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Refile taxes 7. Refile taxes   Filing Information Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: What, When, and Where To FileResident Aliens Nonresident Aliens Amended Returns and Claims for Refund Other Forms You May Have To File PenaltiesCivil Penalties Criminal Penalties Introduction This chapter provides the basic filing information that you may need. Refile taxes Topics - This chapter discusses: Forms aliens must file, When and where to file, Penalties, and Amended returns and claims for refund. Refile taxes Useful Items - You may want to see: Forms (and Instructions) 1040 U. Refile taxes S. Refile taxes Individual Income Tax Return 1040A U. Refile taxes S. Refile taxes Individual Income Tax Return 1040EZ Income Tax Return for Single and Joint Filers With No Dependents 1040NR U. Refile taxes S. Refile taxes Nonresident Alien Income Tax Return 1040NR-EZ U. Refile taxes S. Refile taxes Income Tax Return for Certain Nonresident Aliens With No Dependents See chapter 12 for information about getting these forms. Refile taxes What, When, and Where To File What return you must file as well as when and where you file that return, depends on your status at the end of the tax year as a resident or a nonresident alien. Refile taxes Resident Aliens Resident aliens should file Form 1040EZ, 1040A, or 1040 at the address shown in the instructions for that form. Refile taxes The due date for filing the return and paying any tax due is April 15 of the year following the year for which you are filing a return (but see the Tip, later). Refile taxes Under U. Refile taxes S. Refile taxes immigration law, a lawful permanent resident who is required to file a tax return as a resident and fails to do so may be regarded as having abandoned status and may lose permanent resident status. Refile taxes Extensions of time to file. Refile taxes   You are allowed an automatic extension to June 15 to file if your main place of business and the home you live in are outside the United States and Puerto Rico on April 15. Refile taxes You can get an extension of time to October 15 to file your return if you get an extension by April 15 (June 15 if you qualify for the June 15 extension). Refile taxes Use Form 4868 to get the extension to October 15. Refile taxes In addition to this 6-month extension, taxpayers who are out of the country (as defined in the Form 4868 instructions) can request a discretionary 2-month additional extension of time to file their returns (to December 15 for calendar year taxpayers). Refile taxes To request this extension, you must send the IRS a letter explaining the reasons why you need the additional 2 months. Refile taxes Send the letter by the extended due date (October 15 for calendar year taxpayers) to the following address:  Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215   You will not receive any notification from the IRS unless your request is denied for being untimely. Refile taxes   The discretionary 2-month additional extension is not available to taxpayers who have an approved extension of time to file on Form 2350 (for U. Refile taxes S. Refile taxes citizens and resident aliens abroad who expect to qualify for special tax treatment). Refile taxes    If the due date for filing falls on a Saturday, Sunday, or legal holiday, the due date is the next day which is not a Saturday, Sunday, or legal holiday. Refile taxes You may be able to file your return electronically. Refile taxes See IRS e-file in your form instructions. Refile taxes Nonresident Aliens Nonresident aliens who are required to file an income tax return should use Form 1040NR or, if qualified, Form 1040NR-EZ. Refile taxes If you are any of the following, you must file a return. Refile taxes A nonresident alien individual engaged or considered to be engaged in a trade or business in the United States during 2013. Refile taxes (But see Exceptions , later. Refile taxes ) You must file even if: Your income did not come from a trade or business conducted in the United States, You have no income from U. Refile taxes S. Refile taxes sources, or Your income is exempt from income tax. Refile taxes A nonresident alien individual not engaged in a trade or business in the United States with U. Refile taxes S. Refile taxes income on which the tax liability was not satisfied by the withholding of tax at the source. Refile taxes A representative or agent responsible for filing the return of an individual described in (1) or (2). Refile taxes A fiduciary for a nonresident alien estate or trust. Refile taxes You must also file if you want to: Claim a refund of overwithheld or overpaid tax, or Claim the benefit of any deductions or credits. Refile taxes For example, if you have no U. Refile taxes S. Refile taxes business activities but have income from real property that you choose to treat as effectively connected income (discussed in chapter 4), you must timely file a true and accurate return to take any allowable deductions against that income. Refile taxes For information on what is timely, see When to file for deductions and credits under When To File, later. Refile taxes Exceptions. Refile taxes   You do not need to file Form 1040NR or Form 1040NR-EZ if you meet either of the following conditions. Refile taxes Your only U. Refile taxes S. Refile taxes trade or business was the performance of personal services, and Your wages were less than $3,900, and You have no other need to file a return to claim a refund of overwithheld taxes, to satisfy additional withholding at source, or to claim income exempt or partly exempt by treaty. Refile taxes You were a nonresident alien student, teacher, or trainee who was temporarily present in the United States under an “F,” “J,” “M,” or “Q” visa and you have no income that is subject to tax, such as wages, tips, scholarship and fellowship grants, dividends, etc. Refile taxes Even if you have left the United States and filed a Form 1040-C, U. Refile taxes S. Refile taxes Departing Alien Income Tax Return, on departure, you still must file an annual U. Refile taxes S. Refile taxes income tax return. Refile taxes If you are married and both you and your spouse are required to file, you must each file a separate return. Refile taxes Form 1040NR-EZ You can use Form 1040NR-EZ if all of the following conditions are met. Refile taxes You do not claim any dependents. Refile taxes You cannot be claimed as a dependent on someone else's U. Refile taxes S. Refile taxes tax return. Refile taxes If you were married, you do not claim an exemption for your spouse. Refile taxes Your taxable income is less than $100,000. Refile taxes The only itemized deduction you can claim is for state and local income taxes. Refile taxes Note. Refile taxes Residents of India who were students or business apprentices may be able to take the standard deduction instead of the itemized deduction for state and local income taxes. Refile taxes See chapter 5. Refile taxes Your only U. Refile taxes S. Refile taxes source income is from wages, salaries, tips, taxable refunds of state and local income taxes, scholarship or fellowship grants, and nontaxable interest or dividends. Refile taxes (If you had taxable interest or dividend income, you cannot use this form. Refile taxes ) You are not claiming any adjustments to income other than the student loan interest deduction or scholarship and fellowship grants excluded. Refile taxes You are not claiming any tax credits. Refile taxes This is not an “expatriation return. Refile taxes ” See Expatriation Tax in chapter 4. Refile taxes The only taxes you owe are: The income tax from the Tax Table. Refile taxes The social security and Medicare tax from Form 4137 or Form 8919. Refile taxes You are not claiming a credit for excess social security and tier 1 RRTA tax withheld. Refile taxes You are not filing Form 8959, to figure the amount of Additional Medicare Tax you owe and/or the amount of Additional Medicare Tax withheld by your employer, if any. Refile taxes If you do not meet all of the above conditions, you must file Form 1040NR. Refile taxes When To File If you are an employee and you receive wages subject to U. Refile taxes S. Refile taxes income tax withholding, you will generally file by the 15th day of the 4th month after your tax year ends. Refile taxes For the 2013 calendar year, file your return by April 15, 2014. Refile taxes If you are not an employee who receives wages subject to U. Refile taxes S. Refile taxes income tax withholding, you must file by the 15th day of the 6th month after your tax year ends. Refile taxes For the 2013 calendar year, file your return by June 16, 2014 (because June 15 is a Sunday. Refile taxes ) Extensions of time to file. Refile taxes   If you cannot file your return by the due date, file Form 4868 or use one of the electronic filing options explained in the Form 4868 instructions. Refile taxes For the 2013 calendar year, this will extend the due date to October 15, 2014 (December 15, 2014, if the regular due date of your return is June 16, 2014). Refile taxes You must file the extension by the regular due date of your return. Refile taxes   In addition to the 6-month extension to October 15, taxpayers whose main place of business is outside the United States and Puerto Rico and who live outside those jurisdictions can request a discretionary 2-month extension of time to file their returns (to December 15 for calendar year taxpayers). Refile taxes To request this extension, you must send the IRS a letter explaining the reasons why you need the additional 2 months. Refile taxes Send the letter by the extended due date (October 15 for calendar year taxpayers) to the following address: Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215   You will not receive any notification from the IRS unless your request is denied for being untimely. Refile taxes When to file for deductions and credits. Refile taxes   To get the benefit of any allowable deductions or credits, you must timely file a true and accurate return. Refile taxes For this purpose, a return is timely if it is filed within 16 months of the due date just discussed. Refile taxes However, if you did not file a 2012 tax return and 2013 is not the first year for which you are required to file one, your 2013 return is timely for this purpose if it is filed by the earlier of: The date that is 16 months after the due date for filing your 2013 return, or The date the IRS notifies you that your 2013 return has not been filed and that you cannot claim certain deductions and credits. Refile taxes The allowance of the following credits is not affected by this time requirement. Refile taxes Credit for withheld taxes. Refile taxes Credit for excise tax on certain uses of gasoline and special fuels. Refile taxes Credit for tax paid by a mutual fund (or other regulated investment company) or a real estate investment trust on undistributed long-term capital gains. Refile taxes Protective return. Refile taxes   If your activities in the United States were limited and you do not believe that you had any gross income effectively connected with a U. Refile taxes S. Refile taxes trade or business during the year, you can file a protective return (Form 1040NR) by the deadline explained above. Refile taxes By filing a protective return, you protect your right to receive the benefit of deductions and credits in the event it is later determined that some or all of your income is effectively connected. Refile taxes You are not required to report any effectively connected income or any deductions on the protective return, but you must give the reason the return is being filed. Refile taxes   If you believe some of your activities resulted in effectively connected income, file your return reporting that income and related deductions by the regular due date. Refile taxes To protect your right to claim deductions or credits resulting from other activities, attach a statement to that return explaining that you wish to protect your right to claim deductions and credits if it is later determined that the other activities produced effectively connected income. Refile taxes   You can follow the same procedure if you believe you have no U. Refile taxes S. Refile taxes tax liability because of a U. Refile taxes S. Refile taxes tax treaty. Refile taxes Be sure to also complete item L on page 5 of Form 1040NR. Refile taxes Waiver of filing deadline. Refile taxes   The IRS may waive the filing deadline if you establish that, based on the facts and circumstances, you acted reasonably and in good faith in failing to file a U. Refile taxes S. Refile taxes income tax return (including a protective return) and you cooperate with the IRS in determining your U. Refile taxes S. Refile taxes income tax liability for the tax year for which you did not file a return. Refile taxes Where To File If you are not enclosing a payment, file Form 1040NR-EZ and Form 1040NR at the following address. Refile taxes  Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215 If enclosing a payment, mail your return to:  Internal Revenue Service  P. Refile taxes O. Refile taxes Box 1303 Charlotte, NC 28201-1303 Aliens from the U. Refile taxes S. Refile taxes Virgin Islands. Refile taxes    If you are a bona fide resident of the U. Refile taxes S. Refile taxes Virgin Islands during your entire tax year and work temporarily in the United States, you must pay your income taxes to the U. Refile taxes S. Refile taxes Virgin Islands and file your income tax returns at the following address. Refile taxes Virgin Islands Bureau of Internal Revenue 6115 Estate Smith Bay Suite 225 St. Refile taxes Thomas, VI 00802   Report all income from U. Refile taxes S. Refile taxes sources, as well as income from other sources, on your return. Refile taxes For information on filing U. Refile taxes S. Refile taxes Virgin Islands returns, contact the U. Refile taxes S. Refile taxes Virgin Islands Bureau of Internal Revenue. Refile taxes   Chapter 8 discusses withholding from U. Refile taxes S. Refile taxes wages of U. Refile taxes S. Refile taxes Virgin Islanders. Refile taxes Aliens from Guam or the Commonwealth of the Northern Mariana Islands. Refile taxes   If you are a bona fide resident of Guam or the Commonwealth of the Northern Mariana Islands (CNMI) during your entire tax year, you must file your return with, and pay any tax due to, Guam or the CNMI. Refile taxes Report all income, including income from U. Refile taxes S. Refile taxes sources, on your return. Refile taxes It is not necessary to file a separate U. Refile taxes S. Refile taxes income tax return. Refile taxes    Bona fide residents of Guam should file their Guam returns at the following address. Refile taxes   Department of Revenue and Taxation Government of Guam P. Refile taxes O. Refile taxes Box 23607 GMF, GU 96921    Bona fide residents of the CNMI should file their CNMI income tax returns at the following address. Refile taxes   Department of Finance Division of Revenue and Taxation Commonwealth of the Northern Mariana Islands P. Refile taxes O. Refile taxes Box 5234 CHRB Saipan, MP 96950   If you are not a bona fide resident of Guam or the CNMI, see Pub. Refile taxes 570, Tax Guide for Individuals With Income From U. Refile taxes S. Refile taxes Possessions, for information on where to file your return. Refile taxes Amended Returns and Claims for Refund If you find changes in your income, deductions, or credits after you mail your return, file Form 1040X, Amended U. Refile taxes S. Refile taxes Individual Income Tax Return. Refile taxes Also use Form 1040X if you should have filed Form 1040, 1040A, or 1040EZ instead of Form 1040NR or 1040NR-EZ, or vice versa. Refile taxes If you amend Form 1040NR or Form 1040NR-EZ or file the correct return, attach the corrected return (Form 1040, Form 1040NR, etc. Refile taxes ) to Form 1040X. Refile taxes Print “Amended” across the top. Refile taxes Ordinarily, an amended return claiming a refund must be filed within 3 years from the date your return was filed or within 2 years from the time the tax was paid, whichever is later. Refile taxes A return filed before the final due date is considered to have been filed on the due date. Refile taxes Other Forms You May Have To File You may be required to file information returns to report certain foreign income or assets, or monetary transactions. Refile taxes FinCen Form 105 FinCEN Form 105 (formerly Customs Form 4790), Report of International Transportation of Currency or Monetary Instruments, must be filed by each person who physically transports, mails, or ships, or causes to be physically transported, mailed, or shipped, currency or other monetary instruments in a total amount of more than $10,000 at one time from the United States to any place outside the United States, or into the United States from any place outside the United States. Refile taxes The filing requirement also applies to each person who receives in the United States currency or monetary instruments totaling more than $10,000 at one time from any place outside of the United States. Refile taxes The term “monetary instruments” means the following: Coin and currency of the United States or of any other country, Travelers' checks in any form, Investment securities or stock in bearer form or otherwise in such form that title to them passes upon delivery, Negotiable instruments (including checks, promissory notes, and money orders) in bearer form, endorsed without restriction, made out to a fictitious payee, or otherwise in such form that title to them passes upon delivery, and Checks, promissory notes, and money orders which are signed but on which the name of the payee has been omitted. Refile taxes However, the term does not include: Checks or money orders made payable to the order of a named person which have not been endorsed or which contain restrictive endorsements, Warehouse receipts, or Bills of lading. Refile taxes A transfer of funds through normal banking procedures (wire transfer) that does not involve the physical transportation of currency or monetary instruments is not required to be reported on FinCEN Form 105. Refile taxes Filing requirements. Refile taxes   FinCEN Form 105 filing requirements follow. Refile taxes Recipients. Refile taxes   Each person who receives currency or other monetary instruments in the United States must file FinCEN Form 105 within 15 days after receipt, with the Customs officer in charge at any port of entry or departure, or by mail at the following address. Refile taxes Commissioner of Customs  Attention: Currency Transportation Reports Washington, DC 20229 Shippers or mailers. Refile taxes   If the currency or other monetary instrument does not accompany the person entering or departing the United States, FinCEN Form 105 can be filed by mail at the above address on or before the date of entry, departure, mailing, or shipping. Refile taxes Travelers. Refile taxes   Travelers must file FinCEN Form 105 with the Customs officer in charge at any Customs port of entry or departure, when entering or departing the United States. Refile taxes Penalties. Refile taxes   Civil and criminal penalties are provided for failing to file a report, filing a report containing material omissions or misstatements, or filing a false or fraudulent report. Refile taxes Also, the entire amount of the currency or monetary instrument may be subject to seizure and forfeiture. Refile taxes More information. Refile taxes   More information regarding the filing of FinCEN Form 105 can be found in the instructions on the back of the form. Refile taxes Form 8938 You may have to file Form 8938, Statement of Specified Foreign Financial Assets, to report the ownership of specified foreign financial asset(s) if you are one of the following individuals. Refile taxes A resident alien of the United States for any part of the tax year. Refile taxes A resident alien of the United States who elects to be treated as a resident of a foreign country under the provisions of a U. Refile taxes S. Refile taxes income tax treaty. Refile taxes See Effect of Tax Treaties in chapter 1. Refile taxes A nonresident alien who makes an election to be treated as a resident alien for purposes of filing a joint income tax return. Refile taxes See chapter 1 for information about this election. Refile taxes A nonresident alien who is a bona fide resident of American Samoa or Puerto Rico. Refile taxes See Publication 570, Tax Guide for Individuals With Income From U. Refile taxes S. Refile taxes Possessions, for a definition of bona fide resident. Refile taxes You must file Form 8938 if the total value of those assets exceeds an applicable threshold (the “reporting threshold”). Refile taxes The reporting threshold varies depending on whether you live in the United States, are married, or file a joint income tax return with your spouse. Refile taxes Specified foreign financial assets include any financial account maintained by a foreign financial institution and, to the extent held for investment, any stock, securities, or any other interest in a foreign entity and any financial instrument or contract with an issuer or counterparty that is not a U. Refile taxes S. Refile taxes person. Refile taxes You may have to pay penalties if you are required to file Form 8938 and fail to do so, or if you have an understatement of tax due to any transaction involving an undisclosed foreign financial asset. Refile taxes More information about the filing of Form 8938 can be found in the separate instructions for Form 8938. Refile taxes Penalties The law provides penalties for failure to file returns or pay taxes as required. Refile taxes Civil Penalties If you do not file your return and pay your tax by the due date, you may have to pay a penalty. Refile taxes You may also have to pay a penalty if you substantially understate your tax, file a frivolous tax submission, or fail to supply your taxpayer identification number. Refile taxes If you provide fraudulent information on your return, you may have to pay a civil fraud penalty. Refile taxes Filing late. Refile taxes   If you do not file your return by the due date (including extensions), you may have to pay a failure-to-file penalty. Refile taxes The penalty is based on the tax not paid by the due date (without regard to extensions). Refile taxes The penalty is usually 5% for each month or part of a month that a return is late, but not more than 25%. Refile taxes Fraud. Refile taxes   If your failure to file is due to fraud, the penalty is 15% for each month or part of a month that your return is late, up to a maximum of 75%. Refile taxes Return over 60 days late. Refile taxes   If you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100% of the unpaid tax. Refile taxes Exception. Refile taxes   You will not have to pay the penalty if you show that you failed to file on time because of reasonable cause and not because of willful neglect. Refile taxes Paying tax late. Refile taxes   You will have to pay a failure-to-pay penalty of ½ of 1% (. Refile taxes 50%) of your unpaid taxes for each month, or part of a month, after the due date that the tax is not paid. Refile taxes This penalty does not apply during the automatic 6-month extension of time to file period, if you paid at least 90% of your actual tax liability on or before the due date of your return and pay the balance when you file the return. Refile taxes   The monthly rate of the failure-to-pay penalty is half the usual rate (. Refile taxes 25% instead of . Refile taxes 50%) if an installment agreement is in effect for that month. Refile taxes You must have filed your return by the due date (including extensions) to qualify for this reduced penalty. Refile taxes   If a notice of intent to levy is issued, the rate will increase to 1% at the start of the first month beginning at least 10 days after the day that the notice is issued. Refile taxes If a notice and demand for immediate payment is issued, the rate will increase to 1% at the start of the first month beginning after the day that the notice and demand is issued. Refile taxes   This penalty cannot be more than 25% of your unpaid tax. Refile taxes You will not have to pay the penalty if you can show that you had a good reason for not paying your tax on time. Refile taxes Combined penalties. Refile taxes   If both the failure-to-file penalty and the failure-to-pay penalty (discussed earlier) apply in any month, the 5% (or 15%) failure-to-file penalty is reduced by the failure-to-pay penalty. Refile taxes However, if you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100% of the unpaid tax. Refile taxes Accuracy-related penalty. Refile taxes   You may have to pay an accuracy-related penalty if you underpay your tax because: You show negligence or disregard of rules or regulations, You substantially understate your income tax, You claim tax benefits for a transaction that lacks economic substance, or You fail to disclose a foreign financial asset. Refile taxes The penalty is equal to 20% of the underpayment. Refile taxes The penalty is 40% of any portion of the underpayment that is attributable to an undisclosed noneconomic substance transaction or an undisclosed foreign financial asset transaction. Refile taxes The penalty will not be figured on any part of an underpayment on which the fraud penalty (discussed later) is charged. Refile taxes Negligence or disregard. Refile taxes   The term “negligence” includes a failure to make a reasonable attempt to comply with the tax law or to exercise ordinary and reasonable care in preparing a return. Refile taxes Negligence also includes failure to keep adequate books and records. Refile taxes You will not have to pay a negligence penalty if you have a reasonable basis for a position you took. Refile taxes   The term “disregard” includes any careless, reckless, or intentional disregard. Refile taxes Adequate disclosure. Refile taxes   You can avoid the penalty for disregard of rules or regulations if you adequately disclose on your return a position that has at least a reasonable basis. Refile taxes See Disclosure statement , later. Refile taxes   This exception will not apply to an item that is attributable to a tax shelter. Refile taxes In addition, it will not apply if you fail to keep adequate books and records, or substantiate items properly. Refile taxes Substantial understatement of income tax. Refile taxes   You understate your tax if the tax shown on your return is less than the correct tax. Refile taxes The understatement is substantial if it is more than the larger of 10% of the correct tax or $5,000. Refile taxes However, the amount of the understatement is reduced to the extent the understatement is due to: Substantial authority, or Adequate disclosure and a reasonable basis. Refile taxes   If an item on your return is attributable to a tax shelter, there is no reduction for an adequate disclosure. Refile taxes However, there is a reduction for a position with substantial authority, but only if you reasonably believed that your tax treatment was more likely than not the proper treatment. Refile taxes Substantial authority. Refile taxes   Whether there is or was substantial authority for the tax treatment of an item depends on the facts and circumstances. Refile taxes Consideration will be given to court opinions, Treasury regulations, revenue rulings, revenue procedures, and notices and announcements issued by the IRS and published in the Internal Revenue Bulletin that involve the same or similar circumstances as yours. Refile taxes Disclosure statement. Refile taxes   To adequately disclose the relevant facts about your tax treatment of an item, use Form 8275, Disclosure Statement. Refile taxes You must also have a reasonable basis for treating the item the way you did. Refile taxes   In cases of substantial understatement only, items that meet the requirements of Revenue Procedure 2012-51, 2012-51 IRB 719 (or later update) are considered adequately disclosed on your return without filing Form 8275. Refile taxes   Use Form 8275-R, Regulation Disclosure Statement, to disclose items or positions contrary to regulations. Refile taxes Transaction lacking economic substance. Refile taxes   For more information on economic substance, see section 7701(o). Refile taxes Foreign financial asset. Refile taxes   For more information on undisclosed foreign financial assets, see section 6662(j) or the Instructions for Form 8938. Refile taxes Reasonable cause. Refile taxes   You will not have to pay a penalty if you show a good reason (reasonable cause) for the way you treated an item. Refile taxes You must also show that you acted in good faith. Refile taxes This does not apply to a transaction that lacks economic substance. Refile taxes Filing erroneous claim for refund or credit. Refile taxes   You may have to pay a penalty if you file an erroneous claim for refund or credit. Refile taxes The penalty is equal to 20% of the disallowed amount of the claim, unless you can show a reasonable basis for the way you treated an item. Refile taxes However, any disallowed amount due to a transaction that lacks economic substance will not be treated as having a reasonable basis. Refile taxes The penalty will not be figured on any part of the disallowed amount of the claim that relates to the earned income credit or on which the accuracy-related or fraud penalties are charged. Refile taxes Frivolous tax submission. Refile taxes   You may have to pay a penalty of $5,000 if you file a frivolous tax return or other frivolous submissions. Refile taxes A frivolous tax return is one that does not include enough information to figure the correct tax or that contains information clearly showing that the tax you reported is substantially incorrect. Refile taxes For more information on frivolous returns, frivolous submissions, and a list of positions that are identified as frivolous, see Notice 2010-33, 2010-17 IRB 609 available at www. Refile taxes irs. Refile taxes gov/irb/2010-17_irb/ar13. Refile taxes html. Refile taxes   You will have to pay the penalty if you filed this kind of return or submission based on a frivolous position or a desire to delay or interfere with the administration of federal tax laws. Refile taxes This includes altering or striking out the preprinted language above the space provided for your signature. Refile taxes   This penalty is added to any other penalty provided by law. Refile taxes Fraud. Refile taxes   If there is any underpayment of tax on your return due to fraud, a penalty of 75% of the underpayment due to fraud will be added to your tax. Refile taxes Failure to supply taxpayer identification number. Refile taxes   If you do not include your social security number (SSN) or individual taxpayer identification number (ITIN) or the SSN or ITIN of another person where required on a return, statement, or other document, you will be subject to a penalty of $50 for each failure. Refile taxes You will also be subject to a penalty of $50 if you do not give your SSN or ITIN to another person when it is required on a return, statement, or other document. Refile taxes   For example, if you have a bank account that earns interest, you must give your SSN or ITIN to the bank. Refile taxes The number must be shown on the Form 1099-INT or other statement the bank sends you. Refile taxes If you do not give the bank your SSN or ITIN, you will be subject to the $50 penalty. Refile taxes (You also may be subject to “backup” withholding of income tax. Refile taxes )   You will not have to pay the penalty if you are able to show that the failure was due to reasonable cause and not willful neglect. Refile taxes Criminal Penalties You may be subject to criminal prosecution (brought to trial) for actions such as: Tax evasion, Willful failure to file a return, supply information, or pay any tax due, Fraud and false statements, or Preparing and filing a fraudulent return. Refile taxes Prev  Up  Next   Home   More Online Publications
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Understanding your CP02H Notice

You owe a balance due as a result of amending your tax return to show receipt of a grant received as a result of Hurricane Katrina, Rita or Wilma.

Tax publications you may find useful

How to get help

Calling the 1-800 number listed on the top right corner of your notice is the fastest way to get your questions answered.

You can also authorize someone (such as an accountant) to contact the IRS on your behalf using this Power of Attorney and Declaration of Representative (Form 2848).

Or you may qualify for help from a Low Income Taxpayer Clinic.
 


What you need to do

  • Submit the required payment by the date stated under "Billing Summary."
  • If you can’t pay the amount in full, pay as much as you can now and make payment arrangements for the remainder. For more information such as installment payment plans check out this link or call us at 1-800-829-8374.

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Answers to Common Questions

If I am unable to pay the full amount by the date shown on the notice, will I have to pay interest on the entire amount?
If you pay the balance due by the date on the notice you won’t be charged interest. If you don’t pay the full amount due by the date on the notice, interest will be charged on the unpaid portion.

If interest is charged, will it be computed from the original due date of the return?
No, interest starts from the balance due date shown under the "Billing Summary."

Will I be assessed a late payment penalty on the unpaid amount?
If you're unable to pay the amount shown in this specific notice due to circumstances beyond your control, please contact us at 1-800-829-0922. Depending on your situation, your penalty may be abated. It’s important that you contact us if you're unable to pay the full amount by the due date on the notice.

Page Last Reviewed or Updated: 19-Feb-2014

The Refile Taxes

Refile taxes 3. Refile taxes   Abandonments Table of Contents You abandon property when you voluntarily and permanently give up possession and use of the property with the intention of ending your ownership but without passing it on to anyone else. Refile taxes Whether an abandonment has occurred is determined in light of all the facts and circumstances. Refile taxes You must both show an intention to abandon the property and affirmatively act to abandon the property. Refile taxes A voluntary conveyance of the property in lieu of foreclosure is not an abandonment and is treated as the exchange of property to satisfy a debt. Refile taxes For more information, see Sales and Exchanges in Publication 544. Refile taxes The tax consequences of abandonment of property that secures a debt depend on whether you were personally liable for the debt (recourse debt) or were not personally liable for the debt (nonrecourse debt). Refile taxes See Publication 544 if you abandoned property that did not secure debt. Refile taxes This publication only discusses the tax consequences of abandoning property that secured a debt. Refile taxes Abandonment of property securing recourse debt. Refile taxes    In most cases, if you abandon property that secures debt for which you are personally liable (recourse debt), you do not have gain or loss until the later foreclosure is completed. Refile taxes For details on figuring gain or loss on the foreclosure, see chapter 2. Refile taxes Example 1—abandonment of personal-use property securing recourse debt. Refile taxes In 2009, Anne purchased a home for $200,000. Refile taxes She borrowed the entire purchase price, for which she was personally liable, and gave the bank a mortgage on the home. Refile taxes In 2013, Anne lost her job and was unable to continue making her mortgage loan payments. Refile taxes Because her mortgage loan balance was $185,000 and the FMV of her home was only $150,000, Anne decided to abandon her home by permanently moving out on August 1, 2013. Refile taxes Because Anne was personally liable for the debt and the bank did not complete a foreclosure of the property in 2013, Anne has neither gain nor loss in tax year 2013 from abandoning the home. Refile taxes If the bank sells the house at a foreclosure sale in 2014, Anne will have to figure her gain or nondeductible loss for tax year 2014 as discussed earlier in chapter 2. Refile taxes Example 2—abandonment of business or investment property securing recourse debt. Refile taxes In 2009, Sue purchased business property for $200,000. Refile taxes She borrowed the entire purchase price, for which she was personally liable, and gave the lender a security interest in the property. Refile taxes In 2013, Sue was unable to continue making her loan payments. Refile taxes Because her loan balance was $185,000 and the FMV of the property was only $150,000, Sue abandoned the property on August 1, 2013. Refile taxes Because Sue was personally liable for the debt and the lender did not complete a foreclosure of the property in 2013, Sue has neither gain nor loss in tax year 2013 from abandoning the property. Refile taxes If the lender sells the property at a foreclosure sale in 2014, Sue will have to figure her gain or deductible loss for tax year 2014 as discussed earlier in chapter 2. Refile taxes Abandonment of property securing nonrecourse debt. Refile taxes    If you abandon property that secures debt for which you are not personally liable (nonrecourse debt), the abandonment is treated as a sale or exchange. Refile taxes   The amount you realize on the abandonment of property that secured nonrecourse debt is the amount of the nonrecourse debt. Refile taxes If the amount you realize is more than your adjusted basis, then you have a gain. Refile taxes If your adjusted basis is more than the amount you realize, then you have a loss. Refile taxes For more information on how to figure gain and loss, see Gain or Loss from Sales or Exchanges in Publication 544. Refile taxes   Loss from abandonment of business or investment property is deductible as a loss. Refile taxes The character of the loss depends on the character of the property. Refile taxes The amount of deductible capital loss may be limited. Refile taxes For more information, see Treatment of Capital Losses in Publication 544. Refile taxes You cannot deduct any loss from abandonment of your home or other property held for personal use. Refile taxes Example 1—abandonment of personal-use property securing nonrecourse debt. Refile taxes In 2009, Timothy purchased a home for $200,000. Refile taxes He borrowed the entire purchase price, for which he was not personally liable, and gave the bank a mortgage on the home. Refile taxes In 2013, Timothy lost his job and was unable to continue making his mortgage loan payments. Refile taxes Because his mortgage loan balance was $185,000 and the FMV of his home was only $150,000, Timothy decided to abandon his home by permanently moving out on August 1, 2013. Refile taxes Because Timothy was not personally liable for the debt, the abandonment is treated as a sale or exchange of the home in tax year 2013. Refile taxes Timothy's amount realized is $185,000 and his adjusted basis in the home is $200,000. Refile taxes Timothy has a $15,000 nondeductible loss in tax year 2013. Refile taxes (Had Timothy’s adjusted basis been less than the amount realized, Timothy would have had a gain that he would have to include in gross income. Refile taxes ) The bank sells the house at a foreclosure sale in 2014. Refile taxes Timothy has neither gain nor loss from the foreclosure sale. Refile taxes Because he was not personally liable for the debt, he also has no cancellation of debt income. Refile taxes Example 2—abandonment of business or investment property securing nonrecourse debt. Refile taxes In 2009, Robert purchased business property for $200,000. Refile taxes He borrowed the entire purchase price, for which he was not personally liable, and gave the lender a security interest in the property. Refile taxes In 2013, Robert was unable to continue making his loan payments. Refile taxes Because his loan balance was $185,000 and the FMV of the property was only $150,000, Robert decided to abandon the property on August 1, 2013. Refile taxes Because Robert was not personally liable for the debt, the abandonment is treated as a sale or exchange of the property in tax year 2013. Refile taxes Robert's amount realized is $185,000 and his adjusted basis in the property is $180,000 (as a result of $20,000 of depreciation deductions on the property). Refile taxes Robert has a $5,000 gain in tax year 2013. Refile taxes (Had Robert’s adjusted basis been greater than the amount realized, he would have had a deductible loss. Refile taxes ) The lender sells the property at a foreclosure sale in 2014. Refile taxes Robert has neither gain nor loss from the foreclosure sale. Refile taxes Because he was not personally liable for the debt, he also has no cancellation of debt income. Refile taxes Canceled debt. Refile taxes    If the abandoned property secures a debt for which you are personally liable and the debt is canceled, you will realize ordinary income equal to the canceled debt. Refile taxes This income is separate from any amount realized from abandonment of the property. Refile taxes You must report this income on your return unless one of the exceptions or exclusions described in chapter 1 applies. Refile taxes See chapter 1 for more details. Refile taxes Forms 1099-A and 1099-C. Refile taxes    In most cases, if you abandon real property (such as a home), intangible property, or tangible personal property held (wholly or partly) for use in a trade or business or for investment, that secures a loan and the lender knows the property has been abandoned, the lender should send you Form 1099-A showing information you need to figure your gain or loss from the abandonment. Refile taxes Also, if your debt is canceled and the lender must file Form 1099-C, the lender can include the information about the abandonment on that form instead of on Form 1099-A. Refile taxes The lender must file Form 1099-C and send you a copy if the amount of debt canceled is $600 or more and the lender is a financial institution, credit union, federal government agency, or any organization that has a significant trade or business of lending money. Refile taxes For abandonments of property and debt cancellations occurring in 2013, these forms should be sent to you by January 31, 2014. 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