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Federal 1040x

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Federal 1040x

Federal 1040x Publication 3991 - Introductory Material Table of Contents Introduction Introduction All of the changes discussed in this publication resulted from the Job Creation and Worker Assistance Act of 2002. Federal 1040x This publication highlights tax law changes that took effect retroactively for 2001 and others that take effect in 2002 and later years. Federal 1040x The chapters are divided into separate sections based on when the changes take effect. Federal 1040x For example, this publication covers the following topics. Federal 1040x Tax benefits for the area of New York City damaged in terrorist attacks on September 11, 2001. Federal 1040x New deduction available for educator expenses. Federal 1040x Limit on the use of the non-accrual experience method of accounting. Federal 1040x Pension changes such as the new tax credit for certain pension plan startup costs, an increased SEP contribution limit, figuring 403(b) catch-up contributions, and a provision for deemed IRAs. Federal 1040x Extension of the welfare-to-work credit and work opportunity credit. Federal 1040x New 5-year carryback rule for net operating losses (NOLs). Federal 1040x See the discussion of each topic for more information. Federal 1040x Certain changes had a major effect on two of the publications we issued for 2001. Federal 1040x We published supplements to those two publications and they have been included in this publication as follows. Federal 1040x Chapter 4 contains the supplement to Publication 463, Travel, Entertainment, Gift, and Car Expenses. Federal 1040x This discusses the increase in the amount of depreciation deduction for certain automobiles. Federal 1040x Chapter 5 contains the supplement to Publication 946, How To Depreciate Property. Federal 1040x This discusses the special depreciation allowance for property acquired after September 10, 2001. Federal 1040x Adjusting your withholding or estimated tax payments for 2002. Federal 1040x   If your tax for 2002 will be more or less than your 2001 tax, you may need to adjust your withholding or estimated tax payments accordingly. Federal 1040x If your tax will decrease, you can get the benefit of lower taxes throughout the year. Federal 1040x If you will owe more tax, you can avoid a penalty when you file your tax return. Federal 1040x   See the following table for forms and publications that will help you adjust your withholding or estimated tax payments. Federal 1040x See chapter 6 for information on ordering forms and publications. Federal 1040x To adjust your. Federal 1040x . Federal 1040x . Federal 1040x . Federal 1040x Get Form. Federal 1040x . Federal 1040x . Federal 1040x And Publication. Federal 1040x . Federal 1040x . Federal 1040x Withholding W–4, Employee's Withholding Allowance Certificate 919, How Do I Adjust My Tax Withholding? Estimated tax payments 1040–ES, Estimated Tax for Individuals 505, Tax Withholding and Estimated Tax Photographs of missing children. Federal 1040x   The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Federal 1040x Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Federal 1040x 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. Federal 1040x Comments and suggestions. Federal 1040x   We welcome your comments about this publication. Federal 1040x   You can e-mail us while visiting our web site at www. Federal 1040x irs. Federal 1040x gov. Federal 1040x   You can write to us at the following address: Internal Revenue Service Technical Publications Branch W:CAR:MP:FP:P 1111 Constitution Ave. Federal 1040x NW Washington, DC 20224   We respond to many letters by telephone. Federal 1040x Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Federal 1040x Prev  Up  Next   Home   More Online Publications
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Tax Relief for Victims of Hurricane Irene in Vermont

E-file to Remain Open through Oct. 31 for Irene Victims

Updated 9/16/11 to add a link to Notice 2011-74.
Updated 9/15/11 to add Franklin, Lamoille and Orleans counties.
Updated 9/7/11 to add Caledonia county.
Updated 9/6/11 to add Addison, Bennington, Orange and Windham counties.

VT-2011-34, Sept. 2, 2011

BOSTON — Victims of Hurricane Irene that began on Aug. 29, 2011 in parts of Vermont may qualify for tax relief from the Internal Revenue Service.

The President has declared the following counties a federal disaster area: Addison, Bennington, Caledonia, Chittenden, Franklin, Lamoille, Orleans, Orange, Rutland, Washington, Windham and Windsor. Individuals who reside or have a business in these counties may qualify for tax relief.

The declaration permits the IRS to postpone certain deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after Aug. 29, and on or before Oct. 31, have been postponed to Oct. 31, 2011. This includes corporations and other businesses that previously obtained an extension until Sept. 15 to file their 2010 returns, and individuals and businesses that received a similar extension until Oct. 17. It also includes the estimated tax payment for the third quarter, normally due Sept. 15.  

In addition, the IRS is waiving the failure-to-deposit penalties for employment and excise tax deposits due on or after Aug. 29, and on or before Sept. 13, as long as the deposits are made by Sept. 13, 2011.

If an affected taxpayer receives a penalty notice from the IRS, the taxpayer should call the telephone number on the notice to have the IRS abate any interest and any late filing or late payment penalties that would otherwise apply. Penalties or interest will be abated only for taxpayers who have an original or extended filing, payment or deposit due date, including an extended filing or payment due date, that falls within the postponement period.

The IRS automatically identifies taxpayers located in the covered disaster area and applies automatic filing and payment relief. But affected taxpayers who reside or have a business located outside the covered disaster area must call the IRS disaster hotline at 1-866-562-5227 to request this tax relief.

Covered Disaster Area

The counties listed above constitute a covered disaster area for purposes of Treas. Reg. § 301.7508A-1(d)(2) and are entitled to the relief detailed below.

Affected Taxpayers

Taxpayers considered to be affected taxpayers eligible for the postponement of time to file returns, pay taxes and perform other time-sensitive acts are those taxpayers listed in Treas. Reg. § 301.7508A-1(d)(1), and include individuals who live, and businesses whose principal place of business is located, in the covered disaster area. Taxpayers not in the covered disaster area, but whose records necessary to meet a deadline listed in Treas. Reg. § 301.7508A-1(c) are in the covered disaster area, are also entitled to relief. In addition, all relief workers affiliated with a recognized government or philanthropic organization assisting in the relief activities in the covered disaster area and any individual visiting the covered disaster area who was killed or injured as a result of the disaster are entitled to relief.

Grant of Relief

Under section 7508A, the IRS gives affected taxpayers until Oct. 31 to file most tax returns (including individual, corporate, and estate and trust income tax returns; partnership returns, S corporation returns, and trust returns; estate, gift, and generation-skipping transfer tax returns; and employment and certain excise tax returns), or to make tax payments, including estimated tax payments, that have either an original or extended due date occurring on or after Aug. 29 and on or before Oct. 31.

The IRS also gives affected taxpayers until Oct. 31 to perform other time-sensitive actions described in Treas. Reg. § 301.7508A-1(c)(1) and Rev. Proc. 2007-56, 2007-34 I.R.B. 388 (Aug. 20, 2007), that are due to be performed on or after Aug. 29 and on or before Oct. 31.

This relief also includes the filing of Form 5500 series returns, in the manner described in section 8 of Rev. Proc. 2007-56. The relief described in section 17 of Rev. Proc. 2007-56, pertaining to like-kind exchanges of property, also applies to certain taxpayers who are not otherwise affected taxpayers and may include acts required to be performed before or after the period above.

The postponement of time to file and pay does not apply to information returns in the W-2, 1098, 1099 series, or to Forms 1042-S or 8027. Penalties for failure to timely file information returns can be waived under existing procedures for reasonable cause. Likewise, the postponement does not apply to employment and excise tax deposits. The IRS, however, will abate penalties for failure to make timely employment and excise tax deposits due on or after Aug. 29 and on or before Sept. 13 provided the taxpayer makes these deposits by Sept. 13.

Casualty Losses

Affected taxpayers in a federally declared disaster area have the option of claiming disaster-related casualty losses on their federal income tax return for either this year or last year. Claiming the loss on an original or amended return for last year will get the taxpayer an earlier refund, but waiting to claim the loss on this year’s return could result in a greater tax saving, depending on other income factors.

Individuals may deduct personal property losses that are not covered by insurance or other reimbursements. For details, see Form 4684 and its instructions.

Affected taxpayers claiming the disaster loss on last year’s return should put the Disaster Designation “Vermont /Hurricane Irene” at the top of the form so that the IRS can expedite the processing of the refund.

Other Relief

The IRS will waive the usual fees and expedite requests for copies of previously filed tax returns for affected taxpayers. Taxpayers should put the assigned Disaster Designation in red ink at the top of Form 4506, Request for Copy of Tax Return, or Form 4506-T, Request for Transcript of Tax Return, as appropriate, and submit it to the IRS.

Affected taxpayers who are contacted by the IRS on a collection or examination matter should explain how the disaster impacts them so that the IRS can provide appropriate consideration to their case.

Taxpayers may download forms and publications from the official IRS website, irs.gov, or order them by calling 1-800-TAX-FORM (1-800-829-3676). The IRS toll-free number for general tax questions is 1-800-829-1040.

Related Information

Page Last Reviewed or Updated: 24-Mar-2014

The Federal 1040x

Federal 1040x 5. Federal 1040x   Illustrated Examples Table of Contents Illustrated Example of Form 4563Line 1. Federal 1040x Line 2. Federal 1040x Lines 3a and 3b. Federal 1040x Lines 4a and 4b. Federal 1040x Line 5. Federal 1040x Line 6. Federal 1040x Line 7. Federal 1040x Line 9. Federal 1040x Line 15. Federal 1040x Illustrated Example of Form 5074Part I. Federal 1040x Part II. Federal 1040x Part III. Federal 1040x Illustrated Example of Form 8689Part I. Federal 1040x Part II. Federal 1040x Part III. Federal 1040x Part IV. Federal 1040x Use the following examples to help you complete the correct attachment to your Form 1040. Federal 1040x The completed form for each example is shown on the pages that follow. Federal 1040x Illustrated Example of Form 4563 John Black is a U. Federal 1040x S. Federal 1040x citizen, single, and under 65. Federal 1040x He was a bona fide resident of American Samoa during all of 2013. Federal 1040x John must file Form 1040 because his gross income from sources outside the possessions ($10,000 of dividends from U. Federal 1040x S. Federal 1040x corporations) is more than his adjusted filing requirement for single filers under 65. Federal 1040x (See Filing Requirement if Possession Income Is Excluded in chapter 4. Federal 1040x ) Because he must file Form 1040 (not illustrated), he fills out Form 4563 to determine the amount of income from American Samoa he can exclude. Federal 1040x See Bona Fide Resident of American Samoa in chapter 3. Federal 1040x Completing Form 4563. Federal 1040x   John enters his name and social security number at the top of the form. Federal 1040x Line 1. Federal 1040x   On Form 4563 (see later), John enters the date his bona fide residence began in American Samoa, June 2, 2012. Federal 1040x Because he is still a bona fide resident, he enters “not ended” in the second blank space. Federal 1040x Line 2. Federal 1040x   He checks the box labeled “Rented house or apartment” to describe his type of living quarters in American Samoa. Federal 1040x Lines 3a and 3b. Federal 1040x   He checks “No” on line 3a because no family members lived with him. Federal 1040x He leaves line 3b blank. Federal 1040x Lines 4a and 4b. Federal 1040x   He checks “No” on line 4a because he did not maintain a home outside American Samoa. Federal 1040x He leaves line 4b blank. Federal 1040x Line 5. Federal 1040x   He enters the name and address of his employer, Samoa Products Co. Federal 1040x It is a private American Samoa corporation. Federal 1040x Line 6. Federal 1040x   He enters the dates of his 2-week vacation to New Zealand from November 11 to November 25. Federal 1040x That was his only trip outside American Samoa during the year. Federal 1040x Line 7. Federal 1040x   He enters the $24,000 in wages he received from Samoa Products Co. Federal 1040x Line 9. Federal 1040x   He received $220 in dividends from an American Samoa corporation, which he enters here. Federal 1040x He also received $10,000 of dividends from a U. Federal 1040x S. Federal 1040x corporation, but he will enter that amount only on his Form 1040 because the U. Federal 1040x S. Federal 1040x dividends do not qualify for the possession exclusion. Federal 1040x Line 15. Federal 1040x   John totals the amounts on lines 7 and 9 to get the amount he can exclude from his gross income in 2013. Federal 1040x He will not enter his excluded income on Form 1040. Federal 1040x However, he will attach his completed Form 4563 to his Form 1040. Federal 1040x Illustrated Example of Form 5074 Tracy Grey is a U. Federal 1040x S. Federal 1040x citizen who is a self-employed fisheries consultant with a tax home in New York. Federal 1040x Her only income for 2013 was net self-employment income of $80,000. Federal 1040x Of the $80,000, $20,000 was from consulting work in Guam and the rest was earned in the United States. Federal 1040x Thinking she would owe tax to Guam on the $20,000, Tracy made estimated tax payments of $1,409 to Guam. Federal 1040x She was not a bona fide resident of Guam during 2013. Federal 1040x Tracy completes Form 1040 (not illustrated), reporting her worldwide income. Federal 1040x Because the adjusted gross income on her Form 1040 was $50,000 or more and at least $5,000 of her gross income is from Guam, Tracy must file Form 5074 with her Form 1040. Federal 1040x All amounts reported on Form 5074 are also reported on her Form 1040. Federal 1040x See U. Federal 1040x S. Federal 1040x Citizen or Resident Alien (Other Than a Bona Fide Resident of Guam) in chapter 3. Federal 1040x Completing Form 5074. Federal 1040x   Tracy enters her name and social security number at the top of the form. Federal 1040x Part I. Federal 1040x   On Form 5074 (see later), Tracy enters her self-employment income from Guam ($20,000) on line 6. Federal 1040x She has no other income from Guam, so the total on line 16 is $20,000. Federal 1040x Part II. Federal 1040x   Tracy's only adjustment in Part II is the deductible part of the self-employment tax on her net income earned in Guam. Federal 1040x She enters $1,413 on line 21 and line 28. Federal 1040x Her adjusted gross income on line 29 is $18,587. Federal 1040x Part III. Federal 1040x   Tracy made estimated tax payments of $1,409. Federal 1040x She enters this amount on line 30, and again on line 34 as the total payments. Federal 1040x Illustrated Example of Form 8689 Juan and Carla Moreno live and work in the United States. Federal 1040x In 2013, they received $14,400 in income from the rental of a condominium they own in the U. Federal 1040x S. Federal 1040x Virgin Islands (USVI). Federal 1040x The rental income was deposited in a bank in the USVI and they received $500 of interest on this income. Federal 1040x They were not bona fide residents of the USVI during the entire tax year. Federal 1040x The Morenos complete Form 1040 (not illustrated), reporting their income from all sources, including their interest income and the income and expenses from their USVI rental property (reported on Schedule E (Form 1040)). Federal 1040x The Morenos take the standard deduction for married filing jointly, both are under 65, and they have no dependents. Federal 1040x The Morenos also complete Form 8689 to determine how much of their U. Federal 1040x S. Federal 1040x tax shown on Form 1040, line 61 (with certain adjustments), must be paid to the U. Federal 1040x S. Federal 1040x Virgin Islands. Federal 1040x See U. Federal 1040x S. Federal 1040x Citizen or Resident Alien (Other Than a Bona Fide Resident of the USVI) in chapter 3. Federal 1040x The Morenos file their Form 1040, attaching Form 8689 and all other schedules, with the Internal Revenue Service. Federal 1040x At the same time, they send a copy of their Form 1040 with all attachments, including Form 8689, to the Virgin Islands Bureau of Internal Revenue. Federal 1040x The Virgin Islands Bureau of Internal Revenue will process this copy. Federal 1040x Completing Form 8689. Federal 1040x   Juan and Carla enter their names and Juan's social security number at the top of the form. Federal 1040x Part I. Federal 1040x   The Morenos enter their income from the USVI in Part I (see later). Federal 1040x The interest income is entered on line 2 and the net rental income of $6,200 ($14,400 of rental income minus $8,200 of rental expenses) is entered on line 11. Federal 1040x The Morenos' total USVI income of $6,700 is entered on line 16. Federal 1040x Part II. Federal 1040x   The Morenos have no adjustments to their USVI income, so they enter zero (-0-) on line 28, and $6,700 on line 29. Federal 1040x Their USVI adjusted gross income (AGI) is $6,700. Federal 1040x Part III. Federal 1040x   On line 30, the Morenos enter the amount from Form 1040, line 61 ($4,539). Federal 1040x Their Form 1040 does not show any entries required on line 31, so they leave that line blank and enter $4,539 on line 32. Federal 1040x   The Morenos enter their worldwide AGI, $54,901 (Form 1040, line 38), on line 33. Federal 1040x Next, they find what percentage of their AGI is from USVI sources ($6,700 ÷ $54,901 = 0. Federal 1040x 122) and enter that as a decimal on line 34. Federal 1040x They then apply that percentage to the U. Federal 1040x S. Federal 1040x tax entered on line 32 to find the amount of U. Federal 1040x S. Federal 1040x tax allocated to USVI income ($4,539 x 0. Federal 1040x 122 = $554), and enter that amount on line 35. Federal 1040x Part IV. Federal 1040x   Part IV is used to show payments of income tax to the USVI only. Federal 1040x The Morenos had no tax withheld by the U. Federal 1040x S. Federal 1040x Virgin Islands, but made estimated tax payments to the USVI of $400, which they entered on lines 37 and 39. Federal 1040x They include this amount ($400) in the total payments on Form 1040, line 72. Federal 1040x On the dotted line next to the entry space for line 72, they enter “Form 8689” and show the amount. Federal 1040x The Morenos do not complete Form 1116 because they receive credit on Form 1040, line 72, for the tax paid to the USVI. Federal 1040x   The income tax they owe to the USVI ($154) is shown on Form 8689, line 44. Federal 1040x They enter this amount on line 45. Federal 1040x They also include this additional amount ($154) on the dotted line next to the entry space and in the total on Form 1040, line 72. Federal 1040x The Morenos will pay their USVI tax at the same time they file the copy of their U. Federal 1040x S. Federal 1040x income tax return with the U. Federal 1040x S. Federal 1040x Virgin Islands. Federal 1040x This image is too large to be displayed in the current screen. Federal 1040x Please click the link to view the image. Federal 1040x Form 4563, page 1 for John Black This image is too large to be displayed in the current screen. Federal 1040x Please click the link to view the image. Federal 1040x Form 5074, for Tracy Grey This image is too large to be displayed in the current screen. Federal 1040x Please click the link to view the image. Federal 1040x Form 8689, page 1 for Juan and Carla Moreno Prev  Up  Next   Home   More Online Publications