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Copy 2011 taxes Index A Accounting methods Accrual method, Accrual Method Cash method, Cash Method Change in, Change in Accounting Method Methods you can use, Methods you can use. Copy 2011 taxes Accounting periods 52-53 week tax year, 52-53-Week Tax Year Business purpose tax year, Business Purpose Tax Year Calendar year, Calendar Year Improper tax year, Improper Tax Year Partnerships, Partnership Accrual method Expenses, Expenses Income, Income Advance payments, Advance Payment for Services Sales, Advance Payment for Sales Services, Advance Payment for Services Assistance (see Tax help) B Business purpose tax year, Business Purpose Tax Year C Calendar year, Calendar Year Cash method, Income Expenses, Expenses Income, Income Change, accounting method, Change to accrual method. Copy 2011 taxes , Change in Accounting Method Comments on publication, Comments and suggestions. Copy 2011 taxes Constructive receipt of income, Constructive receipt. Copy 2011 taxes Corporation tax periods, Corporations (Other Than S Corporations and PSCs) Cost identification, Identifying Cost D Death of individual, short period return, Death of individual. Copy 2011 taxes E Economic performance, Economic Performance Excluded entities, cash method, Excluded Entities F Fiscal year, Fiscal Year Form 1128, Improper Tax Year, Change in Tax Year 8716, Making the election. Copy 2011 taxes , Making back-up election. Copy 2011 taxes 8752, Required payment for partnership or S corporation. Copy 2011 taxes , Activating election. Copy 2011 taxes 970, Adopting LIFO method. Copy 2011 taxes Free tax services, How To Get Tax Help H Help (see Tax help) I Inventories Cost identification, Identifying Cost FIFO, FIFO Method LIFO, LIFO Method Lower of cost or market, Lower of Cost or Market Method Perpetual or book, Perpetual or Book Inventory Retail method, Retail Method Specific identification, Specific Identification Method Uniform capitalization rules, Inventories. Copy 2011 taxes Valuing, Valuing Inventory M More information (see Tax help) P Partnerships, Partnership Personal service corporation, Partnerships, S Corporations, and Personal Service Corporations (PSCs) Limit, use of cash method, Qualified PSC. Copy 2011 taxes Required tax year, Partnerships, S Corporations, and Personal Service Corporations (PSCs), Personal Service Corporation (PSC) Publications (see Tax help) R Related persons, Related Persons S S corporations, S Corporation Section 444 election, Section 444 Election Short period return, Short period return. Copy 2011 taxes Short tax year, Short Tax Year Suggestions for publication, Comments and suggestions. Copy 2011 taxes T Tax help, How To Get Tax Help Tax year Change in, Change in Tax Year Corporations, Corporations (Other Than S Corporations and PSCs) Fiscal year, Fiscal Year Personal service corporation, Personal Service Corporation (PSC) S corporations, S Corporation Section 444 election, Section 444 Election Short tax year, Short Tax Year Taxpayer Advocate, Taxpayer Advocate Service. Copy 2011 taxes TTY/TDD information, How To Get Tax Help U Uniform capitalization rules Exceptions, Exceptions. Copy 2011 taxes General rules, Uniform Capitalization Rules Prev  Up     Home   More Online Publications
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Manufacturers' Energy Efficient Appliance Credit

Tax Relief and Job Creation Act of 2010     

Act §709 – Modification and Extension of Energy Efficient Appliance Credit for Appliances Produced After 2010

In General

The Tax Relief and Job Creation Act of 2010 modifies and extends the energy efficient appliance credit for certain dishwashers, clothes washers, and refrigerators manufactured after December 31, 2010. Under Code  §45M(a)(1), the credit may be claimed as part of the Code §38 general business credit for each type of qualified energy efficient appliance produced by the taxpayer during the 2011 calendar year ending with or within the taxpayer’s taxable year.

Credit per Unit Produced Based on Energy Efficiency

The credit may be claimed on each qualifying appliance produced by the taxpayer and is based on the type of appliance, its energy efficiency, and for dishwashers and clothes washers, the amount of water it consumes. The total credit for any type of qualifying appliance is the applicable amount listed below multiplied by the eligible production for such type. §45M(a)(2). For purposes of this code section, the term “produced” includes manufactured.  §45M(f)(7).     

Dishwashers

  • $25 in the case of a dishwasher which is manufactured in calendar year 2011 and which uses no more than 307 kilowatt hours per year and 5.0 gallons per cycle (5.5 gallons per cycle for dishwashers designed for greater than 12 place settings). §45M(b)(1)(C)
  • $50 in the case of a dishwasher which is manufactured in calendar year 2011 and which uses no more than 295 kilowatt hours per year and 4.25 gallons per cycle (4.75 gallons per cycle for dishwashers designed for greater than 12 place settings). §45M(b)(1)(D)
  • $75 in the case of a dishwasher which is manufactured in calendar year 2011 and which uses no more than 280 kilowatt hours per year and 4 gallons per cycle (4.5 gallons per cycle for dishwashers designed for greater than 12 place settings). §45M(b)(1)(E)

The term “dishwasher” means a residential dishwasher subject to the energy conservation standards established by the Department of Energy.  §45M(f)(2) 

 Clothes washers

  • $175 in the case of a top-loading clothes washer manufactured in calendar year 2011 which meets or exceeds a 2.2 modified energy factor and does not exceed a 4.5 water consumption factor. §45M(b)(2)(E)
  • $225 in the case of a clothes washer manufactured in calendar year 2011—(i) which is a top-loading clothes washer and which meets or exceeds a 2.4 modified energy factor and does not exceed a 4.2 water consumption factor, or (ii) which is a front-loading clothes washer and which meets or exceeds a 2.8 modified energy factor and does not exceed a 3.5 water consumption factor. §45M(b)(2)(F)

The term “clothes washer” means a residential model clothes washer, including a commercial residential style coin operated washer.  I.R.C. §45M(f)(3).  The term “top-loading clothes washer” means a clothes washer that has the clothes container compartment access located on the top of the machine and that operates on a vertical axis.  §45M(f)(4)

Refrigerators

The credit for refrigerators is based on their energy savings relative to the energy conservation standards promulgated by the Department of Energy that took effect on July 1, 2001.  §45M(f)(8) 

  • $150 in the case of a refrigerator manufactured in calendar year 2011 which consumes at least 30% less energy than the 2001 energy conservation standards. §45M(b)(3)(E)
  • $200 in the case of a refrigerator manufactured in calendar year 2011 which consumes at least 35% less energy than the 2001 energy conservation standards. §45M(b)(3)(F)

The term “refrigerator” means a residential model automatic defrost refrigerator-freezer that has an internal volume of at least 16.5 cubic feet.  §45M(f)(5)

Eligible Production

The production in a calendar year eligible for the credit includes only the excess of the number of appliances of such type that are produced during such calendar year in the United States over the average number of appliances of such type that were produced by the taxpayer (or any predecessor) in the United States during the preceding 2-calendar year period. §45M(c) 

Limitations

The following limitations on the credit apply to taxable years beginning after December 31, 2010:

Dollar Limitation

The aggregate amount of credit allowed with respect to a taxpayer for any taxable year shall not exceed $25 million reduced by the amount of the credit allowed to the taxpayer (or any predecessor) for all prior taxable years beginning after December 31, 2010.  §45M(e)(1). The $25 million dollar limitation shall not be taken into account for refrigerators eligible for the $200 credit and clothes washers eligible for the $225 credit.  §45M(e)(2)

4% Gross Receipts Limitation

The credit with respect to a taxpayer for the taxable year shall not exceed an amount equal to 4% of the average annual gross receipts of the taxpayer for the 3 taxable years preceding the taxable year in which the credit is determined.   §45M(e)(3)

For purposes of the 4% gross receipts limitation:

  • All controlled groups of corporations, and partnerships or proprietorships that are under common control, that are treated as a single employer under §52(a) or (b) are also treated as a single producer for gross receipts limitation purposes. §45M(e)(4) & §448(c)(2)
  • If the entity was not in existence for the entire preceding 3 taxable years, the percentage of average annual gross receipts are to be applied on the basis of the period during which such entity was in existence. §45M(e)(4) & §448(c)(3)(A)
  • Gross receipts for any taxable year of less than 12 months are to be annualized by multiplying the gross receipts for the short period by 12 and dividing the result by the number of months in the short period. §45M(e)(4) & §448(c)(3)(B)
  • Gross receipts for any taxable year are to be reduced by returns and allowances made during such year.  §45M(e)(4) & §448(c)(3)(C)
  • The preceding 3 year period includes gross receipts of the taxpayer or any predecessor to the taxpayer. §45M(e)(4) & §448(c)(3)(D)

Definition of Controlled Group

Generally, controlled groups of corporations, and partnerships or proprietorships which are under common control that are treated as single employers under §52(a) or (b) are treated as single producers for purposes of the credit. §45M(g)(2)(A). Foreign corporations are not considered excluded members of a controlled group of corporations. §45M(g)(2)(B)

Verification

No amount of credit will be allowed with respect to which a taxpayer has not submitted such information or certification as the Secretary, in consultation with the Secretary of Energy, determines to be necessary.  I.R.C. §45M(g)(3) 

Carryback and Carryforward Rules

While Code §39 generally provides for a 1 year carryback and 20 year carryforward for current year business credits that exceed the limitation of Code §38(c), no portion of the unused business credit can be carried back to a tax year before the first year for which that credit is allowed. §§39(a) & (d) 

Effective Date

Act Sec. 709 applies to qualifying energy efficient appliances produced after December 31, 2010.

Page Last Reviewed or Updated: 14-Feb-2014

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Copy 2011 taxes Publication 505 - Introductory Material Table of Contents IntroductionNonresident aliens. Copy 2011 taxes Ordering forms and publications. Copy 2011 taxes Tax questions. Copy 2011 taxes What's New for 2014 Reminders Introduction The federal income tax is a pay-as-you-go tax. Copy 2011 taxes You must pay the tax as you earn or receive income during the year. Copy 2011 taxes There are two ways to pay as you go. Copy 2011 taxes Withholding. Copy 2011 taxes If you are an employee, your employer probably withholds income tax from your pay. Copy 2011 taxes In addition, tax may be withheld from certain other income, such as pensions, bonuses, commissions, and gambling winnings. Copy 2011 taxes The amount withheld is paid to the Internal Revenue Service (IRS) in your name. Copy 2011 taxes Estimated tax. Copy 2011 taxes If you do not pay your tax through withholding, or do not pay enough tax that way, you might have to pay estimated tax. Copy 2011 taxes People who are in business for themselves generally will have to pay their tax this way. Copy 2011 taxes You may have to pay estimated tax if you receive income such as dividends, interest, capital gains, rents, and royalties. Copy 2011 taxes Estimated tax is used to pay not only income tax, but other taxes such as self-employment tax and alternative minimum tax. Copy 2011 taxes This publication explains both of these methods. Copy 2011 taxes It also explains how to take credit on your return for the tax that was withheld and for your estimated tax payments. Copy 2011 taxes If you did not pay enough tax during the year, either through withholding or by making estimated tax payments, you may have to pay a penalty. Copy 2011 taxes Generally, the IRS can figure this penalty for you. Copy 2011 taxes This underpayment penalty, and the exceptions to it, are discussed in chapter 4. Copy 2011 taxes Nonresident aliens. Copy 2011 taxes    Before completing Form W-4, nonresident alien employees should see the Instructions for Form 8233, Exemption From Withholding on Compensation for Independent (and Certain Dependent) Personal Services of a Nonresident Alien Individual. Copy 2011 taxes Also see chapter 8 of Publication 519, U. Copy 2011 taxes S. Copy 2011 taxes Tax Guide for Aliens, for important information on withholding. Copy 2011 taxes What's new for 2013 and 2014. Copy 2011 taxes   See What's New for 2014 in this Introduction, and What's New for 2013 in chapter 4. Copy 2011 taxes Comments and suggestions. Copy 2011 taxes   We welcome your comments about this publication and your suggestions for future editions. Copy 2011 taxes   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Copy 2011 taxes NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Copy 2011 taxes Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Copy 2011 taxes   You can send your comments from www. Copy 2011 taxes irs. Copy 2011 taxes gov/formspubs/. Copy 2011 taxes Click on “More Information” and then on Give us feedback on forms and publications. Copy 2011 taxes   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Copy 2011 taxes Ordering forms and publications. Copy 2011 taxes   Visit www. Copy 2011 taxes irs. Copy 2011 taxes gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 business days after your request is received. Copy 2011 taxes Internal Revenue Service 1201 N. Copy 2011 taxes Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Copy 2011 taxes   If you have a tax question, check the information available on IRS. Copy 2011 taxes gov or call 1-800-829-1040. Copy 2011 taxes We cannot answer tax questions sent to either of the above addresses. Copy 2011 taxes What's New for 2014 Use your 2013 tax return as a guide in figuring your 2014 estimated tax, but be sure to consider the following. Copy 2011 taxes Standard mileage rates. Copy 2011 taxes  The 2014 rate for business use of your vehicle is 56 cents per mile. Copy 2011 taxes The rate for use of your vehicle to get medical care or move is 23½ cents per mile. Copy 2011 taxes The rate of 14 cents per mile for charitable use is unchanged. Copy 2011 taxes Personal exemption increased for certain taxpayers. Copy 2011 taxes  For 2014, the personal exemption amount is increased to $3,950 for taxpayers with adjusted gross income at or below $305,050 if married filing jointly or qualifying widow(er), $279,650 if head of household, $254,200 if single, or $152,525 if married filing separately. Copy 2011 taxes The personal exemption amount for taxpayers with adjusted gross income above these thresholds may be reduced. Copy 2011 taxes Limitation on itemized deductions. Copy 2011 taxes  For 2014, itemized deductions for taxpayers with adjusted gross income above $305,050 if married filing jointly or qualifying widow(er), $279,650 if head of household, $254,200 if single, and $152,525 if married filing separately may be reduced. Copy 2011 taxes Health care coverage. Copy 2011 taxes  When you file your 2014 tax return in 2015, you will need to either (1) indicate on your return that you and your family had health care coverage throughout 2014, (2) claim an exemption from the health care coverage requirement for some or all of 2014, or (3) make a payment if you do not have coverage or an exemption(s) for all 12 months of 2014. Copy 2011 taxes For examples on how this payment works, go to www. Copy 2011 taxes IRS. Copy 2011 taxes gov/aca and click under the “Individuals & Families” section. Copy 2011 taxes You may want to consider this when figuring your “Other taxes” on Line 12 of the 2014 Estimated Tax Worksheet (Worksheet 2-1). Copy 2011 taxes For general information on these requirements, go to www. Copy 2011 taxes IRS. Copy 2011 taxes gov/aca. Copy 2011 taxes Advance payments of the Premium Tax Credit. Copy 2011 taxes  If you buy health care insurance through the Health Insurance Marketplace, you may be eligible for advance payments of the Premium Tax Credit to help pay for your insurance coverage. Copy 2011 taxes Receiving too little or too much in advance will affect your refund or balance due. Copy 2011 taxes Promptly report changes in your income or family size to your Marketplace. Copy 2011 taxes You may want to consider this when figuring your estimated taxes for 2014. Copy 2011 taxes For more information, go to www. Copy 2011 taxes IRS. Copy 2011 taxes gov/aca and see Publication 5120 and Publication 5121. Copy 2011 taxes http://www. Copy 2011 taxes IRS. Copy 2011 taxes gov/pub5120 Alternative minimum tax (AMT) exemption amount increased. Copy 2011 taxes  The AMT exemption amount is increased to $52,800 ($82,100 if married filing jointly or qualifying widow(er); $41,050 if married filing separately). Copy 2011 taxes Lifetime learning credit income limits. Copy 2011 taxes  In order to claim a lifetime learning credit, your MAGI must be less than $54,000 ($108,000 if married filing jointly). Copy 2011 taxes Retirement savings contribution credit income limits increased. Copy 2011 taxes  In order to claim this credit for 2014, your MAGI must be less than $30,000 ($60,000 if married filing jointly; $45,000 if head of household). Copy 2011 taxes Adoption credit or exclusion. Copy 2011 taxes  The maximum adoption credit or exclusion for employer-provided adoption benefits has increased to $13,190. Copy 2011 taxes In order to claim either the credit or exclusion, your MAGI must be less than $237,880. Copy 2011 taxes Earned income credit (EIC). Copy 2011 taxes  You may be able to take the EIC in 2014 if: Three or more children lived with you and you earned less than $46,997 ($52,427 if married filing jointly), Two children lived with you and you earned less than $43,756 ($49,186 if married filing jointly), One child lived with you and you earned less than $38,511 ($43,941 if married filing jointly), or A child did not live with you and you earned less than $14,590 ($20,020 if married filing jointly). Copy 2011 taxes Also, the maximum MAGI you can have and still get the credit has increased. Copy 2011 taxes You may be able to take the credit if your MAGI is less than the amount in the above list that applies to you. Copy 2011 taxes The maximum investment income you can have and get the credit has increased to $3,350. Copy 2011 taxes Reminders Future developments. Copy 2011 taxes  The IRS has created a page on IRS. Copy 2011 taxes gov for information about Publication 505 at www. Copy 2011 taxes irs. Copy 2011 taxes gov/pub505. Copy 2011 taxes Information about any future developments affecting Publication 505 (such as legislation enacted after we release it) will be posted on that page. Copy 2011 taxes Social security tax. Copy 2011 taxes   Generally, each employer for whom you work during the tax year must withhold social security tax up to the annual limit. Copy 2011 taxes The annual limit is $117,000 in 2014. Copy 2011 taxes Photographs of missing children. Copy 2011 taxes  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Copy 2011 taxes Photographs of missing children selected by the Center may appear in this publication on pages that otherwise would be blank. Copy 2011 taxes 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. Copy 2011 taxes Additional Medicare Tax. Copy 2011 taxes  Beginning in 2013, a 0. Copy 2011 taxes 9% Additional Medicare Tax applies to Medicare wages, Railroad Retirement Tax Act compensation, and self-employment income over a threshold amount based on your filing status. Copy 2011 taxes You may need to include this amount when figuring your estimated tax. Copy 2011 taxes See the instructions for line 12 of the 2014 Estimated Tax Worksheet. Copy 2011 taxes You may also request that your employer deduct and withhold an additional amount of income tax withholding from your wages on Form W-4, Employee's Withholding Allowance Certificate. Copy 2011 taxes For more information on Additional Medicare Tax, go to IRS. Copy 2011 taxes gov and enter “Additional Medicare Tax” in the search box. Copy 2011 taxes Net Investment Income Tax. Copy 2011 taxes  Beginning in 2013, you may be subject to Net Investment Income Tax (NIIT). Copy 2011 taxes NIIT is a 3. Copy 2011 taxes 8% tax on the lesser of net investment income or the excess of your modified adjusted gross income (MAGI) over the threshold amount. Copy 2011 taxes NIIT may need to be included when figuring estimated tax. Copy 2011 taxes See the instructions for line 12 of the 2014 Estimated Tax Worksheet. Copy 2011 taxes You may also request that your employer deduct and withhold an additional amount of income tax withholding from your wages on Form W-4. Copy 2011 taxes For more information on NIIT, go to IRS. Copy 2011 taxes gov and enter “Net Investment Income Tax” in the search box. Copy 2011 taxes Prev  Up  Next   Home   More Online Publications