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Utahtaxhelp org 9. Utahtaxhelp org   Tax Treaty Benefits Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Treaty Income Some Typical Tax Treaty BenefitsPersonal Services Teachers, Professors, and Researchers Employees of Foreign Governments Students, Apprentices, and Trainees Capital Gains Resident Aliens Reporting Treaty Benefits Claimed Introduction A nonresident alien (and certain resident aliens) from a country with which the United States has an income tax treaty may qualify for certain benefits. Utahtaxhelp org Most treaties require that the nonresident alien be a resident of the treaty country to qualify. Utahtaxhelp org However, some treaties require that the nonresident alien be a national or a citizen of the treaty country. Utahtaxhelp org See Table 9-1 for a list of tax treaty countries. Utahtaxhelp org You can generally arrange to have withholding tax reduced or eliminated on wages and other income that are eligible for tax treaty benefits. Utahtaxhelp org See Income Entitled to Tax Treaty Benefits in chapter 8. Utahtaxhelp org Topics - This chapter discusses: Typical tax treaty benefits, How to obtain copies of tax treaties, and How to claim tax treaty benefits on your tax return. Utahtaxhelp org Useful Items - You may want to see: Publication 901 U. Utahtaxhelp org S. Utahtaxhelp org Tax Treaties Form (and Instructions) 1040NR U. Utahtaxhelp org S. Utahtaxhelp org Nonresident Alien Income Tax Return 1040NR-EZ U. Utahtaxhelp org S. Utahtaxhelp org Income Tax Return for Certain Nonresident Aliens With No Dependents 8833 Treaty-Based Return Position Disclosure Under Section 6114 or 7701(b) See chapter 12 for information about getting these publications and forms. Utahtaxhelp org Treaty Income A nonresident alien's treaty income is the gross income on which the tax is limited by a tax treaty. Utahtaxhelp org Treaty income includes, for example, dividends from sources in the United States that are subject to tax at a tax treaty rate not to exceed 15%. Utahtaxhelp org Nontreaty income is the gross income of a nonresident alien on which the tax is not limited by a tax treaty. Utahtaxhelp org Figure the tax on treaty income on each separate item of income at the reduced rate that applies to that item under the treaty. Utahtaxhelp org To determine tax on nontreaty income, figure the tax at either the flat 30% rate or the graduated rate, depending upon whether or not the income is effectively connected with your trade or business in the United States. Utahtaxhelp org Your tax liability is the sum of the tax on treaty income plus the tax on nontreaty income, but cannot be more than the tax liability figured as if the tax treaty had not come into effect. Utahtaxhelp org Example. Utahtaxhelp org Arthur Banks is a nonresident alien who is single and a resident of a foreign country that has a tax treaty with the United States. Utahtaxhelp org He received gross income of $25,850 during the tax year from sources within the United States, consisting of the following items: Dividends on which the tax is limited to a 15% rate by the tax treaty $1,400 Compensation for personal services on which the tax is not limited by the tax treaty 24,450 Total gross income $25,850 Arthur was engaged in business in the United States during the tax year. Utahtaxhelp org His dividends are not effectively connected with that business. Utahtaxhelp org He has no deductions other than his own personal exemption. Utahtaxhelp org His tax liability, figured as though the tax treaty had not come into effect, is $3,060 determined as follows: Total compensation $24,450 Less: Personal exemption 3,900 Taxable income $20,550 Tax determined by graduated rate (Tax Table column for single taxpayers) $2,640 Plus: Tax on gross dividends ($1,400 × 30%) 420 Tax determined as though treaty had not come into effect $3,060 Arthur's tax liability, figured by taking into account the reduced rate on dividend income as provided by the tax treaty, is $2,850 determined as follows: Tax determined by graduated rate (same as figured above) $2,640 Plus: Tax on gross dividends ($1,400 × 15%) 210 Tax on compensation and dividends $2,850 His tax liability, therefore, is limited to $2,850, the tax liability figured using the tax treaty rate on the dividends. Utahtaxhelp org Some Typical Tax Treaty Benefits The following paragraphs briefly explain the exemptions that are available under tax treaties for personal services income, remittances, scholarships, fellowships, and capital gain income. Utahtaxhelp org The conditions for claiming the exemptions vary under each tax treaty. Utahtaxhelp org For more information about the conditions under a particular tax treaty, see Publication 901. Utahtaxhelp org Or, you may download the complete text of most U. Utahtaxhelp org S. Utahtaxhelp org tax treaties at IRS. Utahtaxhelp org gov. Utahtaxhelp org Technical explanations for many of those treaties are also available at that site. Utahtaxhelp org Tax treaty benefits also cover income such as dividends, interest, rentals, royalties, pensions, and annuities. Utahtaxhelp org These types of income may be exempt from U. Utahtaxhelp org S. Utahtaxhelp org tax or may be subject to a reduced rate of tax. Utahtaxhelp org For more information, see Publication 901 or the applicable tax treaty. Utahtaxhelp org Personal Services Nonresident aliens from treaty countries who are in the United States for a short stay and also meet certain other requirements may be exempt from tax on their compensation received for personal services performed in the United States. Utahtaxhelp org Many tax treaties require that the nonresident alien claiming this exemption be present in the United States for a total of not more than 183 days during the tax year. Utahtaxhelp org Other tax treaties specify different periods of maximum presence in the United States, such as 180 days or 90 days. Utahtaxhelp org Spending part of a day in the United States counts as a day of presence. Utahtaxhelp org Tax treaties may also require that: The compensation cannot be more than a specific amount (frequently $3,000), and The individual have a foreign employer; that is, an individual, corporation, or entity of a foreign country. Utahtaxhelp org Note. Utahtaxhelp org Under most treaties, income received as an employee (generally designated as dependent personal services) and income received as a self-employed person (generally designated as independent personal services or business income) are treated differently. Utahtaxhelp org Teachers, Professors, and Researchers Under many income tax treaties, nonresident alien teachers or professors who temporarily visit the United States for the primary purpose of teaching at a university or other accredited educational institution are not subject to U. Utahtaxhelp org S. Utahtaxhelp org income tax on compensation received for teaching for the first 2 or 3 years after their arrival in the United States. Utahtaxhelp org Many treaties also provide an exemption for engaging in research. Utahtaxhelp org Generally, the teacher or professor must be in the United States primarily to teach, lecture, instruct, or engage in research. Utahtaxhelp org A substantial part of that person's time must be devoted to those duties. Utahtaxhelp org The normal duties of a teacher or professor include not only formal classroom work involving regularly scheduled lectures, demonstrations, or other student-participation activities, but also the less formal method of presenting ideas in seminars or other informal groups and in joint efforts in the laboratory. Utahtaxhelp org If you entered the United States as a nonresident alien, but are now a resident alien, the treaty exemption may still apply. Utahtaxhelp org See Students, Apprentices, Trainees, Teachers, Professors, and Researchers Who Became Resident Aliens later under Resident Aliens. Utahtaxhelp org Employees of Foreign Governments All treaties have provisions for the exemption of income earned by certain employees of foreign governments. Utahtaxhelp org However, a difference exists among treaties as to who qualifies for this benefit. Utahtaxhelp org Under many treaties, aliens admitted to the United States for permanent residence do not qualify. Utahtaxhelp org Under most treaties, aliens who are not nationals or subjects of the foreign country do not qualify. Utahtaxhelp org Employees of foreign governments should read the pertinent treaty carefully to determine whether they qualify for benefits. Utahtaxhelp org Chapter 10 of this publication also has information for employees of foreign governments. Utahtaxhelp org Students, Apprentices, and Trainees Under some income tax treaties, students, apprentices, and trainees are exempt from tax on remittances received from abroad for study and maintenance. Utahtaxhelp org Also, under some treaties, scholarship and fellowship grants, and a limited amount of compensation received by students, apprentices, and trainees may be exempt from tax. Utahtaxhelp org If you entered the United States as a nonresident alien, but are now a resident alien, the treaty exemption may still apply. Utahtaxhelp org See Students, Apprentices, Trainees, Teachers, Professors, and Researchers Who Became Resident Aliens , later, under Resident Aliens. Utahtaxhelp org Capital Gains Most treaties provide for the exemption of gains from the sale or exchange of personal property. Utahtaxhelp org Generally, gains from the sale or exchange of real property located in the United States are taxable. Utahtaxhelp org Resident Aliens Resident aliens may qualify for tax treaty benefits in the situations discussed below. Utahtaxhelp org U. Utahtaxhelp org S. Utahtaxhelp org Residency Under Tax Treaty “Tie-Breaker” Rule In certain circumstances, individuals who are treated as residents of the United States under an income tax treaty (after application of the so-called “tie-breaker” rule) will be entitled to treaty benefits. Utahtaxhelp org (The “tie-breaker” rule is explained in chapter 1 under Effect of Tax Treaties. Utahtaxhelp org ) If this applies to you, you generally will not need to file a Form 8833 for the income for which treaty benefits are claimed. Utahtaxhelp org This is because the income will typically be of a category for which disclosure on a Form 8833 is waived. Utahtaxhelp org See Reporting Treaty Benefits Claimed . Utahtaxhelp org In most cases, you also will not need to report the income on your Form 1040 because the income will be exempt from U. Utahtaxhelp org S. Utahtaxhelp org tax under the treaty. Utahtaxhelp org However, if the income has been reported as taxable income on a Form W-2, Form 1042-S, Form 1099, or other information return, you should report it on the appropriate line of Form 1040 (for example, line 7 in the case of wages or salaries). Utahtaxhelp org Enter the amount for which treaty benefits are claimed in parentheses on Form 1040, line 21. Utahtaxhelp org Next to the amount write “Exempt income,” the name of the treaty country, and the treaty article that provides the exemption. Utahtaxhelp org On Form 1040, subtract this amount from your income to arrive at total income on Form 1040, line 22. Utahtaxhelp org Also follow the above procedure for income that is subject to a reduced rate of tax, instead of an exemption, under the treaty. Utahtaxhelp org Attach a statement to Form 1040 showing a computation of the tax at the reduced rate, the name of the treaty country, and the treaty article that provides for the reduced tax rate. Utahtaxhelp org Include this tax on Form 1040, line 61. Utahtaxhelp org On the dotted line next to line 61, write “Tax from attached statement” and the amount of the tax. Utahtaxhelp org Example. Utahtaxhelp org Jacques Dubois, who is a resident of the United States under Article 4 of the U. Utahtaxhelp org S. Utahtaxhelp org -France income tax treaty, receives French social security benefits. Utahtaxhelp org Under Article 18(1) of the treaty, French social security benefits are not taxable by the United States. Utahtaxhelp org Mr. Utahtaxhelp org Dubois is not required to file a Form 8833 for his French social security benefits or report the benefits on Form 1040. Utahtaxhelp org Special Rule for Canadian and German Social Security Benefits Under income tax treaties with Canada and Germany, if a U. Utahtaxhelp org S. Utahtaxhelp org resident receives social security benefits from Canada or Germany, those benefits are treated for U. Utahtaxhelp org S. Utahtaxhelp org income tax purposes as if they were received under the social security legislation of the United States. Utahtaxhelp org If you receive social security benefits from Canada or Germany, include them on line 1 of your Social Security Benefits Worksheet for purposes of determining the taxable amount to be reported on Form 1040, line 20b or Form 1040A, line 14b. Utahtaxhelp org You are not required to file a Form 8833 for those benefits. Utahtaxhelp org Students, Apprentices, Trainees, Teachers, Professors, and Researchers Who Became Resident Aliens Generally, you must be a nonresident alien student, apprentice, trainee, teacher, professor, or researcher in order to claim a tax treaty exemption for remittances from abroad for study and maintenance in the United States, for scholarship, fellowship, and research grants, and for wages or other personal service compensation. Utahtaxhelp org Once you become a resident alien, you generally can no longer claim a tax treaty exemption for this income. Utahtaxhelp org However, if you entered the United States as a nonresident alien, but you are now a resident alien for U. Utahtaxhelp org S. Utahtaxhelp org tax purposes, the treaty exemption will continue to apply if the tax treaty's saving clause (explained later) provides an exception for it and you otherwise meet the requirements for the treaty exemption (including any time limit, explained later). Utahtaxhelp org This is true even if you are a nonresident alien electing to file a joint return as explained in chapter 1. Utahtaxhelp org Some exceptions to the saving clause apply to all resident aliens (for example, under the U. Utahtaxhelp org S. Utahtaxhelp org -People's Republic of China treaty); others apply only to resident aliens who are not lawful permanent residents of the United States (green card holders). Utahtaxhelp org If you qualify under an exception to the treaty's saving clause, you can avoid income tax withholding by giving the payor a Form W-9 with the statement required by the Form W-9 instructions. Utahtaxhelp org Saving clause. Utahtaxhelp org   Most tax treaties have a saving clause. Utahtaxhelp org A saving clause preserves or “saves” the right of each country to tax its own residents as if no tax treaty were in effect. Utahtaxhelp org Thus, once you become a resident alien of the United States, you generally lose any tax treaty benefits that relate to your income. Utahtaxhelp org However, many tax treaties have exceptions to the saving clause, which may allow you to continue to claim certain treaty benefits when you become a resident alien. Utahtaxhelp org Read the treaty to find out if it has a saving clause and an exception to it. Utahtaxhelp org Time limit for claiming treaty exemptions. Utahtaxhelp org   Many treaties limit the number of years you can claim a treaty exemption. Utahtaxhelp org For students, apprentices, and trainees, the limit is usually 4–5 years; for teachers, professors, and researchers, the limit is usually 2–3 years. Utahtaxhelp org Once you reach this limit, you can no longer claim the treaty exemption. Utahtaxhelp org See the treaty or Publication 901 for the time limits that apply. Utahtaxhelp org How to report income on your tax return. Utahtaxhelp org   In most cases, you also will not need to report the income on your Form 1040 because the income will be exempt from U. Utahtaxhelp org S. Utahtaxhelp org tax under the treaty. Utahtaxhelp org However, if the income has been reported as taxable income on a Form W-2, Form 1042-S, Form 1099, or other information return, you should report it on the appropriate line of Form 1040 (for example, line 7 in the case of wages, salaries, scholarships, or fellowships). Utahtaxhelp org Enter the amount for which treaty benefits are claimed in parentheses on Form 1040, line 21. Utahtaxhelp org Next to the amount write “Exempt income,” the name of the treaty country, and the treaty article that provides the exemption. Utahtaxhelp org On Form 1040, subtract this amount from your income to arrive at total income on Form 1040, line 22. Utahtaxhelp org Example. Utahtaxhelp org Mr. Utahtaxhelp org Yu, a citizen of the People's Republic of China, entered the United States as a nonresident alien student on January 1, 2009. Utahtaxhelp org He remained a nonresident alien through 2013 and was able to exclude his scholarship from U. Utahtaxhelp org S. Utahtaxhelp org tax in those years under Article 20 of the U. Utahtaxhelp org S. Utahtaxhelp org -People's Republic of China income tax treaty. Utahtaxhelp org On January 1, 2014, he became a resident alien under the substantial presence test because his stay in the United States exceeded 5 years. Utahtaxhelp org Even though Mr. Utahtaxhelp org Yu is now a resident alien, the provisions of Article 20 still apply because of the exception to the saving clause in paragraph 2 of the Protocol to the U. Utahtaxhelp org S. Utahtaxhelp org -People's Republic of China treaty dated April 30, 1984. Utahtaxhelp org Mr. Utahtaxhelp org Yu should submit Form W-9 and the required statement to the payor. Utahtaxhelp org Reporting Treaty Benefits Claimed If you claim treaty benefits that override or modify any provision of the Internal Revenue Code, and by claiming these benefits your tax is, or might be, reduced, you must attach a fully completed Form 8833 to your tax return. Utahtaxhelp org See below, for the situations where you are not required to file Form 8833. Utahtaxhelp org You must file a U. Utahtaxhelp org S. Utahtaxhelp org tax return and Form 8833 if you claim the following treaty benefits. Utahtaxhelp org You claim a reduction or modification in the taxation of gain or loss from the disposition of a U. Utahtaxhelp org S. Utahtaxhelp org real property interest based on a treaty. Utahtaxhelp org You claim a credit for a specific foreign tax for which foreign tax credit would not be allowed by the Internal Revenue Code. Utahtaxhelp org You receive payments or income items totaling more than $100,000 and you determine your country of residence under a treaty and not under the rules for residency discussed in chapter 1. Utahtaxhelp org These are the more common situations for which Form 8833 is required. Utahtaxhelp org Exceptions. Utahtaxhelp org   You do not have to file Form 8833 for any of the following situations. Utahtaxhelp org You claim a reduced rate of withholding tax under a treaty on interest, dividends, rent, royalties, or other fixed or determinable annual or periodic income ordinarily subject to the 30% rate. Utahtaxhelp org You claim a treaty reduces or modifies the taxation of income from dependent personal services, pensions, annuities, social security and other public pensions, or income of artists, athletes, students, trainees, or teachers. Utahtaxhelp org This includes taxable scholarship and fellowship grants. Utahtaxhelp org You claim a reduction or modification of taxation of income under an International Social Security Agreement or a Diplomatic or Consular Agreement. Utahtaxhelp org You are a partner in a partnership or a beneficiary of an estate or trust and the partnership, estate, or trust reports the required information on its return. Utahtaxhelp org The payments or items of income that are otherwise required to be disclosed total no more than $10,000. Utahtaxhelp org You are claiming treaty benefits for amounts that are: Reported to you on Form 1042-S and Received by you: As a related party from a reporting corporation within the meaning of Internal Revenue Code section 6038A (relating to information returns on Form 5472 filed by U. Utahtaxhelp org S. Utahtaxhelp org corporations that are 25-percent owned by a foreign person), or As a beneficial owner that is a direct account holder of a U. Utahtaxhelp org S. Utahtaxhelp org financial institution or qualified intermediary, or a direct partner, beneficiary, or owner of a withholding foreign partnership or trust, from that U. Utahtaxhelp org S. Utahtaxhelp org financial institution, qualified intermediary, or withholding foreign partnership or trust. Utahtaxhelp org The exception described in (6) above does not apply to any amounts for which a treaty-based return disclosure is specifically required by the Form 8833 instructions. Utahtaxhelp org Penalty for failure to provide required information on Form 8833. Utahtaxhelp org   If you are required to report the treaty benefits but do not, you may be subject to a penalty of $1,000 for each failure. Utahtaxhelp org Additional information. Utahtaxhelp org   For additional information, see section 301. Utahtaxhelp org 6114-1(c) of the Income Tax Regulations. Utahtaxhelp org Table 9-1. Utahtaxhelp org Table of Tax Treaties (Updated through December 31, 2013) Country Official Text  Symbol1 General  Effective Date Citation Applicable Treasury Explanations  or Treasury Decision (T. Utahtaxhelp org D. Utahtaxhelp org ) Australia TIAS 10773 Dec. Utahtaxhelp org 1, 1983 1986-2 C. Utahtaxhelp org B. Utahtaxhelp org 220 1986-2 C. Utahtaxhelp org B. Utahtaxhelp org 246 Protocol TIAS Jan. Utahtaxhelp org 1, 2004     Austria TIAS Jan. Utahtaxhelp org 1, 1999     Bangladesh TIAS Jan. Utahtaxhelp org 1, 2007     Barbados TIAS 11090 Jan. Utahtaxhelp org 1, 1984 1991-2 C. Utahtaxhelp org B. Utahtaxhelp org 436 1991-2 C. Utahtaxhelp org B. Utahtaxhelp org 466 Protocol TIAS Jan. Utahtaxhelp org 1, 1994     Protocol TIAS Jan. Utahtaxhelp org 1, 2005     Belgium TIAS Jan. Utahtaxhelp org 1, 2008     Bulgaria TIAS Jan. Utahtaxhelp org 1, 2009     Canada2 TIAS 11087 Jan. Utahtaxhelp org 1, 1985 1986-2 C. Utahtaxhelp org B. Utahtaxhelp org 258 1987-2 C. Utahtaxhelp org B. Utahtaxhelp org 298 Protocol TIAS Jan. Utahtaxhelp org 1, 1996     Protocol TIAS Dec. Utahtaxhelp org 16, 1997     Protocol TIAS Jan. Utahtaxhelp org 1, 2009     China, People's Republic of TIAS 12065 Jan. Utahtaxhelp org 1, 1987 1988-1 C. Utahtaxhelp org B. Utahtaxhelp org 414 1988-1 C. Utahtaxhelp org B. Utahtaxhelp org 447 Commonwealth of Independent States3 TIAS 8225 Jan. Utahtaxhelp org 1, 1976 1976-2 C. Utahtaxhelp org B. Utahtaxhelp org 463 1976-2 C. Utahtaxhelp org B. Utahtaxhelp org 475 Cyprus TIAS 10965 Jan. Utahtaxhelp org 1, 1986 1989-2 C. Utahtaxhelp org B. Utahtaxhelp org 280 1989-2 C. Utahtaxhelp org B. Utahtaxhelp org 314 Czech Republic TIAS Jan. Utahtaxhelp org 1, 1993     Denmark TIAS Jan. Utahtaxhelp org 1, 2001     Protocol TIAS Jan. Utahtaxhelp org 1, 2008     Egypt TIAS 10149 Jan. Utahtaxhelp org 1, 1982 1982-1 C. Utahtaxhelp org B. Utahtaxhelp org 219 1982-1 C. Utahtaxhelp org B. Utahtaxhelp org 243 Estonia TIAS Jan. Utahtaxhelp org 1, 2000     Finland TIAS 12101 Jan. Utahtaxhelp org 1, 1991     Protocol TIAS Jan. Utahtaxhelp org 1, 2008     France TIAS Jan. Utahtaxhelp org 1, 1996     Protocol TIAS Jan. Utahtaxhelp org 1, 2007     Protocol TIAS Jan. Utahtaxhelp org 1, 2010     Germany TIAS Jan. Utahtaxhelp org 1, 1990     Protocol TIAS Jan. Utahtaxhelp org 1, 2008     Greece TIAS 2902 Jan. Utahtaxhelp org 1, 1953 1958-2 C. Utahtaxhelp org B. Utahtaxhelp org 1054 T. Utahtaxhelp org D. Utahtaxhelp org 6109, 1954-2 C. Utahtaxhelp org B. Utahtaxhelp org 638 Hungary TIAS 9560 Jan. Utahtaxhelp org 1, 1980 1980-1 C. Utahtaxhelp org B. Utahtaxhelp org 333 1980-1 C. Utahtaxhelp org B. Utahtaxhelp org 354 Iceland TIAS Jan. Utahtaxhelp org 1, 2009     India TIAS Jan. Utahtaxhelp org 1, 1991     Indonesia TIAS 11593 Jan. Utahtaxhelp org 1, 1990     Ireland TIAS Jan. Utahtaxhelp org 1, 1998     Israel TIAS Jan. Utahtaxhelp org 1, 1995     Italy TIAS Jan. Utahtaxhelp org 1, 2010     Jamaica TIAS 10207 Jan. Utahtaxhelp org 1, 1982 1982-1 C. Utahtaxhelp org B. Utahtaxhelp org 257 1982-1 C. Utahtaxhelp org B. Utahtaxhelp org 291 Japan TIAS Jan. Utahtaxhelp org 1, 2005     Kazakhstan TIAS Jan. Utahtaxhelp org 1, 1996     Korea, South TIAS 9506 Jan. Utahtaxhelp org 1, 1980 1979-2 C. Utahtaxhelp org B. Utahtaxhelp org 435 1979-2 C. Utahtaxhelp org B. Utahtaxhelp org 458 Latvia TIAS Jan. Utahtaxhelp org 1, 2000     Lithuania TIAS Jan. Utahtaxhelp org 1, 2000     Luxembourg TIAS Jan. Utahtaxhelp org 1, 2001     Malta TIAS Jan. Utahtaxhelp org 1, 2011     Mexico TIAS Jan. Utahtaxhelp org 1, 1994 1994-2 C. Utahtaxhelp org B. Utahtaxhelp org 424 1994-2 C. Utahtaxhelp org B. Utahtaxhelp org 489 Protocol TIAS Oct. Utahtaxhelp org 26, 1995     Protocol TIAS Jan. Utahtaxhelp org 1, 2004     Morocco TIAS 10195 Jan. Utahtaxhelp org 1, 1981 1982-2 C. Utahtaxhelp org B. Utahtaxhelp org 405 1982-2 C. Utahtaxhelp org B. Utahtaxhelp org 427 Netherlands TIAS Jan. Utahtaxhelp org 1, 1994     Protocol TIAS Jan. Utahtaxhelp org 1, 2005     New Zealand TIAS 10772 Nov. Utahtaxhelp org 2, 1983 1990-2 C. Utahtaxhelp org B. Utahtaxhelp org 274 1990-2 C. Utahtaxhelp org B. Utahtaxhelp org 303 Protocol TIAS Jan. Utahtaxhelp org 1, 2011     Norway TIAS 7474 Jan. Utahtaxhelp org 1, 1971 1973-1 C. Utahtaxhelp org B. Utahtaxhelp org 669 1973-1 C. Utahtaxhelp org B. Utahtaxhelp org 693 Protocol TIAS 10205 Jan. Utahtaxhelp org 1, 1982 1982-2 C. Utahtaxhelp org B. Utahtaxhelp org 440 1982-2 C. Utahtaxhelp org B. Utahtaxhelp org 454 Pakistan TIAS 4232 Jan. Utahtaxhelp org 1, 1959 1960-2 C. Utahtaxhelp org B. Utahtaxhelp org 646 T. Utahtaxhelp org D. Utahtaxhelp org 6431, 1960-1 C. Utahtaxhelp org B. Utahtaxhelp org 755 Philippines TIAS 10417 Jan. Utahtaxhelp org 1, 1983 1984-2 C. Utahtaxhelp org B. Utahtaxhelp org 384 1984-2 C. Utahtaxhelp org B. Utahtaxhelp org 412 Poland TIAS 8486 Jan. Utahtaxhelp org 1, 1974 1977-1 C. Utahtaxhelp org B. Utahtaxhelp org 416 1977-1 C. Utahtaxhelp org B. Utahtaxhelp org 427 Portugal TIAS Jan. Utahtaxhelp org 1, 1996     Romania TIAS 8228 Jan. Utahtaxhelp org 1, 1974 1976-2 C. Utahtaxhelp org B. Utahtaxhelp org 492 1976-2 C. Utahtaxhelp org B. Utahtaxhelp org 504 Russia TIAS Jan. Utahtaxhelp org 1, 1994     Slovak Republic TIAS Jan. Utahtaxhelp org 1, 1993     Slovenia TIAS Jan. Utahtaxhelp org 1, 2002     South Africa TIAS Jan. Utahtaxhelp org 1, 1998     Spain TIAS Jan. Utahtaxhelp org 1, 1991     Sri Lanka TIAS Jan. Utahtaxhelp org 1, 2004     Sweden TIAS Jan. Utahtaxhelp org 1, 1996     Protocol TIAS Jan. Utahtaxhelp org 1, 2007     Switzerland TIAS Jan. Utahtaxhelp org 1, 1998     Thailand TIAS Jan. Utahtaxhelp org 1, 1998     Trinidad and Tobago TIAS 7047 Jan. Utahtaxhelp org 1, 1970 1971-2 C. Utahtaxhelp org B. Utahtaxhelp org 479   Tunisia TIAS Jan. Utahtaxhelp org 1, 1990     Turkey TIAS Jan. Utahtaxhelp org 1, 1998     Ukraine TIAS Jan. Utahtaxhelp org 1, 2001     United Kingdom TIAS Jan. Utahtaxhelp org 1, 2004     Venezuela TIAS Jan. Utahtaxhelp org 1, 2000     1(TIAS) Treaties and Other International Act Series 2Information on the treaty can be found in Publication 597, Information on the United States-Canada Income Tax Treaty. Utahtaxhelp org 3The U. Utahtaxhelp org S. Utahtaxhelp org -U. Utahtaxhelp org S. Utahtaxhelp org S. Utahtaxhelp org R. Utahtaxhelp org income tax treaty applies to the countries of Armenia, Azerbaijan, Belarus, Georgia, Kyrgyzstan, Moldova, Tajikistan, Turkmenistan, and Uzbekistan. Utahtaxhelp org Prev  Up  Next   Home   More Online Publications
 
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IRS Radio PSAs

The latest IRS radio Public Service Announcements (PSA) can be played during calendar year 2014. The files are :30 and :60 in English and Spanish MP3 format. The PSA files and text transcripts of each recording are downloadable.

 

2014 Radio PSAs

:30 :60 Format - English

Topics Text Script Seconds
Choosing a Preparer Text :30
Choosing a Preparer Text :60
Common Error Text :30
Earned Income Tax Credit (EITC) Text :30
EITC "The List" Text :30
Identity Theft Text :30
IRS Free File - Costs Less Than Text :30
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The Utahtaxhelp Org

Utahtaxhelp org 2. Utahtaxhelp org   Foreclosures and Repossessions Table of Contents Amount realized and ordinary income on a recourse debt. Utahtaxhelp org Amount realized on a nonrecourse debt. Utahtaxhelp org If you do not make payments you owe on a loan secured by property, the lender may foreclose on the loan or repossess the property. Utahtaxhelp org The foreclosure or repossession is treated as a sale from which you may realize gain or loss. Utahtaxhelp org This is true even if you voluntarily return the property to the lender. Utahtaxhelp org If the outstanding loan balance was more than the FMV of the property and the lender cancels all or part of the remaining loan balance, you also may realize ordinary income from the cancellation of debt. Utahtaxhelp org You must report this income on your return unless certain exceptions or exclusions apply. Utahtaxhelp org See chapter 1 for more details. Utahtaxhelp org Borrower's gain or loss. Utahtaxhelp org    You figure and report gain or loss from a foreclosure or repossession in the same way as gain or loss from a sale. Utahtaxhelp org The gain is the difference between the amount realized and your adjusted basis in the transferred property (amount realized minus adjusted basis). Utahtaxhelp org The loss is the difference between your adjusted basis in the transferred property and the amount realized (adjusted basis minus amount realized). Utahtaxhelp org For more information on figuring gain or loss from the sale of property, see Gain or Loss From Sales and Exchanges in Publication 544. Utahtaxhelp org You can use Table 1-1 to figure your ordinary income from the cancellation of debt and your gain or loss from a foreclosure or repossession. Utahtaxhelp org Amount realized and ordinary income on a recourse debt. Utahtaxhelp org    If you are personally liable for the debt, the amount realized on the foreclosure or repossession includes the smaller of: The outstanding debt immediately before the transfer reduced by any amount for which you remain personally liable immediately after the transfer, or The FMV of the transferred property. Utahtaxhelp org The amount realized also includes any proceeds you received from the foreclosure sale. Utahtaxhelp org If the FMV of the transferred property is less than the total outstanding debt immediately before the transfer reduced by any amount for which you remain personally liable immediately after the transfer, the difference is ordinary income from the cancellation of debt. Utahtaxhelp org You must report this income on your return unless certain exceptions or exclusions apply. Utahtaxhelp org See chapter 1 for more details. Utahtaxhelp org       Example 1. Utahtaxhelp org Tara bought a new car for $15,000. Utahtaxhelp org She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. Utahtaxhelp org Tara is personally liable for the loan (recourse debt) and the car is pledged as security for the loan. Utahtaxhelp org On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. Utahtaxhelp org The balance due after taking into account the payments Tara made was $10,000. Utahtaxhelp org The FMV of the car when it was repossessed was $9,000. Utahtaxhelp org On November 15, 2013, the credit company forgave the remaining $1,000 balance on the loan due to insufficient assets. Utahtaxhelp org In this case, the amount Tara realizes is $9,000. Utahtaxhelp org This is the smaller of: The $10,000 outstanding debt immediately before the repossession reduced by the $1,000 for which she remains personally liable immediately after the repossession ($10,000 − $1,000 = $9,000), or The $9,000 FMV of the car. Utahtaxhelp org Tara figures her gain or loss on the repossession by comparing the $9,000 amount realized with her $15,000 adjusted basis. Utahtaxhelp org She has a $6,000 nondeductible loss. Utahtaxhelp org After the cancellation of the remaining balance on the loan in November, Tara also has ordinary income from cancellation of debt in the amount of $1,000 (the remaining balance on the $10,000 loan after the $9,000 amount satisfied by the FMV of the repossessed car). Utahtaxhelp org Tara must report this $1,000 on her return unless one of the exceptions or exclusions described in chapter 1 applies. Utahtaxhelp org Example 2. Utahtaxhelp org Lili paid $200,000 for her home. Utahtaxhelp org She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. Utahtaxhelp org Lili is personally liable for the mortgage loan and the house secures the loan. Utahtaxhelp org In 2013, the bank foreclosed on the mortgage because Lili stopped making payments. Utahtaxhelp org When the bank foreclosed the mortgage, the balance due was $180,000, the FMV of the house was $170,000, and Lili's adjusted basis was $175,000 due to a casualty loss she had deducted. Utahtaxhelp org At the time of the foreclosure, the bank forgave $2,000 of the $10,000 debt in excess of the FMV ($180,000 minus $170,000). Utahtaxhelp org She remained personally liable for the $8,000 balance. Utahtaxhelp org In this case, Lili has ordinary income from the cancellation of debt in the amount of $2,000. Utahtaxhelp org The $2,000 income from the cancellation of debt is figured by subtracting the $170,000 FMV of the house from the $172,000 difference between her total outstanding debt immediately before the transfer of property and the amount for which she remains personally liable immediately after the transfer ($180,000 minus $8,000). Utahtaxhelp org She is able to exclude the $2,000 of canceled debt from her income under the qualified principal residence indebtedness rules discussed earlier. Utahtaxhelp org Lili must also determine her gain or loss from the foreclosure. Utahtaxhelp org In this case, the amount that she realizes is $170,000. Utahtaxhelp org This is the smaller of: (a) the $180,000 outstanding debt immediately before the transfer reduced by the $8,000 for which she remains personally liable immediately after the transfer ($180,000 − $8,000 = $172,000) or (b) the $170,000 FMV of the house. Utahtaxhelp org Lili figures her gain or loss on the foreclosure by comparing the $170,000 amount realized with her $175,000 adjusted basis. Utahtaxhelp org She has a $5,000 nondeductible loss. Utahtaxhelp org Table 1-1. Utahtaxhelp org Worksheet for Foreclosures and Repossessions Part 1. Utahtaxhelp org Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). Utahtaxhelp org Otherwise, go to Part 2. Utahtaxhelp org 1. Utahtaxhelp org Enter the amount of outstanding debt immediately before the transfer of property reduced by any amount for which you remain personally liable immediately after the transfer of property   2. Utahtaxhelp org Enter the fair market value of the transferred property   3. Utahtaxhelp org Ordinary income from the cancellation of debt upon foreclosure or repossession. Utahtaxhelp org * Subtract line 2 from line 1. Utahtaxhelp org If less than zero, enter zero. Utahtaxhelp org Next, go to Part 2   Part 2. Utahtaxhelp org Gain or loss from foreclosure or repossession. Utahtaxhelp org   4. Utahtaxhelp org Enter the smaller of line 1 or line 2. Utahtaxhelp org If you did not complete Part 1 (because you were not personally liable for the debt), enter the amount of outstanding debt immediately before the transfer of property   5. Utahtaxhelp org Enter any proceeds you received from the foreclosure sale   6. Utahtaxhelp org Add line 4 and line 5   7. Utahtaxhelp org Enter the adjusted basis of the transferred property   8. Utahtaxhelp org Gain or loss from foreclosure or repossession. Utahtaxhelp org Subtract line 7 from line 6   * The income may not be taxable. Utahtaxhelp org See chapter 1 for more details. Utahtaxhelp org Amount realized on a nonrecourse debt. Utahtaxhelp org    If you are not personally liable for repaying the debt secured by the transferred property, the amount you realize includes the full amount of the outstanding debt immediately before the transfer. Utahtaxhelp org This is true even if the FMV of the property is less than the outstanding debt immediately before the transfer. Utahtaxhelp org Example 1. Utahtaxhelp org Tara bought a new car for $15,000. Utahtaxhelp org She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. Utahtaxhelp org Tara is not personally liable for the loan (nonrecourse), but pledged the new car as security for the loan. Utahtaxhelp org On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. Utahtaxhelp org The balance due after taking into account the payments Tara made was $10,000. Utahtaxhelp org The FMV of the car when it was repossessed was $9,000. Utahtaxhelp org The amount Tara realized on the repossession is $10,000. Utahtaxhelp org That is the outstanding amount of debt immediately before the repossession, even though the FMV of the car is less than $10,000. Utahtaxhelp org Tara figures her gain or loss on the repossession by comparing the $10,000 amount realized with her $15,000 adjusted basis. Utahtaxhelp org Tara has a $5,000 nondeductible loss. Utahtaxhelp org Example 2. Utahtaxhelp org Lili paid $200,000 for her home. Utahtaxhelp org She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. Utahtaxhelp org She is not personally liable for the loan, but grants the bank a mortgage. Utahtaxhelp org The bank foreclosed on the mortgage because Lili stopped making payments. Utahtaxhelp org When the bank foreclosed on the mortgage, the balance due was $180,000, the FMV of the house was $170,000, and Lili's adjusted basis was $175,000 due to a casualty loss she had deducted. Utahtaxhelp org The amount Lili realized on the foreclosure is $180,000, the outstanding debt immediately before the foreclosure. Utahtaxhelp org She figures her gain or loss by comparing the $180,000 amount realized with her $175,000 adjusted basis. Utahtaxhelp org Lili has a $5,000 realized gain. Utahtaxhelp org See Publication 523 to figure and report any taxable amount. Utahtaxhelp org Forms 1099-A and 1099-C. Utahtaxhelp org    A lender who acquires an interest in your property in a foreclosure or repossession should send you Form 1099-A, Acquisition or Abandonment of Secured Property, showing information you need to figure your gain or loss. Utahtaxhelp org However, if the lender also cancels part of your debt and must file Form 1099-C, the lender can include the information about the foreclosure or repossession on that form instead of on Form 1099-A. Utahtaxhelp org 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. Utahtaxhelp org For foreclosures or repossessions occurring in 2013, these forms should be sent to you by January 31, 2014. Utahtaxhelp org Prev  Up  Next   Home   More Online Publications