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1040ez form2012 Publication 4681 - Introductory Material Table of Contents Reminder IntroductionOrdering forms and publications. 1040ez form2012 Tax questions. 1040ez form2012 Useful Items - You may want to see: Common Situations Covered In This Publication Reminder Future Developments. 1040ez form2012 Information about any future developments affecting Publication 4681 (such as legislation enacted after we release it) will be posted at www. 1040ez form2012 irs. 1040ez form2012 gov/pub4681. 1040ez form2012 Photographs of missing children. 1040ez form2012 The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. 1040ez form2012 Photographs of missing children selected by the Center may appear in this publication on pages that otherwise would be blank. 1040ez form2012 You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. 1040ez form2012 Introduction This publication explains the federal tax treatment of canceled debts, foreclosures, repossessions, and abandonments. 1040ez form2012 Generally, if you owe a debt to someone else and they cancel or forgive that debt for less than its full amount, you are treated for income tax purposes as having income and may have to pay tax on this income. 1040ez form2012 Note. 1040ez form2012 This publication generally refers to debt that is canceled, forgiven, or discharged for less than the full amount of the debt as “canceled debt. 1040ez form2012 ” Sometimes a debt, or part of a debt, that you do not have to pay is not considered canceled debt. 1040ez form2012 These exceptions are discussed later under Exceptions . 1040ez form2012 Sometimes a canceled debt may be excluded from your income. 1040ez form2012 But if you do exclude canceled debt from income, you may be required to reduce your “tax attributes. 1040ez form2012 ” These exclusions and the reduction of tax attributes associated with them are discussed later under Exclusions . 1040ez form2012 Foreclosure and repossession are remedies that your lender may exercise if you fail to make payments on your loan and you have previously granted that lender a mortgage or other security interest in some of your property. 1040ez form2012 These remedies allow the lender to seize or sell the property securing the loan. 1040ez form2012 When your property is foreclosed upon or repossessed and sold, you are treated as having sold the property and you may recognize taxable gain. 1040ez form2012 Whether you also recognize income from canceled debt depends in part on whether you are personally liable for the debt and in part on whether the outstanding loan balance is more than the fair market value (FMV) of the property. 1040ez form2012 Figuring your gain or loss and income from canceled debt arising from a foreclosure or repossession is discussed later under Foreclosures and Repossessions . 1040ez form2012 Generally, you abandon property when you voluntarily and permanently give up possession and use of property you own with the intention of ending your ownership but without passing it on to anyone else. 1040ez form2012 Figuring your gain or loss and income from canceled debt arising from an abandonment is discussed later under Abandonments . 1040ez form2012 This publication also includes detailed examples with filled-in forms. 1040ez form2012 Comments and suggestions. 1040ez form2012 We welcome your comments about this publication and your suggestions for future editions. 1040ez form2012 You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. 1040ez form2012 NW, IR-6526 Washington, DC 20224 We respond to many letters by telephone. 1040ez form2012 Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. 1040ez form2012 You can send your comments from www. 1040ez form2012 irs. 1040ez form2012 gov/formspubs. 1040ez form2012 Click on “More Information” and then on “Comment on Tax Forms and Publications”. 1040ez form2012 Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. 1040ez form2012 Ordering forms and publications. 1040ez form2012 Visit www. 1040ez form2012 irs. 1040ez form2012 gov/formspubs to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. 1040ez form2012 Internal Revenue Service 1201 N. 1040ez form2012 Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. 1040ez form2012 If you have a tax question, check the information available on IRS. 1040ez form2012 gov or call 1-800-829-1040. 1040ez form2012 We cannot answer tax questions sent to either of the above addresses. 1040ez form2012 Useful Items - You may want to see: Publication 225 Farmer's Tax Guide 334 Tax Guide for Small Business (For Individuals Who Use Schedule C or C-EZ) 523 Selling Your Home 525 Taxable and Nontaxable Income 536 Net Operating Losses (NOLs) for Individuals, Estates, and Trusts 542 Corporations 544 Sales and Other Dispositions of Assets 551 Basis of Assets 908 Bankruptcy Tax Guide Form (and Instructions) 982 Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) 1099-C Cancellation of Debt 1099-DIV Dividends and Distributions 3800 General Business Credit Common Situations Covered In This Publication The sections of this publication that apply to you depend on the type of debt canceled, the tax attributes you have, and whether or not you continue to own the property that was subject to the debt. 1040ez form2012 Some examples of common circumstances are provided in the following paragraphs to help guide you through this publication. 1040ez form2012 These examples do not cover every situation but are intended to provide general guidance for the most common situations. 1040ez form2012 Nonbusiness credit card debt cancellation. 1040ez form2012 If you had a nonbusiness credit card debt canceled, you may be able to exclude the canceled debt from income if the cancellation occurred in a title 11 bankruptcy case or you were insolvent immediately before the cancellation. 1040ez form2012 You should read Bankruptcy or Insolvency under Exclusions in chapter 1 to see if you can exclude the canceled debt from income under one of those provisions. 1040ez form2012 If you can exclude part or all of the canceled debt from income, you should also read Bankruptcy and Insolvency under Reduction of Tax Attributes in chapter 1. 1040ez form2012 Personal vehicle repossession. 1040ez form2012 If you had a personal vehicle repossessed and disposed of by the lender during the year, you will need to determine your gain or nondeductible loss on the disposition. 1040ez form2012 This is explained in chapter 2 . 1040ez form2012 If the lender also canceled all or part of the remaining amount of the loan, you may be able to exclude the canceled debt from income if the cancellation occurred in a title 11 bankruptcy case or you were insolvent immediately before the cancellation. 1040ez form2012 You should read Bankruptcy or Insolvency under Exclusions in chapter 1 to see if you can exclude the canceled debt from income under one of those provisions. 1040ez form2012 If you can exclude part or all of the canceled debt from income, you should also read Bankruptcy and Insolvency under Reduction of Tax Attributes in chapter 1. 1040ez form2012 Main home foreclosure or abandonment. 1040ez form2012 If a lender foreclosed on your main home during the year, you will need to determine your gain or loss on the foreclosure. 1040ez form2012 Foreclosures are explained in chapter 2 and abandonments are explained in chapter 3. 1040ez form2012 If the lender also canceled all or part of the remaining amount on the mortgage loan and you were personally liable for the debt, you should also read Qualified Principal Residence Indebtedness under Exclusions in chapter 1 to see if you can exclude part or all of the canceled debt from income. 1040ez form2012 Detailed Example 2 and Example 3 in chapter 4 use filled-in forms to help explain these provisions. 1040ez form2012 Main home loan modification (workout agreement). 1040ez form2012 If a lender agrees to a mortgage loan modification (a “workout”) that includes a reduction in the principal balance of the loan, you should read Qualified Principal Residence Indebtedness under Exclusions in chapter 1 to see if you can exclude part or all of the canceled debt from income. 1040ez form2012 If you can exclude part or all of the canceled debt from income, you should also read Qualified Principal Residence Indebtedness under Reduction of Tax Attributes in chapter 1. 1040ez form2012 Detailed Example 1 in chapter 4 uses filled-in forms to help explain the tax implications of a mortgage workout scenario. 1040ez form2012 Prev Up Next Home More Online Publications
Understanding Your CP108 Notice
You are receiving this notice because you made a payment of $XXXXX on XXXXX, and we can’t determine the correct form or tax year to apply it to.
What you need to do
- If the payment was applied correctly, then there is nothing you need to do. There is no need to contact the IRS in these situations.
- If the payment was not applied correctly, contact the IRS and advise them where the payment should be applied. Contact us at the toll-free number on the top right corner of your notice or write us at the address on the notice.
- Correct the copy of your tax return that you kept for your records.
You may want to
Answers to Common Questions
Q. What do I say when I call the IRS?
A. Mention that you received a CP 108 notice and you need to review your account with a customer service representative. Be sure to have a copy of your notice and your tax return before you call.
Q. What should I do if I disagree with the changes you made?
A. If you disagree, contact us at the toll-free number listed on the top right corner of your notice.
Q. What if I need to make another correction to my account?
A. You'll need to file an amended tax return.
Q. What if I have tried to get answers and after contacting IRS several times have not been successful?
A. Call Taxpayer Advocate at 1-877-777-4778 or for TTY/TDD 1-800-829-4059.
Tips for next year
If you paid electronically, ensure that you enter a valid tax period end date. Review Appendix A of the EFTPS Payment Instruction Booklet to determine the proper tax form code.
In addition, review the instructions for determining the correct tax period end date (e.g., for quarterly returns, Forms 720, Forms 941, etc., March 31, June 30, September 30, December 31). Enter as the MM in the YYMM format as:
|1st quarter March 31
|2nd quarter June 30
|3rd quarter September
|4th quarter December
Page Last Reviewed or Updated: 10-Feb-2014
Printable samples of this notice (PDF)
Tax publications you may find useful
How to get help
- Call the 1-800 number listed on the top right corner of your notice.
- Authorize someone (e.g., accountant) to contact the IRS on your behalf using Form 2848.
- See if you qualify for help from a Low Income Taxpayer Clinic.
The 1040ez Form2012
1040ez form2012 Publication 537 - Additional Material Prev Up Next Home More Online Publications