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1040 Ez Instructions

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1040 Ez Instructions

1040 ez instructions 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. 1040 ez instructions Publication 463, Travel, Entertainment, Gift, and Car Expenses, contains information on figuring depreciation on your car. 1040 ez instructions However, Publication 463 does not contain the new provisions because it was printed before the law was enacted. 1040 ez instructions The new provisions are in the Supplement to Publication 463, which is reprinted below. 1040 ez instructions 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. 1040 ez instructions After Publication 463 was printed, the Job Creation and Worker Assistance Act of 2002 was signed into law by the President. 1040 ez instructions Certain provisions of this new law may reduce your taxes for 2001. 1040 ez instructions The new law contains the following provisions. 1040 ez instructions A new depreciation deduction, the special depreciation allowance. 1040 ez instructions An increase in the limit on depreciation for any car for which you claim the new special depreciation allowance. 1040 ez instructions If you have already filed your 2001 return, you may wish to file an amended return to claim any of these benefits. 1040 ez instructions See Amended Return, later. 1040 ez instructions 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. 1040 ez instructions However, there is a limit on the depreciation deduction you can take for your car each year. 1040 ez instructions See Depreciation Limit later. 1040 ez instructions Special Depreciation Allowance The new law allows you to claim a special depreciation allowance. 1040 ez instructions This special allowance is a deduction equal to 30% of the depreciable basis of qualified property. 1040 ez instructions 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). 1040 ez instructions See Depreciation Deduction under Actual Car Expenses in chapter 4 of Publication 463 for information about MACRS. 1040 ez instructions You can claim the special depreciation allowance only for the year the qualified property is placed in service. 1040 ez instructions Qualified property. 1040 ez instructions   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. 1040 ez instructions You bought it new. 1040 ez instructions You bought it after September 10, 2001. 1040 ez instructions (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. 1040 ez instructions ) You began using it for business after September 10, 2001, and used it more than 50% in a qualified business use. 1040 ez instructions Example. 1040 ez instructions Bob bought a new car on October 15, 2001, for $20,000 and placed it in service immediately, using it 75% for business. 1040 ez instructions Bob's car is qualified property. 1040 ez instructions Bob chooses not to take a section 179 deduction for the car. 1040 ez instructions He does claim the new special depreciation allowance. 1040 ez instructions Bob first must figure the car's depreciable basis, which is $15,000 ($20,000 × . 1040 ez instructions 75). 1040 ez instructions He then figures the special depreciation allowance of $4,500 ($15,000 × . 1040 ez instructions 30). 1040 ez instructions 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 × . 1040 ez instructions 20), for a total depreciation deduction for 2001 of $6,600 ($4,500 + $2,100). 1040 ez instructions However, Bob's depreciation deduction is limited to $5,745 ($7,660 × . 1040 ez instructions 75), as discussed next. 1040 ez instructions 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. 1040 ez instructions The limit is increased to $23,080 if the car is an electric car. 1040 ez instructions The section 179 deduction is treated as depreciation for purposes of this limit. 1040 ez instructions 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. 1040 ez instructions 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). 1040 ez instructions 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. 1040 ez instructions S. 1040 ez instructions Individual Income Tax Return, by April 15, 2003. 1040 ez instructions At the top of the Form 1040X, print “Filed pursuant to Revenue Procedure 2002–33. 1040 ez instructions ” If you are an employee, attach Form 2106, Employee Business Expenses (revised March 2002). 1040 ez instructions If you are self-employed, attach Form 4562, Depreciation and Amortization (revised March 2002). 1040 ez instructions Or, you can claim the special depreciation allowance by filing Form 3115, Application for Change in Accounting Method, with your 2002 return. 1040 ez instructions For details, see Revenue Procedure 2002–33. 1040 ez instructions (But, filing Form 1040X for 2001 enables you to claim the special allowance earlier than attaching Form 3115 to your 2002 return. 1040 ez instructions ) 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. 1040 ez instructions Example. 1040 ez instructions 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 . 1040 ez instructions 75 x . 1040 ez instructions 20) depreciation deduction for his new car using MACRS. 1040 ez instructions Bob now wishes to claim the special depreciation allowance for his new car on an amended 2001 return. 1040 ez instructions 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. 1040 ez instructions Bob's new filled-in Form 2106 is shown later. 1040 ez instructions 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. 1040 ez instructions As a general rule, you must make this election by the due date (including extensions) of your return. 1040 ez instructions 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. 1040 ez instructions To get this extension, you must have filed your original return by the due date (including extensions). 1040 ez instructions At the top of the statement, print “Filed pursuant to section 301. 1040 ez instructions 9100–2. 1040 ez instructions ” 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. 1040 ez instructions 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. 1040 ez instructions Deemed election for return filed before June 1, 2002. 1040 ez instructions   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. 1040 ez instructions You filed your 2001 return before June 1, 2002. 1040 ez instructions You claimed depreciation on your return but did not claim the special depreciation allowance. 1040 ez instructions 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. 1040 ez instructions 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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LT 39 (Letter 3228) Frequently Asked Questions (FAQs)

What is the notice telling me?

This is a reminder notice required by law informing you that you owe overdue tax.

What do I have to do?

If you are already working with us to resolve the balance, no action is required. You should contact us if you have unanswered questions about the overdue taxes or wrote or called us over 30 days ago and have not received a response. If you are able to pay the amount owed, send us full payment as outlined in the letter. If you are unable to full pay or believe that the overdue tax is incorrect, call us to resolve the account.

How much time do I have?

To avoid enforcement action, contact us within 10 days of the date on the letter.

What happens if I don't pay?

Enforced collection action may be taken to collect the amount you owe, including the filing of a Notice of Federal Tax Lien, or garnishment of your wages or other income sources, and/or bank accounts. A lien is a public notice to your creditors that the government has a right to your interests in your current assets and assets you acquire after we file the lien; it can affect your ability to obtain credit.

Who should I contact?

Contact us at the phone number shown on the letter.

What if I don't agree or have already taken corrective action?

If you do not agree with this notice, call us immediately at the number printed at the top of the notice. We will do our best to help you. If you called us about this matter before, but we did not correct the problem, you may want to contact the Office of the Taxpayer Advocate.

If you have already paid or arranged for an installment agreement, you should still call us at the number printed at the top of the notice to make sure your account reflects this.

Page Last Reviewed or Updated: 03-Feb-2014

The 1040 Ez Instructions

1040 ez instructions Index A Accelerated death benefits, Accelerated Death Benefits, Accelerated death benefits. 1040 ez instructions Archer MSA, HSA, Archer MSA, or Medicare Advantage MSA, HSA, Archer MSA, or a Medicare Advantage MSA. 1040 ez instructions Assistance (see Tax help) Astronauts Tax forgiveness, Astronauts B Basis Inherited property, Basis of Inherited Property Joint interest property, Joint interest. 1040 ez instructions Qualified joint interest, Qualified joint interest. 1040 ez instructions Beneficiary Basis of property, Basis of Inherited Property Character of distributions, Character of Distributions Excess deductions, Excess deductions. 1040 ez instructions Income received, Other Items of Income Liability, estate's income tax, Liability of the beneficiary. 1040 ez instructions Nonresident alien, Nonresident alien beneficiary. 1040 ez instructions Reporting distributions, How and When To Report Successor, Successor beneficiary. 1040 ez instructions Treatment of distributions, Distributions to Beneficiaries Unused loss carryovers, Unused loss carryovers. 1040 ez instructions Bequest Defined, Bequest Property received, Gifts, Insurance, and Inheritances C Claim, credit or refund, Claim for Credit or Refund Combat zone, Combat Zone Comments, Comments and suggestions. 1040 ez instructions Coverdell education savings account (ESA), Coverdell Education Savings Account (ESA), Coverdell education savings account (ESA). 1040 ez instructions Credit Child tax, Child tax credit. 1040 ez instructions Earned income, Earned income credit. 1040 ez instructions Elderly or disabled, Credit for the elderly or the disabled. 1040 ez instructions Final return for decedent, Credits General business, General business tax credit. 1040 ez instructions D Death benefits Accelerated, Accelerated Death Benefits, Accelerated death benefits. 1040 ez instructions Public safety officers, Death benefits. 1040 ez instructions Decedent Final return, Final Income Tax Return for Decedent—Form 1040 Income in respect of, Income in Respect of a Decedent Deductions Estate tax, Estate Tax Deduction In respect of decedent, Deductions in Respect of a Decedent Medical expenses, Medical Expenses Standard, Standard Deduction Distributable net income, Distributable net income. 1040 ez instructions Distributions Deduction, Income Distribution Deduction Limit on deduction, Tax-exempt income not deductible. 1040 ez instructions Not treated as bequests, Distributions not treated as bequests. 1040 ez instructions Property, in kind, Property distributed in kind. 1040 ez instructions E Education savings account, Coverdell, Coverdell Education Savings Account (ESA), Coverdell education savings account (ESA). 1040 ez instructions Estate Income tax return, Income Tax Return of an Estate— Form 1041 Insolvent, Insolvent estate. 1040 ez instructions Period of administration, Period of Administration Tax deduction, Estate Tax Deduction Termination, Termination of Estate Transfer of unused deductions, Transfer of Unused Deductions to Beneficiaries Estate tax deduction, Estate Tax Deduction Estimated tax, Estimated tax. 1040 ez instructions , Transfer of Credit for Estimated Tax Payments Example Comprehensive, Comprehensive Example Decedent's final return, Final Return for Decedent—Form 1040 Estate's tax return, Income Tax Return of an Estate—Form 1041 Exemption Estate's tax return, Exemption Deduction Final return for decedent, Exemptions Expenses Accrued, Accrued expenses. 1040 ez instructions Administration, Administration Expenses Deductions in respect of decedent, Deductions in Respect of a Decedent Funeral, Funeral and Medical Expenses Medical, Medical Expenses, Medical and dental expenses of a decedent. 1040 ez instructions Extension to file Form 1041, Extension of time to file. 1040 ez instructions F Fiduciary relationship, Notice of fiduciary relationship. 1040 ez instructions Filing requirements Decedent's final return, Filing Requirements Estate's tax return, Filing Requirements Final return for decedent Credits, Credits Exemption and deductions, Exemptions and Deductions Filing requirements, Filing Requirements Income to include, Income To Include Joint return, Joint Return Name, address, and signature, Name, Address, and Signature Other taxes, Other Taxes Payments, Payments of Tax When and where to file, When and Where To File Who must file, Final Income Tax Return for Decedent—Form 1040 Form 1040NR, Nonresident Alien, Filing Requirements 1041, Income Tax Return of an Estate— Form 1041 1042, Nonresident alien beneficiary. 1040 ez instructions 1310, Form 1310, Statement of Person Claiming Refund Due a Deceased Taxpayer. 1040 ez instructions 4810, Form 4810. 1040 ez instructions 56, Notice of fiduciary relationship. 1040 ez instructions 6251, Form 6251. 1040 ez instructions 706, Estate and Gift Taxes SS–4, Identification number. 1040 ez instructions Free tax services, Free help with your tax return. 1040 ez instructions Funeral expenses, Funeral expenses. 1040 ez instructions G Gift, property, Gifts, Insurance, and Inheritances H Help (see Tax help) I Identification number, application, Identification number. 1040 ez instructions Income Community, Community Income Distributable net income, Distributable net income. 1040 ez instructions Distributed currently, Income That Must Be Distributed Currently Interest and dividend, Interest and Dividend Income (Forms 1099) Partnership, final return, Partnership Income S corporation, S Corporation Income Self-employment, Self-Employment Income Income in respect of decedent, Income in Respect of a Decedent, Inherited IRAs. 1040 ez instructions Income tax return of an estate Credits, tax, and payments, Credits, Tax, and Payments Exemption and deductions, Exemption and Deductions Filing requirements, Filing Requirements Income to include, Income To Include Name, address, and signature, Name, Address, and Signature When and where to file, When and Where To File Inherited IRAs, Inherited IRAs. 1040 ez instructions Inherited property, Gifts, Insurance, and Inheritances Installment obligations, Installment obligations. 1040 ez instructions , Installment obligations. 1040 ez instructions Insurance, Insurance J Joint return Revoked by personal representative, Personal representative may revoke joint return election. 1040 ez instructions Who can file, Joint Return L Losses Deduction on final return, Deduction for Losses Estate's tax return, Losses M Military or terrorist actions Claim for credit or refund, Claim for Credit or Refund Defined, Military or terrorist action defined. 1040 ez instructions Tax forgiveness, Tax Forgiveness for Armed Forces Members, Victims of Terrorism, and Astronauts N Notice of fiduciary relationship Form 56, Notice of fiduciary relationship. 1040 ez instructions P Partnership income, Partnership Income, Partnership income. 1040 ez instructions Penalty Information returns, Penalty. 1040 ez instructions Substantial valuation misstatement, Valuation misstatements. 1040 ez instructions Personal representative Defined, Personal Representative Duties, Duties Fees received, Fees Received by Personal Representatives Penalty, Penalty. 1040 ez instructions , Penalty. 1040 ez instructions Prompt assessment, request, Request for prompt assessment (charge) of tax. 1040 ez instructions Public safety officers, death benefits, Death benefits. 1040 ez instructions Publications (see Tax help) R Refund File for decedent, Refund Military or terrorist action deaths, Claim for Credit or Refund Release from liability, Request for discharge from personal liability for tax. 1040 ez instructions Return Decedent's final, Final Income Tax Return for Decedent—Form 1040 Estate's income tax, Income Tax Return of an Estate— Form 1041 Information, Information Returns Roth IRA, Roth IRAs. 1040 ez instructions S Separate shares rule, Separate shares rule. 1040 ez instructions Suggestions, Comments and suggestions. 1040 ez instructions Survivors Income, Other Items of Income Tax benefits, Tax Benefits for Survivors T Tax Alternative minimum Estate, Alternative minimum tax (AMT). 1040 ez instructions Individuals, Alternative minimum tax (AMT). 1040 ez instructions Benefits, survivors, Tax Benefits for Survivors Estimated, estate, Estimated tax. 1040 ez instructions , Transfer of Credit for Estimated Tax Payments Payments, final return, Payments of Tax Refund of income (claim), Form 1310, Statement of Person Claiming Refund Due a Deceased Taxpayer. 1040 ez instructions Self-employment, Self-employment tax. 1040 ez instructions Transfer of credit, Transfer of Credit for Estimated Tax Payments Tax help, How To Get Tax Help Terrorist action, tax relief, Tax Forgiveness for Armed Forces Members, Victims of Terrorism, and Astronauts Terrorist victim, Specified Terrorist Victim TTY/TDD information, How To Get Tax Help V Valuation method Inherited property, Basis of Inherited Property Special-use, Special-use valuation. 1040 ez instructions Victims of terrorist attacks, Specified Terrorist Victim W Widows and widowers, tax benefits, Qualifying widows and widowers. 1040 ez instructions Prev  Up     Home   More Online Publications