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Federal Form 1040ez

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Federal Form 1040ez

Federal form 1040ez Publication 556 - Introductory Material Table of Contents The IRS Mission Reminders IntroductionOrdering forms and publications. Federal form 1040ez Tax questions. Federal form 1040ez Useful Items - You may want to see: The IRS Mission Provide America's taxpayers top quality service by helping them understand and meet their tax responsibilities and by applying the tax law with integrity and fairness to all. Federal form 1040ez Reminders Penalty for filing erroneous claim for refund or credit. Federal form 1040ez  You may have to pay a penalty if you file an erroneous claim for refund or credit. Federal form 1040ez See Penalty for erroneous claim for refund, later under Claims for Refund. Federal form 1040ez Interest and penalties suspended if notice not mailed within 36 months. Federal form 1040ez  If you file your return timely (including extensions), interest and certain penalties will be suspended if the IRS does not mail a notice to you within 36 months. Federal form 1040ez See Suspension of interest and penalties, later under Examination of Returns. Federal form 1040ez Fast track mediation. Federal form 1040ez  The IRS offers fast track mediation services to help taxpayers resolve many disputes resulting from: Examinations (audits), Offers in compromise, Trust fund recovery penalties, and Other collection actions. Federal form 1040ez See Fast track mediation under If You Do Not Agree. Federal form 1040ez Introduction The Internal Revenue Service (IRS) accepts most federal tax returns as filed. Federal form 1040ez However, the IRS examines (or audits) some returns to determine if income, expenses, and credits are being reported accurately. Federal form 1040ez If your return is selected for examination, it does not suggest that you made an error or are dishonest. Federal form 1040ez Returns are chosen by computerized screening, by random sample, or by an income document matching program. Federal form 1040ez See Examination selection criteria, later. Federal form 1040ez You should also know that many examinations result in a refund or acceptance of the tax return without change. Federal form 1040ez This publication discusses general rules and procedures that the IRS follows in examinations. Federal form 1040ez It explains what happens during an examination and your appeal rights, both within the IRS and in the federal court system. Federal form 1040ez It also explains how to file a claim for refund of tax you already paid. Federal form 1040ez As a taxpayer, you have the right to be treated fairly, professionally, promptly, and courteously by IRS employees. Federal form 1040ez Publication 1, Your Rights as a Taxpayer, explains your rights when dealing with the IRS. Federal form 1040ez Comments and suggestions. Federal form 1040ez   We welcome your comments about this publication and your suggestions for future editions. Federal form 1040ez   You can write to us at the following address:  Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Federal form 1040ez NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Federal form 1040ez Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Federal form 1040ez   You can send your comments from www. Federal form 1040ez irs. Federal form 1040ez gov/formspubs/. Federal form 1040ez Click on “More Information” and then on “Comment on Tax Forms and Publications. Federal form 1040ez ”   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. Federal form 1040ez Ordering forms and publications. Federal form 1040ez   Visit www. Federal form 1040ez irs. Federal form 1040ez 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 days after your request is received. Federal form 1040ez  Internal Revenue Service  1201 N. Federal form 1040ez Mitsubishi Motorway Bloomington, IL 61704-6613 Tax questions. Federal form 1040ez   If you have a tax question, check the information available on www. Federal form 1040ez irs. Federal form 1040ez gov or call 1-800-829-1040. Federal form 1040ez We cannot answer tax questions sent to either of the above addresses. Federal form 1040ez Useful Items - You may want to see: Publication 1 Your Rights as a Taxpayer 5 Your Appeal Rights and How To Prepare a Protest If You Don't Agree 547 Casualties, Disasters, and Thefts 594 The IRS Collection Process 910 Guide to Free Tax Services 971 Innocent Spouse Relief 1546 Taxpayer Advocate Service–Your Voice at the IRS 1660 Collection Appeal Rights 3605 Fast Track Mediation 3920 Tax Relief for Victims of Terrorist Attacks 4134 Low Income Taxpayer Clinic List Form (and Instructions) 843 Claim for Refund and Request for Abatement 911 Request for Taxpayer Advocate Service Assistance (and Application for Taxpayer Assistance Order) 1040X Amended U. Federal form 1040ez S. Federal form 1040ez Individual Income Tax Return 2848 Power of Attorney and Declaration of Representative 4506 Request for Copy of Tax Return 4506-T Request for Transcript of Tax Return 8379 Injured Spouse Allocation 8857 Request for Innocent Spouse Relief See How To Get Tax Help , near the end of this publication, for information about getting these publications and forms. Federal form 1040ez Prev  Up  Next   Home   More Online Publications
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Strategic Plan and Other References

IRS Strategic Plan, Fiscal Years 2009-2013
The plan outlines how the IRS will improve service to taxpayers and enforcement of the law over the next five years.

IRS Long Term Measures
The IRS has identified long-term measures that can be used to evaluate progress in achieving the goals established by the IRS Strategic Plan.

Budget in Brief FY 2014
This summarizes how the budget request will enable the agency to meet its strategic goals: improve customer service and enhance enforcement of the tax laws.

Budget in Brief FY 2013
This summarizes how the budget request will enable the agency to meet its strategic goals: improve customer service and enhance enforcement of the tax laws.

Green Book
The Green Book contains general explanations of the administration’s fiscal year revenue proposals.

Priority Guidance Plan
Information relating to the Priority Guidance Plan, including links to both the current and prior versions, and news or notices about the Plan.

Modernization Vision and Strategy
This provides an executive summary of IRS's multi-year information technology strategic plan.

At-a-Glance: IRS Divisions and Principal Offices
Get an overview of the four primary operating divisions and the other principal offices in the IRS organization.

IRS Information Quality Guidelines
In accord with Section 515 of Public Law 106-554, these Guidelines describe the quality practices and procedures the IRS uses ensure the utility, objectivity and integrity of information it disseminates to the public. The guidelines also explain how to request a correction of information the IRS has disseminated.

IRS Privacy Policy
The Internal Revenue Service's Office of Privacy ensures your personal information is protected whenever you visit the IRS website.

Procurement
Solicitations, IRS contracts, the Small Business Program Office, Treasury Acquisition Institute (TAI), Total Information Processing Support Services (TIPSS-4) and other resources for those looking to do business with the IRS.

No FEAR Act
Quarterly report of IRS Equal Employment Opportunity internal complaint activity, posted in accordance with the Notification and Federal Employee Antidiscrimination and Retaliation (No FEAR) Act of 2002. (PDF file, maintained on the US Department of the Treasury's web site.)

IRS Oversight Organizations
A listing of federal agencies, House and Senate committees, advisory boards and advocacy panels that perform IRS oversight functions.

Workforce of Tomorrow Report
Publication 4783, a report from the Workforce of Tomorrow Task Force, contains recommendations on how the IRS can become the best place to work in federal government and ensure that it has the leadership and workforce it needs in the future.

Page Last Reviewed or Updated: 31-Mar-2014

The Federal Form 1040ez

Federal form 1040ez 7. Federal form 1040ez   Filing Information Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: What, When, and Where To FileResident Aliens Nonresident Aliens Amended Returns and Claims for Refund Other Forms You May Have To File PenaltiesCivil Penalties Criminal Penalties Introduction This chapter provides the basic filing information that you may need. Federal form 1040ez Topics - This chapter discusses: Forms aliens must file, When and where to file, Penalties, and Amended returns and claims for refund. Federal form 1040ez Useful Items - You may want to see: Forms (and Instructions) 1040 U. Federal form 1040ez S. Federal form 1040ez Individual Income Tax Return 1040A U. Federal form 1040ez S. Federal form 1040ez Individual Income Tax Return 1040EZ Income Tax Return for Single and Joint Filers With No Dependents 1040NR U. Federal form 1040ez S. Federal form 1040ez Nonresident Alien Income Tax Return 1040NR-EZ U. Federal form 1040ez S. Federal form 1040ez Income Tax Return for Certain Nonresident Aliens With No Dependents See chapter 12 for information about getting these forms. Federal form 1040ez What, When, and Where To File What return you must file as well as when and where you file that return, depends on your status at the end of the tax year as a resident or a nonresident alien. Federal form 1040ez Resident Aliens Resident aliens should file Form 1040EZ, 1040A, or 1040 at the address shown in the instructions for that form. Federal form 1040ez The due date for filing the return and paying any tax due is April 15 of the year following the year for which you are filing a return (but see the Tip, later). Federal form 1040ez Under U. Federal form 1040ez S. Federal form 1040ez immigration law, a lawful permanent resident who is required to file a tax return as a resident and fails to do so may be regarded as having abandoned status and may lose permanent resident status. Federal form 1040ez Extensions of time to file. Federal form 1040ez   You are allowed an automatic extension to June 15 to file if your main place of business and the home you live in are outside the United States and Puerto Rico on April 15. Federal form 1040ez You can get an extension of time to October 15 to file your return if you get an extension by April 15 (June 15 if you qualify for the June 15 extension). Federal form 1040ez Use Form 4868 to get the extension to October 15. Federal form 1040ez In addition to this 6-month extension, taxpayers who are out of the country (as defined in the Form 4868 instructions) can request a discretionary 2-month additional extension of time to file their returns (to December 15 for calendar year taxpayers). Federal form 1040ez To request this extension, you must send the IRS a letter explaining the reasons why you need the additional 2 months. Federal form 1040ez Send the letter by the extended due date (October 15 for calendar year taxpayers) to the following address:  Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215   You will not receive any notification from the IRS unless your request is denied for being untimely. Federal form 1040ez   The discretionary 2-month additional extension is not available to taxpayers who have an approved extension of time to file on Form 2350 (for U. Federal form 1040ez S. Federal form 1040ez citizens and resident aliens abroad who expect to qualify for special tax treatment). Federal form 1040ez    If the due date for filing falls on a Saturday, Sunday, or legal holiday, the due date is the next day which is not a Saturday, Sunday, or legal holiday. Federal form 1040ez You may be able to file your return electronically. Federal form 1040ez See IRS e-file in your form instructions. Federal form 1040ez Nonresident Aliens Nonresident aliens who are required to file an income tax return should use Form 1040NR or, if qualified, Form 1040NR-EZ. Federal form 1040ez If you are any of the following, you must file a return. Federal form 1040ez A nonresident alien individual engaged or considered to be engaged in a trade or business in the United States during 2013. Federal form 1040ez (But see Exceptions , later. Federal form 1040ez ) You must file even if: Your income did not come from a trade or business conducted in the United States, You have no income from U. Federal form 1040ez S. Federal form 1040ez sources, or Your income is exempt from income tax. Federal form 1040ez A nonresident alien individual not engaged in a trade or business in the United States with U. Federal form 1040ez S. Federal form 1040ez income on which the tax liability was not satisfied by the withholding of tax at the source. Federal form 1040ez A representative or agent responsible for filing the return of an individual described in (1) or (2). Federal form 1040ez A fiduciary for a nonresident alien estate or trust. Federal form 1040ez You must also file if you want to: Claim a refund of overwithheld or overpaid tax, or Claim the benefit of any deductions or credits. Federal form 1040ez For example, if you have no U. Federal form 1040ez S. Federal form 1040ez business activities but have income from real property that you choose to treat as effectively connected income (discussed in chapter 4), you must timely file a true and accurate return to take any allowable deductions against that income. Federal form 1040ez For information on what is timely, see When to file for deductions and credits under When To File, later. Federal form 1040ez Exceptions. Federal form 1040ez   You do not need to file Form 1040NR or Form 1040NR-EZ if you meet either of the following conditions. Federal form 1040ez Your only U. Federal form 1040ez S. Federal form 1040ez trade or business was the performance of personal services, and Your wages were less than $3,900, and You have no other need to file a return to claim a refund of overwithheld taxes, to satisfy additional withholding at source, or to claim income exempt or partly exempt by treaty. Federal form 1040ez You were a nonresident alien student, teacher, or trainee who was temporarily present in the United States under an “F,” “J,” “M,” or “Q” visa and you have no income that is subject to tax, such as wages, tips, scholarship and fellowship grants, dividends, etc. Federal form 1040ez Even if you have left the United States and filed a Form 1040-C, U. Federal form 1040ez S. Federal form 1040ez Departing Alien Income Tax Return, on departure, you still must file an annual U. Federal form 1040ez S. Federal form 1040ez income tax return. Federal form 1040ez If you are married and both you and your spouse are required to file, you must each file a separate return. Federal form 1040ez Form 1040NR-EZ You can use Form 1040NR-EZ if all of the following conditions are met. Federal form 1040ez You do not claim any dependents. Federal form 1040ez You cannot be claimed as a dependent on someone else's U. Federal form 1040ez S. Federal form 1040ez tax return. Federal form 1040ez If you were married, you do not claim an exemption for your spouse. Federal form 1040ez Your taxable income is less than $100,000. Federal form 1040ez The only itemized deduction you can claim is for state and local income taxes. Federal form 1040ez Note. Federal form 1040ez Residents of India who were students or business apprentices may be able to take the standard deduction instead of the itemized deduction for state and local income taxes. Federal form 1040ez See chapter 5. Federal form 1040ez Your only U. Federal form 1040ez S. Federal form 1040ez source income is from wages, salaries, tips, taxable refunds of state and local income taxes, scholarship or fellowship grants, and nontaxable interest or dividends. Federal form 1040ez (If you had taxable interest or dividend income, you cannot use this form. Federal form 1040ez ) You are not claiming any adjustments to income other than the student loan interest deduction or scholarship and fellowship grants excluded. Federal form 1040ez You are not claiming any tax credits. Federal form 1040ez This is not an “expatriation return. Federal form 1040ez ” See Expatriation Tax in chapter 4. Federal form 1040ez The only taxes you owe are: The income tax from the Tax Table. Federal form 1040ez The social security and Medicare tax from Form 4137 or Form 8919. Federal form 1040ez You are not claiming a credit for excess social security and tier 1 RRTA tax withheld. Federal form 1040ez You are not filing Form 8959, to figure the amount of Additional Medicare Tax you owe and/or the amount of Additional Medicare Tax withheld by your employer, if any. Federal form 1040ez If you do not meet all of the above conditions, you must file Form 1040NR. Federal form 1040ez When To File If you are an employee and you receive wages subject to U. Federal form 1040ez S. Federal form 1040ez income tax withholding, you will generally file by the 15th day of the 4th month after your tax year ends. Federal form 1040ez For the 2013 calendar year, file your return by April 15, 2014. Federal form 1040ez If you are not an employee who receives wages subject to U. Federal form 1040ez S. Federal form 1040ez income tax withholding, you must file by the 15th day of the 6th month after your tax year ends. Federal form 1040ez For the 2013 calendar year, file your return by June 16, 2014 (because June 15 is a Sunday. Federal form 1040ez ) Extensions of time to file. Federal form 1040ez   If you cannot file your return by the due date, file Form 4868 or use one of the electronic filing options explained in the Form 4868 instructions. Federal form 1040ez For the 2013 calendar year, this will extend the due date to October 15, 2014 (December 15, 2014, if the regular due date of your return is June 16, 2014). Federal form 1040ez You must file the extension by the regular due date of your return. Federal form 1040ez   In addition to the 6-month extension to October 15, taxpayers whose main place of business is outside the United States and Puerto Rico and who live outside those jurisdictions can request a discretionary 2-month extension of time to file their returns (to December 15 for calendar year taxpayers). Federal form 1040ez To request this extension, you must send the IRS a letter explaining the reasons why you need the additional 2 months. Federal form 1040ez Send the letter by the extended due date (October 15 for calendar year taxpayers) to the following address: Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215   You will not receive any notification from the IRS unless your request is denied for being untimely. Federal form 1040ez When to file for deductions and credits. Federal form 1040ez   To get the benefit of any allowable deductions or credits, you must timely file a true and accurate return. Federal form 1040ez For this purpose, a return is timely if it is filed within 16 months of the due date just discussed. Federal form 1040ez However, if you did not file a 2012 tax return and 2013 is not the first year for which you are required to file one, your 2013 return is timely for this purpose if it is filed by the earlier of: The date that is 16 months after the due date for filing your 2013 return, or The date the IRS notifies you that your 2013 return has not been filed and that you cannot claim certain deductions and credits. Federal form 1040ez The allowance of the following credits is not affected by this time requirement. Federal form 1040ez Credit for withheld taxes. Federal form 1040ez Credit for excise tax on certain uses of gasoline and special fuels. Federal form 1040ez Credit for tax paid by a mutual fund (or other regulated investment company) or a real estate investment trust on undistributed long-term capital gains. Federal form 1040ez Protective return. Federal form 1040ez   If your activities in the United States were limited and you do not believe that you had any gross income effectively connected with a U. Federal form 1040ez S. Federal form 1040ez trade or business during the year, you can file a protective return (Form 1040NR) by the deadline explained above. Federal form 1040ez By filing a protective return, you protect your right to receive the benefit of deductions and credits in the event it is later determined that some or all of your income is effectively connected. Federal form 1040ez You are not required to report any effectively connected income or any deductions on the protective return, but you must give the reason the return is being filed. Federal form 1040ez   If you believe some of your activities resulted in effectively connected income, file your return reporting that income and related deductions by the regular due date. Federal form 1040ez To protect your right to claim deductions or credits resulting from other activities, attach a statement to that return explaining that you wish to protect your right to claim deductions and credits if it is later determined that the other activities produced effectively connected income. Federal form 1040ez   You can follow the same procedure if you believe you have no U. Federal form 1040ez S. Federal form 1040ez tax liability because of a U. Federal form 1040ez S. Federal form 1040ez tax treaty. Federal form 1040ez Be sure to also complete item L on page 5 of Form 1040NR. Federal form 1040ez Waiver of filing deadline. Federal form 1040ez   The IRS may waive the filing deadline if you establish that, based on the facts and circumstances, you acted reasonably and in good faith in failing to file a U. Federal form 1040ez S. Federal form 1040ez income tax return (including a protective return) and you cooperate with the IRS in determining your U. Federal form 1040ez S. Federal form 1040ez income tax liability for the tax year for which you did not file a return. Federal form 1040ez Where To File If you are not enclosing a payment, file Form 1040NR-EZ and Form 1040NR at the following address. Federal form 1040ez  Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215 If enclosing a payment, mail your return to:  Internal Revenue Service  P. Federal form 1040ez O. Federal form 1040ez Box 1303 Charlotte, NC 28201-1303 Aliens from the U. Federal form 1040ez S. Federal form 1040ez Virgin Islands. Federal form 1040ez    If you are a bona fide resident of the U. Federal form 1040ez S. Federal form 1040ez Virgin Islands during your entire tax year and work temporarily in the United States, you must pay your income taxes to the U. Federal form 1040ez S. Federal form 1040ez Virgin Islands and file your income tax returns at the following address. Federal form 1040ez Virgin Islands Bureau of Internal Revenue 6115 Estate Smith Bay Suite 225 St. Federal form 1040ez Thomas, VI 00802   Report all income from U. Federal form 1040ez S. Federal form 1040ez sources, as well as income from other sources, on your return. Federal form 1040ez For information on filing U. Federal form 1040ez S. Federal form 1040ez Virgin Islands returns, contact the U. Federal form 1040ez S. Federal form 1040ez Virgin Islands Bureau of Internal Revenue. Federal form 1040ez   Chapter 8 discusses withholding from U. Federal form 1040ez S. Federal form 1040ez wages of U. Federal form 1040ez S. Federal form 1040ez Virgin Islanders. Federal form 1040ez Aliens from Guam or the Commonwealth of the Northern Mariana Islands. Federal form 1040ez   If you are a bona fide resident of Guam or the Commonwealth of the Northern Mariana Islands (CNMI) during your entire tax year, you must file your return with, and pay any tax due to, Guam or the CNMI. Federal form 1040ez Report all income, including income from U. Federal form 1040ez S. Federal form 1040ez sources, on your return. Federal form 1040ez It is not necessary to file a separate U. Federal form 1040ez S. Federal form 1040ez income tax return. Federal form 1040ez    Bona fide residents of Guam should file their Guam returns at the following address. Federal form 1040ez   Department of Revenue and Taxation Government of Guam P. Federal form 1040ez O. Federal form 1040ez Box 23607 GMF, GU 96921    Bona fide residents of the CNMI should file their CNMI income tax returns at the following address. Federal form 1040ez   Department of Finance Division of Revenue and Taxation Commonwealth of the Northern Mariana Islands P. Federal form 1040ez O. Federal form 1040ez Box 5234 CHRB Saipan, MP 96950   If you are not a bona fide resident of Guam or the CNMI, see Pub. Federal form 1040ez 570, Tax Guide for Individuals With Income From U. Federal form 1040ez S. Federal form 1040ez Possessions, for information on where to file your return. Federal form 1040ez Amended Returns and Claims for Refund If you find changes in your income, deductions, or credits after you mail your return, file Form 1040X, Amended U. Federal form 1040ez S. Federal form 1040ez Individual Income Tax Return. Federal form 1040ez Also use Form 1040X if you should have filed Form 1040, 1040A, or 1040EZ instead of Form 1040NR or 1040NR-EZ, or vice versa. Federal form 1040ez If you amend Form 1040NR or Form 1040NR-EZ or file the correct return, attach the corrected return (Form 1040, Form 1040NR, etc. Federal form 1040ez ) to Form 1040X. Federal form 1040ez Print “Amended” across the top. Federal form 1040ez Ordinarily, an amended return claiming a refund must be filed within 3 years from the date your return was filed or within 2 years from the time the tax was paid, whichever is later. Federal form 1040ez A return filed before the final due date is considered to have been filed on the due date. Federal form 1040ez Other Forms You May Have To File You may be required to file information returns to report certain foreign income or assets, or monetary transactions. Federal form 1040ez FinCen Form 105 FinCEN Form 105 (formerly Customs Form 4790), Report of International Transportation of Currency or Monetary Instruments, must be filed by each person who physically transports, mails, or ships, or causes to be physically transported, mailed, or shipped, currency or other monetary instruments in a total amount of more than $10,000 at one time from the United States to any place outside the United States, or into the United States from any place outside the United States. Federal form 1040ez The filing requirement also applies to each person who receives in the United States currency or monetary instruments totaling more than $10,000 at one time from any place outside of the United States. Federal form 1040ez The term “monetary instruments” means the following: Coin and currency of the United States or of any other country, Travelers' checks in any form, Investment securities or stock in bearer form or otherwise in such form that title to them passes upon delivery, Negotiable instruments (including checks, promissory notes, and money orders) in bearer form, endorsed without restriction, made out to a fictitious payee, or otherwise in such form that title to them passes upon delivery, and Checks, promissory notes, and money orders which are signed but on which the name of the payee has been omitted. Federal form 1040ez However, the term does not include: Checks or money orders made payable to the order of a named person which have not been endorsed or which contain restrictive endorsements, Warehouse receipts, or Bills of lading. Federal form 1040ez A transfer of funds through normal banking procedures (wire transfer) that does not involve the physical transportation of currency or monetary instruments is not required to be reported on FinCEN Form 105. Federal form 1040ez Filing requirements. Federal form 1040ez   FinCEN Form 105 filing requirements follow. Federal form 1040ez Recipients. Federal form 1040ez   Each person who receives currency or other monetary instruments in the United States must file FinCEN Form 105 within 15 days after receipt, with the Customs officer in charge at any port of entry or departure, or by mail at the following address. Federal form 1040ez Commissioner of Customs  Attention: Currency Transportation Reports Washington, DC 20229 Shippers or mailers. Federal form 1040ez   If the currency or other monetary instrument does not accompany the person entering or departing the United States, FinCEN Form 105 can be filed by mail at the above address on or before the date of entry, departure, mailing, or shipping. Federal form 1040ez Travelers. Federal form 1040ez   Travelers must file FinCEN Form 105 with the Customs officer in charge at any Customs port of entry or departure, when entering or departing the United States. Federal form 1040ez Penalties. Federal form 1040ez   Civil and criminal penalties are provided for failing to file a report, filing a report containing material omissions or misstatements, or filing a false or fraudulent report. Federal form 1040ez Also, the entire amount of the currency or monetary instrument may be subject to seizure and forfeiture. Federal form 1040ez More information. Federal form 1040ez   More information regarding the filing of FinCEN Form 105 can be found in the instructions on the back of the form. Federal form 1040ez Form 8938 You may have to file Form 8938, Statement of Specified Foreign Financial Assets, to report the ownership of specified foreign financial asset(s) if you are one of the following individuals. Federal form 1040ez A resident alien of the United States for any part of the tax year. Federal form 1040ez A resident alien of the United States who elects to be treated as a resident of a foreign country under the provisions of a U. Federal form 1040ez S. Federal form 1040ez income tax treaty. Federal form 1040ez See Effect of Tax Treaties in chapter 1. Federal form 1040ez A nonresident alien who makes an election to be treated as a resident alien for purposes of filing a joint income tax return. Federal form 1040ez See chapter 1 for information about this election. Federal form 1040ez A nonresident alien who is a bona fide resident of American Samoa or Puerto Rico. Federal form 1040ez See Publication 570, Tax Guide for Individuals With Income From U. Federal form 1040ez S. Federal form 1040ez Possessions, for a definition of bona fide resident. Federal form 1040ez You must file Form 8938 if the total value of those assets exceeds an applicable threshold (the “reporting threshold”). Federal form 1040ez The reporting threshold varies depending on whether you live in the United States, are married, or file a joint income tax return with your spouse. Federal form 1040ez Specified foreign financial assets include any financial account maintained by a foreign financial institution and, to the extent held for investment, any stock, securities, or any other interest in a foreign entity and any financial instrument or contract with an issuer or counterparty that is not a U. Federal form 1040ez S. Federal form 1040ez person. Federal form 1040ez You may have to pay penalties if you are required to file Form 8938 and fail to do so, or if you have an understatement of tax due to any transaction involving an undisclosed foreign financial asset. Federal form 1040ez More information about the filing of Form 8938 can be found in the separate instructions for Form 8938. Federal form 1040ez Penalties The law provides penalties for failure to file returns or pay taxes as required. Federal form 1040ez Civil Penalties If you do not file your return and pay your tax by the due date, you may have to pay a penalty. Federal form 1040ez You may also have to pay a penalty if you substantially understate your tax, file a frivolous tax submission, or fail to supply your taxpayer identification number. Federal form 1040ez If you provide fraudulent information on your return, you may have to pay a civil fraud penalty. Federal form 1040ez Filing late. Federal form 1040ez   If you do not file your return by the due date (including extensions), you may have to pay a failure-to-file penalty. Federal form 1040ez The penalty is based on the tax not paid by the due date (without regard to extensions). Federal form 1040ez The penalty is usually 5% for each month or part of a month that a return is late, but not more than 25%. Federal form 1040ez Fraud. Federal form 1040ez   If your failure to file is due to fraud, the penalty is 15% for each month or part of a month that your return is late, up to a maximum of 75%. Federal form 1040ez Return over 60 days late. Federal form 1040ez   If you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100% of the unpaid tax. Federal form 1040ez Exception. Federal form 1040ez   You will not have to pay the penalty if you show that you failed to file on time because of reasonable cause and not because of willful neglect. Federal form 1040ez Paying tax late. Federal form 1040ez   You will have to pay a failure-to-pay penalty of ½ of 1% (. Federal form 1040ez 50%) of your unpaid taxes for each month, or part of a month, after the due date that the tax is not paid. Federal form 1040ez This penalty does not apply during the automatic 6-month extension of time to file period, if you paid at least 90% of your actual tax liability on or before the due date of your return and pay the balance when you file the return. Federal form 1040ez   The monthly rate of the failure-to-pay penalty is half the usual rate (. Federal form 1040ez 25% instead of . Federal form 1040ez 50%) if an installment agreement is in effect for that month. Federal form 1040ez You must have filed your return by the due date (including extensions) to qualify for this reduced penalty. Federal form 1040ez   If a notice of intent to levy is issued, the rate will increase to 1% at the start of the first month beginning at least 10 days after the day that the notice is issued. Federal form 1040ez If a notice and demand for immediate payment is issued, the rate will increase to 1% at the start of the first month beginning after the day that the notice and demand is issued. Federal form 1040ez   This penalty cannot be more than 25% of your unpaid tax. Federal form 1040ez You will not have to pay the penalty if you can show that you had a good reason for not paying your tax on time. Federal form 1040ez Combined penalties. Federal form 1040ez   If both the failure-to-file penalty and the failure-to-pay penalty (discussed earlier) apply in any month, the 5% (or 15%) failure-to-file penalty is reduced by the failure-to-pay penalty. Federal form 1040ez However, if you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100% of the unpaid tax. Federal form 1040ez Accuracy-related penalty. Federal form 1040ez   You may have to pay an accuracy-related penalty if you underpay your tax because: You show negligence or disregard of rules or regulations, You substantially understate your income tax, You claim tax benefits for a transaction that lacks economic substance, or You fail to disclose a foreign financial asset. Federal form 1040ez The penalty is equal to 20% of the underpayment. Federal form 1040ez The penalty is 40% of any portion of the underpayment that is attributable to an undisclosed noneconomic substance transaction or an undisclosed foreign financial asset transaction. Federal form 1040ez The penalty will not be figured on any part of an underpayment on which the fraud penalty (discussed later) is charged. Federal form 1040ez Negligence or disregard. Federal form 1040ez   The term “negligence” includes a failure to make a reasonable attempt to comply with the tax law or to exercise ordinary and reasonable care in preparing a return. Federal form 1040ez Negligence also includes failure to keep adequate books and records. Federal form 1040ez You will not have to pay a negligence penalty if you have a reasonable basis for a position you took. Federal form 1040ez   The term “disregard” includes any careless, reckless, or intentional disregard. Federal form 1040ez Adequate disclosure. Federal form 1040ez   You can avoid the penalty for disregard of rules or regulations if you adequately disclose on your return a position that has at least a reasonable basis. Federal form 1040ez See Disclosure statement , later. Federal form 1040ez   This exception will not apply to an item that is attributable to a tax shelter. Federal form 1040ez In addition, it will not apply if you fail to keep adequate books and records, or substantiate items properly. Federal form 1040ez Substantial understatement of income tax. Federal form 1040ez   You understate your tax if the tax shown on your return is less than the correct tax. Federal form 1040ez The understatement is substantial if it is more than the larger of 10% of the correct tax or $5,000. Federal form 1040ez However, the amount of the understatement is reduced to the extent the understatement is due to: Substantial authority, or Adequate disclosure and a reasonable basis. Federal form 1040ez   If an item on your return is attributable to a tax shelter, there is no reduction for an adequate disclosure. Federal form 1040ez However, there is a reduction for a position with substantial authority, but only if you reasonably believed that your tax treatment was more likely than not the proper treatment. Federal form 1040ez Substantial authority. Federal form 1040ez   Whether there is or was substantial authority for the tax treatment of an item depends on the facts and circumstances. Federal form 1040ez Consideration will be given to court opinions, Treasury regulations, revenue rulings, revenue procedures, and notices and announcements issued by the IRS and published in the Internal Revenue Bulletin that involve the same or similar circumstances as yours. Federal form 1040ez Disclosure statement. Federal form 1040ez   To adequately disclose the relevant facts about your tax treatment of an item, use Form 8275, Disclosure Statement. Federal form 1040ez You must also have a reasonable basis for treating the item the way you did. Federal form 1040ez   In cases of substantial understatement only, items that meet the requirements of Revenue Procedure 2012-51, 2012-51 IRB 719 (or later update) are considered adequately disclosed on your return without filing Form 8275. Federal form 1040ez   Use Form 8275-R, Regulation Disclosure Statement, to disclose items or positions contrary to regulations. Federal form 1040ez Transaction lacking economic substance. Federal form 1040ez   For more information on economic substance, see section 7701(o). Federal form 1040ez Foreign financial asset. Federal form 1040ez   For more information on undisclosed foreign financial assets, see section 6662(j) or the Instructions for Form 8938. Federal form 1040ez Reasonable cause. Federal form 1040ez   You will not have to pay a penalty if you show a good reason (reasonable cause) for the way you treated an item. Federal form 1040ez You must also show that you acted in good faith. Federal form 1040ez This does not apply to a transaction that lacks economic substance. Federal form 1040ez Filing erroneous claim for refund or credit. Federal form 1040ez   You may have to pay a penalty if you file an erroneous claim for refund or credit. Federal form 1040ez The penalty is equal to 20% of the disallowed amount of the claim, unless you can show a reasonable basis for the way you treated an item. Federal form 1040ez However, any disallowed amount due to a transaction that lacks economic substance will not be treated as having a reasonable basis. Federal form 1040ez The penalty will not be figured on any part of the disallowed amount of the claim that relates to the earned income credit or on which the accuracy-related or fraud penalties are charged. Federal form 1040ez Frivolous tax submission. Federal form 1040ez   You may have to pay a penalty of $5,000 if you file a frivolous tax return or other frivolous submissions. Federal form 1040ez A frivolous tax return is one that does not include enough information to figure the correct tax or that contains information clearly showing that the tax you reported is substantially incorrect. Federal form 1040ez For more information on frivolous returns, frivolous submissions, and a list of positions that are identified as frivolous, see Notice 2010-33, 2010-17 IRB 609 available at www. Federal form 1040ez irs. Federal form 1040ez gov/irb/2010-17_irb/ar13. Federal form 1040ez html. Federal form 1040ez   You will have to pay the penalty if you filed this kind of return or submission based on a frivolous position or a desire to delay or interfere with the administration of federal tax laws. Federal form 1040ez This includes altering or striking out the preprinted language above the space provided for your signature. Federal form 1040ez   This penalty is added to any other penalty provided by law. Federal form 1040ez Fraud. Federal form 1040ez   If there is any underpayment of tax on your return due to fraud, a penalty of 75% of the underpayment due to fraud will be added to your tax. Federal form 1040ez Failure to supply taxpayer identification number. Federal form 1040ez   If you do not include your social security number (SSN) or individual taxpayer identification number (ITIN) or the SSN or ITIN of another person where required on a return, statement, or other document, you will be subject to a penalty of $50 for each failure. Federal form 1040ez You will also be subject to a penalty of $50 if you do not give your SSN or ITIN to another person when it is required on a return, statement, or other document. Federal form 1040ez   For example, if you have a bank account that earns interest, you must give your SSN or ITIN to the bank. Federal form 1040ez The number must be shown on the Form 1099-INT or other statement the bank sends you. Federal form 1040ez If you do not give the bank your SSN or ITIN, you will be subject to the $50 penalty. Federal form 1040ez (You also may be subject to “backup” withholding of income tax. Federal form 1040ez )   You will not have to pay the penalty if you are able to show that the failure was due to reasonable cause and not willful neglect. Federal form 1040ez Criminal Penalties You may be subject to criminal prosecution (brought to trial) for actions such as: Tax evasion, Willful failure to file a return, supply information, or pay any tax due, Fraud and false statements, or Preparing and filing a fraudulent return. Federal form 1040ez Prev  Up  Next   Home   More Online Publications