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How Do I Amend My Tax Return

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How Do I Amend My Tax Return

How do i amend my tax return Publication 525 - Main Content Table of Contents Employee CompensationBabysitting. How do i amend my tax return Miscellaneous Compensation Fringe Benefits Retirement Plan Contributions Stock Options Restricted Property Special Rules for Certain EmployeesClergy Members of Religious Orders Foreign Employer Military Volunteers Business and Investment IncomeRents From Personal Property Royalties Partnership Income S Corporation Income Sickness and Injury BenefitsDisability Pensions Long-Term Care Insurance Contracts Workers' Compensation Other Sickness and Injury Benefits Miscellaneous IncomeBartering Canceled Debts Host or Hostess Life Insurance Proceeds Recoveries Survivor Benefits Unemployment Benefits Welfare and Other Public Assistance Benefits Other Income RepaymentsMethod 1. How do i amend my tax return Method 2. How do i amend my tax return How To Get Tax HelpLow Income Taxpayer Clinics Employee Compensation In most cases, you must include in gross income everything you receive in payment for personal services. How do i amend my tax return In addition to wages, salaries, commissions, fees, and tips, this includes other forms of compensation such as fringe benefits and stock options. How do i amend my tax return You should receive a Form W-2 from your employer or former employer showing the pay you received for your services. How do i amend my tax return Include all your pay on line 7 of Form 1040 or Form 1040A or on line 1 of Form 1040EZ, even if you do not receive Form W-2, or you receive a Form W-2 that does not include all pay that should be included on the Form W-2. How do i amend my tax return If you performed services, other than as an independent contractor, and your employer did not withhold social security and Medicare taxes from your pay, you must file Form 8919, Uncollected Social Security and Medicare Tax on Wages, with your Form 1040. How do i amend my tax return These wages must be included on line 7 of Form 1040. How do i amend my tax return See Form 8919 for more information. How do i amend my tax return Childcare providers. How do i amend my tax return   If you provide childcare, either in the child's home or in your home or other place of business, the pay you receive must be included in your income. How do i amend my tax return If you are not an employee, you are probably self-employed and must include payments for your services on Schedule C (Form 1040), Profit or Loss From Business, or Schedule C-EZ (Form 1040), Net Profit From Business. How do i amend my tax return You generally are not an employee unless you are subject to the will and control of the person who employs you as to what you are to do and how you are to do it. How do i amend my tax return Babysitting. How do i amend my tax return   If you babysit for relatives or neighborhood children, whether on a regular basis or only periodically, the rules for childcare providers apply to you. How do i amend my tax return Bankruptcy. How do i amend my tax return   If you filed for bankruptcy under Chapter 11 of the Bankruptcy Code, you must allocate your wages and withheld income tax. How do i amend my tax return Your W-2 will show your total wages and withheld income tax for the year. How do i amend my tax return On your tax return, you report the wages and withheld income tax for the period before you filed for bankruptcy. How do i amend my tax return Your bankruptcy estate reports the wages and withheld income tax for the period after you filed for bankruptcy. How do i amend my tax return If you receive other information returns (such as Form 1099-DIV, Dividends and Distributions, or 1099-INT, Interest Income) that report gross income to you, rather than to the bankruptcy estate, you must allocate that income. How do i amend my tax return   The only exception is for purposes of figuring your self-employment tax, if you are self-employed. How do i amend my tax return For that purpose, you must take into account all your self-employment income for the year from services performed both before and after the beginning of the case. How do i amend my tax return   You must file a statement with your income tax return stating you filed a Chapter 11 bankruptcy case. How do i amend my tax return The statement must show the allocation and describe the method used to make the allocation. How do i amend my tax return For a sample of this statement and other information, see Notice 2006-83, 2006-40 I. How do i amend my tax return R. How do i amend my tax return B. How do i amend my tax return 596, available at www. How do i amend my tax return irs. How do i amend my tax return gov/irb/2006-40_IRB/ar12. How do i amend my tax return html. How do i amend my tax return Miscellaneous Compensation This section discusses many types of employee compensation. How do i amend my tax return The subjects are arranged in alphabetical order. How do i amend my tax return Advance commissions and other earnings. How do i amend my tax return   If you receive advance commissions or other amounts for services to be performed in the future and you are a cash-method taxpayer, you must include these amounts in your income in the year you receive them. How do i amend my tax return    If you repay unearned commissions or other amounts in the same year you receive them, reduce the amount included in your income by the repayment. How do i amend my tax return If you repay them in a later tax year, you can deduct the repayment as an itemized deduction on your Schedule A (Form 1040), Itemized Deductions, or you may be able to take a credit for that year. How do i amend my tax return See Repayments , later. How do i amend my tax return Allowances and reimbursements. How do i amend my tax return    If you receive travel, transportation, or other business expense allowances or reimbursements from your employer, see Publication 463, Travel, Entertainment, Gift, and Car Expenses. How do i amend my tax return If you are reimbursed for moving expenses, see Publication 521, Moving Expenses. How do i amend my tax return Back pay awards. How do i amend my tax return   Include in income amounts you are awarded in a settlement or judgment for back pay. How do i amend my tax return These include payments made to you for damages, unpaid life insurance premiums, and unpaid health insurance premiums. How do i amend my tax return They should be reported to you by your employer on Form W-2. How do i amend my tax return Bonuses and awards. How do i amend my tax return    Bonuses or awards you receive for outstanding work are included in your income and should be shown on your Form W-2. How do i amend my tax return These include prizes such as vacation trips for meeting sales goals. How do i amend my tax return If the prize or award you receive is goods or services, you must include the fair market value of the goods or services in your income. How do i amend my tax return However, if your employer merely promises to pay you a bonus or award at some future time, it is not taxable until you receive it or it is made available to you. How do i amend my tax return Employee achievement award. How do i amend my tax return   If you receive tangible personal property (other than cash, a gift certificate, or an equivalent item) as an award for length of service or safety achievement, you generally can exclude its value from your income. How do i amend my tax return However, the amount you can exclude is limited to your employer's cost and cannot be more than $1,600 ($400 for awards that are not qualified plan awards) for all such awards you receive during the year. How do i amend my tax return Your employer can tell you whether your award is a qualified plan award. How do i amend my tax return Your employer must make the award as part of a meaningful presentation, under conditions and circumstances that do not create a significant likelihood of it being disguised pay. How do i amend my tax return   However, the exclusion does not apply to the following awards. How do i amend my tax return A length-of-service award if you received it for less than 5 years of service or if you received another length-of-service award during the year or the previous 4 years. How do i amend my tax return A safety achievement award if you are a manager, administrator, clerical employee, or other professional employee or if more than 10% of eligible employees previously received safety achievement awards during the year. How do i amend my tax return Example. How do i amend my tax return Ben Green received three employee achievement awards during the year: a nonqualified plan award of a watch valued at $250, and two qualified plan awards of a stereo valued at $1,000 and a set of golf clubs valued at $500. How do i amend my tax return Assuming that the requirements for qualified plan awards are otherwise satisfied, each award by itself would be excluded from income. How do i amend my tax return However, because the $1,750 total value of the awards is more than $1,600, Ben must include $150 ($1,750 − $1,600) in his income. How do i amend my tax return Differential wage payments. How do i amend my tax return   This is any payment made by an employer to an individual for any period during which the individual is, for a period of more than 30 days, an active duty member of the uniformed services and represents all or a portion of the wages the individual would have received from the employer for that period. How do i amend my tax return These payments are treated as wages and are subject to income tax withholding, but not FICA or FUTA taxes. How do i amend my tax return The payments are reported as wages on Form W-2. How do i amend my tax return Government cost-of-living allowances. How do i amend my tax return   Most payments received by U. How do i amend my tax return S. How do i amend my tax return Government civilian employees for working abroad are taxable. How do i amend my tax return However, certain cost-of-living allowances are tax free. How do i amend my tax return Publication 516, U. How do i amend my tax return S. How do i amend my tax return Government Civilian Employees Stationed Abroad, explains the tax treatment of allowances, differentials, and other special pay you receive for employment abroad. How do i amend my tax return Nonqualified deferred compensation plans. How do i amend my tax return   Your employer will report to you the total amount of deferrals for the year under a nonqualified deferred compensation plan. How do i amend my tax return This amount is shown on Form W-2, box 12, using code Y. How do i amend my tax return This amount is not included in your income. How do i amend my tax return   However, if at any time during the tax year, the plan fails to meet certain requirements, or is not operated under those requirements, all amounts deferred under the plan for the tax year and all preceding tax years are included in your income for the current year. How do i amend my tax return This amount is included in your wages shown on Form W-2, box 1. How do i amend my tax return It is also shown on Form W-2, box 12, using code Z. How do i amend my tax return Nonqualified deferred compensation plans of nonqualified entities. How do i amend my tax return   In most cases, any compensation deferred under a nonqualified deferred compensation plan of a nonqualified entity is included in gross income when there is no substantial risk of forfeiture of the rights to such compensation. How do i amend my tax return For this purpose, a nonqualified entity is: A foreign corporation unless substantially all of its income is: Effectively connected with the conduct of a trade or business in the United States, or Subject to a comprehensive foreign income tax. How do i amend my tax return A partnership unless substantially all of its income is allocated to persons other than: Foreign persons for whom the income is not subject to a comprehensive foreign income tax, and Tax-exempt organizations. How do i amend my tax return Note received for services. How do i amend my tax return   If your employer gives you a secured note as payment for your services, you must include the fair market value (usually the discount value) of the note in your income for the year you receive it. How do i amend my tax return When you later receive payments on the note, a proportionate part of each payment is the recovery of the fair market value that you previously included in your income. How do i amend my tax return Do not include that part again in your income. How do i amend my tax return Include the rest of the payment in your income in the year of payment. How do i amend my tax return   If your employer gives you a nonnegotiable unsecured note as payment for your services, payments on the note that are credited toward the principal amount of the note are compensation income when you receive them. How do i amend my tax return Severance pay. How do i amend my tax return   You must include in income amounts you receive as severance pay and any payment for the cancellation of your employment contract. How do i amend my tax return Accrued leave payment. How do i amend my tax return   If you are a federal employee and receive a lump-sum payment for accrued annual leave when you retire or resign, this amount will be included as wages on your Form W-2. How do i amend my tax return   If you resign from one agency and are reemployed by another agency, you may have to repay part of your lump-sum annual leave payment to the second agency. How do i amend my tax return You can reduce gross wages by the amount you repaid in the same tax year in which you received it. How do i amend my tax return Attach to your tax return a copy of the receipt or statement given to you by the agency you repaid to explain the difference between the wages on your return and the wages on your Forms W-2. How do i amend my tax return Outplacement services. How do i amend my tax return   If you choose to accept a reduced amount of severance pay so that you can receive outplacement services (such as training in résumé writing and interview techniques), you must include the unreduced amount of the severance pay in income. How do i amend my tax return    However, you can deduct the value of these outplacement services (up to the difference between the severance pay included in income and the amount actually received) as a miscellaneous deduction (subject to the 2%-of-adjusted-gross-income (AGI) limit) on Schedule A (Form 1040). How do i amend my tax return Sick pay. How do i amend my tax return   Pay you receive from your employer while you are sick or injured is part of your salary or wages. How do i amend my tax return In addition, you must include in your income sick pay benefits received from any of the following payers. How do i amend my tax return A welfare fund. How do i amend my tax return A state sickness or disability fund. How do i amend my tax return An association of employers or employees. How do i amend my tax return An insurance company, if your employer paid for the plan. How do i amend my tax return However, if you paid the premiums on an accident or health insurance policy, the benefits you receive under the policy are not taxable. How do i amend my tax return For more information, see Other Sickness and Injury Benefits under Sickness and Injury Benefits, later. How do i amend my tax return Social security and Medicare taxes paid by employer. How do i amend my tax return   If you and your employer have an agreement that your employer pays your social security and Medicare taxes without deducting them from your gross wages, you must report the amount of tax paid for you as taxable wages on your tax return. How do i amend my tax return The payment is also treated as wages for figuring your social security and Medicare taxes and your social security and Medicare benefits. How do i amend my tax return However, these payments are not treated as social security and Medicare wages if you are a household worker or a farm worker. How do i amend my tax return Stock appreciation rights. How do i amend my tax return   Do not include a stock appreciation right granted by your employer in income until you exercise (use) the right. How do i amend my tax return When you use the right, you are entitled to a cash payment equal to the fair market value of the corporation's stock on the date of use minus the fair market value on the date the right was granted. How do i amend my tax return You include the cash payment in income in the year you use the right. How do i amend my tax return Fringe Benefits Fringe benefits received in connection with the performance of your services are included in your income as compensation unless you pay fair market value for them or they are specifically excluded by law. How do i amend my tax return Abstaining from the performance of services (for example, under a covenant not to compete) is treated as the performance of services for purposes of these rules. How do i amend my tax return See Valuation of Fringe Benefits , later in this discussion, for information on how to determine the amount to include in income. How do i amend my tax return Recipient of fringe benefit. How do i amend my tax return   You are the recipient of a fringe benefit if you perform the services for which the fringe benefit is provided. How do i amend my tax return You are considered to be the recipient even if it is given to another person, such as a member of your family. How do i amend my tax return An example is a car your employer gives to your spouse for services you perform. How do i amend my tax return The car is considered to have been provided to you and not to your spouse. How do i amend my tax return   You do not have to be an employee of the provider to be a recipient of a fringe benefit. How do i amend my tax return If you are a partner, director, or independent contractor, you also can be the recipient of a fringe benefit. How do i amend my tax return Provider of benefit. How do i amend my tax return   Your employer or another person for whom you perform services is the provider of a fringe benefit regardless of whether that person actually provides the fringe benefit to you. How do i amend my tax return The provider can be a client or customer of an independent contractor. How do i amend my tax return Accounting period. How do i amend my tax return   You must use the same accounting period your employer uses to report your taxable noncash fringe benefits. How do i amend my tax return Your employer has the option to report taxable noncash fringe benefits by using either of the following rules. How do i amend my tax return The general rule: benefits are reported for a full calendar year (January 1–December 31). How do i amend my tax return The special accounting period rule: benefits provided during the last 2 months of the calendar year (or any shorter period) are treated as paid during the following calendar year. How do i amend my tax return For example, each year your employer reports the value of benefits provided during the last 2 months of the prior year and the first 10 months of the current year. How do i amend my tax return Your employer does not have to use the same accounting period for each fringe benefit, but must use the same period for all employees who receive a particular benefit. How do i amend my tax return   You must use the same accounting period that you use to report the benefit to claim an employee business deduction (for use of a car, for example). How do i amend my tax return Form W-2. How do i amend my tax return   Your employer must include all taxable fringe benefits in box 1 of Form W-2 as wages, tips and other compensation and, if applicable, in boxes 3 and 5 as social security and Medicare wages. How do i amend my tax return Although not required, your employer may include the total value of fringe benefits in box 14 (or on a separate statement). How do i amend my tax return However, if your employer provided you with a vehicle and included 100% of its annual lease value in your income, the employer must separately report this value to you in box 14 (or on a separate statement). How do i amend my tax return Accident or Health Plan In most cases, the value of accident or health plan coverage provided to you by your employer is not included in your income. How do i amend my tax return Benefits you receive from the plan may be taxable, as explained, later, under Sickness and Injury Benefits . How do i amend my tax return For information on the items covered in this section, other than Long-term care coverage , see Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans. How do i amend my tax return Long-term care coverage. How do i amend my tax return   Contributions by your employer to provide coverage for long-term care services generally are not included in your income. How do i amend my tax return However, contributions made through a flexible spending or similar arrangement (such as a cafeteria plan) must be included in your income. How do i amend my tax return This amount will be reported as wages in box 1 of your Form W-2. How do i amend my tax return Archer MSA contributions. How do i amend my tax return    Contributions by your employer to your Archer MSA generally are not included in your income. How do i amend my tax return Their total will be reported in box 12 of Form W-2, with code R. How do i amend my tax return You must report this amount on Form 8853, Archer MSAs and Long-Term Care Insurance Contracts. How do i amend my tax return File the form with your return. How do i amend my tax return Health flexible spending arrangement (health FSA). How do i amend my tax return   If your employer provides a health FSA that qualifies as an accident or health plan, the amount of your salary reduction, and reimbursements of your medical care expenses, in most cases, are not included in your income. How do i amend my tax return   Health FSAs are subject to a $2,500 limit on salary reduction contributions for plan years beginning after 2012. How do i amend my tax return The $2,500 limit is subject to an inflation adjustment for plan years beginning after 2013. How do i amend my tax return For more information, see Notice 2012-40, 2012-26 I. How do i amend my tax return R. How do i amend my tax return B. How do i amend my tax return 1046, available at www. How do i amend my tax return irs. How do i amend my tax return gov/irb/2012-26 IRB/ar09. How do i amend my tax return html. How do i amend my tax return Health reimbursement arrangement (HRA). How do i amend my tax return   If your employer provides an HRA that qualifies as an accident or health plan, coverage and reimbursements of your medical care expenses generally are not included in your income. How do i amend my tax return Health savings accounts (HSA). How do i amend my tax return   If you are an eligible individual, you and any other person, including your employer or a family member, can make contributions to your HSA. How do i amend my tax return Contributions, other than employer contributions, are deductible on your return whether or not you itemize deductions. How do i amend my tax return Contributions made by your employer are not included in your income. How do i amend my tax return Distributions from your HSA that are used to pay qualified medical expenses are not included in your income. How do i amend my tax return Distributions not used for qualified medical expenses are included in your income. How do i amend my tax return See Publication 969 for the requirements of an HSA. How do i amend my tax return   Contributions by a partnership to a bona fide partner's HSA are not contributions by an employer. How do i amend my tax return The contributions are treated as a distribution of money and are not included in the partner's gross income. How do i amend my tax return Contributions by a partnership to a partner's HSA for services rendered are treated as guaranteed payments that are includible in the partner's gross income. How do i amend my tax return In both situations, the partner can deduct the contribution made to the partner's HSA. How do i amend my tax return   Contributions by an S corporation to a 2% shareholder-employee's HSA for services rendered are treated as guaranteed payments and are includible in the shareholder-employee's gross income. How do i amend my tax return The shareholder-employee can deduct the contribution made to the shareholder-employee's HSA. How do i amend my tax return Qualified HSA funding distribution. How do i amend my tax return   You can make a one-time distribution from your individual retirement account (IRA) to an HSA and you generally will not include any of the distribution in your income. How do i amend my tax return See Publication 590, Individual Retirement Arrangements (IRAs), for the requirements for these qualified HSA funding distributions. How do i amend my tax return Failure to maintain eligibility. How do i amend my tax return   If your HSA received qualified HSA distributions from a health FSA or HRA (discussed earlier) or a qualified HSA funding distribution, you must be an eligible individual for HSA purposes for the period beginning with the month in which the qualified distribution was made and ending on the last day of the 12th month following that month. How do i amend my tax return If you fail to be an eligible individual during this period, other than because of death or disability, you must include the distribution in your income for the tax year in which you become ineligible. How do i amend my tax return This income is also subject to an additional 10% tax. How do i amend my tax return Adoption Assistance You may be able to exclude from your income amounts paid or expenses incurred by your employer for qualified adoption expenses in connection with your adoption of an eligible child. How do i amend my tax return See Instructions for Form 8839, Qualified Adoption Expenses, for more information. How do i amend my tax return Adoption benefits are reported by your employer in box 12 of Form W-2 with code T. How do i amend my tax return They also are included as social security and Medicare wages in boxes 3 and 5. How do i amend my tax return However, they are not included as wages in box 1. How do i amend my tax return To determine the taxable and nontaxable amounts, you must complete Part III of Form 8839. How do i amend my tax return File the form with your return. How do i amend my tax return Athletic Facilities If your employer provides you with the free or low-cost use of an employer-operated gym or other athletic club on your employer's premises, the value is not included in your compensation. How do i amend my tax return The gym must be used primarily by employees, their spouses, and their dependent children. How do i amend my tax return If your employer pays for a fitness program provided to you at an off-site resort hotel or athletic club, the value of the program is included in your compensation. How do i amend my tax return De Minimis (Minimal) Benefits If your employer provides you with a product or service and the cost of it is so small that it would be unreasonable for the employer to account for it, the value is not included in your income. How do i amend my tax return In most cases, the value of benefits such as discounts at company cafeterias, cab fares home when working overtime, and company picnics are not included in your income. How do i amend my tax return Also see Employee Discounts , later. How do i amend my tax return Holiday gifts. How do i amend my tax return   If your employer gives you a turkey, ham, or other item of nominal value at Christmas or other holidays, do not include the value of the gift in your income. How do i amend my tax return However, if your employer gives you cash, a gift certificate, or a similar item that you can easily exchange for cash, you include the value of that gift as extra salary or wages regardless of the amount involved. How do i amend my tax return Dependent Care Benefits If your employer provides dependent care benefits under a qualified plan, you may be able to exclude these benefits from your income. How do i amend my tax return Dependent care benefits include: Amounts your employer pays directly to either you or your care provider for the care of your qualifying person while you work, and The fair market value of care in a daycare facility provided or sponsored by your employer. How do i amend my tax return The amount you can exclude is limited to the lesser of: The total amount of dependent care benefits you received during the year, The total amount of qualified expenses you incurred during the year, Your earned income, Your spouse's earned income, or $5,000 ($2,500 if married filing separately). How do i amend my tax return Your employer must show the total amount of dependent care benefits provided to you during the year under a qualified plan in box 10 of your Form W-2. How do i amend my tax return Your employer also will include any dependent care benefits over $5,000 in your wages shown in box 1 of your Form W-2. How do i amend my tax return To claim the exclusion, you must complete Part III of Form 2441, Child and Dependent Care Expenses. How do i amend my tax return See the Instructions for Form 2441 for more information. How do i amend my tax return Educational Assistance You can exclude from your income up to $5,250 of qualified employer-provided educational assistance. How do i amend my tax return For more information, see Publication 970. How do i amend my tax return Employee Discounts If your employer sells you property or services at a discount, you may be able to exclude the amount of the discount from your income. How do i amend my tax return The exclusion applies to discounts on property or services offered to customers in the ordinary course of the line of business in which you work. How do i amend my tax return However, it does not apply to discounts on real property or property commonly held for investment (such as stocks or bonds). How do i amend my tax return The exclusion is limited to the price charged nonemployee customers multiplied by the following percentage. How do i amend my tax return For a discount on property, your employer's gross profit percentage (gross profit divided by gross sales) on all property sold during the employer's previous tax year. How do i amend my tax return (Ask your employer for this percentage. How do i amend my tax return ) For a discount on services, 20%. How do i amend my tax return Financial Counseling Fees Financial counseling fees paid for you by your employer are included in your income and must be reported as part of wages. How do i amend my tax return If the fees are for tax or investment counseling, they can be deducted on Schedule A (Form 1040) as a miscellaneous deduction (subject to the 2%-of-AGI limit). How do i amend my tax return Qualified retirement planning services paid for you by your employer may be excluded from your income. How do i amend my tax return For more information, see Retirement Planning Services , later. How do i amend my tax return Group-Term Life Insurance In most cases, the cost of up to $50,000 of group-term life insurance coverage provided to you by your employer (or former employer) is not included in your income. How do i amend my tax return However, you must include in income the cost of employer-provided insurance that is more than the cost of $50,000 of coverage reduced by any amount you pay toward the purchase of the insurance. How do i amend my tax return For exceptions to this rule, see Entire cost excluded , and Entire cost taxed , later. How do i amend my tax return If your employer provided more than $50,000 of coverage, the amount included in your income is reported as part of your wages in box 1 of your Form W-2. How do i amend my tax return Also, it is shown separately in box 12 with code C. How do i amend my tax return Group-term life insurance. How do i amend my tax return   This insurance is term life insurance protection (insurance for a fixed period of time) that: Provides a general death benefit, Is provided to a group of employees, Is provided under a policy carried by the employer, and Provides an amount of insurance to each employee based on a formula that prevents individual selection. How do i amend my tax return Permanent benefits. How do i amend my tax return   If your group-term life insurance policy includes permanent benefits, such as a paid-up or cash surrender value, you must include in your income, as wages, the cost of the permanent benefits minus the amount you pay for them. How do i amend my tax return Your employer should be able to tell you the amount to include in your income. How do i amend my tax return Accidental death benefits. How do i amend my tax return   Insurance that provides accidental or other death benefits but does not provide general death benefits (travel insurance, for example) is not group-term life insurance. How do i amend my tax return Former employer. How do i amend my tax return   If your former employer provided more than $50,000 of group-term life insurance coverage during the year, the amount included in your income is reported as wages in box 1 of Form W-2. How do i amend my tax return Also, it is shown separately in box 12 with code C. How do i amend my tax return Box 12 also will show the amount of uncollected social security and Medicare taxes on the excess coverage, with codes M and N. How do i amend my tax return You must pay these taxes with your income tax return. How do i amend my tax return Include them on line 60, Form 1040, and follow the instructions forline 60. How do i amend my tax return For more information, see the Instructions for Form 1040. How do i amend my tax return Two or more employers. How do i amend my tax return   Your exclusion for employer-provided group-term life insurance coverage cannot exceed the cost of $50,000 of coverage, whether the insurance is provided by a single employer or multiple employers. How do i amend my tax return If two or more employers provide insurance coverage that totals more than $50,000, the amounts reported as wages on your Forms W-2 will not be correct. How do i amend my tax return You must figure how much to include in your income. How do i amend my tax return Reduce the amount you figure by any amount reported with code C in box 12 of your Forms W-2, add the result to the wages reported in box 1, and report the total on your return. How do i amend my tax return Figuring the taxable cost. How do i amend my tax return    Use the following worksheet to figure the amount to include in your income. How do i amend my tax return   If you pay any part of the cost of the insurance, your entire payment reduces, dollar for dollar, the amount you otherwise would include in your income. How do i amend my tax return However, you cannot reduce the amount to include in your income by: Payments for coverage in a different tax year, Payments for coverage through a cafeteria plan, unless the payments are after-tax contributions, or Payments for coverage not taxed to you because of the exceptions discussed later under Entire cost excluded . How do i amend my tax return Worksheet 1. How do i amend my tax return Figuring the Cost of Group-Term Life Insurance To Include in Income 1. How do i amend my tax return Enter the total amount of your insurance coverage from your employer(s) 1. How do i amend my tax return   2. How do i amend my tax return Limit on exclusion for employer-provided group-term life insurance coverage 2. How do i amend my tax return 50,000 3. How do i amend my tax return Subtract line 2 from line 1 3. How do i amend my tax return   4. How do i amend my tax return Divide line 3 by $1,000. How do i amend my tax return Figure to the nearest tenth 4. How do i amend my tax return   5. How do i amend my tax return Go to Table 1. How do i amend my tax return Using your age on the last day of the tax year, find your age group in the left column, and enter the cost from the column on the right for your age group 5. How do i amend my tax return   6. How do i amend my tax return Multiply line 4 by line 5 6. How do i amend my tax return     7. How do i amend my tax return Enter the number of full months of coverage at this cost 7. How do i amend my tax return   8. How do i amend my tax return Multiply line 6 by line 7 8. How do i amend my tax return   9. How do i amend my tax return Enter the premiums you paid per month 9. How do i amend my tax return       10. How do i amend my tax return Enter the number of months you paid the  premiums 10. How do i amend my tax return       11. How do i amend my tax return Multiply line 9 by line 10. How do i amend my tax return 11. How do i amend my tax return   12. How do i amend my tax return Subtract line 11 from line 8. How do i amend my tax return Include this amount in your income as wages 12. How do i amend my tax return   Table 1. How do i amend my tax return Cost of $1,000 of Group-Term Life Insurance for One Month   Age Cost     Under 25 $ . How do i amend my tax return 05     25 through 29 . How do i amend my tax return 06     30 through 34 . How do i amend my tax return 08     35 through 39 . How do i amend my tax return 09     40 through 44 . How do i amend my tax return 10     45 through 49 . How do i amend my tax return 15     50 through 54 . How do i amend my tax return 23     55 through 59 . How do i amend my tax return 43     60 through 64 . How do i amend my tax return 66     65 through 69 1. How do i amend my tax return 27     70 and older 2. How do i amend my tax return 06   Example. How do i amend my tax return You are 51 years old and work for employers A and B. How do i amend my tax return Both employers provide group-term life insurance coverage for you for the entire year. How do i amend my tax return Your coverage is $35,000 with employer A and $45,000 with employer B. How do i amend my tax return You pay premiums of $4. How do i amend my tax return 15 a month under the employer B group plan. How do i amend my tax return You figure the amount to include in your income as follows. How do i amend my tax return   Worksheet 1. How do i amend my tax return Figuring the Cost of Group-Term Life Insurance To Include in Income—Illustrated 1. How do i amend my tax return Enter the total amount of your insurance coverage from your employer(s) 1. How do i amend my tax return 80,000 2. How do i amend my tax return Limit on exclusion for employer-provided group-term life insurance coverage 2. How do i amend my tax return 50,000 3. How do i amend my tax return Subtract line 2 from line 1 3. How do i amend my tax return 30,000 4. How do i amend my tax return Divide line 3 by $1,000. How do i amend my tax return Figure to the nearest tenth 4. How do i amend my tax return 30. How do i amend my tax return 0 5. How do i amend my tax return Go to Table 1. How do i amend my tax return Using your age on the last day of the tax year, find your age group in the left column, and enter the cost from the column on the right for your age group 5. How do i amend my tax return . How do i amend my tax return 23 6. How do i amend my tax return Multiply line 4 by line 5 6. How do i amend my tax return 6. How do i amend my tax return 90 7. How do i amend my tax return Enter the number of full months of coverage at this cost. How do i amend my tax return 7. How do i amend my tax return 12 8. How do i amend my tax return Multiply line 6 by line 7 8. How do i amend my tax return 82. How do i amend my tax return 80 9. How do i amend my tax return Enter the premiums you paid per month 9. How do i amend my tax return 4. How do i amend my tax return 15     10. How do i amend my tax return Enter the number of months you paid the premiums 10. How do i amend my tax return 12     11. How do i amend my tax return Multiply line 9 by line 10. How do i amend my tax return 11. How do i amend my tax return 49. How do i amend my tax return 80 12. How do i amend my tax return Subtract line 11 from line 8. How do i amend my tax return Include this amount in your income as wages 12. How do i amend my tax return 33. How do i amend my tax return 00 The total amount to include in income for the cost of excess group-term life insurance is $33. How do i amend my tax return Neither employer provided over $50,000 insurance coverage, so the wages shown on your Forms W-2 do not include any part of that $33. How do i amend my tax return You must add it to the wages shown on your Forms W-2 and include the total on your return. How do i amend my tax return Entire cost excluded. How do i amend my tax return   You are not taxed on the cost of group-term life insurance if any of the following circumstances apply. How do i amend my tax return You are permanently and totally disabled and have ended your employment. How do i amend my tax return Your employer is the beneficiary of the policy for the entire period the insurance is in force during the tax year. How do i amend my tax return A charitable organization to which contributions are deductible is the only beneficiary of the policy for the entire period the insurance is in force during the tax year. How do i amend my tax return (You are not entitled to a deduction for a charitable contribution for naming a charitable organization as the beneficiary of your policy. How do i amend my tax return ) The plan existed on January 1, 1984, and: You retired before January 2, 1984, and were covered by the plan when you retired, or You reached age 55 before January 2, 1984, and were employed by the employer or its predecessor in 1983. How do i amend my tax return Entire cost taxed. How do i amend my tax return   You are taxed on the entire cost of group-term life insurance if either of the following circumstances apply. How do i amend my tax return The insurance is provided by your employer through a qualified employees' trust, such as a pension trust or a qualified annuity plan. How do i amend my tax return You are a key employee and your employer's plan discriminates in favor of key employees. How do i amend my tax return Meals and Lodging You do not include in your income the value of meals and lodging provided to you and your family by your employer at no charge if the following conditions are met. How do i amend my tax return The meals are: Furnished on the business premises of your employer, and Furnished for the convenience of your employer. How do i amend my tax return The lodging is: Furnished on the business premises of your employer, Furnished for the convenience of your employer, and A condition of your employment. How do i amend my tax return (You must accept it in order to be able to properly perform your duties. How do i amend my tax return ) You also do not include in your income the value of meals or meal money that qualifies as a de minimis fringe benefit. How do i amend my tax return See De Minimis (Minimal) Benefits , earlier. How do i amend my tax return Faculty lodging. How do i amend my tax return   If you are an employee of an educational institution or an academic health center and you are provided with lodging that does not meet the three conditions given earlier, you still may not have to include the value of the lodging in income. How do i amend my tax return However, the lodging must be qualified campus lodging, and you must pay an adequate rent. How do i amend my tax return Academic health center. How do i amend my tax return   This is an organization that meets the following conditions. How do i amend my tax return Its principal purpose or function is to provide medical or hospital care or medical education or research. How do i amend my tax return It receives payments for graduate medical education under the Social Security Act. How do i amend my tax return One of its principal purposes or functions is to provide and teach basic and clinical medical science and research using its own faculty. How do i amend my tax return Qualified campus lodging. How do i amend my tax return   Qualified campus lodging is lodging furnished to you, your spouse, or one of your dependents by, or on behalf of, the institution or center for use as a home. How do i amend my tax return The lodging must be located on or near a campus of the educational institution or academic health center. How do i amend my tax return Adequate rent. How do i amend my tax return   The amount of rent you pay for the year for qualified campus lodging is considered adequate if it is at least equal to the lesser of: 5% of the appraised value of the lodging, or The average of rentals paid by individuals (other than employees or students) for comparable lodging held for rent by the educational institution. How do i amend my tax return If the amount you pay is less than the lesser of these amounts, you must include the difference in your income. How do i amend my tax return   The lodging must be appraised by an independent appraiser and the appraisal must be reviewed on an annual basis. How do i amend my tax return Example. How do i amend my tax return Carl Johnson, a sociology professor for State University, rents a home from the university that is qualified campus lodging. How do i amend my tax return The house is appraised at $200,000. How do i amend my tax return The average rent paid for comparable university lodging by persons other than employees or students is $14,000 a year. How do i amend my tax return Carl pays an annual rent of $11,000. How do i amend my tax return Carl does not include in his income any rental value because the rent he pays equals at least 5% of the appraised value of the house (5% × $200,000 = $10,000). How do i amend my tax return If Carl paid annual rent of only $8,000, he would have to include $2,000 in his income ($10,000 − $8,000). How do i amend my tax return Moving Expense Reimbursements In most cases, if your employer pays for your moving expenses (either directly or indirectly) and the expenses would have been deductible if you paid them yourself, the value is not included in your income. How do i amend my tax return See Publication 521 for more information. How do i amend my tax return No-Additional-Cost Services The value of services you receive from your employer for free, at cost, or for a reduced price is not included in your income if your employer: Offers the same service for sale to customers in the ordinary course of the line of business in which you work, and Does not have a substantial additional cost (including any sales income given up) to provide you with the service (regardless of what you paid for the service). How do i amend my tax return In most cases, no-additional-cost services are excess capacity services, such as airline, bus, or train tickets, hotel rooms, and telephone services. How do i amend my tax return Example. How do i amend my tax return You are employed as a flight attendant for a company that owns both an airline and a hotel chain. How do i amend my tax return Your employer allows you to take personal flights (if there is an unoccupied seat) and stay in any one of their hotels (if there is an unoccupied room) at no cost to you. How do i amend my tax return The value of the personal flight is not included in your income. How do i amend my tax return However, the value of the hotel room is included in your income because you do not work in the hotel business. How do i amend my tax return Retirement Planning Services If your employer has a qualified retirement plan, qualified retirement planning services provided to you (and your spouse) by your employer are not included in your income. How do i amend my tax return Qualified services include retirement planning advice, information about your employer's retirement plan, and information about how the plan may fit into your overall individual retirement income plan. How do i amend my tax return You cannot exclude the value of any tax preparation, accounting, legal, or brokerage services provided by your employer. How do i amend my tax return Also, see Financial Counseling Fees , earlier. How do i amend my tax return Transportation If your employer provides you with a qualified transportation fringe benefit, it can be excluded from your income, up to certain limits. How do i amend my tax return A qualified transportation fringe benefit is: Transportation in a commuter highway vehicle (such as a van) between your home and work place, A transit pass, Qualified parking, or Qualified bicycle commuting reimbursement. How do i amend my tax return Cash reimbursement by your employer for these expenses under a bona fide reimbursement arrangement is also excludable. How do i amend my tax return However, cash reimbursement for a transit pass is excludable only if a voucher or similar item that can be exchanged only for a transit pass is not readily available for direct distribution to you. How do i amend my tax return Exclusion limit. How do i amend my tax return   The exclusion for commuter vehicle transportation and transit pass fringe benefits cannot be more than $245 a month. How do i amend my tax return   The exclusion for the qualified parking fringe benefit cannot be more than $245 a month. How do i amend my tax return   The exclusion for qualified bicycle commuting in a calendar year is $20 multiplied by the number of qualified bicycle commuting months that year. How do i amend my tax return   If the benefits have a value that is more than these limits, the excess must be included in your income. How do i amend my tax return You are not entitled to these exclusions if the reimbursements are made under a compensation reduction agreement. How do i amend my tax return Commuter highway vehicle. How do i amend my tax return   This is a highway vehicle that seats at least six adults (not including the driver). How do i amend my tax return At least 80% of the vehicle's mileage must reasonably be expected to be: For transporting employees between their homes and work place, and On trips during which employees occupy at least half of the vehicle's adult seating capacity (not including the driver). How do i amend my tax return Transit pass. How do i amend my tax return   This is any pass, token, farecard, voucher, or similar item entitling a person to ride mass transit (whether public or private) free or at a reduced rate or to ride in a commuter highway vehicle operated by a person in the business of transporting persons for compensation. How do i amend my tax return Qualified parking. How do i amend my tax return   This is parking provided to an employee at or near the employer's place of business. How do i amend my tax return It also includes parking provided on or near a location from which the employee commutes to work by mass transit, in a commuter highway vehicle, or by carpool. How do i amend my tax return It does not include parking at or near the employee's home. How do i amend my tax return Qualified bicycle commuting. How do i amend my tax return   This is reimbursement based on the number of qualified bicycle commuting months for the year. How do i amend my tax return A qualified bicycle commuting month is any month you use the bicycle regularly for a substantial portion of the travel between your home and place of employment and you do not receive any of the other qualified transportation fringe benefits. How do i amend my tax return The reimbursement can be for expenses you incurred during the year for the purchase of a bicycle and bicycle improvements, repair, and storage. How do i amend my tax return Tuition Reduction You can exclude a qualified tuition reduction from your income. How do i amend my tax return This is the amount of a reduction in tuition: For education (below graduate level) furnished by an educational institution to an employee, former employee who retired or became disabled, or his or her spouse and dependent children. How do i amend my tax return For education furnished to a graduate student at an educational institution if the graduate student is engaged in teaching or research activities for that institution. How do i amend my tax return Representing payment for teaching, research, or other services if you receive the amount under the National Health Service Corps Scholarship Program or the Armed Forces Health Professions Scholarship and Financial Assistance program. How do i amend my tax return For more information, see Publication 970. How do i amend my tax return Working Condition Benefits If your employer provides you with a product or service and the cost of it would have been allowable as a business or depreciation deduction if you paid for it yourself, the cost is not included in your income. How do i amend my tax return Example. How do i amend my tax return You work as an engineer and your employer provides you with a subscription to an engineering trade magazine. How do i amend my tax return The cost of the subscription is not included in your income because the cost would have been allowable to you as a business deduction if you had paid for the subscription yourself. How do i amend my tax return Valuation of Fringe Benefits If a fringe benefit is included in your income, the amount included is generally its value determined under the general valuation rule or under the special valuation rules. How do i amend my tax return For an exception, see Group-Term Life Insurance , earlier. How do i amend my tax return General valuation rule. How do i amend my tax return   You must include in your income the amount by which the fair market value of the fringe benefit is more than the sum of: The amount, if any, you paid for the benefit, plus The amount, if any, specifically excluded from your income by law. How do i amend my tax return If you pay fair market value for a fringe benefit, no amount is included in your income. How do i amend my tax return Fair market value. How do i amend my tax return   The fair market value of a fringe benefit is determined by all the facts and circumstances. How do i amend my tax return It is the amount you would have to pay a third party to buy or lease the benefit. How do i amend my tax return This is determined without regard to: Your perceived value of the benefit, or The amount your employer paid for the benefit. How do i amend my tax return Employer-provided vehicles. How do i amend my tax return   If your employer provides a car (or other highway motor vehicle) to you, your personal use of the car is usually a taxable noncash fringe benefit. How do i amend my tax return   Under the general valuation rules, the value of an employer-provided vehicle is the amount you would have to pay a third party to lease the same or a similar vehicle on the same or comparable terms in the same geographic area where you use the vehicle. How do i amend my tax return An example of a comparable lease term is the amount of time the vehicle is available for your use, such as a 1-year period. How do i amend my tax return The value cannot be determined by multiplying a cents-per-mile rate times the number of miles driven unless you prove the vehicle could have been leased on a cents-per-mile basis. How do i amend my tax return Flights on employer-provided aircraft. How do i amend my tax return   Under the general valuation rules, if your flight on an employer-provided piloted aircraft is primarily personal and you control the use of the aircraft for the flight, the value is the amount it would cost to charter the flight from a third party. How do i amend my tax return   If there is more than one employee on the flight, the cost to charter the aircraft must be divided among those employees. How do i amend my tax return The division must be based on all the facts, including which employee or employees control the use of the aircraft. How do i amend my tax return Special valuation rules. How do i amend my tax return   You generally can use a special valuation rule for a fringe benefit only if your employer uses the rule. How do i amend my tax return If your employer uses a special valuation rule, you cannot use a different special rule to value that benefit. How do i amend my tax return You always can use the general valuation rule discussed earlier, based on facts and circumstances, even if your employer uses a special rule. How do i amend my tax return   If you and your employer use a special valuation rule, you must include in your income the amount your employer determines under the special rule minus the sum of: Any amount you repaid your employer, plus Any amount specifically excluded from income by law. How do i amend my tax return The special valuation rules are the following. How do i amend my tax return The automobile lease rule. How do i amend my tax return The vehicle cents-per-mile rule. How do i amend my tax return The commuting rule. How do i amend my tax return The unsafe conditions commuting rule. How do i amend my tax return The employer-operated eating-facility rule. How do i amend my tax return   For more information on these rules, see Publication 15-B, Employer's Tax Guide to Fringe Benefits. How do i amend my tax return    For information on the non-commercial flight and commercial flight valuation rules, see sections 1. How do i amend my tax return 61-21(g) and 1. How do i amend my tax return 61-21(h) of the regulations. How do i amend my tax return Retirement Plan Contributions Your employer's contributions to a qualified retirement plan for you are not included in income at the time contributed. How do i amend my tax return (Your employer can tell you whether your retirement plan is qualified. How do i amend my tax return ) However, the cost of life insurance coverage included in the plan may have to be included. How do i amend my tax return See Group-Term Life Insurance , earlier, under Fringe Benefits. How do i amend my tax return If your employer pays into a nonqualified plan for you, you generally must include the contributions in your income as wages for the tax year in which the contributions are made. How do i amend my tax return However, if your interest in the plan is not transferable or is subject to a substantial risk of forfeiture (you have a good chance of losing it) at the time of the contribution, you do not have to include the value of your interest in your income until it is transferable or is no longer subject to a substantial risk of forfeiture. How do i amend my tax return For information on distributions from retirement plans, see Publication 575 (or Publication 721, Tax Guide to U. How do i amend my tax return S. How do i amend my tax return Civil Service Retirement Benefits, if you are a federal employee or retiree). How do i amend my tax return Elective Deferrals If you are covered by certain kinds of retirement plans, you can choose to have part of your compensation contributed by your employer to a retirement fund, rather than have it paid to you. How do i amend my tax return The amount you set aside (called an elective deferral) is treated as an employer contribution to a qualified plan. How do i amend my tax return An elective deferral, other than a designated Roth contribution (discussed later), is not included in wages subject to income tax at the time contributed. How do i amend my tax return However, it is included in wages subject to social security and Medicare taxes. How do i amend my tax return Elective deferrals include elective contributions to the following retirement plans. How do i amend my tax return Cash or deferred arrangements (section 401(k) plans). How do i amend my tax return The Thrift Savings Plan for federal employees. How do i amend my tax return Salary reduction simplified employee pension plans (SARSEP). How do i amend my tax return Savings incentive match plans for employees (SIMPLE plans). How do i amend my tax return Tax-sheltered annuity plans (403(b) plans). How do i amend my tax return Section 501(c)(18)(D) plans. How do i amend my tax return (But see Reporting by employer , later. How do i amend my tax return ) Section 457 plans. How do i amend my tax return Qualified automatic contribution arrangements. How do i amend my tax return   Under a qualified automatic contribution arrangement, your employer can treat you as having elected to have a part of your compensation contributed to a section 401(k) plan. How do i amend my tax return You are to receive written notice of your rights and obligations under the qualified automatic contribution arrangement. How do i amend my tax return The notice must explain: Your rights to elect not to have elective contributions made, or to have contributions made at a different percentage, and How contributions made will be invested in the absence of any investment decision by you. How do i amend my tax return   You must be given a reasonable period of time after receipt of the notice and before the first elective contribution is made to make an election with respect to the contributions. How do i amend my tax return Overall limit on deferrals. How do i amend my tax return   For 2013, in most cases, you should not have deferred more than a total of $17,500 of contributions to the plans listed in (1) through (3), earlier. How do i amend my tax return The specific plan limits for the plans listed in (4) through (7), earlier, are discussed later. How do i amend my tax return Amounts deferred under specific plan limits are part of the overall limit on deferrals. How do i amend my tax return   Your employer or plan administrator should apply the proper annual limit when figuring your plan contributions. How do i amend my tax return However, you are responsible for monitoring the total you defer to ensure that the deferrals are not more than the overall limit. How do i amend my tax return Catch-up contributions. How do i amend my tax return   You may be allowed catch-up contributions (additional elective deferrals) if you are age 50 or older by the end of your tax year. How do i amend my tax return For more information about catch-up contributions to 403(b) plans, see chapter 6 of Publication 571, Tax Sheltered Annuity Plans. How do i amend my tax return   For more information about additional elective deferrals to: SEPs (SARSEPs), see Salary Reduction Simplified Employee Pension in chapter 2 of Publication 560, Retirement Plans for Small Business. How do i amend my tax return SIMPLE plans, see How Much Can Be Contributed on Your Behalf? in chapter 3 of Publication 590. How do i amend my tax return Section 457 plans, see Limit for deferrals under section 457 plans , later. How do i amend my tax return Limit for deferrals under SIMPLE plans. How do i amend my tax return   If you are a participant in a SIMPLE plan, you generally should not have deferred more than $12,000 in 2013. How do i amend my tax return Amounts you defer under a SIMPLE plan count toward the overall limit ($17,500 for 2013) and may affect the amount you can defer under other elective deferral plans. How do i amend my tax return Limit for tax-sheltered annuities. How do i amend my tax return   If you are a participant in a tax-sheltered annuity plan (403(b) plan), the limit on elective deferrals for 2013 generally is $17,500. How do i amend my tax return However, if you have at least 15 years of service with a public school system, a hospital, a home health service agency, a health and welfare service agency, a church, or a convention or association of churches (or associated organization), the limit on elective deferrals is increased by the least of the following amounts. How do i amend my tax return $3,000, $15,000, reduced by the sum of: The additional pre-tax elective deferrals made in earlier years because of this rule, plus The aggregate amount of designated Roth contributions permitted for prior tax years because of this rule, or $5,000 times the number of your years of service for the organization, minus the total elective deferrals made by your employer on your behalf for earlier years. How do i amend my tax return   If you qualify for the 15-year rule, your elective deferrals under this limit can be as high as $20,500 for 2013. How do i amend my tax return   For more information, see Publication 571. How do i amend my tax return Limit for deferral under section 501(c)(18) plans. How do i amend my tax return   If you are a participant in a section 501(c)(18) plan (a trust created before June 25, 1959, funded only by employee contributions), you should have deferred no more than the lesser of $7,000 or 25% of your compensation. How do i amend my tax return Amounts you defer under a section 501(c)(18) plan count toward the overall limit ($17,500 in 2013) and may affect the amount you can defer under other elective deferral plans. How do i amend my tax return Limit for deferrals under section 457 plans. How do i amend my tax return   If you are a participant in a section 457 plan (a deferred compensation plan for employees of state or local governments or tax-exempt organizations), you should have deferred no more than the lesser of your includible compensation or $17,500 in 2013. How do i amend my tax return However, if you are within 3 years of normal retirement age, you may be allowed an increased limit if the plan allows it. How do i amend my tax return See Increased limit , later. How do i amend my tax return Includible compensation. How do i amend my tax return   This is the pay you received for the year from the employer who maintained the section 457 plan. How do i amend my tax return In most cases, it includes all the following payments. How do i amend my tax return Wages and salaries. How do i amend my tax return Fees for professional services. How do i amend my tax return The value of any employer-provided qualified transportation fringe benefit (defined under Transportation , earlier) that is not included in your income. How do i amend my tax return Other amounts received (cash or noncash) for personal services you performed, including, but not limited to, the following items. How do i amend my tax return Commissions and tips. How do i amend my tax return Fringe benefits. How do i amend my tax return Bonuses. How do i amend my tax return Employer contributions (elective deferrals) to: The section 457 plan. How do i amend my tax return Qualified cash or deferred arrangements (section 401(k) plans) that are not included in your income. How do i amend my tax return A salary reduction simplified employee pension (SARSEP). How do i amend my tax return A tax-sheltered annuity (section 403(b) plan). How do i amend my tax return A savings incentive match plan for employees (SIMPLE plan). How do i amend my tax return A section 125 cafeteria plan. How do i amend my tax return   Instead of using the amounts listed earlier to determine your includible compensation, your employer can use any of the following amounts. How do i amend my tax return Your wages as defined for income tax withholding purposes. How do i amend my tax return Your wages as reported in box 1 of Form W-2. How do i amend my tax return Your wages that are subject to social security withholding (including elective deferrals). How do i amend my tax return Increased limit. How do i amend my tax return   During any, or all, of the last 3 years ending before you reach normal retirement age under the plan, your plan may provide that your limit is the lesser of: Twice the annual limit ($35,000 for 2013), or The basic annual limit plus the amount of the basic limit not used in prior years (only allowed if not using age 50 or over catch-up contributions). How do i amend my tax return Catch-up contributions. How do i amend my tax return   You generally can have additional elective deferrals made to your governmental section 457 plan if: You reached age 50 by the end of the year, and No other elective deferrals can be made for you to the plan for the year because of limits or restrictions. How do i amend my tax return If you qualify, your limit can be the lesser of your includible compensation or $17,500, plus $5,500. How do i amend my tax return However, if you are within 3 years of retirement age and your plan provides the increased limit, discussed earlier, that limit may be higher. How do i amend my tax return Designated Roth contributions. How do i amend my tax return   Employers with section 401(k) and section 403(b) plans can create qualified Roth contribution programs so that you may elect to have part or all of your elective deferrals to the plan designated as after-tax Roth contributions. How do i amend my tax return Designated Roth contributions are treated as elective deferrals, except that they are included in income. How do i amend my tax return Your retirement plan must maintain separate accounts and recordkeeping for the designated Roth contributions. How do i amend my tax return   Qualified distributions from a Roth plan are not included in income. How do i amend my tax return In most cases, a distribution made before the end of the 5-tax-year period beginning with the first tax year for which you made a designated Roth contribution to the plan is not a qualified distribution. How do i amend my tax return Reporting by employer. How do i amend my tax return   Your employer generally should not include elective deferrals in your wages in box 1 of Form W-2. How do i amend my tax return Instead, your employer should mark the Retirement plan checkbox in box 13 and show the total amount deferred in box 12. How do i amend my tax return Section 501(c)(18)(D) contributions. How do i amend my tax return   Wages shown in box 1 of your Form W-2 should not have been reduced for contributions you made to a section 501(c)(18)(D) retirement plan. How do i amend my tax return The amount you contributed should be identified with code “H” in box 12. How do i amend my tax return You may deduct the amount deferred subject to the limits that apply. How do i amend my tax return Include your deduction in the total on Form 1040, line 36. How do i amend my tax return Enter the amount and “501(c)(18)(D)” on the dotted line next to line 36. How do i amend my tax return Designated Roth contributions. How do i amend my tax return    These contributions are elective deferrals but are included in your wages in box 1 of Form W-2. How do i amend my tax return Designated Roth contributions to a section 401(k) plan are reported using code AA in box 12, or, for section 403(b) plans, code BB in box 12. How do i amend my tax return Excess deferrals. How do i amend my tax return   If your deferrals exceed the limit, you must notify your plan by the date required by the plan. How do i amend my tax return If the plan permits, the excess amount will be distributed to you. How do i amend my tax return If you participate in more than one plan, you can have the excess paid out of any of the plans that permit these distributions. How do i amend my tax return You must notify each plan by the date required by that plan of the amount to be paid from that particular plan. How do i amend my tax return The plan then must pay you the amount of the excess, along with any income earned on that amount, by April 15 of the following year. How do i amend my tax return   You must include the excess deferral in your income for the year of the deferral unless you have an excess deferral of a designated Roth contribution. How do i amend my tax return File Form 1040 to add the excess deferral amount to your wages on line 7. How do i amend my tax return Do not use Form 1040A or Form 1040EZ to report excess deferral amounts. How do i amend my tax return Excess not distributed. How do i amend my tax return   If you do not take out the excess amount, you cannot include it in the cost of the contract even though you included it in your income. How do i amend my tax return Therefore, you are taxed twice on the excess deferral left in the plan—once when you contribute it, and again when you receive it as a distribution. How do i amend my tax return Excess distributed to you. How do i amend my tax return   If you take out the excess after the year of the deferral and you receive the corrective distribution by April 15 of the following year, do not include it in income again in the year you receive it. How do i amend my tax return If you receive it later, you must include it in income in both the year of the deferral and the year you receive it. How do i amend my tax return Any income on the excess deferral taken out is taxable in the tax year in which you take it out. How do i amend my tax return If you take out part of the excess deferral and the income on it, allocate the distribution proportionately between the excess deferral and the income. How do i amend my tax return    You should receive a Form 1099-R for the year in which the excess deferral is distributed to you. How do i amend my tax return Use the following rules to report a corrective distribution shown on Form 1099-R for 2013. How do i amend my tax return If the distribution was for a 2013 excess deferral, your Form 1099-R should have the code “8” in box 7. How do i amend my tax return Add the excess deferral amount to your wages on your 2013 tax return. How do i amend my tax return If the distribution was for a 2013 excess deferral to a designated Roth account, your Form 1099-R should have code “B” in box 7. How do i amend my tax return Do not add this amount to your wages on your 2013 return. How do i amend my tax return If the distribution was for a 2012 excess deferral, your Form 1099-R should have the code “P” in box 7. How do i amend my tax return If you did not add the excess deferral amount to your wages on your 2012 tax return, you must file an amended return on Form 1040X, Amended U. How do i amend my tax return S. How do i amend my tax return Individual Income Tax Return. How do i amend my tax return If you did not receive the distribution by April 15, 2013, you also must add it to your wages on your 2013 tax return. How do i amend my tax return If the distribution was for the income earned on an excess deferral, your Form 1099-R should have the code “8” in box 7. How do i amend my tax return Add the income amount to your wages on your 2013 income tax return, regardless of when the excess deferral was made. How do i amend my tax return Report a loss on a corrective distribution of an excess deferral in the year the excess amount (reduced by the loss) is distributed to you. How do i amend my tax return Include the loss as a negative amount on Form 1040, line 21 and identify it as “Loss on Excess Deferral Distribution. How do i amend my tax return ”    Even though a corrective distribution of excess deferrals is reported on Form 1099-R, it is not otherwise treated as a distribution from the plan. How do i amend my tax return It cannot be rolled over into another plan, and it is not subject to the additional tax on early distributions. How do i amend my tax return Excess Contributions If you are a highly compensated employee, the total of your elective deferrals and other contributions made for you for any year under a section 401(k) plan or SARSEP can be, as a percentage of pay, no more than 125% of the average deferral percentage (ADP) of all eligible non-highly compensated employees. How do i amend my tax return If the total contributed to the plan is more than the amount allowed under the ADP test, the excess contributions must be either distributed to you or recharacterized as after-tax employee contributions by treating them as distributed to you and then contributed by you to the plan. How do i amend my tax return You must include the excess contributions in your income as wages on Form 1040, line 7. How do i amend my tax return You cannot use Form 1040A or Form 1040EZ to report excess contribution amounts. How do i amend my tax return If you receive a corrective distribution of excess contributions (and allocable income), it is included in your income in the year of the distribution. How do i amend my tax return The allocable income is the amount of gain or loss through the end of the plan year for which the contribution was made that is allocable to the excess contributions. How do i amend my tax return You should receive a Form 1099-R for the year the excess contributions are distributed to you. How do i amend my tax return Add the distribution to your wages for that year. How do i amend my tax return Even though a corrective distribution of excess contributions is reported on Form 1099-R, it is not otherwise treated as a distribution from the plan. How do i amend my tax return It cannot be rolled over into another plan, and it is not subject to the additional tax on early distributions. How do i amend my tax return Excess Annual Additions The amount contributed in 2013 to a defined contribution plan is generally limited to the lesser of 100% of your compensation or $51,000. How do i amend my tax return Under certain circumstances, contributions that exceed these limits (excess annual additions) may be corrected by a distribution of your elective deferrals or a return of your after-tax contributions and earnings from these contributions. How do i amend my tax return A corrective payment of excess annual additions consisting of elective deferrals or earnings from your after-tax contributions is fully taxable in the year paid. How do i amend my tax return A corrective payment consisting of your after-tax contributions is not taxable. How do i amend my tax return If you received a corrective payment of excess annual additions, you should receive a separate Form 1099-R for the year of the payment with the code “E” in box 7. How do i amend my tax return Report the total payment shown in box 1 of Form 1099-R on line 16a of Form 1040 or line 12a of Form 1040A. How do i amend my tax return Report the taxable amount shown in box 2a of Form 1099-R on line 16b of Form 1040 or line 12b of Form 1040A. How do i amend my tax return Even though a corrective distribution of excess annual additions is reported on Form 1099-R, it is not otherwise treated as a distribution from the plan. How do i amend my tax return It cannot be rolled over into another plan, and it is not subject to the additional tax on early distributions. How do i amend my tax return Stock Options If you receive an option to buy or sell stock or other property as payment for your services, you may have income when you receive the option (the grant), when you exercise the option (use it to buy or sell the stock or other property), or when you sell or otherwise dispose of the option or property acquired through exercise of the option. How do i amend my tax return The timing, type, and amount of income inclusion depend on whether you receive a nonstatutory stock option or a statutory stock option. How do i amend my tax return Your employer can tell you which kind of option you hold. How do i amend my tax return Nonstatutory Stock Options Grant of option. How do i amend my tax return   If you are granted a nonstatutory stock option, you may have income when you receive the option. How do i amend my tax return The amount of income to include and the time to include it depend on whether the fair market value of the option can be readily determined. How do i amend my tax return The fair market value of an option can be readily determined if it is actively traded on an established market. How do i amend my tax return    The fair market value of an option that is not traded on an established market can be readily determined only if all of the following conditions exist. How do i amend my tax return You can transfer the option. How do i amend my tax return You can exercise the option immediately in full. How do i amend my tax return The option or the property subject to the option is not subject to any condition or restriction (other than a condition to secure payment of the purchase price) that has a significant effect on the fair market value of the option. How do i amend my tax return The fair market value of the option privilege can be readily determined. How do i amend my tax return The option privilege for an option to buy is the opportunity to benefit during the option's exercise period from any increase in the value of property subject to the option without risking any capital. How do i amend my tax return For example, if during the exercise period the fair market value of stock subject to an option is greater than the option's exercise price, a profit may be realized by exercising the option and immediately selling the stock at its higher value. How do i amend my tax return The option privilege for an option to sell is the opportunity to benefit during the exercise period from a decrease in the value of the property subject to the option. How do i amend my tax return If you or a member of your family is an officer, director, or more-than-10% owner of an expatriated corporation, you may owe an excise tax on the value of nonstatutory options and other stock-based compensation from that corporation. How do i amend my tax return For more information on the excise tax, see Internal Revenue Code section 4985. How do i amend my tax return Option with readily determinable value. How do i amend my tax return   If you receive a nonstatutory stock option that has a readily determinable fair market value at the time it is granted to you, the option is treated like other property received as compensation. How do i amend my tax return See Restricted Property , later, for rules on how much income to include and when to include it. How do i amend my tax return However, the rule described in that discussion for choosing to include the value of property in your income for the year of the transfer does not apply to a nonstatutory option. How do i amend my tax return Option without readily determinable value. How do i amend my tax return   If the fair market value of the option is not readily determinable at the time it is granted to you (even if it is determined later), you do not have income until you exercise or transfer the option. How do i amend my tax return    Exercise or transfer of option. How do i amend my tax return   When you exercise a nonstatutory stock option, the amount to include in your income depends on whether the option had a readily determinable value. How do i amend my tax return Option with readily determinable value. How do i amend my tax return   When you exercise a nonstatutory stock option that had a readily determinable value at the time the option was granted, you do not have to include any amount in income. How do i amend my tax return Option without readily determinable value. How do i amend my tax return   When you exercise a nonstatutory stock option that did not have a readily determinable value at the time the option was granted, the restricted prope
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The How Do I Amend My Tax Return

How do i amend my tax return Internal Revenue Bulletin:  2011-12  March 21, 2011  Rev. How do i amend my tax return Proc. How do i amend my tax return 2011-21 Table of Contents SECTION 1. How do i amend my tax return PURPOSE SECTION 2. How do i amend my tax return BACKGROUND SECTION 3. How do i amend my tax return SCOPE SECTION 4. How do i amend my tax return APPLICATION SECTION 5. How do i amend my tax return EFFECTIVE DATE SECTION 6. How do i amend my tax return EFFECT ON OTHER DOCUMENTS SECTION 7. How do i amend my tax return DRAFTING INFORMATION SECTION 1. How do i amend my tax return PURPOSE This revenue procedure provides: (1) limitations on depreciation deductions for owners of passenger automobiles first placed in service by the taxpayer during calendar year 2011, including separate tables of limitations on depreciation deductions for trucks and vans; (2) the amounts that must be included in income by lessees of passenger automobiles first leased by the taxpayer during calendar year 2011, including a separate table of inclusion amounts for lessees of trucks and vans; and (3) revised tables of depreciation limitations and lessee inclusion amounts for passenger automobiles that were first placed in service or first leased by the taxpayer, respectively, during 2010 and to which the 50 percent additional first year depreciation deduction under § 168(k)(1)(A) of the Internal Revenue Code or the 100 percent additional first year depreciation deduction under § 168(k)(5) applies. How do i amend my tax return The tables detailing these depreciation limitations and lessee inclusion amounts reflect the automobile price inflation adjustments required by § 280F(d)(7). How do i amend my tax return SECTION 2. How do i amend my tax return BACKGROUND . How do i amend my tax return 01 For owners of passenger automobiles, § 280F(a) imposes dollar limitations on the depreciation deduction for the year the taxpayer places the passenger automobile in service and for each succeeding year. How do i amend my tax return For passenger automobiles placed in service after 1988, § 280F(d)(7) requires the Internal Revenue Service to increase the amounts allowable as depreciation deductions by a price inflation adjustment amount. How do i amend my tax return The method of calculating this price inflation amount for trucks and vans placed in service in or after calendar year 2003 uses a different CPI “automobile component” (the “new trucks” component) than that used in the price inflation amount calculation for other passenger automobiles (the “new cars” component), resulting in somewhat higher depreciation deductions for trucks and vans. How do i amend my tax return This change reflects the higher rate of price inflation for trucks and vans since 1988. How do i amend my tax return . How do i amend my tax return 02 Section 2022(a) of the Small Business Jobs Act of 2010, Pub. How do i amend my tax return L. How do i amend my tax return No. How do i amend my tax return 111-240, 124 Stat. How do i amend my tax return 2504 (September 27, 2010), extended the 50 percent additional first year depreciation deduction under § 168(k) to qualified property (as defined in § 168(k)(2)) acquired by the taxpayer after December 31, 2007, and before January 1, 2011, if no written binding contract for the acquisition of the property existed before January 1, 2008, and if the taxpayer places the property in service generally before January 1, 2011. How do i amend my tax return Section 401(a) of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, Pub. How do i amend my tax return L. How do i amend my tax return No. How do i amend my tax return 111-312, 124 Stat. How do i amend my tax return 3296 (Dec. How do i amend my tax return 17, 2010) (the “Act”) further extended the 50 percent additional first year depreciation deduction under § 168(k) to qualified property acquired by the taxpayer after December 31, 2007, and before January 1, 2013, if no written binding contract for the acquisition of the property existed before January 1, 2008, and if the taxpayer places the property in service generally before January 1, 2013. How do i amend my tax return Section 401(b) of the Act further amended § 168(k) by adding § 168(k)(5). How do i amend my tax return It allows a 100 percent additional first year depreciation deduction for qualified property acquired by a taxpayer after September 8, 2010, and before January 1, 2012, if the taxpayer places the property in service generally before January 1, 2012. How do i amend my tax return Section 168(k)(2)(F)(i) increases the first year depreciation allowed under § 280F(a)(1)(A)(i) by $8,000 for passenger automobiles to which the additional first year depreciation deduction under § 168(k) (hereinafter, referred to as “§ 168(k) additional first year depreciation deduction”) applies. How do i amend my tax return . How do i amend my tax return 03 Section 168(k)(2)(D)(i) provides that the § 168(k) additional first year depreciation deduction does not apply to any property required to be depreciated under the alternative depreciation system of § 168(g), including property described in § 280F(b)(1). How do i amend my tax return Section 168(k)(2)(D)(iii) permits a taxpayer to elect out of the § 168(k) additional first year depreciation deduction for any class of property. How do i amend my tax return Section 168(k)(4), as amended by the Act, permits a corporation to elect to increase the alternative minimum tax (“AMT”) credit limitation under § 53(c), instead of claiming the § 168(k) additional first year depreciation deduction for all eligible qualified property placed in service after December 31, 2010, that is round 2 extension property (as defined in § 168(k)(4)(I)(iv). How do i amend my tax return Accordingly, this revenue procedure provides tables for passenger automobiles for which the § 168(k) additional first year depreciation deduction applies. How do i amend my tax return This revenue procedure also provides tables for passenger automobiles for which the § 168(k) additional first year depreciation deduction does not apply, either because taxpayer (1) purchased the passenger automobile used; (2) did not use the passenger automobile during 2011 more than 50 percent for business purposes; (3) elected out of the § 168(k) additional first year depreciation deduction pursuant to § 168(k)(2)(D)(iii); or (4) elected to increase the § 53 AMT credit limitation in lieu of claiming § 168(k) additional first year depreciation. How do i amend my tax return . How do i amend my tax return 04 Section 280F(c) requires a reduction in the deduction allowed to the lessee of a leased passenger automobile. How do i amend my tax return The reduction must be substantially equivalent to the limitations on the depreciation deductions imposed on owners of passenger automobiles. How do i amend my tax return Under § 1. How do i amend my tax return 280F-7(a) of the Income Tax Regulations, this reduction requires a lessee to include in gross income an amount determined by applying a formula to the amount obtained from a table. How do i amend my tax return One table applies to lessees of trucks and vans and another table applies to all other passenger automobiles. How do i amend my tax return Each table shows inclusion amounts for a range of fair market values for each taxable year after the passenger automobile is first leased. How do i amend my tax return SECTION 3. How do i amend my tax return SCOPE . How do i amend my tax return 01 The limitations on depreciation deductions in section 4. How do i amend my tax return 01(2) of this revenue procedure apply to passenger automobiles (other than leased passenger automobiles) that are placed in service by the taxpayer in calendar year 2011, and continue to apply for each taxable year that the passenger automobile remains in service. How do i amend my tax return . How do i amend my tax return 02 The tables in section 4. How do i amend my tax return 02 of this revenue procedure apply to leased passenger automobiles for which the lease term begins during calendar year 2011. How do i amend my tax return Lessees of these passenger automobiles must use these tables to determine the inclusion amount for each taxable year during which the passenger automobile is leased. How do i amend my tax return See Rev. How do i amend my tax return Proc. How do i amend my tax return 2006-18, 2006-1 C. How do i amend my tax return B. How do i amend my tax return 645, for passenger automobiles first leased during calendar year 2006; Rev. How do i amend my tax return Proc. How do i amend my tax return 2007-30, 2007-1 C. How do i amend my tax return B. How do i amend my tax return 1104, for passenger automobiles first leased during calendar year 2007; Rev. How do i amend my tax return Proc. How do i amend my tax return 2008-22, 2008-1 C. How do i amend my tax return B. How do i amend my tax return 658, for passenger automobiles first leased during calendar year 2008; Rev. How do i amend my tax return Proc. How do i amend my tax return 2009-24, 2009-1 C. How do i amend my tax return B. How do i amend my tax return 885, for passenger automobiles first leased during calendar year 2009; and Rev. How do i amend my tax return Proc. How do i amend my tax return 2010-18, 2010-1 C. How do i amend my tax return B. How do i amend my tax return 427, as amplified and modified by section 4. How do i amend my tax return 03 of this revenue procedure, for passenger automobiles first leased during calendar year 2010. How do i amend my tax return SECTION 4. How do i amend my tax return APPLICATION . How do i amend my tax return 01 Limitations on Depreciation Deductions for Certain Automobiles. How do i amend my tax return (1) Amount of the inflation adjustment. How do i amend my tax return (a) Passenger automobiles (other than trucks or vans). How do i amend my tax return Under § 280F(d)(7)(B)(i), the automobile price inflation adjustment for any calendar year is the percentage (if any) by which the CPI automobile component for October of the preceding calendar year exceeds the CPI automobile component for October 1987. How do i amend my tax return Section 280F(d)(7)(B)(ii) defines the term “CPI automobile component” as the automobile component of the Consumer Price Index for all Urban Consumers published by the Department of Labor. How do i amend my tax return The new car component of the CPI was 115. How do i amend my tax return 2 for October 1987 and 137. How do i amend my tax return 880 for October 2010. How do i amend my tax return The October 2010 index exceeded the October 1987 index by 22. How do i amend my tax return 680. How do i amend my tax return Therefore, the automobile price inflation adjustment for 2011 for passenger automobiles (other than trucks and vans) is 19. How do i amend my tax return 69 percent (22. How do i amend my tax return 680/115. How do i amend my tax return 2 x 100%). How do i amend my tax return The dollar limitations in § 280F(a) are multiplied by a factor of 0. How do i amend my tax return 1969, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations applicable to passenger automobiles (other than trucks and vans) for calendar year 2011. How do i amend my tax return This adjustment applies to all passenger automobiles (other than trucks and vans) that are first placed in service in calendar year 2011. How do i amend my tax return (b) Trucks and vans. How do i amend my tax return To determine the dollar limitations for trucks and vans first placed in service during calendar year 2011, the Service uses the new truck component of the CPI instead of the new car component. How do i amend my tax return The new truck component of the CPI was 112. How do i amend my tax return 4 for October 1987 and 142. How do i amend my tax return 556 for October 2010. How do i amend my tax return The October 2010 index exceeded the October 1987 index by 30. How do i amend my tax return 156. How do i amend my tax return Therefore, the automobile price inflation adjustment for 2011 for trucks and vans is 26. How do i amend my tax return 83 percent (30. How do i amend my tax return 156/112. How do i amend my tax return 4 x 100%). How do i amend my tax return The dollar limitations in § 280F(a) are multiplied by a factor of 0. How do i amend my tax return 2683, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations for trucks and vans. How do i amend my tax return This adjustment applies to all trucks and vans that are first placed in service in calendar year 2011. How do i amend my tax return (2) Amount of the limitation. How do i amend my tax return Tables 1 through 4 contain the dollar amount of the depreciation limitation for each taxable year for passenger automobiles a taxpayer places in service in calendar year 2011. How do i amend my tax return Use Table 1 for a passenger automobile (other than a truck or van), and Table 2 for a truck or van, placed in service in calendar year 2011 for which the § 168(k) additional first year depreciation deduction applies. How do i amend my tax return Use Table 3 for a passenger automobile (other than a truck or van), and Table 4 for a truck or van, placed in service in calendar year 2011 for which the § 168(k) additional first year depreciation deduction does not apply. How do i amend my tax return The Service intends to issue additional guidance addressing the interaction between the 100 percent additional first year depreciation deduction and § 280F(a) for the taxable years subsequent to the first taxable year. How do i amend my tax return REV. How do i amend my tax return PROC. How do i amend my tax return 2011-21 TABLE 1 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE IN CALENDAR YEAR 2011 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $11,060 2nd Tax Year $4,900 3rd Tax Year $2,950 Each Succeeding Year $1,775 REV. How do i amend my tax return PROC. How do i amend my tax return 2011-21 TABLE 2 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE IN CALENDAR YEAR 2011 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $11,260 2nd Tax Year $5,200 3rd Tax Year $3,150 Each Succeeding Year $1,875 REV. How do i amend my tax return PROC. How do i amend my tax return 2011-21 TABLE 3 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE IN CALENDAR YEAR 2011 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION DOES NOT APPLY Tax Year Amount 1st Tax Year $3,060 2nd Tax Year $4,900 3rd Tax Year $2,950 Each Succeeding Year $1,775 REV. How do i amend my tax return PROC. How do i amend my tax return 2011-21 TABLE 4 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE IN CALENDAR YEAR 2011 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION DOES NOT APPLY Tax Year Amount 1st Tax Year $3,260 2nd Tax Year $5,200 3rd Tax Year $3,150 Each Succeeding Year $1,875 . How do i amend my tax return 02 Inclusions in Income of Lessees of Passenger Automobiles. How do i amend my tax return A taxpayer must follow the procedures in § 1. How do i amend my tax return 280F-7(a) for determining the inclusion amounts for passenger automobiles first leased in calendar year 2011. How do i amend my tax return In applying these procedures, lessees of passenger automobiles other than trucks and vans should use Table 5 of this revenue procedure, while lessees of trucks and vans should use Table 6 of this revenue procedure. How do i amend my tax return REV. How do i amend my tax return PROC. How do i amend my tax return 2011-21 TABLE 5 DOLLAR AMOUNTS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2011 Fair Market Value of Passenger Automobile Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th & later $18,500 $19,000 3 8 11 13 16 19,000 19,500 4 9 13 15 18 19,500 20,000 4 10 15 17 20 20,000 20,500 5 11 16 19 23 20,500 21,000 5 12 18 21 25 21,000 21,500 6 13 19 24 26 21,500 22,000 6 14 21 26 29 22,000 23,000 7 16 23 29 32 23,000 24,000 8 18 27 32 37 24,000 25,000 9 20 30 36 42 25,000 26,000 10 23 33 40 46 26,000 27,000 11 25 36 44 51 27,000 28,000 12 27 40 48 55 28,000 29,000 13 29 43 52 60 29,000 30,000 14 31 47 55 65 30,000 31,000 15 34 49 60 69 31,000 32,000 16 36 53 63 73 32,000 33,000 17 38 56 68 77 33,000 34,000 18 40 60 71 82 34,000 35,000 19 42 63 75 87 35,000 36,000 20 45 66 79 91 36,000 37,000 21 47 69 83 96 37,000 38,000 22 49 73 87 100 38,000 39,000 23 51 76 91 105 39,000 40,000 24 53 80 94 110 40,000 41,000 25 56 82 99 114 41,000 42,000 26 58 86 102 119 42,000 43,000 27 60 89 107 123 43,000 44,000 28 62 93 110 128 44,000 45,000 29 64 96 114 133 45,000 46,000 30 67 98 119 137 46,000 47,000 31 69 102 122 141 47,000 48,000 32 71 105 127 145 48,000 49,000 33 73 109 130 150 49,000 50,000 34 76 111 134 155 50,000 51,000 35 78 115 138 159 51,000 52,000 36 80 118 142 164 52,000 53,000 37 82 122 146 168 53,000 54,000 38 84 125 150 173 54,000 55,000 39 87 128 153 178 55,000 56,000 40 89 131 158 182 56,000 57,000 41 91 135 161 187 57,000 58,000 42 93 138 166 191 58,000 59,000 43 95 142 169 196 59,000 60,000 44 98 144 174 200 60,000 62,000 46 101 149 179 207 62,000 64,000 48 105 156 187 216 64,000 66,000 50 109 163 195 225 66,000 68,000 52 114 169 203 234 68,000 70,000 54 118 176 211 243 70,000 72,000 56 123 182 218 253 72,000 74,000 58 127 189 226 262 74,000 76,000 60 132 195 234 270 76,000 78,000 62 136 202 242 279 78,000 80,000 64 140 209 250 288 80,000 85,000 67 148 220 264 304 85,000 90,000 72 159 237 283 327 90,000 95,000 77 170 253 303 350 95,000 100,000 82 181 269 323 372 100,000 110,000 90 198 293 352 406 110,000 120,000 100 220 326 391 452 120,000 130,000 110 242 359 430 497 130,000 140,000 120 264 392 469 543 140,000 150,000 130 286 424 509 588 150,000 160,000 140 308 457 548 633 160,000 170,000 150 330 490 587 679 170,000 180,000 160 352 523 626 724 180,000 190,000 170 374 555 666 769 190,000 200,000 180 396 588 705 815 200,000 210,000 190 418 621 744 860 210,000 220,000 200 440 654 784 904 220,000 230,000 210 462 687 823 950 230,000 240,000 220 484 719 863 995 240,000 And up 230 506 752 902 1,040 REV. How do i amend my tax return PROC. How do i amend my tax return 2011-21 TABLE 6 DOLLAR AMOUNTS FOR TRUCKS AND VANS WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2011 Fair Market Value of Truck or Van Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th & later $19,000 $19,500 3 7 9 12 13 19,500 20,000 3 8 11 14 15 20,000 20,500 4 9 13 15 18 20,500 21,000 4 10 15 17 20 21,000 21,500 5 11 16 20 22 21,500 22,000 5 12 18 22 24 22,000 23,000 6 14 20 24 29 23,000 24,000 7 16 24 28 32 24,000 25,000 8 18 27 32 37 25,000 26,000 9 20 31 36 41 26,000 27,000 10 23 33 40 46 27,000 28,000 11 25 37 43 51 28,000 29,000 12 27 40 48 55 29,000 30,000 13 29 43 52 60 30,000 31,000 14 31 47 56 64 31,000 32,000 15 34 49 60 69 32,000 33,000 16 36 53 63 74 33,000 34,000 17 38 56 68 78 34,000 35,000 18 40 60 71 83 35,000 36,000 19 43 62 76 87 36,000 37,000 20 45 66 79 92 37,000 38,000 21 47 69 83 97 38,000 39,000 22 49 73 87 101 39,000 40,000 23 51 76 91 105 40,000 41,000 24 54 79 95 109 41,000 42,000 25 56 82 99 114 42,000 43,000 26 58 86 103 118 43,000 44,000 27 60 89 107 123 44,000 45,000 28 62 93 110 128 45,000 46,000 29 65 95 115 132 46,000 47,000 30 67 99 118 137 47,000 48,000 31 69 102 123 141 48,000 49,000 32 71 106 126 146 49,000 50,000 33 73 109 130 151 50,000 51,000 34 76 112 134 155 51,000 52,000 35 78 115 138 160 52,000 53,000 36 80 118 143 164 53,000 54,000 37 82 122 146 169 54,000 55,000 38 84 125 150 173 55,000 56,000 39 87 128 154 177 56,000 57,000 40 89 131 158 182 57,000 58,000 41 91 135 162 186 58,000 59,000 42 93 138 166 191 59,000 60,000 43 95 142 169 196 60,000 62,000 45 99 146 175 203 62,000 64,000 47 103 153 183 212 64,000 66,000 49 107 160 191 221 66,000 68,000 51 112 166 199 229 68,000 70,000 53 116 173 206 239 70,000 72,000 55 121 179 214 248 72,000 74,000 57 125 186 222 257 74,000 76,000 59 129 192 231 266 76,000 78,000 61 134 198 239 275 78,000 80,000 63 138 205 246 285 80,000 85,000 66 146 217 260 300 85,000 90,000 71 157 233 280 322 90,000 95,000 76 168 250 299 345 95,000 100,000 81 179 266 319 368 100,000 110,000 89 196 290 348 402 110,000 120,000 99 218 323 387 447 120,000 130,000 109 240 355 427 493 130,000 140,000 119 262 388 466 538 140,000 150,000 129 284 421 505 583 150,000 160,000 139 306 454 544 629 160,000 170,000 149 328 487 583 674 170,000 180,000 159 350 519 623 719 180,000 190,000 169 372 552 662 765 190,000 200,000 179 394 585 701 810 200,000 210,000 189 416 618 740 856 210,000 220,000 199 438 651 779 901 220,000 230,000 209 460 683 819 946 230,000 240,000 219 482 716 858 992 240,000 And up 229 504 749 897 1,037 . How do i amend my tax return 03 Revised Amounts for Passenger Automobiles Placed in Service During 2010. How do i amend my tax return (1) Calculation of the Revised Amount. How do i amend my tax return The revised depreciation limits provided in this section 4. How do i amend my tax return 03 were calculated by increasing the existing limitations on the first year allowance in Rev. How do i amend my tax return Proc. How do i amend my tax return 2010-18 by $8,000 as provided in § 168(k)(2)(F)(i). How do i amend my tax return (2) Amount of the Revised Limitation. How do i amend my tax return For passenger automobiles (that are not trucks or vans) placed in service by the taxpayer in calendar year 2010 for which the § 168(k) additional first year depreciation deduction applies, Table 7 of this revenue procedure contains the revised dollar amount of the depreciation limitations for each taxable year. How do i amend my tax return For trucks or vans placed in service by the taxpayer in calendar year 2010 for which the § 168(k) additional first year depreciation deduction applies, Table 8 of this revenue procedure contains the revised dollar amount of the depreciation limitations for each taxable year. How do i amend my tax return If the § 168(k) additional first year depreciation deduction does not apply to a passenger automobile placed in service by the taxpayer in calendar year 2010, the depreciation limitations for each taxable year in Tables 1 and 2 of Rev. How do i amend my tax return Proc. How do i amend my tax return 2010-18 apply. How do i amend my tax return REV. How do i amend my tax return PROC. How do i amend my tax return 2011-21 TABLE 7 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE IN CALENDAR YEAR 2010 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $11,060 2nd Tax Year $4,900 3rd Tax Year $2,950 Each Succeeding Year $1,775 REV. How do i amend my tax return PROC. How do i amend my tax return 2011-21 TABLE 8 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE IN CALENDAR YEAR 2010 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $11,160 2nd Tax Year $5,100 3rd Tax Year $3,050 Each Succeeding Year $1,875 (3) Modification to lease inclusion amounts for 2010. How do i amend my tax return The lease inclusion amounts in Tables 3 and 4 of Rev. How do i amend my tax return Proc. How do i amend my tax return 2010-18 are modified by striking the first four lines of the inclusion amounts in each table. How do i amend my tax return Consequently, Table 3 of Rev. How do i amend my tax return Proc. How do i amend my tax return 2010-18 applies to passenger automobiles (other than trucks and vans) that are first leased by the taxpayer in calendar year 2010 with a fair market value over $18,500, and Table 4 of Rev. How do i amend my tax return Proc. How do i amend my tax return 2010-18 applies to trucks and vans that are first leased by the taxpayer in calendar year 2010 with a fair market value over $19,000. How do i amend my tax return SECTION 5. How do i amend my tax return EFFECTIVE DATE This revenue procedure, with the exception of section 4. How do i amend my tax return 03, applies to passenger automobiles that a taxpayer first places in service or first leases during calendar year 2011. How do i amend my tax return Section 4. How do i amend my tax return 03 of this revenue procedure applies to passenger automobiles that a taxpayer first places in service or first leases during calendar year 2010. How do i amend my tax return SECTION 6. How do i amend my tax return EFFECT ON OTHER DOCUMENTS Rev. How do i amend my tax return Proc. How do i amend my tax return 2010-18 is amplified and modified. How do i amend my tax return SECTION 7. How do i amend my tax return DRAFTING INFORMATION The principal author of this revenue procedure is Bernard P. How do i amend my tax return Harvey of the Office of Associate Chief Counsel (Income Tax & Accounting). How do i amend my tax return For further information regarding this revenue procedure, contact Mr. How do i amend my tax return Harvey at (202) 622-4930 (not a toll-free call). How do i amend my tax return Prev  Up  Next   Home   More Internal Revenue Bulletins