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Form 1040ez

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Form 1040ez

Form 1040ez Publication 523 - Introductory Material Table of Contents Future Developments Reminders IntroductionOrdering forms and publications. Form 1040ez Tax questions. Form 1040ez Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 523, such as legislation enacted after it was published, go to www. Form 1040ez irs. Form 1040ez gov/pub523. Form 1040ez Reminders Change of address. Form 1040ez  If you change your mailing address, be sure to notify the Internal Revenue Service (IRS) using Form 8822, Change of Address. Form 1040ez Mail it to the Internal Revenue Service Center for your old address. Form 1040ez (Addresses for the Service Centers are on the back of the form. Form 1040ez ) Home sold with undeducted points. Form 1040ez  If you have not deducted all the points you paid to secure a mortgage on your old home, you may be able to deduct the remaining points in the year of sale. Form 1040ez See Points in Publication 936, Home Mortgage Interest Deduction. Form 1040ez Photographs of missing children. Form 1040ez  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Form 1040ez Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Form 1040ez You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Form 1040ez Introduction This publication explains the tax rules that apply when you sell your main home. Form 1040ez In most cases, your main home is the one in which you live most of the time. Form 1040ez If you sold your main home in 2013, you may be able to exclude from income any gain up to a limit of $250,000 ($500,000 on a joint return in most cases). Form 1040ez See Excluding the Gain , later. Form 1040ez Generally, if you can exclude all the gain, you do not need to report the sale on your tax return. Form 1040ez If you have gain that cannot be excluded, you generally must report it on Form 8949, Sales and Other Dispositions of Capital Assets, and Schedule D (Form 1040), Capital Gains and Losses. Form 1040ez You may also have to complete Form 4797, Sales of Business Property. Form 1040ez See Reporting the Sale , later. Form 1040ez If you have a loss on the sale, you generally cannot deduct it on your return. Form 1040ez However, you may need to report it. Form 1040ez See Reporting the Sale , later. Form 1040ez The main topics in this publication are: Figuring gain or loss, Basis, Excluding the gain, Ownership and use tests, and Reporting the sale. Form 1040ez Other topics include: Business use or rental of home, Deducting taxes in the year of sale, and Recapturing a federal mortgage subsidy. Form 1040ez Net Investment Income Tax (NIIT). Form 1040ez   If any part of the gain on the sale of a home is not excluded under the rules discussed in this publication, it may be subject to the NIIT. Form 1040ez For more details, see Form 8960, Net Investment Income Tax—Individuals, Estates, and Trusts, and its instructions. Form 1040ez Worksheets. Form 1040ez   Near the end of this publication you will find worksheets you can use to figure your gain (or loss) and your exclusion. Form 1040ez Use Worksheet 1 to figure the adjusted basis of the home you sold. Form 1040ez Use Worksheet 2 to figure the gain (or loss), the exclusion, and the taxable gain (if any) on the sale. Form 1040ez If you do not qualify for the maximum exclusion, use Worksheet 3 to figure your reduced maximum exclusion. Form 1040ez Date of sale. Form 1040ez    If you received a Form 1099-S, Proceeds From Real Estate Transactions, the date of sale should be shown in box 1. Form 1040ez If you did not receive this form, the date of sale is the earlier of (a) the date title transferred or (b) the date the economic burdens and benefits of ownership shifted to the buyer. Form 1040ez In most cases, these dates are the same. Form 1040ez What is not covered in this publication. Form 1040ez   This publication does not cover the sale of rental property, second homes, or vacation homes. Form 1040ez For information on how to report any gain or loss from those sales, see Publication 544, Sales and Other Dispositions of Assets. Form 1040ez Comments and suggestions. Form 1040ez   We welcome your comments about this publication and your suggestions for future editions. Form 1040ez   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Form 1040ez NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Form 1040ez Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Form 1040ez   You can send your comments from www. Form 1040ez irs. Form 1040ez gov/formspubs/. Form 1040ez Click on “More Information” and then on “Comment on Tax Forms and Publications”. 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. Form 1040ez Ordering forms and publications. Form 1040ez   Visit www. Form 1040ez irs. 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. Form 1040ez Internal Revenue Service 1201 N. Form 1040ez Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Form 1040ez   If you have a tax question, check the information available on IRS. Form 1040ez gov or call 1-800-829-1040. Form 1040ez We cannot answer tax questions sent to either of the above addresses. Form 1040ez Useful Items - You may want to see: Publication 527 Residential Rental Property 530 Tax Information for Homeowners 544 Sales and Other Dispositions of Assets 547 Casualties, Disasters, and Thefts 551 Basis of Assets 587 Business Use of Your Home 936 Home Mortgage Interest Deduction 4681 Canceled Debts, Foreclosures, Repossessions, and Abandonments Form (and Instructions) Schedule A (Form 1040) Itemized Deductions Schedule D (Form 1040) Capital Gains and Losses 982 Reduction of Tax Attributes Due to Discharge of Indebtedness 1040 U. Form 1040ez S. Form 1040ez Individual Income Tax Return 1040NR U. Form 1040ez S. Form 1040ez Nonresident Alien Income Tax Return 1040X Amended U. Form 1040ez S. Form 1040ez Individual Income Tax Return 1099-S Proceeds From Real Estate Transactions 4797 Sales of Business Property 5405 Repayment of the First-Time Homebuyer Credit 8822 Change of Address 8828 Recapture of Federal Mortgage Subsidy 8939 Allocation of Increase in Basis for Property Acquired From a Decedent 8949 Sales and Other Dispositions of Capital Assets W-2 Wage and Tax Statement See How To Get Tax Help , near the end of this publication, for information about getting these publications and forms. Form 1040ez Prev  Up  Next   Home   More Online Publications
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Powers of Attorney for LLCs

If… And… Then the taxpayer is… Form 2848, POA is…

The LLC is a single member disregarded entity…

(except for employment taxes for which the entity is not considered disregarded; see Treas. Reg. § 301.7701-2(c)(2)(iv)(B))

The business or activity is reporting income and expenses on Form 1040, Schedules C or E… The individual. Spouses cannot sign on behalf of the member/spouse unless a separate POA exists naming the spouse.  Signed by the individual (member) and should include the SSN (and if one exists for employment or excise taxes, the EIN of the LLC.)
The business or activity is reporting income on Form 1041, Trust or Estate Tax Return The trustee, executor or other fiduciary responsible for filing the Form 1041 return; Generally the fiduciary must submit Form 56. Signed by the trustee, executor or fiduciary with the authority to bind the trust or estate, listing the EIN from the Form 1041.

The issue is employment taxes reported on Forms 940/941 series

The LLC business.

Signed by the LLC member.

See Treas. Reg. § 301.7701-2(c)(2)(iv)(B)

The LLC (regardless of number of members) elects to be treated as an association taxable as a corporation… The business is reporting income on Form 1120, U.S. Corporation Tax Return… The corporation Signed by a current corporate officer or employee having the authority to bind the corporation using the corporate EIN. 
The business is reporting income on Form 1120 S, U.S. Income Tax Return for an S Corporation and liability is determined at the corporate level… The corporation Signed by a current corporate officer or employee having the authority to bind the corporation using the corporate EIN. 
The business is reporting income on Form 1120 S, U.S. Income Tax Return for an S Corporation and liability is determined at the shareholder level… The individual shareholder Signed by the shareholder using the SSN (or in the case of a qualifying trust, the trust EIN).

The LLC is a multiple member entity…

Also refer to the TEFRA Rules

The business or activity is reporting on Form 1065, U.S. Return of Partnership Income, is not subject to TEFRA rules and the liability is determined at the partnership level (for example: employment taxes) The partnership  Signed by any manager authorized to act in the name of the partnership (based on state law that LLC manager has the authority to bind the partnership); the partnership uses its EIN. 
The business or activity is reporting on Form 1065, U.S. Return of Partnership Income, is not subject to TEFRA rules and the liability is determined at the partner level (eg: flow through items, distributive shares of income, deductions, credits, etc.)… Each partner separately Signed by each partner using his/her SSN. See flowchart below.
The LLC is a TEFRA partnership and has designated a Tax Matters Partner (TMP) on its return or via Form 13798-L for regular partnership level business The partners Form 2848 is signed by the manager under state law or the TMP. Generally, only a TMP signed POA can extend the period for assessing partners and only a manager signed POA can sign documents for the LLC itself. If the TMP is not a natural person, the attribution for who acts on behalf of that partner/entity signs the POA (for example: the person authorized under state law to sign on behalf of a partnership, officer of a corporation, trustee of a trust, etc.). 
The LLC is a TEFRA partnership and has designated a TMP but involves issues binding non-notice partners or requests for partnership level administrative adjustments The partners Not allowed. Only the TMP can file a partnership-level AAR or sign a settlement agreement binding non-notice partners.
The LLC is a TEFRA partnership and has not designated a TMP The partners A manager under state law or the default TMP under the largest profits interests test. See IRC § 6231(a)(7)(B);Treas. Reg. § 301.6231(a)(7)-2
Page Last Reviewed or Updated: 06-Dec-2013

The Form 1040ez

Form 1040ez Index A Accrual foreign taxes, adjustments, You may have to post a bond. Form 1040ez Accrual method of accounting, Accrual method of accounting. Form 1040ez Allocation Carryback/carryover between spouses, Allocations Between Spouses Foreign losses, Foreign Losses Foreign taxes, Allocation of Foreign Taxes U. Form 1040ez S. Form 1040ez losses, U. Form 1040ez S. Form 1040ez Losses Alternative minimum tax, Reminders Amended return, Claim for Refund American Samoa, resident of, Possession Exclusion Assistance (see Tax help) B Bankruptcy, effect of, Effect of bankruptcy or insolvency. Form 1040ez Beneficiary, Partner or S corporation shareholder. Form 1040ez Bond, income tax, You may have to post a bond. Form 1040ez Boycotting countries, Taxes From International Boycott Operations C Capital gains and losses, Capital Gains and Losses Carryback and carryover, Carrybacks and carryovers. Form 1040ez Allocations between spouses, Allocations Between Spouses Claim for refund, Time Limit on Tax Assessment Joint return, Married Couples Joint return–deduction year, Joint Return Filed in a Deduction Year Taxes all credited or deducted, Claim for Refund Time limit on tax assessment, Time Limit on Tax Assessment Choice to take credit or deduction Changing your choice, Making or Changing Your Choice Choice applied to all qualified foreign taxes, Choice Applies to All Qualified Foreign Taxes Claim for refund, Claim for Refund Classes of gross income, Classes of gross income. Form 1040ez Compensation for labor or personal services, Determining the Source of Compensation for Labor or Personal Services Geographical basis, Geographical basis. Form 1040ez Comprehensive example, Comprehensive Example — Filled-In Form 1116 Controlled foreign corporation shareholder, Controlled foreign corporation shareholder. Form 1040ez , Income from controlled foreign corporations. Form 1040ez Covered asset acquisition, Covered Asset Acquisition Credit How to claim, How To Claim the Credit How to figure, How To Figure the Credit Limit on, Limit on the Credit Credit for taxes paid or accrued, Credit for Taxes Paid or Accrued D Deduction for foreign taxes that are not income taxes, Foreign taxes that are not income taxes. Form 1040ez Distributions Lump-sum, Lump-Sum Distribution Dividends Taxes on, Taxes Imposed on Certain Dividends Dual-capacity taxpayers, Dual-capacity taxpayers. Form 1040ez E Economic benefits, Specific economic benefit. Form 1040ez Examples Comprehensive, Comprehensive Example — Filled-In Form 1116 Simple, Simple Example — Filled-In Form 1116 Excess limit, Carryback and Carryover Exchange rates, Foreign Currency and Exchange Rates Excluded income Foreign earned, Foreign Earned Income and Housing Exclusions Taxes on, Taxes on Excluded Income Exemption from foreign tax credit limit, Exemption from foreign tax credit limit. Form 1040ez Export financing interest, Export financing interest. Form 1040ez Extraterritorial income, Extraterritorial Income Exclusion F Financial services income, Financial services income. Form 1040ez Foreign corporation–U. Form 1040ez S. Form 1040ez shareholders, filing requirements, Taxes of U. Form 1040ez S. Form 1040ez Persons Controlling Foreign Corporations and Partnerships Foreign country, Foreign country. Form 1040ez Foreign currency and exchange rates, Foreign Currency and Exchange Rates Foreign income, translating, Translating foreign currency into U. Form 1040ez S. Form 1040ez dollars. Form 1040ez Foreign losses Allocation of, Foreign Losses Recapture of, Recapture of Prior Year Overall Foreign Loss Accounts Foreign mineral income, taxes on, Taxes on Foreign Mineral Income Foreign oil and gas extraction income, taxes on, Taxes on Combined Foreign Oil and Gas Income Foreign partnerships–U. Form 1040ez S. Form 1040ez partners, filing requirement, Taxes of U. Form 1040ez S. Form 1040ez Persons Controlling Foreign Corporations and Partnerships Foreign tax refund, Foreign tax refund. Form 1040ez , Foreign tax refund. Form 1040ez Foreign tax(es) Allocation to income categories, Allocation of Foreign Taxes For which you cannot take a credit, Foreign Taxes for Which You Cannot Take a Credit Imposed on foreign refund, Foreign tax imposed on foreign refund. Form 1040ez Qualifying for credit, What Foreign Taxes Qualify for the Credit? Redetermination, Foreign Tax Redetermination Refund, Foreign tax imposed on foreign refund. Form 1040ez Form 1040X, Claim for Refund 1116, Form 1116, Simple Example — Filled-In Form 1116, Comprehensive Example — Filled-In Form 1116 5471, Taxes of U. Form 1040ez S. Form 1040ez Persons Controlling Foreign Corporations and Partnerships 5713, Form 5713 required. Form 1040ez 8833, Report required. Form 1040ez 8865, Taxes of U. Form 1040ez S. Form 1040ez Persons Controlling Foreign Corporations and Partnerships 8873, Extraterritorial Income Exclusion Free tax services, Free help with your tax return. Form 1040ez Functional currency, Translating foreign currency into U. Form 1040ez S. Form 1040ez dollars. Form 1040ez G General category income, separate limit, General Category Income H Help (see Tax help) High-taxed income, High-taxed income. Form 1040ez I Income from sources in U. Form 1040ez S. Form 1040ez possessions, Determining the source of income from U. Form 1040ez S. Form 1040ez possessions. Form 1040ez Income re-sourced by treaty, separate limit, Certain Income Re-Sourced By Treaty Income tax, Income Tax Income tax bond, You may have to post a bond. Form 1040ez Interest, Penalties and interest. Form 1040ez Interest expense, apportioning, Interest expense. Form 1040ez International boycott, Taxes From International Boycott Operations Itemized deduction, Taxes for Which You Can Only Take an Itemized Deduction J Joint return Carryback and carryover, Married Couples Credit based on foreign tax of both spouses, Joint return. Form 1040ez Filed in a deduction year, Joint Return Filed in a Deduction Year L Levy, Income Tax Limit on credit, Limit on the Credit Losses, foreign, Foreign Losses Allocation of, Foreign Losses Recapture of, Recapture of Prior Year Overall Foreign Loss Accounts Losses, U. Form 1040ez S. Form 1040ez , U. Form 1040ez S. Form 1040ez Losses Allocation of, U. Form 1040ez S. Form 1040ez Losses Lump-sum distributions, Lump-Sum Distribution M Making or changing your choice, Making or Changing Your Choice Married couples Carryback and carryover, Married Couples Joint return, Joint return. Form 1040ez Mineral income, foreign,, Taxes on Foreign Mineral Income Mutual fund distributions, Mutual fund shareholder. Form 1040ez , Passive income. Form 1040ez Mutual fund shareholder, Mutual fund shareholder. Form 1040ez N Nonresident aliens, Nonresident Aliens Notice to the IRS of change in tax, Notice to the Internal Revenue Service (IRS) of Redetermination O Overall foreign loss, Overall foreign loss. Form 1040ez P Partner, Partner or S corporation shareholder. Form 1040ez , Partnership distributive share. Form 1040ez , Foreign Taxes From a Partnership or an S Corporation Passive category income, Passive Category Income Penalties, Failure-to-notify penalty. Form 1040ez , Penalties and interest. Form 1040ez Failure to file Form 5471, 8865, Penalty for not filing Form 5471 or Form 8865. Form 1040ez Failure to file Form 5713, Penalty for failure to file. Form 1040ez Failure to notify, foreign tax change, Failure-to-notify penalty. Form 1040ez Failure to report treaty information, Report required. Form 1040ez Pension, employment, and disability fund payments, Pension, unemployment, and disability fund payments. Form 1040ez Personal property, sales or exchanges of, Determining the Source of Income From the Sales or Exchanges of Certain Personal Property Possession exclusion, Possession Exclusion Publications (see Tax help) Purchase or sale of oil or gas, taxes in connection with, Taxes in Connection With the Purchase or Sale of Oil or Gas Q Qualified business unit, Translating foreign currency into U. Form 1040ez S. Form 1040ez dollars. Form 1040ez Qualified dividends, Capital Gains and Losses R Rate of exchange, Rate of exchange for foreign taxes paid. Form 1040ez Recapture of foreign losses, Recapture of Prior Year Overall Foreign Loss Accounts Records to keep, Records To Keep Redetermination of foreign tax, Foreign Tax Redetermination Refund claims, time limit, Time Limit on Refund Claims Refund, foreign tax, Foreign tax refund. Form 1040ez Reporting requirements (international boycott), Reporting requirements. Form 1040ez Resident aliens, Resident Aliens S S corporation shareholder, Partner or S corporation shareholder. Form 1040ez , Foreign Taxes From a Partnership or an S Corporation Sanctioned countries, Taxes Imposed By Sanctioned Countries (Section 901(j) Income) Section 901(j) income, Section 901(j) Income Section 901(j) sanctioned income, Taxes Imposed By Sanctioned Countries (Section 901(j) Income) Separate limit income, Separate Limit Income General category income, General Category Income Income re-sourced by treaty, Certain Income Re-Sourced By Treaty Lump-sum distribution, Lump-Sum Distribution Passive category income, Passive Category Income Section 901(j) income, Section 901(j) Income Shareholder, Mutual fund shareholder. Form 1040ez Simple example, Simple Example — Filled-In Form 1116 Soak-up taxes, Soak-up taxes. Form 1040ez Social security taxes, Pension, unemployment, and disability fund payments. Form 1040ez Source of compensation for labor or personal services Alternative basis, Alternative basis. Form 1040ez Multi-year compensation, Multi-year compensation. Form 1040ez Time basis, Time basis. Form 1040ez Transportation income, Transportation Income State income taxes, State income taxes. Form 1040ez Subsidy, Subsidy received. Form 1040ez T Tax help, How To Get Tax Help Tax treaties, Tax Treaties Taxable income from sources outside the U. Form 1040ez S. Form 1040ez , determination of, Determining Taxable Income From Sources Outside the United States Taxes Excluded income, Foreign Earned Income and Housing Exclusions In lieu of income taxes, Taxes in Lieu of Income Taxes On dividends, Taxes Imposed on Certain Dividends Paid or accrued, Credit for Taxes Paid or Accrued Withheld on income or gain, Taxes Withheld on Income or Gain (Other Than Dividends) Taxes related to a foreign tax credit splitting event, Taxes Related to a Foreign Tax Credit Splitting Event Time limit Refund claims, Time Limit on Refund Claims Tax assessment, Time Limit on Tax Assessment Translating foreign currency, Translating foreign currency into U. Form 1040ez S. Form 1040ez dollars. Form 1040ez U U. Form 1040ez S. Form 1040ez citizens, U. Form 1040ez S. Form 1040ez Citizens U. Form 1040ez S. Form 1040ez losses Allocation of, U. Form 1040ez S. Form 1040ez Losses U. Form 1040ez S. Form 1040ez possessions, U. Form 1040ez S. Form 1040ez possessions. Form 1040ez Unused foreign tax credits, carryback or carryover, Carrybacks and carryovers. Form 1040ez , Carryback and Carryover W Wages, Wages completely excluded. Form 1040ez When refunds can be claimed, Time Limit on Refund Claims When tax can be assessed, Time Limit on Tax Assessment Who can take the credit, Who Can Take the Credit? Why choose the credit, Why Choose the Credit? Prev  Up     Home   More Online Publications