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H&r Block Tax Estimator

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H&r Block Tax Estimator

H&r block tax estimator 7. H&r block tax estimator   How To Get Tax Help Table of Contents Low Income Taxpayer Clinics Whether it's help with a tax issue, preparing your tax return or a need for a free publication or form, get the help you need the way you want it: online, use a smart phone, call or walk in to an IRS office or volunteer site near you. H&r block tax estimator Free help with your tax return. H&r block tax estimator   You can get free help preparing your return nationwide from IRS-certified volunteers. H&r block tax estimator The Volunteer Income Tax Assistance (VITA) program helps low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers. H&r block tax estimator The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. H&r block tax estimator Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. H&r block tax estimator In addition, some VITA and TCE sites provide taxpayers the opportunity to prepare their own return with help from an IRS-certified volunteer. H&r block tax estimator To find the nearest VITA or TCE site, you can use the VITA Locator Tool on IRS. H&r block tax estimator gov, download the IRS2Go app, or call 1-800-906-9887. H&r block tax estimator   As part of the TCE program, AARP offers the Tax-Aide counseling program. H&r block tax estimator To find the nearest AARP Tax-Aide site, visit AARP's website at www. H&r block tax estimator aarp. H&r block tax estimator org/money/taxaide or call 1-888-227-7669. H&r block tax estimator For more information on these programs, go to IRS. H&r block tax estimator gov and enter “VITA” in the search box. H&r block tax estimator Internet. H&r block tax estimator    IRS. H&r block tax estimator gov and IRS2Go are ready when you are —24 hours a day, 7 days a week. H&r block tax estimator Download the free IRS2Go app from the iTunes app store or from Google Play. H&r block tax estimator Use it to check your refund status, order transcripts of your tax returns or tax account, watch the IRS YouTube channel, get IRS news as soon as it's released to the public, subscribe to filing season updates or daily tax tips, and follow the IRS Twitter news feed, @IRSnews, to get the latest federal tax news, including information about tax law changes and important IRS programs. H&r block tax estimator Check the status of your 2013 refund with the Where's My Refund? application on IRS. H&r block tax estimator gov or download the IRS2Go app and select the Refund Status option. H&r block tax estimator The IRS issues more than 9 out of 10 refunds in less than 21 days. H&r block tax estimator Using these applications, you can start checking on the status of your return within 24 hours after we receive your e-filed return or 4 weeks after you mail a paper return. H&r block tax estimator You will also be given a personalized refund date as soon as the IRS processes your tax return and approves your refund. H&r block tax estimator The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. H&r block tax estimator Use the Interactive Tax Assistant (ITA) to research your tax questions. H&r block tax estimator No need to wait on the phone or stand in line. H&r block tax estimator The ITA is available 24 hours a day, 7 days a week, and provides you with a variety of tax information related to general filing topics, deductions, credits, and income. H&r block tax estimator When you reach the response screen, you can print the entire interview and the final response for your records. H&r block tax estimator New subject areas are added on a regular basis. H&r block tax estimator  Answers not provided through ITA may be found in Tax Trails, one of the Tax Topics on IRS. H&r block tax estimator gov which contain general individual and business tax information or by searching the IRS Tax Map, which includes an international subject index. H&r block tax estimator You can use the IRS Tax Map, to search publications and instructions by topic or keyword. H&r block tax estimator The IRS Tax Map integrates forms and publications into one research tool and provides single-point access to tax law information by subject. H&r block tax estimator When the user searches the IRS Tax Map, they will be provided with links to related content in existing IRS publications, forms and instructions, questions and answers, and Tax Topics. H&r block tax estimator Coming this filing season, you can immediately view and print for free all 5 types of individual federal tax transcripts (tax returns, tax account, record of account, wage and income statement, and certification of non-filing) using Get Transcript. H&r block tax estimator You can also ask the IRS to mail a return or an account transcript to you. H&r block tax estimator Only the mail option is available by choosing the Tax Records option on the IRS2Go app by selecting Mail Transcript on IRS. H&r block tax estimator gov or by calling 1-800-908-9946. H&r block tax estimator Tax return and tax account transcripts are generally available for the current year and the past three years. H&r block tax estimator Determine if you are eligible for the EITC and estimate the amount of the credit with the Earned Income Tax Credit (EITC) Assistant. H&r block tax estimator Visit Understanding Your IRS Notice or Letter to get answers to questions about a notice or letter you received from the IRS. H&r block tax estimator If you received the First Time Homebuyer Credit, you can use the First Time Homebuyer Credit Account Look-up tool for information on your repayments and account balance. H&r block tax estimator Check the status of your amended return using Where's My Amended Return? Go to IRS. H&r block tax estimator gov and enter Where's My Amended Return? in the search box. H&r block tax estimator You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. H&r block tax estimator It can take up to 3 weeks from the date you mailed it to show up in our system. H&r block tax estimator Make a payment using one of several safe and convenient electronic payment options available on IRS. H&r block tax estimator gov. H&r block tax estimator Select the Payment tab on the front page of IRS. H&r block tax estimator gov for more information. H&r block tax estimator Determine if you are eligible and apply for an online payment agreement, if you owe more tax than you can pay today. H&r block tax estimator Figure your income tax withholding with the IRS Withholding Calculator on IRS. H&r block tax estimator gov. H&r block tax estimator Use it if you've had too much or too little withheld, your personal situation has changed, you're starting a new job or you just want to see if you're having the right amount withheld. H&r block tax estimator Determine if you might be subject to the Alternative Minimum Tax by using the Alternative Minimum Tax Assistant on IRS. H&r block tax estimator gov. H&r block tax estimator Request an Electronic Filing PIN by going to IRS. H&r block tax estimator gov and entering Electronic Filing PIN in the search box. H&r block tax estimator Download forms, instructions and publications, including accessible versions for people with disabilities. H&r block tax estimator Locate the nearest Taxpayer Assistance Center (TAC) using the Office Locator tool on IRS. H&r block tax estimator gov, or choose the Contact Us option on the IRS2Go app and search Local Offices. H&r block tax estimator An employee can answer questions about your tax account or help you set up a payment plan. H&r block tax estimator Before you visit, check the Office Locator on IRS. H&r block tax estimator gov, or Local Offices under Contact Us on IRS2Go to confirm the address, phone number, days and hours of operation, and the services provided. H&r block tax estimator If you have a special need, such as a disability, you can request an appointment. H&r block tax estimator Call the local number listed in the Office Locator, or look in the phone book under United States Government, Internal Revenue Service. H&r block tax estimator Apply for an Employer Identification Number (EIN). H&r block tax estimator Go to IRS. H&r block tax estimator gov and enter Apply for an EIN in the search box. H&r block tax estimator Read the Internal Revenue Code, regulations, or other official guidance. H&r block tax estimator Read Internal Revenue Bulletins. H&r block tax estimator Sign up to receive local and national tax news and more by email. H&r block tax estimator Just click on “subscriptions” above the search box on IRS. H&r block tax estimator gov and choose from a variety of options. H&r block tax estimator    Phone. H&r block tax estimator You can call the IRS, or you can carry it in your pocket with the IRS2Go app on your smart phone or tablet. H&r block tax estimator Download the free IRS2Go app from the iTunes app store or from Google Play. H&r block tax estimator Call to locate the nearest volunteer help site, 1-800-906-9887 or you can use the VITA Locator Tool on IRS. H&r block tax estimator gov, or download the IRS2Go app. H&r block tax estimator Low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers can get free help with their tax return from the nationwide Volunteer Income Tax Assistance (VITA) program. H&r block tax estimator The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. H&r block tax estimator Most VITA and TCE sites offer free electronic filing. H&r block tax estimator Some VITA and TCE sites provide IRS-certified volunteers who can help prepare your tax return. H&r block tax estimator Through the TCE program, AARP offers the Tax-Aide counseling program; call 1-888-227-7669 to find the nearest Tax-Aide location. H&r block tax estimator Call the automated Where's My Refund? information hotline to check the status of your 2013 refund 24 hours a day, 7 days a week at 1-800-829-1954. H&r block tax estimator If you e-file, you can start checking on the status of your return within 24 hours after the IRS receives your tax return or 4 weeks after you've mailed a paper return. H&r block tax estimator The IRS issues more than 9 out of 10 refunds in less than 21 days. H&r block tax estimator Where's My Refund? will give you a personalized refund date as soon as the IRS processes your tax return and approves your refund. H&r block tax estimator Before you call this automated hotline, have your 2013 tax return handy so you can enter your social security number, your filing status, and the exact whole dollar amount of your refund. H&r block tax estimator The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. H&r block tax estimator Note, the above information is for our automated hotline. H&r block tax estimator Our live phone and walk-in assistors can research the status of your refund only if it's been 21 days or more since you filed electronically or more than 6 weeks since you mailed your paper return. H&r block tax estimator Call the Amended Return Hotline, 1-866-464-2050, to check the status of your amended return. H&r block tax estimator You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. H&r block tax estimator It can take up to 3 weeks from the date you mailed it to show up in our system. H&r block tax estimator Call 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions, publications, and prior-year forms and instructions (limited to 5 years). H&r block tax estimator You should receive your order within 10 business days. H&r block tax estimator Call TeleTax, 1-800-829-4477, to listen to pre-recorded messages covering general and business tax information. H&r block tax estimator If, between January and April 15, you still have questions about the Form 1040, 1040A, or 1040EZ (like filing requirements, dependents, credits, Schedule D, pensions and IRAs or self-employment taxes), call 1-800-829-1040. H&r block tax estimator Call using TTY/TDD equipment, 1-800-829-4059 to ask tax questions or order forms and publications. H&r block tax estimator The TTY/TDD telephone number is for people who are deaf, hard of hearing, or have a speech disability. H&r block tax estimator These individuals can also contact the IRS through relay services such as the Federal Relay Service. H&r block tax estimator    Walk-in. H&r block tax estimator You can find a selection of forms, publications and services — in-person. H&r block tax estimator Products. H&r block tax estimator You can walk in to some post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. H&r block tax estimator Some IRS offices, libraries, and city and county government offices have a collection of products available to photocopy from reproducible proofs. H&r block tax estimator Services. H&r block tax estimator You can walk in to your local TAC for face-to-face tax help. H&r block tax estimator An employee can answer questions about your tax account or help you set up a payment plan. H&r block tax estimator Before visiting, use the Office Locator tool on IRS. H&r block tax estimator gov, or choose the Contact Us option on the IRS2Go app and search Local Offices for days and hours of operation, and services provided. H&r block tax estimator    Mail. H&r block tax estimator You can send your order for forms, instructions, and publications to the address below. H&r block tax estimator You should receive a response within 10 business days after your request is received. H&r block tax estimator Internal Revenue Service 1201 N. H&r block tax estimator Mitsubishi Motorway Bloomington, IL 61705-6613    The Taxpayer Advocate Service Is Here to Help You. H&r block tax estimator The Taxpayer Advocate Service (TAS) is your voice at the IRS. H&r block tax estimator Our job is to ensure that every taxpayer is treated fairly and that you know and understand your rights. H&r block tax estimator   What can TAS do for you? We can offer you free help with IRS problems that you can't resolve on your own. H&r block tax estimator We know this process can be confusing, but the worst thing you can do is nothing at all! TAS can help if you can't resolve your tax problem and: Your problem is causing financial difficulties for you, your family, or your business. H&r block tax estimator You face (or your business is facing) an immediate threat of adverse action. H&r block tax estimator You've tried repeatedly to contact the IRS but no one has responded, or the IRS hasn't responded by the date promised. H&r block tax estimator   If you qualify for our help, you'll be assigned to one advocate who'll be with you at every turn and will do everything possible to resolve your problem. H&r block tax estimator Here's why we can help: TAS is an independent organization within the IRS. H&r block tax estimator Our advocates know how to work with the IRS. H&r block tax estimator Our services are free and tailored to meet your needs. H&r block tax estimator We have offices in every state, the District of Columbia, and Puerto Rico. H&r block tax estimator   How can you reach us? If you think TAS can help you, call your local advocate, whose number is in your local directory and at Taxpayer Advocate, or call us toll-free at 1-877-777-4778. H&r block tax estimator   How else does TAS help taxpayers?  TAS also works to resolve large-scale, systemic problems that affect many taxpayers. H&r block tax estimator If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System. H&r block tax estimator Low Income Taxpayer Clinics Low Income Taxpayer Clinics (LITCs) serve individuals whose income is below a certain level and need to resolve tax problems such as audits, appeals and tax collection disputes. H&r block tax estimator Some clinics can provide information about taxpayer rights and responsibilities in different languages for individuals who speak English as a second language. H&r block tax estimator Visit Taxpayer Advocate or see IRS Publication 4134, Low Income Taxpayer Clinic List. H&r block tax estimator Prev  Up  Next   Home   More Online Publications
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The H&r Block Tax Estimator

H&r block tax estimator 2. H&r block tax estimator   Foreclosures and Repossessions Table of Contents Amount realized and ordinary income on a recourse debt. H&r block tax estimator Amount realized on a nonrecourse debt. H&r block tax estimator If you do not make payments you owe on a loan secured by property, the lender may foreclose on the loan or repossess the property. H&r block tax estimator The foreclosure or repossession is treated as a sale from which you may realize gain or loss. H&r block tax estimator This is true even if you voluntarily return the property to the lender. H&r block tax estimator If the outstanding loan balance was more than the FMV of the property and the lender cancels all or part of the remaining loan balance, you also may realize ordinary income from the cancellation of debt. H&r block tax estimator You must report this income on your return unless certain exceptions or exclusions apply. H&r block tax estimator See chapter 1 for more details. H&r block tax estimator Borrower's gain or loss. H&r block tax estimator    You figure and report gain or loss from a foreclosure or repossession in the same way as gain or loss from a sale. H&r block tax estimator The gain is the difference between the amount realized and your adjusted basis in the transferred property (amount realized minus adjusted basis). H&r block tax estimator The loss is the difference between your adjusted basis in the transferred property and the amount realized (adjusted basis minus amount realized). H&r block tax estimator For more information on figuring gain or loss from the sale of property, see Gain or Loss From Sales and Exchanges in Publication 544. H&r block tax estimator You can use Table 1-1 to figure your ordinary income from the cancellation of debt and your gain or loss from a foreclosure or repossession. H&r block tax estimator Amount realized and ordinary income on a recourse debt. H&r block tax estimator    If you are personally liable for the debt, the amount realized on the foreclosure or repossession includes the smaller of: The outstanding debt immediately before the transfer reduced by any amount for which you remain personally liable immediately after the transfer, or The FMV of the transferred property. H&r block tax estimator The amount realized also includes any proceeds you received from the foreclosure sale. H&r block tax estimator If the FMV of the transferred property is less than the total outstanding debt immediately before the transfer reduced by any amount for which you remain personally liable immediately after the transfer, the difference is ordinary income from the cancellation of debt. H&r block tax estimator You must report this income on your return unless certain exceptions or exclusions apply. H&r block tax estimator See chapter 1 for more details. H&r block tax estimator       Example 1. H&r block tax estimator Tara bought a new car for $15,000. H&r block tax estimator She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. H&r block tax estimator Tara is personally liable for the loan (recourse debt) and the car is pledged as security for the loan. H&r block tax estimator On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. H&r block tax estimator The balance due after taking into account the payments Tara made was $10,000. H&r block tax estimator The FMV of the car when it was repossessed was $9,000. H&r block tax estimator On November 15, 2013, the credit company forgave the remaining $1,000 balance on the loan due to insufficient assets. H&r block tax estimator In this case, the amount Tara realizes is $9,000. H&r block tax estimator This is the smaller of: The $10,000 outstanding debt immediately before the repossession reduced by the $1,000 for which she remains personally liable immediately after the repossession ($10,000 − $1,000 = $9,000), or The $9,000 FMV of the car. H&r block tax estimator Tara figures her gain or loss on the repossession by comparing the $9,000 amount realized with her $15,000 adjusted basis. H&r block tax estimator She has a $6,000 nondeductible loss. H&r block tax estimator After the cancellation of the remaining balance on the loan in November, Tara also has ordinary income from cancellation of debt in the amount of $1,000 (the remaining balance on the $10,000 loan after the $9,000 amount satisfied by the FMV of the repossessed car). H&r block tax estimator Tara must report this $1,000 on her return unless one of the exceptions or exclusions described in chapter 1 applies. H&r block tax estimator Example 2. H&r block tax estimator Lili paid $200,000 for her home. H&r block tax estimator She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. H&r block tax estimator Lili is personally liable for the mortgage loan and the house secures the loan. H&r block tax estimator In 2013, the bank foreclosed on the mortgage because Lili stopped making payments. H&r block tax estimator When the bank foreclosed the mortgage, the balance due was $180,000, the FMV of the house was $170,000, and Lili's adjusted basis was $175,000 due to a casualty loss she had deducted. H&r block tax estimator At the time of the foreclosure, the bank forgave $2,000 of the $10,000 debt in excess of the FMV ($180,000 minus $170,000). H&r block tax estimator She remained personally liable for the $8,000 balance. H&r block tax estimator In this case, Lili has ordinary income from the cancellation of debt in the amount of $2,000. H&r block tax estimator The $2,000 income from the cancellation of debt is figured by subtracting the $170,000 FMV of the house from the $172,000 difference between her total outstanding debt immediately before the transfer of property and the amount for which she remains personally liable immediately after the transfer ($180,000 minus $8,000). H&r block tax estimator She is able to exclude the $2,000 of canceled debt from her income under the qualified principal residence indebtedness rules discussed earlier. H&r block tax estimator Lili must also determine her gain or loss from the foreclosure. H&r block tax estimator In this case, the amount that she realizes is $170,000. H&r block tax estimator This is the smaller of: (a) the $180,000 outstanding debt immediately before the transfer reduced by the $8,000 for which she remains personally liable immediately after the transfer ($180,000 − $8,000 = $172,000) or (b) the $170,000 FMV of the house. H&r block tax estimator Lili figures her gain or loss on the foreclosure by comparing the $170,000 amount realized with her $175,000 adjusted basis. H&r block tax estimator She has a $5,000 nondeductible loss. H&r block tax estimator Table 1-1. H&r block tax estimator Worksheet for Foreclosures and Repossessions Part 1. H&r block tax estimator Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). H&r block tax estimator Otherwise, go to Part 2. H&r block tax estimator 1. H&r block tax estimator 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   2. H&r block tax estimator Enter the fair market value of the transferred property   3. H&r block tax estimator Ordinary income from the cancellation of debt upon foreclosure or repossession. H&r block tax estimator * Subtract line 2 from line 1. H&r block tax estimator If less than zero, enter zero. H&r block tax estimator Next, go to Part 2   Part 2. H&r block tax estimator Gain or loss from foreclosure or repossession. H&r block tax estimator   4. H&r block tax estimator Enter the smaller of line 1 or line 2. H&r block tax estimator 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   5. H&r block tax estimator Enter any proceeds you received from the foreclosure sale   6. H&r block tax estimator Add line 4 and line 5   7. H&r block tax estimator Enter the adjusted basis of the transferred property   8. H&r block tax estimator Gain or loss from foreclosure or repossession. H&r block tax estimator Subtract line 7 from line 6   * The income may not be taxable. H&r block tax estimator See chapter 1 for more details. H&r block tax estimator Amount realized on a nonrecourse debt. H&r block tax estimator    If you are not personally liable for repaying the debt secured by the transferred property, the amount you realize includes the full amount of the outstanding debt immediately before the transfer. H&r block tax estimator This is true even if the FMV of the property is less than the outstanding debt immediately before the transfer. H&r block tax estimator Example 1. H&r block tax estimator Tara bought a new car for $15,000. H&r block tax estimator She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. H&r block tax estimator Tara is not personally liable for the loan (nonrecourse), but pledged the new car as security for the loan. H&r block tax estimator On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. H&r block tax estimator The balance due after taking into account the payments Tara made was $10,000. H&r block tax estimator The FMV of the car when it was repossessed was $9,000. H&r block tax estimator The amount Tara realized on the repossession is $10,000. H&r block tax estimator That is the outstanding amount of debt immediately before the repossession, even though the FMV of the car is less than $10,000. H&r block tax estimator Tara figures her gain or loss on the repossession by comparing the $10,000 amount realized with her $15,000 adjusted basis. H&r block tax estimator Tara has a $5,000 nondeductible loss. H&r block tax estimator Example 2. H&r block tax estimator Lili paid $200,000 for her home. H&r block tax estimator She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. H&r block tax estimator She is not personally liable for the loan, but grants the bank a mortgage. H&r block tax estimator The bank foreclosed on the mortgage because Lili stopped making payments. H&r block tax estimator When the bank foreclosed on the mortgage, the balance due was $180,000, the FMV of the house was $170,000, and Lili's adjusted basis was $175,000 due to a casualty loss she had deducted. H&r block tax estimator The amount Lili realized on the foreclosure is $180,000, the outstanding debt immediately before the foreclosure. H&r block tax estimator She figures her gain or loss by comparing the $180,000 amount realized with her $175,000 adjusted basis. H&r block tax estimator Lili has a $5,000 realized gain. H&r block tax estimator See Publication 523 to figure and report any taxable amount. H&r block tax estimator Forms 1099-A and 1099-C. H&r block tax estimator    A lender who acquires an interest in your property in a foreclosure or repossession should send you Form 1099-A, Acquisition or Abandonment of Secured Property, showing information you need to figure your gain or loss. H&r block tax estimator However, if the lender also cancels part of your debt and must file Form 1099-C, the lender can include the information about the foreclosure or repossession on that form instead of on Form 1099-A. H&r block tax estimator The lender must file Form 1099-C and send you a copy if the amount of debt canceled is $600 or more and the lender is a financial institution, credit union, federal government agency, or any organization that has a significant trade or business of lending money. H&r block tax estimator For foreclosures or repossessions occurring in 2013, these forms should be sent to you by January 31, 2014. H&r block tax estimator Prev  Up  Next   Home   More Online Publications