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Irs Extension Form 2012

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Irs Extension Form 2012

Irs extension form 2012 Index A Accrual period, Accrual period. Irs extension form 2012 Acquisition premium, Acquisition premium. Irs extension form 2012 Adjusted issue price, Adjusted issue price. Irs extension form 2012 Assistance (see Tax help) B Backup withholding, Backup Withholding Bearer bonds and coupons, Bearer Bonds and Coupons Brokers (see Information for brokers and other middlemen) C Certificates of deposit, Certificates of Deposit Comments and suggestions, Comments and suggestions. Irs extension form 2012 Contingent payment debt instruments, Contingent Payment Debt Instruments D Debt instrument, Debt instrument. Irs extension form 2012 Debt instruments Long-term, Long-Term Debt Instruments Short-term, Short-Term Obligations Redeemed at Maturity Debt instruments and coupons purchased after 1984, Debt Instruments and Coupons Purchased After 1984 Debt instruments and coupons purchased after July 1, 1982, and before 1985, Debt Instruments and Coupons Purchased After July 1, 1982, and Before 1985 Debt instruments issued after 1954, corporate, Corporate Debt Instruments Issued After 1954 and Before May 28, 1969, and Government Debt Instruments Issued After 1954 and Before July 2, 1982 Debt instruments issued after 1984, Debt Instruments Issued After 1984 Debt instruments issued after July 1, 1982, Debt Instruments Issued After July 1, 1982, and Before 1985 Debt instruments issued after May 27, 1969, corporate, Corporate Debt Instruments Issued After May 27, 1969, and Before July 2, 1982 Debt instruments not on the OID list, Debt Instruments Not on the OID List Debt Instruments on the OID list, Debt Instruments on the OID List Definitions, Definitions Accrual period, Accrual period. Irs extension form 2012 Acquisition premium, Acquisition premium. Irs extension form 2012 Adjusted issue price, Adjusted issue price. Irs extension form 2012 Debt instrument, Debt instrument. Irs extension form 2012 Issue price, Issue price. Irs extension form 2012 Market discount, Market discount. Irs extension form 2012 Original issue discount (OID), Original issue discount (OID). Irs extension form 2012 Premium, Premium. Irs extension form 2012 Qualified stated interest, Qualified stated interest. Irs extension form 2012 Stated redemption price at maturity, Stated redemption price at maturity. Irs extension form 2012 Yield to maturity, Yield to maturity (YTM). Irs extension form 2012 E Electronic payee statements, Electronic payee statements. Irs extension form 2012 F Form 1099-OID, Form 1099-OID. Irs extension form 2012 Free tax services, Free help with your tax return. Irs extension form 2012 H Help (see Tax help) I Inflation-indexed debt instruments, Inflation-Indexed Debt Instruments Information for brokers and other middlemen, Information for Brokers and Other Middlemen Information for owners of OID debt instruments, Information for Owners of OID Debt Instruments Issue price, Issue price. Irs extension form 2012 Issuers of OID debt instruments, Instructions for, Instructions for issuers of OID debt instruments. Irs extension form 2012 L Long-term debt instruments, Long-Term Debt Instruments M Market discount, Market discount. Irs extension form 2012 O OID list, Debt Instruments on, Debt Instruments on the OID List OID on long-term debt instruments, figuring, Figuring OID on Long-Term Debt Instruments OID on stripped bonds and coupons, figuring, Figuring OID on Stripped Bonds and Coupons OID, figuring, Figuring OID. Irs extension form 2012 Using section I, Using Section I. Irs extension form 2012 Using the income tax regulations, Using the income tax regulations. Irs extension form 2012 Original issue discount (OID), Original issue discount (OID). Irs extension form 2012 Owners of OID debt instruments, information for, Information for Owners of OID Debt Instruments P Premium, Premium. Irs extension form 2012 Publications (see Tax help) Q Qualified stated interest, Qualified stated interest. Irs extension form 2012 R REMIC and CDO information reporting requirements, REMIC and CDO information reporting requirements. Irs extension form 2012 S Section I, Section I. Irs extension form 2012 Section II, Section II. Irs extension form 2012 Section III, Section III. Irs extension form 2012 Short-term obligations redeemed at maturity, Short-Term Obligations Redeemed at Maturity Stated redemption price at maturity, Stated redemption price at maturity. Irs extension form 2012 Stripped bonds and coupons, figuring OID, Figuring OID on Stripped Bonds and Coupons Suggestions, Comments and, Comments and suggestions. Irs extension form 2012 T Tax help, How To Get Tax Help Y Yield to maturity, Yield to maturity (YTM). Irs extension form 2012 , Yield to maturity (YTM). Irs extension form 2012 Prev  Up     Home   More Online Publications
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IRS Has $760 Million for People Who Have Not Filed a 2010 Income Tax Return

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IR-2014-30, March 19, 2014

WASHINGTON — Refunds totaling almost $760 million may be waiting for an estimated 918,600 taxpayers who did not file a federal income tax return for 2010, the Internal Revenue Service announced today. However, to collect the money, a return for 2010 must be filed with the IRS no later than Tuesday, April 15, 2014.

"The window is quickly closing for people who are owed refunds from 2010 who haven't filed a tax return," said IRS Commissioner John Koskinen. "We encourage students, part-time workers and others who haven't filed for 2010 to look into this before time runs out on April 15."

The IRS estimates that half the potential refunds for 2010 are more than $571.

Some people may not have filed because they had too little income to require filing a tax return even though they had taxes withheld from their wages or made quarterly estimated payments. In cases where a return was not filed, the law provides most taxpayers with a three-year window of opportunity for claiming a refund. If no return is filed to claim a refund within three years, the money becomes property of the U.S. Treasury.

For 2010 returns, the window closes on April 15, 2014. The law requires that the return be properly addressed, mailed and postmarked by that date. There is no penalty for filing a late return qualifying for a refund.

The IRS reminds taxpayers seeking a 2010 refund that their checks may be held if they have not filed tax returns for 2011 and 2012. In addition, the refund will be applied to any amounts still owed to the IRS or their state tax agency, and may be used to offset unpaid child support or past due federal debts such as student loans.

By failing to file a return, people stand to lose more than just their refund of taxes withheld or paid during 2010. In addition, many low-and-moderate income workers may not have claimed the Earned Income Tax Credit (EITC). For 2010, the credit is worth as much as $5,666. The EITC helps individuals and families whose incomes are below certain thresholds. The thresholds for 2010 were:

  • $43,352 ($48,362 if married filing jointly) for those with three or more qualifying children,
  • $40,363 ($45,373 if married filing jointly) for people with two qualifying children,
  • $35,535 ($40,545 if married filing jointly) for those with one qualifying child, and
  • $13,460 ($18,470 if married filing jointly) for people without qualifying children.

Current and prior year tax forms and instructions are available on the Forms and Publications page of IRS.gov or by calling toll-free 800-TAX-FORM (800-829-3676). Taxpayers who are missing Forms W-2, 1098, 1099 or 5498 for 2010, 2011 or 2012 should request copies from their employer, bank or other payer.

If these efforts are unsuccessful, taxpayers can get a free transcript showing information from these year-end documents by going to IRS.gov. Taxpayers can also file Form 4506-T to request a transcript of their tax return.

Individuals who did not file a 2010 return with a potential refund:
 

State or District

Estimated

Number of

Individuals

Median

Potential

Refund

Total

Potential

Refunds*

 

Alabama

15,700

$574

$12,473,000

Alaska

4,700

$649

$4,810,000

Arizona

23,800

$508

$17,517,000

Arkansas

8,400

$562

$6,667,000

California

86,500

$519

$69,752,000

Colorado

17,100

$567

$14,061,000

Connecticut

11,700

$620

$10,304,000

Delaware

3,800

$573

$3,126,000

District of Columbia

3,500

$604

$3,080,000

Florida

56,800

$593

$48,407,000

Georgia

28,400

$539

$22,504,000

Hawaii

6,200

$586

$5,413,000

Idaho

3,500

$490

$2,604,000

Illinois

37,900

$626

$32,696,000

Indiana

19,600

$570

$15,478,000

Iowa

9,200

$576

$7,050,000

Kansas

9,300

$522

$6,986,000

Kentucky

11,500

$576

$8,975,000

Louisiana

17,500

$603

$15,579,000

Maine

3,500

$502

$2,373,000

Maryland

20,700

$575

$18,002,000

Massachusetts

21,000

$560

$17,856,000

Michigan

29,200

$597

$24,259,000

Minnesota

12,700

$516

$9,582,000

Mississippi

8,500

$556

$6,769,000

Missouri

17,900

$514

$13,153,000

Montana

2,900

$534

$2,338,000

Nebraska

4,500

$528

$3,368,000

Nevada

11,400

$570

$9,156,000

New Hampshire

3,800

$602

$3,245,000

New Jersey

29,500

$639

$26,712,000

New Mexico

7,200

$572

$5,915,000

New York

57,400

$623

$50,543,000

North Carolina

24,300

$494

$17,538,000

North Dakota

1,900

$600

$1,551,000

Ohio

32,100

$560

$24,508,000

Oklahoma

15,100

$585

$12,246,000

Oregon

14,300

$519

$10,359,000

Pennsylvania

37,400

$614

$31,009,000

Rhode Island

3,000

$598

$2,472,000

South Carolina

10,200

$532

$7,756,000

South Dakota

2,100

$558

$1,605,000

Tennessee

16,300

$559

$12,839,000

Texas

80,600

$588

$71,998,000

Utah

6,100

$518

$4,705,000

Vermont

1,600

$519

$1,136,000

Virginia

26,300

$568

$22,376,000

Washington

24,800

$640

$23,033,000

West Virginia

4,100

$626

$3,534,000

Wisconsin

10,900

$516

$8,423,000

Wyoming

2,200

$648

$2,045,000

Totals

918,600

$571

$759,889,000

                      * Excluding the Earned Income Tax Credit and other credits.

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Page Last Reviewed or Updated: 28-Mar-2014

The Irs Extension Form 2012

Irs extension form 2012 3. Irs extension form 2012   Abandonments Table of Contents You abandon property when you voluntarily and permanently give up possession and use of the property with the intention of ending your ownership but without passing it on to anyone else. Irs extension form 2012 Whether an abandonment has occurred is determined in light of all the facts and circumstances. Irs extension form 2012 You must both show an intention to abandon the property and affirmatively act to abandon the property. Irs extension form 2012 A voluntary conveyance of the property in lieu of foreclosure is not an abandonment and is treated as the exchange of property to satisfy a debt. Irs extension form 2012 For more information, see Sales and Exchanges in Publication 544. Irs extension form 2012 The tax consequences of abandonment of property that secures a debt depend on whether you were personally liable for the debt (recourse debt) or were not personally liable for the debt (nonrecourse debt). Irs extension form 2012 See Publication 544 if you abandoned property that did not secure debt. Irs extension form 2012 This publication only discusses the tax consequences of abandoning property that secured a debt. Irs extension form 2012 Abandonment of property securing recourse debt. Irs extension form 2012    In most cases, if you abandon property that secures debt for which you are personally liable (recourse debt), you do not have gain or loss until the later foreclosure is completed. Irs extension form 2012 For details on figuring gain or loss on the foreclosure, see chapter 2. Irs extension form 2012 Example 1—abandonment of personal-use property securing recourse debt. Irs extension form 2012 In 2009, Anne purchased a home for $200,000. Irs extension form 2012 She borrowed the entire purchase price, for which she was personally liable, and gave the bank a mortgage on the home. Irs extension form 2012 In 2013, Anne lost her job and was unable to continue making her mortgage loan payments. Irs extension form 2012 Because her mortgage loan balance was $185,000 and the FMV of her home was only $150,000, Anne decided to abandon her home by permanently moving out on August 1, 2013. Irs extension form 2012 Because Anne was personally liable for the debt and the bank did not complete a foreclosure of the property in 2013, Anne has neither gain nor loss in tax year 2013 from abandoning the home. Irs extension form 2012 If the bank sells the house at a foreclosure sale in 2014, Anne will have to figure her gain or nondeductible loss for tax year 2014 as discussed earlier in chapter 2. Irs extension form 2012 Example 2—abandonment of business or investment property securing recourse debt. Irs extension form 2012 In 2009, Sue purchased business property for $200,000. Irs extension form 2012 She borrowed the entire purchase price, for which she was personally liable, and gave the lender a security interest in the property. Irs extension form 2012 In 2013, Sue was unable to continue making her loan payments. Irs extension form 2012 Because her loan balance was $185,000 and the FMV of the property was only $150,000, Sue abandoned the property on August 1, 2013. Irs extension form 2012 Because Sue was personally liable for the debt and the lender did not complete a foreclosure of the property in 2013, Sue has neither gain nor loss in tax year 2013 from abandoning the property. Irs extension form 2012 If the lender sells the property at a foreclosure sale in 2014, Sue will have to figure her gain or deductible loss for tax year 2014 as discussed earlier in chapter 2. Irs extension form 2012 Abandonment of property securing nonrecourse debt. Irs extension form 2012    If you abandon property that secures debt for which you are not personally liable (nonrecourse debt), the abandonment is treated as a sale or exchange. Irs extension form 2012   The amount you realize on the abandonment of property that secured nonrecourse debt is the amount of the nonrecourse debt. Irs extension form 2012 If the amount you realize is more than your adjusted basis, then you have a gain. Irs extension form 2012 If your adjusted basis is more than the amount you realize, then you have a loss. Irs extension form 2012 For more information on how to figure gain and loss, see Gain or Loss from Sales or Exchanges in Publication 544. Irs extension form 2012   Loss from abandonment of business or investment property is deductible as a loss. Irs extension form 2012 The character of the loss depends on the character of the property. Irs extension form 2012 The amount of deductible capital loss may be limited. Irs extension form 2012 For more information, see Treatment of Capital Losses in Publication 544. Irs extension form 2012 You cannot deduct any loss from abandonment of your home or other property held for personal use. Irs extension form 2012 Example 1—abandonment of personal-use property securing nonrecourse debt. Irs extension form 2012 In 2009, Timothy purchased a home for $200,000. Irs extension form 2012 He borrowed the entire purchase price, for which he was not personally liable, and gave the bank a mortgage on the home. Irs extension form 2012 In 2013, Timothy lost his job and was unable to continue making his mortgage loan payments. Irs extension form 2012 Because his mortgage loan balance was $185,000 and the FMV of his home was only $150,000, Timothy decided to abandon his home by permanently moving out on August 1, 2013. Irs extension form 2012 Because Timothy was not personally liable for the debt, the abandonment is treated as a sale or exchange of the home in tax year 2013. Irs extension form 2012 Timothy's amount realized is $185,000 and his adjusted basis in the home is $200,000. Irs extension form 2012 Timothy has a $15,000 nondeductible loss in tax year 2013. Irs extension form 2012 (Had Timothy’s adjusted basis been less than the amount realized, Timothy would have had a gain that he would have to include in gross income. Irs extension form 2012 ) The bank sells the house at a foreclosure sale in 2014. Irs extension form 2012 Timothy has neither gain nor loss from the foreclosure sale. Irs extension form 2012 Because he was not personally liable for the debt, he also has no cancellation of debt income. Irs extension form 2012 Example 2—abandonment of business or investment property securing nonrecourse debt. Irs extension form 2012 In 2009, Robert purchased business property for $200,000. Irs extension form 2012 He borrowed the entire purchase price, for which he was not personally liable, and gave the lender a security interest in the property. Irs extension form 2012 In 2013, Robert was unable to continue making his loan payments. Irs extension form 2012 Because his loan balance was $185,000 and the FMV of the property was only $150,000, Robert decided to abandon the property on August 1, 2013. Irs extension form 2012 Because Robert was not personally liable for the debt, the abandonment is treated as a sale or exchange of the property in tax year 2013. Irs extension form 2012 Robert's amount realized is $185,000 and his adjusted basis in the property is $180,000 (as a result of $20,000 of depreciation deductions on the property). Irs extension form 2012 Robert has a $5,000 gain in tax year 2013. Irs extension form 2012 (Had Robert’s adjusted basis been greater than the amount realized, he would have had a deductible loss. Irs extension form 2012 ) The lender sells the property at a foreclosure sale in 2014. Irs extension form 2012 Robert has neither gain nor loss from the foreclosure sale. Irs extension form 2012 Because he was not personally liable for the debt, he also has no cancellation of debt income. Irs extension form 2012 Canceled debt. Irs extension form 2012    If the abandoned property secures a debt for which you are personally liable and the debt is canceled, you will realize ordinary income equal to the canceled debt. Irs extension form 2012 This income is separate from any amount realized from abandonment of the property. Irs extension form 2012 You must report this income on your return unless one of the exceptions or exclusions described in chapter 1 applies. Irs extension form 2012 See chapter 1 for more details. Irs extension form 2012 Forms 1099-A and 1099-C. Irs extension form 2012    In most cases, if you abandon real property (such as a home), intangible property, or tangible personal property held (wholly or partly) for use in a trade or business or for investment, that secures a loan and the lender knows the property has been abandoned, the lender should send you Form 1099-A showing information you need to figure your gain or loss from the abandonment. Irs extension form 2012 Also, if your debt is canceled and the lender must file Form 1099-C, the lender can include the information about the abandonment on that form instead of on Form 1099-A. Irs extension form 2012 The lender must file Form 1099-C and send you a copy if the amount of debt canceled is $600 or more and the lender is a financial institution, credit union, federal government agency, or any organization that has a significant trade or business of lending money. Irs extension form 2012 For abandonments of property and debt cancellations occurring in 2013, these forms should be sent to you by January 31, 2014. Irs extension form 2012 Prev  Up  Next   Home   More Online Publications