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2012 free taxes online Publication 595 - Main Contents Table of Contents Capital Construction FundCCF Accounts Types of Accounts You Must Maintain Within a CCF Tax Treatment of CCF Deposits Tax Treatment of CCF Earnings Tax Treatment of CCF Withdrawals More Information How To Get Tax Help Capital Construction Fund The following sections discuss CCF accounts and the types of bookkeeping accounts you must maintain when you invest in a CCF account. 2012 free taxes online They also discuss the income tax treatment of CCF deposits, earnings, and withdrawals. 2012 free taxes online CCF Accounts This section explains who can open a CCF account and how to use the account to defer income tax. 2012 free taxes online Opening a CCF account. 2012 free taxes online   If you are a U. 2012 free taxes online S. 2012 free taxes online citizen and you own or lease one or more eligible vessels (defined later), you can open a CCF account. 2012 free taxes online However, before you open your CCF account, you must enter into an agreement with the Secretary of Commerce through the NMFS. 2012 free taxes online This agreement will establish the following. 2012 free taxes online Agreement vessels. 2012 free taxes online Eligible vessels named in the agreement that will be the basis for the deferral of income tax. 2012 free taxes online Planned use of withdrawals. 2012 free taxes online Use of CCF funds to acquire, build, or rebuild a vessel. 2012 free taxes online CCF depository. 2012 free taxes online Where your CCF funds will be held. 2012 free taxes online    You can request an application kit or get additional information from NMFS at the following address. 2012 free taxes online NOAA/NMFS, Financial Services Division, F/MB5 Capital Construction Fund Program 1315 East-West Highway Silver Spring, MD 20910-3282    You can obtain information on the Capital Construction Fund Program at the following website: www. 2012 free taxes online nmfs. 2012 free taxes online noaa. 2012 free taxes online gov/mb/financial_services/ccf. 2012 free taxes online htm. 2012 free taxes online    You can call NMFS to request an application kit or get additional information at (301) 713-2393 (ext. 2012 free taxes online 204). 2012 free taxes online Their fax number is (301) 713-1939. 2012 free taxes online Eligible vessels. 2012 free taxes online   There are two types of vessels that may be considered eligible, those weighing 5 tons or more and those weighing less than 5 tons. 2012 free taxes online For each type, certain requirements must be met. 2012 free taxes online Vessel weighing 5 tons or more. 2012 free taxes online   To be considered eligible, the vessel must meet all the following requirements. 2012 free taxes online Be built or rebuilt in the United States. 2012 free taxes online Be documented under the laws of the United States. 2012 free taxes online Be used commercially in the fisheries of the United States. 2012 free taxes online Be operated in the foreign or domestic commerce of the United States. 2012 free taxes online Vessel weighing less than 5 tons. 2012 free taxes online   A small vessel, weighing at least 2 net tons but less than 5 net tons, must meet all the following requirements to be considered eligible. 2012 free taxes online Be built or rebuilt in the United States. 2012 free taxes online Be owned by a U. 2012 free taxes online S. 2012 free taxes online citizen. 2012 free taxes online Have a home port in the United States. 2012 free taxes online Be used commercially in the fisheries of the United States. 2012 free taxes online Deferring tax on CCF deposits and earnings. 2012 free taxes online   You can use a CCF account to defer income tax by taking the following actions. 2012 free taxes online Making deposits to your CCF account from taxable income. 2012 free taxes online Excluding from income deposits assigned to certain accounts (discussed later). 2012 free taxes online Making withdrawals from your CCF account when you acquire, build, or rebuild fishing vessels. 2012 free taxes online Reducing the basis of fishing vessels you acquire, build, or rebuild to recapture amounts previously excluded from tax. 2012 free taxes online    Reporting requirements. 2012 free taxes online Beginning with the tax year in which you establish your agreement, you must report annual deposit and withdrawal activity to the NMFS on NOAA Form 34-82. 2012 free taxes online This form is due within 30 days after you file your federal income tax return even if no deposits or withdrawals are made. 2012 free taxes online For more information, contact the NMFS at the address or phone number given earlier. 2012 free taxes online Types of Accounts You Must Maintain Within a CCF This section discusses the three types of bookkeeping accounts you must maintain when you invest in a CCF account. 2012 free taxes online Your total CCF deposits and earnings for any given year are limited to the amount attributed to these three accounts for that year. 2012 free taxes online Capital account. 2012 free taxes online   The capital account consists primarily of amounts attributable to the following items. 2012 free taxes online Allowable depreciation deductions for agreement vessels. 2012 free taxes online Any nontaxable return of capital from either (a) or (b), below. 2012 free taxes online The sale or other disposition of agreement vessels. 2012 free taxes online Insurance or indemnity proceeds attributable to agreement vessels. 2012 free taxes online Any tax-exempt interest earned on state or local bonds in your CCF account. 2012 free taxes online Capital gain account. 2012 free taxes online   The capital gain account consists of amounts attributable to the following items reduced by any capital losses from assets held in your CCF account for more than 6 months. 2012 free taxes online Any capital gain from either of the following sources. 2012 free taxes online The sale or other disposition of agreement vessels held for more than 6 months. 2012 free taxes online Insurance or indemnity proceeds attributable to agreement vessels held for more than 6 months. 2012 free taxes online Any capital gain from assets held in your CCF account for more than 6 months. 2012 free taxes online Ordinary income account. 2012 free taxes online   The ordinary income account consists of amounts attributable to the following items. 2012 free taxes online Any earnings (without regard to the carryback of any net operating or net capital loss) from the operation of agreement vessels in the fisheries of the United States or in the foreign or domestic commerce of the United States. 2012 free taxes online Any capital gain from the following sources reduced by any capital losses from assets held in your CCF account for 6 months or less. 2012 free taxes online The sale or other disposition of agreement vessels held for 6 months or less. 2012 free taxes online Insurance or indemnity proceeds attributable to agreement vessels held for 6 months or less. 2012 free taxes online Any capital gain from assets held in your CCF account for 6 months or less. 2012 free taxes online Any ordinary income (such as depreciation recapture) from either of the following sources. 2012 free taxes online The sale or other disposition of agreement vessels. 2012 free taxes online Insurance or indemnity proceeds attributable to agreement vessels. 2012 free taxes online Any interest (not including tax-exempt interest from state and local bonds), most dividends, and other ordinary income earned on the assets in your CCF account. 2012 free taxes online Tax Treatment of CCF Deposits This section explains the tax treatment of income used as the basis for CCF deposits. 2012 free taxes online Capital gains. 2012 free taxes online   Do not report any transaction that produces a capital gain if you deposit the net proceeds into your CCF account. 2012 free taxes online This treatment applies to either of the following transactions. 2012 free taxes online The sale or other disposition of an agreement vessel. 2012 free taxes online The receipt of insurance or indemnity proceeds attributable to an agreement vessel. 2012 free taxes online Depreciation recapture. 2012 free taxes online   Do not report any transaction that produces depreciation recapture if you deposit the net proceeds into your CCF account. 2012 free taxes online This treatment applies to either of the following transactions. 2012 free taxes online The sale or other disposition of an agreement vessel. 2012 free taxes online The receipt of insurance or indemnity proceeds attributable to an agreement vessel. 2012 free taxes online Earnings from operations. 2012 free taxes online   Report earnings from the operation of agreement vessels on your Schedule C or C-EZ (Form 1040) even if you deposit part of these earnings into your CCF account. 2012 free taxes online You subtract any part of the earnings you deposited into your CCF account from the amount you would otherwise enter as taxable income on Form 1040, line 43 (for 2005). 2012 free taxes online Next to line 43, write “CCF” and the amount of the deposits. 2012 free taxes online Do not deduct these CCF deposits on Schedule C or C-EZ (Form 1040). 2012 free taxes online If you deposit earnings from operations into your CCF account and you must complete other forms such as Form 6251, Alternative Minimum Tax (Individuals), or a worksheet for Schedule D (Form 1040), you will need to make an extra computation. 2012 free taxes online When the other form instructs you to use the amount from Form 1040, line 41 (for 2005), do not use that amount. 2012 free taxes online Instead, add Form 1040, lines 42 and 43 (for 2005), and use that amount. 2012 free taxes online Self-employment tax. 2012 free taxes online   You must use your net profit or loss from your fishing business to figure your self-employment tax. 2012 free taxes online Do not reduce your net profit or loss by any earnings from operations you deposit into your CCF account. 2012 free taxes online    Partnerships and S corporations. 2012 free taxes online The deduction for partnership earnings from operations deposited into a CCF account is separately stated on Schedule K (Form 1065), line 13d, and allocated to the partners on Schedule K-1 (Form 1065), box 13 (for 2005). 2012 free taxes online   The deduction for S corporation earnings deposited into a CCF account is separately stated on Schedule K (Form 1120S), line 12d, and allocated to the shareholders on Schedule K-1 (Form 1120S), box 12 (for 2005). 2012 free taxes online Tax Treatment of CCF Earnings This section explains the tax treatment of the earnings from the assets in your CCF account when the earnings are redeposited or left in your account. 2012 free taxes online However, if you choose to withdraw the earnings in the year earned, you must generally pay income tax on them. 2012 free taxes online Capital gains. 2012 free taxes online   Do not report any capital gains from the sale of capital assets held in your CCF account. 2012 free taxes online This includes capital gain distributions reported to you on Form 1099-DIV or a substitute statement. 2012 free taxes online However, you should attach a statement to your tax return to list the payers and the amounts and to identify the capital gains as “CCF account earnings. 2012 free taxes online ” Interest and dividends. 2012 free taxes online   Do not report any ordinary income (such as interest and dividends) you earn on the assets in your CCF account. 2012 free taxes online However, you should attach a statement to your return to list the payers and the amounts and to identify them as “CCF account earnings. 2012 free taxes online ”   If you are required to file Schedule B (Form 1040), you can add these earnings to the list of payers and amounts on line 1 or line 5 and identify them as “CCF earnings. 2012 free taxes online ” Then, subtract the same amounts from the list and identify them as “CCF deposits. 2012 free taxes online ” Tax-exempt interest. 2012 free taxes online   Do not report tax-exempt interest from state or local bonds you held in your CCF account. 2012 free taxes online You are not required to report this interest on Form 1040, line 8b. 2012 free taxes online Tax Treatment of CCF Withdrawals This section discusses the tax treatment of amounts you withdraw from your CCF account during the year. 2012 free taxes online Qualified Withdrawals A qualified withdrawal from a CCF account is one that is approved by NMFS for either of the following uses. 2012 free taxes online Acquiring, building, or rebuilding qualified vessels (defined next). 2012 free taxes online Making principal payments on the mortgage of a qualified vessel. 2012 free taxes online NMFS will not approve amounts withdrawn to purchase nets not continuously attached to the vessel, such as seine nets, gill set-nets, and gill drift-nets. 2012 free taxes online NMFS will approve amounts withdrawn to purchase trawl nets. 2012 free taxes online Qualified vessel. 2012 free taxes online   This is any vessel that meets all of the following requirements. 2012 free taxes online The vessel was built or rebuilt in the United States. 2012 free taxes online The vessel is documented under the laws of the United States. 2012 free taxes online The person maintaining the CCF account agrees with the Secretary of Commerce that the vessel will be operated in United States foreign trade, Great Lakes trade, noncontiguous domestic trade, or the fisheries of the United States. 2012 free taxes online How to determine the source of qualified withdrawals. 2012 free taxes online   When you make a qualified withdrawal, the amount is treated as being withdrawn in the following order from the accounts listed below. 2012 free taxes online The capital account. 2012 free taxes online The capital gain account. 2012 free taxes online The ordinary income account. 2012 free taxes online Excluding qualified withdrawals from tax. 2012 free taxes online   Do not report on your income tax return any qualified withdrawals from your CCF account. 2012 free taxes online Reduce the depreciable basis of fishing vessels you acquire, build, or rebuild when you make a qualified withdrawal from either the capital gain or the ordinary income account. 2012 free taxes online Nonqualified Withdrawals A nonqualified withdrawal from a CCF account is generally any withdrawal that is not a qualified withdrawal. 2012 free taxes online Qualified withdrawals are defined under Qualified Withdrawals, earlier. 2012 free taxes online Examples. 2012 free taxes online   Examples of nonqualified withdrawals include the following amounts from either the ordinary income account or the capital gain account. 2012 free taxes online Amounts remaining in a CCF account upon termination of your agreement with NMFS. 2012 free taxes online Amounts you withdraw and use to make principal payments on the mortgage of a vessel if the basis of that vessel and the bases of other vessels you own have already been reduced to zero. 2012 free taxes online Amounts determined by the IRS to cause your CCF account balance to exceed the amount appropriate to meet your planned use of withdrawals. 2012 free taxes online You will generally be given 3 years to revise your plans to cover this excess balance. 2012 free taxes online Amounts you leave in your account for more than 25 years. 2012 free taxes online There is a graduated schedule under which the percentage applied to determine the amount of the nonqualified withdrawal increases from 20% in the 26th year to 100% in the 30th year. 2012 free taxes online How to determine the source of nonqualified withdrawals. 2012 free taxes online    When you make a nonqualified withdrawal from your CCF account, the amount is treated as being withdrawn in the following order from the accounts listed below. 2012 free taxes online The ordinary income account. 2012 free taxes online The capital gain account. 2012 free taxes online The capital account. 2012 free taxes online Paying tax on nonqualified withdrawals. 2012 free taxes online   In general, nonqualified withdrawals are taxed separately from your other gross income and at the highest marginal tax rate in effect for the year of withdrawal. 2012 free taxes online However, nonqualified withdrawals treated as made from the capital gain account are taxed at a rate that cannot exceed 15% for individuals and 34% for corporations. 2012 free taxes online    Partnerships and S corporations. 2012 free taxes online Taxable nonqualified partnership withdrawals are separately stated on Schedule K (Form 1065), line 20c, and allocated to the partners on Schedule K-1 (Form 1065), box 20 (for 2005). 2012 free taxes online Taxable nonqualified withdrawals by an S corporation are separately stated on Schedule K (Form 1120S), line 17d, and allocated to the shareholders on Schedule K-1 (Form 1120S), box 17. 2012 free taxes online Interest. 2012 free taxes online   You must pay interest on the additional tax due to nonqualified withdrawals that are treated as made from either the ordinary income or the capital gain account. 2012 free taxes online The interest period begins on the last date for paying tax for the year for which you deposited the amount you withdrew from your CCF account. 2012 free taxes online The period ends on the last date for paying tax for the year in which you make the nonqualified withdrawal. 2012 free taxes online The interest rate on the nonqualified withdrawal is simple interest. 2012 free taxes online The rate is subject to change annually and is published in the Federal Register. 2012 free taxes online    You also can call NMFS at (301) 713-2393 (ext. 2012 free taxes online 204) to get the current interest rate. 2012 free taxes online Interest deduction. 2012 free taxes online   You can deduct the interest you pay on a nonqualified withdrawal as a trade or business expense. 2012 free taxes online Reporting the additional tax and interest. 2012 free taxes online   Attach a statement to your income tax return showing your computation of the tax and the interest on a nonqualified withdrawal. 2012 free taxes online Include the tax and interest on Form 1040, line 63 (for 2005). 2012 free taxes online To the left of line 63, write in the amount of tax and interest and “CCF. 2012 free taxes online ” Tax benefit rule. 2012 free taxes online   If any portion of your nonqualified withdrawal is properly attributable to contributions (not earnings on the contributions) you made to the CCF account that did not reduce your tax liability for any tax year prior to the withdrawal year, the following tax treatment applies. 2012 free taxes online The part that did not reduce your tax liability for any year prior to the withdrawal year is not taxed. 2012 free taxes online That part is allowed as a net operating loss deduction. 2012 free taxes online More Information This section briefly discussed the CCF program. 2012 free taxes online For more detailed information, see the following legislative authorities. 2012 free taxes online Section 607 of the Merchant Marine Act of 1936, as amended (46 U. 2012 free taxes online S. 2012 free taxes online C. 2012 free taxes online 1177). 2012 free taxes online Chapter 2, Part 259 of title 50 of the Code of Federal Regulations (50 C. 2012 free taxes online F. 2012 free taxes online R. 2012 free taxes online , Part 259). 2012 free taxes online Subchapter A, Part 3 of title 26 of the Code of Federal Regulations (26 C. 2012 free taxes online F. 2012 free taxes online R. 2012 free taxes online , Part 3). 2012 free taxes online Section 7518 of the Internal Revenue Code (IRC 7518). 2012 free taxes online The application kit you can obtain from NMFS at the address or phone number given earlier may contain copies of some of these sources of additional information. 2012 free taxes online Also, see their web page at www. 2012 free taxes online nmfs. 2012 free taxes online noaa. 2012 free taxes online gov/mb/financial_services/ccf. 2012 free taxes online htm. 2012 free taxes online How To Get Tax Help You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get information from the IRS in several ways. 2012 free taxes online By selecting the method that is best for you, you will have quick and easy access to tax help. 2012 free taxes online Contacting your Taxpayer Advocate. 2012 free taxes online   If you have attempted to deal with an IRS problem unsuccessfully, you should contact your Taxpayer Advocate. 2012 free taxes online   The Taxpayer Advocate independently represents your interests and concerns within the IRS by protecting your rights and resolving problems that have not been fixed through normal channels. 2012 free taxes online While Taxpayer Advocates cannot change the tax law or make a technical tax decision, they can clear up problems that resulted from previous contacts and ensure that your case is given a complete and impartial review. 2012 free taxes online   To contact your Taxpayer Advocate: Call the Taxpayer Advocate toll free at 1-877-777-4778, Call, write, or fax the Taxpayer Advocate office in your area, Call 1-800-829-4059 if you are a TTY/TDD user, or Visit www. 2012 free taxes online irs. 2012 free taxes online gov/advocate. 2012 free taxes online   For more information, see Publication 1546, How To Get Help With Unresolved Tax Problems (now available in Chinese, Korean, Russian, and Vietnamese, in addition to English and Spanish). 2012 free taxes online Free tax services. 2012 free taxes online   To find out what services are available, get Publication 910, IRS Guide to Free Tax Services. 2012 free taxes online It contains a list of free tax publications and an index of tax topics. 2012 free taxes online It also describes other free tax information services, including tax education and assistance programs and a list of TeleTax topics. 2012 free taxes online Internet. 2012 free taxes online You can access the IRS website 24 hours a day, 7 days a week, at www. 2012 free taxes online irs. 2012 free taxes online gov to: E-file your return. 2012 free taxes online Find out about commercial tax preparation and e-file services available free to eligible taxpayers. 2012 free taxes online Check the status of your refund. 2012 free taxes online Click on Where's My Refund. 2012 free taxes online Be sure to wait at least 6 weeks from the date you filed your return (3 weeks if you filed electronically). 2012 free taxes online Have your tax return available because you will need to know your social security number, your filing status, and the exact whole dollar amount of your refund. 2012 free taxes online Download forms, instructions, and publications. 2012 free taxes online Order IRS products online. 2012 free taxes online Research your tax questions online. 2012 free taxes online Search publications online by topic or keyword. 2012 free taxes online View Internal Revenue Bulletins (IRBs) published in the last few years. 2012 free taxes online Figure your withholding allowances using our Form W-4 calculator. 2012 free taxes online Sign up to receive local and national tax news by email. 2012 free taxes online Get information on starting and operating a small business. 2012 free taxes online Phone. 2012 free taxes online Many services are available by phone. 2012 free taxes online Ordering forms, instructions, and publications. 2012 free taxes online Call 1-800-829-3676 to order current-year forms, instructions, and publications and prior-year forms and instructions. 2012 free taxes online You should receive your order within 10 days. 2012 free taxes online Asking tax questions. 2012 free taxes online Call the IRS with your tax questions at 1-800-829-1040. 2012 free taxes online Solving problems. 2012 free taxes online You can get face-to-face help solving tax problems every business day in IRS Taxpayer Assistance Centers. 2012 free taxes online An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. 2012 free taxes online Call your local Taxpayer Assistance Center for an appointment. 2012 free taxes online To find the number, go to www. 2012 free taxes online irs. 2012 free taxes online gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. 2012 free taxes online TTY/TDD equipment. 2012 free taxes online If you have access to TTY/TDD equipment, call 1-800-829-4059 to ask tax questions or to order forms and publications. 2012 free taxes online TeleTax topics. 2012 free taxes online Call 1-800-829-4477 and press 2 to listen to pre-recorded messages covering various tax topics. 2012 free taxes online Refund information. 2012 free taxes online If you would like to check the status of your refund, call 1-800-829-4477 and press 1 for automated refund information and follow the recorded instructions or call 1-800-829-1954. 2012 free taxes online Be sure to wait at least 6 weeks from the date you filed your return (3 weeks if you filed electronically). 2012 free taxes online Have your tax return available because you will need to know your social security number, your filing status, and the exact whole dollar amount of your refund. 2012 free taxes online Evaluating the quality of our telephone services. 2012 free taxes online To ensure that IRS representatives give accurate, courteous, and professional answers, we use several methods to evaluate the quality of our telephone services. 2012 free taxes online One method is for a second IRS representative to sometimes listen in on or record telephone calls. 2012 free taxes online Another is to ask some callers to complete a short survey at the end of the call. 2012 free taxes online Walk-in. 2012 free taxes online Many products and services are available on a walk-in basis. 2012 free taxes online Products. 2012 free taxes online You can walk in to many post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. 2012 free taxes online Some IRS offices, libraries, grocery stores, copy centers, city and county government offices, credit unions, and office supply stores have a collection of products available to print from a CD-ROM or photocopy from reproducible proofs. 2012 free taxes online Also, some IRS offices and libraries have the Internal Revenue Code, regulations, Internal Revenue Bulletins, and Cumulative Bulletins available for research purposes. 2012 free taxes online Services. 2012 free taxes online You can walk in to your local Taxpayer Assistance Center every business day for personal, face-to-face tax help. 2012 free taxes online An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. 2012 free taxes online If you need to resolve a tax problem, have questions about how the tax law applies to your individual tax return, or you're more comfortable talking with someone in person, visit your local Taxpayer Assistance Center where you can spread out your records and talk with an IRS representative face-to-face. 2012 free taxes online No appointment is necessary, but if you prefer, you can call your local Center and leave a message requesting an appointment to resolve a tax account issue. 2012 free taxes online A representative will call you back within 2 business days to schedule an in-person appointment at your convenience. 2012 free taxes online To find the number, go to www. 2012 free taxes online irs. 2012 free taxes online gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. 2012 free taxes online Mail. 2012 free taxes online You can send your order for forms, instructions, and publications to the address below and receive a response within 10 business days after your request is received. 2012 free taxes online National Distribution Center P. 2012 free taxes online O. 2012 free taxes online Box 8903 Bloomington, IL 61702-8903 CD-ROM for tax products. 2012 free taxes online You can order Publication 1796, IRS Tax Products on CD-ROM, and obtain: A CD that is released twice so you have the latest products. 2012 free taxes online The first release ships in late December and the final release ships in late February. 2012 free taxes online Current-year forms, instructions, and publications. 2012 free taxes online Prior-year forms, instructions, and publications. 2012 free taxes online Tax Map: an electronic research tool and finding aid. 2012 free taxes online Tax law frequently asked questions (FAQs). 2012 free taxes online Tax Topics from the IRS telephone response system. 2012 free taxes online Fill-in, print, and save features for most tax forms. 2012 free taxes online Internal Revenue Bulletins. 2012 free taxes online Toll-free and email technical support. 2012 free taxes online Buy the CD-ROM from National Technical Information Service (NTIS) at www. 2012 free taxes online irs. 2012 free taxes online gov/cdorders for $25 (no handling fee) or call 1-877-233-6767 toll free to buy the CD-ROM for $25 (plus a $5 handling fee). 2012 free taxes online CD-ROM for small businesses. 2012 free taxes online Publication 3207, Small Business Resource Guide CD-ROM, has a new look and enhanced navigation features. 2012 free taxes online This CD includes: Helpful information, such as how to prepare a business plan, find financing for your business, and much more. 2012 free taxes online All the business tax forms, instructions, and publications needed to successfully manage a business. 2012 free taxes online Tax law changes. 2012 free taxes online IRS Tax Map to help you find forms, instructions, and publications by searching on a keyword or topic. 2012 free taxes online Web links to various government agencies, business associations, and IRS organizations. 2012 free taxes online “Rate the Product” survey—your opportunity to suggest changes for future editions. 2012 free taxes online An updated version of this CD is available each year in early April. 2012 free taxes online You can get a free copy by calling 1-800-829-3676 or by visiting www. 2012 free taxes online irs. 2012 free taxes online gov/smallbiz. 2012 free taxes online Prev  Up  Next   Home   More Online Publications
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The 2012 Free Taxes Online

2012 free taxes online 29. 2012 free taxes online   Limit on Itemized Deductions Table of Contents Introduction Useful Items - You may want to see: Are You Subject to the Limit? Which Itemized Deductions Are Limited? Which Itemized Deductions Are Not Limited? How Do You Figure the Limit?Example. 2012 free taxes online Introduction This chapter discusses the overall limit on itemized deductions on Schedule A (Form 1040). 2012 free taxes online The following topics are included. 2012 free taxes online Who is subject to the limit. 2012 free taxes online Which itemized deductions are limited. 2012 free taxes online How to figure the limit. 2012 free taxes online Useful Items - You may want to see: Forms (and Instructions) Schedule A (Form 1040) Itemized Deductions Are You Subject to the Limit? You are subject to the limit on certain itemized deductions if your adjusted gross income (AGI) is more than $300,000 if married filing jointly or qualifying widow(er), $275,000 if head of household, $250,000 if single, or $150,000 if married filing separately. 2012 free taxes online Your AGI is the amount on Form 1040, line 38. 2012 free taxes online Which Itemized Deductions Are Limited? The following Schedule A (Form 1040) deductions are subject to the overall limit on itemized deductions. 2012 free taxes online Taxes paid—line 9 Interest paid—lines 10, 11, 12, and 13 Gifts to charity—line 19 Job expenses and certain miscellaneous deductions—line 27 Other miscellaneous deductions—line 28, excluding gambling and casualty or theft losses. 2012 free taxes online . 2012 free taxes online Which Itemized Deductions Are Not Limited? The following Schedule A (Form 1040) deductions are not subject to the overall limit on itemized deductions. 2012 free taxes online However, they are still subject to other applicable limits. 2012 free taxes online Medical and dental expenses—line 4. 2012 free taxes online Investment interest expense—line 14. 2012 free taxes online Casualty and theft losses of personal use property—line 20. 2012 free taxes online Casualty and theft losses of income-producing property—line 28. 2012 free taxes online Gambling losses—line 28. 2012 free taxes online How Do You Figure the Limit? If your itemized deductions are subject to the limit, the total of all your itemized deductions is reduced by the smaller of: 80% of your itemized deductions that are affected by the limit. 2012 free taxes online See Which Itemized Deductions Are Limited , earlier, or 3% of the amount by which your AGI exceeds $300,000 if married filing jointly or qualifying widow(er), $275,000 if head of household, $250,000 if single, or $150,000 if married filing separately. 2012 free taxes online Before you figure the overall limit on itemized deductions, you first must complete Schedule A (Form 1040), lines 1 through 28, including any related forms (such as Form 2106, Form 4684, etc. 2012 free taxes online ). 2012 free taxes online The overall limit on itemized deductions is figured after you have applied any other limit on the allowance of any itemized deduction. 2012 free taxes online These other limits include charitable contribution limits (chapter 24), the limit on certain meal and entertainment expenses (chapter 26), and the 2%-of-adjusted-gross-income limit on certain miscellaneous deductions (chapter 28). 2012 free taxes online Itemized Deductions Worksheet. 2012 free taxes online   After you have completed Schedule A (Form 1040) through line 28, you can use the Itemized Deductions Worksheet in the Instructions for Schedule A (Form 1040) to figure your limit. 2012 free taxes online Enter the result on Schedule A (Form 1040), line 29. 2012 free taxes online Keep the worksheet for your records. 2012 free taxes online    You should compare the amount of your standard deduction to the amount of your itemized deductions after applying the limit. 2012 free taxes online Use the greater amount when completing Form 1040, line 40. 2012 free taxes online See chapter 20 for information on how to figure your standard deduction. 2012 free taxes online Example. 2012 free taxes online For tax year 2013 Bill and Terry Willow are filing a joint return on Form 1040. 2012 free taxes online Their adjusted gross income on line 38 is $325,500. 2012 free taxes online Their Schedule A itemized deductions are as follows: Taxes paid—line 9 $17,900 Interest paid—lines 10, 11, 12, and 13 45,000 Investment interest expense—line 14 41,000 Gifts to charity—line 19 21,000 Job expenses—line 27 17,240 Total $142,140 The Willows’ investment interest expense deduction ($41,000 from Schedule A (Form 1040), line 14) is not subject to the overall limit on itemized deductions. 2012 free taxes online The Willows use the Itemized Deductions Worksheet in the Schedule A (Form 1040) instructions to figure their overall limit. 2012 free taxes online Of their $142,140 total itemized deductions, the Willows can deduct only $141,375 ($142,140 - $765). 2012 free taxes online They enter $141,375 on Schedule A (Form 1040), line 29. 2012 free taxes online Prev  Up  Next   Home   More Online Publications