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Taxact 2011 Login

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Taxact 2011 Login

Taxact 2011 login Publication 4492-B - Main Content Table of Contents DefinitionsMidwestern Disaster Areas Applicable Disaster Date Charitable Giving IncentivesTemporary Suspension of Limits on Charitable Contributions Standard Mileage Rate for Charitable Use of Vehicles Mileage Reimbursements to Charitable Volunteers Casualty and Theft LossesTime limit for making election. Taxact 2011 login Replacement Period for Nonrecognition of Gain Net Operating Losses IRAs and Other Retirement PlansDefinitions Taxation of Qualified Disaster Recovery Assistance Distributions Repayment of Qualified Disaster Recovery Assistance Distributions Repayment of Qualified Distributions for the Purchase or Construction of a Main Home Loans From Qualified Plans Additional Tax Relief for IndividualsEarned Income Credit and Child Tax Credit Additional Exemption for Housing Individuals Displaced by the Severe Storms, Tornadoes, or Flooding Education Credits Recapture of Federal Mortgage Subsidy Exclusion of Certain Cancellations of Indebtedness by Reason of the Severe Storms, Tornadoes, or Flooding Tax Relief for Temporary Relocation Additional Tax Relief for BusinessesEmployee Retention Credit Employer Housing Credit and Exclusion Demolition and Clean-up Costs Increase in Rehabilitation Tax Credit Request for Copy or Transcript of Tax Return How To Get Tax HelpLow Income Taxpayer Clinics (LITCs). Taxact 2011 login Definitions The following definitions are used throughout this publication. Taxact 2011 login Midwestern Disaster Areas A Midwestern disaster area is an area for which a major disaster was declared by the President during the period beginning on May 20, 2008, and ending on July 31, 2008, in the state of Arkansas, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, or Wisconsin, as a result of severe storms, tornadoes, or flooding that occurred on the applicable disaster date. Taxact 2011 login See Tables 1 and 2 for a list of the counties included in the Midwestern disaster areas. Taxact 2011 login Applicable Disaster Date The term “applicable disaster date” as used in this publication, refers to the date on which the severe storms, tornadoes, or flooding occurred in the Midwestern disaster areas. Taxact 2011 login You will need to know this date when using this publication for the various tax provisions. Taxact 2011 login Table 1 The counties listed in Table 1 below are eligible for all tax provisions shown in this publication. Taxact 2011 login Applicable Disaster Dates* State Affected Counties—Midwestern Disaster Areas 05/02/2008through05/12/2008 Arkansas Arkansas, Benton, Cleburne, Conway, Crittenden, Grant, Lonoke, Mississippi, Phillips, Pulaski, Saline, and Van Buren. Taxact 2011 login 06/01/2008through07/22/2008 Illinois Adams, Calhoun, Clark, Coles, Crawford, Cumberland, Douglas, Edgar, Hancock, Henderson, Jasper, Jersey, Lake, Lawrence, Mercer, Rock Island, Whiteside, and Winnebago. Taxact 2011 login 05/30/2008through06/27/2008 Indiana Adams, Bartholomew, Brown, Clay, Daviess, Dearborn, Decatur, Gibson, Grant, Greene, Hamilton, Hancock, Hendricks, Henry, Huntington, Jackson, Jefferson, Jennings, Johnson, Knox, Lawrence, Madison, Marion, Monroe, Morgan, Owen, Parke, Pike, Posey, Putnam, Randolph, Ripley, Rush, Shelby, Sullivan, Tippecanoe, Vermillion, Vigo, Washington, and Wayne. Taxact 2011 login 05/25/2008through08/13/2008 Iowa Adair, Adams, Allamakee, Appanoose, Audubon, Benton, Black Hawk, Boone, Bremer, Buchanan, Butler, Cass, Cedar, Cerro Gordo, Chickasaw, Clarke, Clayton, Clinton, Crawford, Dallas, Davis, Decatur, Delaware, Des Moines, Dubuque, Fayette, Floyd, Franklin, Fremont, Greene, Grundy, Guthrie, Hamilton, Hancock, Hardin, Harrison, Henry, Howard, Humboldt, Iowa, Jackson, Jasper, Johnson, Jones, Keokuk, Kossuth, Lee, Linn, Louisa, Lucas, Madison, Mahaska, Marion, Marshall, Mills, Mitchell, Monona, Monroe, Montgomery, Muscatine, Page, Polk, Pottawattamie, Poweshiek, Ringgold, Scott, Story, Tama, Union, Van Buren, Wapello, Warren, Washington, Webster, Winnebago, Winneshiek, Worth, and Wright. Taxact 2011 login 05/10/2008through05/11/2008 Missouri Barry, Jasper, and Newton. Taxact 2011 login 06/01/2008through08/13/2008 Missouri Adair, Andrew, Callaway, Cass, Chariton, Clark, Gentry, Greene, Harrison, Holt, Johnson, Lewis, Lincoln, Linn, Livingston, Macon, Marion, Monroe, Nodaway, Pike, Putnam, Ralls, St. Taxact 2011 login Charles, Stone, Taney, Vernon, and Webster. Taxact 2011 login 05/22/2008through06/24/2008 Nebraska Buffalo, Butler, Colfax, Custer, Dawson, Douglas, Gage, Hamilton, Holt, Jefferson, Kearney, Lancaster, Platte, Richardson, Sarpy, and Saunders. Taxact 2011 login 06/05/2008through07/25/2008 Wisconsin Adams, Calumet, Crawford, Columbia, Dane, Dodge, Fond du Lac, Grant, Green, Green Lake, Iowa, Jefferson, Juneau, Kenosha, La Crosse, Manitowoc, Marquette, Milwaukee, Monroe, Ozaukee, Racine, Richland, Rock, Sauk, Sheboygan, Vernon, Walworth, Washington, Waukesha, and Winnebago. Taxact 2011 login *For more details, go to www. Taxact 2011 login fema. Taxact 2011 login gov Table 2 The counties listed in Table 2 below are eligible for all of the special tax provisions shown in this publication except the following. Taxact 2011 login Charitable Giving Incentives. Taxact 2011 login Net Operating Losses. Taxact 2011 login Education Credits. Taxact 2011 login Recapture of Federal Mortgage Subsidy. Taxact 2011 login Tax Relief for Temporary Relocation. Taxact 2011 login Employee Retention Credit. Taxact 2011 login Employer Housing Credit and Exclusion. Taxact 2011 login Demolition and Clean-up Costs. Taxact 2011 login Increase in Rehabilitation Credit. Taxact 2011 login Applicable Disaster Dates* State Affected Counties—Midwestern Disaster Areas 06/01/2008through07/22/2008 Illinois Greene, Madison, Monroe, Pike, Randolph, St. Taxact 2011 login Clair, and Scott. Taxact 2011 login 05/30/2008through06/27/2008 Indiana Benton, Boone, Fountain, Franklin, Jay, Montgomery, Ohio, Switzerland, Union, and Wabash. Taxact 2011 login 05/25/2008through08/13/2008 Iowa Carroll, Cherokee, Lyon, Palo Alto, Pocahontas, Taylor, and Wayne. Taxact 2011 login 05/22/2008through06/16/2008 Kansas Barber, Barton, Bourbon, Brown, Butler, Chautauqua, Cherokee, Clark, Clay, Comanche, Cowley, Crawford, Decatur, Dickinson, Edwards, Elk, Ellis, Ellsworth, Franklin, Gove, Graham, Harper, Haskell, Hodgeman, Jackson, Jewell, Kingman, Kiowa, Lane, Linn, Logan, Mitchell, Montgomery, Ness, Norton, Osborne, Pawnee, Phillips, Pratt, Reno, Republic, Riley, Rooks, Rush, Saline, Seward, Sheridan, Smith, Stafford, Sumner, Thomas, Trego, Wallace, and Wilson. Taxact 2011 login 06/06/2008through06/13/2008 Michigan Allegan, Barry, Eaton, Ingham, Lake, Manistee, Mason, Missaukee, Osceola, Ottawa, Saginaw, and Wexford. Taxact 2011 login 06/06/2008through06/12/2008 Minnesota Cook, Fillmore, Freeborn, Houston, Mower, and Nobles. Taxact 2011 login 06/01/2008through08/13/2008 Missouri Atchison, Audrain, Bates, Buchanan, Cape Girardeau, Carroll, Christian, Daviess, Grundy, Howard, Jefferson, Knox, Mercer, Miller, Mississippi, Morgan, New Madrid, Pemiscot, Perry, Pettis, Platte, Polk, Randolph, Ray, Saline, Schuyler, Scotland, Shelby, St. Taxact 2011 login Genevieve, St. Taxact 2011 login Louis, the Independent City of St. Taxact 2011 login Louis, Scott, Sullivan, and Worth. Taxact 2011 login 04/23/2008through04/26/2008 Nebraska Gage, Johnson, Morrill, Nemaha, and Pawnee. Taxact 2011 login 05/22/2008through06/24/2008 Nebraska Adams, Blaine, Boone, Boyd, Brown, Burt, Cass, Chase, Cherry, Cuming, Dundy, Fillmore, Frontier, Furnas, Garfield, Gosper, Greeley, Hall, Hayes, Howard, Johnson, Keya Paha, Lincoln, Logan, Loup, Merrick, McPherson, Morrill, Nance, Nemaha, Otoe, Phelps, Polk, Red Willow, Rock, Saline, Seward, Sherman, Stanton, Thayer, Thomas, Thurston, Valley, Webster, Wheeler, and York. Taxact 2011 login 06/27/2008 Nebraska Dodge, Douglas, Sarpy, and Saunders. Taxact 2011 login 06/05/2008through07/25/2008 Wisconsin Lafayette. Taxact 2011 login * For more details, go to www. Taxact 2011 login fema. Taxact 2011 login gov Charitable Giving Incentives Temporary Suspension of Limits on Charitable Contributions This benefit applies only to the counties in Table 1. Taxact 2011 login Individuals. Taxact 2011 login   Qualified contributions are not subject to the overall limit on itemized deductions or the 50% of adjusted gross income (AGI) limit. Taxact 2011 login A qualified contribution is a charitable contribution paid in cash or by check to a 50% limit organization if you make an election to have the 50% limit not apply to these contributions. Taxact 2011 login   A qualified contribution must also meet all of the following requirements. Taxact 2011 login Be paid after May 1, 2008, and before January 1, 2009. Taxact 2011 login The contribution must be for relief efforts in one or more Midwestern disaster areas. Taxact 2011 login Documentation must be provided by the donee organization that the contribution was used (or will be used) for relief efforts in one or more Midwestern disaster areas. Taxact 2011 login   Your deduction for qualified contributions is limited to your AGI minus your deduction for all other charitable contributions. Taxact 2011 login You can carry over any contributions you are not able to deduct for 2008 because of this limit. Taxact 2011 login In 2009, the carryover of your unused qualified contributions is subject to the 50% of AGI limit. Taxact 2011 login Exception. Taxact 2011 login   Qualified contributions do not include contributions to certain private foundations described in section 509(a)(3) or contributions for the establishment of a new, or maintenance of an existing, donor advised fund. Taxact 2011 login Corporations. Taxact 2011 login   A corporation can elect to deduct qualified cash contributions without regard to the 10% of taxable income limit if the contributions were paid after May 1, 2008, and before January 1, 2009, to a qualified charitable organization (other than certain private foundations described in section 509(a)(3) or contributions for the establishment of a new, or maintenance of an existing, donor advised fund), for relief efforts in one or more Midwestern disaster areas. Taxact 2011 login Documentation must be provided by the donee organization that the contribution was used (or will be used) for relief efforts in one or more Midwestern disaster areas. Taxact 2011 login The corporation's deduction for these qualified contributions is limited to 100% of taxable income (as modified for the 10% limit) minus the corporation's deduction for all other charitable contributions. Taxact 2011 login Any qualified contributions over this limit can be carried over to the next 5 years, subject to the 10% of taxable income limit. Taxact 2011 login Partners and shareholders. Taxact 2011 login   Each partner in a partnership and each shareholder in an S corporation must make a separate election to have the appropriate limit not apply. Taxact 2011 login More information. Taxact 2011 login   For more information, see Publication 526 or Publication 542, Corporations. Taxact 2011 login Publication 526 includes a worksheet you can use to figure your deduction if any limits apply to your charitable contributions. Taxact 2011 login Standard Mileage Rate for Charitable Use of Vehicles This benefit applies only to the counties in Table 1. Taxact 2011 login The following are special standard mileage rates in effect for 2008 for the cost of operating your vehicle for providing charitable services related only to the severe storms, tornadoes, or flooding. Taxact 2011 login 36 cents per mile for the period beginning on the applicable disaster date through June 30, 2008. Taxact 2011 login 41 cents per mile for the period July 1 through December 31, 2008. Taxact 2011 login Mileage Reimbursements to Charitable Volunteers This benefit applies only to the counties in Table 1. Taxact 2011 login You can exclude from income amounts you receive as mileage reimbursements for the use of a private passenger vehicle for the benefit of a qualified charitable organization in providing relief related to the severe storms, tornadoes, or flooding during the period beginning on the applicable disaster date, and ending on December 31, 2008. Taxact 2011 login You cannot claim a deduction or credit for amounts you exclude. Taxact 2011 login You must keep records of miles driven, time, place (or use), and purpose of the mileage. Taxact 2011 login The amount you can exclude cannot exceed the standard business mileage rate (shown below) for expenses incurred during the following periods. Taxact 2011 login 50. Taxact 2011 login 5 cents per mile for the period beginning on the applicable disaster date through June 30, 2008. Taxact 2011 login 58. Taxact 2011 login 5 cents per mile for the period July 1 through December 31, 2008. Taxact 2011 login Casualty and Theft Losses This benefit applies to the counties in both Tables 1 and 2. Taxact 2011 login The following paragraphs explain changes to casualty and theft losses that were caused by the severe storms, tornadoes, or flooding in the Midwestern disaster areas. Taxact 2011 login For more information, see Publication 547. Taxact 2011 login Limits on personal casualty or theft losses. Taxact 2011 login   Losses of personal use property that arose in a Midwestern disaster area on or after the applicable disaster date are not subject to the $100 or 10% of AGI limits. Taxact 2011 login Qualifying losses include losses from casualties and thefts that arose in a Midwestern disaster area that were attributable to the severe storms, tornadoes, or flooding. Taxact 2011 login When completing Form 4684, do not include on line 17 any losses that arose in a Midwestern disaster area. Taxact 2011 login A loss arising in a Midwestern disaster area is not considered a loss attributable to a federally declared disaster for purposes of that line and cannot be added to your standard deduction. Taxact 2011 login When to deduct the loss. Taxact 2011 login   Casualty and theft losses are generally deductible only in the year the casualty occurred or the theft was discovered. Taxact 2011 login However, you can elect to deduct losses caused by the severe storms, tornadoes, or flooding on your return for the prior year. Taxact 2011 login Special instructions for individuals who elect to claim a Midwestern disaster area casualty or theft loss for 2007. Taxact 2011 login   Individuals filing or amending their 2007 tax return for casualty or theft losses that were attributable to the severe storms, tornadoes, or flooding should: Enter “Midwestern Disaster Area” at the top of Form 1040 or Form 1040X, and Complete the 2008 version of Form 4684. Taxact 2011 login Cross out “2008” and enter “2007” at the top of Form 4684. Taxact 2011 login Time limit for making election. Taxact 2011 login   You must make this election to claim your casualty or theft loss in 2007 by the later of the following dates. Taxact 2011 login The due date (without extensions) for filing your 2008 income tax return. Taxact 2011 login The due date (with extensions) for filing your 2007 income tax return. Taxact 2011 login Example. Taxact 2011 login If you are a calendar year individual taxpayer, you have until April 15, 2009, to amend your 2007 tax return to claim a casualty or theft loss that occurred during 2008. Taxact 2011 login Replacement Period for Nonrecognition of Gain This benefit applies to the counties in both Tables 1 and 2. Taxact 2011 login Generally, an involuntary conversion occurs when property is damaged, destroyed, stolen, seized, requisitioned, or condemned, and you receive other property or money in payment, such as insurance or a condemnation award. Taxact 2011 login Generally, you do not have to report a gain (if any) if you replace the property within 2 years (4 years for a main home in a federally declared disaster area). Taxact 2011 login However, for property that was involuntarily converted on or after the applicable disaster date, as a result of the severe storms, tornadoes, or flooding, a 5-year replacement period applies if substantially all of the use of the replacement property is in a Midwestern disaster area. Taxact 2011 login For more information, see the Instructions for Form 4684. Taxact 2011 login Net Operating Losses This benefit applies only to the counties in Table 1. Taxact 2011 login Qualified disaster recovery assistance loss. Taxact 2011 login   Generally, you can carry a net operating loss (NOL) back to the 2 tax years before the NOL year. Taxact 2011 login However, the portion of an NOL that is a qualified disaster recovery assistance loss can be carried back to the 5 tax years before the NOL year. Taxact 2011 login In addition, the 90% limit on the alternative tax NOL deduction (ATNOLD) does not apply to such portion of the ATNOLD. Taxact 2011 login   A qualified disaster recovery assistance loss is the smaller of: The excess of the NOL for the year over the specified liability loss for the year to which a 10-year carryback applies, or The total of the following deductions (to the extent they are taken into account in computing the NOL for the tax year): Qualified disaster recovery assistance casualty loss (as defined below), Moving expenses paid or incurred on or after the applicable disaster date, and before January 1, 2011, for the employment of an individual whose main home was in a Midwestern disaster area before the applicable disaster date, who was unable to remain in that home because of the severe storms, tornadoes, or flooding, and whose main job location (after the move) is in a Midwestern disaster area, Temporary housing expenses paid or incurred on or after the applicable disaster date, and before January 1, 2011, to house employees of the taxpayer whose main job location is in a Midwestern disaster area, Depreciation or amortization allowable for any qualified disaster recovery assistance property (even if you elected not to claim the special disaster recovery assistance depreciation allowance for such property) for the year placed in service, and Repair expenses (including expenses for the removal of debris) paid or incurred on or after the applicable disaster date, and before January 1, 2011, for any damage from the severe storms, tornadoes, or flooding to property located in a Midwestern disaster area. Taxact 2011 login Qualified disaster recovery assistance casualty loss. Taxact 2011 login   A qualified disaster recovery assistance casualty loss is any deductible section 1231 loss of property located in a Midwestern disaster area if the loss was caused by the severe storms, tornadoes, or flooding. Taxact 2011 login For this purpose, the amount of the loss is reduced by any recognized gain from an involuntary conversion caused by the severe storms, tornadoes, or flooding of property located in a Midwestern disaster area. Taxact 2011 login Any such loss taken into account in figuring your qualified disaster recovery assistance loss is not eligible for the election to be treated as having occurred in the previous tax year. Taxact 2011 login More information. Taxact 2011 login   For more information on NOLs, see Publication 536 or Publication 542, Corporations. Taxact 2011 login IRAs and Other Retirement Plans New rules provide for tax-favored withdrawals, repayments, and loans from certain retirement plans for taxpayers who suffered economic losses as a result of the severe storms, tornadoes, or flooding. Taxact 2011 login Definitions Qualified disaster recovery assistance distribution. Taxact 2011 login   A qualified disaster recovery assistance distribution is any distribution you received from an eligible retirement plan if all of the following apply. Taxact 2011 login The distribution was made on or after the applicable disaster date and before January 1, 2010. Taxact 2011 login Your main home was located in a Midwestern disaster area on the applicable disaster date. Taxact 2011 login You sustained an economic loss because of the severe storms, tornadoes, or flooding and your main home was in a Midwestern disaster area on the applicable disaster date. Taxact 2011 login Examples of an economic loss include, but are not limited to: Loss, damage to, or destruction of real or personal property from fire, flooding, looting, vandalism, theft, wind, or other cause; Loss related to displacement from your home; or Loss of livelihood due to temporary or permanent layoffs. Taxact 2011 login   If (1) through (3) above apply, you can generally designate any distribution (including periodic payments and required minimum distributions) from an eligible retirement plan as a qualified disaster recovery assistance distribution, regardless of whether the distribution was made on account of the severe storms, tornadoes, or flooding. Taxact 2011 login Qualified disaster recovery assistance distributions are permitted without regard to your need or the actual amount of your economic loss. Taxact 2011 login   The total of your qualified disaster recovery assistance distributions from all plans is limited to $100,000. Taxact 2011 login If you have distributions in excess of $100,000 from more than one type of plan, such as a 401(k) plan and an IRA, you can allocate the $100,000 limit among the plans any way you choose. Taxact 2011 login   A reduction or offset (on or after the applicable disaster date) of your account balance in an eligible retirement plan in order to repay a loan can also be designated as a qualified disaster recovery assistance distribution. Taxact 2011 login Eligible retirement plan. Taxact 2011 login   An eligible retirement plan can be any of the following. Taxact 2011 login A qualified pension, profit-sharing, or stock bonus plan (including a 401(k) plan). Taxact 2011 login A qualified annuity plan. Taxact 2011 login A tax-sheltered annuity contract. Taxact 2011 login A governmental section 457 deferred compensation plan. Taxact 2011 login A traditional, SEP, SIMPLE, or Roth IRA. Taxact 2011 login Main home. Taxact 2011 login   Generally, your main home is the home where you live most of the time. Taxact 2011 login A temporary absence due to special circumstances, such as illness, education, business, military service, evacuation, or vacation, will not change your main home. Taxact 2011 login Taxation of Qualified Disaster Recovery Assistance Distributions This benefit applies to the counties in both Tables 1 and 2. Taxact 2011 login Qualified disaster recovery assistance distributions are included in income in equal amounts over three years. Taxact 2011 login However, if you elect, you can include the entire distribution in your income in the year it was received. Taxact 2011 login Qualified disaster recovery assistance distributions are not subject to the additional 10% tax (or the additional 25% tax for certain distributions from SIMPLE IRAs) on early distributions from qualified retirement plans (including IRAs). Taxact 2011 login However, any distributions you receive in excess of the $100,000 qualified disaster recovery assistance distribution limit may be subject to the additional tax on early distributions. Taxact 2011 login For more information, see Form 8930. Taxact 2011 login Repayment of Qualified Disaster Recovery Assistance Distributions This benefit applies to the counties in both Tables 1 and 2. Taxact 2011 login If you choose, you generally can repay any portion of a qualified disaster recovery assistance distribution that is eligible for tax-free rollover treatment to an eligible retirement plan. Taxact 2011 login Also, you can repay a qualified disaster recovery assistance distribution made on account of a hardship from a retirement plan. Taxact 2011 login However, see Exceptions later for qualified disaster recovery assistance distributions you cannot repay. Taxact 2011 login You have three years from the day after the date you received the distribution to make a repayment. Taxact 2011 login Amounts that are repaid are treated as a qualified rollover and are not included in income. Taxact 2011 login Also, a repayment of a qualified disaster recovery assistance distribution to an IRA is not counted when figuring the one-rollover-per-year limitation. Taxact 2011 login See Form 8930 for more information on how to report repayments. Taxact 2011 login Exceptions. Taxact 2011 login   You cannot repay the following types of distributions. Taxact 2011 login Qualified disaster recovery assistance distributions received as a beneficiary (other than a surviving spouse). Taxact 2011 login Required minimum distributions. Taxact 2011 login Periodic payments (other than from an IRA) that are for: A period of 10 years or more, Your life or life expectancy, or The joint lives or joint life expectancies of you and your beneficiary. Taxact 2011 login Repayment of Qualified Distributions for the Purchase or Construction of a Main Home This benefit applies to the counties in both Tables 1 and 2. Taxact 2011 login If you received a qualified distribution to purchase or construct a main home in a Midwestern disaster area, you can repay part or all of that distribution on or after the applicable disaster date, but no later than March 3, 2009, to an eligible retirement plan. Taxact 2011 login For this purpose, an eligible retirement plan is any plan, annuity, or IRA to which a qualified rollover can be made. Taxact 2011 login To be a qualified distribution, the distribution must meet all of the following requirements. Taxact 2011 login The distribution is a hardship distribution from a 401(k) plan, a hardship distribution from a tax-sheltered annuity contract, or a qualified first-time homebuyer distribution from an IRA. Taxact 2011 login The distribution was received after the date that was 6 months before the day after the applicable disaster date. Taxact 2011 login The distribution was to be used to purchase or construct a main home in a Midwestern disaster area that was not purchased or constructed because of the severe storms, tornadoes, or flooding. Taxact 2011 login Amounts that are repaid before March 4, 2009, are treated as a qualified rollover and are not included in income. Taxact 2011 login Also, a repayment of a qualified distribution to an IRA is not counted when figuring the one-rollover-per-year limitation. Taxact 2011 login A qualified distribution not repaid before March 4, 2009, may be taxable for 2007 or 2008 and subject to the additional 10% tax (or the additional 25% tax for certain SIMPLE IRAs) on early distributions. Taxact 2011 login You must file Form 8930 if you received a qualified distribution that you repaid, in whole or in part, before March 4, 2009. Taxact 2011 login Loans From Qualified Plans This benefit applies to the counties in both Tables 1 and 2. Taxact 2011 login The following benefits are available to qualified individuals. Taxact 2011 login Increases to the limits for distributions treated as loans from employer plans. Taxact 2011 login A 1-year suspension for payments due on plan loans. Taxact 2011 login Qualified individual. Taxact 2011 login   You are a qualified individual if your main home was located in a Midwestern disaster area on the applicable disaster date and you had an economic loss because of the severe storms, tornadoes, or flooding. Taxact 2011 login Examples of an economic loss include, but are not limited to: Loss, damage to, or destruction of real or personal property from fire, flooding, looting, vandalism, theft, wind, or other cause; Loss related to displacement from your home; or Loss of livelihood due to temporary or permanent layoffs. Taxact 2011 login Limits on plan loans. Taxact 2011 login   The $50,000 limit for distributions treated as plan loans is increased to $100,000. Taxact 2011 login In addition, the limit based on 50% of your vested accrued benefit is increased to 100% of that benefit. Taxact 2011 login If your main home was located in a Midwestern disaster area, the higher limits apply only to loans received during the period beginning on October 3, 2008, and ending on December 31, 2009. Taxact 2011 login One-year suspension of loan payments. Taxact 2011 login   Payments on plan loans outstanding on or after the applicable disaster date, may be suspended for 1 year by the plan administrator. Taxact 2011 login To qualify for the suspension, the due date for any loan payment must occur during the period beginning on the applicable disaster date and ending on December 31, 2009. Taxact 2011 login Additional Tax Relief for Individuals Earned Income Credit and Child Tax Credit This benefit applies to the counties in both Tables 1 and 2. Taxact 2011 login You can elect to use your 2007 earned income to figure your earned income credit (EIC) and additional child tax credit for 2008 if: Your 2008 earned income is less than your 2007 earned income, and At least one of the following statements is true. Taxact 2011 login Your main home on the applicable disaster date was in a Midwestern disaster area as shown in Table 1. Taxact 2011 login Your main home on the applicable disaster date was in a Midwestern disaster area as shown in Table 2, and you were displaced from that home because of the severe storms, tornadoes, or flooding. Taxact 2011 login Earned income. Taxact 2011 login    For the purpose of this election, your earned income for both the EIC and the additional child tax credit is the amount of earned income used to figure your EIC, even if you did not take the EIC and even if that amount is different than your earned income for the additional child tax credit. Taxact 2011 login If you are claiming only the additional child tax credit, you must figure the amount of your earned income for EIC purposes to determine your eligibility to make the election and the amount of the credit. Taxact 2011 login Joint returns. Taxact 2011 login   If you file a joint return, you qualify to make this election even if only one spouse meets the requirements. Taxact 2011 login If you make the election, your 2007 earned income is the sum of your 2007 earned income and your spouse's 2007 earned income. Taxact 2011 login Making the election. Taxact 2011 login   If you make the election to use your 2007 earned income, the election applies for figuring both the EIC and the additional child tax credit. Taxact 2011 login However, you can make the election for the additional child tax credit even if you do not take the EIC. Taxact 2011 login   Electing to use your 2007 earned income can increase or decrease your EIC. Taxact 2011 login Take the following steps to decide whether to make the election. Taxact 2011 login Figure your 2008 EIC using your 2007 earned income. Taxact 2011 login Figure your 2008 additional child tax credit using your 2007 earned income for EIC purposes. Taxact 2011 login Add the results of (1) and (2). Taxact 2011 login Figure your 2008 EIC using your 2008 earned income. Taxact 2011 login Figure your 2008 additional child tax credit using your 2008 earned income for additional child tax credit purposes. Taxact 2011 login Add the results of (4) and (5). Taxact 2011 login Compare the results of (3) and (6). Taxact 2011 login If (3) is larger than (6), it is to your benefit to make the election. Taxact 2011 login If (3) is equal to or smaller than (6), making the election will not help you. Taxact 2011 login   If you elect to use your 2007 earned income and you are claiming the EIC, enter “PYEI” and the amount of your 2007 earned income on the dotted line next to line 64a of Form 1040, on the line next to line 40a of Form 1040A, or in the space to the left of line 8a of Form 1040EZ. Taxact 2011 login   If you elect to use your 2007 earned income and you are claiming the additional child tax credit, enter your 2007 earned income for EIC purposes (even if you did not claim the EIC) on Form 8812, Additional Child Tax Credit, line 4a, and check the box on that line. Taxact 2011 login Getting your 2007 tax return information. Taxact 2011 login   If you do not have your 2007 tax records, you can get the amount of earned income used to figure your 2007 EIC by calling 1-866-562-5227. Taxact 2011 login You can also get this information by visiting the IRS website at www. Taxact 2011 login irs. Taxact 2011 login gov. Taxact 2011 login   If you prefer to figure your 2007 earned income yourself, copies or transcripts of your filed and processed tax returns can help you reconstruct your tax records. Taxact 2011 login See Request for Copy or Transcript of Tax Return on page 11. Taxact 2011 login Additional Exemption for Housing Individuals Displaced by the Severe Storms, Tornadoes, or Flooding This benefit applies to the counties in both Tables 1 and 2. Taxact 2011 login You can claim an additional exemption amount of $500 for providing housing in your main home for each individual displaced by the severe storms, tornadoes, or flooding. Taxact 2011 login The additional exemption amount is claimed on Form 8914. Taxact 2011 login You can claim an additional exemption amount only one time for a specific individual. Taxact 2011 login If you claimed an additional exemption amount for an individual in 2008, you cannot claim that amount again for the same individual in 2009. Taxact 2011 login The maximum additional exemption amount you can claim for all displaced individuals is $2,000. Taxact 2011 login Any additional exemption amount you claimed for displaced individuals in 2008 will reduce the $2,000 maximum for 2009. Taxact 2011 login The $2,000 limit applies to a husband and wife, whether the husband and wife file joint returns or separate returns. Taxact 2011 login If married filing separately, the $2,000 can be divided in $500 increments between the spouses. Taxact 2011 login For example, if one spouse claims an additional exemption amount for one displaced individual, the other spouse, if otherwise eligible, can claim additional exemption amounts for three different displaced individuals. Taxact 2011 login If two or more taxpayers share the same main home, only one taxpayer in that main home can claim the additional exemption amount for a specific displaced individual. Taxact 2011 login In order for you to be considered to have provided housing, you must have a legal interest in the main home (that is, own or rent the home). Taxact 2011 login To qualify as a displaced individual, the individual: Must have had his or her main home in a Midwestern disaster area on the applicable disaster date, and he or she must have been displaced from that home. Taxact 2011 login If the individual's main home was located in a Midwestern disaster area as shown in Table 2, that home must have been damaged by the severe storms, tornadoes, or flooding or the individual must have been evacuated from that home because of the severe storms, tornadoes, or flooding, Must have been provided housing in your main home for a period of at least 60 consecutive days ending in the tax year in which the exemption is claimed, and Cannot be your spouse or dependent. Taxact 2011 login You cannot claim the additional exemption amount if you received rent (or any other amount) from any source for providing the housing. Taxact 2011 login You are permitted to receive payments or reimbursements that do not relate to normal housing costs, including the following. Taxact 2011 login Food, clothing, or personal items consumed or used by the displaced individual. Taxact 2011 login Reimbursement for the cost of any long distance telephone calls made by the displaced individual. Taxact 2011 login Reimbursement for the cost of gasoline for the displaced individual's use of your vehicle. Taxact 2011 login However, you cannot claim the additional exemption amount if you received any reimbursement for the extra costs of heat, electricity, or water used by the displaced individual. Taxact 2011 login Also, you must report on Form 8914 the displaced individual's social security number or individual taxpayer identification number to claim an additional exemption amount. Taxact 2011 login For more information, see Form 8914. Taxact 2011 login Education Credits This benefit applies only to the counties in Table 1. Taxact 2011 login The education credits have been expanded for students attending an eligible educational institution located in a Midwestern disaster area (Midwestern disaster area students) for any tax year beginning in 2008 or 2009. Taxact 2011 login The Hope credit for a Midwestern disaster area student is increased to 100% of the first $2,400 in qualified education expenses and 50% of the next $2,400 of qualified education expenses for a maximum credit of $3,600 per student. Taxact 2011 login The lifetime learning credit rate for a Midwestern disaster area student is increased from 20% to 40%. Taxact 2011 login The definition of qualified education expenses for a Midwestern disaster area student also has been expanded. Taxact 2011 login This expanded definition also applies to the tuition and fees deduction claimed on Form 8917. Taxact 2011 login In addition to tuition and fees required for the student's enrollment or attendance at an eligible educational institution, qualified education expenses for a Midwestern disaster area student include the following. Taxact 2011 login Books, supplies, and equipment required for enrollment or attendance at an eligible educational institution. Taxact 2011 login For a special needs student, expenses that are necessary for that person's enrollment or attendance at an eligible educational institution. Taxact 2011 login For a student who is at least a half-time student, the reasonable costs of room and board, but only to the extent that the costs are not more than the greater of the following two amounts. Taxact 2011 login The allowance for room and board, as determined by the eligible educational institution, that was included in the cost of attendance (for federal financial aid purposes) for a particular academic period and living arrangement of the student. Taxact 2011 login The actual amount charged if the student is residing in housing owned or operated by the eligible educational institution. Taxact 2011 login You will need to contact the eligible educational institution for qualified room and board costs. Taxact 2011 login For more information, see Form 8863. Taxact 2011 login See Form 8917 for the tuition and fees deduction. Taxact 2011 login Recapture of Federal Mortgage Subsidy This benefit applies only to the counties in Table 1. Taxact 2011 login Generally, if you financed your home under a federally subsidized program (loans from tax-exempt qualified mortgage bonds or loans with mortgage credit certificates), you may have to recapture all or part of the benefit you received from that program when you sell or otherwise dispose of your home. Taxact 2011 login However, you do not have to recapture any benefit if your mortgage loan was a qualified home improvement loan of not more than $15,000. Taxact 2011 login This amount is increased to $150,000 if the loan was provided before 2011 and was used to alter, repair, or improve an existing owner-occupied residence in a Midwestern disaster area as shown in Table 1. Taxact 2011 login Exclusion of Certain Cancellations of Indebtedness by Reason of the Severe Storms, Tornadoes, or Flooding This benefit applies to the counties in both Tables 1 and 2. Taxact 2011 login Generally, discharges of nonbusiness debts (such as mortgages) made on or after the applicable disaster date and before January 1, 2010, are excluded from income for individuals whose main home was in a Midwestern disaster area on the applicable disaster date. Taxact 2011 login If the individual's main home was located in a Midwestern disaster area as shown in Table 2, the individual also must have had an economic loss because of the severe storms, tornadoes, or flooding. Taxact 2011 login Examples of an economic loss include, but are not limited to: Loss, damage to, or destruction of real or personal property from fire, flooding, looting, vandalism, theft, wind, or other cause; Loss related to displacement from your home; or Loss of livelihood due to temporary or permanent layoffs. Taxact 2011 login This relief does not apply to any debt secured by real property located outside a Midwestern disaster area. Taxact 2011 login You may also have to reduce certain tax attributes by the amount excluded. Taxact 2011 login For more information, see Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment). Taxact 2011 login Tax Relief for Temporary Relocation This benefit applies only to the counties in Table 1. Taxact 2011 login The IRS can adjust the internal revenue laws to ensure that taxpayers do not lose a deduction or credit or experience a change of filing status in 2008 or 2009 as a result of a temporary relocation caused by the severe storms, tornadoes, or flooding. Taxact 2011 login However, any such adjustment must ensure that an individual is not taken into account by more than one taxpayer for the same tax benefit. Taxact 2011 login The IRS has exercised this authority as follows. Taxact 2011 login In determining whether you furnished over one-half of the cost of maintaining a household, you can exclude from total household costs any assistance received from the government or charitable organizations because you were temporarily relocated as a result of the severe storms, tornadoes, or flooding. Taxact 2011 login In determining whether you provided more than one-half of an individual's support, you can disregard any assistance received from the government or charitable organizations because you were temporarily relocated as a result of the severe storms, tornadoes, or flooding. Taxact 2011 login You can treat as a student an individual who enrolled in school before the applicable disaster date, and who is unable to attend classes because of the severe storms, tornadoes, or flooding, for each month of the enrollment period that individual is prevented by the severe storms, tornadoes, or flooding from attending school as planned. Taxact 2011 login Additional Tax Relief for Businesses Employee Retention Credit This benefit applies only to the counties in Table 1. Taxact 2011 login An eligible employer who conducted an active trade or business in a Midwestern disaster area can claim the employee retention credit. Taxact 2011 login The credit is 40% of qualified wages for each eligible employee (up to a maximum of $6,000 in qualified wages per employee). Taxact 2011 login Generally, you must reduce your deduction for salaries and wages by the amount of this credit (before the tax liability limit). Taxact 2011 login Use Form 5884-A to claim the credit. Taxact 2011 login Employers affected by the severe storms, tornadoes, or flooding. Taxact 2011 login   The following definitions apply to employers affected by the severe storms, tornadoes, or flooding. Taxact 2011 login Eligible employer. Taxact 2011 login   For this purpose, an eligible employer is any employer who meets all of the following. Taxact 2011 login Employed an average of not more than 200 employees on business days during the tax year before the applicable disaster date. Taxact 2011 login Conducted an active trade or business on the applicable disaster date in a Midwestern disaster area. Taxact 2011 login Whose trade or business was inoperable on any day after the applicable disaster date and before January 1, 2009, because of the damage caused by the severe storms, tornadoes, or flooding. Taxact 2011 login Eligible employee. Taxact 2011 login   For this purpose, an eligible employee is an employee whose principal place of employment on the applicable disaster date with such eligible employer was in a Midwestern disaster area. Taxact 2011 login An employee is not an eligible employee for purposes of the severe storms, tornadoes, or flooding if the employee is treated as an eligible employee for the work opportunity credit. Taxact 2011 login Qualified wages. Taxact 2011 login   Qualified wages are wages (up to $6,000 per employee) you paid or incurred before January 1, 2009, for an eligible employee beginning on the date your trade or business first became inoperable at the employee's principal place of employment immediately before the applicable disaster, and ending on the date your trade or business resumed significant operations at that place. Taxact 2011 login In addition, the wages must have been paid or incurred after the applicable disaster date. Taxact 2011 login    This includes wages paid even if the employee performed no services, performed services at a place of employment other than the principal place of employment, or performed services at the principal place of employment before significant operations resumed. Taxact 2011 login    Wages qualifying for the credit generally have the same meaning as wages subject to the Federal Unemployment Tax Act (FUTA). Taxact 2011 login Qualified wages also include amounts you paid for medical or hospitalization expenses in connection with sickness or accident disability. Taxact 2011 login Qualified wages for any employee must be reduced by the amount of any work supplementation payment you received under the Social Security Act. Taxact 2011 login   For agricultural employees, if the work performed by any employee during more than half of any pay period qualified under FUTA as agricultural labor, that employee's wages subject to social security and Medicare taxes are qualified wages. Taxact 2011 login For a special rule that applies to railroad employees, see section 51(h)(1)(B). Taxact 2011 login   Qualified wages do not include the following. Taxact 2011 login Wages paid to your dependent or a related individual. Taxact 2011 login See section 51(i)(1). Taxact 2011 login Wages paid to any employee during the period for which you received payment for the employee from a federally funded on-the-job training program. Taxact 2011 login Wages for services of replacement workers during a strike or lockout. Taxact 2011 login   For more information, see Form 5884-A. Taxact 2011 login Employer Housing Credit and Exclusion This benefit applies only to the counties in Table 1. Taxact 2011 login An employer who conducted an active trade or business in a Midwestern disaster area can claim the employer housing credit. Taxact 2011 login The credit is equal to 30% of the value (up to $600 per month per employee) of in-kind lodging furnished to a qualified employee (and the employee's spouse or dependents) from November 1, 2008, through May 1, 2009. Taxact 2011 login The value of the lodging is excluded from the income of the qualified employee but is treated as wages for purposes of taxes imposed under the Federal Insurance Contributions Act (FICA) and the Federal Unemployment Tax Act (FUTA). Taxact 2011 login Generally, you must reduce your deduction for salaries and wages by the amount of this credit (before the tax liability limit). Taxact 2011 login The employer must use Form 5884-A to claim the credit. Taxact 2011 login A qualified employee is an individual who had a main home in a Midwestern disaster area on the applicable disaster date, and who performs substantially all employment services in a Midwestern disaster area for the employer furnishing the lodging. Taxact 2011 login The employee cannot be your dependent or a related individual. Taxact 2011 login See section 51(i)(1). Taxact 2011 login For more information, see Form 5884-A. Taxact 2011 login Demolition and Clean-up Costs This benefit applies only to the counties in Table 1. Taxact 2011 login You can elect to deduct 50% of any qualified disaster recovery assistance clean-up costs for the tax year in which the costs are paid or incurred, instead of capitalizing them. Taxact 2011 login Qualified disaster recovery assistance clean-up costs are any amounts paid or incurred on or after the applicable disaster date, and before January 1, 2011, for the removal of debris from, or the demolition of structures on, real property located in a Midwestern disaster area that is: Held by you for use in a trade or business or for the production of income, or Inventory or other property held primarily for sale to customers in the ordinary course of your trade or business. Taxact 2011 login Qualified disaster recovery assistance clean-up costs are limited to amounts necessary due to damage attributable to the severe storms, tornadoes, or flooding in the Midwestern disaster areas. Taxact 2011 login Increase in Rehabilitation Tax Credit This benefit applies only to the counties in Table 1. Taxact 2011 login The rehabilitation credit is increased for qualified rehabilitation expenditures paid or incurred on or after the applicable disaster date, and before January 1, 2012, on buildings located in a Midwestern disaster area as follows. Taxact 2011 login For pre-1936 buildings (other than certified historic structures), the credit percentage is increased from 10% to 13%. Taxact 2011 login For certified historic structures, the credit percentage is increased from 20% to 26%. Taxact 2011 login For more information, see Form 3468, Investment Credit. Taxact 2011 login Request for Copy or Transcript of Tax Return Request for copy of tax return. Taxact 2011 login   You can use Form 4506 to order a copy of your tax return. Taxact 2011 login Generally, there is a $57 fee for requesting each copy of a tax return. Taxact 2011 login If your main home, principal place of business, or tax records are located in a Midwestern disaster area, the fee will be waived if “Midwestern Disaster Area” is written in red across the top of the form when filed. Taxact 2011 login Request for transcript of tax return. Taxact 2011 login   You can use Form 4506-T to order a free transcript of your tax return. Taxact 2011 login A transcript provides most of the line entries from a tax return and usually contains the information that a third party requires. Taxact 2011 login You can also call 1-800-829-1040 to order a transcript. Taxact 2011 login How To Get Tax Help Special IRS assistance. Taxact 2011 login   The IRS is providing special help for those affected by the severe storms, tornadoes, or flooding, as well as survivors and personal representatives of the victims. Taxact 2011 login We have set up a special toll-free number for people who may have trouble filing or paying their taxes because they were affected by recent federally declared disasters, or who have other tax issues related to the severe storms, tornadoes, or flooding. Taxact 2011 login Call 1-866-562-5227 Monday through FridayIn English–7 a. Taxact 2011 login m. Taxact 2011 login to 10 p. Taxact 2011 login m. Taxact 2011 login local timeIn Spanish–8 a. Taxact 2011 login m. Taxact 2011 login to 9:30 p. Taxact 2011 login m. Taxact 2011 login local time   The IRS website at www. Taxact 2011 login irs. Taxact 2011 login gov has notices and other tax relief information. Taxact 2011 login Check it periodically for any new guidance. Taxact 2011 login You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get information from the IRS in several ways. Taxact 2011 login By selecting the method that is best for you, you will have quick and easy access to tax help. Taxact 2011 login Contacting your Taxpayer Advocate. Taxact 2011 login   The Taxpayer Advocate Service (TAS) is an independent organization within the IRS whose employees assist taxpayers who are experiencing economic harm, who are seeking help in resolving tax problems that have not been resolved through normal channels, or who believe that an IRS system or procedure is not working as it should. Taxact 2011 login Here are seven things every taxpayer should know about TAS: TAS is your voice at the IRS. Taxact 2011 login Our service is free, confidential, and tailored to meet your needs. Taxact 2011 login You may be eligible for TAS help if you have tried to resolve your tax problem through normal IRS channels and have gotten nowhere, or you believe an IRS procedure just isn't working as it should. Taxact 2011 login TAS helps taxpayers whose problems are causing financial difficulty or significant cost, including the cost of professional representation. Taxact 2011 login This includes businesses as well as individuals. Taxact 2011 login TAS employees know the IRS and how to navigate it. Taxact 2011 login We will listen to your problem, help you understand what needs to be done to resolve it, and stay with you every step of the way until your problem is resolved. Taxact 2011 login TAS has at least one local taxpayer advocate in every state, the District of Columbia, and Puerto Rico. Taxact 2011 login You can call your local advocate, whose number is in your phone book, in Pub. Taxact 2011 login 1546, Taxpayer Advocate Service—Your Voice at the IRS, and on our website at www. Taxact 2011 login irs. Taxact 2011 login gov/advocate. Taxact 2011 login You can also call our toll-free line at 1-877-777-4778 or TTY/TDD 1-800-829-4059. Taxact 2011 login You can learn about your rights and responsibilities as a taxpayer by visiting our online tax toolkit at www. Taxact 2011 login taxtoolkit. Taxact 2011 login irs. Taxact 2011 login gov. Taxact 2011 login Low Income Taxpayer Clinics (LITCs). Taxact 2011 login   The Low Income Taxpayer Clinic program serves individuals who have a problem with the IRS and whose income is below a certain level. Taxact 2011 login LITCs are independent from the IRS. Taxact 2011 login Most LITCs can provide representation before the IRS or in court on audits, tax collection disputes, and other issues for free or a small fee. Taxact 2011 login If an individual's native language is not English, some clinics can provide multilingual information about taxpayer rights and responsibilities. Taxact 2011 login For more information, see Publication 4134, Low Income Taxpayer Clinic List. Taxact 2011 login This publication is available at www. Taxact 2011 login irs. Taxact 2011 login gov, by calling 1-800-TAX-FORM (1-800-829-3676), or at your local IRS office. Taxact 2011 login Free tax services. Taxact 2011 login   To find out what services are available, get Publication 910, IRS Guide to Free Tax Services. Taxact 2011 login It contains lists of free tax information sources, including publications, services, and free tax education and assistance programs. Taxact 2011 login It also has an index of over 100 TeleTax topics (recorded tax information) you can listen to on your telephone. Taxact 2011 login   Accessible versions of IRS published products are available on request in a variety of alternative formats for people with disabilities. Taxact 2011 login Free help with your return. Taxact 2011 login   Free help in preparing your return is available nationwide from IRS-trained volunteers. Taxact 2011 login The Volunteer Income Tax Assistance (VITA) program is designed to help low-income taxpayers and the Tax Counseling for the Elderly (TCE) program is designed to assist taxpayers age 60 and older with their tax returns. Taxact 2011 login Many VITA sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. Taxact 2011 login To find the nearest VITA or TCE site, call 1-800-829-1040. Taxact 2011 login   As part of the TCE program, AARP offers the Tax-Aide counseling program. Taxact 2011 login To find the nearest AARP Tax-Aide site, call 1-888-227-7669 or visit AARP's website atwww. Taxact 2011 login aarp. Taxact 2011 login org/money/taxaide. Taxact 2011 login   For more information on these programs, go to www. Taxact 2011 login irs. Taxact 2011 login gov and enter keyword “VITA” in the upper right-hand corner. Taxact 2011 login Internet. Taxact 2011 login You can access the IRS website at www. Taxact 2011 login irs. Taxact 2011 login gov 24 hours a day, 7 days a week to: E-file your return. Taxact 2011 login Find out about commercial tax preparation and e-file services available free to eligible taxpayers. Taxact 2011 login Check the status of your 2009 refund. Taxact 2011 login Go to www. Taxact 2011 login irs. Taxact 2011 login gov and click on Where's My Refund. Taxact 2011 login Wait at least 72 hours after the IRS acknowledges receipt of your e-filed return, or 3 to 4 weeks after mailing a paper return. Taxact 2011 login If you filed Form 8379 with your return, wait 14 weeks (11 weeks if you filed electronically). Taxact 2011 login Have your 2009 tax return available so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund. Taxact 2011 login Download forms, instructions, and publications. Taxact 2011 login Order IRS products online. Taxact 2011 login Research your tax questions online. Taxact 2011 login Search publications online by topic or keyword. Taxact 2011 login Use the online Internal Revenue Code, Regulations, or other official guidance. Taxact 2011 login View Internal Revenue Bulletins (IRBs) published in the last few years. Taxact 2011 login Figure your withholding allowances using the withholding calculator online at www. Taxact 2011 login irs. Taxact 2011 login gov/individuals. Taxact 2011 login Determine if Form 6251 must be filed by using our Alternative Minimum Tax (AMT) Assistant. Taxact 2011 login Sign up to receive local and national tax news by email. Taxact 2011 login Get information on starting and operating a small business. Taxact 2011 login Phone. Taxact 2011 login Many services are available by phone. Taxact 2011 login Ordering forms, instructions, and publications. Taxact 2011 login Call 1-800-TAX FORM (1-800-829-3676) to order current-year forms, instructions, and publications, and prior-year forms and instructions. Taxact 2011 login You should receive your order within 10 days. Taxact 2011 login Asking tax questions. Taxact 2011 login Call the IRS with your tax questions at 1-800-829-1040. Taxact 2011 login Solving problems. Taxact 2011 login You can get face-to-face help solving tax problems every business day in IRS Taxpayer Assistance Centers. Taxact 2011 login An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. Taxact 2011 login Call your local Taxpayer Assistance Center for an appointment. Taxact 2011 login To find the number, go to www. Taxact 2011 login irs. Taxact 2011 login gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. Taxact 2011 login TTY/TDD equipment. Taxact 2011 login If you have access to TTY/TDD equipment, call 1-800-829-4059 to ask tax questions or to order forms and publications. Taxact 2011 login TeleTax topics. Taxact 2011 login Call 1-800-829-4477 to listen to pre-recorded messages covering various tax topics. Taxact 2011 login Refund information. Taxact 2011 login To check the status of your 2009 refund, call 1-800-829-1954 during business hours or 1-800-829-4477 (automated refund information 24 hours a day, 7 days a week). Taxact 2011 login Wait at least 72 hours after the IRS acknowledges receipt of your e-filed return, or 3 to 4 weeks after mailing a paper return. Taxact 2011 login If you filed Form 8379 with your return, wait 14 weeks (11 weeks if you filed electronically). Taxact 2011 login Have your 2009 tax return available so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund. Taxact 2011 login Refunds are sent out weekly on Fridays. Taxact 2011 login If you check the status of your refund and are not given the date it will be issued, please wait until the next week before checking back. Taxact 2011 login Other refund information. Taxact 2011 login To check the status of a prior year refund or amended return refund, call 1-800-829-1954. Taxact 2011 login Evaluating the quality of our telephone services. Taxact 2011 login To ensure IRS representatives give accurate, courteous, and professional answers, we use several methods to evaluate the quality of our telephone services. Taxact 2011 login One method is for a second IRS representative to listen in on or record random telephone calls. Taxact 2011 login Another is to ask some callers to complete a short survey at the end of the call. Taxact 2011 login Walk-in. Taxact 2011 login Many products and services are available on a walk-in basis. Taxact 2011 login Products. Taxact 2011 login You can walk in to many post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Taxact 2011 login Some IRS offices, libraries, grocery stores, copy centers, city and county government offices, credit unions, and office supply stores have a collection of products available to print from a CD or photocopy from reproducible proofs. Taxact 2011 login Also, some IRS offices and libraries have the Internal Revenue Code, regulations, Internal Revenue Bulletins, and Cumulative Bulletins available for research purposes. Taxact 2011 login Services. Taxact 2011 login You can walk in to your local Taxpayer Assistance Center every business day for personal, face-to-face tax help. Taxact 2011 login An employee can explain IRS letters, request adjustments to your tax account, or help you set up a payment plan. Taxact 2011 login If you need to resolve a tax problem, have questions about how the tax law applies to your individual tax return, or you are more comfortable talking with someone in person, visit your local Taxpayer Assistance Center where you can spread out your records and talk with an IRS representative face-to-face. Taxact 2011 login No appointment is necessary—just walk in. Taxact 2011 login If you prefer, you can call your local Center and leave a message requesting an appointment to resolve a tax account issue. Taxact 2011 login A representative will call you back within 2 business days to schedule an in-person appointment at your convenience. Taxact 2011 login If you have an ongoing, complex tax account problem or a special need, such as a disability, an appointment can be requested. Taxact 2011 login All other issues will be handled without an appointment. Taxact 2011 login To find the number of your local office, go to www. Taxact 2011 login irs. Taxact 2011 login gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. Taxact 2011 login Mail. Taxact 2011 login You can send your order for forms, instructions, and publications to the address below. Taxact 2011 login You should receive a response within 10 days after your request is received. Taxact 2011 login Internal Revenue Service1201 N. Taxact 2011 login Mitsubishi MotorwayBloomington, IL 61705-6613 DVD for tax products. Taxact 2011 login You can order Publication 1796, IRS Tax Products DVD, and obtain: Current-year forms, instructions, and publications. Taxact 2011 login Prior-year forms, instructions, and publications. Taxact 2011 login Tax Map: an electronic research tool and finding aid. Taxact 2011 login Tax law frequently asked questions. Taxact 2011 login Tax Topics from the IRS telephone response system. Taxact 2011 login Internal Revenue Code—Title 26 of the U. Taxact 2011 login S. Taxact 2011 login Code. Taxact 2011 login Fill-in, print, and save features for most tax forms. Taxact 2011 login Internal Revenue Bulletins. Taxact 2011 login Toll-free and email technical support. Taxact 2011 login Two releases during the year. Taxact 2011 login – The first release will ship the beginning of January 2010. Taxact 2011 login – The final release will ship the beginning of March 2010. Taxact 2011 login Purchase the DVD from National Technical Information Service (NTIS) at www. Taxact 2011 login irs. Taxact 2011 login gov/cdorders for $30 (no handling fee) or call 1-877-233-6767 toll free to buy the DVD for $30 (plus a $6 handling fee). Taxact 2011 login Prev  Up  Next   Home   More Online Publications
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The Taxact 2011 Login

Taxact 2011 login 1. Taxact 2011 login   Importance of Records Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Benefits of Recordkeeping Kinds of Records To Keep How Long To Keep Records Introduction A farmer, like other taxpayers, must keep records to prepare an accurate income tax return and determine the correct amount of tax. Taxact 2011 login This chapter explains the benefits of keeping records, what kinds of records you must keep, and how long you must keep them for federal tax purposes. Taxact 2011 login Tax records are not the only type of records you need to keep for your farming business. Taxact 2011 login You should also keep records that measure your farm's financial performance. Taxact 2011 login This publication only discusses tax records. Taxact 2011 login The Farm Financial Standards Council has produced a publication that provides a detailed explanation of the recommendations of the Council for financial reporting and analysis. Taxact 2011 login For information on recordkeeping, you can purchase and download Financial Guidelines for Agricultural Producers at www. Taxact 2011 login ffsc. Taxact 2011 login org. Taxact 2011 login For more information, contact Countryside Marketing, Inc. Taxact 2011 login in the following manner. Taxact 2011 login Call 262-253-6902. Taxact 2011 login Send a fax to 262-253-6903. Taxact 2011 login Write to: Farm Financial Standards Council N78 W14573 Appleton Ave. Taxact 2011 login , #287 Menomonee Falls, WI 53051. Taxact 2011 login Topics - This chapter discusses: Benefits of recordkeeping Kinds of records to keep How long to keep records Useful Items - You may want to see: Publication 51 (Circular A), Agricultural Employer's Tax Guide 463 Travel, Entertainment, Gift, and Car Expenses See chapter 16 for information about getting publications. Taxact 2011 login Benefits of Recordkeeping Everyone in business, including farmers, must keep appropriate records. Taxact 2011 login Recordkeeping will help you do the following. Taxact 2011 login Monitor the progress of your farming business. Taxact 2011 login   You need records to monitor the progress of your farming business. Taxact 2011 login Records can show whether your business is improving, which items are selling, or what changes you need to make. Taxact 2011 login Records can help you make better decisions that may increase the likelihood of business success. Taxact 2011 login Prepare your financial statements. Taxact 2011 login   You need records to prepare accurate financial statements. Taxact 2011 login These include income (profit and loss) statements and balance sheets. Taxact 2011 login These statements can help you in dealing with your bank or creditors and help you to manage your farm business. Taxact 2011 login Identify source of receipts. Taxact 2011 login   You will receive money or property from many sources. Taxact 2011 login Your records can identify the source of your receipts. Taxact 2011 login You need this information to separate farm from nonfarm receipts and taxable from nontaxable income. Taxact 2011 login Keep track of deductible expenses. Taxact 2011 login   You may forget expenses when you prepare your tax return unless you record them when they occur. Taxact 2011 login Prepare your tax returns. Taxact 2011 login   You need records to prepare your tax return. Taxact 2011 login For example, your records must support the income, expenses, and credits you report. Taxact 2011 login Generally, these are the same records you use to monitor your farming business and prepare your financial statements. Taxact 2011 login Support items reported on tax returns. Taxact 2011 login   You must keep your business records available at all times for inspection by the IRS. Taxact 2011 login If the IRS examines any of your tax returns, you may be asked to explain the items reported. Taxact 2011 login A complete set of records will speed up the examination. Taxact 2011 login Kinds of Records To Keep Except in a few cases, the law does not require any specific kind of records. Taxact 2011 login You can choose any recordkeeping system suited to your farming business that clearly shows, for example, your income and expenses. Taxact 2011 login You should set up your recordkeeping system using an accounting method that clearly shows your income for your tax year. Taxact 2011 login See  chapter 2. Taxact 2011 login If you are in more than one business, you should keep a complete and separate set of records for each business. Taxact 2011 login A corporation should keep minutes of board of directors' meetings. Taxact 2011 login Your recordkeeping system should include a summary of your business transactions. Taxact 2011 login This summary is ordinarily made in accounting journals and ledgers. Taxact 2011 login For example, they must show your gross income, as well as your deductions and credits. Taxact 2011 login In addition, you must keep supporting documents. Taxact 2011 login Purchases, sales, payroll, and other transactions you have in your business generate supporting documents such as invoices and receipts. Taxact 2011 login These documents contain the information you need to record in your journals and ledgers. Taxact 2011 login It is important to keep these documents because they support the entries in your journals and ledgers and on your tax return. Taxact 2011 login Keep them in an orderly fashion and in a safe place. Taxact 2011 login For instance, organize them by year and type of income or expense. Taxact 2011 login Electronic records. Taxact 2011 login   All requirements that apply to hard copy books and records also apply to electronic storage systems that maintain tax books and records. Taxact 2011 login When you replace hard copy books and records, you must maintain the electronic storage systems for as long as they are material to the administration of tax law. Taxact 2011 login An electronic storage system is any system for preparing or keeping your records either by electronic imaging or by transfer to an electronic storage media. Taxact 2011 login The electronic storage system must index, store, preserve, retrieve and reproduce the electronically stored books and records in legible format. Taxact 2011 login All electronic storage systems must provide a complete and accurate record of your data that is accessible to the IRS. Taxact 2011 login Electronic storage systems are also subject to the same controls and retention guidelines as those imposed on your original hard copy books and records. Taxact 2011 login The original hard copy books and records may be destroyed provided that the electronic storage system has been tested to establish that the hard copy books and records are being reproduced in compliance with IRS requirements for an electronic storage system and procedures are established to ensure continued compliance with all applicable rules and regulations. Taxact 2011 login You still have the responsibility of retaining any other books and records that are required to be retained. Taxact 2011 login The IRS may test your electronic storage system, including the equipment used, indexing methodology, software and retrieval capabilities. Taxact 2011 login This test is not considered an examination and the results must be shared with you. Taxact 2011 login If your electronic storage system meets the requirements mentioned earlier, you will be in compliance. Taxact 2011 login If not, you may be subject to penalties for non-compliance, unless you continue to maintain your original hard copybooks and records in a manner that allows you and the IRS to determine your correct tax. Taxact 2011 login For details on electronic storage system requirements, see Rev. Taxact 2011 login Proc. Taxact 2011 login 97-22. Taxact 2011 login You can find Rev. Taxact 2011 login Proc. Taxact 2011 login 97-22 on page 9 of Internal Revenue Bulletin 1997-13 at  www. Taxact 2011 login irs. Taxact 2011 login gov/pub/irs-irbs/irb97-13. Taxact 2011 login pdf. Taxact 2011 login Travel, transportation, entertainment, and gift expenses. Taxact 2011 login   Specific recordkeeping rules apply to these expenses. Taxact 2011 login For more information, see Publication 463. Taxact 2011 login Employment taxes. Taxact 2011 login   There are specific employment tax records you must keep. Taxact 2011 login For a list, see Publication 51 (Circular A). Taxact 2011 login Excise taxes. Taxact 2011 login   See How To Claim a Credit or Refund in chapter 14 for the specific records you must keep to verify your claim for credit or refund of excise taxes on certain fuels. Taxact 2011 login Assets. Taxact 2011 login   Assets are the property, such as machinery and equipment, you own and use in your business. Taxact 2011 login You must keep records to verify certain information about your business assets. Taxact 2011 login You need records to figure your annual depreciation deduction and the gain or (loss) when you sell the assets. Taxact 2011 login Your records should show all the following. Taxact 2011 login When and how you acquired the asset. Taxact 2011 login Purchase price. Taxact 2011 login Cost of any improvements. Taxact 2011 login Section 179 deduction taken. Taxact 2011 login Deductions taken for depreciation. Taxact 2011 login Deductions taken for casualty losses, such as losses resulting from fires or storms. Taxact 2011 login How you used the asset. Taxact 2011 login When and how you disposed of the asset. Taxact 2011 login Selling price. Taxact 2011 login Expenses of sale. Taxact 2011 login   The following are examples of records that may show this information. Taxact 2011 login Purchase and sales invoices. Taxact 2011 login Real estate closing statements. Taxact 2011 login Canceled checks. Taxact 2011 login Bank statements. Taxact 2011 login Financial account statements as proof of payment. Taxact 2011 login   If you do not have a canceled check, you may be able to prove payment with certain financial account statements prepared by financial institutions. Taxact 2011 login These include account statements prepared for the financial institution by a third party. Taxact 2011 login These account statements must be legible. Taxact 2011 login The following table lists acceptable account statements. Taxact 2011 login IF payment is by. Taxact 2011 login . Taxact 2011 login . Taxact 2011 login THEN the statement must show the. Taxact 2011 login . Taxact 2011 login . Taxact 2011 login Check Check number. Taxact 2011 login Amount. Taxact 2011 login Payee's name. Taxact 2011 login Date the check amount was posted to the account by the financial institution. Taxact 2011 login Electronic funds  transfer Amount transferred. Taxact 2011 login Payee's name. Taxact 2011 login Date the transfer was posted to the account by the financial institution. Taxact 2011 login Credit card Amount charged. Taxact 2011 login Payee's name. Taxact 2011 login Transaction date. Taxact 2011 login    Proof of payment of an amount, by itself, does not establish you are entitled to a tax deduction. Taxact 2011 login You should also keep other documents, such as credit card sales slips and invoices, to show that you also incurred the cost. Taxact 2011 login Tax returns. Taxact 2011 login   Keep copies of your filed tax returns. Taxact 2011 login They help in preparing future tax returns and making computations if you file an amended return. Taxact 2011 login Keep copies of your information returns such as Form 1099, Schedule K-1, and Form W-2. Taxact 2011 login How Long To Keep Records You must keep your records as long as they may be needed for the administration of any provision of the Internal Revenue Code. Taxact 2011 login Keep records that support an item of income or a deduction appearing on a return until the period of limitations for the return runs out. Taxact 2011 login A period of limitations is the period of time after which no legal action can be brought. Taxact 2011 login Generally, that means you must keep your records for at least 3 years from when your tax return was due or filed or within 2 years of the date the tax was paid, whichever is later. Taxact 2011 login However, certain records must be kept for a longer period of time, as discussed below. Taxact 2011 login Employment taxes. Taxact 2011 login   If you have employees, you must keep all employment tax records for at least 4 years after the date the tax becomes due or is paid, whichever is later. Taxact 2011 login Assets. Taxact 2011 login   Keep records relating to property until the period of limitations expires for the year in which you dispose of the property in a taxable disposition. Taxact 2011 login You must keep these records to figure any depreciation, amortization, or depletion deduction and to figure your basis for computing gain or (loss) when you sell or otherwise dispose of the property. Taxact 2011 login   You may need to keep records relating to the basis of property longer than the period of limitation. Taxact 2011 login Keep those records as long as they are important in figuring the basis of the original or replacement property. Taxact 2011 login Generally, this means as long as you own the property and, after you dispose of it, for the period of limitations that applies to you. Taxact 2011 login For example, if you received property in a nontaxable exchange, you must keep the records for the old property, as well as for the new property, until the period of limitations expires for the year in which you dispose of the new property in a taxable disposition. Taxact 2011 login For more information on basis, see chapter 6. Taxact 2011 login Records for nontax purposes. Taxact 2011 login   When your records are no longer needed for tax purposes, do not discard them until you check to see if you have to keep them longer for other purposes. Taxact 2011 login For example, your insurance company or creditors may require you to keep them longer than the IRS does. Taxact 2011 login Prev  Up  Next   Home   More Online Publications