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1040x Filing Instructions

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1040x Filing Instructions

1040x filing instructions 5. 1040x filing instructions   Personal Use of Dwelling Unit (Including Vacation Home) Table of Contents Dividing Expenses Dwelling Unit Used as a HomeMain home. 1040x filing instructions Shared equity financing agreement. 1040x filing instructions Donation of use of the property. 1040x filing instructions Examples. 1040x filing instructions Days used for repairs and maintenance. 1040x filing instructions Days used as a main home before or after renting. 1040x filing instructions Reporting Income and DeductionsNot used as a home. 1040x filing instructions Used as a home but rented less than 15 days. 1040x filing instructions Used as a home and rented 15 days or more. 1040x filing instructions If you have any personal use of a dwelling unit (including a vacation home) that you rent, you must divide your expenses between rental use and personal use. 1040x filing instructions In general, your rental expenses will be no more than your total expenses multiplied by a fraction; the denominator of which is the total number of days the dwelling unit is used and the numerator of which is the total number of days actually rented at a fair rental price. 1040x filing instructions Only your rental expenses may deducted on Schedule E (Form 1040). 1040x filing instructions Some of your personal expenses may be deductible if you itemize your deductions on Schedule A (Form 1040). 1040x filing instructions You must also determine if the dwelling unit is considered a home. 1040x filing instructions The amount of rental expenses that you can deduct may be limited if the dwelling unit is considered a home. 1040x filing instructions Whether a dwelling unit is considered a home depends on how many days during the year are considered to be days of personal use. 1040x filing instructions There is a special rule if you used the dwelling unit as a home and you rented it for less than 15 days during the year. 1040x filing instructions Dwelling unit. 1040x filing instructions   A dwelling unit includes a house, apartment, condominium, mobile home, boat, vacation home, or similar property. 1040x filing instructions It also includes all structures or other property belonging to the dwelling unit. 1040x filing instructions A dwelling unit has basic living accommodations, such as sleeping space, a toilet, and cooking facilities. 1040x filing instructions   A dwelling unit does not include property (or part of the property) used solely as a hotel, motel, inn, or similar establishment. 1040x filing instructions Property is used solely as a hotel, motel, inn, or similar establishment if it is regularly available for occupancy by paying customers and is not used by an owner as a home during the year. 1040x filing instructions Example. 1040x filing instructions You rent a room in your home that is always available for short-term occupancy by paying customers. 1040x filing instructions You do not use the room yourself and you allow only paying customers to use the room. 1040x filing instructions This room is used solely as a hotel, motel, inn, or similar establishment and is not a dwelling unit. 1040x filing instructions Dividing Expenses If you use a dwelling unit for both rental and personal purposes, divide your expenses between the rental use and the personal use based on the number of days used for each purpose. 1040x filing instructions When dividing your expenses, follow these rules. 1040x filing instructions Any day that the unit is rented at a fair rental price is a day of rental use even if you used the unit for personal purposes that day. 1040x filing instructions (This rule does not apply when determining whether you used the unit as a home. 1040x filing instructions ) Any day that the unit is available for rent but not actually rented is not a day of rental use. 1040x filing instructions Fair rental price. 1040x filing instructions   A fair rental price for your property generally is the amount of rent that a person who is not related to you would be willing to pay. 1040x filing instructions The rent you charge is not a fair rental price if it is substantially less than the rents charged for other properties that are similar to your property in your area. 1040x filing instructions   Ask yourself the following questions when comparing another property with yours. 1040x filing instructions Is it used for the same purpose? Is it approximately the same size? Is it in approximately the same condition? Does it have similar furnishings? Is it in a similar location? If any of the answers are no, the properties probably are not similar. 1040x filing instructions Example. 1040x filing instructions Your beach cottage was available for rent from June 1 through August 31 (92 days). 1040x filing instructions Except for the first week in August (7 days), when you were unable to find a renter, you rented the cottage at a fair rental price during that time. 1040x filing instructions The person who rented the cottage for July allowed you to use it over the weekend (2 days) without any reduction in or refund of rent. 1040x filing instructions Your family also used the cottage during the last 2 weeks of May (14 days). 1040x filing instructions The cottage was not used at all before May 17 or after August 31. 1040x filing instructions You figure the part of the cottage expenses to treat as rental expenses as follows. 1040x filing instructions The cottage was used for rental a total of 85 days (92 − 7). 1040x filing instructions The days it was available for rent but not rented (7 days) are not days of rental use. 1040x filing instructions The July weekend (2 days) you used it is rental use because you received a fair rental price for the weekend. 1040x filing instructions You used the cottage for personal purposes for 14 days (the last 2 weeks in May). 1040x filing instructions The total use of the cottage was 99 days (14 days personal use + 85 days rental use). 1040x filing instructions Your rental expenses are 85/99 (86%) of the cottage expenses. 1040x filing instructions Note. 1040x filing instructions When determining whether you used the cottage as a home, the July weekend (2 days) you used it is considered personal use even though you received a fair rental price for the weekend. 1040x filing instructions Therefore, you had 16 days of personal use and 83 days of rental use for this purpose. 1040x filing instructions Because you used the cottage for personal purposes more than 14 days and more than 10% of the days of rental use (8 days), you used it as a home. 1040x filing instructions If you have a net loss, you may not be able to deduct all of the rental expenses. 1040x filing instructions See Dwelling Unit Used as a Home, next. 1040x filing instructions Dwelling Unit Used as a Home If you use a dwelling unit for both rental and personal purposes, the tax treatment of the rental expenses you figured earlier under Dividing Expenses and rental income depends on whether you are considered to be using the dwelling unit as a home. 1040x filing instructions You use a dwelling unit as a home during the tax year if you use it for personal purposes more than the greater of: 14 days, or 10% of the total days it is rented to others at a fair rental price. 1040x filing instructions See What is a day of personal use , later. 1040x filing instructions If a dwelling unit is used for personal purposes on a day it is rented at a fair rental price (discussed earlier), do not count that day as a day of rental use in applying (2) above. 1040x filing instructions Instead, count it as a day of personal use in applying both (1) and (2) above. 1040x filing instructions What is a day of personal use?   A day of personal use of a dwelling unit is any day that the unit is used by any of the following persons. 1040x filing instructions You or any other person who owns an interest in it, unless you rent it to another owner as his or her main home under a shared equity financing agreement (defined later). 1040x filing instructions However, see Days used as a main home before or after renting , later. 1040x filing instructions A member of your family or a member of the family of any other person who owns an interest in it, unless the family member uses the dwelling unit as his or her main home and pays a fair rental price. 1040x filing instructions Family includes only your spouse, brothers and sisters, half-brothers and half-sisters, ancestors (parents, grandparents, etc. 1040x filing instructions ), and lineal descendants (children, grandchildren, etc. 1040x filing instructions ). 1040x filing instructions Anyone under an arrangement that lets you use some other dwelling unit. 1040x filing instructions Anyone at less than a fair rental price. 1040x filing instructions Main home. 1040x filing instructions   If the other person or member of the family in (1) or (2) above has more than one home, his or her main home is ordinarily the one he or she lived in most of the time. 1040x filing instructions Shared equity financing agreement. 1040x filing instructions   This is an agreement under which two or more persons acquire undivided interests for more than 50 years in an entire dwelling unit, including the land, and one or more of the co-owners is entitled to occupy the unit as his or her main home upon payment of rent to the other co-owner or owners. 1040x filing instructions Donation of use of the property. 1040x filing instructions   You use a dwelling unit for personal purposes if: You donate the use of the unit to a charitable organization, The organization sells the use of the unit at a fund-raising event, and The “purchaser” uses the unit. 1040x filing instructions Examples. 1040x filing instructions   The following examples show how to determine if you have days of personal use. 1040x filing instructions Example 1. 1040x filing instructions You and your neighbor are co-owners of a condominium at the beach. 1040x filing instructions Last year, you rented the unit to vacationers whenever possible. 1040x filing instructions The unit was not used as a main home by anyone. 1040x filing instructions Your neighbor used the unit for 2 weeks last year; you did not use it at all. 1040x filing instructions Because your neighbor has an interest in the unit, both of you are considered to have used the unit for personal purposes during those 2 weeks. 1040x filing instructions Example 2. 1040x filing instructions You and your neighbors are co-owners of a house under a shared equity financing agreement. 1040x filing instructions Your neighbors live in the house and pay you a fair rental price. 1040x filing instructions Even though your neighbors have an interest in the house, the days your neighbors live there are not counted as days of personal use by you. 1040x filing instructions This is because your neighbors rent the house as their main home under a shared equity financing agreement. 1040x filing instructions Example 3. 1040x filing instructions You own a rental property that you rent to your son. 1040x filing instructions Your son does not own any interest in this property. 1040x filing instructions He uses it as his main home and pays you a fair rental price. 1040x filing instructions Your son's use of the property is not personal use by you because your son is using it as his main home, he owns no interest in the property, and he is paying you a fair rental price. 1040x filing instructions Example 4. 1040x filing instructions You rent your beach house to Rosa. 1040x filing instructions Rosa rents her cabin in the mountains to you. 1040x filing instructions You each pay a fair rental price. 1040x filing instructions You are using your beach house for personal purposes on the days that Rosa uses it because your house is used by Rosa under an arrangement that allows you to use her cabin. 1040x filing instructions Example 5. 1040x filing instructions You rent an apartment to your mother at less than a fair rental price. 1040x filing instructions You are using the apartment for personal purposes on the days that your mother rents it because you rent it for less than a fair rental price. 1040x filing instructions Days used for repairs and maintenance. 1040x filing instructions   Any day that you spend working substantially full time repairing and maintaining (not improving) your property is not counted as a day of personal use. 1040x filing instructions Do not count such a day as a day of personal use even if family members use the property for recreational purposes on the same day. 1040x filing instructions Example. 1040x filing instructions Corey owns a cabin in the mountains that he rents for most of the year. 1040x filing instructions He spends a week at the cabin with family members. 1040x filing instructions Corey works on maintenance of the cabin 3 or 4 hours each day during the week and spends the rest of the time fishing, hiking, and relaxing. 1040x filing instructions Corey's family members, however, work substantially full time on the cabin each day during the week. 1040x filing instructions The main purpose of being at the cabin that week is to do maintenance work. 1040x filing instructions Therefore, the use of the cabin during the week by Corey and his family will not be considered personal use by Corey. 1040x filing instructions Days used as a main home before or after renting. 1040x filing instructions   For purposes of determining whether a dwelling unit was used as a home, you may not have to count days you used the property as your main home before or after renting it or offering it for rent as days of personal use. 1040x filing instructions Do not count them as days of personal use if: You rented or tried to rent the property for 12 or more consecutive months. 1040x filing instructions You rented or tried to rent the property for a period of less than 12 consecutive months and the period ended because you sold or exchanged the property. 1040x filing instructions However, this special rule does not apply when dividing expenses between rental and personal use. 1040x filing instructions See Property Changed to Rental Use in chapter 4. 1040x filing instructions Example 1. 1040x filing instructions On February 29, 2012, you moved out of the house you had lived in for 6 years because you accepted a job in another town. 1040x filing instructions You rented your house at a fair rental price from March 15, 2012, to May 14, 2013 (14 months). 1040x filing instructions On June 1, 2013, you moved back into your old house. 1040x filing instructions The days you used the house as your main home from January 1 to February 29, 2012, and from June 1 to December 31, 2013, are not counted as days of personal use. 1040x filing instructions Therefore, you would use the rules in chapter 1 when figuring your rental income and expenses. 1040x filing instructions Example 2. 1040x filing instructions On January 31, you moved out of the condominium where you had lived for 3 years. 1040x filing instructions You offered it for rent at a fair rental price beginning on February 1. 1040x filing instructions You were unable to rent it until April. 1040x filing instructions On September 15, you sold the condominium. 1040x filing instructions The days you used the condominium as your main home from January 1 to January 31 are not counted as days of personal use when determining whether you used it as a home. 1040x filing instructions Examples. 1040x filing instructions   The following examples show how to determine whether you used your rental property as a home. 1040x filing instructions Example 1. 1040x filing instructions You converted the basement of your home into an apartment with a bedroom, a bathroom, and a small kitchen. 1040x filing instructions You rented the basement apartment at a fair rental price to college students during the regular school year. 1040x filing instructions You rented to them on a 9-month lease (273 days). 1040x filing instructions You figured 10% of the total days rented to others at a fair rental price is 27 days. 1040x filing instructions During June (30 days), your brothers stayed with you and lived in the basement apartment rent free. 1040x filing instructions Your basement apartment was used as a home because you used it for personal purposes for 30 days. 1040x filing instructions Rent-free use by your brothers is considered personal use. 1040x filing instructions Your personal use (30 days) is more than the greater of 14 days or 10% of the total days it was rented (27 days). 1040x filing instructions Example 2. 1040x filing instructions You rented the guest bedroom in your home at a fair rental price during the local college's homecoming, commencement, and football weekends (a total of 27 days). 1040x filing instructions Your sister-in-law stayed in the room, rent free, for the last 3 weeks (21 days) in July. 1040x filing instructions You figured 10% of the total days rented to others at a fair rental price is 3 days. 1040x filing instructions The room was used as a home because you used it for personal purposes for 21 days. 1040x filing instructions That is more than the greater of 14 days or 10% of the 27 days it was rented (3 days). 1040x filing instructions Example 3. 1040x filing instructions You own a condominium apartment in a resort area. 1040x filing instructions You rented it at a fair rental price for a total of 170 days during the year. 1040x filing instructions For 12 of these days, the tenant was not able to use the apartment and allowed you to use it even though you did not refund any of the rent. 1040x filing instructions Your family actually used the apartment for 10 of those days. 1040x filing instructions Therefore, the apartment is treated as having been rented for 160 (170 – 10) days. 1040x filing instructions You figured 10% of the total days rented to others at a fair rental price is 16 days. 1040x filing instructions Your family also used the apartment for 7 other days during the year. 1040x filing instructions You used the apartment as a home because you used it for personal purposes for 17 days. 1040x filing instructions That is more than the greater of 14 days or 10% of the 160 days it was rented (16 days). 1040x filing instructions Minimal rental use. 1040x filing instructions   If you use the dwelling unit as a home and you rent it less than 15 days during the year, that period is not treated as rental activity. 1040x filing instructions See Used as a home but rented less than 15 days, later, for more information. 1040x filing instructions Limit on deductions. 1040x filing instructions   Renting a dwelling unit that is considered a home is not a passive activity. 1040x filing instructions Instead, if your rental expenses are more than your rental income, some or all of the excess expenses cannot be used to offset income from other sources. 1040x filing instructions The excess expenses that cannot be used to offset income from other sources are carried forward to the next year and treated as rental expenses for the same property. 1040x filing instructions Any expenses carried forward to the next year will be subject to any limits that apply for that year. 1040x filing instructions This limitation will apply to expenses carried forward to another year even if you do not use the property as your home for that subsequent year. 1040x filing instructions   To figure your deductible rental expenses for this year and any carryover to next year, use Worksheet 5–1. 1040x filing instructions Reporting Income and Deductions Property not used for personal purposes. 1040x filing instructions   If you do not use a dwelling unit for personal purposes, see chapter 3 for how to report your rental income and expenses. 1040x filing instructions Property used for personal purposes. 1040x filing instructions   If you do use a dwelling unit for personal purposes, then how you report your rental income and expenses depends on whether you used the dwelling unit as a home. 1040x filing instructions Not used as a home. 1040x filing instructions   If you use a dwelling unit for personal purposes, but not as a home, report all the rental income in your income. 1040x filing instructions Since you used the dwelling unit for personal purposes, you must divide your expenses between the rental use and the personal use as described earlier in this chapter under Dividing Expenses . 1040x filing instructions The expenses for personal use are not deductible as rental expenses. 1040x filing instructions   Your deductible rental expenses can be more than your gross rental income; however, see Limits on Rental Losses in chapter 3. 1040x filing instructions Used as a home but rented less than 15 days. 1040x filing instructions   If you use a dwelling unit as a home and you rent it less than 15 days during the year, its primary function is not considered to be rental and it should not be reported on Schedule E (Form 1040). 1040x filing instructions You are not required to report the rental income and rental expenses from this activity. 1040x filing instructions The expenses, including qualified mortgage interest, property taxes, and any qualified casualty loss will be reported as normally allowed on Schedule A (Form 1040). 1040x filing instructions See the Instructions for Schedule A (Form 1040) for more information on deducting these expenses. 1040x filing instructions Used as a home and rented 15 days or more. 1040x filing instructions   If you use a dwelling unit as a home and rent it 15 days or more during the year, include all your rental income in your income. 1040x filing instructions Since you used the dwelling unit for personal purposes, you must divide your expenses between the rental use and the personal use as described earlier in this chapter under Dividing Expenses . 1040x filing instructions The expenses for personal use are not deductible as rental expenses. 1040x filing instructions   If you had a net profit from renting the dwelling unit for the year (that is, if your rental income is more than the total of your rental expenses, including depreciation), deduct all of your rental expenses. 1040x filing instructions You do not need to use Worksheet 5-1. 1040x filing instructions   However, if you had a net loss from renting the dwelling unit for the year, your deduction for certain rental expenses is limited. 1040x filing instructions To figure your deductible rental expenses and any carryover to next year, use Worksheet 5–1. 1040x filing instructions Worksheet 5-1. 1040x filing instructions Worksheet for Figuring Rental Deductions for a Dwelling Unit Used as a Home Use this worksheet only if you answer “yes” to all of the following questions. 1040x filing instructions Did you use the dwelling unit as a home this year? (See Dwelling Unit Used as a Home . 1040x filing instructions ) Did you rent the dwelling unit at a fair rental price 15 days or more this year? Is the total of your rental expenses and depreciation more than your rental income? PART I. 1040x filing instructions Rental Use Percentage A. 1040x filing instructions Total days available for rent at fair rental price A. 1040x filing instructions       B. 1040x filing instructions Total days available for rent (line A) but not rented B. 1040x filing instructions       C. 1040x filing instructions Total days of rental use. 1040x filing instructions Subtract line B from line A C. 1040x filing instructions       D. 1040x filing instructions Total days of personal use (including days rented at less than fair rental price) D. 1040x filing instructions       E. 1040x filing instructions Total days of rental and personal use. 1040x filing instructions Add lines C and D E. 1040x filing instructions       F. 1040x filing instructions Percentage of expenses allowed for rental. 1040x filing instructions Divide line C by line E     F. 1040x filing instructions . 1040x filing instructions PART II. 1040x filing instructions Allowable Rental Expenses 1. 1040x filing instructions Enter rents received 1. 1040x filing instructions   2a. 1040x filing instructions Enter the rental portion of deductible home mortgage interest and qualified mortgage insurance premiums (see instructions) 2a. 1040x filing instructions       b. 1040x filing instructions Enter the rental portion of real estate taxes b. 1040x filing instructions       c. 1040x filing instructions Enter the rental portion of deductible casualty and theft losses (see instructions) c. 1040x filing instructions       d. 1040x filing instructions Enter direct rental expenses (see instructions) d. 1040x filing instructions       e. 1040x filing instructions Fully deductible rental expenses. 1040x filing instructions Add lines 2a–2d. 1040x filing instructions Enter here and  on the appropriate lines on Schedule E (see instructions) 2e. 1040x filing instructions   3. 1040x filing instructions Subtract line 2e from line 1. 1040x filing instructions If zero or less, enter -0- 3. 1040x filing instructions   4a. 1040x filing instructions Enter the rental portion of expenses directly related to operating or maintaining  the dwelling unit (such as repairs, insurance, and utilities) 4a. 1040x filing instructions       b. 1040x filing instructions Enter the rental portion of excess mortgage interest and qualified mortgage insurance premiums (see instructions) b. 1040x filing instructions       c. 1040x filing instructions Carryover of operating expenses from 2012 worksheet c. 1040x filing instructions       d. 1040x filing instructions Add lines 4a–4c d. 1040x filing instructions       e. 1040x filing instructions Allowable expenses. 1040x filing instructions Enter the smaller of line 3 or line 4d (see instructions) 4e. 1040x filing instructions   5. 1040x filing instructions Subtract line 4e from line 3. 1040x filing instructions If zero or less, enter -0- 5. 1040x filing instructions   6a. 1040x filing instructions Enter the rental portion of excess casualty and theft losses (see instructions) 6a. 1040x filing instructions       b. 1040x filing instructions Enter the rental portion of depreciation of the dwelling unit b. 1040x filing instructions       c. 1040x filing instructions Carryover of excess casualty losses and depreciation from 2012 worksheet c. 1040x filing instructions       d. 1040x filing instructions Add lines 6a–6c d. 1040x filing instructions       e. 1040x filing instructions Allowable excess casualty and theft losses and depreciation. 1040x filing instructions Enter the smaller of  line 5 or line 6d (see instructions) 6e. 1040x filing instructions   PART III. 1040x filing instructions Carryover of Unallowed Expenses to Next Year 7a. 1040x filing instructions Operating expenses to be carried over to next year. 1040x filing instructions Subtract line 4e from line 4d 7a. 1040x filing instructions   b. 1040x filing instructions Excess casualty and theft losses and depreciation to be carried over to next year. 1040x filing instructions  Subtract line 6e from line 6d b. 1040x filing instructions   Worksheet 5-1 Instructions. 1040x filing instructions Worksheet for Figuring Rental Deductions for a Dwelling Unit Used as a Home Caution. 1040x filing instructions Use the percentage determined in Part I, line F, to figure the rental portions to enter on lines 2a–2c, 4a–4b, and 6a–6b of  Part II. 1040x filing instructions Line 2a. 1040x filing instructions Figure the mortgage interest on the dwelling unit that you could deduct on Schedule A as if you had not rented the unit. 1040x filing instructions Do not include interest on a loan that did not benefit the dwelling unit. 1040x filing instructions For example, do not include interest on a home equity loan used to pay off credit cards or other personal loans, buy a car, or pay college tuition. 1040x filing instructions Include interest on a loan used to buy, build, or improve the dwelling unit, or to refinance such a loan. 1040x filing instructions Include the rental portion of this interest in the total you enter on line 2a of the worksheet. 1040x filing instructions   Figure the qualified mortgage insurance premiums on the dwelling unit that you could deduct on line 13 of Schedule A as if you had not rented the unit. 1040x filing instructions See the Schedule A instructions. 1040x filing instructions However, figure your adjusted gross income (Form 1040, line 38) without your rental income and expenses from the dwelling unit. 1040x filing instructions See Line 4b to deduct the part of the qualified mortgage insurance premiums not allowed because of the adjusted gross income limit. 1040x filing instructions Include the rental portion of the amount from Schedule A, line 13, in the total you enter on line 2a of the worksheet. 1040x filing instructions   Note. 1040x filing instructions Do not file this Schedule A or use it to figure the amount to deduct on line 13 of that schedule. 1040x filing instructions Instead, figure the personal portion on a separate Schedule A. 1040x filing instructions If you have deducted mortgage interest or qualified mortgage insurance premiums on the dwelling unit on other forms, such as Schedule C or F, remember to reduce your Schedule A deduction by that amount. 1040x filing instructions           Line 2c. 1040x filing instructions Figure the casualty and theft losses related to the dwelling unit that you could deduct on Schedule A as if you had not rented the dwelling unit. 1040x filing instructions To do this, complete Section A of Form 4684, Casualties and Thefts, treating the losses as personal losses. 1040x filing instructions If any of the loss is due to a federally declared disaster, see the Instructions for Form 4684. 1040x filing instructions On Form 4684, line 17, enter 10% of your adjusted gross income figured without your rental income and expenses from the dwelling unit. 1040x filing instructions Enter the rental portion of the result from Form 4684, line 18, on line 2c of this worksheet. 1040x filing instructions   Note. 1040x filing instructions Do not file this Form 4684 or use it to figure your personal losses on Schedule A. 1040x filing instructions Instead, figure the personal portion on a separate Form 4684. 1040x filing instructions           Line 2d. 1040x filing instructions Enter the total of your rental expenses that are directly related only to the rental activity. 1040x filing instructions These include interest on loans used for rental activities other than to buy, build, or improve the dwelling unit. 1040x filing instructions Also include rental agency fees, advertising, office supplies, and depreciation on office equipment used in your rental activity. 1040x filing instructions           Line 2e. 1040x filing instructions You can deduct the amounts on lines 2a, 2b, 2c, and 2d as rental expenses on Schedule E even if your rental expenses are more than your rental income. 1040x filing instructions Enter the amounts on lines 2a, 2b, 2c, and 2d on the appropriate lines of Schedule E. 1040x filing instructions           Line 4b. 1040x filing instructions On line 2a, you entered the rental portion of the mortgage interest or qualified mortgage insurance premiums you could deduct on Schedule A if you had not rented the dwelling unit. 1040x filing instructions If you had additional mortgage interest and qualified mortgage insurance premiums that would not be deductible on Schedule A because of limits imposed on them, enter on line 4b of this worksheet the rental portion of those excess amounts. 1040x filing instructions Do not include interest on a loan that did not benefit the dwelling unit  (as explained in the line 2a instructions). 1040x filing instructions           Line 4e. 1040x filing instructions You can deduct the amounts on lines 4a, 4b, and 4c as rental expenses on Schedule E only to the extent they are not more than the amount on line 4e. 1040x filing instructions *           Line 6a. 1040x filing instructions To find the rental portion of excess casualty and theft losses, use the Form 4684 you prepared for line 2c of this worksheet. 1040x filing instructions   A. 1040x filing instructions Enter the amount from Form 4684, line 10       B. 1040x filing instructions Enter the rental portion of line A       C. 1040x filing instructions Enter the amount from line 2c of this worksheet       D. 1040x filing instructions Subtract line C from line B. 1040x filing instructions Enter the result here and on line 6a of this worksheet               Line 6e. 1040x filing instructions You can deduct the amounts on lines 6a, 6b, and 6c as rental expenses on Schedule E only to the extent they are not more than the amount on line 6e. 1040x filing instructions * *Allocating the limited deduction. 1040x filing instructions If you cannot deduct all of the amount on line 4d or 6d this year, you can allocate the allowable deduction in any way you wish among the expenses included on line 4d or 6d. 1040x filing instructions Enter the amount you allocate to each expense on the appropriate line of Schedule E, Part I. 1040x filing instructions Prev  Up  Next   Home   More Online Publications
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Is My Pension or Annuity Payment Taxable?

This application will help you determine if your pension or annuity payment from an employer sponsored retirement plan is taxable.  This application does not address Individual Retirement Arrangements (IRAs).

Information You Will Need:

  • All income documents
  • Federal income tax withheld (Form W2-P or Form1099)

Estimated Completion Time: 11 minutes. However: 5 minutes of inactivity will end the interview and you will be forced to start over.

Begin

Page Last Reviewed or Updated: 14-Feb-2014

The 1040x Filing Instructions

1040x filing instructions Publication 80 - Introductory Material Table of Contents Future Developments What's New Reminders Calendar Future Developments For the latest information about developments related to Publication 80 (Circular SS), such as legislation enacted after it was published, go to www. 1040x filing instructions irs. 1040x filing instructions gov/pub80. 1040x filing instructions What's New Social security and Medicare tax for 2014. 1040x filing instructions  The social security tax rate is 6. 1040x filing instructions 2% each for the employee and employer, unchanged from 2013. 1040x filing instructions The social security wage base limit is $117,000. 1040x filing instructions The Medicare tax rate is 1. 1040x filing instructions 45% each for the employee and employer, unchanged from 2013. 1040x filing instructions There is no wage base limit for Medicare tax. 1040x filing instructions Social security and Medicare taxes apply to the wages of household workers you pay $1,900 or more in cash or an equivalent form of compensation. 1040x filing instructions Social security and Medicare taxes apply to election workers who are paid $1,600 or more in cash or an equivalent form of compensation. 1040x filing instructions Change of responsible party. 1040x filing instructions . 1040x filing instructions  Beginning January 1, 2014, any entity with an employer identification number (EIN) must file Form 8822-B, Change of Address or Responsible Party—Business, to report the latest change to its responsible party. 1040x filing instructions Form 8822-B must be filed within 60 days of the change. 1040x filing instructions If the change in the identity of your responsible party occurred before 2014, and you have not previously notified the IRS of the change, file Form 8822-B before March 1, 2014, reporting only the most recent change. 1040x filing instructions For a definition of “responsible party”, see the Form 8822-B instructions. 1040x filing instructions Same-sex marriage. 1040x filing instructions  For federal tax purposes, individuals of the same sex are considered married if they were lawfully married in a state (or foreign country) whose laws authorize the marriage of two individuals of the same sex, even if the state (or foreign country) in which they now live does not recognize same-sex marriage. 1040x filing instructions For more information, see Revenue Ruling 2013-17, 2013-38 I. 1040x filing instructions R. 1040x filing instructions B. 1040x filing instructions 201, available at www. 1040x filing instructions irs. 1040x filing instructions gov/irb/2013-38_IRB/ar07. 1040x filing instructions html. 1040x filing instructions Notice 2013-61 provides special administrative procedures for employers to make claims for refund or adjustments of overpayments of social security and Medicare taxes with respect to certain same-sex spouse benefits before expiration of the period of limitations. 1040x filing instructions Notice 2013-61, 2013-44 I. 1040x filing instructions R. 1040x filing instructions B. 1040x filing instructions 432, is available at www. 1040x filing instructions irs. 1040x filing instructions gov/irb/2013-44_IRB/ar10. 1040x filing instructions html. 1040x filing instructions Reminders Additional Medicare Tax withholding. 1040x filing instructions  In addition to withholding Medicare tax at 1. 1040x filing instructions 45%, you must withhold a 0. 1040x filing instructions 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. 1040x filing instructions You are required to begin withholding Additional Medicare Tax in the pay period in which you pay wages in excess of $200,000 to an employee and continue to withhold it each pay period until the end of the calendar year. 1040x filing instructions Additional Medicare Tax is only imposed on the employee. 1040x filing instructions There is no employer share of Additional Medicare Tax. 1040x filing instructions All wages that are subject to Medicare tax are subject to Additional Medicare Tax withholding if paid in excess of the $200,000 withholding threshold. 1040x filing instructions For more information on what wages are subject to Medicare tax, see the chart, Special Rules for Various Types of Employment and Payments , in section 12. 1040x filing instructions For more information on Additional Medicare Tax, visit IRS. 1040x filing instructions gov and enter “Additional Medicare Tax” in the search box. 1040x filing instructions Work opportunity tax credit for qualified tax-exempt organizations hiring qualified veterans. 1040x filing instructions  The work opportunity tax credit is available for eligible unemployed veterans who begin work on or after November 22, 2011, and before January 1, 2014. 1040x filing instructions Qualified tax-exempt organizations that hire eligible unemployed veterans can claim the work opportunity tax credit against their payroll tax liability using Form 5884-C, Work Opportunity Credit for Qualified Tax-Exempt Organizations Hiring Qualified Veterans. 1040x filing instructions For more information, visit IRS. 1040x filing instructions gov and enter “work opportunity tax credit” in the search box. 1040x filing instructions Outsourcing payroll duties. 1040x filing instructions  Employers are responsible to ensure that tax returns are filed and deposits and payments are made, even if the employer contracts with a third party to perform these acts. 1040x filing instructions The employer remains responsible if the third party fails to perform any required action. 1040x filing instructions If you choose to outsource any of your payroll and related tax duties (that is, withholding, reporting, and paying over social security, Medicare, FUTA, and income taxes) to a third-party payer such as a payroll service provider or reporting agent, visit IRS. 1040x filing instructions gov and enter “outsourcing payroll duties” in the search box for helpful information on this topic. 1040x filing instructions Residents of the Philippines working in the Commonwealth of the Northern Mariana Islands (CNMI). 1040x filing instructions  The IRS will not assert that an employer has understated liability for social security and Medicare taxes because they failed to treat services performed before January 1, 2015, in the CNMI by a resident of the Philippines as employment as defined under Internal Revenue Code section 3121(b). 1040x filing instructions For more information, see Announcement 2012-43, 2012-51 I. 1040x filing instructions R. 1040x filing instructions B. 1040x filing instructions 723, available at www. 1040x filing instructions irs. 1040x filing instructions gov/irb/2012-51_IRB/ar15. 1040x filing instructions html. 1040x filing instructions CNMI government employees now subject to social security and Medicare taxes. 1040x filing instructions  Beginning in the fourth calendar quarter of 2012, CNMI government employees are subject to social security and Medicare taxes. 1040x filing instructions COBRA premium assistance credit. 1040x filing instructions  The credit for COBRA premium assistance payments applies to premiums paid for employees involuntarily terminated between September 1, 2008 and May 31, 2010, and to premiums paid for up to 15 months. 1040x filing instructions See COBRA premium assistance credit in Publication 15 (Circular E), Employer's Tax Guide. 1040x filing instructions You can get Publication 15 (Circular E) at IRS. 1040x filing instructions gov. 1040x filing instructions You must receive written notice from the IRS to file Form 944. 1040x filing instructions  If you have been filing Forms 941-SS and believe your employment taxes for the calendar year will be $1,000 or less, and you would like to file Form 944, Employer's ANNUAL Federal Tax Return, instead of Forms 941-SS, you must contact the IRS to request to file Form 944. 1040x filing instructions You must receive written notice from the IRS to file Form 944 instead of Forms 941-SS before you may file this form. 1040x filing instructions For more information on requesting to file Form 944 visit IRS. 1040x filing instructions gov and enter “file employment taxes annually” in the search box. 1040x filing instructions Federal employers in the CNMI. 1040x filing instructions  The U. 1040x filing instructions S. 1040x filing instructions Treasury Department and the CNMI Division of Revenue and Taxation entered into an agreement under 5 USC 5517 in December 2006. 1040x filing instructions Under this agreement, all federal employers (including the Department of Defense) are required to withhold CNMI income taxes (rather than federal income taxes) and deposit the CNMI taxes with the CNMI Treasury for employees who are subject to CNMI taxes and whose regular place of federal employment is in the CNMI. 1040x filing instructions Federal employers are also required to file quarterly and annual reports with the CNMI Division of Revenue and Taxation. 1040x filing instructions For questions, contact the CNMI Division of Revenue and Taxation. 1040x filing instructions Change of address. 1040x filing instructions  Use Form 8822-B to notify the IRS of an address change. 1040x filing instructions Do not mail Form 8822-B with your employment tax return. 1040x filing instructions Federal tax deposits must be made by electronic funds transfer. 1040x filing instructions  You must use electronic funds transfer to make all federal tax deposits. 1040x filing instructions Generally, electronic fund transfers are made using the Electronic Federal Tax Payment System (EFTPS). 1040x filing instructions If you do not want to use EFTPS, you can arrange for your tax professional, financial institution, payroll service, or other trusted third party to make electronic deposits on your behalf. 1040x filing instructions Also, you may arrange for your financial institution to initiate a same-day wire payment on your behalf. 1040x filing instructions EFTPS is a free service provided by the Department of Treasury. 1040x filing instructions Services provided by your tax professional, financial institution, payroll service, or other third party may have a fee. 1040x filing instructions For more information on making federal tax deposits, see How To Deposit in section 8. 1040x filing instructions For more information about EFTPS or to enroll in EFTPS, visit the EFTPS website at www. 1040x filing instructions eftps. 1040x filing instructions gov or call 1-800-555-4477 (U. 1040x filing instructions S. 1040x filing instructions Virgin Islands only) or 303-967-5916 (toll call) or 1-800-733-4829 (TDD). 1040x filing instructions Additional information about EFTPS is also available in Publication 966, Electronic Federal Tax Payment System: A Guide To Getting Started. 1040x filing instructions Electronic filing and payment. 1040x filing instructions  Using electronic options can make filing a return and paying your federal tax easier. 1040x filing instructions Use the Electronic Federal Tax Payment System (EFTPS) to make deposits or pay in full, whether you rely on a tax professional or prepare your own taxes. 1040x filing instructions You can use IRS e-file to file certain returns. 1040x filing instructions If there is a balance due on the return, you can e-file and e-pay in a single step by authorizing an electronic funds withdrawal (EFW) from your bank account while e-filing. 1040x filing instructions Do not use EFW to pay taxes that are required to be deposited. 1040x filing instructions Visit the IRS website at www. 1040x filing instructions irs. 1040x filing instructions gov/efile for more information on filing electronically. 1040x filing instructions For more information on paying your taxes using EFW, visit the IRS website at www. 1040x filing instructions irs. 1040x filing instructions gov/e-pay. 1040x filing instructions A fee may be charged to file electronically. 1040x filing instructions For EFTPS, visit www. 1040x filing instructions eftps. 1040x filing instructions gov or call EFTPS Customer Service at 1-800-555-4477 (U. 1040x filing instructions S. 1040x filing instructions Virgin Islands only) or 303-967-5916 (toll call). 1040x filing instructions For electronic filing of Forms W-2AS, W-2CM, W-2GU, W-2VI, Wage and Tax Statements; W-3SS, Transmittal of Wage and Tax Statements; and W-2c, Corrected Wage and Tax Statement, visit www. 1040x filing instructions socialsecurity. 1040x filing instructions gov/employer. 1040x filing instructions If you are filing your tax return or paying your federal taxes electronically, a valid EIN is required. 1040x filing instructions If a valid EIN is not provided, the return or payment will not be processed. 1040x filing instructions This may result in penalties and delays in processing your return or payment. 1040x filing instructions Electronic option for filing Forms W-2AS, W-2CM, W-2GU, or W-2VI. 1040x filing instructions  Employers in American Samoa, the CNMI, Guam, and the U. 1040x filing instructions S. 1040x filing instructions Virgin Islands can now use the Social Security Administration's W-2 Online service to create, save, print, and submit up to 50 Forms W-2AS, W-2CM, W-2GU, or W-2VI at a time over the Internet. 1040x filing instructions Form W-3SS will be generated automatically based on your Forms W-2AS, W-2CM, W-2GU, or W-2VI. 1040x filing instructions For more information, visit Social Security Administration's SSA website at www. 1040x filing instructions ssa. 1040x filing instructions gov/bso/bsowelcome. 1040x filing instructions htm. 1040x filing instructions Credit or debit card payments. 1040x filing instructions  For information on paying your taxes with a credit or debit card, visit the IRS website at www. 1040x filing instructions irs. 1040x filing instructions gov/e-pay. 1040x filing instructions However, do not use credit or debit cards to make federal tax deposits. 1040x filing instructions Hiring new employees. 1040x filing instructions  Record the number and name from each new employee's social security card. 1040x filing instructions An employee who does not have a social security card should apply for one on Form SS-5, Application for a Social Security Card. 1040x filing instructions See section 3. 1040x filing instructions Reporting discrepancies between Forms 941-SS (or Form 944) and Forms W-2. 1040x filing instructions  File Schedule D (Form 941), Report of Discrepancies Caused by Acquisitions, Statutory Mergers, or Consolidations, to explain certain wage, tax, and payment discrepancies between Forms 941-SS (or Form 944), and Forms W-2 that were caused by acquisitions, statutory mergers, or consolidations. 1040x filing instructions For more information, see the Instructions for Schedule D (Form 941). 1040x filing instructions Apply for an employer identification number (EIN) online. 1040x filing instructions  You can apply for an EIN online by visiting IRS. 1040x filing instructions gov and clicking on the Apply for an EIN Online link under Tools. 1040x filing instructions Dishonored payments. 1040x filing instructions  Any form of payment that is dishonored and returned from a financial institution is subject to a penalty. 1040x filing instructions The penalty is $25 or 2% of the payment, whichever is more. 1040x filing instructions However, the penalty on dishonored payments of $24. 1040x filing instructions 99 or less is an amount equal to the payment. 1040x filing instructions For example, a dishonored payment of $18 is charged a penalty of $18. 1040x filing instructions Private delivery services. 1040x filing instructions  You can use certain private delivery services designated by the IRS to send tax returns or payments. 1040x filing instructions The list includes only the following: DHL Express (DHL): DHL Same Day Service. 1040x filing instructions Federal Express (FedEx): FedEx Priority Overnight, FedEx Standard Overnight, FedEx 2Day, FedEx International Priority, and FedEx International First. 1040x filing instructions United Parcel Service (UPS): UPS Next Day Air, UPS Next Day Air Saver, UPS 2nd Day Air, UPS 2nd Day Air A. 1040x filing instructions M. 1040x filing instructions , UPS Worldwide Express Plus, and UPS Worldwide Express. 1040x filing instructions For the IRS mailing address to use if you are using a private delivery service, go to IRS. 1040x filing instructions gov and enter “private delivery service” in the search box. 1040x filing instructions Your private delivery service can tell you how to get written proof of the mailing date. 1040x filing instructions Private delivery services cannot deliver items to P. 1040x filing instructions O. 1040x filing instructions boxes. 1040x filing instructions You must use the U. 1040x filing instructions S. 1040x filing instructions Postal Service to mail any item to an IRS P. 1040x filing instructions O. 1040x filing instructions box address. 1040x filing instructions Recordkeeping. 1040x filing instructions  Keep all records of employment taxes for 4 years. 1040x filing instructions These should be available for IRS review. 1040x filing instructions There is no required format for such records, but they should include your EIN; the amounts and dates of all wage payments (including fringe benefits) and tips reported; the names, addresses, and occupations of employees receiving such payments and their social security numbers; copies of returns filed; dates of employment; and the dates and amounts of deposits made. 1040x filing instructions Farm employers must keep a record of the name, permanent address, and EIN of each crew leader. 1040x filing instructions See Farm Crew Leaders in section 2. 1040x filing instructions Disregarded entities and qualified subchapter S subsidiaries (QSubs). 1040x filing instructions  Eligible single-owner disregarded entities and QSubs are treated as separate entities for employment tax purposes. 1040x filing instructions Eligible single-member entities that have not elected to be taxed as corporations must report and pay employment taxes on wages paid to their employees using the entities' own names and EINs. 1040x filing instructions See Regulations sections 1. 1040x filing instructions 1361-4(a)(7) and 301. 1040x filing instructions 7701-2(c)(2)(iv). 1040x filing instructions Photographs of missing children. 1040x filing instructions  The IRS is a proud partner with the National Center for Missing and Exploited Children. 1040x filing instructions Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. 1040x filing instructions 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. 1040x filing instructions Calendar   If any date for filing a return, furnishing a form, or depositing taxes falls on a Saturday, Sunday, or legal holiday, the due date is the next business day. 1040x filing instructions A statewide legal holiday delays a filing due date only if the IRS office where you are required to file is located in that state. 1040x filing instructions However, a statewide legal holiday does not delay the due date of federal tax deposits. 1040x filing instructions See Deposits on Business Days Only in section 8. 1040x filing instructions For any filing due date, you will meet the “file” or “furnish” requirement if the envelope containing the return or form is properly addressed, contains sufficient postage, and is postmarked by the U. 1040x filing instructions S. 1040x filing instructions Postal Service on or before the due date, or sent by an IRS-designated delivery service on or before the due date. 1040x filing instructions See Private delivery services under Reminders. 1040x filing instructions The following are important dates and responsibilities. 1040x filing instructions Also see Publication 509, Tax Calendars. 1040x filing instructions By January 31. 1040x filing instructions   Furnish wage and tax statements to employees. 1040x filing instructions Give each employee a completed Form W-2AS, W-2CM, W-2GU, or W-2VI. 1040x filing instructions See section 10 for more information. 1040x filing instructions File Form 943, Employer's Annual Federal Tax Return for Agricultural Employees, with the IRS. 1040x filing instructions If you deposited all Form 943 taxes when due, you have 10 additional calendar days to file. 1040x filing instructions U. 1040x filing instructions S. 1040x filing instructions Virgin Islands employers only must file Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return, with the IRS. 1040x filing instructions Pay or deposit (if more than $500) any balance of the tax due. 1040x filing instructions If you deposited the full amount of taxes when due, you have 10 additional calendar days to file. 1040x filing instructions File Form 944 with the IRS if you were notified by the IRS to file Form 944 instead of quarterly Forms 941-SS. 1040x filing instructions If you deposited the full amount of taxes when due, you have 10 additional calendar days to file. 1040x filing instructions By February 28. 1040x filing instructions  File paper wage and tax statements with the Social Security Administration (SSA). 1040x filing instructions File Copy A of Forms W-2AS, W-2CM, W-2GU, or W-2VI, and Form W-3SS with the Social Security Administration (SSA). 1040x filing instructions For electronically filed returns, see By March 31 next. 1040x filing instructions By March 31. 1040x filing instructions  File electronic Forms W-2AS, W-2CM, W-2GU, or W-2VI with the SSA. 1040x filing instructions Visit the SSA's Reporting Instructions & Information webpage at www. 1040x filing instructions socialsecurity. 1040x filing instructions gov/employer for more information. 1040x filing instructions By April 30, July 31, October 31, and January 31. 1040x filing instructions  File Form 941-SS with the IRS. 1040x filing instructions If you deposited the full amount of taxes when due, you have 10 additional calendar days to file. 1040x filing instructions Do not file Forms 941-SS for these quarters if you have been notified to file Form 944 and you did not request to file quarterly Forms 941-SS. 1040x filing instructions Deposit FUTA tax for the quarter (including any amount carried over from other quarters) if over $500. 1040x filing instructions If $500 or less, carry it over to the next quarter. 1040x filing instructions See section 11 for more information. 1040x filing instructions Prev  Up  Next   Home   More Online Publications