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Form 1040 Ez 2012

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Form 1040 Ez 2012

Form 1040 ez 2012 2. Form 1040 ez 2012   Accounting Methods Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Accounting MethodsCash Method Accrual Method Farm Inventory Cash Versus Accrual Method Special Methods of Accounting Combination Method Changes in Methods of Accounting Introduction You must use an accounting method that clearly shows your income and expenses. Form 1040 ez 2012 You must also figure your taxable income and file an income tax return for an annual accounting period called a tax year. Form 1040 ez 2012 This chapter discusses accounting methods. Form 1040 ez 2012 For information on accounting periods, see Publication 538, Accounting Periods and Methods, and the Instructions for Form 1128, Application To Adopt, Change, or Retain a Tax Year. Form 1040 ez 2012 Topics - This chapter discusses: Cash method Accrual method Farm inventory Special methods of accounting Changes in methods of accounting Useful Items - You may want to see: Publication 538 Accounting Periods and Methods 535 Business Expenses Form (and Instructions) 1128 Application To Adopt, Change, or Retain a Tax Year 3115 Application for Change in Accounting Method See chapter 16 for information about getting publications and forms. Form 1040 ez 2012 Accounting Methods An accounting method is a set of rules used to determine when and how your income and expenses are reported on your tax return. Form 1040 ez 2012 Your accounting method includes not only your overall method of accounting, but also the accounting treatment you use for any material item. Form 1040 ez 2012 A material item is one that affects the proper time for inclusion of income or allowance of a deduction. Form 1040 ez 2012 An item considered material for financial statement purposes is generally also considered material for income tax purposes. Form 1040 ez 2012 See Publication 538 for more information. Form 1040 ez 2012 You generally choose an accounting method for your farm business when you file your first income tax return that includes a Schedule F (Form 1040), Profit or Loss From Farming. Form 1040 ez 2012 If you later want to change your accounting method, you generally must get IRS approval. Form 1040 ez 2012 How to obtain IRS approval is discussed later under Changes in Methods of Accounting . Form 1040 ez 2012 Types of accounting methods. Form 1040 ez 2012   Generally, you can use any of the following accounting methods. Form 1040 ez 2012 Each method is discussed in detail below. Form 1040 ez 2012 Cash method. Form 1040 ez 2012 Accrual method. Form 1040 ez 2012 Special methods of accounting for certain items of income and expenses. Form 1040 ez 2012 Combination (hybrid) method using elements of two or more of the above. Form 1040 ez 2012 Business and other items. Form 1040 ez 2012   You can account for business and personal items using different accounting methods. Form 1040 ez 2012 For example, you can figure your business income under an accrual method, even if you use the cash method to figure personal items. Form 1040 ez 2012 Two or more businesses. Form 1040 ez 2012   If you operate two or more separate and distinct businesses, you can use a different accounting method for each business. Form 1040 ez 2012 Generally, no business is separate and distinct unless a complete and separate set of books and records is maintained for each business. Form 1040 ez 2012 Cash Method Most farmers use the cash method because they find it easier to keep records using the cash method. Form 1040 ez 2012 However, certain farm corporations and partnerships and all tax shelters must use an accrual method of accounting. Form 1040 ez 2012 See Accrual Method Required , later. Form 1040 ez 2012 Income Under the cash method, include in your gross income all items of income you actually or constructively received during the tax year. Form 1040 ez 2012 Items of income include money received as well as property or services received. Form 1040 ez 2012 If you receive property or services, you must include the fair market value (FMV) of the property or services in income. Form 1040 ez 2012 See chapter 3 for information on how to report farm income on your income tax return. Form 1040 ez 2012 Constructive receipt. Form 1040 ez 2012   Income is constructively received when an amount is credited to your account or made available to you without restriction. Form 1040 ez 2012 You do not need to have possession of the income for it to be treated as income for the tax year. Form 1040 ez 2012 If you authorize someone to be your agent and receive income for you, you are considered to have received the income when your agent receives it. Form 1040 ez 2012 Income is not constructively received if your receipt of the income is subject to substantial restrictions or limitations. Form 1040 ez 2012 Direct payments and counter-cyclical payments. Form 1040 ez 2012   If you received direct payments or counter-cyclical payments under Subtitle A or C of the Farm Security and Rural Investment Act of 2002, you will not be considered to have constructively received a payment merely because you had the option to receive it in the year before it is required to be paid. Form 1040 ez 2012 Delaying receipt of income. Form 1040 ez 2012   You cannot hold checks or postpone taking possession of similar property from one tax year to another to avoid paying tax on the income. Form 1040 ez 2012 You must report the income in the year the money or property is received or made available to you without restriction. Form 1040 ez 2012 Example. Form 1040 ez 2012 Frances Jones, a farmer, was entitled to receive a $10,000 payment on a grain contract in December 2013. Form 1040 ez 2012 She was told in December that her payment was available. Form 1040 ez 2012 She requested not to be paid until January 2014. Form 1040 ez 2012 However, she must still include this payment in her 2013 income because it was made available to her in 2013. Form 1040 ez 2012 Debts paid by another person or canceled. Form 1040 ez 2012   If your debts are paid by another person or are canceled by your creditors, you may have to report part or all of this debt relief as income. Form 1040 ez 2012 If you receive income in this way, you constructively receive the income when the debt is canceled or paid. Form 1040 ez 2012 See Cancellation of Debt in chapter 3. Form 1040 ez 2012 Deferred payment contract. Form 1040 ez 2012   If you sell an item under a deferred payment contract that calls for payment in a future year, there is no constructive receipt in the year of sale. Form 1040 ez 2012 However, if the sales contract states that you have the right to the proceeds of the sale from the buyer at any time after delivery of the item, then you must include the sales price in income in the year of the sale, regardless of when you actually receive payment. Form 1040 ez 2012 Example. Form 1040 ez 2012 You are a farmer who uses the cash method and a calendar tax year. Form 1040 ez 2012 You sell grain in December 2013 under a bona fide arm's-length contract that calls for payment in 2014. Form 1040 ez 2012 You include the proceeds from the sale in your 2014 gross income since that is the year payment is received. Form 1040 ez 2012 However, if the contract states that you have the right to the proceeds from the buyer at any time after the grain is delivered, you must include the sales price in your 2013 income, regardless of when you actually receive payment. Form 1040 ez 2012 Repayment of income. Form 1040 ez 2012   If you include an amount in income and in a later year you have to repay all or part of it, then you can usually deduct the repayment in the year repaid. Form 1040 ez 2012 If the repayment is more than $3,000, a special rule applies. Form 1040 ez 2012 For details, see Repayments in chapter 11 of Publication 535, Business Expenses. Form 1040 ez 2012 Expenses Under the cash method, generally you deduct expenses in the tax year you pay them. Form 1040 ez 2012 This includes business expenses for which you contest liability. Form 1040 ez 2012 However, you may not be able to deduct an expense paid in advance or you may be required to capitalize certain costs, as explained under Uniform Capitalization Rules in chapter 6. Form 1040 ez 2012 See chapter 4 for information on how to deduct farm business expenses on your income tax return. Form 1040 ez 2012 Prepayment. Form 1040 ez 2012   Generally, you cannot deduct expenses paid in advance. Form 1040 ez 2012 This rule applies to any expense paid far enough in advance to, in effect, create an asset with a useful life extending substantially beyond the end of the current tax year. Form 1040 ez 2012 Example. Form 1040 ez 2012 On November 1, 2013, you signed and paid $3,600 for a 3-year (36-month) insurance contract for equipment. Form 1040 ez 2012 In 2013, you are allowed to deduct only $200 (2/36 x $3,600) of the cost of the policy that is attributable to 2013. Form 1040 ez 2012 In 2014, you'll be able to deduct $1,200 (12/36 x $3,600); in 2015, you'll be able to deduct $1,200 (12/36 x $3,600); and in 2016 you'll be able to deduct the remaining balance of $1,000. Form 1040 ez 2012 An exception applies if the expense qualifies for the 12-month rule. Form 1040 ez 2012 See Publication 538 for more information and examples. Form 1040 ez 2012 See chapter 4 for special rules for prepaid farm supplies and prepaid livestock feed. Form 1040 ez 2012 Accrual Method Under an accrual method of accounting, you generally report income in the year earned and deduct or capitalize expenses in the year incurred. Form 1040 ez 2012 The purpose of an accrual method of accounting is to correctly match income and expenses. Form 1040 ez 2012 Certain businesses engaged in farming must use an accrual method of accounting for its farm business and for sales and purchases of inventory items. Form 1040 ez 2012 See Accrual Method Required and Farm Inventory , later. Form 1040 ez 2012 Income Generally, you include an amount in income for the tax year in which all events that fix your right to receive the income have occurred, and you can determine the amount with reasonable accuracy. Form 1040 ez 2012 Under this rule, include an amount in income on the earliest of the following dates. Form 1040 ez 2012 When you receive payment. Form 1040 ez 2012 When the income amount is due to you. Form 1040 ez 2012 When you earn the income. Form 1040 ez 2012 When title passes. Form 1040 ez 2012 If you use an accrual method of accounting, complete Part III of Schedule F (Form 1040) to report your income. Form 1040 ez 2012 Inventory. Form 1040 ez 2012   If you keep an inventory, generally you must use an accrual method of accounting to determine your gross income. Form 1040 ez 2012 An inventory is necessary to clearly show income when the production, purchase, or sale of merchandise is an income-producing factor. Form 1040 ez 2012 See Publication 538 for more information. Form 1040 ez 2012 Also see Farm Inventory , later, for more information on items that must be included in inventory by farmers and inventory valuation methods for farmers. Form 1040 ez 2012 Expenses Under an accrual method of accounting, you generally deduct or capitalize a business expense when both of the following apply. Form 1040 ez 2012 The all-events test has been met. Form 1040 ez 2012 This test is met when: All events have occurred that fix the fact that you have a liability, and The amount of the liability can be determined with reasonable accuracy. Form 1040 ez 2012 Economic performance has occurred. Form 1040 ez 2012 Economic performance. Form 1040 ez 2012   Generally, you cannot deduct or capitalize a business expense until economic performance occurs. Form 1040 ez 2012 If your expense is for property or services provided to you, or for your use of property, economic performance occurs as the property or services are provided or as the property is used. Form 1040 ez 2012 If your expense is for property or services you provide to others, economic performance occurs as you provide the property or services. Form 1040 ez 2012 Example. Form 1040 ez 2012 Jane, who is a farmer, uses a calendar tax year and an accrual method of accounting. Form 1040 ez 2012 She entered into a contract with ABC Farm Consulting in 2012. Form 1040 ez 2012 The contract stated that Jane pay ABC Farm Consulting $2,000 in December 2012. Form 1040 ez 2012 It further stipulates that ABC Farm Consulting will develop a plan for integrating her farm with a larger farm operation based in a neighboring state by March 1, 2013. Form 1040 ez 2012 Jane paid ABC Farm Consulting $2,000 in December 2012. Form 1040 ez 2012 Integration of operations according to the plan began in May 2013 and they completed the integration in December 2013. Form 1040 ez 2012 Economic performance for Jane's liability in the contract occurs as the services are provided. Form 1040 ez 2012 Jane incurs the $2,000 cost in 2013. Form 1040 ez 2012 An exception to the economic performance rule allows certain recurring items to be treated as incurred during a tax year even though economic performance has not occurred. Form 1040 ez 2012 For more information, see Economic Performance in Publication 538. Form 1040 ez 2012 Special rule for related persons. Form 1040 ez 2012   Business expenses and interest owed to a related person who uses the cash method of accounting are not deductible until you make the payment and the corresponding amount is includible in the related person's gross income. Form 1040 ez 2012 Determine the relationship for this rule as of the end of the tax year for which the expense or interest would otherwise be deductible. Form 1040 ez 2012 For more information, see Internal Revenue Code section 267. Form 1040 ez 2012 Accrual Method Required Generally, the following businesses, if engaged in farming, must use an accrual method of accounting. Form 1040 ez 2012 A corporation (other than a family corporation) that had gross receipts of more than $1,000,000 for any tax year beginning after 1975. Form 1040 ez 2012 A family corporation that had gross receipts of more than $25,000,000 for any tax year beginning after 1985. Form 1040 ez 2012 A partnership with a corporation as a partner, if that corporation meets the requirements of (1) or (2) above. Form 1040 ez 2012 A tax shelter. Form 1040 ez 2012 Note. Form 1040 ez 2012 Items (1), (2), and (3) above do not apply to an S corporation or a business operating a nursery or sod farm, or the raising or harvesting of trees (other than fruit and nut trees). Form 1040 ez 2012 Family corporation. Form 1040 ez 2012   A family corporation is generally a corporation that meets one of the following ownership requirements. Form 1040 ez 2012 Members of the same family own at least 50% of the total combined voting power of all classes of stock entitled to vote and at least 50% of the total shares of all other classes of stock of the corporation. Form 1040 ez 2012 Members of two families have owned, directly or indirectly, since October 4, 1976, at least 65% of the total combined voting power of all classes of voting stock and at least 65% of the total shares of all other classes of the corporation's stock. Form 1040 ez 2012 Members of three families have owned, directly or indirectly, since October 4, 1976, at least 50% of the total combined voting power of all classes of voting stock and at least 50% of the total shares of all other classes of the corporation's stock. Form 1040 ez 2012 For more information on family corporations, see Internal Revenue Code section 447. Form 1040 ez 2012 Tax shelter. Form 1040 ez 2012   A tax shelter is a partnership, noncorporate enterprise, or S corporation that meets either of the following tests. Form 1040 ez 2012 Its principal purpose is the avoidance or evasion of federal income tax. Form 1040 ez 2012 It is a farming syndicate. Form 1040 ez 2012 A farming syndicate is an entity that meets either of the following tests. Form 1040 ez 2012 Interests in the activity have been offered for sale in an offering required to be registered with a federal or state agency with the authority to regulate the offering of securities for sale. Form 1040 ez 2012 More than 35% of the losses during the tax year are allocable to limited partners or limited entrepreneurs. Form 1040 ez 2012   A “limited partner” is one whose personal liability for partnership debts is limited to the money or other property the partner contributed or is required to contribute to the partnership. Form 1040 ez 2012   A “limited entrepreneur” is one who has an interest in an enterprise other than as a limited partner and does not actively participate in the management of the enterprise. Form 1040 ez 2012 Farm Inventory If you are required to keep an inventory, you should keep a complete record of your inventory as part of your farm records. Form 1040 ez 2012 This record should show the actual count or measurement of the inventory. Form 1040 ez 2012 It should also show all factors that enter into its valuation, including quality and weight, if applicable. Form 1040 ez 2012 Hatchery business. Form 1040 ez 2012   If you are in the hatchery business, and use an accrual method of accounting, you must include in inventory eggs in the process of incubation. Form 1040 ez 2012 Products held for sale. Form 1040 ez 2012   All harvested and purchased farm products held for sale or for feed or seed, such as grain, hay, silage, concentrates, cotton, tobacco, etc. Form 1040 ez 2012 , must be included in inventory. Form 1040 ez 2012 Supplies. Form 1040 ez 2012   Supplies acquired for sale or that become a physical part of items held for sale must be included in inventory. Form 1040 ez 2012 Deduct the cost of supplies in the year used or consumed in operations. Form 1040 ez 2012 Do not include incidental supplies in inventory as these are deductible in the year of purchase. Form 1040 ez 2012 Livestock. Form 1040 ez 2012   Livestock held primarily for sale must be included in inventory. Form 1040 ez 2012 Livestock held for draft, breeding, or dairy purposes can either be depreciated or included in inventory. Form 1040 ez 2012 See also Unit-livestock-price method , later. Form 1040 ez 2012 If you are in the business of breeding and raising chinchillas, mink, foxes, or other fur-bearing animals, these animals are livestock for inventory purposes. Form 1040 ez 2012 Growing crops. Form 1040 ez 2012   Generally, growing crops are not required to be included in inventory. Form 1040 ez 2012 However, if the crop has a preproductive period of more than 2 years, you may have to capitalize (or include in inventory) costs associated with the crop. Form 1040 ez 2012 See Uniform capitalization rules below. Form 1040 ez 2012 Also see Uniform Capitalization Rules in  chapter 6. Form 1040 ez 2012 Items to include in inventory. Form 1040 ez 2012   Your inventory should include all items held for sale, or for use as feed, seed, etc. Form 1040 ez 2012 , whether raised or purchased, that are unsold at the end of the year. Form 1040 ez 2012 Uniform capitalization rules. Form 1040 ez 2012   The following applies if you are required to use an accrual method of accounting. Form 1040 ez 2012 The uniform capitalization rules apply to all costs of raising a plant, even if the preproductive period of raising a plant is 2 years or less. Form 1040 ez 2012 The costs of animals are subject to the uniform capitalization rules. Form 1040 ez 2012 Inventory valuation methods. Form 1040 ez 2012   The following methods, described below, are those generally available for valuing inventory. Form 1040 ez 2012 The method you use must conform to generally accepted accounting principles for similar businesses and must clearly reflect income. Form 1040 ez 2012 Cost. Form 1040 ez 2012 Lower of cost or market. Form 1040 ez 2012 Farm-price method. Form 1040 ez 2012 Unit-livestock-price method. Form 1040 ez 2012 Cost and lower of cost or market methods. Form 1040 ez 2012   See Publication 538 for information on these valuation methods. Form 1040 ez 2012 If you value your livestock inventory at cost or the lower of cost or market, you do not need IRS approval to change to the unit-livestock-price method. Form 1040 ez 2012 However, if you value your livestock inventory using the farm-price method, then you must obtain permission from the IRS to change to the unit-livestock-price method. Form 1040 ez 2012 Farm-price method. Form 1040 ez 2012   Under this method, each item, whether raised or purchased, is valued at its market price less the direct cost of disposition. Form 1040 ez 2012 Market price is the current price at the nearest market in the quantities you usually sell. Form 1040 ez 2012 Cost of disposition includes broker's commissions, freight, hauling to market, and other marketing costs. Form 1040 ez 2012 If you use this method, you must use it for your entire inventory, except that livestock can be inventoried under the unit-livestock-price method. Form 1040 ez 2012 Unit-livestock-price method. Form 1040 ez 2012   This method recognizes the difficulty of establishing the exact costs of producing and raising each animal. Form 1040 ez 2012 You group or classify livestock according to type and age and use a standard unit price for each animal within a class or group. Form 1040 ez 2012 The unit price you assign should reasonably approximate the normal costs incurred in producing the animals in such classes. Form 1040 ez 2012 Unit prices and classifications are subject to approval by the IRS on examination of your return. Form 1040 ez 2012 You must annually reevaluate your unit livestock prices and adjust the prices upward or downward to reflect increases or decreases in the costs of raising livestock. Form 1040 ez 2012 IRS approval is not required for these adjustments. Form 1040 ez 2012 Any other changes in unit prices or classifications do require IRS approval. Form 1040 ez 2012   If you use this method, include all raised livestock in inventory, regardless of whether they are held for sale or for draft, breeding, sport, or dairy purposes. Form 1040 ez 2012 This method accounts only for the increase in cost of raising an animal to maturity. Form 1040 ez 2012 It does not provide for any decrease in the animal's market value after it reaches maturity. Form 1040 ez 2012 Also, if you raise cattle, you are not required to inventory hay you grow to feed your herd. Form 1040 ez 2012   Do not include sold or lost animals in the year-end inventory. Form 1040 ez 2012 If your records do not show which animals were sold or lost, treat the first animals acquired as sold or lost. Form 1040 ez 2012 The animals on hand at the end of the year are considered those most recently acquired. Form 1040 ez 2012   You must include in inventory all livestock purchased primarily for sale. Form 1040 ez 2012 You can choose either to include in inventory or depreciate livestock purchased for draft, breeding, sport or dairy purposes. Form 1040 ez 2012 However, you must be consistent from year to year, regardless of the method you have chosen. Form 1040 ez 2012 You cannot change your method without obtaining approval from the IRS. Form 1040 ez 2012   You must include in inventory animals purchased after maturity or capitalize them at their purchase price. Form 1040 ez 2012 If the animals are not mature at purchase, increase the cost at the end of each tax year according to the established unit price. Form 1040 ez 2012 However, in the year of purchase, do not increase the cost of any animal purchased during the last 6 months of the year. Form 1040 ez 2012 This “no increase” rule does not apply to tax shelters which must make an adjustment for any animal purchased during the year. Form 1040 ez 2012 It also does not apply to taxpayers that must make an adjustment to reasonably reflect the particular period in the year in which animals are purchased, if necessary to avoid significant distortions in income. Form 1040 ez 2012 Uniform capitalization rules. Form 1040 ez 2012   A farmer can determine costs required to be allocated under the uniform capitalization rules by using the farm-price or unit-livestock-price inventory method. Form 1040 ez 2012 This applies to any plant or animal, even if the farmer does not hold or treat the plant or animal as inventory property. Form 1040 ez 2012 Cash Versus Accrual Method The following examples compare the cash and accrual methods of accounting. Form 1040 ez 2012 Example 1. Form 1040 ez 2012 You are a farmer who uses an accrual method of accounting. Form 1040 ez 2012 You keep your books on the calendar year basis. Form 1040 ez 2012 You sell grain in December 2013 but you are not paid until January 2014. Form 1040 ez 2012 Because the accrual method was used and 2013 was the tax year in which the grain was sold, you must both include the sales proceeds and deduct the costs incurred in producing the grain on your 2013 tax return. Form 1040 ez 2012 Example 2. Form 1040 ez 2012 Assume the same facts as in Example 1 except that you use the cash method and there was no constructive receipt of the sales proceeds in 2013. Form 1040 ez 2012 Under this method, you include the sales proceeds in income for 2014, the year you receive payment. Form 1040 ez 2012 Deduct the costs of producing the grain in the year you pay for them. Form 1040 ez 2012 Special Methods of Accounting There are special methods of accounting for certain items of income and expense. Form 1040 ez 2012 Crop method. Form 1040 ez 2012   If you do not harvest and dispose of your crop in the same tax year that you plant it, you can, with IRS approval, use the crop method of accounting. Form 1040 ez 2012 You cannot use the crop method for any tax return, including your first tax return, unless you receive approval from the IRS. Form 1040 ez 2012 Under this method, you deduct the entire cost of producing the crop, including the expense of seed or young plants, in the year you realize income from the crop. Form 1040 ez 2012    See chapter 4 for details on deducting the costs of operating a farm. Form 1040 ez 2012 Also see Regulations section 1. Form 1040 ez 2012 162-12. Form 1040 ez 2012 Other special methods. Form 1040 ez 2012   Other special methods of accounting apply to the following items. Form 1040 ez 2012 Amortization, see chapter 7. Form 1040 ez 2012 Casualties, see chapter 11. Form 1040 ez 2012 Condemnations, see chapter 11. Form 1040 ez 2012 Depletion, see chapter 7. Form 1040 ez 2012 Depreciation, see chapter 7. Form 1040 ez 2012 Farm business expenses, see chapter 4. Form 1040 ez 2012 Farm income, see chapter 3. Form 1040 ez 2012 Installment sales, see chapter 10. Form 1040 ez 2012 Soil and water conservation expenses, see chapter 5. Form 1040 ez 2012 Thefts, see chapter 11. Form 1040 ez 2012 Combination Method Generally, you can use any combination of cash, accrual, and special methods of accounting if the combination clearly shows your income and expenses and you use it consistently. Form 1040 ez 2012 However, the following restrictions apply. Form 1040 ez 2012 If you use the cash method for figuring your income, you must use the cash method for reporting your expenses. Form 1040 ez 2012 If you use an accrual method for reporting your expenses, you must use an accrual method for figuring your income. Form 1040 ez 2012 Changes in Methods of Accounting A change in your method of accounting includes a change in: Your overall method, such as from the cash method to an accrual method, and Your treatment of any material item, such as a change in your method of valuing inventory (for example, a change from the farm-price method to the unit-livestock-price method, discussed earlier). Form 1040 ez 2012 Generally, once you have set up your accounting method, you must receive approval from the IRS before you can change to another method of accounting. Form 1040 ez 2012 You may also have to pay a fee. Form 1040 ez 2012 To obtain approval, you must generally file Form 3115. Form 1040 ez 2012 There are instances when you can obtain automatic consent to change certain methods of accounting. Form 1040 ez 2012 See the List of Automatic Accounting Method Changes located in the Instructions for Form 3115. Form 1040 ez 2012 For more information on changes in methods of accounting, see Form 3115 and the Instructions for Form 3115. Form 1040 ez 2012 Also see Publication 538. Form 1040 ez 2012 Prev  Up  Next   Home   More Online Publications
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Understanding Your CP32 Notice

We sent you a replacement refund check.


What you need to do

  • If you have the expired check, please destroy it.

You may want to...

  • Call 1-800-TAX-FORM (1-800-829-3676) to order forms and publications.

Answers to Common Questions

When will I receive the replacement check?
You should receive the replacement check within 30 days.

What do I need to do to get my refund through direct deposit next year?
When filing your tax return, complete the requested banking information in the "Refund" section of your tax form if you want to direct deposit the entire amount into one account. If you want to deposit into more than one account, you must file Form 8888, Direct Deposit of Refund to More Than One Account, with your return.

Since my refund check was returned, can I request that you mail it to my work address instead?
Refund checks are mailed only to the address of record, which is the address provided on the tax return or the result of a permanent address change request submitted after the return is filed.

I filed jointly, but my spouse and I are now divorced. Where will you send the refund? Can you send us two checks?
A refund check is mailed to the address of record, which is the address provided on the tax return or the result of a permanent address change request submitted after the return is filed. We will send one refund check listing both you and your spouse's names. If you wish to have the refund split and issued in two checks, you must return the uncashed refund check and a copy of your divorce decree showing how the refund is to be allocated.


Tips for next year

To receive your refund more quickly, consider requesting your refund through direct deposit. You can even request that your refund be distributed to separate accounts, such as checking, savings, or retirement accounts. To request this, use Form 8888, Direct Deposit of Refund to More Than One Account.

Consider filing your taxes electronically. Filing online can help you avoid mistakes and find credits and deductions that you may qualify for. In many cases you can file for free. Learn more about e-file.

Page Last Reviewed or Updated: 03-Mar-2014

How to get help

  • Call the 1-800 number listed on the top right corner of your notice.
  • Authorize someone (e.g., accountant) to contact the IRS on your behalf using Form 2848.
  • See if you qualify for help from a Low Income Taxpayer Clinic.
     

The Form 1040 Ez 2012

Form 1040 ez 2012 Publication 600 - Introductory Material Table of Contents Introduction Introduction The Tax Relief and Health Care Act of 2006 extended the election to deduct state and local general sales taxes for 2006. Form 1040 ez 2012 The act was enacted after Schedule A (Form 1040), Itemized Deductions, and its instructions were printed. Form 1040 ez 2012 Because we were not able to include the instructions for figuring the deduction in the Schedule A instructions, we are providing this publication to help you figure this deduction. Form 1040 ez 2012 You can elect to deduct state and local general sales taxes instead of state and local income taxes as a deduction on Schedule A. Form 1040 ez 2012 You cannot deduct both. Form 1040 ez 2012 To figure your deduction, you can use either: Your actual expenses, or The optional sales tax tables plus the general sales taxes paid on certain specified items. Form 1040 ez 2012 Prev  Up  Next   Home   More Online Publications