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1040ez For 2010 Tax Year

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1040ez For 2010 Tax Year

1040ez for 2010 tax year Internal Revenue Bulletin:  2011-12  March 21, 2011  Rev. 1040ez for 2010 tax year Proc. 1040ez for 2010 tax year 2011-21 Table of Contents SECTION 1. 1040ez for 2010 tax year PURPOSE SECTION 2. 1040ez for 2010 tax year BACKGROUND SECTION 3. 1040ez for 2010 tax year SCOPE SECTION 4. 1040ez for 2010 tax year APPLICATION SECTION 5. 1040ez for 2010 tax year EFFECTIVE DATE SECTION 6. 1040ez for 2010 tax year EFFECT ON OTHER DOCUMENTS SECTION 7. 1040ez for 2010 tax year DRAFTING INFORMATION SECTION 1. 1040ez for 2010 tax year PURPOSE This revenue procedure provides: (1) limitations on depreciation deductions for owners of passenger automobiles first placed in service by the taxpayer during calendar year 2011, including separate tables of limitations on depreciation deductions for trucks and vans; (2) the amounts that must be included in income by lessees of passenger automobiles first leased by the taxpayer during calendar year 2011, including a separate table of inclusion amounts for lessees of trucks and vans; and (3) revised tables of depreciation limitations and lessee inclusion amounts for passenger automobiles that were first placed in service or first leased by the taxpayer, respectively, during 2010 and to which the 50 percent additional first year depreciation deduction under § 168(k)(1)(A) of the Internal Revenue Code or the 100 percent additional first year depreciation deduction under § 168(k)(5) applies. 1040ez for 2010 tax year The tables detailing these depreciation limitations and lessee inclusion amounts reflect the automobile price inflation adjustments required by § 280F(d)(7). 1040ez for 2010 tax year SECTION 2. 1040ez for 2010 tax year BACKGROUND . 1040ez for 2010 tax year 01 For owners of passenger automobiles, § 280F(a) imposes dollar limitations on the depreciation deduction for the year the taxpayer places the passenger automobile in service and for each succeeding year. 1040ez for 2010 tax year For passenger automobiles placed in service after 1988, § 280F(d)(7) requires the Internal Revenue Service to increase the amounts allowable as depreciation deductions by a price inflation adjustment amount. 1040ez for 2010 tax year The method of calculating this price inflation amount for trucks and vans placed in service in or after calendar year 2003 uses a different CPI “automobile component” (the “new trucks” component) than that used in the price inflation amount calculation for other passenger automobiles (the “new cars” component), resulting in somewhat higher depreciation deductions for trucks and vans. 1040ez for 2010 tax year This change reflects the higher rate of price inflation for trucks and vans since 1988. 1040ez for 2010 tax year . 1040ez for 2010 tax year 02 Section 2022(a) of the Small Business Jobs Act of 2010, Pub. 1040ez for 2010 tax year L. 1040ez for 2010 tax year No. 1040ez for 2010 tax year 111-240, 124 Stat. 1040ez for 2010 tax year 2504 (September 27, 2010), extended the 50 percent additional first year depreciation deduction under § 168(k) to qualified property (as defined in § 168(k)(2)) acquired by the taxpayer after December 31, 2007, and before January 1, 2011, if no written binding contract for the acquisition of the property existed before January 1, 2008, and if the taxpayer places the property in service generally before January 1, 2011. 1040ez for 2010 tax year Section 401(a) of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, Pub. 1040ez for 2010 tax year L. 1040ez for 2010 tax year No. 1040ez for 2010 tax year 111-312, 124 Stat. 1040ez for 2010 tax year 3296 (Dec. 1040ez for 2010 tax year 17, 2010) (the “Act”) further extended the 50 percent additional first year depreciation deduction under § 168(k) to qualified property acquired by the taxpayer after December 31, 2007, and before January 1, 2013, if no written binding contract for the acquisition of the property existed before January 1, 2008, and if the taxpayer places the property in service generally before January 1, 2013. 1040ez for 2010 tax year Section 401(b) of the Act further amended § 168(k) by adding § 168(k)(5). 1040ez for 2010 tax year It allows a 100 percent additional first year depreciation deduction for qualified property acquired by a taxpayer after September 8, 2010, and before January 1, 2012, if the taxpayer places the property in service generally before January 1, 2012. 1040ez for 2010 tax year Section 168(k)(2)(F)(i) increases the first year depreciation allowed under § 280F(a)(1)(A)(i) by $8,000 for passenger automobiles to which the additional first year depreciation deduction under § 168(k) (hereinafter, referred to as “§ 168(k) additional first year depreciation deduction”) applies. 1040ez for 2010 tax year . 1040ez for 2010 tax year 03 Section 168(k)(2)(D)(i) provides that the § 168(k) additional first year depreciation deduction does not apply to any property required to be depreciated under the alternative depreciation system of § 168(g), including property described in § 280F(b)(1). 1040ez for 2010 tax year Section 168(k)(2)(D)(iii) permits a taxpayer to elect out of the § 168(k) additional first year depreciation deduction for any class of property. 1040ez for 2010 tax year Section 168(k)(4), as amended by the Act, permits a corporation to elect to increase the alternative minimum tax (“AMT”) credit limitation under § 53(c), instead of claiming the § 168(k) additional first year depreciation deduction for all eligible qualified property placed in service after December 31, 2010, that is round 2 extension property (as defined in § 168(k)(4)(I)(iv). 1040ez for 2010 tax year Accordingly, this revenue procedure provides tables for passenger automobiles for which the § 168(k) additional first year depreciation deduction applies. 1040ez for 2010 tax year This revenue procedure also provides tables for passenger automobiles for which the § 168(k) additional first year depreciation deduction does not apply, either because taxpayer (1) purchased the passenger automobile used; (2) did not use the passenger automobile during 2011 more than 50 percent for business purposes; (3) elected out of the § 168(k) additional first year depreciation deduction pursuant to § 168(k)(2)(D)(iii); or (4) elected to increase the § 53 AMT credit limitation in lieu of claiming § 168(k) additional first year depreciation. 1040ez for 2010 tax year . 1040ez for 2010 tax year 04 Section 280F(c) requires a reduction in the deduction allowed to the lessee of a leased passenger automobile. 1040ez for 2010 tax year The reduction must be substantially equivalent to the limitations on the depreciation deductions imposed on owners of passenger automobiles. 1040ez for 2010 tax year Under § 1. 1040ez for 2010 tax year 280F-7(a) of the Income Tax Regulations, this reduction requires a lessee to include in gross income an amount determined by applying a formula to the amount obtained from a table. 1040ez for 2010 tax year One table applies to lessees of trucks and vans and another table applies to all other passenger automobiles. 1040ez for 2010 tax year Each table shows inclusion amounts for a range of fair market values for each taxable year after the passenger automobile is first leased. 1040ez for 2010 tax year SECTION 3. 1040ez for 2010 tax year SCOPE . 1040ez for 2010 tax year 01 The limitations on depreciation deductions in section 4. 1040ez for 2010 tax year 01(2) of this revenue procedure apply to passenger automobiles (other than leased passenger automobiles) that are placed in service by the taxpayer in calendar year 2011, and continue to apply for each taxable year that the passenger automobile remains in service. 1040ez for 2010 tax year . 1040ez for 2010 tax year 02 The tables in section 4. 1040ez for 2010 tax year 02 of this revenue procedure apply to leased passenger automobiles for which the lease term begins during calendar year 2011. 1040ez for 2010 tax year Lessees of these passenger automobiles must use these tables to determine the inclusion amount for each taxable year during which the passenger automobile is leased. 1040ez for 2010 tax year See Rev. 1040ez for 2010 tax year Proc. 1040ez for 2010 tax year 2006-18, 2006-1 C. 1040ez for 2010 tax year B. 1040ez for 2010 tax year 645, for passenger automobiles first leased during calendar year 2006; Rev. 1040ez for 2010 tax year Proc. 1040ez for 2010 tax year 2007-30, 2007-1 C. 1040ez for 2010 tax year B. 1040ez for 2010 tax year 1104, for passenger automobiles first leased during calendar year 2007; Rev. 1040ez for 2010 tax year Proc. 1040ez for 2010 tax year 2008-22, 2008-1 C. 1040ez for 2010 tax year B. 1040ez for 2010 tax year 658, for passenger automobiles first leased during calendar year 2008; Rev. 1040ez for 2010 tax year Proc. 1040ez for 2010 tax year 2009-24, 2009-1 C. 1040ez for 2010 tax year B. 1040ez for 2010 tax year 885, for passenger automobiles first leased during calendar year 2009; and Rev. 1040ez for 2010 tax year Proc. 1040ez for 2010 tax year 2010-18, 2010-1 C. 1040ez for 2010 tax year B. 1040ez for 2010 tax year 427, as amplified and modified by section 4. 1040ez for 2010 tax year 03 of this revenue procedure, for passenger automobiles first leased during calendar year 2010. 1040ez for 2010 tax year SECTION 4. 1040ez for 2010 tax year APPLICATION . 1040ez for 2010 tax year 01 Limitations on Depreciation Deductions for Certain Automobiles. 1040ez for 2010 tax year (1) Amount of the inflation adjustment. 1040ez for 2010 tax year (a) Passenger automobiles (other than trucks or vans). 1040ez for 2010 tax year Under § 280F(d)(7)(B)(i), the automobile price inflation adjustment for any calendar year is the percentage (if any) by which the CPI automobile component for October of the preceding calendar year exceeds the CPI automobile component for October 1987. 1040ez for 2010 tax year Section 280F(d)(7)(B)(ii) defines the term “CPI automobile component” as the automobile component of the Consumer Price Index for all Urban Consumers published by the Department of Labor. 1040ez for 2010 tax year The new car component of the CPI was 115. 1040ez for 2010 tax year 2 for October 1987 and 137. 1040ez for 2010 tax year 880 for October 2010. 1040ez for 2010 tax year The October 2010 index exceeded the October 1987 index by 22. 1040ez for 2010 tax year 680. 1040ez for 2010 tax year Therefore, the automobile price inflation adjustment for 2011 for passenger automobiles (other than trucks and vans) is 19. 1040ez for 2010 tax year 69 percent (22. 1040ez for 2010 tax year 680/115. 1040ez for 2010 tax year 2 x 100%). 1040ez for 2010 tax year The dollar limitations in § 280F(a) are multiplied by a factor of 0. 1040ez for 2010 tax year 1969, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations applicable to passenger automobiles (other than trucks and vans) for calendar year 2011. 1040ez for 2010 tax year This adjustment applies to all passenger automobiles (other than trucks and vans) that are first placed in service in calendar year 2011. 1040ez for 2010 tax year (b) Trucks and vans. 1040ez for 2010 tax year To determine the dollar limitations for trucks and vans first placed in service during calendar year 2011, the Service uses the new truck component of the CPI instead of the new car component. 1040ez for 2010 tax year The new truck component of the CPI was 112. 1040ez for 2010 tax year 4 for October 1987 and 142. 1040ez for 2010 tax year 556 for October 2010. 1040ez for 2010 tax year The October 2010 index exceeded the October 1987 index by 30. 1040ez for 2010 tax year 156. 1040ez for 2010 tax year Therefore, the automobile price inflation adjustment for 2011 for trucks and vans is 26. 1040ez for 2010 tax year 83 percent (30. 1040ez for 2010 tax year 156/112. 1040ez for 2010 tax year 4 x 100%). 1040ez for 2010 tax year The dollar limitations in § 280F(a) are multiplied by a factor of 0. 1040ez for 2010 tax year 2683, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations for trucks and vans. 1040ez for 2010 tax year This adjustment applies to all trucks and vans that are first placed in service in calendar year 2011. 1040ez for 2010 tax year (2) Amount of the limitation. 1040ez for 2010 tax year Tables 1 through 4 contain the dollar amount of the depreciation limitation for each taxable year for passenger automobiles a taxpayer places in service in calendar year 2011. 1040ez for 2010 tax year Use Table 1 for a passenger automobile (other than a truck or van), and Table 2 for a truck or van, placed in service in calendar year 2011 for which the § 168(k) additional first year depreciation deduction applies. 1040ez for 2010 tax year Use Table 3 for a passenger automobile (other than a truck or van), and Table 4 for a truck or van, placed in service in calendar year 2011 for which the § 168(k) additional first year depreciation deduction does not apply. 1040ez for 2010 tax year The Service intends to issue additional guidance addressing the interaction between the 100 percent additional first year depreciation deduction and § 280F(a) for the taxable years subsequent to the first taxable year. 1040ez for 2010 tax year REV. 1040ez for 2010 tax year PROC. 1040ez for 2010 tax year 2011-21 TABLE 1 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE IN CALENDAR YEAR 2011 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $11,060 2nd Tax Year $4,900 3rd Tax Year $2,950 Each Succeeding Year $1,775 REV. 1040ez for 2010 tax year PROC. 1040ez for 2010 tax year 2011-21 TABLE 2 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE IN CALENDAR YEAR 2011 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $11,260 2nd Tax Year $5,200 3rd Tax Year $3,150 Each Succeeding Year $1,875 REV. 1040ez for 2010 tax year PROC. 1040ez for 2010 tax year 2011-21 TABLE 3 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE IN CALENDAR YEAR 2011 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION DOES NOT APPLY Tax Year Amount 1st Tax Year $3,060 2nd Tax Year $4,900 3rd Tax Year $2,950 Each Succeeding Year $1,775 REV. 1040ez for 2010 tax year PROC. 1040ez for 2010 tax year 2011-21 TABLE 4 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE IN CALENDAR YEAR 2011 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION DOES NOT APPLY Tax Year Amount 1st Tax Year $3,260 2nd Tax Year $5,200 3rd Tax Year $3,150 Each Succeeding Year $1,875 . 1040ez for 2010 tax year 02 Inclusions in Income of Lessees of Passenger Automobiles. 1040ez for 2010 tax year A taxpayer must follow the procedures in § 1. 1040ez for 2010 tax year 280F-7(a) for determining the inclusion amounts for passenger automobiles first leased in calendar year 2011. 1040ez for 2010 tax year In applying these procedures, lessees of passenger automobiles other than trucks and vans should use Table 5 of this revenue procedure, while lessees of trucks and vans should use Table 6 of this revenue procedure. 1040ez for 2010 tax year REV. 1040ez for 2010 tax year PROC. 1040ez for 2010 tax year 2011-21 TABLE 5 DOLLAR AMOUNTS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2011 Fair Market Value of Passenger Automobile Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th & later $18,500 $19,000 3 8 11 13 16 19,000 19,500 4 9 13 15 18 19,500 20,000 4 10 15 17 20 20,000 20,500 5 11 16 19 23 20,500 21,000 5 12 18 21 25 21,000 21,500 6 13 19 24 26 21,500 22,000 6 14 21 26 29 22,000 23,000 7 16 23 29 32 23,000 24,000 8 18 27 32 37 24,000 25,000 9 20 30 36 42 25,000 26,000 10 23 33 40 46 26,000 27,000 11 25 36 44 51 27,000 28,000 12 27 40 48 55 28,000 29,000 13 29 43 52 60 29,000 30,000 14 31 47 55 65 30,000 31,000 15 34 49 60 69 31,000 32,000 16 36 53 63 73 32,000 33,000 17 38 56 68 77 33,000 34,000 18 40 60 71 82 34,000 35,000 19 42 63 75 87 35,000 36,000 20 45 66 79 91 36,000 37,000 21 47 69 83 96 37,000 38,000 22 49 73 87 100 38,000 39,000 23 51 76 91 105 39,000 40,000 24 53 80 94 110 40,000 41,000 25 56 82 99 114 41,000 42,000 26 58 86 102 119 42,000 43,000 27 60 89 107 123 43,000 44,000 28 62 93 110 128 44,000 45,000 29 64 96 114 133 45,000 46,000 30 67 98 119 137 46,000 47,000 31 69 102 122 141 47,000 48,000 32 71 105 127 145 48,000 49,000 33 73 109 130 150 49,000 50,000 34 76 111 134 155 50,000 51,000 35 78 115 138 159 51,000 52,000 36 80 118 142 164 52,000 53,000 37 82 122 146 168 53,000 54,000 38 84 125 150 173 54,000 55,000 39 87 128 153 178 55,000 56,000 40 89 131 158 182 56,000 57,000 41 91 135 161 187 57,000 58,000 42 93 138 166 191 58,000 59,000 43 95 142 169 196 59,000 60,000 44 98 144 174 200 60,000 62,000 46 101 149 179 207 62,000 64,000 48 105 156 187 216 64,000 66,000 50 109 163 195 225 66,000 68,000 52 114 169 203 234 68,000 70,000 54 118 176 211 243 70,000 72,000 56 123 182 218 253 72,000 74,000 58 127 189 226 262 74,000 76,000 60 132 195 234 270 76,000 78,000 62 136 202 242 279 78,000 80,000 64 140 209 250 288 80,000 85,000 67 148 220 264 304 85,000 90,000 72 159 237 283 327 90,000 95,000 77 170 253 303 350 95,000 100,000 82 181 269 323 372 100,000 110,000 90 198 293 352 406 110,000 120,000 100 220 326 391 452 120,000 130,000 110 242 359 430 497 130,000 140,000 120 264 392 469 543 140,000 150,000 130 286 424 509 588 150,000 160,000 140 308 457 548 633 160,000 170,000 150 330 490 587 679 170,000 180,000 160 352 523 626 724 180,000 190,000 170 374 555 666 769 190,000 200,000 180 396 588 705 815 200,000 210,000 190 418 621 744 860 210,000 220,000 200 440 654 784 904 220,000 230,000 210 462 687 823 950 230,000 240,000 220 484 719 863 995 240,000 And up 230 506 752 902 1,040 REV. 1040ez for 2010 tax year PROC. 1040ez for 2010 tax year 2011-21 TABLE 6 DOLLAR AMOUNTS FOR TRUCKS AND VANS WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2011 Fair Market Value of Truck or Van Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th & later $19,000 $19,500 3 7 9 12 13 19,500 20,000 3 8 11 14 15 20,000 20,500 4 9 13 15 18 20,500 21,000 4 10 15 17 20 21,000 21,500 5 11 16 20 22 21,500 22,000 5 12 18 22 24 22,000 23,000 6 14 20 24 29 23,000 24,000 7 16 24 28 32 24,000 25,000 8 18 27 32 37 25,000 26,000 9 20 31 36 41 26,000 27,000 10 23 33 40 46 27,000 28,000 11 25 37 43 51 28,000 29,000 12 27 40 48 55 29,000 30,000 13 29 43 52 60 30,000 31,000 14 31 47 56 64 31,000 32,000 15 34 49 60 69 32,000 33,000 16 36 53 63 74 33,000 34,000 17 38 56 68 78 34,000 35,000 18 40 60 71 83 35,000 36,000 19 43 62 76 87 36,000 37,000 20 45 66 79 92 37,000 38,000 21 47 69 83 97 38,000 39,000 22 49 73 87 101 39,000 40,000 23 51 76 91 105 40,000 41,000 24 54 79 95 109 41,000 42,000 25 56 82 99 114 42,000 43,000 26 58 86 103 118 43,000 44,000 27 60 89 107 123 44,000 45,000 28 62 93 110 128 45,000 46,000 29 65 95 115 132 46,000 47,000 30 67 99 118 137 47,000 48,000 31 69 102 123 141 48,000 49,000 32 71 106 126 146 49,000 50,000 33 73 109 130 151 50,000 51,000 34 76 112 134 155 51,000 52,000 35 78 115 138 160 52,000 53,000 36 80 118 143 164 53,000 54,000 37 82 122 146 169 54,000 55,000 38 84 125 150 173 55,000 56,000 39 87 128 154 177 56,000 57,000 40 89 131 158 182 57,000 58,000 41 91 135 162 186 58,000 59,000 42 93 138 166 191 59,000 60,000 43 95 142 169 196 60,000 62,000 45 99 146 175 203 62,000 64,000 47 103 153 183 212 64,000 66,000 49 107 160 191 221 66,000 68,000 51 112 166 199 229 68,000 70,000 53 116 173 206 239 70,000 72,000 55 121 179 214 248 72,000 74,000 57 125 186 222 257 74,000 76,000 59 129 192 231 266 76,000 78,000 61 134 198 239 275 78,000 80,000 63 138 205 246 285 80,000 85,000 66 146 217 260 300 85,000 90,000 71 157 233 280 322 90,000 95,000 76 168 250 299 345 95,000 100,000 81 179 266 319 368 100,000 110,000 89 196 290 348 402 110,000 120,000 99 218 323 387 447 120,000 130,000 109 240 355 427 493 130,000 140,000 119 262 388 466 538 140,000 150,000 129 284 421 505 583 150,000 160,000 139 306 454 544 629 160,000 170,000 149 328 487 583 674 170,000 180,000 159 350 519 623 719 180,000 190,000 169 372 552 662 765 190,000 200,000 179 394 585 701 810 200,000 210,000 189 416 618 740 856 210,000 220,000 199 438 651 779 901 220,000 230,000 209 460 683 819 946 230,000 240,000 219 482 716 858 992 240,000 And up 229 504 749 897 1,037 . 1040ez for 2010 tax year 03 Revised Amounts for Passenger Automobiles Placed in Service During 2010. 1040ez for 2010 tax year (1) Calculation of the Revised Amount. 1040ez for 2010 tax year The revised depreciation limits provided in this section 4. 1040ez for 2010 tax year 03 were calculated by increasing the existing limitations on the first year allowance in Rev. 1040ez for 2010 tax year Proc. 1040ez for 2010 tax year 2010-18 by $8,000 as provided in § 168(k)(2)(F)(i). 1040ez for 2010 tax year (2) Amount of the Revised Limitation. 1040ez for 2010 tax year For passenger automobiles (that are not trucks or vans) placed in service by the taxpayer in calendar year 2010 for which the § 168(k) additional first year depreciation deduction applies, Table 7 of this revenue procedure contains the revised dollar amount of the depreciation limitations for each taxable year. 1040ez for 2010 tax year For trucks or vans placed in service by the taxpayer in calendar year 2010 for which the § 168(k) additional first year depreciation deduction applies, Table 8 of this revenue procedure contains the revised dollar amount of the depreciation limitations for each taxable year. 1040ez for 2010 tax year If the § 168(k) additional first year depreciation deduction does not apply to a passenger automobile placed in service by the taxpayer in calendar year 2010, the depreciation limitations for each taxable year in Tables 1 and 2 of Rev. 1040ez for 2010 tax year Proc. 1040ez for 2010 tax year 2010-18 apply. 1040ez for 2010 tax year REV. 1040ez for 2010 tax year PROC. 1040ez for 2010 tax year 2011-21 TABLE 7 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE IN CALENDAR YEAR 2010 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $11,060 2nd Tax Year $4,900 3rd Tax Year $2,950 Each Succeeding Year $1,775 REV. 1040ez for 2010 tax year PROC. 1040ez for 2010 tax year 2011-21 TABLE 8 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE IN CALENDAR YEAR 2010 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $11,160 2nd Tax Year $5,100 3rd Tax Year $3,050 Each Succeeding Year $1,875 (3) Modification to lease inclusion amounts for 2010. 1040ez for 2010 tax year The lease inclusion amounts in Tables 3 and 4 of Rev. 1040ez for 2010 tax year Proc. 1040ez for 2010 tax year 2010-18 are modified by striking the first four lines of the inclusion amounts in each table. 1040ez for 2010 tax year Consequently, Table 3 of Rev. 1040ez for 2010 tax year Proc. 1040ez for 2010 tax year 2010-18 applies to passenger automobiles (other than trucks and vans) that are first leased by the taxpayer in calendar year 2010 with a fair market value over $18,500, and Table 4 of Rev. 1040ez for 2010 tax year Proc. 1040ez for 2010 tax year 2010-18 applies to trucks and vans that are first leased by the taxpayer in calendar year 2010 with a fair market value over $19,000. 1040ez for 2010 tax year SECTION 5. 1040ez for 2010 tax year EFFECTIVE DATE This revenue procedure, with the exception of section 4. 1040ez for 2010 tax year 03, applies to passenger automobiles that a taxpayer first places in service or first leases during calendar year 2011. 1040ez for 2010 tax year Section 4. 1040ez for 2010 tax year 03 of this revenue procedure applies to passenger automobiles that a taxpayer first places in service or first leases during calendar year 2010. 1040ez for 2010 tax year SECTION 6. 1040ez for 2010 tax year EFFECT ON OTHER DOCUMENTS Rev. 1040ez for 2010 tax year Proc. 1040ez for 2010 tax year 2010-18 is amplified and modified. 1040ez for 2010 tax year SECTION 7. 1040ez for 2010 tax year DRAFTING INFORMATION The principal author of this revenue procedure is Bernard P. 1040ez for 2010 tax year Harvey of the Office of Associate Chief Counsel (Income Tax & Accounting). 1040ez for 2010 tax year For further information regarding this revenue procedure, contact Mr. 1040ez for 2010 tax year Harvey at (202) 622-4930 (not a toll-free call). 1040ez for 2010 tax year Prev  Up  Next   Home   More Internal Revenue Bulletins
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The 1040ez For 2010 Tax Year

1040ez for 2010 tax year 1. 1040ez for 2010 tax year   Filing Information Table of Contents Topics - This chapter discusses: Useful Items - You may want to see: Filing RequirementsWhen To File and Pay Foreign Currency Does My Return Have To Be On Paper? Where To File Nonresident Alien Spouse Treated as a ResidentSocial Security Number (SSN) How To Make the Choice Suspending the Choice Ending the Choice Estimated Tax Other Forms You May Have To File Topics - This chapter discusses: Whether you have to file a return, When to file your return and pay any tax due, How to treat foreign currency, How to file electronically, Where to file your return, When you can treat your nonresident alien spouse as a resident, and When you may have to make estimated tax payments. 1040ez for 2010 tax year Useful Items - You may want to see: Publication 3 Armed Forces' Tax Guide 501 Exemptions, Standard Deduction, and Filing Information 505 Tax Withholding and Estimated Tax 519 U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year Tax Guide for Aliens 970 Tax Benefits for Education Form (and Instructions) 1040-ES Estimated Tax for Individuals 1040X Amended U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year Individual Income Tax Return 2350 Application for Extension of Time To File U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year Income Tax Return 2555 Foreign Earned Income 2555-EZ Foreign Earned Income Exclusion 4868 Application for Automatic Extension of Time To File U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year Individual Income Tax Return 8822 Change of Address See chapter 7 for information about getting these publications and forms. 1040ez for 2010 tax year Filing Requirements If you are a U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year citizen or resident alien, the rules for filing income, estate, and gift tax returns and for paying estimated tax are generally the same whether you are in the United States or abroad. 1040ez for 2010 tax year Your income, filing status, and age generally determine whether you must file an income tax return. 1040ez for 2010 tax year Generally, you must file a return for 2013 if your gross income from worldwide sources is at least the amount shown for your filing status in the following table. 1040ez for 2010 tax year Filing Status*   Amount Single $10,000 65 or older $11,500 Head of household $12,850 65 or older $14,350 Qualifying widow(er) $16,100 65 or older $17,300 Married filing jointly $20,000 Not living with spouse at end of year $3,900 One spouse 65 or older $21,200 Both spouses 65 or older $22,400 Married filing separately $3,900 *If you are the dependent of another taxpayer, see the instructions for Form 1040 for more information on whether you must file a return. 1040ez for 2010 tax year Gross income. 1040ez for 2010 tax year   This includes all income you receive in the form of money, goods, property, and services that is not exempt from tax. 1040ez for 2010 tax year   For purposes of determining whether you must file a return, gross income includes any income that you can exclude as foreign earned income or as a foreign housing amount. 1040ez for 2010 tax year If you are self-employed, your gross income includes the amount on Part I, line 7 of Schedule C (Form 1040), Profit or Loss From Business, or line 1 of Schedule C-EZ (Form 1040), Net Profit From Business. 1040ez for 2010 tax year Self-employed individuals. 1040ez for 2010 tax year   If your net earnings from self-employment are $400 or more, you must file a return even if your gross income is below the amount listed for your filing status in the table shown earlier. 1040ez for 2010 tax year Net earnings from self-employment are defined in Publication 334, Tax Guide for Small Business. 1040ez for 2010 tax year 65 or older. 1040ez for 2010 tax year   You are considered to be age 65 on the day before your 65th birthday. 1040ez for 2010 tax year For example, if your 65th birthday is on January 1, 2014, you are considered 65 for 2013. 1040ez for 2010 tax year Residents of U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year possessions. 1040ez for 2010 tax year   If you are (or were) a bona fide resident of a U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year possession, you may be required to file Form 8898, Statement for Individuals Who Begin or End Bona Fide Residence in a U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year Possession. 1040ez for 2010 tax year See the instructions for the form for more information. 1040ez for 2010 tax year When To File and Pay If you file on a calendar year basis, the due date for filing your return is April 15 of the following year. 1040ez for 2010 tax year If you file on a fiscal year basis (a year ending on the last day of any month except December), the due date is 3 months and 15 days after the close of your fiscal year. 1040ez for 2010 tax year In general, the tax shown on your return should be paid by the due date of the return, without regard to any extension of time for filing the return. 1040ez for 2010 tax year When the due date for doing any act for tax purposes—filing a return, paying taxes, etc. 1040ez for 2010 tax year — falls on a Saturday, Sunday, or legal holiday, the due date is delayed until the next business day. 1040ez for 2010 tax year A tax return delivered by the U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year mail or a designated delivery service that is postmarked or dated by the delivery service on or before the due date is considered to have been filed on or before that date. 1040ez for 2010 tax year See your Form 1040 or Form 1040A instructions for a list of designated delivery services. 1040ez for 2010 tax year Foreign wire transfers. 1040ez for 2010 tax year   If you have a U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year bank account, you can use: EFTPS (Electronic Federal Tax Payment System), or Federal Tax Application (same-day wire transfer). 1040ez for 2010 tax year If you do not have a U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year bank account, ask if your financial institution has a U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year affiliate that can help you make same-day wire transfers. 1040ez for 2010 tax year   For more information, visit www. 1040ez for 2010 tax year eftps. 1040ez for 2010 tax year gov. 1040ez for 2010 tax year Extensions You can get an extension of time to file your return. 1040ez for 2010 tax year In some circumstances, you also can get an extension of time to file and pay any tax due. 1040ez for 2010 tax year However, if you pay the tax due after the regular due date, interest will be charged from the regular due date until the date the tax is paid. 1040ez for 2010 tax year This publication discusses four extensions: an automatic 2-month extension, an automatic 6-month extension, an additional extension for taxpayers out of the country, and an extension of time to meet tests. 1040ez for 2010 tax year If you served in a combat zone or qualified hazardous duty area, see Publication 3 for a discussion of extensions of deadlines. 1040ez for 2010 tax year Automatic 2-month extension. 1040ez for 2010 tax year   You are allowed an automatic 2-month extension to file your return and pay federal income tax if you are a U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year citizen or resident alien, and on the regular due date of your return: You are living outside the United States and Puerto Rico and your main place of business or post of duty is outside the United States and Puerto Rico, or You are in military or naval service on duty outside the United States and Puerto Rico. 1040ez for 2010 tax year   If you use a calendar year, the regular due date of your return is April 15. 1040ez for 2010 tax year Even if you are allowed an extension, you will have to pay interest on any tax not paid by the regular due date of your return. 1040ez for 2010 tax year Married taxpayers. 1040ez for 2010 tax year   If you file a joint return, either you or your spouse can qualify for the automatic extension. 1040ez for 2010 tax year If you and your spouse file separate returns, this automatic extension applies only to the spouse who qualifies for it. 1040ez for 2010 tax year How to get the extension. 1040ez for 2010 tax year   To use this automatic 2-month extension, you must attach a statement to your return explaining which of the two situations listed earlier qualified you for the extension. 1040ez for 2010 tax year Automatic 6-month extension. 1040ez for 2010 tax year   If you are not able to file your return by the due date, you generally can get an automatic 6-month extension of time to file (but not of time to pay). 1040ez for 2010 tax year To get this automatic extension, you must file a paper Form 4868 or use IRS e-file (electronic filing). 1040ez for 2010 tax year For more information about filing electronically, see E-file options , later. 1040ez for 2010 tax year   The form must show your properly estimated tax liability based on the information available to you. 1040ez for 2010 tax year    You may not be eligible. 1040ez for 2010 tax year You cannot use the automatic 6-month extension of time to file if: You want the IRS to figure your tax, or You are under a court order to file by the regular due date. 1040ez for 2010 tax year E-file options. 1040ez for 2010 tax year    You can use e-file to get an extension of time to file. 1040ez for 2010 tax year You can either file Form 4868 electronically or you can pay part or all of your estimate of tax due using a credit or debit card. 1040ez for 2010 tax year   First, complete Form 4868 to use as a worksheet. 1040ez for 2010 tax year If you think you may owe tax when you file your return, use Part II of the form to estimate your balance due. 1040ez for 2010 tax year    Then, do one of the following. 1040ez for 2010 tax year E-file Form 4868. 1040ez for 2010 tax year You can use a tax software package with your personal computer or a tax professional to file Form 4868 electronically. 1040ez for 2010 tax year You will need to provide certain information from your tax return for 2012. 1040ez for 2010 tax year If you wish to make a payment by electronic funds withdrawal, see the instructions for Form 4868. 1040ez for 2010 tax year If you e-file Form 4868, do not also send a paper Form 4868. 1040ez for 2010 tax year E-file and pay by credit or debit card. 1040ez for 2010 tax year You can get an extension by paying part or all of your estimate of tax due by using a credit or debit card. 1040ez for 2010 tax year You can do this by phone or over the Internet. 1040ez for 2010 tax year If you do this, you do not file Form 4868. 1040ez for 2010 tax year For more information, see the instructions for your tax return. 1040ez for 2010 tax year When to file. 1040ez for 2010 tax year   Generally, you must request the 6-month extension by the regular due date of your return. 1040ez for 2010 tax year Previous 2-month extension. 1040ez for 2010 tax year   If you cannot file your return within the automatic 2-month extension period, you generally can get an additional 4 months to file your return, for a total of 6 months. 1040ez for 2010 tax year The 2-month period and the 6-month period start at the same time. 1040ez for 2010 tax year You have to request the additional 4 months by the new due date allowed by the 2-month extension. 1040ez for 2010 tax year   The additional 4 months of time to file (unlike the original 2-month extension) is not an extension of time to pay. 1040ez for 2010 tax year You must make an accurate estimate of your tax based on the information available to you. 1040ez for 2010 tax year If you find you cannot pay the full amount due with Form 4868, you can still get the extension. 1040ez for 2010 tax year You will owe interest on the unpaid amount from the original due date of the return. 1040ez for 2010 tax year   You also may be charged a penalty for paying the tax late unless you have reasonable cause for not paying your tax when due. 1040ez for 2010 tax year Penalties for paying the tax late are assessed from the original due date of your return, unless you qualify for the automatic 2-month extension. 1040ez for 2010 tax year In that situation, penalties for paying late are assessed from the extended due date of the payment (June 15 for calendar year taxpayers). 1040ez for 2010 tax year Additional extension of time for taxpayers out of the country. 1040ez for 2010 tax year   In addition to the 6-month extension, taxpayers who are out of the country can request a discretionary 2-month additional extension of time to file their returns (to December 15 for calendar year taxpayers). 1040ez for 2010 tax year   To request this extension, you must send the Internal Revenue Service a letter explaining the reasons why you need the additional 2 months. 1040ez for 2010 tax year Send the letter by the extended due date (October 15 for calendar year taxpayers) to the following address: Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0045   You will not receive any notification from the Internal Revenue Service unless your request is denied. 1040ez for 2010 tax year   The discretionary 2-month additional extension is not available to taxpayers who have an approved extension of time to file on Form 2350, discussed next. 1040ez for 2010 tax year Extension of time to meet tests. 1040ez for 2010 tax year   You generally cannot get an extension of more than 6 months. 1040ez for 2010 tax year However, if you are outside the United States and meet certain requirements, you may be able to get a longer extension. 1040ez for 2010 tax year   You can get an extension of more than 6 months to file your tax return if you need the time to meet either the bona fide residence test or the physical presence test to qualify for either the foreign earned income exclusion or the foreign housing exclusion or deduction. 1040ez for 2010 tax year The tests, the exclusions, and the deduction are explained in chapter 4. 1040ez for 2010 tax year   You should request an extension if all three of the following apply. 1040ez for 2010 tax year You are a U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year citizen or resident alien. 1040ez for 2010 tax year You expect to meet either the bona fide residence test or the physical presence test, but not until after your tax return is due. 1040ez for 2010 tax year Your tax home is in a foreign country (or countries) throughout your period of bona fide residence or physical presence, whichever applies. 1040ez for 2010 tax year   If you are granted an extension, it generally will be to 30 days beyond the date on which you can reasonably expect to qualify for an exclusion or deduction under either the bona fide residence test or the physical presence test. 1040ez for 2010 tax year However, if you have moving expenses that are for services performed in 2 years, you may be granted an extension until after the end of the second year. 1040ez for 2010 tax year How to get an extension. 1040ez for 2010 tax year   To obtain an extension, file Form 2350 either by giving it to a local IRS representative or other IRS employee or by mailing it to the: Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0045   You must file Form 2350 by the due date for filing your return. 1040ez for 2010 tax year Generally, if both your tax home and your abode are outside the United States and Puerto Rico on the regular due date of your return and you file on a calendar year basis, the due date for filing your return is June 15. 1040ez for 2010 tax year What if tests are not met. 1040ez for 2010 tax year   If you obtain an extension and unforeseen events make it impossible for you to meet either the bona fide residence test or the physical presence test, you should file your income tax return as soon as possible because you must pay interest on any tax due after the regular due date of the return (even though an extension was granted). 1040ez for 2010 tax year    You should make any request for an extension early, so that if it is denied you still can file your return on time. 1040ez for 2010 tax year Otherwise, if you file late and additional tax is due, you may be subject to a penalty. 1040ez for 2010 tax year Return filed before test is met. 1040ez for 2010 tax year   If you file a return before you meet the bona fide residence test or the physical presence test, you must include all income from both U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year and foreign sources and pay the tax on that income. 1040ez for 2010 tax year If you later meet either of the tests, you can claim the foreign earned income exclusion, the foreign housing exclusion, or the foreign housing deduction on Form 1040X. 1040ez for 2010 tax year Foreign Currency You must express the amounts you report on your U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year tax return in U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year dollars. 1040ez for 2010 tax year If you receive all or part of your income or pay some or all of your expenses in foreign currency, you must translate the foreign currency into U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year dollars. 1040ez for 2010 tax year How you do this depends on your functional currency. 1040ez for 2010 tax year Your functional currency generally is the U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year dollar unless you are required to use the currency of a foreign country. 1040ez for 2010 tax year You must make all federal income tax determinations in your functional currency. 1040ez for 2010 tax year The U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year dollar is the functional currency for all taxpayers except some qualified business units (QBUs). 1040ez for 2010 tax year A QBU is a separate and clearly identified unit of a trade or business that maintains separate books and records. 1040ez for 2010 tax year Even if you have a QBU, your functional currency is the dollar if any of the following apply. 1040ez for 2010 tax year You conduct the business in U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year dollars. 1040ez for 2010 tax year The principal place of business is located in the United States. 1040ez for 2010 tax year You choose to or are required to use the U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year dollar as your functional currency. 1040ez for 2010 tax year The business books and records are not kept in the currency of the economic environment in which a significant part of the business activities is conducted. 1040ez for 2010 tax year Make all income tax determinations in your functional currency. 1040ez for 2010 tax year If your functional currency is the U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year dollar, you must immediately translate into U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year dollars all items of income, expense, etc. 1040ez for 2010 tax year (including taxes), that you receive, pay, or accrue in a foreign currency and that will affect computation of your income tax. 1040ez for 2010 tax year Use the exchange rate prevailing when you receive, pay, or accrue the item. 1040ez for 2010 tax year If there is more than one exchange rate, use the one that most properly reflects your income. 1040ez for 2010 tax year You can generally get exchange rates from banks and U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year Embassies. 1040ez for 2010 tax year If your functional currency is not the U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year dollar, make all income tax determinations in your functional currency. 1040ez for 2010 tax year At the end of the year, translate the results, such as income or loss, into U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year dollars to report on your income tax return. 1040ez for 2010 tax year Blocked Income You generally must report your foreign income in terms of U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year dollars and, with one exception (see Fulbright Grant, later), you must pay taxes due on it in U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year dollars. 1040ez for 2010 tax year If, because of restrictions in a foreign country, your income is not readily convertible into U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year dollars or into other money or property that is readily convertible into U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year dollars, your income is “blocked” or “deferrable” income. 1040ez for 2010 tax year You can report this income in one of two ways: Report the income and pay your federal income tax with U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year dollars that you have in the United States or in some other country, or Postpone the reporting of the income until it becomes unblocked. 1040ez for 2010 tax year If you choose to postpone the reporting of the income, you must file an information return with your tax return. 1040ez for 2010 tax year For this information return, you should use another Form 1040 labeled “Report of Deferrable Foreign Income, pursuant to Rev. 1040ez for 2010 tax year Rul. 1040ez for 2010 tax year 74-351. 1040ez for 2010 tax year ” You must declare on the information return that you will include the deferrable income in your taxable income for the year that it becomes unblocked. 1040ez for 2010 tax year You also must state that you waive any right to claim that the deferrable income was includible in your income for any earlier year. 1040ez for 2010 tax year You must report your income on your information return using the foreign currency in which you received that income. 1040ez for 2010 tax year If you have blocked income from more than one foreign country, include a separate information return for each country. 1040ez for 2010 tax year Income becomes unblocked and reportable for tax purposes when it becomes convertible, or when it is converted, into U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year dollars or into other money or property that is convertible into U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year currency. 1040ez for 2010 tax year Also, if you use blocked income for your personal expenses or dispose of it by gift, bequest, or devise, you must treat it as unblocked and reportable. 1040ez for 2010 tax year If you have received blocked income on which you have not paid tax, you should check to see whether that income is still blocked. 1040ez for 2010 tax year If it is not, you should take immediate steps to pay tax on it, file a declaration or amended declaration of estimated tax, and include the income on your tax return for the year in which the income became unblocked. 1040ez for 2010 tax year If you choose to postpone reporting blocked income and in a later tax year you wish to begin including it in gross income although it is still blocked, you must obtain the permission of the IRS to do so. 1040ez for 2010 tax year To apply for permission, file Form 3115, Application for Change in Accounting Method. 1040ez for 2010 tax year You also must request permission from the IRS on Form 3115 if you have not chosen to defer the reporting of blocked income in the past, but now wish to begin reporting blocked income under the deferred method. 1040ez for 2010 tax year See the instructions for Form 3115 for information on changing your accounting method. 1040ez for 2010 tax year Fulbright Grant All income must be reported in U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year dollars. 1040ez for 2010 tax year In most cases, the tax also must be paid in U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year dollars. 1040ez for 2010 tax year If, however, at least 70% of your Fulbright grant has been paid in nonconvertible foreign currency (blocked income), you can use the currency of the host country to pay the part of the U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year tax that is based on the blocked income. 1040ez for 2010 tax year Paying U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year tax in foreign currency. 1040ez for 2010 tax year   To qualify for this method of payment, you must prepare a statement that shows the following information. 1040ez for 2010 tax year You were a Fulbright grantee and were paid in nonconvertible foreign currency. 1040ez for 2010 tax year The total grant you received during the year and the amount you received in nonconvertible foreign currency. 1040ez for 2010 tax year At least 70% of the grant was paid in nonconvertible foreign currency. 1040ez for 2010 tax year The statement must be certified by the U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year educational foundation or commission paying the grant or other person having control of grant payments to you. 1040ez for 2010 tax year   You should prepare at least two copies of this statement. 1040ez for 2010 tax year Attach one copy to your Form 1040 and keep the other copy for identification purposes when you make a tax deposit of nonconvertible foreign currency. 1040ez for 2010 tax year Figuring actual tax. 1040ez for 2010 tax year   When you prepare your income tax return, you may owe tax or the entire liability may have been satisfied with your estimated tax payments. 1040ez for 2010 tax year If you owe tax, figure the part due to (and payable in) the nonconvertible foreign currency by using the following formula. 1040ez for 2010 tax year   Adjusted gross income that is blocked income × Total U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year tax = Tax on blocked income     Total adjusted  gross income     You must attach all of the following to the return. 1040ez for 2010 tax year A copy of the certified statement discussed earlier. 1040ez for 2010 tax year A detailed statement showing the allocation of tax attributable to amounts received in foreign currency and the rates of exchange used in determining your tax liability in U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year dollars. 1040ez for 2010 tax year The original deposit receipt for any balance of tax due that you paid in nonconvertible foreign currency. 1040ez for 2010 tax year Figuring estimated tax on nonconvertible foreign currency. 1040ez for 2010 tax year   If you are liable for estimated tax (discussed later), figure the amount you can pay to the IRS in nonconvertible foreign currency using the following formula. 1040ez for 2010 tax year   Adjusted gross income that is blocked income × Total estimated U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year tax = Estimated tax on blocked income     Total adjusted  gross income     If you must pay your host country income tax on your grant, subtract any estimated foreign tax credit that applies to your grant from the estimated tax on the blocked income. 1040ez for 2010 tax year Deposit of foreign currency with disbursing officer. 1040ez for 2010 tax year   Once you have determined the amount of the actual tax or estimated tax that you can pay in nonconvertible foreign currency, deposit that amount with the disbursing officer of the Department of State in the foreign country in which the foundation or commission paying the grant is located. 1040ez for 2010 tax year Estimated tax installments. 1040ez for 2010 tax year   You can either deposit the full estimated tax amount before the first installment due date or make four equal payments before the installment due dates. 1040ez for 2010 tax year See Estimated Tax , later. 1040ez for 2010 tax year Deposit receipt. 1040ez for 2010 tax year   Upon accepting the foreign currency, the disbursing officer will give you a receipt in duplicate. 1040ez for 2010 tax year The original of this receipt (showing the amount of foreign currency deposited and its equivalent in U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year dollars) should be attached to your Form 1040 or payment voucher from Form 1040-ES. 1040ez for 2010 tax year Keep the copy for your records. 1040ez for 2010 tax year Does My Return Have To Be On Paper? IRS e-file (electronic filing) is the fastest, easiest, and most convenient way to file your income tax return electronically. 1040ez for 2010 tax year IRS e-file offers accurate, safe, and fast alternatives to filing on paper. 1040ez for 2010 tax year IRS computers quickly and automatically check for errors or other missing information. 1040ez for 2010 tax year Even returns with a foreign address can be e-filed! How to e-file. 1040ez for 2010 tax year   There are three ways you can e-file. 1040ez for 2010 tax year Use your personal computer. 1040ez for 2010 tax year Use a volunteer. 1040ez for 2010 tax year Many programs offering free tax help can e-file your return. 1040ez for 2010 tax year Use a tax professional. 1040ez for 2010 tax year Most tax professionals can e-file your return. 1040ez for 2010 tax year These methods are explained in detail in the instructions for your tax return. 1040ez for 2010 tax year Where To File If any of the following situations apply to you, do not file your return with the service center listed for your home state. 1040ez for 2010 tax year You claim the foreign earned income exclusion. 1040ez for 2010 tax year You claim the foreign housing exclusion or deduction. 1040ez for 2010 tax year You live in a foreign country. 1040ez for 2010 tax year Instead, use one of the following special addresses. 1040ez for 2010 tax year If you are not enclosing a check or money order, file your return with the: Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215 USA If you are enclosing a check or money order, file your return with: Internal Revenue Service Center P. 1040ez for 2010 tax year O. 1040ez for 2010 tax year Box 1303 Charlotte, NC 28201-1303 USA If you do not know where your legal residence is and you do not have a principal place of business in the United States, you can file with the appropriate address listed above. 1040ez for 2010 tax year However, you should not file with the addresses listed above if you are a bona fide resident of the U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year Virgin Islands, Guam, or the Commonwealth of the Northern Mariana Islands during your entire tax year. 1040ez for 2010 tax year Resident of U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year Virgin Islands (USVI). 1040ez for 2010 tax year   If you are a bona fide resident of the USVI during your entire tax year, you generally are not required to file a U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year return. 1040ez for 2010 tax year However, you must file a return with the USVI. 1040ez for 2010 tax year    Send your return to the:     Virgin Islands Bureau of Internal Revenue 6115 Estate Smith Bay Suite 225 St. 1040ez for 2010 tax year Thomas, Virgin Islands 00802 Non-USVI resident with USVI income. 1040ez for 2010 tax year   If you are a U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year citizen or resident alien and you have income from sources in the USVI or income effectively connected with the conduct of a trade or business in the USVI, and you are not a bona fide resident of the USVI during your entire tax year, you must file identical tax returns with the United States and the USVI. 1040ez for 2010 tax year File the original return with the United States and file a signed copy of the U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year return (including all attachments, forms, and schedules) with the Virgin Islands Bureau of Internal Revenue. 1040ez for 2010 tax year   You must complete Form 8689, Allocation of Individual Income Tax to the U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year Virgin Islands, and attach a copy to both your U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year return and your USVI return. 1040ez for 2010 tax year You should file your U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year return with the address listed under Where To File. 1040ez for 2010 tax year   See Publication 570, Tax Guide for Individuals With Income From U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year Possessions, for information about filing Virgin Islands returns. 1040ez for 2010 tax year Resident of Guam. 1040ez for 2010 tax year   If you are a bona fide resident of Guam during your entire tax year, you should file a return with Guam. 1040ez for 2010 tax year    Send your return to the:     Department of Revenue and Taxation Government of Guam P. 1040ez for 2010 tax year O. 1040ez for 2010 tax year Box 23607 GMF, GU 96921   However, if you have income from sources within Guam and you are a U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year citizen or resident alien, but not a bona fide resident of Guam during the entire tax year, you should file a return with the United States. 1040ez for 2010 tax year Send your return to the address listed under Where To File. 1040ez for 2010 tax year   See Publication 570 for information about filing Guam returns. 1040ez for 2010 tax year Resident of the Commonwealth of the Northern Mariana Islands. 1040ez for 2010 tax year   If you are a bona fide resident of the Commonwealth of the Northern Mariana Islands (CNMI) during your entire tax year, you should file a return with the Northern Mariana Islands. 1040ez for 2010 tax year    Send your return to the:      Division of Revenue and Taxation Commonwealth of the Northern Mariana Islands P. 1040ez for 2010 tax year O. 1040ez for 2010 tax year Box 5234, CHRB Saipan, MP 96950   However, if you have income from sources within the CNMI and you are a U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year citizen or resident alien, but not a bona fide resident of the CNMI during the entire tax year, you should file a return with the United States. 1040ez for 2010 tax year Send your return to the address listed under Where To File. 1040ez for 2010 tax year   See Publication 570 for information about filing Northern Mariana Islands returns. 1040ez for 2010 tax year Nonresident Alien Spouse Treated as a Resident If, at the end of your tax year, you are married and one spouse is a U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year citizen or a resident alien and the other is a nonresident alien, you can choose to treat the nonresident as a U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year resident. 1040ez for 2010 tax year This includes situations in which one of you is a nonresident alien at the beginning of the tax year and a resident alien at the end of the year and the other is a nonresident alien at the end of the year. 1040ez for 2010 tax year If you make this choice, the following two rules apply. 1040ez for 2010 tax year You and your spouse are treated, for income tax purposes, as residents for all tax years that the choice is in effect. 1040ez for 2010 tax year You must file a joint income tax return for the year you make the choice. 1040ez for 2010 tax year This means that neither of you can claim under any tax treaty not to be a U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year resident for a tax year for which the choice is in effect. 1040ez for 2010 tax year You can file joint or separate returns in years after the year in which you make the choice. 1040ez for 2010 tax year Example 1. 1040ez for 2010 tax year Pat Smith, a U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year citizen, is married to Norman, a nonresident alien. 1040ez for 2010 tax year Pat and Norman make the choice to treat Norman as a resident alien by attaching a statement to their joint return. 1040ez for 2010 tax year Pat and Norman must report their worldwide income for the year they make the choice and for all later years unless the choice is ended or suspended. 1040ez for 2010 tax year Although Pat and Norman must file a joint return for the year they make the choice, they can file either joint or separate returns for later years. 1040ez for 2010 tax year Example 2. 1040ez for 2010 tax year When Bob and Sharon Williams got married, both were nonresident aliens. 1040ez for 2010 tax year In June of last year, Bob became a resident alien and remained a resident for the rest of the year. 1040ez for 2010 tax year Bob and Sharon both choose to be treated as resident aliens by attaching a statement to their joint return for last year. 1040ez for 2010 tax year Bob and Sharon must report their worldwide income for last year and all later years unless the choice is ended or suspended. 1040ez for 2010 tax year Bob and Sharon must file a joint return for last year, but they can file either joint or separate returns for later years. 1040ez for 2010 tax year If you do not choose to treat your nonresident alien spouse as a U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year resident, you may be able to use head of household filing status. 1040ez for 2010 tax year To use this status, you must pay more than half the cost of maintaining a household for certain dependents or relatives other than your nonresident alien spouse. 1040ez for 2010 tax year For more information, see Publication 501. 1040ez for 2010 tax year Social Security Number (SSN) If you choose to treat your nonresident alien spouse as a U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year resident, your spouse must have either an SSN or an individual taxpayer identification number (ITIN). 1040ez for 2010 tax year To get an SSN for a nonresident alien spouse, apply at an office of the U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year Social Security Administration (SSA) or U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year consulate. 1040ez for 2010 tax year You must complete Form SS-5, Application for a Social Security Card, available at www. 1040ez for 2010 tax year socialsecurity. 1040ez for 2010 tax year gov or by calling 1-800-772-1213. 1040ez for 2010 tax year You must also provide original or certified copies of documents to verify that spouse's age, identity, and citizenship. 1040ez for 2010 tax year If the nonresident alien spouse is not eligible to get an SSN, he or she can file Form W-7, Application for IRS Individual Taxpayer Identification Number, with the IRS to apply for an ITIN. 1040ez for 2010 tax year How To Make the Choice Attach a statement, signed by both spouses, to your joint return for the first tax year for which the choice applies. 1040ez for 2010 tax year It should contain the following: A declaration that one spouse was a nonresident alien and the other spouse a U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year citizen or resident alien on the last day of your tax year and that you choose to be treated as U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year residents for the entire tax year, and The name, address, and social security number (or individual taxpayer identification number) of each spouse. 1040ez for 2010 tax year (If one spouse died, include the name and address of the person making the choice for the deceased spouse. 1040ez for 2010 tax year ) You generally make this choice when you file your joint return. 1040ez for 2010 tax year However, you also can make the choice by filing a joint amended return on Form 1040X. 1040ez for 2010 tax year Attach Form 1040, 1040A, or 1040EZ and print “Amended” across the top of the amended return. 1040ez for 2010 tax year If you make the choice with an amended return, you and your spouse also must amend any returns that you may have filed after the year for which you made the choice. 1040ez for 2010 tax year You generally must file the amended joint return within 3 years from the date you filed your original U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year income tax return or 2 years from the date you paid your income tax for that year, whichever is later. 1040ez for 2010 tax year Table 1–1. 1040ez for 2010 tax year Ending the Choice To Treat Nonresident Alien Spouse as a Resident Revocation   Either spouse can revoke the choice for any tax year. 1040ez for 2010 tax year   • The revocation must be made by the due date for filing the tax return for that tax year. 1040ez for 2010 tax year   • The spouse who revokes the choice must attach a signed statement declaring that the choice is being revoked. 1040ez for 2010 tax year The statement revoking the choice must include the following:     • The name, address, and social security number (or taxpayer identification number) of each spouse. 1040ez for 2010 tax year     • The name and address of any person who is revoking the choice for a deceased spouse. 1040ez for 2010 tax year     • A list of any states, foreign countries, and possessions that have community property laws in which either spouse is domiciled or where real property is located from which either spouse receives income. 1040ez for 2010 tax year   • If the spouse revoking the choice does not have to file a return and does not file a claim for refund, send the statement to the Internal Revenue Service Center where the last joint return was filed. 1040ez for 2010 tax year Death   The death of either spouse ends the choice, beginning with the first tax year following the year in which the spouse died. 1040ez for 2010 tax year   • If the surviving spouse is a U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year citizen or resident alien and is entitled to the joint tax rates as a surviving spouse, the choice will not end until the close of the last year for which these joint rates may be used. 1040ez for 2010 tax year   • If both spouses die in the same tax year, the choice ends on the first day after the close of the tax year in which the spouses died. 1040ez for 2010 tax year Divorce or  Legal separation   A divorce or legal separation ends the choice as of the beginning of the tax year in which the legal separation occurs. 1040ez for 2010 tax year Inadequate records   The Internal Revenue Service can end the choice for any tax year that either spouse has failed to keep adequate books, records, and other information necessary to determine the correct income tax liability, or to provide adequate access to those records. 1040ez for 2010 tax year Suspending the Choice The choice to be treated as a resident alien does not apply to any later tax year if neither of you is a U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year citizen or resident alien at any time during the later tax year. 1040ez for 2010 tax year Example. 1040ez for 2010 tax year Dick Brown was a resident alien on December 31, 2010, and married to Judy, a nonresident alien. 1040ez for 2010 tax year They chose to treat Judy as a resident alien and filed a joint 2010 income tax return. 1040ez for 2010 tax year On January 10, 2012, Dick became a nonresident alien. 1040ez for 2010 tax year Judy had remained a nonresident alien. 1040ez for 2010 tax year Because Dick was a resident alien during part of 2012, Dick and Judy can file joint or separate returns for that year. 1040ez for 2010 tax year Neither Dick nor Judy was a resident alien at any time during 2013 and their choice is suspended for that year. 1040ez for 2010 tax year For 2013, both are treated as nonresident aliens. 1040ez for 2010 tax year If Dick becomes a resident alien again in 2014, their choice is no longer suspended and both are treated as resident aliens. 1040ez for 2010 tax year Ending the Choice Once made, the choice to be treated as a resident applies to all later years unless suspended (as explained earlier) or ended in one of the ways shown in Table 1-1. 1040ez for 2010 tax year If the choice is ended for any of the reasons listed in Table 1-1, neither spouse can make a choice in any later tax year. 1040ez for 2010 tax year Estimated Tax The requirements for determining who must pay estimated tax are the same for a U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year citizen or resident abroad as for a taxpayer in the United States. 1040ez for 2010 tax year For current instructions on making estimated tax payments, see Form 1040-ES. 1040ez for 2010 tax year If you had a tax liability for 2013, you may have to pay estimated tax for 2014. 1040ez for 2010 tax year Generally, you must make estimated tax payments for 2014 if you expect to owe at least $1,000 in tax for 2014 after subtracting your withholding and credits and you expect your withholding and credits to be less than the smaller of: 90% of the tax to be shown on your 2014 tax return, or 100% of the tax shown on your 2013 tax return. 1040ez for 2010 tax year (The return must cover all 12 months. 1040ez for 2010 tax year ) If less than two-thirds of your gross income for 2013 and 2014 is from farming or fishing and your adjusted gross income for 2013 is more than $150,000 ($75,000 if you are married and file separately), substitute 110% for 100% in (2). 1040ez for 2010 tax year See Publication 505 for more information. 1040ez for 2010 tax year The first installment of estimated tax is due on April 15, 2014. 1040ez for 2010 tax year Foreign earned income exclusion. 1040ez for 2010 tax year   When figuring your estimated gross income, subtract amounts you expect to exclude under the foreign earned income exclusion and the foreign housing exclusion. 1040ez for 2010 tax year In addition, you can reduce your income by your estimated foreign housing deduction. 1040ez for 2010 tax year However, you must estimate tax on your nonexcluded income using the tax rates that will apply had you not excluded the income. 1040ez for 2010 tax year If the actual amount of the exclusion or deduction is less than you estimate, you may have to pay a penalty for underpayment of estimated tax. 1040ez for 2010 tax year   For more information about figuring your estimated tax, see Publication 505. 1040ez for 2010 tax year Other Forms You May Have To File FinCEN Form 114 (replaces Form TD F 90-22. 1040ez for 2010 tax year 1). 1040ez for 2010 tax year   Beginning October 1, 2013, Form 114, Report of Foreign Bank and Financial Accounts (FBAR), must be filed instead of Form TD F 90-22. 1040ez for 2010 tax year 1. 1040ez for 2010 tax year Form 114 is filed electronically with the Financial Crimes Enforcement Network (FinCEN). 1040ez for 2010 tax year See the filing instructions at www. 1040ez for 2010 tax year bsaefiling. 1040ez for 2010 tax year fincen. 1040ez for 2010 tax year treas. 1040ez for 2010 tax year gov/main. 1040ez for 2010 tax year html. 1040ez for 2010 tax year   You must file Form 114 if you had any financial interest in, or signature or other authority over a bank, securities, or other financial account in a foreign country. 1040ez for 2010 tax year You do not need to file the report if the assets are with a U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year military banking facility operated by a financial institution or if the combined assets in the account(s) are $10,000 or less during the entire year. 1040ez for 2010 tax year   More information about the filing of Form 114 can be found in the instructions for the form. 1040ez for 2010 tax year FinCEN Form 105. 1040ez for 2010 tax year   You must file Form 105, Report of International Transportation of Currency or Monetary Instruments, if you physically transport, mail, ship, or cause to be physically transported, mailed, or shipped into or out of the United States, currency or other monetary instruments totaling more than $10,000 at one time. 1040ez for 2010 tax year Certain recipients of currency or monetary instruments also must file Form 105. 1040ez for 2010 tax year   More information about the filing of Form 105 can be found in the instructions on the back of the form. 1040ez for 2010 tax year Form 8938. 1040ez for 2010 tax year   You must file Form 8938 to report the ownership of specified foreign financial assets if the total value of those assets exceeds an applicable threshold amount (the “reporting threshold ”). 1040ez for 2010 tax year The reporting threshold varies depending on whether you live in the United States, are married, or file a joint income tax return with your spouse. 1040ez for 2010 tax year Specified foreign financial assets include any financial account maintained by a foreign financial institution and, to the extent held for investment, any stock, securities, or any other interest in a foreign entity and any financial instrument or contract with an issuer or counterparty that is not a U. 1040ez for 2010 tax year S. 1040ez for 2010 tax year person. 1040ez for 2010 tax year   You may have to pay penalties if you are required to file Form 8938 and fail to do so, or if you have an understatement of tax due to any transaction involving an undisclosed foreign financial asset. 1040ez for 2010 tax year   More information about the filing of Form 8938 can be found in the separate instructions for Form 8938. 1040ez for 2010 tax year Prev  Up  Next   Home   More Online Publications