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How To Fill Out 1040x Line By Line

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How To Fill Out 1040x Line By Line

How to fill out 1040x line by line Car Expenses Table of Contents Introduction Depreciation of CarSpecial Depreciation Allowance Depreciation Limit Amended Return Election Not To Claim Special Allowance If you purchased a car after September 10, 2001, for use in your business (or as an employee) and figure your deductible expenses using the actual car expense method, new law contains provisions that may affect your depreciation deduction for that car. How to fill out 1040x line by line Publication 463, Travel, Entertainment, Gift, and Car Expenses, contains information on figuring depreciation on your car. How to fill out 1040x line by line However, Publication 463 does not contain the new provisions because it was printed before the law was enacted. How to fill out 1040x line by line The new provisions are in the Supplement to Publication 463, which is reprinted below. How to fill out 1040x line by line Supplement to Publication 463 Travel, Entertainment, Gift, and Car Expenses   Introduction This supplemental publication is for taxpayers who purchased a car for business purposes after September 10, 2001, and figure their deductible expenses, including a deduction for depreciation, using the actual car expense method. How to fill out 1040x line by line After Publication 463 was printed, the Job Creation and Worker Assistance Act of 2002 was signed into law by the President. How to fill out 1040x line by line Certain provisions of this new law may reduce your taxes for 2001. How to fill out 1040x line by line The new law contains the following provisions. How to fill out 1040x line by line A new depreciation deduction, the special depreciation allowance. How to fill out 1040x line by line An increase in the limit on depreciation for any car for which you claim the new special depreciation allowance. How to fill out 1040x line by line If you have already filed your 2001 return, you may wish to file an amended return to claim any of these benefits. How to fill out 1040x line by line See Amended Return, later. How to fill out 1040x line by line Depreciation of Car If you used the actual car expense method to figure your deduction for a car you own and use in your business (or as an employee), you generally can claim a depreciation deduction. How to fill out 1040x line by line However, there is a limit on the depreciation deduction you can take for your car each year. How to fill out 1040x line by line See Depreciation Limit later. How to fill out 1040x line by line Special Depreciation Allowance The new law allows you to claim a special depreciation allowance. How to fill out 1040x line by line This special allowance is a deduction equal to 30% of the depreciable basis of qualified property. How to fill out 1040x line by line You figure the amount of the special depreciation allowance after any section 179 deduction you choose to claim, but before figuring your regular depreciation deduction under the Modified Accelerated Cost Recovery System (MACRS). How to fill out 1040x line by line See Depreciation Deduction under Actual Car Expenses in chapter 4 of Publication 463 for information about MACRS. How to fill out 1040x line by line You can claim the special depreciation allowance only for the year the qualified property is placed in service. How to fill out 1040x line by line Qualified property. How to fill out 1040x line by line   Qualified property includes a car (any four-wheeled vehicle, including a truck or van not more than 6,000 pounds, that is made primarily for use on public streets, roads, and highways) that meets all of the following requirements. How to fill out 1040x line by line You bought it new. How to fill out 1040x line by line You bought it after September 10, 2001. How to fill out 1040x line by line (But a car is not qualified property if a binding written contract for you to buy the car was in effect before September 11, 2001. How to fill out 1040x line by line ) You began using it for business after September 10, 2001, and used it more than 50% in a qualified business use. How to fill out 1040x line by line Example. How to fill out 1040x line by line Bob bought a new car on October 15, 2001, for $20,000 and placed it in service immediately, using it 75% for business. How to fill out 1040x line by line Bob's car is qualified property. How to fill out 1040x line by line Bob chooses not to take a section 179 deduction for the car. How to fill out 1040x line by line He does claim the new special depreciation allowance. How to fill out 1040x line by line Bob first must figure the car's depreciable basis, which is $15,000 ($20,000 × . How to fill out 1040x line by line 75). How to fill out 1040x line by line He then figures the special depreciation allowance of $4,500 ($15,000 × . How to fill out 1040x line by line 30). How to fill out 1040x line by line The remaining depreciable basis of $10,500 ($15,000 - $4,500) is depreciated using MACRS (200% declining balance method, half-year convention) and results in a deduction of $2,100 ($10,500 × . How to fill out 1040x line by line 20), for a total depreciation deduction for 2001 of $6,600 ($4,500 + $2,100). How to fill out 1040x line by line However, Bob's depreciation deduction is limited to $5,745 ($7,660 × . How to fill out 1040x line by line 75), as discussed next. How to fill out 1040x line by line Depreciation Limit The limit on your depreciation deduction for 2001 is increased to $7,660 for a car that is qualified property (defined above) and for which you claim the special depreciation allowance. How to fill out 1040x line by line The limit is increased to $23,080 if the car is an electric car. How to fill out 1040x line by line The section 179 deduction is treated as depreciation for purposes of this limit. How to fill out 1040x line by line If you use a car less than 100% in your business or work, the limit is $7,660 (or $23,080 for an electric car) multiplied by the percentage of business and investment use during the year. How to fill out 1040x line by line For cars that do not qualify for (or for which you choose not to claim) the special depreciation allowance, the limit remains $3,060 ($9,280 for electric cars). How to fill out 1040x line by line Amended Return If you filed your 2001 calendar year return before June 1, 2002, and did not claim the new special depreciation allowance for a qualified car, you can claim it by filing an amended return on Form 1040X, Amended U. How to fill out 1040x line by line S. How to fill out 1040x line by line Individual Income Tax Return, by April 15, 2003. How to fill out 1040x line by line At the top of the Form 1040X, print “Filed pursuant to Revenue Procedure 2002–33. How to fill out 1040x line by line ” If you are an employee, attach Form 2106, Employee Business Expenses (revised March 2002). How to fill out 1040x line by line If you are self-employed, attach Form 4562, Depreciation and Amortization (revised March 2002). How to fill out 1040x line by line Or, you can claim the special depreciation allowance by filing Form 3115, Application for Change in Accounting Method, with your 2002 return. How to fill out 1040x line by line For details, see Revenue Procedure 2002–33. How to fill out 1040x line by line (But, filing Form 1040X for 2001 enables you to claim the special allowance earlier than attaching Form 3115 to your 2002 return. How to fill out 1040x line by line ) You cannot claim the special depreciation allowance on an amended return (or by using Form 3115) if you made, or are treated as having made, the election not to claim it described later. How to fill out 1040x line by line Example. How to fill out 1040x line by line The facts are the same as in the previous example except that Bob filed his original 2001 income tax return on April 15, 2002, and claimed a $3,000 ($20,000 x . How to fill out 1040x line by line 75 x . How to fill out 1040x line by line 20) depreciation deduction for his new car using MACRS. How to fill out 1040x line by line Bob now wishes to claim the special depreciation allowance for his new car on an amended 2001 return. How to fill out 1040x line by line Bob, who is an employee, files Form 1040X, by April 15, 2003, with an updated Form 2106 (revised March 2002) attached, increasing his total depreciation deduction to $5,745, as figured in the earlier example. How to fill out 1040x line by line Bob's new filled-in Form 2106 is shown later. How to fill out 1040x line by line Election Not To Claim Special Allowance You can elect not to claim the special depreciation allowance for a car by making a statement attached to, or written on, your return indicating that you are electing not to claim the special depreciation allowance for 5-year property. How to fill out 1040x line by line As a general rule, you must make this election by the due date (including extensions) of your return. How to fill out 1040x line by line You can have an automatic extension of 6 months from the due date of your return (excluding extensions) to make the election with an amended return. How to fill out 1040x line by line To get this extension, you must have filed your original return by the due date (including extensions). How to fill out 1040x line by line At the top of the statement, print “Filed pursuant to section 301. How to fill out 1040x line by line 9100–2. How to fill out 1040x line by line ” If you elect not to claim the special depreciation allowance for a car, you cannot claim it for any other 5-year property placed in service during the same year. How to fill out 1040x line by line Unless you elect (or are treated as electing) not to claim the special depreciation allowance, you must reduce the car's adjusted basis by the amount of the allowance, even if the allowance was not claimed. How to fill out 1040x line by line Deemed election for return filed before June 1, 2002. How to fill out 1040x line by line   If you did not make the election not to claim the special depreciation allowance in the time and manner described above, you will still be treated as electing not to claim it if all of the following apply. How to fill out 1040x line by line You filed your 2001 return before June 1, 2002. How to fill out 1040x line by line You claimed depreciation on your return but did not claim the special depreciation allowance. How to fill out 1040x line by line You did not file an amended 2001 return by April 15, 2003, or a Form 3115 with your 2002 return, to claim the special depreciation allowance. How to fill out 1040x line by line Form 2106, Page 1, for Bob Smith Form 2106, Page 2, for Bob Smith Prev  Up  Next   Home   More Online Publications
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The How To Fill Out 1040x Line By Line

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