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Filing Taxes For 2013

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Filing Taxes For 2013

Filing taxes for 2013 4. Filing taxes for 2013   Detailed Examples Table of Contents These examples use actual forms to help you prepare your income tax return. Filing taxes for 2013 However, the information shown on the filled-in forms is not from any actual person or scenario. Filing taxes for 2013 Example 1—Mortgage loan modification. Filing taxes for 2013    In 2007, Nancy Oak bought a main home for $435,000. Filing taxes for 2013 Nancy took out a $420,000 mortgage loan to buy the home and made a down payment of $15,000. Filing taxes for 2013 The loan was secured by the home. Filing taxes for 2013 The mortgage loan was a recourse debt, meaning that Nancy was personally liable for the debt. Filing taxes for 2013 In 2008, Nancy took out a second mortgage loan (also a recourse debt) in the amount of $30,000 that was used to substantially improve her kitchen. Filing taxes for 2013    In 2011, when the outstanding principal of the first and second mortgage loans was $440,000, Nancy refinanced the two recourse loans into one recourse loan in the amount of $475,000. Filing taxes for 2013 The FMV of Nancy's home at the time of the refinancing was $500,000. Filing taxes for 2013 Nancy used the additional $35,000 debt ($475,000 new mortgage loan minus $440,000 outstanding principal of Nancy's first and second mortgage loans immediately before the refinancing) to pay off personal credit cards and to pay college tuition for her son. Filing taxes for 2013 After the refinancing, Nancy has qualified principal residence indebtedness in the amount of $440,000 because the refinanced debt is qualified principal residence indebtedness only to the extent the amount of debt is not more than the old mortgage principal just before the refinancing. Filing taxes for 2013   In 2013, Nancy was unable to make her mortgage loan payments. Filing taxes for 2013 On August 31, 2013, when the outstanding balance of her refinanced mortgage loan was still $475,000 and the FMV of the property was $425,000, Nancy's bank agreed to a loan modification (a “workout”) that resulted in a $40,000 reduction in the principal balance of her loan. Filing taxes for 2013 Nancy was neither insolvent nor in bankruptcy at the time of the loan modification. Filing taxes for 2013   Nancy received a 2013 Form 1099-C from her bank in January 2014 showing canceled debt of $40,000 in box 2. Filing taxes for 2013 Identifiable event code "F" appears in box 6. Filing taxes for 2013 This box shows the reason the creditor has filed Form 1099-C. Filing taxes for 2013 To determine if she must include the canceled debt in her income, Nancy must determine whether she meets any of the exceptions or exclusions that apply to canceled debts. Filing taxes for 2013 Nancy determines that the only exception or exclusion that applies to her is the qualified principal residence indebtedness exclusion. Filing taxes for 2013   Next, Nancy determines the amount, if any, of the $40,000 of canceled debt that was qualified principal residence indebtedness. Filing taxes for 2013 Although Nancy has $440,000 of qualified principal residence indebtedness, part of her loan ($35,000) was not qualified principal residence indebtedness because it was used to pay off personal credit cards and college tuition for her son. Filing taxes for 2013 Applying the ordering rule, the qualified principal residence indebtedness exclusion applies only to the extent the amount canceled is more than the amount of the debt (immediately before the cancellation) that is not qualified principal residence indebtedness. Filing taxes for 2013 Thus, Nancy can exclude only $5,000 of the canceled debt as qualified principal residence indebtedness ($40,000 amount canceled minus $35,000 nonqualified debt). Filing taxes for 2013   Because Nancy does not meet any other exception or exclusion, she checks only the box on line 1e of Form 982 and enters $5,000 on line 2. Filing taxes for 2013 Nancy must also enter $5,000 on line 10b and reduce the basis of her main home by the $5,000 she excluded from income, bringing the adjusted basis in her home to $460,000 ($435,000 purchase price plus $30,000 substantial improvement minus $5,000). Filing taxes for 2013 Nancy must also include the $35,000 nonqualified debt portion in income on Form 1040, line 21. Filing taxes for 2013 You can see Nancy's Form 1099-C and a portion of her Form 1040 below. Filing taxes for 2013 Nancy's 2013 Form 1099-C, Cancellation of Debt This image is too large to be displayed in the current screen. Filing taxes for 2013 Please click the link to view the image. Filing taxes for 2013 Form 1099-C, Cancellation of Debt Nancy's 2013 Form 1040 This image is too large to be displayed in the current screen. Filing taxes for 2013 Please click the link to view the image. Filing taxes for 2013 Form 1040, U. Filing taxes for 2013 S. Filing taxes for 2013 Individual Income Tax Nancy's Form 982 This image is too large to be displayed in the current screen. Filing taxes for 2013 Please click the link to view the image. Filing taxes for 2013 Form 982 Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)              Example 2—Mortgage loan foreclosure. Filing taxes for 2013    In 2005, John and Mary Elm bought a main home for $335,000. Filing taxes for 2013 John and Mary took out a $320,000 mortgage loan to buy the home and made a down payment of $15,000. Filing taxes for 2013 The loan was secured by the home and is a recourse debt, meaning John and Mary are personally liable for the debt. Filing taxes for 2013   John and Mary became unable to make their mortgage loan payments and on March 1, 2013, when the outstanding balance of the mortgage loan was $315,000 and the FMV of the property was $290,000, the bank foreclosed on the property and simultaneously canceled the remaining mortgage debt. Filing taxes for 2013 Immediately before the foreclosure, John and Mary's only other assets and liabilities were a checking account with a balance of $6,000, retirement savings of $13,000, and credit card debt of $5,500. Filing taxes for 2013   John and Mary received a 2013 Form 1099-C showing canceled debt of $25,000 in box 2 ($315,000 outstanding balance minus $290,000 FMV) and an FMV of $290,000 in box 7. Filing taxes for 2013 Identifiable event code "D" appears in box 6. Filing taxes for 2013 This box shows the reason the creditor has filed Form 1099-C. Filing taxes for 2013 In order to determine if John and Mary must include the canceled debt in income, they must first determine whether they meet any of the exceptions or exclusions that apply to canceled debts. Filing taxes for 2013 In this example, John and Mary meet both the insolvency and qualified principal residence indebtedness exclusions. Filing taxes for 2013 Their sample Form 1099-C is shown on this page. Filing taxes for 2013   John and Mary complete the insolvency worksheet and determine that they were insolvent immediately before the cancellation because at that time their liabilities exceeded the FMV of their assets by $11,500 ($320,500 total liabilities minus $309,000 FMV of total assets). Filing taxes for 2013 However, because the entire debt canceled is qualified principal residence indebtedness, the insolvency exclusion only applies if John and Mary elect to apply the insolvency exclusion instead of the qualified principal residence exclusion. Filing taxes for 2013   John and Mary do not elect to apply the insolvency exclusion instead of the qualified principal residence exclusion because under the insolvency exclusion their exclusion would be limited to the amount by which they were insolvent ($11,500). Filing taxes for 2013 Instead, John and Mary check box 1e of Form 982 to exclude the canceled debt under the qualified principal residence exclusion. Filing taxes for 2013 Under the qualified principal residence exclusion, the amount that John and Mary can exclude is not limited because their qualified principal residence indebtedness is not more than $2 million and no portion of the loan was nonqualified debt. Filing taxes for 2013 As a result, John and Mary enter the full $25,000 of canceled debt on line 2 of Form 982. Filing taxes for 2013 Because John and Mary no longer own the home due to the foreclosure, John and Mary have no remaining basis in the home at the time of the debt cancellation. Filing taxes for 2013 Thus, John and Mary leave line 10b of Form 982 blank. Filing taxes for 2013   John and Mary must also determine whether they have a gain or loss from the foreclosure. Filing taxes for 2013 John and Mary complete Table 1-1 (shown below) and find that they have a $45,000 loss from the foreclosure. Filing taxes for 2013 Because this loss relates to their home, it is a nondeductible loss. Filing taxes for 2013   John and Mary's Form 1099-C, Insolvency Worksheet, and Form 982 follow. Filing taxes for 2013 John and Mary's 2013 Form 1099-C, Cancellation of Debt This image is too large to be displayed in the current screen. Filing taxes for 2013 Please click the link to view the image. Filing taxes for 2013 Form 1099-C, Cancellation of Debt Table 1-1. Filing taxes for 2013 Worksheet for Foreclosures and Repossessions (for John and Mary Elm) Part 1. Filing taxes for 2013 Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). Filing taxes for 2013 Otherwise, go to Part 2. Filing taxes for 2013 1. Filing taxes for 2013 Enter the amount of outstanding debt immediately before the transfer of property reduced by any amount for which you remain personally liable immediately after the transfer of property $315,000. Filing taxes for 2013 00 2. Filing taxes for 2013 Enter the fair market value of the transferred property $290,000. Filing taxes for 2013 00 3. Filing taxes for 2013 Ordinary income from the cancellation of debt upon foreclosure or repossession. Filing taxes for 2013 * Subtract line 2 from line 1. Filing taxes for 2013 If less than zero, enter zero. Filing taxes for 2013 Next, go to Part 2 $ 25,000. Filing taxes for 2013 00 Part 2. Filing taxes for 2013 Gain or loss from foreclosure or repossession. Filing taxes for 2013   4. Filing taxes for 2013 Enter the smaller of line 1 or line 2. Filing taxes for 2013 If you did not complete Part 1 (because you were not personally liable for the debt), enter the amount of outstanding debt immediately before the transfer of property $290,000. Filing taxes for 2013 00 5. Filing taxes for 2013 Enter any proceeds you received from the foreclosure sale   6. Filing taxes for 2013 Add line 4 and line 5 $290,000. Filing taxes for 2013 00 7. Filing taxes for 2013 Enter the adjusted basis of the transferred property $335,000. Filing taxes for 2013 00 8. Filing taxes for 2013 Gain or loss from foreclosure or repossession. Filing taxes for 2013 Subtract line 7 from line 6 ($ 45,000. Filing taxes for 2013 00) * The income may not be taxable. Filing taxes for 2013 See chapter 1 for more details. Filing taxes for 2013 Insolvency Worksheet—John and Mary Elm Date debt was canceled (mm/dd/yy) 03/01/13 Part I. Filing taxes for 2013 Total liabilities immediately before the cancellation (do not include the same liability in more than one category) Liabilities (debts) Amount Owed Immediately Before the Cancellation 1. Filing taxes for 2013 Credit card debt $ 5,500 2. Filing taxes for 2013 Mortgage(s) on real property (including first and second mortgages and home equity loans) (mortgage(s) can be on personal residence, any additional residence, or property held for investment or used in a trade or business) $ 315,000 3. Filing taxes for 2013 Car and other vehicle loans $ 4. Filing taxes for 2013 Medical bills owed $ 5. Filing taxes for 2013 Student loans $ 6. Filing taxes for 2013 Accrued or past-due mortgage interest $ 7. Filing taxes for 2013 Accrued or past-due real estate taxes $ 8. Filing taxes for 2013 Accrued or past-due utilities (water, gas, electric) $ 9. Filing taxes for 2013 Accrued or past-due child care costs $ 10. Filing taxes for 2013 Federal or state income taxes remaining due (for prior tax years) $ 11. Filing taxes for 2013 Judgments $ 12. Filing taxes for 2013 Business debts (including those owed as a sole proprietor or partner) $ 13. Filing taxes for 2013 Margin debt on stocks and other debt to purchase or secured by investment assets other than real property $ 14. Filing taxes for 2013 Other liabilities (debts) not included above $ 15. Filing taxes for 2013 Total liabilities immediately before the cancellation. Filing taxes for 2013 Add lines 1 through 14. Filing taxes for 2013 $ 320,500 Part II. Filing taxes for 2013 Fair market value (FMV) of assets owned immediately before the cancellation (do not include the FMV of the same asset in more than one category) Assets FMV Immediately Before  the Cancellation 16. Filing taxes for 2013 Cash and bank account balances $ 6,000 17. Filing taxes for 2013 Real property, including the value of land (can be main home, any additional home, or property held for investment or used in a trade or business) $ 290,000 18. Filing taxes for 2013 Cars and other vehicles $ 19. Filing taxes for 2013 Computers $ 20. Filing taxes for 2013 Household goods and furnishings (for example, appliances, electronics, furniture, etc. Filing taxes for 2013 ) $ 21. Filing taxes for 2013 Tools $ 22. Filing taxes for 2013 Jewelry $ 23. Filing taxes for 2013 Clothing $ 24. Filing taxes for 2013 Books $ 25. Filing taxes for 2013 Stocks and bonds $ 26. Filing taxes for 2013 Investments in coins, stamps, paintings, or other collectibles $ 27. Filing taxes for 2013 Firearms, sports, photographic, and other hobby equipment $ 28. Filing taxes for 2013 Interest in retirement accounts (IRA accounts, 401(k) accounts, and other retirement accounts) $ 13,000 29. Filing taxes for 2013 Interest in a pension plan $ 30. Filing taxes for 2013 Interest in education accounts $ 31. Filing taxes for 2013 Cash value of life insurance $ 32. Filing taxes for 2013 Security deposits with landlords, utilities, and others $ 33. Filing taxes for 2013 Interests in partnerships $ 34. Filing taxes for 2013 Value of investment in a business $ 35. Filing taxes for 2013 Other investments (for example, annuity contracts, guaranteed investment contracts, mutual funds, commodity accounts, interests in hedge funds, and options) $ 36. Filing taxes for 2013 Other assets not included above $ 37. Filing taxes for 2013 FMV of total assets immediately before the cancellation. Filing taxes for 2013 Add lines 16 through 36. Filing taxes for 2013 $ 309,000 Part III. Filing taxes for 2013 Insolvency 38. Filing taxes for 2013 Amount of Insolvency. Filing taxes for 2013 Subtract line 37 from line 15. Filing taxes for 2013 If zero or less, you are not insolvent. Filing taxes for 2013 $ 11,500 John and Mary's Form 982 This image is too large to be displayed in the current screen. Filing taxes for 2013 Please click the link to view the image. Filing taxes for 2013 Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)          Example 3—Mortgage loan foreclosure with debt exceeding $2 million limit. Filing taxes for 2013    In 2011, Kathy and Frank Willow got married and entered into a contract with Hive Construction Corporation to build a house for $3,000,000 to be used as their main home. Filing taxes for 2013 Kathy and Frank made a $400,000 down payment and took out a $2,600,000 mortgage to finance the remaining cost of the house. Filing taxes for 2013 Kathy and Frank are personally liable for the mortgage loan, which is secured by the home. Filing taxes for 2013   In November 2013, when the outstanding principal balance on the mortgage loan was $2,500,000, the FMV of the property fell to $1,750,000 and Kathy and Frank abandoned the property by permanently moving out. Filing taxes for 2013 The lender foreclosed on the property and, on December 5, 2013, sold the property to another buyer for $1,750,000. Filing taxes for 2013 On December 26, 2013, the lender canceled the remaining debt. Filing taxes for 2013 Kathy and Frank have no tax attributes other than basis of personal-use property. Filing taxes for 2013   The lender issued a 2013 Form 1099-C to Kathy and Frank showing canceled debt of $750,000 in box 2 (the remaining balance on the $2,500,000 mortgage debt after application of the foreclosure sale proceeds) and $1,750,000 in box 7 (FMV of the property). Filing taxes for 2013 Identifiable event code "D" appears in box 6. Filing taxes for 2013 This box shows the reason the creditor has filed Form 1099-C. Filing taxes for 2013 Although Kathy and Frank abandoned the property, the lender did not need to also file a Form 1099-A because the lender canceled the debt in connection with the foreclosure in the same calendar year. Filing taxes for 2013 Kathy and Frank are filing a joint return for 2013. Filing taxes for 2013   Because the foreclosure occurred prior to the debt cancellation, Kathy and Frank first calculate their gain or loss from the foreclosure using Table 1-1. Filing taxes for 2013 Because Kathy and Frank remained personally liable for the $750,000 debt remaining after the foreclosure ($2,500,000 outstanding debt immediately before the foreclosure minus $1,750,000 satisfied through the sale of the home), Kathy and Frank enter $1,750,000 on line 1 of Table 1-1 ($2,500,000 outstanding debt immediately before the foreclosure minus the $750,000 for which they remained liable). Filing taxes for 2013 Completing Table 1-1, Kathy and Frank find that they have no ordinary income from the cancellation of debt upon foreclosure and that they have a $1,250,000 loss. Filing taxes for 2013 Because this loss relates to their home, it is a nondeductible loss. Filing taxes for 2013   Because the lender later canceled the remaining amount of the debt, Kathy and Frank must also determine whether that canceled debt is taxable. Filing taxes for 2013 Immediately before the cancellation, Kathy and Frank had $15,000 in a savings account, household furnishings with an FMV of $17,000, a car with an FMV of $10,000, and $18,000 in credit card debt. Filing taxes for 2013 Kathy and Frank also had the $750,000 remaining balance on the mortgage loan at that time. Filing taxes for 2013 The household furnishings originally cost $30,000. Filing taxes for 2013 The car had been fully paid off (so there was no related outstanding debt) and was originally purchased for $16,000. Filing taxes for 2013 Kathy and Frank had no adjustments to the cost basis of the car. Filing taxes for 2013 Kathy and Frank had no other assets or liabilities at the time of the cancellation. Filing taxes for 2013 Kathy and Frank complete the insolvency worksheet to calculate that they were insolvent to the extent of $726,000 immediately before the cancellation ($768,000 of total liabilities minus $42,000 FMV of total assets). Filing taxes for 2013   At the beginning of 2014, Kathy and Frank had $9,000 in their savings account and $15,000 in credit card debt. Filing taxes for 2013 Kathy and Frank also owned the same car at that time (still with an FMV of $10,000 and basis of $16,000) and the same household furnishings (still with an FMV of $17,000 and a basis of $30,000). Filing taxes for 2013 Kathy and Frank had no other assets or liabilities at that time. Filing taxes for 2013 Kathy and Frank no longer own the home because the lender foreclosed on it in 2013. Filing taxes for 2013   Because the canceled debt is qualified principal residence indebtedness, the insolvency exclusion does not apply unless Kathy and Frank elect to apply the insolvency exclusion instead of the qualified principal residence indebtedness exclusion. Filing taxes for 2013 The maximum amount that Kathy and Frank can treat as qualified principal residence indebtedness is $2,000,000. Filing taxes for 2013 The remaining $500,000 ($2,500,000 outstanding mortgage loan minus $2,000,000 limit on qualified principal residence indebtedness) is not qualified principal residence indebtedness. Filing taxes for 2013 Because only a part of the loan is qualified principal residence indebtedness, Kathy and Frank must apply the ordering rule to the canceled debt. Filing taxes for 2013 Under the ordering rule, the qualified principal residence indebtedness exclusion applies only to the extent that the amount canceled ($750,000) exceeds the amount of the loan (immediately before the cancellation) that is not qualified principal residence indebtedness ($500,000). Filing taxes for 2013 This means that Kathy and Frank can only exclude $250,000 ($750,000 amount canceled minus $500,000 nonqualified debt) under the qualified principal residence indebtedness exclusion. Filing taxes for 2013   Kathy and Frank do not elect to have the insolvency exclusion apply instead of the qualified principal residence exclusion. Filing taxes for 2013 Nonetheless, they can still apply the insolvency exclusion to the $500,000 nonqualified debt because it is not qualified principal residence indebtedness. Filing taxes for 2013 Kathy and Frank can exclude the remaining $500,000 canceled debt under the insolvency exclusion because they were insolvent immediately before the cancellation to the extent of $726,000. Filing taxes for 2013 Thus, Kathy and Frank check the boxes on lines 1b and 1e of Form 982 and enter $750,000 on line 2 ($250,000 excluded under the qualified principal residence indebtedness exclusion plus $500,000 excluded under the insolvency exclusion). Filing taxes for 2013   Next, Kathy and Frank reduce their tax attributes using Part II of Form 982. Filing taxes for 2013 Because Kathy and Frank no longer own the home due to the foreclosure, Kathy and Frank have no remaining basis in the home at the time of the debt cancellation. Filing taxes for 2013 Thus, Kathy and Frank leave line 10b of Form 982 blank. Filing taxes for 2013 However, Kathy and Frank are also excluding nonqualified debt under the insolvency exclusion. Filing taxes for 2013 As a result, Kathy and Frank must reduce the basis of property they own based on the amount of canceled debt they are excluding from income under the insolvency rules. Filing taxes for 2013 Because Kathy and Frank have no tax attributes other than basis of personal-use property to reduce, Kathy and Frank figure the amount they must include on line 10a of Form 982 by taking the smallest of: The $46,000 bases of their personal-use property held at the beginning of 2014 ($16,000 basis in the car plus $30,000 basis in household furnishings), The $500,000 of the nonbusiness debt (other than qualified principal residence indebtedness) that they are excluding from income on line 2 of Form 982, or The $43,000 excess of the total bases of the property and the amount of money they held immediately after the cancellation over their total liabilities immediately after the cancellation ($15,000 in savings account plus $30,000 basis in household furnishings plus $16,000 adjusted basis in car minus $18,000 credit card debt). Filing taxes for 2013 Kathy and Frank enter $43,000 on Form 982, line 10a and reduce their bases in the car and the household furnishings in proportion to the total adjusted bases in all their property. Filing taxes for 2013 Kathy and Frank reduce the basis in the car by $14,956. Filing taxes for 2013 52 ($43,000 x $16,000/$46,000). Filing taxes for 2013 And they reduce the basis in the household furnishings by $28,043. Filing taxes for 2013 48 ($43,000 x $30,000/$46,000). Filing taxes for 2013   Following are Kathy and Frank's sample forms and worksheets. Filing taxes for 2013 Frank and Kathy's 2013 Form 1099-C, Cancellation of Debt This image is too large to be displayed in the current screen. Filing taxes for 2013 Please click the link to view the image. Filing taxes for 2013 Form 1099-C, Cancellation of Debt Table 1-1. Filing taxes for 2013 Worksheet for Foreclosures and Repossessions (for Frank and Kathy Willow) Part 1. Filing taxes for 2013 Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). Filing taxes for 2013 Otherwise, go to Part 2. Filing taxes for 2013 1. Filing taxes for 2013 Enter the amount of outstanding debt immediately before the transfer of property reduced by any amount for which you remain personally liable immediately after the transfer of property $1,750,000. Filing taxes for 2013 00 2. Filing taxes for 2013 Enter the fair market value of the transferred property $1,750,000. Filing taxes for 2013 00 3. Filing taxes for 2013 Ordinary income from the cancellation of debt upon foreclosure or repossession. Filing taxes for 2013 * Subtract line 2 from line 1. Filing taxes for 2013 If less than zero, enter zero. Filing taxes for 2013 Next, go to Part 2 $0. Filing taxes for 2013 00 Part 2. Filing taxes for 2013 Gain or loss from foreclosure or repossession. Filing taxes for 2013   4. Filing taxes for 2013 Enter the smaller of line 1 or line 2. Filing taxes for 2013 If you did not complete Part 1 (because you were not personally liable for the debt), enter the amount of outstanding debt immediately before the transfer of property. Filing taxes for 2013 $1,750,000. Filing taxes for 2013 00 5. Filing taxes for 2013 Enter any proceeds you received from the foreclosure sale   6. Filing taxes for 2013 Add line 4 and line 5 $1,750,000. Filing taxes for 2013 00 7. Filing taxes for 2013 Enter the adjusted basis of the transferred property $3,000,000. Filing taxes for 2013 00 8. Filing taxes for 2013 Gain or loss from foreclosure or repossession. Filing taxes for 2013 Subtract line 7 from line 6 ($1,250,000. Filing taxes for 2013 00) * The income may not be taxable. Filing taxes for 2013 See chapter 1 for more details. Filing taxes for 2013    Insolvency Worksheet—Frank and Kathy Willow Date debt was canceled (mm/dd/yy) 12/26/13 Part I. Filing taxes for 2013 Total liabilities immediately before the cancellation (do not include the same liability in more than one category) Liabilities (debts) Amount Owed Immediately Before the Cancellation 1. Filing taxes for 2013 Credit card debt $ 18,000 2. Filing taxes for 2013 Mortgage(s) on real property (including first and second mortgages and home equity loans) (mortgage(s) can be on personal residence, any additional residence, or property held for investment or used in a trade or business) $ 750,000 3. Filing taxes for 2013 Car and other vehicle loans $ 4. Filing taxes for 2013 Medical bills owed $ 5. Filing taxes for 2013 Student loans $ 6. Filing taxes for 2013 Accrued or past-due mortgage interest $ 7. Filing taxes for 2013 Accrued or past-due real estate taxes $ 8. Filing taxes for 2013 Accrued or past-due utilities (water, gas, electric) $ 9. Filing taxes for 2013 Accrued or past-due child care costs $ 10. Filing taxes for 2013 Federal or state income taxes remaining due (for prior tax years) $ 11. Filing taxes for 2013 Judgments $ 12. Filing taxes for 2013 Business debts (including those owed as a sole proprietor or partner) $ 13. Filing taxes for 2013 Margin debt on stocks and other debt to purchase or secured by investment assets other than real property $ 14. Filing taxes for 2013 Other liabilities (debts) not included above $ 15. Filing taxes for 2013 Total liabilities immediately before the cancellation. Filing taxes for 2013 Add lines 1 through 14. Filing taxes for 2013 $ 768,000 Part II. Filing taxes for 2013 Fair market value (FMV) of assets owned immediately before the cancellation (do not include the FMV of the same asset in more than one category) Assets FMV Immediately Before  the Cancellation 16. Filing taxes for 2013 Cash and bank account balances $ 15,000 17. Filing taxes for 2013 Real property, including the value of land (can be main home, any additional home, or property held for investment or used in a trade or business) $ 18. Filing taxes for 2013 Cars and other vehicles $ 10,000 19. Filing taxes for 2013 Computers $ 20. Filing taxes for 2013 Household goods and furnishings (for example, appliances, electronics, furniture, etc. Filing taxes for 2013 ) $ 17,000 21. Filing taxes for 2013 Tools $ 22. Filing taxes for 2013 Jewelry $ 23. Filing taxes for 2013 Clothing $ 24. Filing taxes for 2013 Books $ 25. Filing taxes for 2013 Stocks and bonds $ 26. Filing taxes for 2013 Investments in coins, stamps, paintings, or other collectibles $ 27. Filing taxes for 2013 Firearms, sports, photographic, and other hobby equipment $ 28. Filing taxes for 2013 Interest in retirement accounts (IRA accounts, 401(k) accounts, and other retirement accounts) $ 29. Filing taxes for 2013 Interest in a pension plan $ 30. Filing taxes for 2013 Interest in education accounts $ 31. Filing taxes for 2013 Cash value of life insurance $ 32. Filing taxes for 2013 Security deposits with landlords, utilities, and others $ 33. Filing taxes for 2013 Interests in partnerships $ 34. Filing taxes for 2013 Value of investment in a business $ 35. Filing taxes for 2013 Other investments (for example, annuity contracts, guaranteed investment contracts, mutual funds, commodity accounts, interests in hedge funds, and options) $ 36. Filing taxes for 2013 Other assets not included above $ 37. Filing taxes for 2013 FMV of total assets immediately before the cancellation. Filing taxes for 2013 Add lines 16 through 36. Filing taxes for 2013 $ 42,000 Part III. Filing taxes for 2013 Insolvency 38. Filing taxes for 2013 Amount of Insolvency. Filing taxes for 2013 Subtract line 37 from line 15. Filing taxes for 2013 If zero or less, you are not insolvent. Filing taxes for 2013 $ 726,000    Frank and Kathy's Form 982 This image is too large to be displayed in the current screen. Filing taxes for 2013 Please click the link to view the image. Filing taxes for 2013 Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) Prev  Up  Next   Home   More Online Publications
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File a Retirement Plan Return or Report

Form 5500 Corner for the annual reports of an employee benefit plan:

  • 5500, Annual Return/Report of an Employee Benefit Plan
  • 5500-EZ, Annual Return of One-Participant Retirement Plan
  • 5500-SF, Short Form Annual Return/Report of Small Employee Benefit Plan
  • 8955-SSA, Annual Registration Statement Identifying Separated Participants with Deferred Vested Benefits
  • 5558, Application of Extension of Time to File Certain Employee Plan Returns

Form 5330 Corner for excise tax returns

Form 8955-SSA Resources for reports on deferred vested benefits

Form 8822-B to report a change in identity of a plan's responsible party

All retirement plan forms and publications

Notices to plan participants

DOL and PBGC requirements

Determinations

Additional resources

 

Page Last Reviewed or Updated: 20-Mar-2014

The Filing Taxes For 2013

Filing taxes for 2013 Index A Additional Medicare Tax, Reminder, Social Security and Medicare Taxes, Withholding the employee's share. Filing taxes for 2013 Assistance (see Tax help) B Baby sitters (see Household employee) Baby-sitting costs (see Child and dependent care expenses) Business employers, employment tax payment option, Payment option for business employers. Filing taxes for 2013 C Caretakers (see Household employee) Child and dependent care expenses, credit for, Can You Claim a Credit for Child and Dependent Care Expenses? Comments on publication, Comments and suggestions. Filing taxes for 2013 Correcting Schedule H Schedule H attached to another form, How Can You Correct Schedule H? Schedule H filed by itself, How Can You Correct Schedule H? D Dependent care expenses, Can You Claim a Credit for Child and Dependent Care Expenses? Disability payments, state, State disability payments treated as wages. Filing taxes for 2013 Domestic worker (see Household employee) Drivers (see Household employee) E Earned income credit (EIC), What Do You Need To Know About the Earned Income Credit? EIC notice, Notice about the EIC. Filing taxes for 2013 Employer identification number (EIN), Employer identification number (EIN). Filing taxes for 2013 Employing an alien legally (see Legal employee) Employment eligibility verification form, Can Your Employee Legally Work in the United States? Employment taxes Need to pay, Do You Need To Pay Employment Taxes? Payment options, Payment option for business employers. Filing taxes for 2013 Tax returns, Business employment tax returns. Filing taxes for 2013 Estimated tax, paying, Paying estimated tax. Filing taxes for 2013 F Federal income tax withholding, increasing (see How to increase withholding) Federal unemployment (FUTA) tax, Federal Unemployment (FUTA) Tax Form 1040-ES, Paying estimated tax. Filing taxes for 2013 940, Business employment tax returns. Filing taxes for 2013 941, Business employment tax returns. Filing taxes for 2013 943, Business employment tax returns. Filing taxes for 2013 944, Business employment tax returns. Filing taxes for 2013 I-9, Can Your Employee Legally Work in the United States? M-274, Can Your Employee Legally Work in the United States? SS-4, Employer identification number (EIN). Filing taxes for 2013 SS-5, Employee's social security number. Filing taxes for 2013 W-2, Notice about the EIC. Filing taxes for 2013 , Form W-2. Filing taxes for 2013 W-4, Do You Need To Withhold Federal Income Tax?, Asking for more federal income tax withholding. Filing taxes for 2013 W-4P, Asking for more federal income tax withholding. Filing taxes for 2013 Forms you must file, What Forms Must You File? Free tax services, Free help with your tax return. Filing taxes for 2013 FUTA (see Federal Unemployment (FUTA)Tax) H Handbook for Employers, Can Your Employee Legally Work in the United States? Health aides (see Household employee) Help (see Tax help) House cleaning workers (see Household employee) Household employee, Do You Have a Household Employee? Housekeepers (see Household employee) How to increase withholding, Asking for more federal income tax withholding. Filing taxes for 2013 How to pay estimated tax, Paying estimated tax. Filing taxes for 2013 I Income tax withholding, increasing (see How to increase withholding) L Legal employee, Can Your Employee Legally Work in the United States? M Maids (see Household employee) Medicare (see Social security and Medicare taxes) N Nannies (see Household employee) Nonemployees, Workers who are not your employees. Filing taxes for 2013 Nurses, private (see Household employee) P Publications (see Tax help) R Records you must keep, What Records Must You Keep? S Schedule H (Form 1040), How Do You Make Tax Payments?, Schedule H. Filing taxes for 2013 Self-employed workers (see Nonemployees) Social security and Medicare Taxes, Social Security and Medicare Taxes Wages, Social security and Medicare wages. Filing taxes for 2013 Social security number, employee's, Employee's social security number. Filing taxes for 2013 State Disability payments, State disability payments treated as wages. Filing taxes for 2013 Employment taxes, State employment taxes. Filing taxes for 2013 Suggestions for publication, Comments and suggestions. Filing taxes for 2013 T Tax credits Child and dependent care expenses, Can You Claim a Credit for Child and Dependent Care Expenses? Earned income, What Do You Need To Know About the Earned Income Credit? FUTA, Credit for 2013. Filing taxes for 2013 Tax help, How To Get Tax Help Taxes How to make payments, How Do You Make Tax Payments? Medicare, Social Security and Medicare Taxes Social security, Social Security and Medicare Taxes U Unemployment taxes Federal, Federal Unemployment (FUTA) Tax State, State employment taxes. Filing taxes for 2013 USCIS website, Can Your Employee Legally Work in the United States? W Wages Cash, Cash wages. Filing taxes for 2013 FUTA, FUTA wages. Filing taxes for 2013 Medicare, Social security and Medicare wages. Filing taxes for 2013 Social security, Social security and Medicare wages. Filing taxes for 2013 State disability payments, State disability payments treated as wages. Filing taxes for 2013 Withholding Employee's share, Withholding the employee's share. Filing taxes for 2013 Federal income tax, Do You Need To Withhold Federal Income Tax? How to increase, Asking for more federal income tax withholding. Filing taxes for 2013 Wages, Wages. Filing taxes for 2013 Y Yard workers (see Household employee) Prev  Up     Home   More Online Publications