether to deduct or capitalize exploration costs. How to file taxes while unemployed You may be subject to the alternative minimum tax (AMT) if you deduct research and experimental, intangible drilling, exploration, development, circulation, or business organizational costs. How to file taxes while unemployed For more information on the alternative minimum tax, see the instructions for the following forms. How to file taxes while unemployed Form 6251, Alternative Minimum Tax—Individuals. How to file taxes while unemployed Form 4626, Alternative Minimum Tax—Corporations. How to file taxes while unemployed Topics - This chapter discusses: Carrying charges Research and experimental costs Intangible drilling costs Exploration costs Development costs Circulation costs Qualified disaster expenses Business start-up and organizational costs Reforestation costs Retired asset removal costs Barrier removal costs Film and television production costs Useful Items - You may want to see: Publication 544 Sales and Other Dispositions of Assets Form (and Instructions) 3468 Investment Credit 8826 Disabled Access Credit See chapter 12 for information about getting publications and forms. How to file taxes while unemployed Carrying Charges Carrying charges include the taxes and interest you pay to carry or develop real property or to carry, transport, or install personal property. How to file taxes while unemployed Certain carrying charges must be capitalized under the uniform capitalization rules. How to file taxes while unemployed (For information on capitalization of interest, see chapter 4 . How to file taxes while unemployed ) You can elect to capitalize carrying charges not subject to the uniform capitalization rules, but only if they are otherwise deductible. How to file taxes while unemployed You can elect to capitalize carrying charges separately for each project you have and for each type of carrying charge. How to file taxes while unemployed For unimproved and unproductive real property, your election is good for only 1 year. How to file taxes while unemployed You must decide whether to capitalize carrying charges each year the property remains unimproved and unproductive. How to file taxes while unemployed For other real property, your election to capitalize carrying charges remains in effect until construction or development is completed. How to file taxes while unemployed For personal property, your election is effective until the date you install or first use it, whichever is later. How to file taxes while unemployed How to make the election. How to file taxes while unemployed   To make the election to capitalize a carrying charge, attach a statement to your original tax return for the year the election is to be effective indicating which charges you are electing to capitalize. How to file taxes while unemployed However, if you timely filed your return for the year without making the election, you can still make the election by filing an amended return within 6 months of the due date of the return (excluding extensions). How to file taxes while unemployed Attach the statement to the amended return and write “Filed pursuant to section 301. How to file taxes while unemployed 9100-2” on the statement. How to file taxes while unemployed File the amended return at the same address you filed the original return. How to file taxes while unemployed Research and Experimental Costs The costs of research and experimentation are generally capital expenses. How to file taxes while unemployed However, you can elect to deduct these costs as a current business expense. How to file taxes while unemployed Your election to deduct these costs is binding for the year it is made and for all later years unless you get IRS approval to make a change. How to file taxes while unemployed If you meet certain requirements, you may elect to defer and amortize research and experimental costs. How to file taxes while unemployed For information on electing to defer and amortize these costs, see Research and Experimental Costs in chapter 8. How to file taxes while unemployed Research and experimental costs defined. How to file taxes while unemployed   Research and experimental costs are reasonable costs you incur in your trade or business for activities intended to provide information that would eliminate uncertainty about the development or improvement of a product. How to file taxes while unemployed Uncertainty exists if the information available to you does not establish how to develop or improve a product or the appropriate design of a product. How to file taxes while unemployed Whether costs qualify as research and experimental costs depends on the nature of the activity to which the costs relate rather than on the nature of the product or improvement being developed or the level of technological advancement. How to file taxes while unemployed      The costs of obtaining a patent, including attorneys' fees paid or incurred in making and perfecting a patent application, are research and experimental costs. How to file taxes while unemployed However, costs paid or incurred to obtain another's patent are not research and experimental costs. How to file taxes while unemployed Product. How to file taxes while unemployed   The term “product” includes any of the following items. How to file taxes while unemployed Formula. How to file taxes while unemployed Invention. How to file taxes while unemployed Patent. How to file taxes while unemployed Pilot model. How to file taxes while unemployed Process. How to file taxes while unemployed Technique. How to file taxes while unemployed Property similar to the items listed above. How to file taxes while unemployed It also includes products used by you in your trade or business or held for sale, lease, or license. How to file taxes while unemployed Costs not included. How to file taxes while unemployed   Research and experimental costs do not include expenses for any of the following activities. How to file taxes while unemployed Advertising or promotions. How to file taxes while unemployed Consumer surveys. How to file taxes while unemployed Efficiency surveys. How to file taxes while unemployed Management studies. How to file taxes while unemployed Quality control testing. How to file taxes while unemployed Research in connection with literary, historical, or similar projects. How to file taxes while unemployed The acquisition of another's patent, model, production, or process. How to file taxes while unemployed When and how to elect. How to file taxes while unemployed   You make the election to deduct research and experimental costs by deducting them on your tax return for the year in which you first pay or incur research and experimental costs. How to file taxes while unemployed If you do not make the election to deduct research and experimental costs in the first year in which you pay or incur the costs, you can deduct the costs in a later year only with approval from the IRS. How to file taxes while unemployed Deducting or Amortizing Research and Experimentation Costs IF you . How to file taxes while unemployed . How to file taxes while unemployed . How to file taxes while unemployed THEN . How to file taxes while unemployed . How to file taxes while unemployed . How to file taxes while unemployed Elect to deduct research and experimental costs as a current business expense Deduct all research and experimental costs in the first year you pay or incur the costs and all later years. How to file taxes while unemployed Do not deduct research and experimental costs as a current business expense If you meet the requirements, amortize them over at least 60 months, starting with the month you first receive an economic benefit from the research. How to file taxes while unemployed See Research and Experimental Costs in chapter 8. How to file taxes while unemployed Research credit. How to file taxes while unemployed   If you pay or incur qualified research expenses, you may be able to take the research credit. How to file taxes while unemployed For more information see Form 6765, Credit for Increasing Research Activities and its instructions. How to file taxes while unemployed Intangible Drilling Costs The costs of developing oil, gas, or geothermal wells are ordinarily capital expenditures. How to file taxes while unemployed You can usually recover them through depreciation or depletion. How to file taxes while unemployed However, you can elect to deduct intangible drilling costs (IDCs) as a current business expense. How to file taxes while unemployed These are certain drilling and development costs for wells in the United States in which you hold an operating or working interest. How to file taxes while unemployed You can deduct only costs for drilling or preparing a well for the production of oil, gas, or geothermal steam or hot water. How to file taxes while unemployed You can elect to deduct only the costs of items with no salvage value. How to file taxes while unemployed These include wages, fuel, repairs, hauling, and supplies related to drilling wells and preparing them for production. How to file taxes while unemployed Your cost for any drilling or development work done by contractors under any form of contract is also an IDC. How to file taxes while unemployed However, see Amounts paid to contractor that must be capitalized , later. How to file taxes while unemployed You can also elect to deduct the cost of drilling exploratory bore holes to determine the location and delineation of offshore hydrocarbon deposits if the shaft is capable of conducting hydrocarbons to the surface on completion. How to file taxes while unemployed It does not matter whether there is any intent to produce hydrocarbons. How to file taxes while unemployed If you do not elect to deduct your IDCs as a current business expense, you can elect to deduct them over the 60-month period beginning with the month they were paid or incurred. How to file taxes while unemployed Amounts paid to contractor that must be capitalized. How to file taxes while unemployed   Amounts paid to a contractor must be capitalized if they are either: Amounts properly allocable to the cost of depreciable property, or Amounts paid only out of production or proceeds from production if these amounts are depletable income to the recipient. How to file taxes while unemployed How to make the election. How to file taxes while unemployed   You elect to deduct IDCs as a current business expense by taking the deduction on your income tax return for the first tax year you have eligible costs. How to file taxes while unemployed No formal statement is required. How to file taxes while unemployed If you file Schedule C (Form 1040), enter these costs under “Other expenses. How to file taxes while unemployed ”   For oil and gas wells, your election is binding for the year it is made and for all later years. How to file taxes while unemployed For geothermal wells, your election can be revoked by the filing of an amended return on which you do not take the deduction. How to file taxes while unemployed You can file the amended return for the year up to the normal time of expiration for filing a claim for credit or refund, generally, within 3 years after the date you filed the original return or within 2 years after the date you paid the tax, whichever is later. How to file taxes while unemployed Energy credit for costs of geothermal wells. How to file taxes while unemployed   If you capitalize the drilling and development costs of geothermal wells that you place in service during the tax year, you may be able to claim a business energy credit. How to file taxes while unemployed See the Instructions for Form 3468 for more information. How to file taxes while unemployed Nonproductive well. How to file taxes while unemployed   If you capitalize your IDCs, you have another option if the well is nonproductive. How to file taxes while unemployed You can deduct the IDCs of the nonproductive well as an ordinary loss. How to file taxes while unemployed You must indicate and clearly state your election on your tax return for the year the well is completed. How to file taxes while unemployed Once made, the election for oil and gas wells is binding for all later years. How to file taxes while unemployed You can revoke your election for a geothermal well by filing an amended return that does not claim the loss. How to file taxes while unemployed Costs incurred outside the United States. How to file taxes while unemployed   You cannot deduct as a current business expense all the IDCs paid or incurred for an oil, gas, or geothermal well located outside the United States. How to file taxes while unemployed However, you can elect to include the costs in the adjusted basis of the well to figure depletion or depreciation. How to file taxes while unemployed If you do not make this election, you can deduct the costs over the 10-year period beginning with the tax year in which you paid or incurred them. How to file taxes while unemployed These rules do not apply to a nonproductive well. How to file taxes while unemployed Exploration Costs The costs of determining the existence, location, extent, or quality of any mineral deposit are ordinarily capital expenditures if the costs lead to the development of a mine. How to file taxes while unemployed You recover these costs through depletion as the mineral is removed from the ground. How to file taxes while unemployed However, you can elect to deduct domestic exploration costs paid or incurred before the beginning of the development stage of the mine (except those for oil and gas wells). How to file taxes while unemployed How to make the election. How to file taxes while unemployed   You elect to deduct exploration costs by taking the deduction on your income tax return, or on an amended income tax return, for the first tax year for which you wish to deduct the costs paid or incurred during the tax year. How to file taxes while unemployed Your return must adequately describe and identify each property or mine, and clearly state how much is being deducted for each one. How to file taxes while unemployed The election applies to the tax year you make this election and all later tax years. How to file taxes while unemployed Partnerships and S corporations. How to file taxes while unemployed   Each partner, not the partnership, elects whether to capitalize or to deduct that partner's share of exploration costs. How to file taxes while unemployed Each shareholder, not the S corporation, elects whether to capitalize or to deduct that shareholder's share of exploration costs. How to file taxes while unemployed Reduced corporate deductions for exploration costs. How to file taxes while unemployed   A corporation (other than an S corporation) can deduct only 70% of its domestic exploration costs. How to file taxes while unemployed It must capitalize the remaining 30% of costs and amortize them over the 60-month period starting with the month the exploration costs are paid or incurred. How to file taxes while unemployed A corporation may also elect to capitalize and amortize mining exploration costs over a 10-year period. How to file taxes while unemployed For more information on this method of amortization, see Internal Revenue Code section 59(e). How to file taxes while unemployed   The 30% the corporation capitalizes cannot be added to its basis in the property to figure cost depletion. How to file taxes while unemployed However, the amount amortized is treated as additional depreciation and is subject to recapture as ordinary income on a disposition of the property. How to file taxes while unemployed See Section 1250 Property under Depreciation Recapture in chapter 3 of Publication 544. How to file taxes while unemployed   These rules also apply to the deduction of development costs by corporations. How to file taxes while unemployed See Development Costs , later. How to file taxes while unemployed Recapture of exploration expenses. How to file taxes while unemployed   When your mine reaches the producing stage, you must recapture any exploration costs you elected to deduct. How to file taxes while unemployed Use either of the following methods. How to file taxes while unemployed Method 1—Include the deducted costs in gross income for the tax year the mine reaches the producing stage. How to file taxes while unemployed Your election must be clearly indicated on the return. How to file taxes while unemployed Increase your adjusted basis in the mine by the amount included in income. How to file taxes while unemployed Generally, you must elect this recapture method by the due date (including extensions) of your return. How to file taxes while unemployed However, if you timely filed your return for the year without making the election, you can still make the election by filing an amended return within 6 months of the due date of the return (excluding extensions). How to file taxes while unemployed Make the election on your amended return and write “Filed pursuant to section 301. How to file taxes while unemployed 9100-2” on the form where you are including the income. How to file taxes while unemployed File the amended return at the same address you filed the original return. How to file taxes while unemployed Method 2—Do not claim any depletion deduction for the tax year the mine reaches the producing stage and any later tax years until the depletion you would have deducted equals the exploration costs you deducted. How to file taxes while unemployed   You also must recapture deducted exploration costs if you receive a bonus or royalty from mine property before it reaches the producing stage. How to file taxes while unemployed Do not claim any depletion deduction for the tax year you receive the bonus or royalty and any later tax years until the depletion you would have deducted equals the exploration costs you deducted. How to file taxes while unemployed   Generally, if you dispose of the mine before you have fully recaptured the exploration costs you deducted, recapture the balance by treating all or part of your gain as ordinary income. How to file taxes while unemployed Under these circumstances, you generally treat as ordinary income all of your gain if it is less than your adjusted exploration costs with respect to the mine. How to file taxes while unemployed If your gain is more than your adjusted exploration costs, treat as ordinary income only a part of your gain, up to the amount of your adjusted exploration costs. How to file taxes while unemployed Foreign exploration costs. How to file taxes while unemployed   If you pay or incur exploration costs for a mine or other natural deposit located outside the United States, you cannot deduct all the costs in the current year. How to file taxes while unemployed You can elect to include the costs (other than for an oil, gas, or geothermal well) in the adjusted basis of the mineral property to figure cost depletion. How to file taxes while unemployed (Cost depletion is discussed in chapter 9 . How to file taxes while unemployed ) If you do not make this election, you must deduct the costs over the 10-year period beginning with the tax year in which you pay or incur them. How to file taxes while unemployed These rules also apply to foreign development costs. How to file taxes while unemployed Development Costs You can deduct costs paid or incurred during the tax year for developing a mine or any other natural deposit (other than an oil or gas well) located in the United States. How to file taxes while unemployed These costs must be paid or incurred after the discovery of ores or minerals in commercially marketable quantities. How to file taxes while unemployed Development costs also include depreciation on improvements used in the development of ores or minerals and costs incurred for you by a contractor. How to file taxes while unemployed Development costs do not include the costs for the acquisition or improvement of depreciable property. How to file taxes while unemployed Instead of deducting development costs in the year paid or incurred, you can elect to treat the cost as deferred expenses and deduct them ratably as the units of produced ores or minerals benefited by the expenses are sold. How to file taxes while unemployed This election applies each tax year to expenses paid or incurred in that year. How to file taxes while unemployed Once made, the election is binding for the year and cannot be revoked for any reason. How to file taxes while unemployed How to make the election. How to file taxes while unemployed   The election to deduct development costs ratably as the ores or minerals are sold must be made for each mine or other natural deposit by a clear indication on your return or by a statement filed with the IRS office where you file your return. How to file taxes while unemployed Generally, you must make the election by the due date of the return (including extensions). How to file taxes while unemployed However, if you timely filed your return for the year without making the election, you can still make the election by filing an amended return within 6 months of the due date of the return (excluding extensions). How to file taxes while unemployed Clearly indicate the election on your amended return and write “Filed pursuant to section 301. How to file taxes while unemployed 9100-2. How to file taxes while unemployed ” File the amended return at the same address you filed the original return. How to file taxes while unemployed Foreign development costs. How to file taxes while unemployed   The rules discussed earlier for foreign exploration costs apply to foreign development costs. How to file taxes while unemployed Reduced corporate deductions for development costs. How to file taxes while unemployed   The rules discussed earlier for reduced corporate deductions for exploration costs also apply to corporate deductions for development costs. How to file taxes while unemployed Circulation Costs A publisher can deduct as a current business expense the costs of establishing, maintaining, or increasing the circulation of a newspaper, magazine, or other periodical. How to file taxes while unemployed For example, a publisher can deduct the cost of hiring extra employees for a limited time to get new subscriptions through telephone calls. How to file taxes while unemployed Circulation costs are deductible even if they normally would be capitalized. How to file taxes while unemployed This rule does not apply to the following costs that must be capitalized. How to file taxes while unemployed The purchase of land or depreciable property. How to file taxes while unemployed The acquisition of circulation through the purchase of any part of the business of another publisher of a newspaper, magazine, or other periodical, including the purchase of another publisher's list of subscribers. How to file taxes while unemployed Other treatment of circulation costs. How to file taxes while unemployed   If you do not want to deduct circulation costs as a current business expense, you can elect one of the following ways to recover these costs. How to file taxes while unemployed Capitalize all circulation costs that are properly chargeable to a capital account (see chapter 1 ). How to file taxes while unemployed Amortize circulation costs over the 3-year period beginning with the tax year they were paid or incurred. How to file taxes while unemployed How to make the election. How to file taxes while unemployed   You elect to capitalize circulation costs by attaching a statement to your return for the first tax year the election applies. How to file taxes while unemployed Your election is binding for the year it is made and for all later years, unless you get IRS approval to revoke it. How to file taxes while unemployed Business Start-Up and Organizational Costs Business start-up and organizational costs are generally capital expenditures. How to file taxes while unemployed However, you can elect to deduct up to $5,000 of business start-up and $5,000 of organizational costs paid or incurred after October 22, 2004. How to file taxes while unemployed The $5,000 deduction is reduced by the amount your total start-up or organizational costs exceed $50,000. How to file taxes while unemployed Any remaining costs must be amortized. How to file taxes while unemployed For information about amortizing start-up and organizational costs, see chapter 8 . How to file taxes while unemployed Start-up costs include any amounts paid or incurred in connection with creating an active trade or business or investigating the creation or acquisition of an active trade or business. How to file taxes while unemployed Organizational costs include the costs of creating a corporation. How to file taxes while unemployed For more information on start-up and organizational costs, see chapter 8 . How to file taxes while unemployed How to make the election. How to file taxes while unemployed   You elect to deduct the start-up or organizational costs by claiming the deduction on your income tax return (filed by the due date including extensions) for the tax year in which the active trade or business begins. How to file taxes while unemployed However, if you timely filed your return for the year without making the election, you can still make the election by filing an amended return within 6 months of the due date of the return (excluding extensions). How to file taxes while unemployed Clearly indicate the election on your amended return and write “Filed pursuant to section 301. How to file taxes while unemployed 9100-2. How to file taxes while unemployed ” File the amended return at the same address you filed the original return. How to file taxes while unemployed The election applies when computing taxable income for the current tax year and all subsequent years. How to file taxes while unemployed Reforestation Costs Reforestation costs are generally capital expenditures. How to file taxes while unemployed However, you can elect to deduct up to $10,000 ($5,000 if married filing separately; $0 for a trust) of qualifying reforestation costs paid or incurred after October 22, 2004, for each qualified timber property. How to file taxes while unemployed The remaining costs can be amortized over an 84-month period. How to file taxes while unemployed For information about amortizing reforestation costs, see chapter 8 . How to file taxes while unemployed Qualifying reforestation costs are the direct costs of planting or seeding for forestation or reforestation. How to file taxes while unemployed Qualified timber property is property that contains trees in significant commercial quantities. How to file taxes while unemployed See chapter 8 for more information on qualifying reforestation costs and qualified timber property. How to file taxes while unemployed If you elect to deduct qualified reforestation costs, create and maintain separate timber accounts for each qualified timber property and include all reforestation costs and the dates each was applied. How to file taxes while unemployed Do not include this qualified timber property in any account (for example, depletion block) for which depletion is allowed. How to file taxes while unemployed How to make the election. How to file taxes while unemployed   You elect to deduct qualifying reforestation costs by claiming the deduction on your timely filed income tax return (including extensions) for the tax year the expenses were paid or incurred. How to file taxes while unemployed If Form T (Timber), Forest Activities Schedule, is required, complete Part IV of Form T. How to file taxes while unemployed If Form T is not required, attach a statement containing the following information for each qualified timber property for which an election is being made. How to file taxes while unemployed The unique stand identification numbers. How to file taxes while unemployed The total number of acres reforested during the tax year. How to file taxes while unemployed The nature of the reforestation treatments. How to file taxes while unemployed The total amounts of qualified reforestation expenditures eligible to be amortized or deducted. How to file taxes while unemployed   If you timely filed your return for the year without making the election, you can still make the election by filing an amended return within 6 months of the due date of the return (excluding extensions). How to file taxes while unemployed Clearly indicate the election on your amended return and write “Filed pursuant to section 301. How to file taxes while unemployed 9100-2. How to file taxes while unemployed ” File the amended return at the same address you filed the original return. How to file taxes while unemployed The election applies when computing taxable income for the current tax year and all subsequent years. How to file taxes while unemployed   For additional information on reforestation costs, see chapter 8 . How to file taxes while unemployed Recapture. How to file taxes while unemployed   This deduction may have to be recaptured as ordinary income under section 1245 when you sell or otherwise dispose of the property that would have received an addition to basis if you had not elected to deduct the expenditure. How to file taxes while unemployed For more information on recapturing the deduction, see Depreciation Recapture in Publication 544. How to file taxes while unemployed Retired Asset Removal Costs If you retire and remove a depreciable asset in connection with the installation or production of a replacement asset, you can deduct the costs of removing the retired asset. How to file taxes while unemployed However, if you replace a component (part) of a depreciable asset, capitalize the removal costs if the replacement is an improvement and deduct the costs if the replacement is a repair. How to file taxes while unemployed Barrier Removal Costs The cost of an improvement to a business asset is normally a capital expense. How to file taxes while unemployed However, you can elect to deduct the costs of making a facility or public transportation vehicle more accessible to and usable by those who are disabled or elderly. How to file taxes while unemployed You must own or lease the facility or vehicle for use in connection with your trade or business. How to file taxes while unemployed A facility is all or any part of buildings, structures, equipment, roads, walks, parking lots, or similar real or personal property. How to file taxes while unemployed A public transportation vehicle is a vehicle, such as a bus or railroad car, that provides transportation service to the public (including service for your customers, even if you are not in the business of providing transportation services). How to file taxes while unemployed You cannot deduct any costs that you paid or incurred to completely renovate or build a facility or public transportation vehicle or to replace depreciable property in the normal course of business. How to file taxes while unemployed Deduction limit. How to file taxes while unemployed   The most you can deduct as a cost of removing barriers to the disabled and the elderly for any tax year is $15,000. How to file taxes while unemployed However, you can add any costs over this limit to the basis of the property and depreciate these excess costs. How to file taxes while unemployed Partners and partnerships. How to file taxes while unemployed   The $15,000 limit applies to a partnership and also to each partner in the partnership. How to file taxes while unemployed A partner can allocate the $15,000 limit in any manner among the partner's individually incurred costs and the partner's distributive share of partnership costs. How to file taxes while unemployed If the partner cannot deduct the entire share of partnership costs, the partnership can add any costs not deducted to the basis of the improved property. How to file taxes while unemployed   A partnership must be able to show that any amount added to basis was not deducted by the partner and that it was over a partner's $15,000 limit (as determined by the partner). How to file taxes while unemployed If the partnership cannot show this, it is presumed that the partner was able to deduct the distributive share of the partnership's costs in full. How to file taxes while unemployed Example. How to file taxes while unemployed Emilio Azul's distributive share of ABC partnership's deductible expenses for the removal of architectural barriers was $14,000. How to file taxes while unemployed Emilio had $12,000 of similar expenses in his sole proprietorship. How to file taxes while unemployed He elected to deduct $7,000 of them. How to file taxes while unemployed Emilio allocated the remaining $8,000 of the $15,000 limit to his share of ABC's expenses. How to file taxes while unemployed Emilio can add the excess $5,000 of his own expenses to the basis of the property used in his business. How to file taxes while unemployed Also, if ABC can show that Emilio could not deduct $6,000 ($14,000 – $8,000) of his share of the partnership's expenses because of how Emilio applied the limit, ABC can add $6,000 to the basis of its property. How to file taxes while unemployed Qualification standards. How to file taxes while unemployed   You can deduct your costs as a current expense only if the barrier removal meets the guidelines and requirements issued by the Architectural and Transportation Barriers Compliance Board under the Americans with Disabilities Act (ADA) of 1990. How to file taxes while unemployed You can view the Americans with Disabilities Act at www. How to file taxes while unemployed ada. How to file taxes while unemployed gov/pubs/ada. How to file taxes while unemployed htm. How to file taxes while unemployed   The following is a list of some architectural barrier removal costs that can be deducted. How to file taxes while unemployed Ground and floor surfaces. How to file taxes while unemployed Walks. How to file taxes while unemployed Parking lots. How to file taxes while unemployed Ramps. How to file taxes while unemployed Entrances. How to file taxes while unemployed Doors and doorways. How to file taxes while unemployed Stairs. How to file taxes while unemployed Floors. How to file taxes while unemployed Toilet rooms. How to file taxes while unemployed Water fountains. How to file taxes while unemployed Public telephones. How to file taxes while unemployed Elevators. How to file taxes while unemployed Controls. How to file taxes while unemployed Signage. How to file taxes while unemployed Alarms. How to file taxes while unemployed Protruding objects. How to file taxes while unemployed Symbols of accessibility. How to file taxes while unemployed You can find the ADA guidelines and requirements for architectural barrier removal at www. How to file taxes while unemployed usdoj. How to file taxes while unemployed gov/crt/ada/reg3a. How to file taxes while unemployed html. How to file taxes while unemployed   The costs for removal of transportation barriers from rail facilities, buses, and rapid and light rail vehicles are deductible. How to file taxes while unemployed You can find the guidelines and requirements for transportation barrier removal at www. How to file taxes while unemployed fta. How to file taxes while unemployed dot. How to file taxes while unemployed gov. How to file taxes while unemployed   Also, you can access the ADA website at www. How to file taxes while unemployed ada. How to file taxes while unemployed gov for additional information. How to file taxes while unemployed Other barrier removals. How to file taxes while unemployed   To be deductible, expenses of removing any barrier not covered by the above standards must meet all three of the following tests. How to file taxes while unemployed The removed barrier must be a substantial barrier to access or use of a facility or public transportation vehicle by persons who have a disability or are elderly. How to file taxes while unemployed The removed barrier must have been a barrier for at least one major group of persons who have a disability or are elderly (such as people who are blind, deaf, or wheelchair users). How to file taxes while unemployed The barrier must be removed without creating any new barrier that significantly impairs access to or use of the facility or vehicle by a major group of persons who have a disability or are elderly. How to file taxes while unemployed How to make the election. How to file taxes while unemployed   If you elect to deduct your costs for removing barriers to the disabled or the elderly, claim the deduction on your income tax return (partnership return for partnerships) for the tax year the expenses were paid or incurred. How to file taxes while unemployed Identify the deduction as a separate item. How to file taxes while unemployed The election applies to all the qualifying costs you have during the year, up to the $15,000 limit. How to file taxes while unemployed If you make this election, you must maintain adequate records to support your deduction. How to file taxes while unemployed   For your election to be valid, you generally must file your return by its due date, including extensions. How to file taxes while unemployed However, if you timely filed your return for the year without making the election, you can still make the election by filing an amended return within 6 months of the due date of the return (excluding extensions). How to file taxes while unemployed Clearly indicate the election on your amended return and write “Filed pursuant to section 301. How to file taxes while unemployed 9100-2. How to file taxes while unemployed ” File the amended return at the same address you filed the original return. How to file taxes while unemployed Your election is irrevocable after the due date, including extensions, of your return. How to file taxes while unemployed Disabled access credit. How to file taxes while unemployed   If you make your business accessible to persons with disabilities and your business is an eligible small business, you may be able to claim the disabled access credit. How to file taxes while unemployed If you choose to claim the credit, you must reduce the amount you deduct or capitalize by the amount of the credit. How to file taxes while unemployed   For more information, see Form 8826, Disabled Access Credit. How to file taxes while unemployed Film and Television Production Costs Film and television production costs are generally capital expenses. How to file taxes while unemployed However, you can elect to deduct costs paid or incurred for certain productions commencing before January 1, 2014. How to file taxes while unemployed For more information, see section 181 of the Internal Revenue Code and the related Treasury Regulations. How to file taxes while unemployed Prev  Up  Next   Home   More Online Publications
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The How To File Taxes While Unemployed

How to file taxes while unemployed Internal Revenue Bulletin:  2013-7  February 11, 2013  Rev. How to file taxes while unemployed Proc. How to file taxes while unemployed 2013-16 Table of Contents SECTION 1. How to file taxes while unemployed PURPOSE SECTION 2. How to file taxes while unemployed BACKGROUND—HAMP AND THE HAMP PRINCIPAL REDUCTION ALTERNATIVE SECTION 3. How to file taxes while unemployed BACKGROUND—APPLICABLE PROVISIONS OF LAW SECTION 4. How to file taxes while unemployed FEDERAL INCOME TAX TREATMENT SECTION 5. How to file taxes while unemployed INFORMATION-REPORTING OBLIGATIONS SECTION 6. How to file taxes while unemployed HAMP-PRA BORROWERS’ REPORTING OF DISCHARGES OF INDEBTEDNESS UNDER HAMP-PRA SECTION 7. How to file taxes while unemployed PENALTY RELIEF FOR 2012 SECTION 8. How to file taxes while unemployed SCOPE AND EFFECTIVE DATE SECTION 9. How to file taxes while unemployed DRAFTING INFORMATION SECTION 1. How to file taxes while unemployed PURPOSE This revenue procedure provides guidance to mortgage loan holders, loan servicers, and borrowers who are participating in the Department of the Treasury’s (Treasury) and Department of Housing and Urban Development’s (HUD) Home Affordable Modification Program® (HAMP®). How to file taxes while unemployed Under HAMP, a borrower may be eligible for principal reduction of the outstanding balance of a qualifying mortgage pursuant to the program’s Principal Reduction AlternativeSM (PRA). How to file taxes while unemployed In appropriate cases, HAMP has been offering the PRA as part of a HAMP loan modification since the last quarter of 2010. How to file taxes while unemployed Current plans call for HAMP to continue accepting new borrowers through the end of 2013. How to file taxes while unemployed The Internal Revenue Service (Service) is providing this guidance to address the tax consequences for borrowers (HAMP-PRA borrowers) who are participating in the PRA and the reporting obligations for participating mortgage loan holders and servicers. How to file taxes while unemployed SECTION 2. How to file taxes while unemployed BACKGROUND—HAMP AND THE HAMP PRINCIPAL REDUCTION ALTERNATIVE . How to file taxes while unemployed 01 To help distressed borrowers lower their monthly mortgage payments, Treasury and HUD established HAMP for mortgage loans that are not owned or guaranteed by the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac). How to file taxes while unemployed A description of the program can be found at www. How to file taxes while unemployed makinghomeaffordable. How to file taxes while unemployed gov. How to file taxes while unemployed . How to file taxes while unemployed 02 Under HAMP, a participating loan servicer, acting on behalf of the mortgage loan holder, must consider a sequence of modification steps for each eligible borrower’s mortgage loan until the borrower’s monthly payment is reduced to a monthly payment amount determined under the HAMP guidelines. How to file taxes while unemployed These steps include a reduction in the mortgage loan’s interest rate, an extension of the mortgage loan’s term, and a reduction in the mortgage loan’s principal balance. How to file taxes while unemployed . How to file taxes while unemployed 03 In some cases, the unpaid principal balance of the modified mortgage loan is divided into (1) an amount that bears stated interest and that is used to calculate the borrower’s new monthly mortgage payment (the “Non-forbearance Portion”), and (2) a forbearance amount, which does not bear stated interest and on which periodic payments of stated principal are not required. How to file taxes while unemployed The stated principal of the forbearance amount is due upon the earliest of the borrower’s transfer of the property, payoff of the balance on the Non-forbearance Portion of the mortgage loan, or maturity of the mortgage loan. How to file taxes while unemployed However, as noted in section 2. How to file taxes while unemployed 06 of this revenue procedure, a HAMP-PRA borrower sometimes may not have to pay all or a portion of the forbearance amount. How to file taxes while unemployed (The forbearance amount associated with a HAMP-PRA principal reduction is called the “PRA Forbearance Amount. How to file taxes while unemployed ”) . How to file taxes while unemployed 04 If a mortgage loan is being considered for a HAMP modification and the amount owed on the mortgage loan is greater than 115 percent of the value of the property, then the servicer must consider whether principal reduction under PRA should be used as part of the HAMP modification. How to file taxes while unemployed . How to file taxes while unemployed 05 The first step toward a HAMP modification is a trial period plan, in which the borrower’s monthly mortgage payment is set at a monthly payment amount determined under the HAMP guidelines. How to file taxes while unemployed The trial period plan effective date is the due date for the first of the reduced payments that are to be made under the trial period plan. How to file taxes while unemployed (It is the first day of either the first or the second month after the servicer transmits the trial period notice to the borrower. How to file taxes while unemployed ) In general, the trial period is three months, and, during this period, the borrower must satisfy certain conditions before the changes to the terms of the mortgage loan become permanent (the “Trial Period Conditions”). How to file taxes while unemployed Specifically, depending on the borrower’s trial period payment history, the borrower’s compliance with HAMP and servicer guidelines, and his or her satisfaction of all other Trial Period Conditions, the borrower will be offered a permanent modification of the terms of the mortgage loan, including monthly mortgage payments that are lower than those under the old mortgage loan. How to file taxes while unemployed Until the effective date of a permanent modification, the terms of the existing mortgage loan continue to apply. How to file taxes while unemployed . How to file taxes while unemployed 06 After the mortgage loan is permanently modified under HAMP, if the modified mortgage loan is in good standing on the first, second, or third annual anniversary of the trial period plan effective date (the “Three-year Period”), the servicer must reduce the unpaid principal balance of the mortgage loan on the respective anniversary date by one-third of the initial PRA Forbearance Amount. How to file taxes while unemployed (The servicer allocates the entire reduction to the remaining PRA Forbearance Amount. How to file taxes while unemployed ) In general, if a HAMP-PRA borrower’s mortgage loan is in good standing and if the HAMP-PRA borrower pays in full the Non-forbearance Portion of the mortgage loan prior to the reduction of the entire PRA Forbearance Amount, the servicer must reduce the remaining outstanding principal balance of the mortgage loan by the remaining PRA Forbearance Amount. How to file taxes while unemployed . How to file taxes while unemployed 07 In connection with every HAMP loan modification, the HAMP program administrator (acting on behalf of the federal government) provides incentives to the borrower, the servicer, and the investor (that is, the holder of the mortgage loan). How to file taxes while unemployed If a HAMP loan modification includes a PRA principal reduction, the HAMP program administrator makes additional incentive payments to the investor. How to file taxes while unemployed These additional incentives are called “PRA Investor Incentive Payments” and are generally spread over three years. How to file taxes while unemployed The size of the PRA Investor Incentive Payments depends on the amount of principal reduced, the loan-to-value ratio at the time of the HAMP modification, and the loan’s payment history before the modification. How to file taxes while unemployed The PRA Investor Incentive Payments range from 18 to 63 percent of the principal amounts reduced. How to file taxes while unemployed For purposes of this revenue procedure, the excess of the initial PRA Forbearance Amount of a mortgage loan over the aggregate PRA Investor Incentive Payments scheduled to be paid with respect to that loan is called the “PRA Adjusted Forbearance Amount. How to file taxes while unemployed ” . How to file taxes while unemployed 08 A PRA Investor Incentive Payment is earned by the investor on each date on which the servicer reduces the unpaid principal balance of the mortgage loan by a portion of the PRA Forbearance Amount (generally, on the first three annual anniversaries of the trial period plan effective date). How to file taxes while unemployed . How to file taxes while unemployed 09 If a HAMP-PRA borrower’s early payment in full of the Non-forbearance Portion of the mortgage loan accelerates the reduction of the remaining PRA Forbearance Amount (described above in section 2. How to file taxes while unemployed 06 of this revenue procedure), the remaining PRA Investor Incentive Payments from the HAMP program administrator are also accelerated. How to file taxes while unemployed . How to file taxes while unemployed 10 If, prior to completion of the Three-year Period, a mortgage loan ceases to be in good standing because of the HAMP-PRA borrower’s payment history, then the remaining PRA Forbearance Amount is not further reduced and is due when the HAMP-PRA borrower transfers the property, the HAMP-PRA borrower refinances, or otherwise pays off the Non-forbearance Portion of the mortgage loan, or the mortgage loan matures. How to file taxes while unemployed SECTION 3. How to file taxes while unemployed BACKGROUND—APPLICABLE PROVISIONS OF LAW . How to file taxes while unemployed 01 Under § 61 of the Internal Revenue Code, except as otherwise provided in subtitle A, gross income means all income from whatever source derived, including income from discharge of indebtedness. How to file taxes while unemployed See § 61(a)(12). How to file taxes while unemployed . How to file taxes while unemployed 02 Under § 1. How to file taxes while unemployed 1001-3 of the Income Tax Regulations, if a debt instrument undergoes a significant modification, then the modification results in an exchange of the original debt instrument for the modified debt instrument. How to file taxes while unemployed In general, an agreement to change a term of a debt instrument is a modification at the time the borrower and holder enter into the agreement, even if the change in term is not immediately effective. How to file taxes while unemployed However, if the change is conditioned on reasonable closing conditions, a modification occurs on the closing date of the agreement. How to file taxes while unemployed See § 1. How to file taxes while unemployed 1001-3(c)(6). How to file taxes while unemployed . How to file taxes while unemployed 03 Under § 108(e)(10), in the case of a debt-for-debt exchange (including a deemed exchange under § 1. How to file taxes while unemployed 1001-3), the borrower is treated as having satisfied the original debt instrument with an amount of money equal to the issue price of the new debt instrument. How to file taxes while unemployed If the amount of debt satisfied in this manner exceeds that issue price, the borrower realizes discharge of indebtedness income on the exchange. How to file taxes while unemployed See also § 1. How to file taxes while unemployed 61-12(c). How to file taxes while unemployed . How to file taxes while unemployed 04 The issue price of a non-publicly traded debt instrument issued for non-publicly traded property generally reflects the amount of principal that the borrower is required to pay to the holder of the instrument. How to file taxes while unemployed If a borrower has the ability to avoid paying certain amounts (including principal) without violating the terms of the instrument, the payment schedule for the instrument is generally determined based on an assumption that the borrower will avoid any requirement to make those payments. How to file taxes while unemployed See, e. How to file taxes while unemployed g. How to file taxes while unemployed , §§ 1. How to file taxes while unemployed 1272-1(c)(5) and 1. How to file taxes while unemployed 1274-2(d). How to file taxes while unemployed . How to file taxes while unemployed 05 Under § 108(a), gross income does not include any amount that but for § 108(a) would be includible in gross income by reason of the discharge (in whole or in part) of a taxpayer’s indebtedness if (1) the indebtedness discharged is qualified principal residence indebtedness that is discharged before January 1, 2014, or (2) the discharge occurs when the taxpayer is insolvent. How to file taxes while unemployed Section 108(a)(1)(E) and 108(a)(1)(B). How to file taxes while unemployed (Although § 108 contains other exclusions as well, this revenue procedure focuses on these two exclusions because they are the most likely to apply to the greatest number of HAMP-PRA borrowers. How to file taxes while unemployed ) . How to file taxes while unemployed 06 Under §§ 108(h) and 163(h)(3)(B), qualified principal residence indebtedness is any indebtedness that is incurred by a borrower to buy, build, or substantially improve the borrower’s principal residence and is secured by that residence. How to file taxes while unemployed . How to file taxes while unemployed 07 Qualified principal residence indebtedness also includes a loan secured by the borrower’s principal residence that refinances qualified principal residence indebtedness, but only to the extent of the amount of the refinanced indebtedness. How to file taxes while unemployed See §§ 108(h) and 163(h)(3)(B)(i). How to file taxes while unemployed . How to file taxes while unemployed 08 The maximum amount of discharged indebtedness that a borrower may exclude from gross income under the qualified principal residence indebtedness exclusion is $2,000,000 ($1,000,000 for a married individual filing a separate return). How to file taxes while unemployed Under § 108(h)(4), if only part of the discharged indebtedness is qualified principal residence indebtedness, then the exclusion applies only to the amount of the discharged indebtedness that exceeds the amount of the loan (determined immediately before the discharge) that is not qualified principal residence indebtedness. How to file taxes while unemployed . How to file taxes while unemployed 09 Under § 108(a)(3), the insolvency exclusion applies to the lesser of the amount of the debt discharged or the amount by which the taxpayer is insolvent immediately before the discharge. How to file taxes while unemployed . How to file taxes while unemployed 10 Section 108(d)(3) provides that, for purposes of the insolvency exclusion, a taxpayer is insolvent to the extent that the taxpayer’s total liabilities exceed the fair market value of all of the taxpayer’s assets immediately before the discharge of indebtedness. How to file taxes while unemployed Under § 108(a)(2)(C), the qualified principal residence indebtedness exclusion takes precedence over the insolvency exclusion when both exclusions apply to discharged indebtedness, unless the taxpayer elects to apply the insolvency exclusion. How to file taxes while unemployed . How to file taxes while unemployed 11 If an amount is excluded from gross income as a discharge of qualified principal residence indebtedness, the taxpayer must reduce the basis of the taxpayer’s principal residence. How to file taxes while unemployed See § 108(h)(1). How to file taxes while unemployed If a discharged amount is excluded from gross income because the taxpayer was insolvent when the discharge occurred, the taxpayer must reduce certain tax attributes (possibly including basis). How to file taxes while unemployed See § 108(b). How to file taxes while unemployed For further discussion of income from the discharge of indebtedness, the qualified principal residence indebtedness exclusion, the insolvency exclusion, and other exclusions from gross income that may apply, see Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments (for Individuals). How to file taxes while unemployed . How to file taxes while unemployed 12 Taxpayers who exclude any discharged amounts from gross income report both the exclusion and the resulting reduction in basis or other tax attributes on Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment). How to file taxes while unemployed See Form 982 instructions and Publication 4681. How to file taxes while unemployed This form is to be filed with the tax return for the taxable year in which the amount is discharged but is excluded from gross income. How to file taxes while unemployed . How to file taxes while unemployed 13 Governmental payments made to or on behalf of individuals or other persons are included within the broad definition of gross income under § 61 unless an exception applies. How to file taxes while unemployed See Notice 2003-18, 2003-1 C. How to file taxes while unemployed B. How to file taxes while unemployed 699, and Rev. How to file taxes while unemployed Rul. How to file taxes while unemployed 79-356, 1979-2 C. How to file taxes while unemployed B. How to file taxes while unemployed 28. How to file taxes while unemployed However, if disbursements are made by a governmental unit to individuals in the interest of the general welfare (that is, are generally based on individual or family need) and the disbursements do not represent compensation for services, then the amounts disbursed are excluded from the income of the recipient (general welfare exclusion). How to file taxes while unemployed See Rev. How to file taxes while unemployed Rul. How to file taxes while unemployed 2005-46, 2005-2 C. How to file taxes while unemployed B. How to file taxes while unemployed 120, and Rev. How to file taxes while unemployed Rul. How to file taxes while unemployed 75-246, 1975-1 C. How to file taxes while unemployed B. How to file taxes while unemployed 24. How to file taxes while unemployed . How to file taxes while unemployed 14 Under § 451 and § 1. How to file taxes while unemployed 451-1(a), a taxpayer that uses the cash receipts and disbursements method of accounting includes income in gross income when the taxpayer actually or constructively receives the income. How to file taxes while unemployed . How to file taxes while unemployed 15 Section 6041 requires every person engaged in a trade or business (including the United States and its agencies) to (1) file an information return (Form 1099-MISC, Miscellaneous Income, is used for this purpose) for each calendar year in which the person makes, in the course of its trade or business, payments to another person of fixed or determinable income aggregating $600 or more, and (2) furnish a copy of the information return to that other person. How to file taxes while unemployed See § 6041(a) and (d) and § 1. How to file taxes while unemployed 6041-1(a)(1) and (b). How to file taxes while unemployed . How to file taxes while unemployed 16 Section 6050P requires applicable entities (including the United States and its agencies, financial entities, and any organization a significant trade or business of which is the lending of money) to (1) file an information return (Form 1099-C, Cancellation of Debt, is used for this purpose) for each calendar year in which it discharges indebtedness of another person of $600 or more, and (2) furnish a copy of the information return to that other person. How to file taxes while unemployed See § 6050P(a)-(c) and §§ 1. How to file taxes while unemployed 6050P-1(a) and 1. How to file taxes while unemployed 6050P-2(a) and (d). How to file taxes while unemployed . How to file taxes while unemployed 17 Section 6721 imposes penalties with respect to information returns required to be filed with the Service. How to file taxes while unemployed These penalties apply in the case of a failure to timely file an information return, a failure to include all required information on the return, or the inclusion of incorrect information on the return. How to file taxes while unemployed Section 6724(d)(1) includes Forms 1099-MISC and 1099-C in the term “information return. How to file taxes while unemployed ” . How to file taxes while unemployed 18 Section 6722 imposes penalties with respect to payee statements required to be furnished to payees. How to file taxes while unemployed These penalties apply in the case of a failure to timely furnish a payee statement, a failure to include all required information on the statement, or the inclusion of incorrect information on the payee statement. How to file taxes while unemployed Section 6724(d)(2) includes in the term “payee statement” copies of Forms 1099-MISC and 1099-C that are required to be furnished to taxpayers. How to file taxes while unemployed SECTION 4. How to file taxes while unemployed FEDERAL INCOME TAX TREATMENT . How to file taxes while unemployed 01 Because a HAMP modification with a PRA principal reduction is a significant modification, it results in a deemed debt-for-debt exchange in which the HAMP-PRA borrower satisfies the old mortgage loan by issuing a new one. How to file taxes while unemployed See § 1. How to file taxes while unemployed 1001-3. How to file taxes while unemployed At the time of the modification, therefore, under § 108 and this revenue procedure, the HAMP-PRA borrower realizes discharge of indebtedness income equal to any excess of the adjusted issue price of the old mortgage loan (which was satisfied in the deemed exchange) over the issue price of the new (post-modification) mortgage loan. How to file taxes while unemployed See also § 61(a)(12) and § 1. How to file taxes while unemployed 61-12(c). How to file taxes while unemployed . How to file taxes while unemployed 02 A HAMP-PRA borrower has the ability to avoid payment of the PRA Adjusted Forbearance Amount. How to file taxes while unemployed Because the HAMP-PRA borrower has this ability, that amount should not be taken into account in determining the issue price of the new mortgage loan. How to file taxes while unemployed Because the issue price of the new mortgage loan does not include the PRA Adjusted Forbearance Amount, the PRA Adjusted Forbearance Amount contributes to the excess of the adjusted issue price of the old mortgage loan (which was satisfied in the deemed exchange) over the issue price of the new mortgage loan. How to file taxes while unemployed . How to file taxes while unemployed 03 On the other hand, the investor has not given up its right to receive the remainder of the PRA Forbearance Amount, because the HAMP program administrator is expected to make those payments on the HAMP-PRA borrower’s behalf by making the PRA Investor Incentive Payments. How to file taxes while unemployed Because the remainder of the PRA Forbearance Amount is payable in this manner, that remainder is included in the issue price of the new mortgage loan. How to file taxes while unemployed . How to file taxes while unemployed 04 The Trial Period Conditions are reasonable closing conditions that must be satisfied before the changes to the terms of the mortgage loan become permanent. How to file taxes while unemployed Therefore, for purposes of § 1. How to file taxes while unemployed 1001-3, the date of the modification is the date of the permanent modification. How to file taxes while unemployed . How to file taxes while unemployed 05 Unless an exclusion applies, the HAMP-PRA borrower includes in gross income the discharge of indebtedness income described in section 4. How to file taxes while unemployed 01 of this revenue procedure for the taxable year in which the permanent modification occurs. How to file taxes while unemployed Under certain conditions, however, section 6 of this revenue procedure permits a borrower to report the discharge of indebtedness under HAMP-PRA over the Three-year Period. How to file taxes while unemployed The qualified principal residence indebtedness exclusion under § 108(a)(1)(E) and the insolvency exclusion under § 108(a)(1)(B) are two exclusions that may apply to the discharge. How to file taxes while unemployed . How to file taxes while unemployed 06 The PRA Investor Incentive Payment is treated as a payment on the mortgage loan by the HAMP program administrator on behalf of the HAMP-PRA borrower. How to file taxes while unemployed . How to file taxes while unemployed 07 To the extent that the HAMP-PRA borrower uses the property as the HAMP-PRA borrower’s principal residence or the property is occupied by the HAMP-PRA borrower’s legal dependent, parent, or grandparent without rent being charged or collected, the HAMP-PRA borrower excludes from his or her gross income under the general welfare exclusion the PRA Investor Incentive Payments that the HAMP program administrator makes to the investor in the mortgage loan. How to file taxes while unemployed This is consistent with Rev. How to file taxes while unemployed Rul. How to file taxes while unemployed 2009-19, 2009-28 I. How to file taxes while unemployed R. How to file taxes while unemployed B. How to file taxes while unemployed 111, which addressed the treatment of Pay-for-Performance Success Payments. How to file taxes while unemployed . How to file taxes while unemployed 08 To the extent that the HAMP-PRA borrower uses the property as a rental property or holds the property vacant and available for rent, the HAMP-PRA borrower includes PRA Investor Incentive Payments in gross income. How to file taxes while unemployed If the HAMP-PRA borrower uses the cash receipts and disbursements method of accounting, then the HAMP-PRA borrower includes a PRA Investor Incentive Payment in gross income in the taxable year in which it is applied as a payment on the HAMP-PRA borrower’s mortgage loan. How to file taxes while unemployed . How to file taxes while unemployed 09 As described in section 2. How to file taxes while unemployed 09 of this revenue procedure, if a HAMP-PRA borrower pays in full the Non-forbearance Portion of the mortgage loan while the loan is in good standing and prior to completion of the Three-year Period, that payment accelerates both the reduction in the remaining PRA Forbearance Amount and the PRA Investor Incentive Payments from the HAMP program administrator. How to file taxes while unemployed To the extent that the HAMP-PRA borrower is described in section 4. How to file taxes while unemployed 07 of this revenue procedure, the HAMP-PRA borrower excludes from his or her gross income under the general welfare exclusion the accelerated PRA Investor Incentive Payments. How to file taxes while unemployed To the extent that the HAMP-PRA borrower is described in section 4. How to file taxes while unemployed 08 of this revenue procedure, the HAMP-PRA borrower includes in income in the year of the acceleration the remaining amount of the PRA Investor Incentive Payment. How to file taxes while unemployed SECTION 5. How to file taxes while unemployed INFORMATION-REPORTING OBLIGATIONS . How to file taxes while unemployed 01 Under § 6050P, the investor is required to file a Form 1099-C with respect to a borrower who realizes discharge of indebtedness of $600 or more. How to file taxes while unemployed A copy of this form is required to be furnished to the borrower. How to file taxes while unemployed . How to file taxes while unemployed 02 As stated in sections 4. How to file taxes while unemployed 01 and 4. How to file taxes while unemployed 04 of this revenue procedure, the HAMP-PRA discharge of indebtedness is realized at the time of the permanent modification of the mortgage loan. How to file taxes while unemployed . How to file taxes while unemployed 03 An investor is an applicable entity that is required under § 1. How to file taxes while unemployed 6050P-1 and this revenue procedure to issue a Form 1099-C for discharge of indebtedness. How to file taxes while unemployed Under § 1. How to file taxes while unemployed 6050P-1(b)(2)(F), the permanent modification of a mortgage loan is an identifiable event. How to file taxes while unemployed Identifiable events determine when Forms 1099-C have to be issued. How to file taxes while unemployed Thus, the Form 1099-C is issued for the calendar year in which the permanent mortgage loan modification occurs. How to file taxes while unemployed This rule under § 1. How to file taxes while unemployed 6050P-1(b)(2)(F) applies even if, under section 6 of this revenue procedure, the HAMP-PRA borrower chooses to treat the HAMP-PRA discharge as being realized at the times when the unpaid principal balance of the new mortgage loan is reduced. How to file taxes while unemployed . How to file taxes while unemployed 04 The investor (or the loan servicer acting on behalf of the investor) reports the full amount of the discharge on the Form 1099-C regardless of whether some or all of the amount is excludible from income under the qualified principal residence indebtedness exclusion, the insolvency exclusion, or any other exclusion that may apply. How to file taxes while unemployed That discharged amount will generally be the PRA Adjusted Forbearance Amount (which does not include the amounts expected to be satisfied by PRA Investor Incentive Payments). How to file taxes while unemployed . How to file taxes while unemployed 05 To the extent that PRA Investor Incentive Payments are made on behalf of a HAMP-PRA borrower who is described in section 4. How to file taxes while unemployed 07 of this revenue procedure, the PRA Investor Incentive Payments are excluded from the gross income of the HAMP-PRA borrower, and thus they are not fixed or determinable income to the HAMP-PRA borrower. How to file taxes while unemployed Under § 6041, these payments are not subject to information reporting. How to file taxes while unemployed See Notice 2011-14, 2011-11 I. How to file taxes while unemployed R. How to file taxes while unemployed B. How to file taxes while unemployed 544, 546. How to file taxes while unemployed . How to file taxes while unemployed 06 To the extent that PRA Investor Incentive Payments are made on behalf of a HAMP-PRA borrower who is described in section 4. How to file taxes while unemployed 08 of this revenue procedure, the PRA Investor Incentive Payments are includible in gross income as fixed or determinable income in the taxable year required by the HAMP-PRA borrower’s method of accounting. How to file taxes while unemployed The payment is subject to the information reporting requirements of § 6041, as described in section 3. How to file taxes while unemployed 15 of this revenue procedure. How to file taxes while unemployed Accordingly, the HAMP program administrator is required to issue a Form 1099-MISC reporting the PRA Investor Incentive Payment. How to file taxes while unemployed SECTION 6. How to file taxes while unemployed HAMP-PRA BORROWERS’ REPORTING OF DISCHARGES OF INDEBTEDNESS UNDER HAMP-PRA . How to file taxes while unemployed 01 In general. How to file taxes while unemployed The HAMP-PRA program began in the last quarter of 2010, and since that time there has been uncertainty about whether the amount of the discharge of indebtedness should be reported in the year of the permanent modification or over the Three-year Period (when the unpaid principal balance on the new mortgage loan is reduced). How to file taxes while unemployed As a result, some HAMP-PRA borrowers have been reporting the discharge of indebtedness under HAMP-PRA over the Three-year Period. How to file taxes while unemployed Given the temporary nature of the program and the issuance of this guidance after participation in the program has begun, in the interests of equitable and sound tax administration, HAMP-PRA borrowers may report discharges of indebtedness under HAMP-PRA under the rules in this section 6. How to file taxes while unemployed A HAMP-PRA borrower may choose to report discharges of indebtedness under HAMP-PRA pursuant to the rules in this section 6 only if the borrower applies the same borrower option under section 6. How to file taxes while unemployed 02 of this revenue procedure consistently to the taxable year of the permanent modification and to all subsequent taxable years. How to file taxes while unemployed Thus, a HAMP-PRA borrower may not choose a borrower option under section 6. How to file taxes while unemployed 02 of this revenue procedure if a statute of limitations has expired for any of the taxable years that are necessary for consistent application of that option. How to file taxes while unemployed . How to file taxes while unemployed 02 HAMP-PRA borrower options. How to file taxes while unemployed A HAMP-PRA borrower may treat the HAMP-PRA discharge as being realized in either of the following ways— (1) One hundred percent of the PRA Adjusted Forbearance Amount at the time of the permanent modification; or (2) One third of the PRA Adjusted Forbearance Amount on each of the first three annual anniversaries of the trial period plan effective date (described in section 2. How to file taxes while unemployed 06 of this revenue procedure), when, as required by the terms of the new mortgage loan, the servicer reduces the unpaid principal balance of the new mortgage loan. How to file taxes while unemployed If some or all of the reduction in the unpaid principal balance is accelerated (as described in section 2. How to file taxes while unemployed 06 of this revenue procedure) because the HAMP-PRA borrower prepays the Non-forbearance Portion of the mortgage loan, then the HAMP-PRA discharge represented by the amount of the reduction that was accelerated is treated as being realized at the time of the accelerated reduction. How to file taxes while unemployed . How to file taxes while unemployed 03 HAMP-PRA borrowers who choose to realize the HAMP-PRA discharge at the time of the permanent modification. How to file taxes while unemployed (1) If a HAMP-PRA borrower chooses to treat the HAMP-PRA discharge as being realized at the time of the permanent modification, then for the taxable year in which the permanent modification occurs, the HAMP-PRA borrower reports on Form 982 the amount, if any, of the discharge that is excluded from gross income and includes in gross income any remaining discharge. How to file taxes while unemployed (2) If a HAMP-PRA borrower’s mortgage loan was permanently modified under HAMP in 2010 or 2011, and if the borrower was reporting the discharge of indebtedness using the method described in section 6. How to file taxes while unemployed 02(2) of this revenue procedure, then the borrower may change to reporting the discharge of indebtedness using the method described in section 6. How to file taxes while unemployed 02(1) of this revenue procedure by filing a 2012 Form 982 with the borrower’s timely filed (with extensions) 2012 income tax return. How to file taxes while unemployed This section 6. How to file taxes while unemployed 03(2) applies only if the change to reporting the discharge using the method described in section 6. How to file taxes while unemployed 02(1) of this revenue procedure does not change the borrower’s federal income tax liability (including any change in federal income tax liability due to a change in basis or tax attributes (under § 108(h)(1) or § 108(b))) for any taxable year prior to the borrower’s 2012 taxable year. How to file taxes while unemployed To make this change, the borrower must— (i) Compute the amount of discharge of indebtedness that would be included in income under § 61(a)(12) or excluded from gross income under § 108, basing the computation of the discharge on the facts as of the year of the permanent modification; and (ii) Report on a 2012 Form 982 the reduction in basis or tax attributes (under § 108(h)(1) or § 108(b)) due to the permanent modification that the borrower would have reported on the Form 982 for the taxable year of the permanent modification, minus any reductions due to the permanent modification that the borrower actually reported on Forms 982 for taxable years prior to 2012. How to file taxes while unemployed (3) Example. How to file taxes while unemployed The following example illustrates the application of section 6. How to file taxes while unemployed 03(2) of this revenue procedure. How to file taxes while unemployed In 2010, B’s basis in B’s principal residence was $330,000. How to file taxes while unemployed In 2010, B’s mortgage loan on the principal residence is permanently modified under HAMP-PRA. How to file taxes while unemployed B realized $30,000 of cancellation of indebtedness from the permanent modification, all of which qualifies for the exclusion from income for qualified principal residence indebtedness under § 108(a)(1)(E). How to file taxes while unemployed The trial period plan effective date also fell in 2010. How to file taxes while unemployed B’s federal income tax return for 2010 was consistent with B’s reporting this discharge of indebtedness using the method described in section 6. How to file taxes while unemployed 02(2) of this revenue procedure. How to file taxes while unemployed That is, B’s 2010 return did not include income from discharge of indebtedness under HAMP-PRA, nor did the return contain a Form 982 reporting exclusion of any such discharge of indebtedness. How to file taxes while unemployed The next year, B reported on line 10(b) of the 2011 Form 982 that B filed with B’s 2011 federal income tax return a $10,000 reduction in basis in the principal residence. How to file taxes while unemployed For 2012, B chooses to change to reporting the discharge of indebtedness using the method described in section 6. How to file taxes while unemployed 02(1) of this revenue procedure. How to file taxes while unemployed Thus, B files a 2012 Form 982 with B’s timely filed (including extensions) 2012 federal income tax return, and on line 10(b) of that form, B reports a $20,000 basis reduction in the principal residence ($30,000 basis reduction that B would have excluded from income in 2010 using the method described in section 6. How to file taxes while unemployed 02(1) of this revenue procedure, minus the $10,000 basis reduction that B reported on B’s 2011 Form 982). How to file taxes while unemployed (4) If a HAMP-PRA borrower reports the entire HAMP-PRA discharge using the method described in section 6. How to file taxes while unemployed 02(1) of this revenue procedure, and if that HAMP-PRA borrower’s mortgage loan ceases to be in good standing during the Three-year Period as described in section 2. How to file taxes while unemployed 10 of this revenue procedure, then some or all of the anticipated reductions in the PRA Adjusted Forbearance Amount will not take place. How to file taxes while unemployed Because the amount of these anticipated reductions was not included in determining the issue price of the new mortgage loan that, pursuant to § 1. How to file taxes while unemployed 1001-3, the HAMP-PRA borrower is deemed to issue in satisfaction of the old mortgage loan, the issue price of the new mortgage loan was understated. How to file taxes while unemployed Under these circumstances, the discharge of indebtedness income determined as of the date of the permanent modification will have been overstated. How to file taxes while unemployed (5) The Service will not challenge a HAMP-PRA borrower who is described in section 6. How to file taxes while unemployed 03(4) of this revenue procedure and who takes the following corrective measures: (i) If a HAMP-PRA borrower included any of the discharge of indebtedness in gross income, the HAMP-PRA borrower may file an amended return that does not include the amount of the discharge of indebtedness that was previously reported as gross income but that, because of the HAMP-PRA borrower’s failure to keep the new mortgage loan in good standing, was not ultimately discharged. How to file taxes while unemployed The amended return should be for the taxable year in which the income was included (that is, the year of the permanent modification), provided the applicable statute of limitations remains open for that taxable year. How to file taxes while unemployed (ii) If the HAMP-PRA borrower did not include any of the discharge of indebtedness in gross income (that is, if the HAMP-PRA borrower excluded all of it), the HAMP-PRA borrower may file a new Form 982 that the Service will treat as superseding the earlier Form 982. How to file taxes while unemployed The new Form 982 will reflect the revised reduction in basis or in tax attributes (under § 108(h)(1) or § 108(b)). How to file taxes while unemployed The new Form 982 should be the Form 982 for the year of the permanent modification and should be filed with the return for the taxable year in which the HAMP-PRA borrower’s mortgage loan ceased to be in good standing. How to file taxes while unemployed . How to file taxes while unemployed 04 HAMP-PRA borrowers who choose to treat the HAMP-PRA discharge as being realized on the dates on which the unpaid principal balance of the mortgage loan is reduced. How to file taxes while unemployed (1) If a HAMP-PRA borrower chooses to realize the HAMP-PRA discharge at the times that the unpaid principal balance on the new mortgage loan is reduced, instead of at the time of the permanent modification, then the HAMP-PRA borrower’s federal income tax returns for the taxable year that contains the permanent modification and for the subsequent taxable years must not treat any of the discharge as being realized at the time of the permanent modification and must treat the entire HAMP-PRA discharge as being realized in the amounts—and at the times—of the reductions in the unpaid principal balance. How to file taxes while unemployed Except as described in the last sentence of this paragraph, therefore, the income tax return for the year of the permanent modification must include no gross income from—nor report on Form 982 an exclusion of—any amount of the HAMP-PRA discharge. How to file taxes while unemployed Instead, the HAMP-PRA discharge is included in gross income (or is reported on Form 982 as excluded from gross income) in the subsequent years in which the unpaid principal balance is reduced. How to file taxes while unemployed If the first such reduction occurs in the year of the permanent modification, however, then the amount of any such reduction is reflected as an inclusion or exclusion on the federal income tax return for that year. How to file taxes while unemployed (2) A HAMP-PRA borrower who has been using the method described in section 6. How to file taxes while unemployed 02(1) of this revenue procedure may change to the method described in section 6. How to file taxes while unemployed 02(2) but must comply with the consistency and open-year requirements described in section 6. How to file taxes while unemployed 01 of this revenue procedure. How to file taxes while unemployed SECTION 7. How to file taxes while unemployed PENALTY RELIEF FOR 2012 . How to file taxes while unemployed 01 The Service will not assert penalties under § 6721 or § 6722 against an investor for failing to timely file and furnish a 2012 Form 1099-C as required by section 5. How to file taxes while unemployed 03 through 5. How to file taxes while unemployed 04 and section 8. How to file taxes while unemployed 02 of this revenue procedure with respect to discharge of indebtedness resulting from HAMP-PRA permanent modifications that take place during calendar year 2012 if the following requirements are satisfied: (1) Not later than February 28, 2013, a statement is sent to the HAMP-PRA borrower containing the following: (a) The HAMP-PRA borrower’s name, address, and taxpayer identification number; and (b) The date and amount of the discharge of indebtedness (as described in sections 4. How to file taxes while unemployed 01 through 4. How to file taxes while unemployed 04 of this revenue procedure) that is required to be reported for 2012. How to file taxes while unemployed (2) Not later than March 28, 2013, a statement is sent to the Service. How to file taxes while unemployed It must be in the form of a single statement that separately lists for each HAMP-PRA borrower the information specified in section 7. How to file taxes while unemployed 01(1) of this revenue procedure. How to file taxes while unemployed The statement should be sent to the Service at the following address: Internal Revenue Service Center Stop 6728AUSC Austin, TX 73301 . How to file taxes while unemployed 02 The Service will not assert penalties under § 6721 or § 6722 with respect to any Forms 1099-MISC for 2012 that sections 5. How to file taxes while unemployed 06 and 8. How to file taxes while unemployed 02 of this revenue procedure require to be filed with the Service and furnished to taxpayers. How to file taxes while unemployed . How to file taxes while unemployed 03 Section 8. How to file taxes while unemployed 03 and 8. How to file taxes while unemployed 04 of this revenue procedure, below, describes penalty relief regarding Forms 1099-C and 1099-MISC for 2010 and 2011. How to file taxes while unemployed SECTION 8. How to file taxes while unemployed SCOPE AND EFFECTIVE DATE . How to file taxes while unemployed 01 This revenue procedure applies to all borrowers, investors, and servicers who participate, or have participated, in the HAMP-PRA, regardless of when the permanent modification occurs. How to file taxes while unemployed . How to file taxes while unemployed 02 Section 5 of this revenue procedure is effective for Forms 1099-C and 1099-MISC due or filed after January 24, 2013. How to file taxes while unemployed . How to file taxes while unemployed 03 Because of the effective date in section 8. How to file taxes while unemployed 02 of this revenue procedure, an investor is not subject to penalties under § 6721 or § 6722 on the grounds that the investor failed to timely file and furnish a 2010 or 2011 Form 1099-C as described in section 5. How to file taxes while unemployed 03 through 5. How to file taxes while unemployed 04 of this revenue procedure (or on the grounds that the investor filed or furnished a 2010 or 2011 Form 1099-C that is inconsistent with section 5. How to file taxes while unemployed 03 through 5. How to file taxes while unemployed 04 of this revenue procedure), provided that the investor demonstrates a good faith attempt to comply with the requirements of § 6050P and that the failure was not due to willful neglect. How to file taxes while unemployed . How to file taxes while unemployed 04 Because of the effective date in section 8. How to file taxes while unemployed 02 of this revenue procedure, the Service will not assert penalties under § 6721 or § 6722 on the grounds of a failure to timely file and furnish a 2010 or 2011 Form 1099-MISC, as described in section 5. How to file taxes while unemployed 06 of this revenue procedure. How to file taxes while unemployed SECTION 9. How to file taxes while unemployed DRAFTING INFORMATION The principal authors of this revenue procedure are Ronald J. How to file taxes while unemployed Goldstein of the Office of Chief Counsel (Procedure and Administration); Shareen S. How to file taxes while unemployed Pflanz and Sheldon A. How to file taxes while unemployed Iskow of the Office of Chief Counsel (Income Tax and Accounting); and Andrea M. How to file taxes while unemployed Hoffenson of the Office of Chief Counsel (Financial Institutions and Products). How to file taxes while unemployed For further information regarding this revenue procedure, contact Procedure and Administration branch 1 at (202) 622-4910, Income Tax and Accounting branch 4 at (202) 622-4920, or Financial Institutions and Products branch 1 at (202) 622-3920 (not toll-free calls). How to file taxes while unemployed Prev  Up  Next   Home   More Internal Revenue Bulletins