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Amend federal tax return free 30. Amend federal tax return free   Cómo Calcular los Impuestos Table of Contents Introduction Cómo Calcular los Impuestos Impuesto Mínimo Alternativo (AMT) Impuestos Calculados por el IRS Cómo Presentar la Declaración Introduction Una vez que haya calculado los ingresos y deducciones según se explica en las Partes Uno a Cinco, calcule los impuestos. Amend federal tax return free Este capítulo trata sobre los temas siguientes: Los pasos a seguir para calcular los impuestos, Un impuesto adicional que podría verse obligado a pagar, el cual se denomina “impuesto mínimo alternativo” (AMT, por sus siglas en inglés) y Las condiciones que tiene que cumplir si desea que el IRS le calcule los impuestos. Amend federal tax return free Cómo Calcular los Impuestos El impuesto sobre los ingresos se basa en los ingresos tributables. Amend federal tax return free Después de haber calculado el impuesto sobre los ingresos y el impuesto mínimo alternativo, si lo hubiera, reste los créditos tributarios y sume cualquier otro impuesto adeudado. Amend federal tax return free El resultado es el total de los impuestos. Amend federal tax return free Compare el total de los impuestos con el total de los pagos que ha efectuado para saber si tiene derecho a un reembolso o si tiene que efectuar un pago. Amend federal tax return free Esta sección expone los puntos generales para calcular el impuesto. Amend federal tax return free Puede encontrar instrucciones detalladas en las Instrucciones de los Formularios 1040EZ, 1040A y 1040. Amend federal tax return free Si no está seguro de qué formulario tributario debe presentar, vea ¿Qué Formulario Debo Usar? , en el capítulo 1. Amend federal tax return free Impuestos. Amend federal tax return free   La mayor parte de los contribuyentes utiliza la Tabla de Impuestos o la Hoja de Trabajo para el Cálculo del Impuesto para calcular el impuesto sobre el ingreso. Amend federal tax return free No obstante, existen métodos especiales si los ingresos incluyen cualquiera de los siguientes puntos: Una ganancia neta de capital. Amend federal tax return free (Vea el capítulo 16). Amend federal tax return free Dividendos calificados gravados a la misma tasa que una ganancia neta de capital. Amend federal tax return free (Vea los capítulos 8 y 16). Amend federal tax return free Distribuciones de suma global. Amend federal tax return free (Vea el capítulo 10). Amend federal tax return free Ingresos procedentes de la agricultura o pesca. Amend federal tax return free (Vea el Anexo J del Formulario 1040, Income Averaging for Farmers and Fishermen (Cómo calcular el promedio de ingresos para los agricultores y pescadores), en inglés. Amend federal tax return free Ingresos de inversiones de más de $2,000 para determinados hijos. Amend federal tax return free (Vea el capítulo 31). Amend federal tax return free Elección del padre o de la madre de declarar los intereses y dividendos de un hijo. Amend federal tax return free (Vea el capítulo 31). Amend federal tax return free Exclusión de ingresos devengados en el extranjero o exclusión por concepto de vivienda en el extranjero. Amend federal tax return free (Vea el Formulario 2555, Foreign Earned Income (Ingresos devengados en el extranjero) o el Formulario 2555-EZ, Foreign Earned Income Exclusion (Exclusión de ingresos devengados en el extranjero) y el Foreign Earned Income Tax Worksheet (Hoja de trabajo para los impuestos sobre ingresos devengados en el extranjero) de las Instrucciones del Formulario 1040), todos en inglés. Amend federal tax return free Créditos. Amend federal tax return free   Luego de haber calculado el impuesto sobre los ingresos y todo impuesto mínimo alternativo (explicado más adelante), verifique si tiene derecho a algún crédito tributario. Amend federal tax return free Puede encontrar información para saber si tiene derecho a estos créditos tributarios en los capítulos 32 al 37 y en las instrucciones de los formularios de impuestos. Amend federal tax return free La tabla a continuación muestra los créditos que tal vez pueda restar del impuesto y le indica en dónde puede encontrar más información sobre cada crédito. Amend federal tax return free CRÉDITOS Para información sobre: Vea el   capítulo: Adopción 37 Vehículo motorizado alternativo 37 Propiedad para reabastecimiento de vehículos con combustible alternativo 37 Cuidado de menores y dependientes 32 Crédito tributario por hijos 34 Crédito para titulares de bonos de crédito tributario 37 Estudios 35 Ancianos o personas incapacitadas 33 Crédito por vehículos eléctricos 37 Impuestos del extranjero 37 Intereses hipotecarios 37 Impuesto mínimo de años anteriores 37 Energía residencial 37 Aportaciones a arreglos de ahorros para la jubilación 37   Hay algunos créditos (como el crédito por ingreso del trabajo) que no aparecen en la lista porque se consideran pagos. Amend federal tax return free Vea Pagos , más adelante. Amend federal tax return free   Existen otros créditos no abordados en esta publicación. Amend federal tax return free Éstos abarcan los siguientes créditos: Crédito general para negocios, el cual se compone de distintos créditos relacionados con los negocios. Amend federal tax return free Éstos suelen declararse en el Formulario 3800, General Business Credit (Crédito general para negocios) y se explican en el capítulo 4 de la Publicación 334, Tax Guide for Small Business (Guía tributaria para pequeños negocios), ambos en inglés. Amend federal tax return free Crédito por producción de electricidad renovable, carbón refinado y carbón de yacimientos en tierras pertenecientes a indios para electricidad y carbón refinado producidos en instalaciones puestas en funcionamiento después del 22 de octubre de 2004 (después del 2 de octubre de 2008, para la electricidad producida mediante la energía hidrocinética renovable y la energía marina renovable) y carbón de yacimientos en tierras pertenecientes a indios producido en instalaciones puestas en funcionamiento después del 8 de agosto de 2005. Amend federal tax return free Vea la Parte II del Formulario 8835, Renewable Electricity, Refined Coal, and Indian Coal Production Credit (Crédito por producción de electricidad renovable, carbón refinado y carbón de yacimientos en tierras pertenecientes a indios), en inglés. Amend federal tax return free Crédito de oportunidad laboral. Amend federal tax return free Vea el Formulario 5884, Work Opportunity Credit (Crédito de oportunidad laboral), en inglés. Amend federal tax return free Crédito por impuestos del Seguro Social y Medicare del empleador pagados sobre ciertas propinas del empleado. Amend federal tax return free Vea el Formulario 8846, Credit for Employer Social Security and Medicare Taxes Paid on Certain Employee Tips (Crédito por impuestos del Seguro Social y del Medicare pagados por el empleador sobre ciertas propinas del empleado), en inglés. Amend federal tax return free Otros impuestos. Amend federal tax return free   Después de haber restado los créditos tributarios, determine si tiene que pagar impuestos adicionales. Amend federal tax return free Este capítulo no explica dichos impuestos adicionales. Amend federal tax return free Esa información aparece en otros capítulos de esta publicación y en las instrucciones de los formularios. Amend federal tax return free Consulte la tabla siguiente para ver otros impuestos que tal vez necesite sumar al impuesto sobre los ingresos. Amend federal tax return free OTROS IMPUESTOS Para información sobre: Vea el   capítulo: Impuestos adicionales sobre planes de jubilación y arreglos IRA calificados 10, 17 Impuestos sobre el empleo de empleados domésticos 32 Recuperación de un crédito para estudios 35 Impuesto del Seguro Social y Medicare sobre el salario 5 Impuesto del Seguro Social y Medicare sobre las propinas 6 Impuestos no retenidos del Seguro Social y Medicare sobre propinas 6   Usted quizás podría verse obligado a pagar el impuesto mínimo alternativo (el cual se explica más adelante en este capítulo). Amend federal tax return free   Existen impuestos adicionales que no se explican en esta publicación. Amend federal tax return free Éstos abarcan lo siguiente: Impuesto sobre el trabajo por cuenta propia. Amend federal tax return free Tiene que calcular este impuesto si cualquiera de las dos condiciones siguientes le corresponde (o a su cónyuge, si usted presenta una declaración conjunta). Amend federal tax return free Tiene ganancias netas provenientes del trabajo por cuenta propia de $400 o más, salvo ingresos de un empleado de una iglesia. Amend federal tax return free El término “ganancias netas provenientes del trabajo por cuenta propia” puede incluir determinada remuneración que no recibió como empleado y otras cantidades detalladas en el Formulario 1099-MISC, Miscellaneous Income (Ingresos misceláneos), en inglés. Amend federal tax return free Si recibió el Formulario 1099-MISC, vea las Instructions for Recipient (Instrucciones para el destinatario), al dorso del mismo. Amend federal tax return free Asimismo, vea las instrucciones del Anexo SE del Formulario 1040, Self-Employment Tax (Impuesto sobre el trabajo por cuenta propia) y la Publicación 334, Tax Guide for Small Business (Guía tributaria para pequeños negocios), ambas en inglés. Amend federal tax return free Recibió ingresos de $108. Amend federal tax return free 28 o más como empleado de una iglesia. Amend federal tax return free Impuesto Adicional del Medicare. Amend federal tax return free Comenzando en el año 2013, usted quizás podría estar sujeto a un Impuesto Adicional del Medicare de 0. Amend federal tax return free 9%, que se le aplica a los salarios sujetos al impuesto Medicare, la remuneración recibida conforme a la Railroad Retirement Act (Ley de Jubilación Ferroviaria) y el ingreso sobre el trabajo por cuenta propia que esté sobre cierta cantidad según su estado civil para efectos de la declaración. Amend federal tax return free Si desea más información, vea las instrucciones para la línea 60 del Formulario 1040 y las Instrucciones para el Formulario 8959, ambas disponibles en inglés. Amend federal tax return free Impuesto sobre los ingresos netos de inversión (NIIT, por sus siglas en inglés). Amend federal tax return free Comenzando en el año 2013, usted quizás podría estar sujeto al impuesto sobre los ingresos netos de inversión (NIIT, por sus siglas en inglés). Amend federal tax return free El NIIT es un impuesto de 3. Amend federal tax return free 8% sobre la cantidad menor entre el ingreso neto de inversión o la cantidad en exceso de su ingreso bruto ajustado modificado sobre una cantidad límite. Amend federal tax return free Si desea más información, vea las instrucciones para la línea 60 del Formulario 1040 y las Instrucciones para el Formulario 8960, ambas disponibles en inglés. Amend federal tax return free Impuestos sobre recuperaciones. Amend federal tax return free Podría verse obligado a pagar estos impuestos si antes ha reclamado un crédito por inversiones, crédito de vivienda para personas de bajos recursos, crédito por mercados nuevos, crédito por vehículos enchufables con motor de dirección eléctrica que reúnen los requisitos, crédito por vehículo motorizado alternativo, crédito por instalaciones para proveer cuidado de niños provistas por el empleador, crédito por empleo de indios estadounidenses u otros créditos enumerados en las instrucciones para la línea 60 del Formulario 1040. Amend federal tax return free Para información adicional, vea las instrucciones para la línea 60 del Formulario 1040. Amend federal tax return free Impuesto sobre beneficios en exceso de la sección 72(m)(5). Amend federal tax return free Si usted es (o fue) propietario del 5% de un negocio y recibió una distribución superior a los beneficios que se le ofrecen conforme a la fórmula para planes de pensiones o de anualidades calificados, tal vez tenga que pagar este impuesto adicional. Amend federal tax return free Vea Tax on Excess Benefits (Impuesto sobre beneficios en exceso), en el capítulo 4 de la Publicación 560, Retirement Plans for Small Business (Planes de jubilación para pequeños negocios), en inglés. Amend federal tax return free Impuesto del Seguro Social y Medicare sobre el seguro de vida colectivo a término fijo que no fue recaudado. Amend federal tax return free Si su antiguo empleador proveyó más de $50,000 en cobertura de seguro de vida colectivo a término fijo, usted tiene que pagar la parte correspondiente al empleado de los impuestos del Seguro Social y Medicare sobre esas primas. Amend federal tax return free La cantidad debe aparecer en el recuadro 12 del Formulario W-2 con los códigos M y N. Amend federal tax return free Impuestos sobre pagos de contrato blindado. Amend federal tax return free Este impuesto le corresponde si recibió un “pago de contrato blindado en exceso” ( “excess parachute payment” o EPP, por sus siglas en inglés) debido a un cambio de propietario o administración de la empresa. Amend federal tax return free La cantidad de este impuesto debe estar indicada en el recuadro 12 del Formulario W-2 con el código K. Amend federal tax return free Vea las instrucciones para la línea 60 del Formulario 1040. Amend federal tax return free Impuestos sobre distribuciones acumuladas de fideicomisos. Amend federal tax return free Esto le corresponde si es el beneficiario de un fideicomiso que haya acumulado ingresos, en vez de haberlos distribuido a intervalos regulares. Amend federal tax return free Vea el Formulario 4970, Tax on Accumulation Distribution of Trusts (Impuestos sobre distribuciones acumuladas de fideicomisos), y sus instrucciones, en inglés. Amend federal tax return free Impuestos adicionales sobre las cuentas HSA o MSA. Amend federal tax return free Puede que tenga que pagar impuestos adicionales si las cantidades que se han aportado a su cuenta de ahorros para la salud (HSA, por sus siglas en inglés) o su cuenta de ahorros para gastos médicos (MSA, por sus siglas en inglés) o las cantidades que se han distribuido de éstas no cumplen los requisitos correspondientes a dichas cuentas. Amend federal tax return free Vea la Publicación 969, Health Savings Accounts and Other Tax-Favored Health Plans (Cuentas de ahorros para la salud y otros planes para la salud con beneficios tributarios); el Formulario 8853, Archer MSAs and Long-Term Care Insurance Contracts (Cuentas Archer MSA de ahorros médicos y contratos del seguro de cuidado a largo plazo); Formulario 8889, Health Savings Accounts (HSAs) (Cuentas de ahorros médicos (HSA, por sus siglas en inglés)) y el Formulario 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts (Impuestos adicionales sobre planes calificados (incluidos los arreglos IRA) y otras cuentas con beneficios tributarios), todos en inglés. Amend federal tax return free Impuestos adicionales en cuentas Coverdell ESA para estudios. Amend federal tax return free Esto es aplicable si las cantidades que se han aportado a su cuenta Coverdell ESA para estudios o que se han distribuido de la misma no satisfacen los requisitos correspondientes a dichas cuentas. Amend federal tax return free Vea la Publicación 970, Tax Benefits for Education (Prestaciones tributarias para estudios) y el Formulario 5329, ambos en inglés. Amend federal tax return free Impuestos adicionales sobre programas de matrícula calificada. Amend federal tax return free Esto corresponde a cantidades distribuidas de programas de matrícula calificada generales pero que no cumplan los requisitos de dichas cuentas. Amend federal tax return free Vea la Publicación 970 y el Formulario 5329, ambos en inglés. Amend federal tax return free Impuestos sobre artículos de uso y consumo gravados sobre remuneraciones de acciones internas de una empresa expatriada. Amend federal tax return free Tal vez adeude un impuesto sobre artículos de uso y consumo del 15% sobre el valor de opciones de acciones no estatutarias y sobre otra remuneración determinada procedente de las acciones, de las cuales usted o un miembro de su familia es dueño, que es de una empresa expatriada o su grupo ampliado de filiales en las que usted fue ejecutivo, directivo o propietario de más del 10%. Amend federal tax return free Para información adicional, vea las instrucciones para la línea 60 del Formulario 1040. Amend federal tax return free Impuestos adicionales sobre ingresos recibidos de un plan de remuneración diferida no calificado que no reúna determinados requisitos adicionales. Amend federal tax return free Estos ingresos tienen que aparecer en el recuadro 12 del Formulario W-2, con el código Z o en el recuadro 15b del Formulario 1099-MISC. Amend federal tax return free Para información adicional, vea las instrucciones para la línea 60 del Formulario 1040. Amend federal tax return free Intereses sobre los impuestos adeudados sobre ingresos de pagos a plazo procedentes de la venta de ciertos terrenos residenciales y multipropiedades. Amend federal tax return free Para información adicional, vea las instrucciones para la línea 60 del Formulario 1040. Amend federal tax return free Intereses sobre los impuestos diferidos sobre ganancias de ciertas ventas a plazos con precio de venta superior a $150,000. Amend federal tax return free Para información adicional, vea las instrucciones para la línea 60 del Formulario 1040. Amend federal tax return free Devolución del crédito tributario para comprador de primera vivienda. Amend federal tax return free Si desea más información, vea el Formulario 5405, Repayment of the First-Time Homebuyer Credit (Devolución del crédito tributario para comprador de primera vivienda) y sus instrucciones, disponibles en inglés. Amend federal tax return free Además, vea las instrucciones para la línea 59b del Formulario 1040, en inglés. Amend federal tax return free Pagos. Amend federal tax return free   Después de calcular el impuesto total, calcule el total de los pagos que ya haya efectuado para el año. Amend federal tax return free Incluya los créditos que se tratan como pagos. Amend federal tax return free Este capítulo no explica dichos pagos ni créditos. Amend federal tax return free Esa información aparece en otros capítulos de esta publicación y en las instrucciones de los formularios. Amend federal tax return free Vea la siguiente tabla para saber qué cantidades se pueden incluir en el total de sus pagos. Amend federal tax return free PAGOS Para información sobre: Vea el   capítulo: Crédito tributario por hijos (adicional) 34 Crédito por ingreso del trabajo 36 Impuestos estimados pagados 4 Impuestos de Seguro Social o impuestos de la jubilación ferroviaria retenidos en exceso 37 Retención del impuesto federal sobre los ingresos 4 Crédito tributario por cobertura del seguro médico 37 Crédito por sociedad inversionista reglamentada 37 Impuesto pagado a través de prórroga 1   Otro crédito que se considera un pago es el crédito por concepto del impuesto federal sobre artículos de uso y consumo pagado sobre combustibles. Amend federal tax return free Este crédito es para personas que hagan uso no tributable de determinados combustibles, tales como diésel y keroseno. Amend federal tax return free Se declara en la línea 70 del Formulario 1040. Amend federal tax return free Vea el Formulario 4136, Credit for Federal Tax Paid on Fuels (Crédito por impuestos federales pagados sobre combustibles), en inglés. Amend federal tax return free Reembolso o saldo adeudado. Amend federal tax return free   Para saber si tiene derecho a recibir un reembolso o si tiene que efectuar algún pago, compare el total de los pagos con el total del impuesto. Amend federal tax return free Si tiene derecho a un reembolso, vea las instrucciones del formulario que presentará para saber cómo puede depositar dicho reembolso directamente en una o más de sus cuentas o para comprar bonos de ahorros de los Estados Unidos en vez de recibir un cheque en papel. Amend federal tax return free Impuesto Mínimo Alternativo (AMT) Esta sección explica brevemente el impuesto adicional que podría verse obligado a pagar. Amend federal tax return free La ley tributaria les da un trato especial a determinados tipos de ingresos y permite deducciones y créditos especiales para algunos tipos de gastos. Amend federal tax return free Los contribuyentes que se vean beneficiados por este trato particular podrían estar obligados a pagar al menos una cantidad mínima de impuestos mediante otro impuesto adicional denominado “impuesto mínimo alternativo” (AMT, por sus siglas en inglés). Amend federal tax return free Tal vez tenga que pagar el impuesto mínimo alternativo si sus ingresos tributables para fines tributarios normales, sumados a determinados ajustes y elementos de preferencia tributaria, superan una determinada cantidad. Amend federal tax return free Vea el Formulario 6251, Alternative Minimum Tax — Individuals (Impuesto mínimo alternativo — personas físicas), en inglés. Amend federal tax return free Ajustes y elementos de preferencia tributaria. Amend federal tax return free   Los ajustes más comunes y elementos de preferencia tributaria abarcan los siguientes casos: Inclusión de exenciones personales, Inclusión de la deducción estándar (si ésta se reclamó), Inclusión de deducciones detalladas por concepto de impuestos estatales y locales, determinados intereses, la mayor parte de las deducciones misceláneas y parte de los gastos médicos, Exclusión de todo reembolso de impuestos estatales y locales que se haya incluido en los ingresos brutos, Cambios en la depreciación acelerada de determinados bienes, La diferencia entre ganancias y pérdidas sobre la venta de bienes declarada para fines tributarios normales y del impuesto mínimo alternativo, Inclusión de determinados ingresos procedentes de opciones de compra de acciones con incentivo, Cambio en ciertas deducciones por pérdidas de actividades pasivas, Inclusión de algún valor de agotamiento que sea superior a la base ajustada de los bienes, Inclusión de una parte de la deducción por ciertos gastos de perforación intangibles e Inclusión de intereses exentos de impuestos sobre determinados bonos de una actividad privada. Amend federal tax return free Información adicional. Amend federal tax return free   Para más información acerca del impuesto mínimo alternativo, vea las Instrucciones para el Formulario 6251, en inglés. Amend federal tax return free Impuestos Calculados por el IRS Si presenta la declaración para el 15 de abril de 2014, puede pedir que el IRS le calcule los impuestos en el Formulario 1040EZ, el Formulario 1040A o el Formulario 1040. Amend federal tax return free Si el IRS le calcula los impuestos y usted pagó demasiado, recibirá un reembolso. Amend federal tax return free Si no pagó lo suficiente, recibirá una factura que indique el saldo adeudado. Amend federal tax return free Para no tener que pagar intereses o una multa por pagos morosos, tiene que pagar la factura dentro de 30 días a partir de la fecha de la factura o para la fecha de vencimiento para la presentación de la declaración, la que ocurra más tarde. Amend federal tax return free El IRS también le calcula el crédito para ancianos o personas incapacitadas además del crédito por ingreso del trabajo. Amend federal tax return free Cuándo el IRS no puede calcularle los impuestos. Amend federal tax return free   El IRS no puede calcularle los impuestos si se da alguna de las siguientes condiciones: Desea que el reembolso se deposite directamente en sus cuentas. Amend federal tax return free Desea que alguna parte del reembolso se aplique al impuesto estimado de 2014. Amend federal tax return free Recibió ingresos para el año de fuentes que no sean salarios, sueldos, propinas, intereses, dividendos, beneficios de Seguro Social sujetos a impuestos, compensación por desempleo, distribuciones de un arreglo IRA, pensiones y anualidades. Amend federal tax return free Su ingreso tributable es $100,000 o más. Amend federal tax return free Detalla las deducciones. Amend federal tax return free Presenta cualquiera de los siguientes formularios: Formulario 2555, Foreign Earned Income (Ingresos devengados en el extranjero), en inglés. Amend federal tax return free Formulario 2555-EZ, Foreign Earned Income Exclusion (Exclusión de ingresos devengados en el extranjero), en inglés. Amend federal tax return free Formulario 4137, Social Security and Medicare Tax on Unreported Tip Income (Impuestos del Seguro Social y Medicare sobre el ingreso de propinas no declaradas), en inglés. Amend federal tax return free Formulario 4970, Tax on Accumulation Distribution of Trusts (Impuesto sobre distribuciones acumuladas de un fideicomiso), en inglés. Amend federal tax return free Formulario 4972, Tax on Lump-Sum Distributions (Impuesto sobre distribuciones de sumas globales), en inglés. Amend federal tax return free Formulario 6198, At-Risk Limitations (Límites sobre el monto en riesgo), en inglés. Amend federal tax return free Formulario 6251, Alternative Minimum Tax—Individuals (Impuesto mínimo alternativo—personas físicas), en inglés. Amend federal tax return free Formulario 8606, Nondeductible IRAs (Arreglos IRA no deducibles), en inglés. Amend federal tax return free Formulario 8615, Tax for Certain Children Who Have Unearned Income (Impuesto para determinados hijos con ingresos no derivados del trabajo), en inglés. Amend federal tax return free Formulario 8814, Parents' Election To Report Child's Interest and Dividends (Decisión de los padres de declarar los intereses y dividendos del hijo), en inglés. Amend federal tax return free Formulario 8839, Qualified Adoption Expenses (Gastos de adopción calificados), en inglés. Amend federal tax return free Formulario 8853, Archer MSAs and Long-Term Care Insurance Contracts (Planes de ahorros para gastos médicos Archer y contratos de seguro para cuidados a largo plazo), en inglés. Amend federal tax return free Formulario 8889, Health Savings Accounts (HSAs) (Cuentas de ahorro para gastos médicos (HSA)), en inglés. Amend federal tax return free Formulario 8919, Uncollected Social Security and Medicare Tax on Wages (Impuestos sobre salarios sujetos al Seguro Social y al Medicare no recaudados), en inglés. Amend federal tax return free Cómo Presentar la Declaración Después de haber completado las líneas del formulario de impuestos que va a presentar, escriba su nombre y dirección. Amend federal tax return free En el espacio provisto, anote su número de Seguro Social. Amend federal tax return free Si es casado, escriba los números de Seguro Social de usted y su cónyuge aun si presenta una declaración por separado. Amend federal tax return free Firme y feche la declaración y escriba su(s) oficio(s). Amend federal tax return free Si presenta una declaración conjunta, usted y su cónyuge tienen que firmarla. Amend federal tax return free En el espacio provisto, anote un número telefónico con su código de área donde ubicarlo durante el día. Amend federal tax return free Esto agilizará la tramitación de su declaración si el IRS tiene una pregunta que puede ser resuelta por teléfono. Amend federal tax return free Si presenta una declaración conjunta de impuestos, anote el número de teléfono donde usted o su cónyuge pueden ser localizados durante el día. Amend federal tax return free Si desea autorizar al IRS para que hable sobre su declaración de impuestos del año 2013 con su amigo, con un miembro de su familia o con cualquier persona que usted elija, marque el recuadro “ Yes ” (Sí) en el área titulada “ Third Party Designee ” (Designación de un tercero) de su declaración de impuestos. Amend federal tax return free También, escriba el nombre del designado, número de teléfono y cualesquier 5 dígitos que el designado elija como su número de identificación personal (PIN, por sus siglas en inglés). Amend federal tax return free Si marca el recuadro “ Yes ” (Sí), usted y su cónyuge, si presentan una declaración conjunta, autoriza(n) a los empleados del IRS a llamar al designado para que éste conteste toda pregunta que surja durante el trámite de su declaración de impuestos. Amend federal tax return free Complete y adjunte a su declaración en papel cualesquier anexo y formulario solicitado en las líneas que usted completó. Amend federal tax return free Adjunte una copia de cada uno de los Formularios W-2 a la declaración en papel. Amend federal tax return free Además, adjunte a su declaración en papel todo Formulario 1099-R recibido que indique retención de impuestos en el recuadro 4. Amend federal tax return free Envíe la declaración al Internal Revenue Service Center (Centro de Servicio del IRS) que corresponda al área donde vive. Amend federal tax return free Una lista de direcciones de Centros de Servicio se halla al final de la publicación y en las instrucciones de su declaración de impuestos. Amend federal tax return free Datos a Incluir en el Formulario 1040EZ Lea las líneas 1 a 8b y llene las líneas que le correspondan. Amend federal tax return free No llene las líneas 9 a 12. Amend federal tax return free Si presenta una declaración conjunta, utilice el espacio a la izquierda de la línea 6 para indicar por separado los ingresos tributables suyos y los de su cónyuge. Amend federal tax return free Pagos. Amend federal tax return free   Anote en la línea 7 todo impuesto federal sobre los ingresos que se le haya retenido. Amend federal tax return free El impuesto federal sobre los ingresos retenido aparece en el recuadro 2 del Formulario W-2 o en el recuadro 4 del Formulario 1099. Amend federal tax return free Crédito por ingreso del trabajo. Amend federal tax return free   Si puede reclamar este crédito, según se explica en el capítulo 36 , el IRS se lo puede calcular. Amend federal tax return free Escriba “EIC” en el espacio a la izquierda de la línea 8a. Amend federal tax return free Anote en la línea 8b la paga no tributable por combate que desee incluir en los ingresos derivados del trabajo. Amend federal tax return free   Si su crédito de cualquier año posterior a 1996 fue reducido o denegado por el IRS, quizás tenga que presentar junto con la declaración el Formulario 8862(SP), Información Para Reclamar el Crédito Por Ingreso del Trabajo Después de Haber Sido Denegado (o el Formulario 8862, Information To Claim Earned Income Credit After Disallowance, en inglés). Amend federal tax return free Para detalles adicionales, vea las Instrucciones para el Formulario 1040EZ, en inglés. Amend federal tax return free Datos a Incluir en el Formulario 1040A Lea las líneas 1 a 27 y llene las líneas que le correspondan. Amend federal tax return free Si presenta una declaración conjunta, utilice el espacio a la izquierda de la línea 27 para indicar por separado los ingresos tributables suyos y los de su cónyuge. Amend federal tax return free No llene la línea 28. Amend federal tax return free Llene las líneas 29 a 33 y 36 a 40 si le corresponden. Amend federal tax return free Sin embargo, no llene las líneas 30 ni 38a si desea que el IRS le calcule los créditos indicados en dichas líneas. Amend federal tax return free Además, escriba toda información adicional que le corresponda en el espacio a la izquierda de la línea 41. Amend federal tax return free No llene las líneas 34, 35 ni 42 a la 46. Amend federal tax return free Pagos. Amend federal tax return free   Anote todo impuesto federal retenido sobre los ingresos que se indique en el recuadro 2 del Formulario W-2 o en el recuadro 4 del Formulario 1099, en la línea 36. Amend federal tax return free Anote en la línea 37 todo pago de impuesto estimado que haya efectuado. Amend federal tax return free Crédito por gastos del cuidado de menores y dependientes. Amend federal tax return free   Si puede reclamar este crédito, según se explica en el capítulo 32 , complete el Formulario 2441, Child and Dependent Care Expenses (Gastos del cuidado de menores y dependientes), en inglés, y adjúntelo a su declaración. Amend federal tax return free Anote la cantidad del crédito en la línea 29. Amend federal tax return free El IRS no le calculará este crédito. Amend federal tax return free Crédito para ancianos o personas incapacitadas. Amend federal tax return free   Si puede reclamar este crédito, según se explica en el capítulo 33 , el IRS le calculará este crédito. Amend federal tax return free Escriba “ CFE ” en el espacio a la izquierda de la línea 30 y adjunte el Anexo R del Formulario 1040, Credit for the Elderly or the Disabled (Crédito para ancianos o personas incapacitadas), en inglés, a su declaración de impuestos en papel. Amend federal tax return free En el Anexo R, marque el recuadro de la Parte I correspondiente a su estado civil para efectos de la declaración y edad. Amend federal tax return free Complete la Parte II y las líneas 11 y 13 de la Parte III, si le corresponden. Amend federal tax return free Crédito por ingreso del trabajo. Amend federal tax return free   Si puede reclamar este crédito, según se explica en el capítulo 36 , el IRS se lo calculará. Amend federal tax return free Anote “EIC” a la izquierda del espacio de la línea 38a. Amend federal tax return free Anote en la línea 38b la paga no tributable por combate que desee incluir en los ingresos derivados del trabajo. Amend federal tax return free   Si tiene un hijo que le da derecho a este crédito, tiene que llenar el Anexo EIC (Formulario 1040 ó 1040A), Earned Income Credit (Crédito por ingreso del trabajo), en inglés, y adjuntarlo a su declaración en papel. Amend federal tax return free Si no provee el número de Seguro Social de su hijo en la línea 2 del Anexo EIC, el crédito será reducido o denegado a menos que el hijo haya nacido y fallecido en el año 2013. Amend federal tax return free   Si su crédito de cualquier año posterior a 1996 fue reducido o denegado por el IRS, tal vez tenga que presentar junto con la declaración el Formulario 8862(SP) (o el Formulario 8862, en inglés). Amend federal tax return free Para detalles adicionales, vea las Instrucciones para el Formulario 1040A. Amend federal tax return free Datos a Incluir en el Formulario 1040 Lea las líneas 1 a 43 y llene las líneas que le correspondan. Amend federal tax return free No llene la línea 44. Amend federal tax return free Si presenta una declaración conjunta, utilice el espacio bajo las palabras “ Adjusted Gross Income ” (Ingresos brutos ajustados), en la primera página de la declaración para indicar por separado los ingresos tributables suyos y los de su cónyuge. Amend federal tax return free Lea las líneas 45 a la 71. Amend federal tax return free Llene las líneas que le correspondan, pero no llene las líneas 54, 61 ni 72. Amend federal tax return free Además, no complete la línea 55 ni las líneas 73 a 77. Amend federal tax return free No llene el recuadro “ c ” de la línea 53 si completa el Anexo R del Formulario 1040A o 1040, ni la línea 64a si desea que el IRS le calcule los créditos indicados en dichas líneas. Amend federal tax return free Pagos. Amend federal tax return free   Anote todo impuesto federal retenido sobre los ingresos que se indique en el recuadro 2 del Formulario W-2 o en el recuadro 4 del Formulario 1099, en la línea 62. Amend federal tax return free Anote en la línea 63 todo pago de impuesto estimado que haya efectuado. Amend federal tax return free Crédito por gastos del cuidado de menores y dependientes. Amend federal tax return free   Si puede reclamar este crédito, según se explica en el capítulo 32 , complete el Formulario 2441, en inglés, y adjúntelo a su declaración en papel. Amend federal tax return free Anote la cantidad del crédito en la línea 48. Amend federal tax return free El IRS no le calculará este crédito. Amend federal tax return free Crédito para ancianos o personas incapacitadas. Amend federal tax return free   Si puede reclamar este crédito, según se explica en el capítulo 33 , el IRS puede calcularle este crédito. Amend federal tax return free Escriba “CFE” al lado de la línea 53 y marque el recuadro “ c ” y adjunte el Anexo R del Formulario 1040A o 1040 a su declaración en papel. Amend federal tax return free En el Anexo R del Formulario 1040A o 1040, marque el recuadro de la Parte I correspondiente a su estado civil para efectos de la declaración y edad. Amend federal tax return free Complete la Parte II y las líneas 11 y 13 de la Parte III, si le corresponden. Amend federal tax return free Crédito por ingreso del trabajo. Amend federal tax return free   Si puede reclamar este crédito, según se explica en el capítulo 36 , el IRS se lo calculará. Amend federal tax return free Anote “EIC” en la línea de puntos al lado de la línea 64a del Formulario 1040. Amend federal tax return free Anote en la línea 64b la paga no tributable por combate que desee incluir en los ingresos derivados del trabajo. Amend federal tax return free   Si tiene un hijo que le dé derecho a este crédito, tiene que llenar el Anexo EIC, Earned Income Credit (Crédito por ingreso del trabajo), en inglés, y adjuntarlo a su declaración en papel. Amend federal tax return free Si no provee el número de Seguro Social de su hijo en la línea 2 del Anexo EIC (Formulario 1040 ó 1040A), el crédito será reducido o denegado a menos que su hijo haya nacido y fallecido en el año 2013. Amend federal tax return free   Si su crédito de cualquier año posterior a 1996 fue reducido o denegado por el IRS, tal vez tenga que presentar junto con la declaración el Formulario 8862(SP), (o el Formulario 8862, en inglés). Amend federal tax return free Para detalles adicionales, vea las Instrucciones para el Formulario 1040, en inglés. Amend federal tax return free Prev  Up  Next   Home   More Online Publications
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Amend federal tax return free 9. Amend federal tax return free   Depletion Table of Contents Introduction Topics - This chapter discusses: Who Can Claim Depletion? Mineral PropertyCost Depletion Percentage Depletion Oil and Gas Wells Mines and Geothermal Deposits Lessor's Gross Income TimberTimber units. Amend federal tax return free Depletion unit. Amend federal tax return free Introduction Depletion is the using up of natural resources by mining, drilling, quarrying stone, or cutting timber. Amend federal tax return free The depletion deduction allows an owner or operator to account for the reduction of a product's reserves. Amend federal tax return free There are two ways of figuring depletion: cost depletion and percentage depletion. Amend federal tax return free For mineral property, you generally must use the method that gives you the larger deduction. Amend federal tax return free For standing timber, you must use cost depletion. Amend federal tax return free Topics - This chapter discusses: Who can claim depletion Mineral property Timber Who Can Claim Depletion? If you have an economic interest in mineral property or standing timber, you can take a deduction for depletion. Amend federal tax return free More than one person can have an economic interest in the same mineral deposit or timber. Amend federal tax return free In the case of leased property, the depletion deduction is divided between the lessor and the lessee. Amend federal tax return free You have an economic interest if both the following apply. Amend federal tax return free You have acquired by investment any interest in mineral deposits or standing timber. Amend federal tax return free You have a legal right to income from the extraction of the mineral or cutting of the timber to which you must look for a return of your capital investment. Amend federal tax return free A contractual relationship that allows you an economic or monetary advantage from products of the mineral deposit or standing timber is not, in itself, an economic interest. Amend federal tax return free A production payment carved out of, or retained on the sale of, mineral property is not an economic interest. Amend federal tax return free Individuals, corporations, estates, and trusts who claim depletion deductions may be liable for alternative minimum tax. Amend federal tax return free Basis adjustment for depletion. Amend federal tax return free   You must reduce the basis of your property by the depletion allowed or allowable, whichever is greater. Amend federal tax return free Mineral Property Mineral property includes oil and gas wells, mines, and other natural deposits (including geothermal deposits). Amend federal tax return free For this purpose, the term “property” means each separate interest you own in each mineral deposit in each separate tract or parcel of land. Amend federal tax return free You can treat two or more separate interests as one property or as separate properties. Amend federal tax return free See section 614 of the Internal Revenue Code and the related regulations for rules on how to treat separate mineral interests. Amend federal tax return free There are two ways of figuring depletion on mineral property. Amend federal tax return free Cost depletion. Amend federal tax return free Percentage depletion. Amend federal tax return free Generally, you must use the method that gives you the larger deduction. Amend federal tax return free However, unless you are an independent producer or royalty owner, you generally cannot use percentage depletion for oil and gas wells. Amend federal tax return free See Oil and Gas Wells , later. Amend federal tax return free Cost Depletion To figure cost depletion you must first determine the following. Amend federal tax return free The property's basis for depletion. Amend federal tax return free The total recoverable units of mineral in the property's natural deposit. Amend federal tax return free The number of units of mineral sold during the tax year. Amend federal tax return free Basis for depletion. Amend federal tax return free   To figure the property's basis for depletion, subtract all the following from the property's adjusted basis. Amend federal tax return free Amounts recoverable through: Depreciation deductions, Deferred expenses (including deferred exploration and development costs), and Deductions other than depletion. Amend federal tax return free The residual value of land and improvements at the end of operations. Amend federal tax return free The cost or value of land acquired for purposes other than mineral production. Amend federal tax return free Adjusted basis. Amend federal tax return free   The adjusted basis of your property is your original cost or other basis, plus certain additions and improvements, and minus certain deductions such as depletion allowed or allowable and casualty losses. Amend federal tax return free Your adjusted basis can never be less than zero. Amend federal tax return free See Publication 551, Basis of Assets, for more information on adjusted basis. Amend federal tax return free Total recoverable units. Amend federal tax return free   The total recoverable units is the sum of the following. Amend federal tax return free The number of units of mineral remaining at the end of the year (including units recovered but not sold). Amend federal tax return free The number of units of mineral sold during the tax year (determined under your method of accounting, as explained next). Amend federal tax return free   You must estimate or determine recoverable units (tons, pounds, ounces, barrels, thousands of cubic feet, or other measure) of mineral products using the current industry method and the most accurate and reliable information you can obtain. Amend federal tax return free You must include ores and minerals that are developed, in sight, blocked out, or assured. Amend federal tax return free You must also include probable or prospective ores or minerals that are believed to exist based on good evidence. Amend federal tax return free But see Elective safe harbor for owners of oil and gas property , later. Amend federal tax return free Number of units sold. Amend federal tax return free   You determine the number of units sold during the tax year based on your method of accounting. Amend federal tax return free Use the following table to make this determination. Amend federal tax return free    IF you  use . Amend federal tax return free . Amend federal tax return free . Amend federal tax return free THEN the units sold during the year are . Amend federal tax return free . Amend federal tax return free . Amend federal tax return free The cash method of accounting The units sold for which you receive payment during the tax year (regardless of the year of sale). Amend federal tax return free An accrual method of accounting The units sold based on your inventories and method of accounting for inventory. Amend federal tax return free   The number of units sold during the tax year does not include any for which depletion deductions were allowed or allowable in earlier years. Amend federal tax return free Figuring the cost depletion deduction. Amend federal tax return free   Once you have figured your property's basis for depletion, the total recoverable units, and the number of units sold during the tax year, you can figure your cost depletion deduction by taking the following steps. Amend federal tax return free Step Action Result 1 Divide your property's basis for depletion by total recoverable units. Amend federal tax return free Rate per unit. Amend federal tax return free 2 Multiply the rate per unit by units sold during the tax year. Amend federal tax return free Cost depletion deduction. Amend federal tax return free You must keep accounts for the depletion of each property and adjust these accounts each year for units sold and depletion claimed. Amend federal tax return free Elective safe harbor for owners of oil and gas property. Amend federal tax return free   Instead of using the method described earlier to determine the total recoverable units, you can use an elective safe harbor. Amend federal tax return free If you choose the elective safe harbor, the total recoverable units equal 105% of a property's proven reserves (both developed and undeveloped). Amend federal tax return free For details, see Revenue Procedure 2004-19 on page 563 of Internal Revenue Bulletin 2004-10, available at www. Amend federal tax return free irs. Amend federal tax return free gov/pub/irs-irbs/irb04-10. Amend federal tax return free pdf. Amend federal tax return free   To make the election, attach a statement to your timely filed (including extensions) original return for the first tax year for which the safe harbor is elected. Amend federal tax return free The statement must indicate that you are electing the safe harbor provided by Revenue Procedure 2004-19. Amend federal tax return free The election, if made, is effective for the tax year in which it is made and all later years. Amend federal tax return free It cannot be revoked for the tax year in which it is elected, but may be revoked in a later year. Amend federal tax return free Once revoked, it cannot be re-elected for the next 5 years. Amend federal tax return free Percentage Depletion To figure percentage depletion, you multiply a certain percentage, specified for each mineral, by your gross income from the property during the tax year. Amend federal tax return free The rates to be used and other rules for oil and gas wells are discussed later under Independent Producers and Royalty Owners and under Natural Gas Wells . Amend federal tax return free Rates and other rules for percentage depletion of other specific minerals are found later in Mines and Geothermal Deposits . Amend federal tax return free Gross income. Amend federal tax return free   When figuring percentage depletion, subtract from your gross income from the property the following amounts. Amend federal tax return free Any rents or royalties you paid or incurred for the property. Amend federal tax return free The part of any bonus you paid for a lease on the property allocable to the product sold (or that otherwise gives rise to gross income) for the tax year. Amend federal tax return free A bonus payment includes amounts you paid as a lessee to satisfy a production payment retained by the lessor. Amend federal tax return free   Use the following fraction to figure the part of the bonus you must subtract. Amend federal tax return free No. Amend federal tax return free of units sold in the tax year Recoverable units from the property × Bonus Payments For oil and gas wells and geothermal deposits, more information about the definition of gross income from the property is under Oil and Gas Wells , later. Amend federal tax return free For other property, more information about the definition of gross income from the property is under Mines and Geothermal Deposits , later. Amend federal tax return free Taxable income limit. Amend federal tax return free   The percentage depletion deduction generally cannot be more than 50% (100% for oil and gas property) of your taxable income from the property figured without the depletion deduction and the domestic production activities deduction. Amend federal tax return free   Taxable income from the property means gross income from the property minus all allowable deductions (except any deduction for depletion or domestic production activities) attributable to mining processes, including mining transportation. Amend federal tax return free These deductible items include, but are not limited to, the following. Amend federal tax return free Operating expenses. Amend federal tax return free Certain selling expenses. Amend federal tax return free Administrative and financial overhead. Amend federal tax return free Depreciation. Amend federal tax return free Intangible drilling and development costs. Amend federal tax return free Exploration and development expenditures. Amend federal tax return free Deductible taxes (see chapter 5), but not taxes that you capitalize or take as a credit. Amend federal tax return free Losses sustained. Amend federal tax return free   The following rules apply when figuring your taxable income from the property for purposes of the taxable income limit. Amend federal tax return free Do not deduct any net operating loss deduction from the gross income from the property. Amend federal tax return free Corporations do not deduct charitable contributions from the gross income from the property. Amend federal tax return free If, during the year, you dispose of an item of section 1245 property that was used in connection with mineral property, reduce any allowable deduction for mining expenses by the part of any gain you must report as ordinary income that is allocable to the mineral property. Amend federal tax return free See section 1. Amend federal tax return free 613-5(b)(1) of the regulations for information on how to figure the ordinary gain allocable to the property. Amend federal tax return free Oil and Gas Wells You cannot claim percentage depletion for an oil or gas well unless at least one of the following applies. Amend federal tax return free You are either an independent producer or a royalty owner. Amend federal tax return free The well produces natural gas that is either sold under a fixed contract or produced from geopressured brine. Amend federal tax return free If you are an independent producer or royalty owner, see Independent Producers and Royalty Owners , next. Amend federal tax return free For information on the depletion deduction for wells that produce natural gas that is either sold under a fixed contract or produced from geopressured brine, see Natural Gas Wells , later. Amend federal tax return free Independent Producers and Royalty Owners If you are an independent producer or royalty owner, you figure percentage depletion using a rate of 15% of the gross income from the property based on your average daily production of domestic crude oil or domestic natural gas up to your depletable oil or natural gas quantity. Amend federal tax return free However, certain refiners, as explained next, and certain retailers and transferees of proven oil and gas properties, as explained next, cannot claim percentage depletion. Amend federal tax return free For information on figuring the deduction, see Figuring percentage depletion , later. Amend federal tax return free Refiners who cannot claim percentage depletion. Amend federal tax return free   You cannot claim percentage depletion if you or a related person refine crude oil and you and the related person refined more than 75,000 barrels on any day during the tax year based on average (rather than actual) daily refinery runs for the tax year. Amend federal tax return free The average daily refinery run is computed by dividing total refinery runs for the tax year by the total number of days in the tax year. Amend federal tax return free Related person. Amend federal tax return free   You and another person are related persons if either of you holds a significant ownership interest in the other person or if a third person holds a significant ownership interest in both of you. Amend federal tax return free For example, a corporation, partnership, estate, or trust and anyone who holds a significant ownership interest in it are related persons. Amend federal tax return free A partnership and a trust are related persons if one person holds a significant ownership interest in each of them. Amend federal tax return free For purposes of the related person rules, significant ownership interest means direct or indirect ownership of 5% or more in any one of the following. Amend federal tax return free The value of the outstanding stock of a corporation. Amend federal tax return free The interest in the profits or capital of a partnership. Amend federal tax return free The beneficial interests in an estate or trust. Amend federal tax return free Any interest owned by or for a corporation, partnership, trust, or estate is considered to be owned directly both by itself and proportionately by its shareholders, partners, or beneficiaries. Amend federal tax return free Retailers who cannot claim percentage depletion. Amend federal tax return free   You cannot claim percentage depletion if both the following apply. Amend federal tax return free You sell oil or natural gas or their by-products directly or through a related person in any of the following situations. Amend federal tax return free Through a retail outlet operated by you or a related person. Amend federal tax return free To any person who is required under an agreement with you or a related person to use a trademark, trade name, or service mark or name owned by you or a related person in marketing or distributing oil, natural gas, or their by-products. Amend federal tax return free To any person given authority under an agreement with you or a related person to occupy any retail outlet owned, leased, or controlled by you or a related person. Amend federal tax return free The combined gross receipts from sales (not counting resales) of oil, natural gas, or their by-products by all retail outlets taken into account in (1) are more than $5 million for the tax year. Amend federal tax return free   For the purpose of determining if this rule applies, do not count the following. Amend federal tax return free Bulk sales (sales in very large quantities) of oil or natural gas to commercial or industrial users. Amend federal tax return free Bulk sales of aviation fuels to the Department of Defense. Amend federal tax return free Sales of oil or natural gas or their by-products outside the United States if none of your domestic production or that of a related person is exported during the tax year or the prior tax year. Amend federal tax return free Related person. Amend federal tax return free   To determine if you and another person are related persons, see Related person under Refiners who cannot claim percentage depletion, earlier. Amend federal tax return free Sales through a related person. Amend federal tax return free   You are considered to be selling through a related person if any sale by the related person produces gross income from which you may benefit because of your direct or indirect ownership interest in the person. Amend federal tax return free   You are not considered to be selling through a related person who is a retailer if all the following apply. Amend federal tax return free You do not have a significant ownership interest in the retailer. Amend federal tax return free You sell your production to persons who are not related to either you or the retailer. Amend federal tax return free The retailer does not buy oil or natural gas from your customers or persons related to your customers. Amend federal tax return free There are no arrangements for the retailer to acquire oil or natural gas you produced for resale or made available for purchase by the retailer. Amend federal tax return free Neither you nor the retailer knows of or controls the final disposition of the oil or natural gas you sold or the original source of the petroleum products the retailer acquired for resale. Amend federal tax return free Transferees who cannot claim percentage depletion. Amend federal tax return free   You cannot claim percentage depletion if you received your interest in a proven oil or gas property by transfer after 1974 and before October 12, 1990. Amend federal tax return free For a definition of the term “transfer,” see section 1. Amend federal tax return free 613A-7(n) of the regulations. Amend federal tax return free For a definition of the term “interest in proven oil or gas property,” see section 1. Amend federal tax return free 613A-7(p) of the regulations. Amend federal tax return free Figuring percentage depletion. Amend federal tax return free   Generally, as an independent producer or royalty owner, you figure your percentage depletion by computing your average daily production of domestic oil or gas and comparing it to your depletable oil or gas quantity. Amend federal tax return free If your average daily production does not exceed your depletable oil or gas quantity, you figure your percentage depletion by multiplying the gross income from the oil or gas property (defined later) by 15%. Amend federal tax return free If your average daily production of domestic oil or gas exceeds your depletable oil or gas quantity, you must make an allocation as explained later under Average daily production. Amend federal tax return free   In addition, there is a limit on the percentage depletion deduction. Amend federal tax return free See Taxable income limit , later. Amend federal tax return free Average daily production. Amend federal tax return free   Figure your average daily production by dividing your total domestic production of oil or gas for the tax year by the number of days in your tax year. Amend federal tax return free Partial interest. Amend federal tax return free   If you have a partial interest in the production from a property, figure your share of the production by multiplying total production from the property by your percentage of interest in the revenues from the property. Amend federal tax return free   You have a partial interest in the production from a property if you have a net profits interest in the property. Amend federal tax return free To figure the share of production for your net profits interest, you must first determine your percentage participation (as measured by the net profits) in the gross revenue from the property. Amend federal tax return free To figure this percentage, you divide the income you receive for your net profits interest by the gross revenue from the property. Amend federal tax return free Then multiply the total production from the property by your percentage participation to figure your share of the production. Amend federal tax return free Example. Amend federal tax return free Javier Robles owns oil property in which Pablo Olmos owns a 20% net profits interest. Amend federal tax return free During the year, the property produced 10,000 barrels of oil, which Javier sold for $200,000. Amend federal tax return free Javier had expenses of $90,000 attributable to the property. Amend federal tax return free The property generated a net profit of $110,000 ($200,000 − $90,000). Amend federal tax return free Pablo received income of $22,000 ($110,000 × . Amend federal tax return free 20) for his net profits interest. Amend federal tax return free Pablo determined his percentage participation to be 11% by dividing $22,000 (the income he received) by $200,000 (the gross revenue from the property). Amend federal tax return free Pablo determined his share of the oil production to be 1,100 barrels (10,000 barrels × 11%). Amend federal tax return free Depletable oil or natural gas quantity. Amend federal tax return free   Generally, your depletable oil quantity is 1,000 barrels. Amend federal tax return free Your depletable natural gas quantity is 6,000 cubic feet multiplied by the number of barrels of your depletable oil quantity that you choose to apply. Amend federal tax return free If you claim depletion on both oil and natural gas, you must reduce your depletable oil quantity (1,000 barrels) by the number of barrels you use to figure your depletable natural gas quantity. Amend federal tax return free Example. Amend federal tax return free You have both oil and natural gas production. Amend federal tax return free To figure your depletable natural gas quantity, you choose to apply 360 barrels of your 1000-barrel depletable oil quantity. Amend federal tax return free Your depletable natural gas quantity is 2. Amend federal tax return free 16 million cubic feet of gas (360 × 6000). Amend federal tax return free You must reduce your depletable oil quantity to 640 barrels (1000 − 360). Amend federal tax return free If you have production from marginal wells, see section 613A(c)(6) of the Internal Revenue Code to figure your depletable oil or natural gas quantity. Amend federal tax return free Also, see Notice 2012-50, available at www. Amend federal tax return free irs. Amend federal tax return free gov/irb/2012–31_IRB/index. Amend federal tax return free html. Amend federal tax return free Business entities and family members. Amend federal tax return free   You must allocate the depletable oil or gas quantity among the following related persons in proportion to each entity's or family member's production of domestic oil or gas for the year. Amend federal tax return free Corporations, trusts, and estates if 50% or more of the beneficial interest is owned by the same or related persons (considering only persons that own at least 5% of the beneficial interest). Amend federal tax return free You and your spouse and minor children. Amend federal tax return free A related person is anyone mentioned in the related persons discussion under Nondeductible loss in chapter 2 of Publication 544, except that for purposes of this allocation, item (1) in that discussion includes only an individual, his or her spouse, and minor children. Amend federal tax return free Controlled group of corporations. Amend federal tax return free   Members of the same controlled group of corporations are treated as one taxpayer when figuring the depletable oil or natural gas quantity. Amend federal tax return free They share the depletable quantity. Amend federal tax return free A controlled group of corporations is defined in section 1563(a) of the Internal Revenue Code, except that, for this purpose, the stock ownership requirement in that definition is “more than 50%” rather than “at least 80%. Amend federal tax return free ” Gross income from the property. Amend federal tax return free   For purposes of percentage depletion, gross income from the property (in the case of oil and gas wells) is the amount you receive from the sale of the oil or gas in the immediate vicinity of the well. Amend federal tax return free If you do not sell the oil or gas on the property, but manufacture or convert it into a refined product before sale or transport it before sale, the gross income from the property is the representative market or field price (RMFP) of the oil or gas, before conversion or transportation. Amend federal tax return free   If you sold gas after you removed it from the premises for a price that is lower than the RMFP, determine gross income from the property for percentage depletion purposes without regard to the RMFP. Amend federal tax return free   Gross income from the property does not include lease bonuses, advance royalties, or other amounts payable without regard to production from the property. Amend federal tax return free Average daily production exceeds depletable quantities. Amend federal tax return free   If your average daily production for the year is more than your depletable oil or natural gas quantity, figure your allowance for depletion for each domestic oil or natural gas property as follows. Amend federal tax return free Figure your average daily production of oil or natural gas for the year. Amend federal tax return free Figure your depletable oil or natural gas quantity for the year. Amend federal tax return free Figure depletion for all oil or natural gas produced from the property using a percentage depletion rate of 15%. Amend federal tax return free Multiply the result figured in (3) by a fraction, the numerator of which is the result figured in (2) and the denominator of which is the result figured in (1). Amend federal tax return free This is your depletion allowance for that property for the year. Amend federal tax return free Taxable income limit. Amend federal tax return free   If you are an independent producer or royalty owner of oil and gas, your deduction for percentage depletion is limited to the smaller of the following. Amend federal tax return free 100% of your taxable income from the property figured without the deduction for depletion and the deduction for domestic production activities under section 199 of the Internal Revenue Code. Amend federal tax return free For a definition of taxable income from the property, see Taxable income limit , earlier, under Mineral Property. Amend federal tax return free 65% of your taxable income from all sources, figured without the depletion allowance, the deduction for domestic production activities, any net operating loss carryback, and any capital loss carryback. Amend federal tax return free You can carry over to the following year any amount you cannot deduct because of the 65%-of-taxable-income limit. Amend federal tax return free Add it to your depletion allowance (before applying any limits) for the following year. Amend federal tax return free Partnerships and S Corporations Generally, each partner or S corporation shareholder, and not the partnership or S corporation, figures the depletion allowance separately. Amend federal tax return free (However, see Electing large partnerships must figure depletion allowance , later. Amend federal tax return free ) Each partner or shareholder must decide whether to use cost or percentage depletion. Amend federal tax return free If a partner or shareholder uses percentage depletion, he or she must apply the 65%-of-taxable-income limit using his or her taxable income from all sources. Amend federal tax return free Partner's or shareholder's adjusted basis. Amend federal tax return free   The partnership or S corporation must allocate to each partner or shareholder his or her share of the adjusted basis of each oil or gas property held by the partnership or S corporation. Amend federal tax return free The partnership or S corporation makes the allocation as of the date it acquires the oil or gas property. Amend federal tax return free   Each partner's share of the adjusted basis of the oil or gas property generally is figured according to that partner's interest in partnership capital. Amend federal tax return free However, in some cases, it is figured according to the partner's interest in partnership income. Amend federal tax return free   The partnership or S corporation adjusts the partner's or shareholder's share of the adjusted basis of the oil and gas property for any capital expenditures made for the property and for any change in partnership or S corporation interests. Amend federal tax return free Recordkeeping. Amend federal tax return free Each partner or shareholder must separately keep records of his or her share of the adjusted basis in each oil and gas property of the partnership or S corporation. Amend federal tax return free The partner or shareholder must reduce his or her adjusted basis by the depletion allowed or allowable on the property each year. Amend federal tax return free The partner or shareholder must use that reduced adjusted basis to figure cost depletion or his or her gain or loss if the partnership or S corporation disposes of the property. Amend federal tax return free Reporting the deduction. Amend federal tax return free   Information that you, as a partner or shareholder, use to figure your depletion deduction on oil and gas properties is reported by the partnership or S corporation on Schedule K-1 (Form 1065) or on Schedule K-1 (Form 1120S). Amend federal tax return free Deduct oil and gas depletion for your partnership or S corporation interest on Schedule E (Form 1040). Amend federal tax return free The depletion deducted on Schedule E is included in figuring income or loss from rental real estate or royalty properties. Amend federal tax return free The instructions for Schedule E explain where to report this income or loss and whether you need to file either of the following forms. Amend federal tax return free Form 6198, At-Risk Limitations. Amend federal tax return free Form 8582, Passive Activity Loss Limitations. Amend federal tax return free Electing large partnerships must figure depletion allowance. Amend federal tax return free   An electing large partnership, rather than each partner, generally must figure the depletion allowance. Amend federal tax return free The partnership figures the depletion allowance without taking into account the 65-percent-of-taxable-income limit and the depletable oil or natural gas quantity. Amend federal tax return free Also, the adjusted basis of a partner's interest in the partnership is not affected by the depletion allowance. Amend federal tax return free   An electing large partnership is one that meets both the following requirements. Amend federal tax return free The partnership had 100 or more partners in the preceding year. Amend federal tax return free The partnership chooses to be an electing large partnership. Amend federal tax return free Disqualified persons. Amend federal tax return free   An electing large partnership does not figure the depletion allowance of its partners that are disqualified persons. Amend federal tax return free Disqualified persons must figure it themselves, as explained earlier. Amend federal tax return free   All the following are disqualified persons. Amend federal tax return free Refiners who cannot claim percentage depletion (discussed under Independent Producers and Royalty Owners , earlier). Amend federal tax return free Retailers who cannot claim percentage depletion (discussed under Independent Producers and Royalty Owners , earlier). Amend federal tax return free Any partner whose average daily production of domestic crude oil and natural gas is more than 500 barrels during the tax year in which the partnership tax year ends. Amend federal tax return free Average daily production is discussed earlier. Amend federal tax return free Natural Gas Wells You can use percentage depletion for a well that produces natural gas that is either Sold under a fixed contract, or Produced from geopressured brine. Amend federal tax return free Natural gas sold under a fixed contract. Amend federal tax return free   Natural gas sold under a fixed contract qualifies for a percentage depletion rate of 22%. Amend federal tax return free This is domestic natural gas sold by the producer under a contract that does not provide for a price increase to reflect any increase in the seller's tax liability because of the repeal of percentage depletion for gas. Amend federal tax return free The contract must have been in effect from February 1, 1975, until the date of sale of the gas. Amend federal tax return free Price increases after February 1, 1975, are presumed to take the increase in tax liability into account unless demonstrated otherwise by clear and convincing evidence. Amend federal tax return free Natural gas from geopressured brine. Amend federal tax return free   Qualified natural gas from geopressured brine is eligible for a percentage depletion rate of 10%. Amend federal tax return free This is natural gas that is both the following. Amend federal tax return free Produced from a well you began to drill after September 1978 and before 1984. Amend federal tax return free Determined in accordance with section 503 of the Natural Gas Policy Act of 1978 to be produced from geopressured brine. Amend federal tax return free Mines and Geothermal Deposits Certain mines, wells, and other natural deposits, including geothermal deposits, qualify for percentage depletion. Amend federal tax return free Mines and other natural deposits. Amend federal tax return free   For a natural deposit, the percentage of your gross income from the property that you can deduct as depletion depends on the type of deposit. Amend federal tax return free   The following is a list of the percentage depletion rates for the more common minerals. Amend federal tax return free DEPOSITS RATE Sulphur, uranium, and, if from deposits in the United States, asbestos, lead ore, zinc ore, nickel ore, and mica 22% Gold, silver, copper, iron ore, and certain oil shale, if from deposits in the United States 15% Borax, granite, limestone, marble, mollusk shells, potash, slate, soapstone, and carbon dioxide produced from a well 14% Coal, lignite, and sodium chloride 10% Clay and shale used or sold for use in making sewer pipe or bricks or used or sold for use as sintered or burned lightweight aggregates 7½% Clay used or sold for use in making drainage and roofing tile, flower pots, and kindred products, and gravel, sand, and stone (other than stone used or sold for use by a mine owner or operator as dimension or ornamental stone) 5%   You can find a complete list of minerals and their percentage depletion rates in section 613(b) of the Internal Revenue Code. Amend federal tax return free Corporate deduction for iron ore and coal. Amend federal tax return free   The percentage depletion deduction of a corporation for iron ore and coal (including lignite) is reduced by 20% of: The percentage depletion deduction for the tax year (figured without this reduction), minus The adjusted basis of the property at the close of the tax year (figured without the depletion deduction for the tax year). Amend federal tax return free Gross income from the property. Amend federal tax return free   For property other than a geothermal deposit or an oil or gas well, gross income from the property means the gross income from mining. Amend federal tax return free Mining includes all the following. Amend federal tax return free Extracting ores or minerals from the ground. Amend federal tax return free Applying certain treatment processes described later. Amend federal tax return free Transporting ores or minerals (generally, not more than 50 miles) from the point of extraction to the plants or mills in which the treatment processes are applied. Amend federal tax return free Excise tax. Amend federal tax return free   Gross income from mining includes the separately stated excise tax received by a mine operator from the sale of coal to compensate the operator for the excise tax the mine operator must pay to finance black lung benefits. Amend federal tax return free Extraction. Amend federal tax return free   Extracting ores or minerals from the ground includes extraction by mine owners or operators of ores or minerals from the waste or residue of prior mining. Amend federal tax return free This does not apply to extraction from waste or residue of prior mining by the purchaser of the waste or residue or the purchaser of the rights to extract ores or minerals from the waste or residue. Amend federal tax return free Treatment processes. Amend federal tax return free   The processes included as mining depend on the ore or mineral mined. Amend federal tax return free To qualify as mining, the treatment processes must be applied by the mine owner or operator. Amend federal tax return free For a listing of treatment processes considered as mining, see section 613(c)(4) of the Internal Revenue Code and the related regulations. Amend federal tax return free Transportation of more than 50 miles. Amend federal tax return free   If the IRS finds that the ore or mineral must be transported more than 50 miles to plants or mills to be treated because of physical and other requirements, the additional authorized transportation is considered mining and included in the computation of gross income from mining. Amend federal tax return free    If you wish to include transportation of more than 50 miles in the computation of gross income from mining, request an advance ruling from the IRS. Amend federal tax return free Include in the request the facts about the physical and other requirements that prevented the construction and operation of the plant within 50 miles of the point of extraction. Amend federal tax return free For more information about requesting an advance ruling, see Revenue Procedure 2013-1, available at www. Amend federal tax return free irs. Amend federal tax return free gov/irb/2013-01_IRB/ar11. Amend federal tax return free html. Amend federal tax return free Disposal of coal or iron ore. Amend federal tax return free   You cannot take a depletion deduction for coal (including lignite) or iron ore mined in the United States if both the following apply. Amend federal tax return free You disposed of it after holding it for more than 1 year. Amend federal tax return free You disposed of it under a contract under which you retain an economic interest in the coal or iron ore. Amend federal tax return free Treat any gain on the disposition as a capital gain. Amend federal tax return free Disposal to related person. Amend federal tax return free   This rule does not apply if you dispose of the coal or iron ore to one of the following persons. Amend federal tax return free A related person (as listed in chapter 2 of Publication 544). Amend federal tax return free A person owned or controlled by the same interests that own or control you. Amend federal tax return free Geothermal deposits. Amend federal tax return free   Geothermal deposits located in the United States or its possessions qualify for a percentage depletion rate of 15%. Amend federal tax return free A geothermal deposit is a geothermal reservoir of natural heat stored in rocks or in a watery liquid or vapor. Amend federal tax return free For percentage depletion purposes, a geothermal deposit is not considered a gas well. Amend federal tax return free   Figure gross income from the property for a geothermal steam well in the same way as for oil and gas wells. Amend federal tax return free See Gross income from the property , earlier, under Oil and Gas Wells. Amend federal tax return free Percentage depletion on a geothermal deposit cannot be more than 50% of your taxable income from the property. Amend federal tax return free Lessor's Gross Income In the case of leased property, the depletion deduction is divided between the lessor and the lessee. Amend federal tax return free A lessor's gross income from the property that qualifies for percentage depletion usually is the total of the royalties received from the lease. Amend federal tax return free Bonuses and advanced royalties. Amend federal tax return free   Bonuses and advanced royalties are payments a lessee makes before production to a lessor for the grant of rights in a lease or for minerals, gas, or oil to be extracted from leased property. Amend federal tax return free If you are the lessor, your income from bonuses and advanced royalties received is subject to an allowance for depletion, as explained in the next two paragraphs. Amend federal tax return free Figuring cost depletion. Amend federal tax return free   To figure cost depletion on a bonus, multiply your adjusted basis in the property by a fraction, the numerator of which is the bonus and the denominator of which is the total bonus and royalties expected to be received. Amend federal tax return free To figure cost depletion on advanced royalties, use the computation explained earlier under Cost Depletion , treating the number of units for which the advanced royalty is received as the number of units sold. Amend federal tax return free Figuring percentage depletion. Amend federal tax return free   In the case of mines, wells, and other natural deposits other than gas, oil, or geothermal property, you may use the percentage rates discussed earlier under Mines and Geothermal Deposits . Amend federal tax return free Any bonus or advanced royalty payments are generally part of the gross income from the property to which the rates are applied in making the calculation. Amend federal tax return free However, for oil, gas, or geothermal property, gross income does not include lease bonuses, advanced royalties, or other amounts payable without regard to production from the property. Amend federal tax return free Ending the lease. Amend federal tax return free   If you receive a bonus on a lease that ends or is abandoned before you derive any income from mineral extraction, include in income the depletion deduction you took. Amend federal tax return free Do this for the year the lease ends or is abandoned. Amend federal tax return free Also increase your adjusted basis in the property to restore the depletion deduction you previously subtracted. Amend federal tax return free   For advanced royalties, include in income the depletion claimed on minerals for which the advanced royalties were paid if the minerals were not produced before the lease ended. Amend federal tax return free Include this amount in income for the year the lease ends. Amend federal tax return free Increase your adjusted basis in the property by the amount you include in income. Amend federal tax return free Delay rentals. Amend federal tax return free   These are payments for deferring development of the property. Amend federal tax return free Since delay rentals are ordinary rent, they are ordinary income that is not subject to depletion. Amend federal tax return free These rentals can be avoided by either abandoning the lease, beginning development operations, or obtaining production. Amend federal tax return free Timber You can figure timber depletion only by the cost method. Amend federal tax return free Percentage depletion does not apply to timber. Amend federal tax return free Base your depletion on your cost or other basis in the timber. Amend federal tax return free Your cost does not include the cost of land or any amounts recoverable through depreciation. Amend federal tax return free Depletion takes place when you cut standing timber. Amend federal tax return free You can figure your depletion deduction when the quantity of cut timber is first accurately measured in the process of exploitation. Amend federal tax return free Figuring cost depletion. Amend federal tax return free   To figure your cost depletion allowance, you multiply the number of timber units cut by your depletion unit. Amend federal tax return free Timber units. Amend federal tax return free   When you acquire timber property, you must make an estimate of the quantity of marketable timber that exists on the property. Amend federal tax return free You measure the timber using board feet, log scale, cords, or other units. Amend federal tax return free If you later determine that you have more or less units of timber, you must adjust the original estimate. Amend federal tax return free   The term “timber property” means your economic interest in standing timber in each tract or block representing a separate timber account. Amend federal tax return free Depletion unit. Amend federal tax return free   You figure your depletion unit each year by taking the following steps. Amend federal tax return free Determine your cost or adjusted basis of the timber on hand at the beginning of the year. Amend federal tax return free Adjusted basis is defined under Cost Depletion in the discussion on Mineral Property. Amend federal tax return free Add to the amount determined in (1) the cost of any timber units acquired during the year and any additions to capital. Amend federal tax return free Figure the number of timber units to take into account by adding the number of timber units acquired during the year to the number of timber units on hand in the account at the beginning of the year and then adding (or subtracting) any correction to the estimate of the number of timber units remaining in the account. Amend federal tax return free Divide the result of (2) by the result of (3). Amend federal tax return free This is your depletion unit. Amend federal tax return free Example. Amend federal tax return free You bought a timber tract for $160,000 and the land was worth as much as the timber. Amend federal tax return free Your basis for the timber is $80,000. Amend federal tax return free Based on an estimated one million board feet (1,000 MBF) of standing timber, you figure your depletion unit to be $80 per MBF ($80,000 ÷ 1,000). Amend federal tax return free If you cut 500 MBF of timber, your depletion allowance would be $40,000 (500 MBF × $80). Amend federal tax return free When to claim depletion. Amend federal tax return free   Claim your depletion allowance as a deduction in the year of sale or other disposition of the products cut from the timber, unless you choose to treat the cutting of timber as a sale or exchange (explained below). Amend federal tax return free Include allowable depletion for timber products not sold during the tax year the timber is cut as a cost item in the closing inventory of timber products for the year. Amend federal tax return free The inventory is your basis for determining gain or loss in the tax year you sell the timber products. Amend federal tax return free Example. Amend federal tax return free The facts are the same as in the previous example except that you sold only half of the timber products in the cutting year. Amend federal tax return free You would deduct $20,000 of the $40,000 depletion that year. Amend federal tax return free You would add the remaining $20,000 depletion to your closing inventory of timber products. Amend federal tax return free Electing to treat the cutting of timber as a sale or exchange. Amend federal tax return free   You can elect, under certain circumstances, to treat the cutting of timber held for more than 1 year as a sale or exchange. Amend federal tax return free You must make the election on your income tax return for the tax year to which it applies. Amend federal tax return free If you make this election, subtract the adjusted basis for depletion from the fair market value of the timber on the first day of the tax year in which you cut it to figure the gain or loss on the cutting. Amend federal tax return free You generally report the gain as long-term capital gain. Amend federal tax return free The fair market value then becomes your basis for figuring your ordinary gain or loss on the sale or other disposition of the products cut from the timber. Amend federal tax return free For more information, see Timber in chapter 2 of Publication 544, Sales and Other Dispositions of Assets. Amend federal tax return free   You may revoke an election to treat the cutting of timber as a sale or exchange without IRS's consent. Amend federal tax return free The prior election (and revocation) is disregarded for purposes of making a subsequent election. Amend federal tax return free See Form T (Timber), Forest Activities Schedule, for more information. Amend federal tax return free Form T. Amend federal tax return free   Complete and attach Form T (Timber) to your income tax return if you claim a deduction for timber depletion, choose to treat the cutting of timber as a sale or exchange, or make an outright sale of timber. Amend federal tax return free Prev  Up  Next   Home   More Online Publications