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2006 Federal Tax Forms

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2006 Federal Tax Forms

2006 federal tax forms 4. 2006 federal tax forms   Underpayment Penalty for 2013 Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: General RuleFarmers and fishermen. 2006 federal tax forms Higher income taxpayers. 2006 federal tax forms Minimum required for higher income taxpayers. 2006 federal tax forms Estate or trust payments of estimated tax. 2006 federal tax forms Lowering or eliminating the penalty. 2006 federal tax forms ExceptionsLess Than $1,000 Due No Tax Liability Last Year Figuring Your Required Annual Payment (Part I) Short Method for Figuring the Penalty (Part III) Regular Method for Figuring the Penalty (Part IV)Figuring Your Underpayment (Part IV, Section A) Worksheet for Form 2210, Part IV, Section B—Figuring the Penalty Annualized Income Installment Method (Schedule AI) Farmers and Fishermen Waiver of PenaltyFarmers and fishermen. 2006 federal tax forms Introduction If you did not pay enough tax, either through withholding or by making timely estimated tax payments, you will have underpaid your estimated tax and may have to pay a penalty. 2006 federal tax forms You may understand this chapter better if you can refer to a copy of your latest federal income tax return. 2006 federal tax forms No penalty. 2006 federal tax forms   Generally, you will not have to pay a penalty for 2013 if any of the following apply. 2006 federal tax forms The total of your withholding and timely estimated tax payments was at least as much as your 2012 tax. 2006 federal tax forms (See Special rules for certain individuals for higher income taxpayers and farmers and fishermen. 2006 federal tax forms ) The tax balance due on your 2013 return is no more than 10% of your total 2013 tax, and you paid all required estimated tax payments on time. 2006 federal tax forms Your total tax for 2013 (defined later) minus your withholding is less than $1,000. 2006 federal tax forms You did not have a tax liability for 2012. 2006 federal tax forms You did not have any withholding taxes and your current year tax (less any household employment taxes) is less than $1,000. 2006 federal tax forms IRS can figure the penalty for you. 2006 federal tax forms   If you think you owe the penalty, but you do not want to figure it yourself when you file your tax return, you may not have to. 2006 federal tax forms Generally, the IRS will figure the penalty for you and send you a bill. 2006 federal tax forms   You only need to figure your penalty in the following three situations. 2006 federal tax forms You are requesting a waiver of part, but not all, of the penalty. 2006 federal tax forms You are using the annualized income installment method to figure the penalty. 2006 federal tax forms You are treating the federal income tax withheld from your income as paid on the dates actually withheld. 2006 federal tax forms However, if these situations do not apply to you, and you think you can lower or eliminate your penalty, complete Form 2210 or Form 2210-F and attach it to your return. 2006 federal tax forms See Form 2210 , later. 2006 federal tax forms Topics - This chapter discusses: The general rule for the underpayment penalty, Special rules for certain individuals, Exceptions to the underpayment penalty, How to figure your underpayment and the amount of your penalty on Form 2210, and How to ask the IRS to waive the penalty. 2006 federal tax forms Useful Items - You may want to see: Form (and Instructions) 2210 Underpayment of Estimated Tax by Individuals, Estates, and Trusts 2210-F Underpayment of Estimated Tax by Farmers and Fishermen See chapter 5 for information about getting these forms. 2006 federal tax forms General Rule In general, you may owe a penalty for 2013 if the total of your withholding and timely estimated tax payments did not equal at least the smaller of: 90% of your 2013 tax, or 100% of your 2012 tax. 2006 federal tax forms (Your 2012 tax return must cover a 12-month period. 2006 federal tax forms ) Your 2013 tax, for this purpose, is defined under Total tax for 2013 , later. 2006 federal tax forms Special rules for certain individuals. 2006 federal tax forms   There are special rules for farmers and fishermen and certain higher income taxpayers. 2006 federal tax forms Farmers and fishermen. 2006 federal tax forms   If at least two-thirds of your gross income for 2012 or 2013 is from farming or fishing, substitute  662/3% for 90% in (1) above. 2006 federal tax forms   See Farmers and Fishermen , later. 2006 federal tax forms Higher income taxpayers. 2006 federal tax forms   If your AGI for 2012 was more than $150,000 ($75,000 if your 2013 filing status is married filing a separate return), substitute 110% for 100% in (2) under General Rule . 2006 federal tax forms This rule does not apply to farmers or fishermen. 2006 federal tax forms   For 2012, AGI is the amount shown on Form 1040, line 37; Form 1040A, line 21; and Form 1040EZ, line 4. 2006 federal tax forms Penalty figured separately for each period. 2006 federal tax forms   Because the penalty is figured separately for each payment period, you may owe a penalty for an earlier payment period even if you later paid enough to make up the underpayment. 2006 federal tax forms This is true even if you are due a refund when you file your income tax return. 2006 federal tax forms Example. 2006 federal tax forms You did not make estimated tax payments for 2013 because you thought you had enough tax withheld from your wages. 2006 federal tax forms Early in January 2014, you made an estimate of your total 2013 tax. 2006 federal tax forms Then you realized that your withholding was $2,000 less than the amount needed to avoid a penalty for underpayment of estimated tax. 2006 federal tax forms On January 10, you made an estimated tax payment of $3,000, which is the difference between your withholding and your estimate of your total tax. 2006 federal tax forms Your final return shows your total tax to be $50 less than your estimate, so you are due a refund. 2006 federal tax forms You do not owe a penalty for your payment due January 15, 2014. 2006 federal tax forms However, you may owe a penalty through January 10, 2014, the day you made the $3,000 payment, for your underpayments for the earlier payment periods. 2006 federal tax forms Minimum required each period. 2006 federal tax forms   You will owe a penalty for any 2013 payment period for which your estimated tax payment plus your withholding for the period and overpayments applied from previous periods was less than the smaller of: 22. 2006 federal tax forms 5% of your 2013 tax, or 25% of your 2012 tax. 2006 federal tax forms (Your 2012 tax return must cover a 12-month period. 2006 federal tax forms ) Minimum required for higher income taxpayers. 2006 federal tax forms   If you are subject to the rule for higher income taxpayers, discussed above, substitute 27. 2006 federal tax forms 5% for 25% in (2) under General Rule . 2006 federal tax forms When penalty is charged. 2006 federal tax forms   If you miss a payment or you paid less than the minimum required in a period, you may be charged an underpayment penalty from the date the amount was due to the date the payment is made. 2006 federal tax forms If a payment is mailed, the date of the U. 2006 federal tax forms S. 2006 federal tax forms postmark is considered the date of payment. 2006 federal tax forms   If a payment is made electronically, the date the payment is shown on your payment account (checking, savings, etc. 2006 federal tax forms ) is considered to be the date of payment. 2006 federal tax forms Estate or trust payments of estimated tax. 2006 federal tax forms   If you have estimated taxes credited to you from an estate or trust (Schedule K-1 (Form 1041)), treat the payment as made by you on January 15, 2014. 2006 federal tax forms Amended returns. 2006 federal tax forms    If you file an amended return by the due date of your original return, use the tax shown on your amended return to figure your required estimated tax payments. 2006 federal tax forms If you file an amended return after the due date of the original return, use the tax shown on the original return. 2006 federal tax forms   However, if you and your spouse file a joint return after the due date to replace separate returns you originally filed by the due date, use the tax shown on the joint return to figure your required estimated tax payments. 2006 federal tax forms This rule applies only if both original separate returns were filed on time. 2006 federal tax forms 2012 separate returns and 2013 joint return. 2006 federal tax forms    If you file a joint return with your spouse for 2013, but you filed separate returns for 2012, your 2012 tax is the total of the tax shown on your separate returns. 2006 federal tax forms You filed a separate return if you filed as single, head of household, or married filing separately. 2006 federal tax forms 2012 joint return and 2013 separate returns. 2006 federal tax forms    If you file a separate return for 2013, but you filed a joint return with your spouse for 2012, your 2012 tax is your share of the tax on the joint return. 2006 federal tax forms You are filing a separate return if you file as single, head of household, or married filing separately. 2006 federal tax forms   To figure your share of the taxes on a joint return, first figure the tax both you and your spouse would have paid had you filed separate returns for 2012 using the same filing status as for 2013. 2006 federal tax forms Then multiply the tax on the joint return by the following fraction. 2006 federal tax forms   The tax you would have paid had you filed a separate return   The total tax you and your spouse would have paid had you filed separate returns Example. 2006 federal tax forms Lisa and Paul filed a joint return for 2012 showing taxable income of $49,000 and a tax of $6,484. 2006 federal tax forms Of the $49,000 taxable income, $41,000 was Lisa's and the rest was Paul's. 2006 federal tax forms For 2013, they file married filing separately. 2006 federal tax forms Lisa figures her share of the tax on the 2012 joint return as follows. 2006 federal tax forms 2012 tax on $41,000 based on a separate return $ 6,286 2012 tax on $8,000 based on a  separate return 803 Total $ 7,089 Lisa's percentage of total tax  ($6,286 ÷ $ 7,089) 88. 2006 federal tax forms 67% Lisa's part of tax on joint return ($6,484 × 88. 2006 federal tax forms 67%) $ 5,749 Form 2210. 2006 federal tax forms   In most cases, you do not need to file Form 2210. 2006 federal tax forms The IRS will figure the penalty for you and send you a bill. 2006 federal tax forms If you want us to figure the penalty for you, leave the penalty line on your return blank. 2006 federal tax forms Do not file Form 2210. 2006 federal tax forms   To determine if you should file Form 2210, see Part II of Form 2210. 2006 federal tax forms If you decide to figure your penalty, complete Part I, Part II, and either Part III or Part IV of the form and the Penalty Worksheet in the Instructions for Form 2210. 2006 federal tax forms If you use Form 2210, you cannot file Form 1040EZ. 2006 federal tax forms   On Form 1040, enter the amount of your penalty on line 77. 2006 federal tax forms If you owe tax on line 76, add the penalty to your tax due and show your total payment on line 76. 2006 federal tax forms If you are due a refund, subtract the penalty from the overpayment and enter the result on line 73. 2006 federal tax forms   On Form 1040A, enter the amount of your penalty on line 46. 2006 federal tax forms If you owe tax on line 45, add the penalty to your tax due and show your total payment on line 45. 2006 federal tax forms If you are due a refund, subtract the penalty from the overpayment and enter the result on line 42. 2006 federal tax forms Lowering or eliminating the penalty. 2006 federal tax forms    You may be able to lower or eliminate your penalty if you file Form 2210. 2006 federal tax forms You must file Form 2210 with your return if any of the following applies. 2006 federal tax forms You request a waiver. 2006 federal tax forms See Waiver of Penalty , later. 2006 federal tax forms You use the annualized income installment method. 2006 federal tax forms See the explanation of this method under Annualized Income Installment Method (Schedule AI) . 2006 federal tax forms You use your actual withholding for each payment period for estimated tax purposes. 2006 federal tax forms See Actual withholding method under Figuring Your Underpayment (Part IV, Section A). 2006 federal tax forms You base any of your required installments on the tax shown on your 2012 return and you filed or are filing a joint return for either 2012 or 2013, but not for both years. 2006 federal tax forms Exceptions Generally, you do not have to pay an underpayment penalty if either: Your total tax is less than $1,000, or You had no tax liability last year. 2006 federal tax forms Less Than $1,000 Due You do not owe a penalty if the total tax shown on your return minus the amount you paid through withholding (including excess social security and tier 1 railroad retirement (RRTA) tax withholding) is less than $1,000. 2006 federal tax forms Total tax for 2013. 2006 federal tax forms   For 2013, your total tax on Form 1040 is the amount on line 61 reduced by the following. 2006 federal tax forms    Unreported social security and Medicare tax or RRTA tax from Forms 4137 or 8919 (line 57). 2006 federal tax forms Any tax included on line 58 for excess contributions to IRAs, Archer MSAs, Coverdell education savings accounts, and health savings accounts, or any tax on excess accumulations in qualified retirement plans. 2006 federal tax forms The following write-ins on line 60: Uncollected social security and Medicare tax or RRTA tax on tips or group-term life insurance, Tax on excess golden parachute payments, Excise tax on insider stock compensation from an expatriated corporation, Look-back interest due under section 167(g), Look-back interest due under section 460(b), Recapture of federal mortgage subsidy, and Additional tax on advance payments of health coverage tax credit when not eligible. 2006 federal tax forms Any refundable credit amounts listed on lines 64a, 65, 66, 70, and any credit from Form 8885 included on line 71. 2006 federal tax forms   If you filed Form 1040A, your 2013 total tax is the amount on line 35 reduced by any refundable credits on lines 38a, 39, and 40. 2006 federal tax forms   If you filed Form 1040EZ, your 2013 total tax is the amount on line 10 reduced by the amount on line 8a. 2006 federal tax forms Note. 2006 federal tax forms When figuring the amount on line 60, include household employment taxes only if you had federal income tax withheld from your income or you would owe the penalty even if you did not include those taxes. 2006 federal tax forms Paid through withholding. 2006 federal tax forms    For 2013, the amount you paid through withholding on Form 1040 is the amount on line 62 plus any excess social security or tier 1 RRTA tax withholding on line 69. 2006 federal tax forms Add to that any write-in amount on line 72 identified as “Form 8689. 2006 federal tax forms ” On Form 1040A, the amount you paid through withholding is the amount on line 36 plus any excess social security or tier 1 RRTA tax withholding included on line 41. 2006 federal tax forms On Form 1040EZ, it is the amount on line 7. 2006 federal tax forms No Tax Liability Last Year You do not owe a penalty if you had no tax liability last year and you were a U. 2006 federal tax forms S. 2006 federal tax forms citizen or resident for the whole year. 2006 federal tax forms For this rule to apply, your tax year must have included all 12 months of the year. 2006 federal tax forms You had no tax liability for 2012 if your total tax was zero or you were not required to file an income tax return. 2006 federal tax forms Example. 2006 federal tax forms Ray, who is single and 22 years old, was unemployed for a few months during 2012. 2006 federal tax forms He earned $6,700 in wages before he was laid off, and he received $1,400 in unemployment compensation afterwards. 2006 federal tax forms He had no other income. 2006 federal tax forms Even though he had gross income of $8,100, he did not have to pay income tax because his gross income was less than the filing requirement for a single person under age 65 ($9,750 for 2012). 2006 federal tax forms He filed a return only to have his withheld income tax refunded to him. 2006 federal tax forms In 2013, Ray began regular work as an independent contractor. 2006 federal tax forms Ray made no estimated tax payments in 2013. 2006 federal tax forms Even though he did owe tax at the end of the year, Ray does not owe the underpayment penalty for 2013 because he had no tax liability in 2012. 2006 federal tax forms Total tax for 2012. 2006 federal tax forms   For 2012, your total tax on Form 1040 is the amount on line 61 reduced by the following. 2006 federal tax forms    Unreported social security and Medicare tax or RRTA tax from Forms 4137 or 8919 (line 57). 2006 federal tax forms Any tax included on line 58 for excess contributions to IRAs, Archer MSAs, Coverdell education savings accounts, and health savings accounts, or any tax on excess accumulations in qualified retirement plans. 2006 federal tax forms The following write-ins on line 60: Uncollected social security and Medicare tax or RRTA tax on tips or group-term life insurance, Tax on excess golden parachute payments, Excise tax on insider stock compensation from an expatriated corporation, Look-back interest due under section 167(g), Look-back interest due under section 460(b), Recapture of federal mortgage subsidy, and Additional tax on advance payments of health coverage tax credit when not eligible. 2006 federal tax forms Any refundable credit amounts listed on lines 64a, 65, 66, 70, and credits from Forms 8801 (line 27 only), and 8885 included on line 71. 2006 federal tax forms   If you filed Form 1040A, your 2012 total tax is the amount on line 35 reduced by any refundable credits on lines 38a, 39, and 40. 2006 federal tax forms   If you filed Form 1040EZ, your 2012 total tax is the amount on line 11 reduced by the amount on line 8a. 2006 federal tax forms Figuring Your Required Annual Payment (Part I) Figure your required annual payment in Part I of Form 2210, following the line-by-line instructions. 2006 federal tax forms If you rounded the entries on your tax return to whole dollars, you can round on Form 2210. 2006 federal tax forms Example. 2006 federal tax forms The tax on Lori Lane's 2012 return was $12,400. 2006 federal tax forms Her AGI was not more than $150,000 for either 2012 or 2013. 2006 federal tax forms The tax on her 2013 return (Form 1040, line 55) is $13,044. 2006 federal tax forms Line 56 (self-employment tax) is $8,902. 2006 federal tax forms Her 2013 total tax is $21,946. 2006 federal tax forms For 2013, Lori had $1,600 income tax withheld and made four equal estimated tax payments ($1,000 each). 2006 federal tax forms 90% of her 2013 tax is $19,751. 2006 federal tax forms Because she paid less than her 2012 tax ($12,400) and less than 90% of her 2013 tax ($19,751), and does not meet an exception, Lori knows that she owes a penalty for underpayment of estimated tax. 2006 federal tax forms The IRS will figure the penalty for Lori, but she decides to figure it herself on Form 2210 and pay it with her taxes when she files her tax return. 2006 federal tax forms Lori's required annual payment is $12,400 (100% of 2012 tax) because that is smaller than 90% of her 2013 tax. 2006 federal tax forms Different 2012 filing status. 2006 federal tax forms    If you file a separate return for 2013, but you filed a joint return with your spouse for 2012, see 2012 joint return and 2013 separate returns , earlier, to figure the amount to enter as your 2012 tax on line 8 of Form 2210. 2006 federal tax forms Short Method for Figuring the Penalty (Part III) You may be able to use the short method in Part III of Form 2210 to figure your penalty for underpayment of estimated tax. 2006 federal tax forms If you qualify to use this method, it will result in the same penalty amount as the regular method. 2006 federal tax forms However, either the annualized income installment method or the actual withholding method, explained later, may result in a smaller penalty. 2006 federal tax forms You can use the short method only if you meet one of the following requirements. 2006 federal tax forms You made no estimated tax payments for 2013 (it does not matter whether you had income tax withholding). 2006 federal tax forms You paid the same amount of estimated tax on each of the four payment due dates. 2006 federal tax forms If you do not meet either requirement, figure your penalty using the regular method in Part IV of Form 2210 and the Penalty Worksheet in the instructions. 2006 federal tax forms Note. 2006 federal tax forms If any payment was made before the due date, you can use the short method, but the penalty may be less if you use the regular method. 2006 federal tax forms However, if the payment was only a few days early, the difference is likely to be small. 2006 federal tax forms You cannot use the short method if any of the following apply. 2006 federal tax forms You made any estimated tax payments late. 2006 federal tax forms You checked box C or D in Part II of Form 2210. 2006 federal tax forms You are filing Form 1040NR or 1040NR-EZ and you did not receive wages as an employee subject to U. 2006 federal tax forms S. 2006 federal tax forms income tax withholding. 2006 federal tax forms If you use the short method, you cannot use the annualized income installment method to figure your underpayment for each payment period. 2006 federal tax forms Also, you cannot use your actual withholding during each period to figure your payments for each period. 2006 federal tax forms These methods, which may give you a smaller penalty amount, are explained under Figuring Your Underpayment (Part IV, Section A). 2006 federal tax forms Complete Part III of Form 2210 following the line-by-line instructions in the Instructions for Form 2210. 2006 federal tax forms Regular Method for Figuring the Penalty (Part IV) You can use the regular method in Part IV of Form 2210 to figure your penalty for underpayment of estimated tax if you paid one or more estimated tax payments earlier than the due date. 2006 federal tax forms You must use the regular method in Part IV of Form 2210 to figure your penalty for underpayment of estimated tax if any of the following apply to you. 2006 federal tax forms You paid one or more estimated tax payments on a date after the due date. 2006 federal tax forms You paid at least one, but less than four, installments of estimated tax. 2006 federal tax forms You paid estimated tax payments in un- equal amounts. 2006 federal tax forms You use the annualized income installment method to figure your underpayment for each payment period. 2006 federal tax forms You use your actual withholding during each payment period to figure your payments. 2006 federal tax forms Under the regular method, figure your underpayment for each payment period in Section A, then figure your penalty using the Penalty Worksheet in the Instructions for Form 2210. 2006 federal tax forms Enter the results on line 27 of Section B. 2006 federal tax forms Figuring Your Underpayment (Part IV, Section A) Figure your underpayment of estimated tax for each payment period in Section A following the line-by-line instructions in the Instructions for Form 2210. 2006 federal tax forms Complete lines 20 through 26 of the first column before going to line 20 of the next column. 2006 federal tax forms Required installments—line 18. 2006 federal tax forms   Your required payment for each payment period (line 18) is usually one-fourth of your required annual payment (Part I, line 9). 2006 federal tax forms This method—the regular method—is the one to use if you received your income evenly throughout the year. 2006 federal tax forms   However, if you did not receive your income evenly throughout the year, you may be able to lower or eliminate your penalty by figuring your underpayment using the annualized income installment method. 2006 federal tax forms First complete Schedule AI (Form 2210), then enter the amounts from line 25 of that schedule on line 18 of Form 2210, Part IV. 2006 federal tax forms See Annualized Income Installment Method (Schedule AI), later. 2006 federal tax forms Payments made—line 19. 2006 federal tax forms   Enter in each column the total of: Your estimated tax paid after the due date for the previous column and by the due date shown at the top of the column, and One-fourth of your withholding. 2006 federal tax forms For special rules for figuring your payments, see Form 2210 instructions for line 19. 2006 federal tax forms   If you file Form 1040, your withholding is the amount on line 62, plus any excess social security or tier 1 RRTA tax withholding on line 69. 2006 federal tax forms If you file Form 1040A, your withholding is the amount on line 36 plus any excess social security or tier 1 RRTA tax withholding included in line 41. 2006 federal tax forms Actual withholding method. 2006 federal tax forms    Instead of using one-fourth of your withholding for each quarter, you can choose to use the amounts actually withheld by each due date. 2006 federal tax forms You can make this choice separately for the tax withheld from your wages and for all other withholding. 2006 federal tax forms This includes any excess social security and tier 1 RRTA tax withheld. 2006 federal tax forms   Using your actual withholding may result in a smaller penalty if most of your withholding occurred early in the year. 2006 federal tax forms   If you use your actual withholding, you must check box D in Form 2210, Part II. 2006 federal tax forms Then complete Form 2210 using the regular method (Part IV) and file it with your return. 2006 federal tax forms Worksheet for Form 2210, Part IV, Section B—Figuring the Penalty Figure the amount of your penalty for Section B using the Penalty Worksheet in the Form 2210 instructions. 2006 federal tax forms The penalty is imposed on each underpayment amount shown on Form 2210, Section A, line 25, for the number of days that it remained unpaid. 2006 federal tax forms For 2013, there are four rate periods—April 16 through June 30, July 1 through September 30, October 1 through December 31, and January 1, 2014 through April 15, 2014. 2006 federal tax forms A 3% rate applies to all four periods. 2006 federal tax forms Payments. 2006 federal tax forms    Before completing the Penalty Worksheet, it may be helpful to make a list of the payments you made and income tax withheld after the due date (or the last day payments could be made on time) for the earliest payment period an underpayment occurred. 2006 federal tax forms For example, if you had an underpayment for the first payment period, list your payments after April 15, 2013. 2006 federal tax forms You can use the table in the Form 2210 instructions to make your list. 2006 federal tax forms Follow those instructions for listing income tax withheld and payments made with your return. 2006 federal tax forms Use the list to determine when each underpayment was paid. 2006 federal tax forms   If you mail your estimated tax payments, use the date of the U. 2006 federal tax forms S. 2006 federal tax forms postmark as the date of payment. 2006 federal tax forms Line 1b. 2006 federal tax forms   Apply the payments listed to underpayment balance in the first column until it is fully paid. 2006 federal tax forms Apply payments in the order made. 2006 federal tax forms Figuring the penalty. 2006 federal tax forms   If an underpayment was paid in two or more payments on different dates, you must figure the penalty separately for each payment. 2006 federal tax forms On line 3 of the Penalty Worksheet enter the number of days between the due date (line 2) and the date of each payment on line 1b. 2006 federal tax forms On line 4 figure the penalty for the amount of each payment applied on line 1b or the amount remaining unpaid. 2006 federal tax forms If no payments are applied, figure the penalty on the amount on line 1a. 2006 federal tax forms Aid for counting days. 2006 federal tax forms    Table 4-1 provides a simple method for counting the number of days between a due date and a payment date. 2006 federal tax forms Find the number for the date the payment was due by going across to the column of the month the payment was due and moving down the column to the due date. 2006 federal tax forms In the same manner, find the number for the date the payment was made. 2006 federal tax forms Subtract the due date “number” from the payment date “number. 2006 federal tax forms ”   For example, if a payment was due on June 15 (61), but was not paid until September 1 (139), the payment was 78 (139 – 61) days late. 2006 federal tax forms Table 4-1. 2006 federal tax forms Calendar To Determine the Number of Days a Payment Is Late Instructions. 2006 federal tax forms Use this table with Form 2210 if you are completing Part IV, Section B. 2006 federal tax forms First, find the number for the payment due date by going across to the column of the month the payment was due and moving down the column to the due date. 2006 federal tax forms Then, in the same manner, find the number for the date the payment was made. 2006 federal tax forms Finally, subtract the due date number from the payment date number. 2006 federal tax forms The result is the number of days the payment is late. 2006 federal tax forms Example. 2006 federal tax forms The payment due date is June 15 (61). 2006 federal tax forms The payment was made on November 4 (203). 2006 federal tax forms The payment is 142 days late (203 – 61). 2006 federal tax forms Tax Year 2013 Day of 2013 2013 2013 2013 2013 2013 2013 2013 2013 2014 2014 2014 2014 Month April May June July Aug. 2006 federal tax forms Sept. 2006 federal tax forms Oct. 2006 federal tax forms Nov. 2006 federal tax forms Dec. 2006 federal tax forms Jan. 2006 federal tax forms Feb. 2006 federal tax forms Mar. 2006 federal tax forms Apr. 2006 federal tax forms 1   16 47 77 108 139 169 200 230 261 292 320 351 2   17 48 78 109 140 170 201 231 262 293 321 352 3   18 49 79 110 141 171 202 232 263 294 322 353 4   19 50 80 111 142 172 203 233 264 295 323 354 5   20 51 81 112 143 173 204 234 265 296 324 355 6   21 52 82 113 144 174 205 235 266 297 325 356 7   22 53 83 114 145 175 206 236 267 298 326 357 8   23 54 84 115 146 176 207 237 268 299 327 358 9   24 55 85 116 147 177 208 238 269 300 328 359 10   25 56 86 117 148 178 209 239 270 301 329 360 11   26 57 87 118 149 179 210 240 271 302 330 361 12   27 58 88 119 150 180 211 241 272 303 331 362 13   28 59 89 120 151 181 212 242 273 304 332 363 14   29 60 90 121 152 182 213 243 274 305 333 364 15 0 30 61 91 122 153 183 214 244 275 306 334 365 16 1 31 62 92 123 154 184 215 245 276 307 335   17 2 32 63 93 124 155 185 216 246 277 308 336   18 3 33 64 94 125 156 186 217 247 278 309 337   19 4 34 65 95 126 157 187 218 248 279 310 338   20 5 35 66 96 127 158 188 219 249 280 311 339   21 6 36 67 97 128 159 189 220 250 281 312 340   22 7 37 68 98 129 160 190 221 251 282 313 341   23 8 38 69 99 130 161 191 222 252 283 314 342   24 9 39 70 100 131 162 192 223 253 284 315 343   25 10 40 71 101 132 163 193 224 254 285 316 344   26 11 41 72 102 133 164 194 225 255 286 317 345   27 12 42 73 103 134 165 195 226 256 287 318 346   28 13 43 74 104 135 166 196 227 257 288 319 347   29 14 44 75 105 136 167 197 228 258 289   348   30 15 45 76 106 137 168 198 229 259 290   349   31   46   107 138   199   260 291   350   Annualized Income Installment Method (Schedule AI) If you did not receive your income evenly throughout the year (for example, your income from a shop you operated at a marina was much larger in the summer than it was during the rest of the year), you may be able to lower or eliminate your penalty by figuring your underpayment using the annualized income installment method. 2006 federal tax forms Under this method, your required installment (Part IV, line 18) for one or more payment periods may be less than one-fourth of your required annual payment. 2006 federal tax forms To figure your underpayment using this method, complete Form 2210, Schedule AI. 2006 federal tax forms Schedule AI annualizes your tax at the end of each payment period based on your income, deductions, and other items relating to events that occurred from the beginning of the tax year through the end of the period. 2006 federal tax forms If you use the annualized income installment method, you must check box C in Part II of Form 2210. 2006 federal tax forms Also, you must attach Form 2210 and Schedule AI to your return. 2006 federal tax forms If you use Schedule AI for any payment due date, you must use it for all payment due dates. 2006 federal tax forms Completing Schedule AI. 2006 federal tax forms   Follow the Form 2210 instructions to complete Schedule AI. 2006 federal tax forms For each period shown on Schedule AI, figure your income and deductions based on your method of accounting. 2006 federal tax forms If you use the cash method of accounting (used by most people), include all income actually or constructively received during the period and all deductions actually paid during the period. 2006 federal tax forms Note. 2006 federal tax forms Each period includes amounts from the previous period(s). 2006 federal tax forms Period (a) includes items for January 1 through March 31. 2006 federal tax forms Period (b) includes items for January 1 through May 31. 2006 federal tax forms Period (c) includes items for January 1 through August 31. 2006 federal tax forms Period (d) includes items for the entire year. 2006 federal tax forms Farmers and Fishermen If you are a farmer or fisherman, the following special rules for underpayment of estimated tax apply to you. 2006 federal tax forms The penalty for underpaying your 2013 estimated tax will not apply if you file your return and pay all the tax due by March 3, 2014. 2006 federal tax forms If you are a fiscal year taxpayer, the penalty will not apply if you file your return and pay the tax due by the first day of the third month after the end of your tax year. 2006 federal tax forms Any penalty you owe for underpaying your 2013 estimated tax will be figured from one payment due date, January 15, 2014. 2006 federal tax forms The underpayment penalty for 2013 is figured on the difference between the amount of 2013 withholding plus estimated tax paid by the due date and the smaller of: 662/3% (rather than 90%) of your 2013 tax, or 100% of the tax shown on your 2012 return. 2006 federal tax forms Even if these special rules apply to you, you will not owe the penalty if you meet either of the two conditions discussed under Exceptions . 2006 federal tax forms See Who Must Pay Estimated Tax in chapter 2 for the definition of a farmer or fisherman who is eligible for these special rules. 2006 federal tax forms Form 2210-F. 2006 federal tax forms   Use Form 2210-F to figure any underpayment penalty. 2006 federal tax forms Do not attach it to your return unless you check a box in Part I. 2006 federal tax forms However, if none of the boxes apply to you and you owe a penalty, you do not need to attach Form 2210-F. 2006 federal tax forms Enter the amount from line 16 on Form 1040, line 77 and add the penalty to any balance due on your return or subtract it from your refund. 2006 federal tax forms Keep your filled-in Form 2210-F for your records. 2006 federal tax forms    If none of the boxes on Form 2210-F apply to you and you owe a penalty, the IRS can figure your penalty and send you a bill. 2006 federal tax forms Waiver of Penalty The IRS can waive the penalty for underpayment if either of the following applies. 2006 federal tax forms You did not make a payment because of a casualty, disaster, or other unusual circumstance and it would be inequitable to impose the penalty. 2006 federal tax forms You retired (after reaching age 62) or became disabled in 2012 or 2013 and both the following requirements are met. 2006 federal tax forms You had a reasonable cause for not making the payment. 2006 federal tax forms Your underpayment was not due to willful neglect. 2006 federal tax forms How to request a waiver. 2006 federal tax forms   To request a waiver, see the Instructions for Form 2210. 2006 federal tax forms Farmers and fishermen. 2006 federal tax forms   To request a waiver, see the Instructions for Form 2210-F. 2006 federal tax forms Federally declared disaster. 2006 federal tax forms   Certain estimated tax payment deadlines for taxpayers who reside or have a business in a federally declared disaster area are postponed for a period during and after the disaster. 2006 federal tax forms During the processing of your tax return, the IRS automatically identifies taxpayers located in a covered disaster area (by county or parish) and applies the appropriate penalty relief. 2006 federal tax forms Do not file Form 2210 or 2210-F if your underpayment was due to a federally declared disaster. 2006 federal tax forms If you still owe a penalty after the automatic waiver is applied, we will send you a bill. 2006 federal tax forms   Individuals, estates, and trusts not in a covered disaster area but whose books, records, or tax professionals' offices are in a covered area are also entitled to relief. 2006 federal tax forms Also eligible are relief workers affiliated with a recognized government or charitable organization assisting in the relief activities in a covered disaster area. 2006 federal tax forms If you meet either of these eligibility requirements, you must call the IRS disaster hotline at 1-866-562-5227 and identify yourself as eligible for this relief. 2006 federal tax forms   Details on the applicable disaster postponement period can be found at IRS. 2006 federal tax forms gov. 2006 federal tax forms Enter Tax Relief in Disaster Situations. 2006 federal tax forms Select the federally declared disaster that affected you. 2006 federal tax forms    Worksheet 4-1. 2006 federal tax forms 2013 Form 2210, Schedule AI—Line 12 Qualified Dividends and Capital Gain Tax Worksheet Note. 2006 federal tax forms To figure the annualized entries for lines 2, 3, and 5 below, multiply the expected amount for the period by the  annualization amount on line 2 of Schedule AI for the same period. 2006 federal tax forms                   1. 2006 federal tax forms Enter line 11 of your Schedule AI, or line 3 from Worksheet 4-2 1. 2006 federal tax forms       2. 2006 federal tax forms Enter your annualized qualified dividends for the period 2. 2006 federal tax forms           3. 2006 federal tax forms Are you filing Schedule D?               □ Yes. 2006 federal tax forms Enter the smaller of your annualized amount from line 15 or line 16 of Schedule D. 2006 federal tax forms If either line 15 or line 16 is blank or a loss, enter -0-. 2006 federal tax forms 3. 2006 federal tax forms             □ No. 2006 federal tax forms Enter your annualized capital gain distributions from Form 1040, line 13             4. 2006 federal tax forms Add lines 2 and 3   4. 2006 federal tax forms           5. 2006 federal tax forms If you are claiming investment interest expense on Form 4952, enter your annualized amount from line 4g of that form. 2006 federal tax forms Otherwise, enter -0-   5. 2006 federal tax forms           6. 2006 federal tax forms Subtract line 5 from line 4. 2006 federal tax forms If zero or less, enter -0- 6. 2006 federal tax forms       7. 2006 federal tax forms Subtract line 6 from line 1. 2006 federal tax forms If zero or less, enter -0- 7. 2006 federal tax forms       8. 2006 federal tax forms Enter: $36,900 if single or married filing separately, $73,800 if married filing jointly or qualifying widow(er), $49,400 if head of household. 2006 federal tax forms 8. 2006 federal tax forms       9. 2006 federal tax forms Enter the smaller of line 1 or line 8 9. 2006 federal tax forms       10. 2006 federal tax forms Enter the smaller of line 7 or line 9 10. 2006 federal tax forms       11. 2006 federal tax forms Subtract line 10 from line 9. 2006 federal tax forms This amount is taxed at 0% 11. 2006 federal tax forms       12. 2006 federal tax forms Enter the smaller of line 1 or line 6 12. 2006 federal tax forms       13. 2006 federal tax forms Enter the amount from line 11 13. 2006 federal tax forms       14. 2006 federal tax forms Subtract line 13 from line 12 14. 2006 federal tax forms       15. 2006 federal tax forms Multiply line 14 by 15% (. 2006 federal tax forms 15) 15. 2006 federal tax forms   16. 2006 federal tax forms Figure the tax on the amount on line 7. 2006 federal tax forms If the amount on line 7 is less than $100,000, use the Tax Table in the 2013 Form 1040 instructions to figure this tax. 2006 federal tax forms If the amount on line 7 is $100,000 or more, use the Tax Computation Worksheet in the 2013 Form 1040 instructions 16. 2006 federal tax forms   17. 2006 federal tax forms Add lines 15 and 16 17. 2006 federal tax forms   18. 2006 federal tax forms Figure the tax on the amount on line 1. 2006 federal tax forms If the amount on line 1 is less than $100,000, use the Tax Table in the 2013 Form 1040 instructions to figure this tax. 2006 federal tax forms If the amount on line 1 is $100,000 or more, use the Tax Computation Worksheet in the 2013 Form 1040 instructions 18. 2006 federal tax forms   19. 2006 federal tax forms Tax on all taxable income. 2006 federal tax forms Enter the smaller of line 17 or line 18. 2006 federal tax forms Also enter this amount on line 12 of Schedule AI in the appropriate column. 2006 federal tax forms However, if you are using this worksheet to figure the tax on the amount on line 3 of Worksheet 4-2, enter the amount from line 19 on Worksheet 4-2, line 4 19. 2006 federal tax forms   Worksheet 4-2. 2006 federal tax forms 2013 Form 2210, Schedule AI—Line 12 Foreign Earned Income Tax Worksheet Before you begin:If Schedule AI, line 11, is zero for the period, do not complete this worksheet. 2006 federal tax forms             1. 2006 federal tax forms Enter the amount from line 11 of Schedule AI for the period 1. 2006 federal tax forms   2. 2006 federal tax forms Enter the annualized amount* of foreign earned income and housing amount excluded or deducted (from  Form 2555, lines 45 and 50, or Form 2555-EZ, line 18) in figuring the amount entered for the period on line 1  of Schedule AI 2. 2006 federal tax forms   3. 2006 federal tax forms Add lines 1 and 2 3. 2006 federal tax forms   4. 2006 federal tax forms Tax on the amount on line 3. 2006 federal tax forms Use the Tax Table, Tax Computation Worksheet, Form 8615**, Qualified Dividends and Capital Gain Tax Worksheet***, or Schedule D Tax Worksheet***, whichever applies. 2006 federal tax forms See the 2013 Instructions for Form 1040, line 44, to find out which tax computation method to use. 2006 federal tax forms (Note. 2006 federal tax forms You do not have to use the same method for each period on Schedule AI. 2006 federal tax forms ) 4. 2006 federal tax forms   5. 2006 federal tax forms Tax on the amount on line 2. 2006 federal tax forms If the amount on line 2 is less than $100,000, use the Tax Table in the 2013 Form 1040 instructions to figure this tax. 2006 federal tax forms If the amount on line 7 is $100,000 or more, use the Tax Computation Worksheet in the 2013 Form 1040 instructions 5. 2006 federal tax forms   6. 2006 federal tax forms Subtract line 5 from line 4. 2006 federal tax forms Enter the result here and on line 12 of Schedule AI. 2006 federal tax forms If zero or less,  enter -0- 6. 2006 federal tax forms             * To figure the annualized amount for line 2, multiply the exclusion or deduction for the period by the annualization amount on line 2 of Schedule AI for the same period. 2006 federal tax forms     ** If you use Form 8615 to figure the tax on line 4 above, enter the amount from line 3 above on line 4 of Form 8615. 2006 federal tax forms If the child's parent files Form 2555 or 2555-EZ, enter the amounts from lines 3 and 4 of the parent's Foreign Earned Income Tax Worksheet on lines 6 and 10, respectively, of Form 8615. 2006 federal tax forms Complete the rest of Form 8615 according to its instructions. 2006 federal tax forms Then complete lines 5 and 6 above. 2006 federal tax forms     *** Enter the amount from line 3 above on line 1 of the Qualified Dividends and Capital Gain Tax Worksheet (or Worksheet 4-1 in this chapter) or the Schedule D Tax Worksheet, whichever worksheet you use to figure the tax on line 4 above. 2006 federal tax forms Complete that worksheet through line 6 (line 10 if you use the Schedule D Tax Worksheet). 2006 federal tax forms Next, determine if you have a capital gain excess. 2006 federal tax forms     Figuring capital gain excess. 2006 federal tax forms To find out if you have a capital gain excess for the appropriate period, subtract line 11 of Schedule AI from line 6 of Worksheet 4-1 or your Qualified Dividends and Capital Gain Tax Worksheet (line 10 of your Schedule D Tax Worksheet). 2006 federal tax forms If the result is more than zero, that amount is your capital gain excess. 2006 federal tax forms     No capital gain excess. 2006 federal tax forms If you do not have a capital gain excess, complete the rest of Worksheet 4-1, Qualified Dividends and Capital Gain Tax Worksheet, or the Schedule D Tax Worksheet according to the worksheet's instructions. 2006 federal tax forms Then complete lines 5 and 6 above. 2006 federal tax forms     Capital gain excess. 2006 federal tax forms If you have a capital gain excess, complete a second Worksheet 4-1, Qualified Dividends and Capital Gain Tax Worksheet, or Schedule D Tax Worksheet (whichever applies) as instructed above but in its entirety and with the following additional modifications. 2006 federal tax forms Then complete lines 5 and 6 above. 2006 federal tax forms     Make the modifications below only for purposes of filling out Worksheet 4-2 above. 2006 federal tax forms     a. 2006 federal tax forms Reduce (but not below zero) the amount you otherwise would enter on line 3 of your Worksheet 4-1, line 3 of your Qualified Dividends and Capital Gain Tax Worksheet, or line 9 of your Schedule D Tax Worksheet by your capital gain excess. 2006 federal tax forms     b. 2006 federal tax forms Reduce (but not below zero) the amount you otherwise would enter on line 2 of your Worksheet 4-1, line 2 of your Qualified Dividends and Capital Gain Tax Worksheet, or line 6 of your Schedule D Tax Worksheet by any of your capital gain excess not used in (a) above. 2006 federal tax forms     c. 2006 federal tax forms Reduce (but not below zero) the amount on your Schedule D (Form 1040), line 18, by your capital gain excess. 2006 federal tax forms     d. 2006 federal tax forms Include your capital gain excess as a loss on line 16 of your Unrecaptured Section 1250 Gain Worksheet in the 2013 Instructions for Schedule D (Form 1040). 2006 federal tax forms   Prev  Up  Next   Home   More Online Publications
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The 2006 Federal Tax Forms

2006 federal tax forms Internal Revenue Bulletin:  2009-17  April 27, 2009  Rev. 2006 federal tax forms Proc. 2006 federal tax forms 2009-24 Table of Contents SECTION 1. 2006 federal tax forms PURPOSE SECTION 2. 2006 federal tax forms BACKGROUND SECTION 3. 2006 federal tax forms SCOPE SECTION 4. 2006 federal tax forms APPLICATION. 2006 federal tax forms 01 In General. 2006 federal tax forms . 2006 federal tax forms 02 Limitations on Depreciation Deductions for Certain Automobiles. 2006 federal tax forms . 2006 federal tax forms 03 Inclusions in Income of Lessees of Passenger Automobiles. 2006 federal tax forms SECTION 5. 2006 federal tax forms EFFECTIVE DATE SECTION 6. 2006 federal tax forms DRAFTING INFORMATION SECTION 1. 2006 federal tax forms PURPOSE . 2006 federal tax forms 01 This revenue procedure provides: (1) limitations on depreciation deductions for owners of passenger automobiles first placed in service by the taxpayer during calendar year 2009, including a separate table of limitations on depreciation deductions for trucks and vans; and (2) the amounts to be included in income by lessees of passenger automobiles first leased by the taxpayer during calendar year 2009, including a separate table of inclusion amounts for lessees of trucks and vans. 2006 federal tax forms . 2006 federal tax forms 02 The tables detailing these depreciation limitations and lessee inclusion amounts reflect the automobile price inflation adjustments required by § 280F(d)(7) of the Internal Revenue Code. 2006 federal tax forms SECTION 2. 2006 federal tax forms BACKGROUND . 2006 federal tax forms 01 For owners of passenger automobiles, § 280F(a) imposes dollar limitations on the depreciation deduction for the year that the passenger automobile is placed in service by the taxpayer and each succeeding year. 2006 federal tax forms Section 280F(d)(7) requires the amounts allowable as depreciation deductions to be increased by a price inflation adjustment amount for passenger automobiles placed in service after 1988. 2006 federal tax forms 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. 2006 federal tax forms This change reflects the higher rate of price inflation that trucks and vans have been subject to since 1988. 2006 federal tax forms . 2006 federal tax forms 02 Section 168(k)(1)(A) provides a 50 percent additional first year depreciation deduction for certain new property acquired by a taxpayer after December 31, 2007, and before January 1, 2010, if no written binding contract for the acquisition of the property existed before January 1, 2008. 2006 federal tax forms Section 168(k)(2)(F)(i) increases the first year depreciation allowed under § 280F(a)(1)(A) by $8,000 for passenger automobiles to which the 50 percent additional first year depreciation deduction applies. 2006 federal tax forms . 2006 federal tax forms 03 Section 168(k)(2)(D)(i) provides that the 50 percent 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). 2006 federal tax forms Section 168(k)(2)(D)(iii) permits a taxpayer to elect to not claim the 50 percent additional first year depreciation deduction for any class of property. 2006 federal tax forms Section 168(k)(4) permits a corporation to elect to not claim the 50 percent additional first year depreciation deduction for all eligible qualified property (that is extension property or that is not extension property, as applicable) and instead to increase the business credit limitation under § 38(c) or the alternative minimum tax credit limitation under § 53(c). 2006 federal tax forms Accordingly, this revenue procedure provides tables for passenger automobiles for which the 50 percent additional depreciation deduction applies and tables for passenger automobiles for which the 50 percent additional first year depreciation deduction does not apply, including passenger automobiles in a class of property for which the taxpayer “elects out” of the 50 percent additional first year depreciation deduction or passenger automobiles that are eligible qualified property to which the § 168(k)(4) election applies. 2006 federal tax forms . 2006 federal tax forms 04 For leased passenger automobiles, § 280F(c) requires a reduction in the deduction allowed to the lessee of the passenger automobile. 2006 federal tax forms The reduction must be substantially equivalent to the limitations on the depreciation deductions imposed on owners of passenger automobiles. 2006 federal tax forms Under § 1. 2006 federal tax forms 280F-7(a) of the Income Tax Regulations, this reduction requires a lessee to include in gross income an inclusion amount determined by applying a formula to the amount obtained from a table. 2006 federal tax forms One table applies to lessees of trucks and vans and another table applies to all other passenger automobiles. 2006 federal tax forms Each table shows inclusion amounts for a range of fair market values for each taxable year after the passenger automobile is first leased. 2006 federal tax forms SECTION 3. 2006 federal tax forms SCOPE . 2006 federal tax forms 01 The limitations on depreciation deductions in section 4. 2006 federal tax forms 02(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 2009, and continue to apply for each taxable year that the passenger automobile remains in service. 2006 federal tax forms . 2006 federal tax forms 02 The tables in section 4. 2006 federal tax forms 03 of this revenue procedure apply to leased passenger automobiles for which the lease term begins during calendar year 2009. 2006 federal tax forms 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. 2006 federal tax forms See Rev. 2006 federal tax forms Proc. 2006 federal tax forms 2002-14, 2002-1 C. 2006 federal tax forms B. 2006 federal tax forms 450, for passenger automobiles first leased before January 1, 2003, Rev. 2006 federal tax forms Proc. 2006 federal tax forms 2003-75, 2003-2 C. 2006 federal tax forms B. 2006 federal tax forms 1018, for passenger automobiles first leased during calendar year 2003, Rev. 2006 federal tax forms Proc. 2006 federal tax forms 2004-20, 2004-1 C. 2006 federal tax forms B. 2006 federal tax forms 642, for passenger automobiles first leased during calendar year 2004, Rev. 2006 federal tax forms Proc. 2006 federal tax forms 2005-13, 2005-1 C. 2006 federal tax forms B. 2006 federal tax forms 759, for passenger automobiles first leased during calendar year 2005, Rev. 2006 federal tax forms Proc. 2006 federal tax forms 2006-18, 2006-1 C. 2006 federal tax forms B. 2006 federal tax forms 645, for passenger automobiles first leased during calendar year 2006, Rev. 2006 federal tax forms Proc. 2006 federal tax forms 2007-30, 2007-1 C. 2006 federal tax forms B. 2006 federal tax forms 1104, for passenger automobiles first leased during calendar year 2007, and Rev. 2006 federal tax forms Proc. 2006 federal tax forms 2008-22, 2008-12 I. 2006 federal tax forms R. 2006 federal tax forms B. 2006 federal tax forms 658, for passenger automobiles first leased during calendar year 2008. 2006 federal tax forms SECTION 4. 2006 federal tax forms APPLICATION . 2006 federal tax forms 01 In General. 2006 federal tax forms (1) Limitations on depreciation deductions for certain automobiles. 2006 federal tax forms The limitations on depreciation deductions for passenger automobiles placed in service by the taxpayer for the first time during calendar year 2009 are in Tables 1 through 4 in section 4. 2006 federal tax forms 02(2) of this revenue procedure. 2006 federal tax forms (2) Inclusions in income of lessees of passenger automobiles. 2006 federal tax forms A taxpayer first leasing a passenger automobile during calendar year 2009 must determine the inclusion amount that is added to gross income using Tables 5 and 6 in section 4. 2006 federal tax forms 03 of this revenue procedure. 2006 federal tax forms In addition, the taxpayer must follow the procedures of § 1. 2006 federal tax forms 280F-7(a). 2006 federal tax forms . 2006 federal tax forms 02 Limitations on Depreciation Deductions for Certain Automobiles. 2006 federal tax forms (1) Amount of the inflation adjustment. 2006 federal tax forms (a) Passenger automobiles (other than trucks or vans). 2006 federal tax forms 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. 2006 federal tax forms The term “CPI automobile component” is defined in § 280F(d)(7)(B)(ii) as the “automobile component” of the Consumer Price Index for all Urban Consumers published by the Department of Labor. 2006 federal tax forms The new car component of the CPI was 115. 2006 federal tax forms 2 for October 1987 and 134. 2006 federal tax forms 837 for October 2008. 2006 federal tax forms The October 2008 index exceeded the October 1987 index by 19. 2006 federal tax forms 637. 2006 federal tax forms The Internal Revenue Service has, therefore, determined that the automobile price inflation adjustment for 2009 for passenger automobiles (other than trucks and vans) is 17. 2006 federal tax forms 05 percent (19. 2006 federal tax forms 637/115. 2006 federal tax forms 2 x 100%). 2006 federal tax forms This adjustment is applicable to all passenger automobiles (other than trucks and vans) that are first placed in service in calendar year 2009. 2006 federal tax forms The dollar limitations in § 280F(a) therefore must be multiplied by a factor of 0. 2006 federal tax forms 1705, 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 2009. 2006 federal tax forms (b) Trucks and vans. 2006 federal tax forms To determine the dollar limitations applicable to trucks and vans first placed in service during calendar year 2009, the new truck component of the CPI is used instead of the new car component. 2006 federal tax forms The new truck component of the CPI was 112. 2006 federal tax forms 4 for October 1987 and 133. 2006 federal tax forms 640 for October 2008. 2006 federal tax forms The October 2008 index exceeded the October 1987 index by 21. 2006 federal tax forms 24. 2006 federal tax forms The Service has, therefore, determined that the automobile price inflation adjustment for 2009 for trucks and vans is 18. 2006 federal tax forms 90 percent (21. 2006 federal tax forms 24/112. 2006 federal tax forms 4 x 100%). 2006 federal tax forms This adjustment is applicable to all trucks and vans that are first placed in service in calendar year 2009. 2006 federal tax forms The dollar limitations in § 280F(a) therefore must be multiplied by a factor of 0. 2006 federal tax forms 1890, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations applicable to trucks and vans. 2006 federal tax forms (2) Amount of the limitation. 2006 federal tax forms For passenger automobiles placed in service by the taxpayer in calendar year 2009, Tables 1 through 4 contain the dollar amount of the depreciation limitation for each taxable year. 2006 federal tax forms Use Table 1 for a passenger automobile (other than a truck or van) placed in service by the taxpayer in calendar year 2009, for which the 50 percent additional first year depreciation deduction does not apply, including a passenger automobile (other than a truck or van) in a class of property for which the taxpayer elects out of the 50 percent additional first year depreciation deduction or a passenger automobile that is eligible qualified property to which the § 168(k)(4) election applies. 2006 federal tax forms Use Table 2 for a passenger automobile (other than a truck or van) placed in service by the taxpayer in calendar year 2009, for which the 50 percent additional first year depreciation deduction applies. 2006 federal tax forms Use Table 3 for a truck or van placed in service by the taxpayer in calendar year 2009, for which the 50 percent additional first year depreciation deduction does not apply, including a truck or van in a class of property for which the taxpayer elects out of the 50 percent additional first year depreciation deduction or a truck or van that is eligible qualified property to which the § 168(k)(4) election applies. 2006 federal tax forms Use Table 4 for a truck or van placed in service by the taxpayer in calendar year 2009, for which the 50 percent additional first year depreciation deduction applies. 2006 federal tax forms REV. 2006 federal tax forms PROC. 2006 federal tax forms 2009-24 TABLE 1 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE BY THE TAXPAYER IN CALENDAR YEAR 2009, FOR WHICH THE 50 PERCENT ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION DOES NOT APPLY Tax Year Amount 1st Tax Year $2,960 2nd Tax Year $4,800 3rd Tax Year $2,850 Each Succeeding Year $1,775 REV. 2006 federal tax forms PROC. 2006 federal tax forms 2009-24 TABLE 2 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE BY THE TAXPAYER IN CALENDAR YEAR 2009, FOR WHICH THE 50 PERCENT ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $10,960 2nd Tax Year $4,800 3rd Tax Year $2,850 Each Succeeding Year $1,775 REV. 2006 federal tax forms PROC. 2006 federal tax forms 2009-24 TABLE 3 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE BY THE TAXPAYER IN CALENDAR YEAR 2009, FOR WHICH THE 50 PERCENT 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. 2006 federal tax forms PROC. 2006 federal tax forms 2009-24 TABLE 4 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE BY THE TAXPAYER IN CALENDAR YEAR 2009, FOR WHICH THE 50 PERCENT 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 . 2006 federal tax forms 03 Inclusions in Income of Lessees of Passenger Automobiles. 2006 federal tax forms The inclusion amounts for passenger automobiles first leased in calendar year 2009 are calculated under the procedures described in § 1. 2006 federal tax forms 280F-7(a). 2006 federal tax forms Lessees of passenger automobiles other than trucks and vans should use Table 5 of this revenue procedure in applying these procedures, while lessees of trucks and vans should use Table 6 of this revenue procedure. 2006 federal tax forms REV. 2006 federal tax forms PROC. 2006 federal tax forms 2009-24 TABLE 5 DOLLAR AMOUNTS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2009 Fair Market Value of Passenger Automobile Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th & Later $18,500 $19,000 9 19 28 34 38 19,000 19,500 10 21 32 38 43 19,500 20,000 11 24 36 42 48 20,000 20,500 12 27 39 46 54 20,500 21,000 13 29 43 51 58 21,000 21,500 15 31 47 55 64 21,500 22,000 16 34 50 60 68 22,000 23,000 17 38 56 66 76 23,000 24,000 20 42 64 75 86 24,000 25,000 22 47 71 84 96 25,000 26,000 24 52 78 93 107 26,000 27,000 26 58 85 101 117 27,000 28,000 29 62 93 110 127 28,000 29,000 31 67 100 119 138 29,000 30,000 33 72 108 128 147 30,000 31,000 35 77 115 137 157 31,000 32,000 38 82 122 146 167 32,000 33,000 40 87 129 155 178 33,000 34,000 42 92 137 163 188 34,000 35,000 44 97 144 172 199 35,000 36,000 47 102 151 181 208 36,000 37,000 49 107 159 189 219 37,000 38,000 51 112 166 199 228 38,000 39,000 53 117 173 208 239 39,000 40,000 56 122 180 216 250 40,000 41,000 58 127 188 225 259 41,000 42,000 60 132 195 234 269 42,000 43,000 62 137 203 242 280 43,000 44,000 65 141 210 252 290 44,000 45,000 67 146 218 260 300 45,000 46,000 69 151 225 269 311 46,000 47,000 71 157 232 278 320 47,000 48,000 74 161 240 286 331 48,000 49,000 76 166 247 296 340 49,000 50,000 78 171 255 304 351 50,000 51,000 80 176 262 313 361 51,000 52,000 83 181 269 322 371 52,000 53,000 85 186 276 331 381 53,000 54,000 87 191 284 339 392 54,000 55,000 89 196 291 349 401 55,000 56,000 92 201 298 357 412 56,000 57,000 94 206 306 365 423 57,000 58,000 96 211 313 375 432 58,000 59,000 98 216 320 384 442 59,000 60,000 101 221 327 393 452 60,000 62,000 104 228 339 406 467 62,000 64,000 109 238 353 424 488 64,000 66,000 113 248 368 441 509 66,000 68,000 118 258 382 459 529 68,000 70,000 122 268 397 476 550 70,000 72,000 127 277 413 493 570 72,000 74,000 131 288 427 511 590 74,000 76,000 136 297 442 529 610 76,000 78,000 140 307 457 546 631 78,000 80,000 145 317 471 564 651 80,000 85,000 152 335 497 595 686 85,000 90,000 164 359 534 639 737 90,000 95,000 175 384 570 683 789 95,000 100,000 186 409 607 727 839 100,000 110,000 203 446 662 793 916 110,000 120,000 226 495 736 881 1,018 120,000 130,000 248 545 809 970 1,119 130,000 140,000 271 594 883 1,058 1,220 140,000 150,000 293 644 956 1,146 1,322 150,000 160,000 316 693 1,030 1,234 1,424 160,000 170,000 338 743 1,103 1,322 1,526 170,000 180,000 361 792 1,177 1,410 1,628 180,000 190,000 383 842 1,250 1,498 1,730 190,000 200,000 406 891 1,324 1,586 1,831 200,000 210,000 428 941 1,397 1,675 1,932 210,000 220,000 451 990 1,471 1,762 2,035 220,000 230,000 473 1,040 1,544 1,851 2,136 230,000 240,000 496 1,089 1,618 1,939 2,238 240,000 And up 518 1,139 1,691 2,027 2,340 REV. 2006 federal tax forms PROC. 2006 federal tax forms 2009-24 TABLE 6 DOLLAR AMOUNTS FOR TRUCKS AND VANS WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2009 Fair Market Value of Electric Automobile Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th and Later $18,500 $19,000 8 17 25 30 35 19,000 19,500 9 19 29 35 40 19,500 20,000 10 22 33 38 45 20,000 20,500 11 25 36 43 50 20,500 21,000 12 27 40 48 55 21,000 21,500 13 30 43 52 60 21,500 22,000 15 32 47 56 66 22,000 23,000 16 36 52 64 72 23,000 24,000 18 41 60 72 83 24,000 25,000 21 45 68 81 93 25,000 26,000 23 50 75 90 103 26,000 27,000 25 56 82 98 114 27,000 28,000 27 61 89 107 124 28,000 29,000 30 65 97 116 134 29,000 30,000 32 70 104 125 144 30,000 31,000 34 75 112 134 154 31,000 32,000 36 80 119 143 164 32,000 33,000 39 85 126 151 175 33,000 34,000 41 90 134 160 184 34,000 35,000 43 95 141 169 195 35,000 36,000 45 100 148 178 205 36,000 37,000 48 105 155 187 215 37,000 38,000 50 110 163 195 226 38,000 39,000 52 115 170 204 236 39,000 40,000 55 120 177 213 246 40,000 41,000 57 125 185 221 256 41,000 42,000 59 130 192 231 266 42,000 43,000 61 135 199 240 276 43,000 44,000 64 139 207 249 286 44,000 45,000 66 144 215 257 296 45,000 46,000 68 149 222 266 307 46,000 47,000 70 155 229 274 317 47,000 48,000 73 159 237 283 327 48,000 49,000 75 164 244 292 338 49,000 50,000 77 169 251 301 348 50,000 51,000 79 174 259 310 357 51,000 52,000 82 179 266 318 368 52,000 53,000 84 184 273 328 378 53,000 54,000 86 189 281 336 388 54,000 55,000 88 194 288 345 399 55,000 56,000 91 199 295 354 408 56,000 57,000 93 204 302 363 419 57,000 58,000 95 209 310 371 429 58,000 59,000 97 214 317 381 439 59,000 60,000 100 219 324 389 450 60,000 62,000 103 226 336 402 465 62,000 64,000 107 236 351 420 485 64,000 66,000 112 246 365 438 505 66,000 68,000 116 256 380 455 526 68,000 70,000 121 266 394 473 546 70,000 72,000 125 276 409 491 566 72,000 74,000 130 286 423 509 586 74,000 76,000 134 296 438 526 607 76,000 78,000 139 305 454 543 627 78,000 80,000 143 316 467 561 648 80,000 85,000 151 333 493 592 684 85,000 90,000 163 357 531 635 735 90,000 95,000 174 382 567 680 785 95,000 100,000 185 407 604 724 836 100,000 110,000 202 444 659 790 912 110,000 120,000 225 493 733 878 1,014 120,000 130,000 247 543 806 966 1,116 130,000 140,000 270 592 880 1,054 1,218 140,000 150,000 292 642 953 1,143 1,319 150,000 160,000 315 691 1,027 1,230 1,421 160,000 170,000 337 741 1,100 1,319 1,522 170,000 180,000 360 790 1,174 1,407 1,624 180,000 190,000 382 840 1,247 1,495 1,726 190,000 200,000 405 889 1,321 1,583 1,828 200,000 210,000 427 939 1,394 1,671 1,930 210,000 220,000 450 988 1,468 1,759 2,031 220,000 230,000 472 1,038 1,541 1,847 2,134 230,000 240,000 495 1,087 1,615 1,935 2,235 240,000 and up 517 1,137 1,688 2,024 2,336 SECTION 5. 2006 federal tax forms EFFECTIVE DATE This revenue procedure applies to passenger automobiles (other than leased passenger automobiles) that are first placed in service by a taxpayer during calendar year 2009, and to leased passenger automobiles that are first leased by a taxpayer during calendar year 2009. 2006 federal tax forms SECTION 6. 2006 federal tax forms DRAFTING INFORMATION The principal author of this revenue procedure is Bernard P. 2006 federal tax forms Harvey of the Office of Associate Chief Counsel (Income Tax & Accounting). 2006 federal tax forms For further information regarding this revenue procedure, contact Mr. 2006 federal tax forms Harvey at (202) 622-4930 (not a toll-free call). 2006 federal tax forms Prev  Up  Next   Home   More Internal Revenue Bulletins