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2012 Income Tax Forms 1040ez

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2012 Income Tax Forms 1040ez

2012 income tax forms 1040ez Publication 80 - Introductory Material Table of Contents Future Developments What's New Reminders Calendar Future Developments For the latest information about developments related to Publication 80 (Circular SS), such as legislation enacted after it was published, go to www. 2012 income tax forms 1040ez irs. 2012 income tax forms 1040ez gov/pub80. 2012 income tax forms 1040ez What's New Social security and Medicare tax for 2014. 2012 income tax forms 1040ez  The social security tax rate is 6. 2012 income tax forms 1040ez 2% each for the employee and employer, unchanged from 2013. 2012 income tax forms 1040ez The social security wage base limit is $117,000. 2012 income tax forms 1040ez The Medicare tax rate is 1. 2012 income tax forms 1040ez 45% each for the employee and employer, unchanged from 2013. 2012 income tax forms 1040ez There is no wage base limit for Medicare tax. 2012 income tax forms 1040ez Social security and Medicare taxes apply to the wages of household workers you pay $1,900 or more in cash or an equivalent form of compensation. 2012 income tax forms 1040ez Social security and Medicare taxes apply to election workers who are paid $1,600 or more in cash or an equivalent form of compensation. 2012 income tax forms 1040ez Change of responsible party. 2012 income tax forms 1040ez . 2012 income tax forms 1040ez  Beginning January 1, 2014, any entity with an employer identification number (EIN) must file Form 8822-B, Change of Address or Responsible Party—Business, to report the latest change to its responsible party. 2012 income tax forms 1040ez Form 8822-B must be filed within 60 days of the change. 2012 income tax forms 1040ez If the change in the identity of your responsible party occurred before 2014, and you have not previously notified the IRS of the change, file Form 8822-B before March 1, 2014, reporting only the most recent change. 2012 income tax forms 1040ez For a definition of “responsible party”, see the Form 8822-B instructions. 2012 income tax forms 1040ez Same-sex marriage. 2012 income tax forms 1040ez  For federal tax purposes, individuals of the same sex are considered married if they were lawfully married in a state (or foreign country) whose laws authorize the marriage of two individuals of the same sex, even if the state (or foreign country) in which they now live does not recognize same-sex marriage. 2012 income tax forms 1040ez For more information, see Revenue Ruling 2013-17, 2013-38 I. 2012 income tax forms 1040ez R. 2012 income tax forms 1040ez B. 2012 income tax forms 1040ez 201, available at www. 2012 income tax forms 1040ez irs. 2012 income tax forms 1040ez gov/irb/2013-38_IRB/ar07. 2012 income tax forms 1040ez html. 2012 income tax forms 1040ez Notice 2013-61 provides special administrative procedures for employers to make claims for refund or adjustments of overpayments of social security and Medicare taxes with respect to certain same-sex spouse benefits before expiration of the period of limitations. 2012 income tax forms 1040ez Notice 2013-61, 2013-44 I. 2012 income tax forms 1040ez R. 2012 income tax forms 1040ez B. 2012 income tax forms 1040ez 432, is available at www. 2012 income tax forms 1040ez irs. 2012 income tax forms 1040ez gov/irb/2013-44_IRB/ar10. 2012 income tax forms 1040ez html. 2012 income tax forms 1040ez Reminders Additional Medicare Tax withholding. 2012 income tax forms 1040ez  In addition to withholding Medicare tax at 1. 2012 income tax forms 1040ez 45%, you must withhold a 0. 2012 income tax forms 1040ez 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. 2012 income tax forms 1040ez You are required to begin withholding Additional Medicare Tax in the pay period in which you pay wages in excess of $200,000 to an employee and continue to withhold it each pay period until the end of the calendar year. 2012 income tax forms 1040ez Additional Medicare Tax is only imposed on the employee. 2012 income tax forms 1040ez There is no employer share of Additional Medicare Tax. 2012 income tax forms 1040ez All wages that are subject to Medicare tax are subject to Additional Medicare Tax withholding if paid in excess of the $200,000 withholding threshold. 2012 income tax forms 1040ez For more information on what wages are subject to Medicare tax, see the chart, Special Rules for Various Types of Employment and Payments , in section 12. 2012 income tax forms 1040ez For more information on Additional Medicare Tax, visit IRS. 2012 income tax forms 1040ez gov and enter “Additional Medicare Tax” in the search box. 2012 income tax forms 1040ez Work opportunity tax credit for qualified tax-exempt organizations hiring qualified veterans. 2012 income tax forms 1040ez  The work opportunity tax credit is available for eligible unemployed veterans who begin work on or after November 22, 2011, and before January 1, 2014. 2012 income tax forms 1040ez Qualified tax-exempt organizations that hire eligible unemployed veterans can claim the work opportunity tax credit against their payroll tax liability using Form 5884-C, Work Opportunity Credit for Qualified Tax-Exempt Organizations Hiring Qualified Veterans. 2012 income tax forms 1040ez For more information, visit IRS. 2012 income tax forms 1040ez gov and enter “work opportunity tax credit” in the search box. 2012 income tax forms 1040ez Outsourcing payroll duties. 2012 income tax forms 1040ez  Employers are responsible to ensure that tax returns are filed and deposits and payments are made, even if the employer contracts with a third party to perform these acts. 2012 income tax forms 1040ez The employer remains responsible if the third party fails to perform any required action. 2012 income tax forms 1040ez If you choose to outsource any of your payroll and related tax duties (that is, withholding, reporting, and paying over social security, Medicare, FUTA, and income taxes) to a third-party payer such as a payroll service provider or reporting agent, visit IRS. 2012 income tax forms 1040ez gov and enter “outsourcing payroll duties” in the search box for helpful information on this topic. 2012 income tax forms 1040ez Residents of the Philippines working in the Commonwealth of the Northern Mariana Islands (CNMI). 2012 income tax forms 1040ez  The IRS will not assert that an employer has understated liability for social security and Medicare taxes because they failed to treat services performed before January 1, 2015, in the CNMI by a resident of the Philippines as employment as defined under Internal Revenue Code section 3121(b). 2012 income tax forms 1040ez For more information, see Announcement 2012-43, 2012-51 I. 2012 income tax forms 1040ez R. 2012 income tax forms 1040ez B. 2012 income tax forms 1040ez 723, available at www. 2012 income tax forms 1040ez irs. 2012 income tax forms 1040ez gov/irb/2012-51_IRB/ar15. 2012 income tax forms 1040ez html. 2012 income tax forms 1040ez CNMI government employees now subject to social security and Medicare taxes. 2012 income tax forms 1040ez  Beginning in the fourth calendar quarter of 2012, CNMI government employees are subject to social security and Medicare taxes. 2012 income tax forms 1040ez COBRA premium assistance credit. 2012 income tax forms 1040ez  The credit for COBRA premium assistance payments applies to premiums paid for employees involuntarily terminated between September 1, 2008 and May 31, 2010, and to premiums paid for up to 15 months. 2012 income tax forms 1040ez See COBRA premium assistance credit in Publication 15 (Circular E), Employer's Tax Guide. 2012 income tax forms 1040ez You can get Publication 15 (Circular E) at IRS. 2012 income tax forms 1040ez gov. 2012 income tax forms 1040ez You must receive written notice from the IRS to file Form 944. 2012 income tax forms 1040ez  If you have been filing Forms 941-SS and believe your employment taxes for the calendar year will be $1,000 or less, and you would like to file Form 944, Employer's ANNUAL Federal Tax Return, instead of Forms 941-SS, you must contact the IRS to request to file Form 944. 2012 income tax forms 1040ez You must receive written notice from the IRS to file Form 944 instead of Forms 941-SS before you may file this form. 2012 income tax forms 1040ez For more information on requesting to file Form 944 visit IRS. 2012 income tax forms 1040ez gov and enter “file employment taxes annually” in the search box. 2012 income tax forms 1040ez Federal employers in the CNMI. 2012 income tax forms 1040ez  The U. 2012 income tax forms 1040ez S. 2012 income tax forms 1040ez Treasury Department and the CNMI Division of Revenue and Taxation entered into an agreement under 5 USC 5517 in December 2006. 2012 income tax forms 1040ez Under this agreement, all federal employers (including the Department of Defense) are required to withhold CNMI income taxes (rather than federal income taxes) and deposit the CNMI taxes with the CNMI Treasury for employees who are subject to CNMI taxes and whose regular place of federal employment is in the CNMI. 2012 income tax forms 1040ez Federal employers are also required to file quarterly and annual reports with the CNMI Division of Revenue and Taxation. 2012 income tax forms 1040ez For questions, contact the CNMI Division of Revenue and Taxation. 2012 income tax forms 1040ez Change of address. 2012 income tax forms 1040ez  Use Form 8822-B to notify the IRS of an address change. 2012 income tax forms 1040ez Do not mail Form 8822-B with your employment tax return. 2012 income tax forms 1040ez Federal tax deposits must be made by electronic funds transfer. 2012 income tax forms 1040ez  You must use electronic funds transfer to make all federal tax deposits. 2012 income tax forms 1040ez Generally, electronic fund transfers are made using the Electronic Federal Tax Payment System (EFTPS). 2012 income tax forms 1040ez If you do not want to use EFTPS, you can arrange for your tax professional, financial institution, payroll service, or other trusted third party to make electronic deposits on your behalf. 2012 income tax forms 1040ez Also, you may arrange for your financial institution to initiate a same-day wire payment on your behalf. 2012 income tax forms 1040ez EFTPS is a free service provided by the Department of Treasury. 2012 income tax forms 1040ez Services provided by your tax professional, financial institution, payroll service, or other third party may have a fee. 2012 income tax forms 1040ez For more information on making federal tax deposits, see How To Deposit in section 8. 2012 income tax forms 1040ez For more information about EFTPS or to enroll in EFTPS, visit the EFTPS website at www. 2012 income tax forms 1040ez eftps. 2012 income tax forms 1040ez gov or call 1-800-555-4477 (U. 2012 income tax forms 1040ez S. 2012 income tax forms 1040ez Virgin Islands only) or 303-967-5916 (toll call) or 1-800-733-4829 (TDD). 2012 income tax forms 1040ez Additional information about EFTPS is also available in Publication 966, Electronic Federal Tax Payment System: A Guide To Getting Started. 2012 income tax forms 1040ez Electronic filing and payment. 2012 income tax forms 1040ez  Using electronic options can make filing a return and paying your federal tax easier. 2012 income tax forms 1040ez Use the Electronic Federal Tax Payment System (EFTPS) to make deposits or pay in full, whether you rely on a tax professional or prepare your own taxes. 2012 income tax forms 1040ez You can use IRS e-file to file certain returns. 2012 income tax forms 1040ez If there is a balance due on the return, you can e-file and e-pay in a single step by authorizing an electronic funds withdrawal (EFW) from your bank account while e-filing. 2012 income tax forms 1040ez Do not use EFW to pay taxes that are required to be deposited. 2012 income tax forms 1040ez Visit the IRS website at www. 2012 income tax forms 1040ez irs. 2012 income tax forms 1040ez gov/efile for more information on filing electronically. 2012 income tax forms 1040ez For more information on paying your taxes using EFW, visit the IRS website at www. 2012 income tax forms 1040ez irs. 2012 income tax forms 1040ez gov/e-pay. 2012 income tax forms 1040ez A fee may be charged to file electronically. 2012 income tax forms 1040ez For EFTPS, visit www. 2012 income tax forms 1040ez eftps. 2012 income tax forms 1040ez gov or call EFTPS Customer Service at 1-800-555-4477 (U. 2012 income tax forms 1040ez S. 2012 income tax forms 1040ez Virgin Islands only) or 303-967-5916 (toll call). 2012 income tax forms 1040ez For electronic filing of Forms W-2AS, W-2CM, W-2GU, W-2VI, Wage and Tax Statements; W-3SS, Transmittal of Wage and Tax Statements; and W-2c, Corrected Wage and Tax Statement, visit www. 2012 income tax forms 1040ez socialsecurity. 2012 income tax forms 1040ez gov/employer. 2012 income tax forms 1040ez If you are filing your tax return or paying your federal taxes electronically, a valid EIN is required. 2012 income tax forms 1040ez If a valid EIN is not provided, the return or payment will not be processed. 2012 income tax forms 1040ez This may result in penalties and delays in processing your return or payment. 2012 income tax forms 1040ez Electronic option for filing Forms W-2AS, W-2CM, W-2GU, or W-2VI. 2012 income tax forms 1040ez  Employers in American Samoa, the CNMI, Guam, and the U. 2012 income tax forms 1040ez S. 2012 income tax forms 1040ez Virgin Islands can now use the Social Security Administration's W-2 Online service to create, save, print, and submit up to 50 Forms W-2AS, W-2CM, W-2GU, or W-2VI at a time over the Internet. 2012 income tax forms 1040ez Form W-3SS will be generated automatically based on your Forms W-2AS, W-2CM, W-2GU, or W-2VI. 2012 income tax forms 1040ez For more information, visit Social Security Administration's SSA website at www. 2012 income tax forms 1040ez ssa. 2012 income tax forms 1040ez gov/bso/bsowelcome. 2012 income tax forms 1040ez htm. 2012 income tax forms 1040ez Credit or debit card payments. 2012 income tax forms 1040ez  For information on paying your taxes with a credit or debit card, visit the IRS website at www. 2012 income tax forms 1040ez irs. 2012 income tax forms 1040ez gov/e-pay. 2012 income tax forms 1040ez However, do not use credit or debit cards to make federal tax deposits. 2012 income tax forms 1040ez Hiring new employees. 2012 income tax forms 1040ez  Record the number and name from each new employee's social security card. 2012 income tax forms 1040ez An employee who does not have a social security card should apply for one on Form SS-5, Application for a Social Security Card. 2012 income tax forms 1040ez See section 3. 2012 income tax forms 1040ez Reporting discrepancies between Forms 941-SS (or Form 944) and Forms W-2. 2012 income tax forms 1040ez  File Schedule D (Form 941), Report of Discrepancies Caused by Acquisitions, Statutory Mergers, or Consolidations, to explain certain wage, tax, and payment discrepancies between Forms 941-SS (or Form 944), and Forms W-2 that were caused by acquisitions, statutory mergers, or consolidations. 2012 income tax forms 1040ez For more information, see the Instructions for Schedule D (Form 941). 2012 income tax forms 1040ez Apply for an employer identification number (EIN) online. 2012 income tax forms 1040ez  You can apply for an EIN online by visiting IRS. 2012 income tax forms 1040ez gov and clicking on the Apply for an EIN Online link under Tools. 2012 income tax forms 1040ez Dishonored payments. 2012 income tax forms 1040ez  Any form of payment that is dishonored and returned from a financial institution is subject to a penalty. 2012 income tax forms 1040ez The penalty is $25 or 2% of the payment, whichever is more. 2012 income tax forms 1040ez However, the penalty on dishonored payments of $24. 2012 income tax forms 1040ez 99 or less is an amount equal to the payment. 2012 income tax forms 1040ez For example, a dishonored payment of $18 is charged a penalty of $18. 2012 income tax forms 1040ez Private delivery services. 2012 income tax forms 1040ez  You can use certain private delivery services designated by the IRS to send tax returns or payments. 2012 income tax forms 1040ez The list includes only the following: DHL Express (DHL): DHL Same Day Service. 2012 income tax forms 1040ez Federal Express (FedEx): FedEx Priority Overnight, FedEx Standard Overnight, FedEx 2Day, FedEx International Priority, and FedEx International First. 2012 income tax forms 1040ez United Parcel Service (UPS): UPS Next Day Air, UPS Next Day Air Saver, UPS 2nd Day Air, UPS 2nd Day Air A. 2012 income tax forms 1040ez M. 2012 income tax forms 1040ez , UPS Worldwide Express Plus, and UPS Worldwide Express. 2012 income tax forms 1040ez For the IRS mailing address to use if you are using a private delivery service, go to IRS. 2012 income tax forms 1040ez gov and enter “private delivery service” in the search box. 2012 income tax forms 1040ez Your private delivery service can tell you how to get written proof of the mailing date. 2012 income tax forms 1040ez Private delivery services cannot deliver items to P. 2012 income tax forms 1040ez O. 2012 income tax forms 1040ez boxes. 2012 income tax forms 1040ez You must use the U. 2012 income tax forms 1040ez S. 2012 income tax forms 1040ez Postal Service to mail any item to an IRS P. 2012 income tax forms 1040ez O. 2012 income tax forms 1040ez box address. 2012 income tax forms 1040ez Recordkeeping. 2012 income tax forms 1040ez  Keep all records of employment taxes for 4 years. 2012 income tax forms 1040ez These should be available for IRS review. 2012 income tax forms 1040ez There is no required format for such records, but they should include your EIN; the amounts and dates of all wage payments (including fringe benefits) and tips reported; the names, addresses, and occupations of employees receiving such payments and their social security numbers; copies of returns filed; dates of employment; and the dates and amounts of deposits made. 2012 income tax forms 1040ez Farm employers must keep a record of the name, permanent address, and EIN of each crew leader. 2012 income tax forms 1040ez See Farm Crew Leaders in section 2. 2012 income tax forms 1040ez Disregarded entities and qualified subchapter S subsidiaries (QSubs). 2012 income tax forms 1040ez  Eligible single-owner disregarded entities and QSubs are treated as separate entities for employment tax purposes. 2012 income tax forms 1040ez Eligible single-member entities that have not elected to be taxed as corporations must report and pay employment taxes on wages paid to their employees using the entities' own names and EINs. 2012 income tax forms 1040ez See Regulations sections 1. 2012 income tax forms 1040ez 1361-4(a)(7) and 301. 2012 income tax forms 1040ez 7701-2(c)(2)(iv). 2012 income tax forms 1040ez Photographs of missing children. 2012 income tax forms 1040ez  The IRS is a proud partner with the National Center for Missing and Exploited Children. 2012 income tax forms 1040ez Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. 2012 income tax forms 1040ez You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. 2012 income tax forms 1040ez Calendar   If any date for filing a return, furnishing a form, or depositing taxes falls on a Saturday, Sunday, or legal holiday, the due date is the next business day. 2012 income tax forms 1040ez A statewide legal holiday delays a filing due date only if the IRS office where you are required to file is located in that state. 2012 income tax forms 1040ez However, a statewide legal holiday does not delay the due date of federal tax deposits. 2012 income tax forms 1040ez See Deposits on Business Days Only in section 8. 2012 income tax forms 1040ez For any filing due date, you will meet the “file” or “furnish” requirement if the envelope containing the return or form is properly addressed, contains sufficient postage, and is postmarked by the U. 2012 income tax forms 1040ez S. 2012 income tax forms 1040ez Postal Service on or before the due date, or sent by an IRS-designated delivery service on or before the due date. 2012 income tax forms 1040ez See Private delivery services under Reminders. 2012 income tax forms 1040ez The following are important dates and responsibilities. 2012 income tax forms 1040ez Also see Publication 509, Tax Calendars. 2012 income tax forms 1040ez By January 31. 2012 income tax forms 1040ez   Furnish wage and tax statements to employees. 2012 income tax forms 1040ez Give each employee a completed Form W-2AS, W-2CM, W-2GU, or W-2VI. 2012 income tax forms 1040ez See section 10 for more information. 2012 income tax forms 1040ez File Form 943, Employer's Annual Federal Tax Return for Agricultural Employees, with the IRS. 2012 income tax forms 1040ez If you deposited all Form 943 taxes when due, you have 10 additional calendar days to file. 2012 income tax forms 1040ez U. 2012 income tax forms 1040ez S. 2012 income tax forms 1040ez Virgin Islands employers only must file Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return, with the IRS. 2012 income tax forms 1040ez Pay or deposit (if more than $500) any balance of the tax due. 2012 income tax forms 1040ez If you deposited the full amount of taxes when due, you have 10 additional calendar days to file. 2012 income tax forms 1040ez File Form 944 with the IRS if you were notified by the IRS to file Form 944 instead of quarterly Forms 941-SS. 2012 income tax forms 1040ez If you deposited the full amount of taxes when due, you have 10 additional calendar days to file. 2012 income tax forms 1040ez By February 28. 2012 income tax forms 1040ez  File paper wage and tax statements with the Social Security Administration (SSA). 2012 income tax forms 1040ez File Copy A of Forms W-2AS, W-2CM, W-2GU, or W-2VI, and Form W-3SS with the Social Security Administration (SSA). 2012 income tax forms 1040ez For electronically filed returns, see By March 31 next. 2012 income tax forms 1040ez By March 31. 2012 income tax forms 1040ez  File electronic Forms W-2AS, W-2CM, W-2GU, or W-2VI with the SSA. 2012 income tax forms 1040ez Visit the SSA's Reporting Instructions & Information webpage at www. 2012 income tax forms 1040ez socialsecurity. 2012 income tax forms 1040ez gov/employer for more information. 2012 income tax forms 1040ez By April 30, July 31, October 31, and January 31. 2012 income tax forms 1040ez  File Form 941-SS with the IRS. 2012 income tax forms 1040ez If you deposited the full amount of taxes when due, you have 10 additional calendar days to file. 2012 income tax forms 1040ez Do not file Forms 941-SS for these quarters if you have been notified to file Form 944 and you did not request to file quarterly Forms 941-SS. 2012 income tax forms 1040ez Deposit FUTA tax for the quarter (including any amount carried over from other quarters) if over $500. 2012 income tax forms 1040ez If $500 or less, carry it over to the next quarter. 2012 income tax forms 1040ez See section 11 for more information. 2012 income tax forms 1040ez Prev  Up  Next   Home   More Online Publications
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The 2012 Income Tax Forms 1040ez

2012 income tax forms 1040ez 4. 2012 income tax forms 1040ez   Reporting Gains and Losses Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Information Returns Schedule D and Form 8949Long and Short Term Net Gain or Loss Treatment of Capital Losses Capital Gains Tax Rates Form 4797Mark-to-market election. 2012 income tax forms 1040ez Introduction This chapter explains how to report capital gains and losses and ordinary gains and losses from sales, exchanges, and other dispositions of property. 2012 income tax forms 1040ez Although this discussion refers to Schedule D (Form 1040) and Form 8949, many of the rules discussed here also apply to taxpayers other than individuals. 2012 income tax forms 1040ez However, the rules for property held for personal use usually will not apply to taxpayers other than individuals. 2012 income tax forms 1040ez Topics - This chapter discusses: Information returns Schedule D (Form 1040) Form 4797 Form 8949 Useful Items - You may want to see: Publication 550 Investment Income and Expenses 537 Installment Sales Form (and Instructions) Schedule D (Form 1040) Capital Gains and Losses 1099-B Proceeds From Broker and Barter Exchange Transactions 1099-S Proceeds From Real Estate Transactions 4684 Casualties and Thefts 4797 Sales of Business Property 6252 Installment Sale Income 6781 Gains and Losses from Section 1256 Contracts and Straddles 8824 Like-Kind Exchanges 8949 Sales and Other Dispositions of Capital Assets See chapter 5 for information about getting publications and forms. 2012 income tax forms 1040ez Information Returns If you sell or exchange certain assets, you should receive an information return showing the proceeds of the sale. 2012 income tax forms 1040ez This information is also provided to the IRS. 2012 income tax forms 1040ez Form 1099-B. 2012 income tax forms 1040ez   If you sold property, such as stocks, bonds, or certain commodities, through a broker, you should receive Form 1099-B, Proceeds From Broker and Barter Exchange Transactions, or a substitute statement from the broker. 2012 income tax forms 1040ez Use the Form 1099-B or a substitute statement to complete Form 8949 and/or Schedule D. 2012 income tax forms 1040ez Whether or not you receive 1099-B, you must report all taxable sales of stock, bonds, commodities, etc. 2012 income tax forms 1040ez on Form 8949 and/or Schedule D, as applicable. 2012 income tax forms 1040ez For more information on figuring gains and losses from these transactions, see chapter 4 in Publication 550. 2012 income tax forms 1040ez For information on reporting the gains and losses, see the Instructions for Form 8949 and the Instructions for Schedule D (Form 1040). 2012 income tax forms 1040ez Form 1099-S. 2012 income tax forms 1040ez   An information return must be provided on certain real estate transactions. 2012 income tax forms 1040ez Generally, the person responsible for closing the transaction (the “real estate reporting person”) must report on Form 1099-S sales or exchanges of the following types of property. 2012 income tax forms 1040ez Land (improved or unimproved), including air space. 2012 income tax forms 1040ez An inherently permanent structure, including any residential, commercial, or industrial building. 2012 income tax forms 1040ez A condominium unit and its related fixtures and common elements (including land). 2012 income tax forms 1040ez Stock in a cooperative housing corporation. 2012 income tax forms 1040ez If you sold or exchanged any of the above types of property, the “real estate reporting person” must give you a copy of Form 1099-S or a statement containing the same information as the Form 1099-S. 2012 income tax forms 1040ez The “real estate reporting person” could include the buyer's attorney, your attorney, the title or escrow company, a mortgage lender, your broker, the buyer's broker, or the person acquiring the biggest interest in the property. 2012 income tax forms 1040ez   For more information see chapter 4 in Publication 550. 2012 income tax forms 1040ez Also, see the Instructions for Form 8949. 2012 income tax forms 1040ez Schedule D and Form 8949 Form 8949. 2012 income tax forms 1040ez   Individuals, corporations, and partnerships, use Form 8949 to report the following. 2012 income tax forms 1040ez    Sales or exchanges of capital assets, including stocks, bonds, etc. 2012 income tax forms 1040ez , and real estate (if not reported on another form or schedule such as Form 4684, 4797, 6252, 6781, or 8824). 2012 income tax forms 1040ez Include these transactions even if you did not receive a Form 1099-B or 1099-S. 2012 income tax forms 1040ez Gains from involuntary conversions (other than from casualty or theft) of capital assets not held for business or profit. 2012 income tax forms 1040ez Nonbusiness bad debts. 2012 income tax forms 1040ez   Individuals, If you are filing a joint return, complete as many copies of Form 8949 as you need to report all of your and your spouse's transactions. 2012 income tax forms 1040ez You and your spouse may list your transactions on separate forms or you may combine them. 2012 income tax forms 1040ez However, you must include on your Schedule D the totals from all Forms 8949 for both you and your spouse. 2012 income tax forms 1040ez    Corporations and electing large partnerships also use Form 8949 to report their share of gain or loss from a partnership, S Corporation, estate or trust. 2012 income tax forms 1040ez   Business entities meeting certain criteria, may have an exception to some of the normal requirements for completing Form 8949. 2012 income tax forms 1040ez See the Instructions for Form 8949. 2012 income tax forms 1040ez Schedule D. 2012 income tax forms 1040ez    Use Schedule D (Form 1040) to figure the overall gain or loss from transactions reported on Form 8949, and to report certain transactions you do not have to report on Form 8949. 2012 income tax forms 1040ez Before completing Schedule D, you may have to complete other forms as shown below. 2012 income tax forms 1040ez    Complete all applicable lines of Form 8949 before completing lines 1b, 2, 3, 8b, 9, or 10 of your applicable Schedule D. 2012 income tax forms 1040ez Enter on Schedule D the combined totals from all your Forms 8949. 2012 income tax forms 1040ez For a sale, exchange, or involuntary conversion of business property, complete Form 4797 (discussed later). 2012 income tax forms 1040ez For a like-kind exchange, complete Form 8824. 2012 income tax forms 1040ez See Reporting the exchange under Like-Kind Exchanges in chapter 1. 2012 income tax forms 1040ez For an installment sale, complete Form 6252. 2012 income tax forms 1040ez See Publication 537. 2012 income tax forms 1040ez For an involuntary conversion due to casualty or theft, complete Form 4684. 2012 income tax forms 1040ez See Publication 547, Casualties, Disasters, and Thefts. 2012 income tax forms 1040ez For a disposition of an interest in, or property used in, an activity to which the at-risk rules apply, complete Form 6198, At-Risk Limitations. 2012 income tax forms 1040ez See Publication 925, Passive Activity and At-Risk Rules. 2012 income tax forms 1040ez For a disposition of an interest in, or property used in, a passive activity, complete Form 8582, Passive Activity Loss Limitations. 2012 income tax forms 1040ez See Publication 925. 2012 income tax forms 1040ez For gains and losses from section 1256 contracts and straddles, complete Form 6781. 2012 income tax forms 1040ez See Publication 550. 2012 income tax forms 1040ez Personal-use property. 2012 income tax forms 1040ez   Report gain on the sale or exchange of property held for personal use (such as your home) on Form 8949 and Schedule D (Form 1040), as applicable. 2012 income tax forms 1040ez Loss from the sale or exchange of property held for personal use is not deductible. 2012 income tax forms 1040ez But if you had a loss from the sale or exchange of real estate held for personal use for which you received a Form 1099-S, report the transaction on Form 8949 and Schedule D, even though the loss is not deductible. 2012 income tax forms 1040ez See the Instructions for Schedule D (Form 1040) and the Instructions for Form 8949 for information on how to report the transaction. 2012 income tax forms 1040ez Long and Short Term Where you report a capital gain or loss depends on how long you own the asset before you sell or exchange it. 2012 income tax forms 1040ez The time you own an asset before disposing of it is the holding period. 2012 income tax forms 1040ez If you received a Form 1099-B, (or substitute statement) box 1c may help you determine whether the gain or loss is short-term or long-term. 2012 income tax forms 1040ez If you hold a capital asset 1 year or less, the gain or loss from its disposition is short term. 2012 income tax forms 1040ez Report it in Part I of Form 8949 and/or Schedule D, as applicable. 2012 income tax forms 1040ez If you hold a capital asset longer than 1 year, the gain or loss from its disposition is long term. 2012 income tax forms 1040ez Report it in Part II of Form 8949 and/or Schedule D, as applicable. 2012 income tax forms 1040ez   Table 4-1. 2012 income tax forms 1040ez Do I Have a Short-Term or Long-Term Gain or Loss? IF you hold the property. 2012 income tax forms 1040ez . 2012 income tax forms 1040ez . 2012 income tax forms 1040ez  THEN you have a. 2012 income tax forms 1040ez . 2012 income tax forms 1040ez . 2012 income tax forms 1040ez 1 year or less, Short-term capital gain or  loss. 2012 income tax forms 1040ez More than 1 year, Long-term capital gain or  loss. 2012 income tax forms 1040ez These distinctions are essential to correctly arrive at your net capital gain or loss. 2012 income tax forms 1040ez Capital losses are allowed in full against capital gains plus up to $3,000 of ordinary income. 2012 income tax forms 1040ez See Capital Gains Tax Rates, later. 2012 income tax forms 1040ez Holding period. 2012 income tax forms 1040ez   To figure if you held property longer than 1 year, start counting on the day following the day you acquired the property. 2012 income tax forms 1040ez The day you disposed of the property is part of your holding period. 2012 income tax forms 1040ez Example. 2012 income tax forms 1040ez If you bought an asset on June 19, 2012, you should start counting on June 20, 2012. 2012 income tax forms 1040ez If you sold the asset on June 19, 2013, your holding period is not longer than 1 year, but if you sold it on June 20, 2013, your holding period is longer than 1 year. 2012 income tax forms 1040ez Patent property. 2012 income tax forms 1040ez   If you dispose of patent property, you generally are considered to have held the property longer than 1 year, no matter how long you actually held it. 2012 income tax forms 1040ez For more information, see Patents in chapter 2. 2012 income tax forms 1040ez Inherited property. 2012 income tax forms 1040ez   If you inherit property, you are considered to have held the property longer than 1 year, regardless of how long you actually held it. 2012 income tax forms 1040ez Installment sale. 2012 income tax forms 1040ez   The gain from an installment sale of an asset qualifying for long-term capital gain treatment in the year of sale continues to be long term in later tax years. 2012 income tax forms 1040ez If it is short term in the year of sale, it continues to be short term when payments are received in later tax years. 2012 income tax forms 1040ez    The date the installment payment is received determines the capital gains rate that should be applied not the date the asset was sold under an installment contract. 2012 income tax forms 1040ez Nontaxable exchange. 2012 income tax forms 1040ez   If you acquire an asset in exchange for another asset and your basis for the new asset is figured, in whole or in part, by using your basis in the old property, the holding period of the new property includes the holding period of the old property. 2012 income tax forms 1040ez That is, it begins on the same day as your holding period for the old property. 2012 income tax forms 1040ez Example. 2012 income tax forms 1040ez You bought machinery on December 4, 2012. 2012 income tax forms 1040ez On June 4, 2013, you traded this machinery for other machinery in a nontaxable exchange. 2012 income tax forms 1040ez On December 5, 2013, you sold the machinery you got in the exchange. 2012 income tax forms 1040ez Your holding period for this machinery began on December 5, 2012. 2012 income tax forms 1040ez Therefore, you held it longer than 1 year. 2012 income tax forms 1040ez Corporate liquidation. 2012 income tax forms 1040ez   The holding period for property you receive in a liquidation generally starts on the day after you receive it if gain or loss is recognized. 2012 income tax forms 1040ez Profit-sharing plan. 2012 income tax forms 1040ez   The holding period of common stock withdrawn from a qualified contributory profit-sharing plan begins on the day following the day the plan trustee delivered the stock to the transfer agent with instructions to reissue the stock in your name. 2012 income tax forms 1040ez Gift. 2012 income tax forms 1040ez   If you receive a gift of property and your basis in it is figured using the donor's basis, your holding period includes the donor's holding period. 2012 income tax forms 1040ez For more information on basis, see Publication 551, Basis of Assets. 2012 income tax forms 1040ez Real property. 2012 income tax forms 1040ez   To figure how long you held real property, start counting on the day after you received title to it or, if earlier, the day after you took possession of it and assumed the burdens and privileges of ownership. 2012 income tax forms 1040ez   However, taking possession of real property under an option agreement is not enough to start the holding period. 2012 income tax forms 1040ez The holding period cannot start until there is an actual contract of sale. 2012 income tax forms 1040ez The holding period of the seller cannot end before that time. 2012 income tax forms 1040ez Repossession. 2012 income tax forms 1040ez   If you sell real property but keep a security interest in it and then later repossess it, your holding period for a later sale includes the period you held the property before the original sale, as well as the period after the repossession. 2012 income tax forms 1040ez Your holding period does not include the time between the original sale and the repossession. 2012 income tax forms 1040ez That is, it does not include the period during which the first buyer held the property. 2012 income tax forms 1040ez Nonbusiness bad debts. 2012 income tax forms 1040ez   Nonbusiness bad debts are short-term capital losses. 2012 income tax forms 1040ez For information on nonbusiness bad debts, see chapter 4 of Publication 550. 2012 income tax forms 1040ez    Net Gain or Loss The totals for short-term capital gains and losses and the totals for long-term capital gains and losses must be figured separately. 2012 income tax forms 1040ez Net short-term capital gain or loss. 2012 income tax forms 1040ez   Combine your short-term capital gains and losses, including your share of short-term capital gains or losses from partnerships, S corporations, and fiduciaries and any short-term capital loss carryover. 2012 income tax forms 1040ez Do this by adding all your short-term capital gains. 2012 income tax forms 1040ez Then add all your short-term capital losses. 2012 income tax forms 1040ez Subtract the lesser total from the other. 2012 income tax forms 1040ez The result is your net short-term capital gain or loss. 2012 income tax forms 1040ez Net long-term capital gain or loss. 2012 income tax forms 1040ez   Follow the same steps to combine your long-term capital gains and losses. 2012 income tax forms 1040ez Include the following items. 2012 income tax forms 1040ez Net section 1231 gain from Part I, Form 4797, after any adjustment for nonrecaptured section 1231 losses from prior tax years. 2012 income tax forms 1040ez Capital gain distributions from regulated investment companies (mutual funds) and real estate investment trusts. 2012 income tax forms 1040ez Your share of long-term capital gains or losses from partnerships, S corporations, and fiduciaries. 2012 income tax forms 1040ez Any long-term capital loss carryover. 2012 income tax forms 1040ez The result from combining these items with other long-term capital gains and losses is your net long-term capital gain or loss. 2012 income tax forms 1040ez Net gain. 2012 income tax forms 1040ez   If the total of your capital gains is more than the total of your capital losses, the difference is taxable. 2012 income tax forms 1040ez Different tax rates may apply to the part that is a net capital gain. 2012 income tax forms 1040ez See Capital Gains Tax Rates, later. 2012 income tax forms 1040ez Net loss. 2012 income tax forms 1040ez   If the total of your capital losses is more than the total of your capital gains, the difference is deductible. 2012 income tax forms 1040ez But there are limits on how much loss you can deduct and when you can deduct it. 2012 income tax forms 1040ez See Treatment of Capital Losses, next. 2012 income tax forms 1040ez    Treatment of Capital Losses If your capital losses are more than your capital gains, you can deduct the difference as a capital loss deduction even if you do not have ordinary income to offset it. 2012 income tax forms 1040ez The yearly limit on the amount of the capital loss you can deduct is $3,000 ($1,500 if you are married and file a separate return). 2012 income tax forms 1040ez Table 4-2. 2012 income tax forms 1040ez Holding Period for Different Types of Acquisitions Type of acquisition: When your holding period starts: Stocks and bonds bought on a securities market Day after trading date you bought security. 2012 income tax forms 1040ez Ends on trading date you sold security. 2012 income tax forms 1040ez U. 2012 income tax forms 1040ez S. 2012 income tax forms 1040ez Treasury notes and bonds If bought at auction, day after notification of bid acceptance. 2012 income tax forms 1040ez If bought through subscription, day after subscription was submitted. 2012 income tax forms 1040ez Nontaxable exchanges Day after date you acquired old property. 2012 income tax forms 1040ez Gift If your basis is giver's adjusted basis, same day as giver's holding period began. 2012 income tax forms 1040ez If your basis is FMV, day after date of gift. 2012 income tax forms 1040ez Real property bought Generally, day after date you received title to the property. 2012 income tax forms 1040ez Real property repossessed Day after date you originally received title to the property, but does not include time between the original sale and date of repossession. 2012 income tax forms 1040ez Capital loss carryover. 2012 income tax forms 1040ez   Generally, you have a capital loss carryover if either of the following situations applies to you. 2012 income tax forms 1040ez Your net loss is more than the yearly limit. 2012 income tax forms 1040ez Your taxable income without your deduction for exemptions is less than zero. 2012 income tax forms 1040ez If either of these situations applies to you for 2013, see Capital Losses under Reporting Capital Gains and Losses in chapter 4 of Publication 550 to figure the amount you can carryover to 2014. 2012 income tax forms 1040ez Example. 2012 income tax forms 1040ez Bob and Gloria Sampson sold property in 2013. 2012 income tax forms 1040ez The sale resulted in a capital loss of $7,000. 2012 income tax forms 1040ez The Sampsons had no other capital transactions. 2012 income tax forms 1040ez On their joint 2013 return, the Sampsons deduct $3,000, the yearly limit. 2012 income tax forms 1040ez They had taxable income of $2,000. 2012 income tax forms 1040ez The unused part of the loss, $4,000 ($7,000 − $3,000), is carried over to 2014. 2012 income tax forms 1040ez If the Sampsons' capital loss had been $2,000, it would not have been more than the yearly limit. 2012 income tax forms 1040ez Their capital loss deduction would have been $2,000. 2012 income tax forms 1040ez They would have no carryover to 2014. 2012 income tax forms 1040ez Short-term and long-term losses. 2012 income tax forms 1040ez   When you carry over a loss, it retains its original character as either long term or short term. 2012 income tax forms 1040ez A short-term loss you carry over to the next tax year is added to short-term losses occurring in that year. 2012 income tax forms 1040ez A long-term loss you carry over to the next tax year is added to long-term losses occurring in that year. 2012 income tax forms 1040ez A long-term capital loss you carry over to the next year reduces that year's long-term gains before its short-term gains. 2012 income tax forms 1040ez   If you have both short-term and long-term losses, your short-term losses are used first against your allowable capital loss deduction. 2012 income tax forms 1040ez If, after using your short-term losses, you have not reached the limit on the capital loss deduction, use your long-term losses until you reach the limit. 2012 income tax forms 1040ez To figure your capital loss carryover from 2013 to 2014 use the Capital Loss Carryover Worksheet in the 2013 Instructions for Schedule D (Form 1040). 2012 income tax forms 1040ez Joint and separate returns. 2012 income tax forms 1040ez   On a joint return, the capital gains and losses of spouses are figured as the gains and losses of an individual. 2012 income tax forms 1040ez If you are married and filing a separate return, your yearly capital loss deduction is limited to $1,500. 2012 income tax forms 1040ez Neither you nor your spouse can deduct any part of the other's loss. 2012 income tax forms 1040ez   If you and your spouse once filed separate returns and are now filing a joint return, combine your separate capital loss carryovers. 2012 income tax forms 1040ez However, if you and your spouse once filed jointly and are now filing separately, any capital loss carryover from the joint return can be deducted only on the return of the spouse who actually had the loss. 2012 income tax forms 1040ez Death of taxpayer. 2012 income tax forms 1040ez   Capital losses cannot be carried over after a taxpayer's death. 2012 income tax forms 1040ez They are deductible only on the final income tax return filed on the decedent's behalf. 2012 income tax forms 1040ez The yearly limit discussed earlier still applies in this situation. 2012 income tax forms 1040ez Even if the loss is greater than the limit, the decedent's estate cannot deduct the difference or carry it over to following years. 2012 income tax forms 1040ez Corporations. 2012 income tax forms 1040ez   A corporation can deduct capital losses only up to the amount of its capital gains. 2012 income tax forms 1040ez In other words, if a corporation has a net capital loss, it cannot be deducted in the current tax year. 2012 income tax forms 1040ez It must be carried to other tax years and deducted from capital gains occurring in those years. 2012 income tax forms 1040ez For more information, see Publication 542. 2012 income tax forms 1040ez Capital Gains Tax Rates The tax rates that apply to a net capital gain are generally lower than the tax rates that apply to other income. 2012 income tax forms 1040ez These lower rates are called the maximum capital gains rates. 2012 income tax forms 1040ez The term “net capital gain” means the amount by which your net long-term capital gain for the year is more than your net short-term capital loss. 2012 income tax forms 1040ez For 2013, the maximum tax rates for individuals are 0%, 15%, 20%, 25%, and 28%. 2012 income tax forms 1040ez Also, individuals, use the Qualified Dividends and Capital Gain Worksheet in the Instructions for Form 1040, or the Schedule D Tax Computation Worksheet in the Instructions for Schedule D (Form 1040) (whichever applies) to figure your tax if you have qualified dividends or net capital gain. 2012 income tax forms 1040ez For more information, see chapter 4 of Publication 550. 2012 income tax forms 1040ez Also see the Instructions for Schedule D (Form 1040). 2012 income tax forms 1040ez Unrecaptured section 1250 gain. 2012 income tax forms 1040ez   Generally, this is the part of any long-term capital gain on section 1250 property (real property) that is due to depreciation. 2012 income tax forms 1040ez Unrecaptured section 1250 gain cannot be more than the net section 1231 gain or include any gain otherwise treated as ordinary income. 2012 income tax forms 1040ez Use the worksheet in the Schedule D instructions to figure your unrecaptured section 1250 gain. 2012 income tax forms 1040ez For more information about section 1250 property and net section 1231 gain, see chapter 3. 2012 income tax forms 1040ez Form 4797 Use Form 4797 to report: The sale or exchange of: Property used in your trade or business; Depreciable and amortizable property; Oil, gas, geothermal, or other mineral properties; and Section 126 property. 2012 income tax forms 1040ez The involuntary conversion (from other than casualty or theft) of property used in your trade or business and capital assets held in connection with a trade or business or a transaction entered into for profit. 2012 income tax forms 1040ez The disposition of noncapital assets (other than inventory or property held primarily for sale to customers in the ordinary course of your trade or business). 2012 income tax forms 1040ez The disposition of capital assets not reported on Schedule D. 2012 income tax forms 1040ez The gain or loss (including any related recapture) for partners and S corporation shareholders from certain section 179 property dispositions by partnerships (other than electing large partnerships) and S corporations. 2012 income tax forms 1040ez The computation of recapture amounts under sections 179 and 280F(b)(2) when the business use of section 179 or listed property decreases to 50% or less. 2012 income tax forms 1040ez Gains or losses treated as ordinary gains or losses, if you are a trader in securities or commodities and made a mark-to-market election under Internal Revenue Code section 475(f). 2012 income tax forms 1040ez You can use Form 4797 with Form 1040, 1065, 1120, or 1120S. 2012 income tax forms 1040ez Section 1231 gains and losses. 2012 income tax forms 1040ez   Show any section 1231 gains and losses in Part I. 2012 income tax forms 1040ez Carry a net gain to Schedule D (Form 1040) as a long-term capital gain. 2012 income tax forms 1040ez Carry a net loss to Part II of Form 4797 as an ordinary loss. 2012 income tax forms 1040ez   If you had any nonrecaptured net section 1231 losses from the preceding 5 tax years, reduce your net gain by those losses and report the amount of the reduction as an ordinary gain in Part II. 2012 income tax forms 1040ez Report any remaining gain on Schedule D (Form 1040). 2012 income tax forms 1040ez See Section 1231 Gains and Losses in chapter 3. 2012 income tax forms 1040ez Ordinary gains and losses. 2012 income tax forms 1040ez   Show any ordinary gains and losses in Part II. 2012 income tax forms 1040ez This includes a net loss or a recapture of losses from prior years figured in Part I of Form 4797. 2012 income tax forms 1040ez It also includes ordinary gain figured in Part III. 2012 income tax forms 1040ez Mark-to-market election. 2012 income tax forms 1040ez   If you made a mark-to-market election, you should report all gains and losses from trading as ordinary gains and losses in Part II of Form 4797, instead of as capital gains and losses on Form 8949 and Schedule D (Form 1040). 2012 income tax forms 1040ez See the Instructions for Form 4797. 2012 income tax forms 1040ez Also see Special Rules for Traders in Securities, in chapter 4 of Publication 550. 2012 income tax forms 1040ez Ordinary income from depreciation. 2012 income tax forms 1040ez   Figure the ordinary income from depreciation on personal property and additional depreciation on real property (as discussed in chapter 3) in Part III. 2012 income tax forms 1040ez Carry the ordinary income to Part II of Form 4797 as an ordinary gain. 2012 income tax forms 1040ez Carry any remaining gain to Part I as section 1231 gain, unless it is from a casualty or theft. 2012 income tax forms 1040ez Carry any remaining gain from a casualty or theft to Form 4684. 2012 income tax forms 1040ez Prev  Up  Next   Home   More Online Publications