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Irs

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Irs

Irs Publication 946 - Additional Material Table of Contents Appendix B — Table of Class Lives and Recovery PeriodsHow To Use the Tables This image is too large to be displayed in the current screen. Irs Please click the link to view the image. Irs Appendix A Please click here for the text description of the image. Irs Table A-1 and A-2 Please click here for the text description of the image. Irs Table A-3 and A-4 Please click here for the text description of the image. Irs Table A-5 and A-6 This image is too large to be displayed in the current screen. Irs Please click the link to view the image. Irs Table A-7 This image is too large to be displayed in the current screen. Irs Please click the link to view the image. Irs Table A-8 This image is too large to be displayed in the current screen. Irs Please click the link to view the image. Irs Table A-8 (continued) This image is too large to be displayed in the current screen. Irs Please click the link to view the image. Irs Table A-9 This image is too large to be displayed in the current screen. Irs Please click the link to view the image. Irs Table A-9 (continued) This image is too large to be displayed in the current screen. Irs Please click the link to view the image. Irs Table A-10 This image is too large to be displayed in the current screen. Irs Please click the link to view the image. Irs Table A–10 (continued) This image is too large to be displayed in the current screen. Irs Please click the link to view the image. Irs Table A-11 Please click here for the text description of the image. Irs Table A-11 (continued) This image is too large to be displayed in the current screen. Irs Please click the link to view the image. Irs Table A-12 This image is too large to be displayed in the current screen. Irs Please click the link to view the image. Irs Table A-12 (continued) This image is too large to be displayed in the current screen. Irs Please click the link to view the image. Irs Table A-13, A-14 and A-14 (continued. Irs 1) Please click here for the text description of the image. Irs Table A-14 (continued. Irs 2) Please click here for the text description of the image. Irs Table A-15 Please click here for the text description of the image. Irs Table A-15 (continued) Please click here for the text description of the image. Irs Table A-16 Please click here for the text description of the image. Irs Table A-16 (continued) This image is too large to be displayed in the current screen. Irs Please click the link to view the image. Irs Table A-17 Please click here for the text description of the image. Irs Table A-17 (continued) Please click here for the text description of the image. Irs Table A-18 This image is too large to be displayed in the current screen. Irs Please click the link to view the image. Irs Table A-18 (continued) This image is too large to be displayed in the current screen. Irs Please click the link to view the image. Irs Table A-19 and Table A-20 Please click here for the text description of the image. Irs Quality Indian Reservation Property Tables Please click here for the text description of the image. Irs Qualified Indian Reservation Property Tables 2 Appendix B — Table of Class Lives and Recovery Periods The Table of Class Lives and Recovery Periods has two sections. Irs The first section, Specific Depreciable Assets Used In All Business Activities, Except As Noted, generally lists assets used in all business activities. Irs It is shown as Table B-1. Irs The second section, Depreciable Assets Used In The Following Activities, describes assets used only in certain activities. Irs It is shown as Table B-2. Irs How To Use the Tables You will need to look at both Table B-1 and B-2 to find the correct recovery period. Irs Generally, if the property is listed in Table B-1 you use the recovery period shown in that table. Irs However, if the property is specifically listed in Table B-2 under the type of activity in which it is used, you use the recovery period listed under the activity in that table. Irs Use the tables in the order shown below to determine the recovery period of your depreciable property. Irs Table B-1. Irs   Check Table B-1 for a description of the property. Irs If it is described in Table B-1, also check Table B-2 to find the activity in which the property is being used. Irs If the activity is described in Table B-2, read the text (if any) under the title to determine if the property is specifically included in that asset class. Irs If it is, use the recovery period shown in the appropriate column of Table B-2 following the description of the activity. Irs If the activity is not described in Table B-2 or if the activity is described but the property either is not specifically included in or is specifically excluded from that asset class, then use the recovery period shown in the appropriate column following the description of the property in Table B-1. Irs Tax-exempt use property subject to a lease. Irs   The recovery period for ADS cannot be less than 125 percent of the lease term for any property leased under a leasing arrangement to a tax-exempt organization, governmental unit, or foreign person or entity (other than a partnership). Irs Table B-2. Irs   If the property is not listed in Table B-1, check Table B-2 to find the activity in which the property is being used and use the recovery period shown in the appropriate column following the description. Irs Property not in either table. Irs   If the activity or the property is not included in either table, check the end of Table B-2 to find Certain Property for Which Recovery Periods Assigned. Irs This property generally has a recovery period of 7 years for GDS or 12 years for ADS. Irs See Which Property Class Applies Under GDS and Which Recovery Period Applies in chapter 4 for the class lives or the recovery periods for GDS and ADS for the following. Irs Residential rental property and nonresidential real property (also see Appendix A, Chart 2). Irs Qualified rent-to-own property. Irs A motorsport entertainment complex placed in service before January 1, 2014. Irs Any retail motor fuels outlet. Irs Any qualified leasehold improvement property placed in service before January 1, 2014. Irs Any qualified restaurant property placed in service before January 1, 2014. Irs Initial clearing and grading land improvements for gas utility property and electric utility transmission and distribution plants. Irs Any water utility property. Irs Certain electric transmission property used in the transmission at 69 or more kilovolts of electricity for sale and placed in service after April 11, 2005. Irs Natural gas gathering and distribution lines placed in service after April 11, 2005. Irs Example 1. Irs Richard Green is a paper manufacturer. Irs During the year, he made substantial improvements to the land on which his paper plant is located. Irs He checks Table B-1 and finds land improvements under asset class 00. Irs 3. Irs He then checks Table B-2 and finds his activity, paper manufacturing, under asset class 26. Irs 1, Manufacture of Pulp and Paper. Irs He uses the recovery period under this asset class because it specifically includes land improvements. Irs The land improvements have a 13-year class life and a 7-year recovery period for GDS. Irs If he elects to use ADS, the recovery period is 13 years. Irs If Richard only looked at Table B-1, he would select asset class 00. Irs 3, Land Improvements, and incorrectly use a recovery period of 15 years for GDS or 20 years for ADS. Irs Example 2. Irs Sam Plower produces rubber products. Irs During the year, he made substantial improvements to the land on which his rubber plant is located. Irs He checks Table B-1 and finds land improvements under asset class 00. Irs 3. Irs He then checks Table B-2 and finds his activity, producing rubber products, under asset class 30. Irs 1, Manufacture of Rubber Products. Irs Reading the headings and descriptions under asset class 30. Irs 1, Sam finds that it does not include land improvements. Irs Therefore, Sam uses the recovery period under asset class 00. Irs 3. Irs The land improvements have a 20-year class life and a 15-year recovery period for GDS. Irs If he elects to use ADS, the recovery period is 20 years. Irs Example 3. Irs Pam Martin owns a retail clothing store. Irs During the year, she purchased a desk and a cash register for use in her business. Irs She checks Table B-1 and finds office furniture under asset class 00. Irs 11. Irs Cash registers are not listed in any of the asset classes in Table B-1. Irs She then checks Table B-2 and finds her activity, retail store, under asset class 57. Irs 0, Distributive Trades and Services, which includes assets used in wholesale and retail trade. Irs This asset class does not specifically list office furniture or a cash register. Irs She looks back at Table B-1 and uses asset class 00. Irs 11 for the desk. Irs The desk has a 10-year class life and a 7-year recovery period for GDS. Irs If she elects to use ADS, the recovery period is 10 years. Irs For the cash register, she uses asset class 57. Irs 0 because cash registers are not listed in Table B-1 but it is an asset used in her retail business. Irs The cash register has a 9-year class life and a 5-year recovery period for GDS. Irs If she elects to use the ADS method, the recovery period is 9 years. Irs This image is too large to be displayed in the current screen. Irs Please click the link to view the image. Irs Table B-1 Please click here for the text description of the image. Irs Table B-2 This image is too large to be displayed in the current screen. Irs Please click the link to view the image. Irs Table B-2 This image is too large to be displayed in the current screen. Irs Please click the link to view the image. Irs Table B-2 This image is too large to be displayed in the current screen. Irs Please click the link to view the image. Irs Table B-2 This image is too large to be displayed in the current screen. Irs Please click the link to view the image. Irs Table B-2 This image is too large to be displayed in the current screen. Irs Please click the link to view the image. Irs Table B-2 This image is too large to be displayed in the current screen. Irs Please click the link to view the image. Irs Table B-2 This image is too large to be displayed in the current screen. Irs Please click the link to view the image. Irs Table B-2 This image is too large to be displayed in the current screen. Irs Please click the link to view the image. Irs Table B-2 Tax Publications for Business Taxpayers Prev  Up  Next   Home   More Online Publications
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Help for Victims of Ponzi Investment Schemes

 

The IRS provides two items of guidance to help taxpayers who are victims of losses from Ponzi-type investment schemes.

  • Revenue Ruling 2009-9 provides guidance on determining the amount and timing of losses from these schemes, which is difficult and dependent on the prospect of recovering the lost money (which may not become known for several years).

  • Revenue Procedure 2009-20 simplifies compliance for taxpayers by providing a safe-harbor means of determining the year in which the loss is deemed to occur and a simplified means of computing the amount of the loss.  

For an overview of this guidance, see IRS Commissioner Doug Shulman's March 17, 2009, testimony before the Senate Finance Committee on tax issues related to Ponzi schemes.

Questions and Answers

  • FAQs Related to Ponzi Scenarios for Clawback Treatment

  • Do you have questions on what to do if you've invested in a Ponzi scheme? If so, these questions and answers may help.

  • Do you have questions on what to do if you took a tax loss due to a Ponzi scheme investment but later recovered some of your investment? If so, these questions and answers on the tax treatment of distributions received from a trustee/receiver may help. A trustee or receiver may use this information to respond to questions from investors and may include a copy of these questions and answers with any distributions sent to investors.
Page Last Reviewed or Updated: 14-Mar-2014

The Irs

Irs 10. Irs   Education Savings Bond Program Table of Contents Introduction Who Can Cash In Bonds Tax FreeAdjusted qualified education expenses. Irs Eligible educational institution. Irs Dependent for whom you claim an exemption. Irs MAGI when using Form 1040A. Irs MAGI when using Form 1040. Irs Figuring the Tax-Free AmountEffect of the Amount of Your Income on the Amount of Your Exclusion Claiming the Exclusion Introduction Generally, you must pay tax on the interest earned on U. Irs S. Irs savings bonds. Irs If you do not include the interest in income in the years it is earned, you must include it in your income in the year in which you cash in the bonds. Irs However, when you cash in certain savings bonds under an education savings bond program, you may be able to exclude the interest from income. Irs Who Can Cash In Bonds Tax Free You may be able to cash in qualified U. Irs S. Irs savings bonds without having to include in your income some or all of the interest earned on the bonds if you meet the following conditions. Irs You pay qualified education expenses for yourself, your spouse, or a dependent for whom you claim an exemption on your return. Irs Your modified adjusted gross income (MAGI) is less than the amount specified for your filing status. Irs Your filing status is not married filing separately. Irs Qualified U. Irs S. Irs savings bonds. Irs   A qualified U. Irs S. Irs savings bond is a series EE bond issued after 1989 or a series I bond. Irs The bond must be issued either in your name (as the sole owner) or in the name of both you and your spouse (as co-owners). Irs   The owner must be at least 24 years old before the bond's issue date. Irs The issue date is printed on the front of the savings bond. Irs    The issue date is not necessarily the date of purchase—it will be the first day of the month in which the bond is purchased (or posted, if bought electronically). Irs Qualified education expenses. Irs   These include the following items you pay for either yourself, your spouse, or a dependent for whom you claim an exemption. Irs Tuition and fees required to enroll at or attend an eligible educational institution. Irs Qualified education expenses do not include expenses for room and board or for courses involving sports, games, or hobbies that are not part of a degree or certificate granting program. Irs Contributions to a qualified tuition program (QTP) (see How Much Can You Contribute in chapter 8, Qualified Tuition Program). Irs Contributions to a Coverdell education savings account (ESA) (see Contributions in chapter 7, Coverdell Education Savings Account). Irs Adjusted qualified education expenses. Irs   You must reduce your qualified education expenses by all of the following tax-free benefits. Irs Tax-free part of scholarships and fellowships (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions). Irs Expenses used to figure the tax-free portion of distributions from a Coverdell ESA (see Qualified Education Expenses in chapter 7, Coverdell Education Savings Account). Irs Expenses used to figure the tax-free portion of distributions from a QTP (see Qualified education expenses in chapter 8, Qualified Tuition Program). Irs Any tax-free payments (other than gifts or inheritances) received as educational assistance, such as: Veterans' educational assistance benefits (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Qualified tuition reductions (see Qualified Tuition Reduction in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), or Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ). Irs Any expenses used in figuring the American opportunity and lifetime learning credits. Irs See What Expenses Qualify in chapter 2, American Opportunity Credit, and What Expenses Qualify in chapter 3, Lifetime Learning Credit, for more information. Irs Eligible educational institution. Irs   An eligible educational institution is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U. Irs S. Irs Department of Education. Irs It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Irs The educational institution should be able to tell you if it is an eligible educational institution. Irs   Certain educational institutions located outside the United States also participate in the U. Irs S. Irs Department of Education's Federal Student Aid (FSA) programs. Irs Dependent for whom you claim an exemption. Irs   You claim an exemption for a person if you list his or her name and other required information on Form 1040 (or Form 1040A), line 6c. Irs Modified adjusted gross income (MAGI). Irs   For most taxpayers, MAGI is adjusted gross income (AGI) as figured on their federal income tax return without taking into account this interest exclusion. Irs However, as discussed below, there may be other modifications. Irs MAGI when using Form 1040A. Irs   If you file Form 1040A, your MAGI is the AGI on line 22 of that form figured without taking into account any savings bond interest exclusion and modified by adding back any amount on line 18 (student loan interest deduction) and line 19 (tuition and fees deduction). Irs MAGI when using Form 1040. Irs   If you file Form 1040, your MAGI is the AGI on line 38 of that form figured without taking into account any savings bond interest exclusion and modified by adding back any: Foreign earned income exclusion, Foreign housing exclusion, Foreign housing deduction, Exclusion of income by bona fide residents of American Samoa, Exclusion of income by bona fide residents of Puerto Rico, Exclusion for adoption benefits received under an employer's adoption assistance program, Deduction for student loan interest, Deduction for tuition and fees, and Deduction for domestic production activities. Irs    Use the worksheet in the instructions for line 9 of Form 8815 to figure your MAGI. Irs If you claim any of the exclusion or deduction items (1)–(6) listed above, add the amount of the exclusion or deduction to the amount on line 5 of the worksheet. Irs Do not add in the deduction for (7) student loan interest, and (8) tuition and fees, or (9) domestic production activities because line 4 of the worksheet already includes these amounts. Irs Enter the total on Form 8815, line 9, as your modified adjusted gross income (MAGI). Irs    Because the deduction for interest expenses attributable to royalties and other investments is limited to your net investment income, you cannot figure the deduction until you have figured this interest exclusion. Irs Therefore, if you had interest expenses attributable to royalties and deductible on Schedule E (Form 1040), Supplemental Income and Loss, you must make a special computation of your deductible interest without regard to this exclusion to figure the net royalty income included in your MAGI. Irs See Royalties included in MAGI under Education Savings Bond Program in Publication 550, chapter 1. Irs Figuring the Tax-Free Amount If the total you receive when you cash in the bonds is not more than the adjusted qualified education expenses for the year, all of the interest on the bonds may be tax free. Irs However, if the total you receive when you cash in the bonds is more than the adjusted expenses, only part of the interest may be tax free. Irs To determine the tax-free amount, multiply the interest part of the proceeds by a fraction. Irs The numerator (top part) of the fraction is the adjusted qualified education expenses (AQEE) you paid during the year. Irs The denominator (bottom part) of the fraction is the total proceeds you received during the year. Irs Example. Irs In February 2013, Mark and Joan Washington, a married couple, cashed a qualified series EE U. Irs S. Irs savings bond. Irs They received proceeds of $9,000, representing principal of $6,000 and interest of $3,000. Irs In 2013, they paid $7,650 of their daughter's college tuition. Irs They are not claiming an American opportunity or lifetime learning credit for those expenses, and their daughter does not have any tax-free educational assistance. Irs Their MAGI for 2013 was $80,000. Irs   $3,000 interest × $7,650 AQEE  $9,000 proceeds = $2,550 tax-free interest   They can exclude $2,550 of interest in 2013. Irs They must pay tax on the remaining $450 ($3,000 − $2,550) interest. Irs Effect of the Amount of Your Income on the Amount of Your Exclusion The amount of your interest exclusion is gradually reduced (phased out) based on your MAGI and filing status. Irs Claiming the Exclusion Use Form 8815 to figure your education savings bond interest exclusion. Irs Enter your exclusion on line 3 of Schedule B (Form 1040A or 1040), Interest and Ordinary Dividends. Irs Attach Form 8815 to your tax return. Irs Prev  Up  Next   Home   More Online Publications