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Www.irs Tax Form 1040ez For 2012

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Www.irs Tax Form 1040ez For 2012

Www. Www.irs tax form 1040ez for 2012 irs tax form 1040ez for 2012 7. Www.irs tax form 1040ez for 2012   Depreciation, Depletion, and Amortization Table of Contents What's New for 2013 Introduction Topics - This chapter discusses: Useful Items - You may want to see: Overview of DepreciationWhat Property Can Be Depreciated? What Property Cannot Be Depreciated? When Does Depreciation Begin and End? Can You Use MACRS To Depreciate Your Property? What Is the Basis of Your Depreciable Property? How Do You Treat Repairs and Improvements? Do You Have To File Form 4562? How Do You Correct Depreciation Deductions? Section 179 Expense DeductionWhat Property Qualifies? What Property Does Not Qualify? How Much Can You Deduct? How Do You Elect the Deduction? When Must You Recapture the Deduction? Claiming the Special Depreciation AllowanceWhat is Qualified Property? How Can You Elect Not To Claim the Allowance? When Must You Recapture an Allowance Figuring Depreciation Under MACRSWhich Depreciation System (GDS or ADS) Applies? Which Property Class Applies Under GDS? What Is the Placed-in-Service Date? What Is the Basis for Depreciation? Which Recovery Period Applies? Which Convention Applies? Which Depreciation Method Applies? How Is the Depreciation Deduction Figured? How Do You Use General Asset Accounts? When Do You Recapture MACRS Depreciation? Additional Rules for Listed PropertyWhat Is Listed Property? What Is the Business-Use Requirement? Do the Passenger Automobile Limits Apply? Depletion Who Can Claim Depletion? Figuring Depletion AmortizationBusiness Start-Up Costs Reforestation Costs Section 197 Intangibles What's New for 2013 Increased section 179 expense deduction dollar limits. Www.irs tax form 1040ez for 2012  The maximum amount you can elect to deduct for most section 179 property you placed in service in 2013 is $500,000. Www.irs tax form 1040ez for 2012 This limit is reduced by the amount by which the cost of the property placed in service during the tax year exceeds $2 million. Www.irs tax form 1040ez for 2012 See Dollar Limits under Section 179 Expense Deduction , later. Www.irs tax form 1040ez for 2012 Extension of special depreciation allowance for certain qualified property acquired after December 31, 2007. Www.irs tax form 1040ez for 2012 . Www.irs tax form 1040ez for 2012  You may be able to take a 50% special depreciation allowance for certain qualified property acquired after December 31, 2007, and placed in service before January 1, 2014. Www.irs tax form 1040ez for 2012 See Claiming the Special Depreciation Allowance , later. Www.irs tax form 1040ez for 2012 Expiration of the 3- year recovery period for certain race horses. Www.irs tax form 1040ez for 2012  The 3-year recovery period for race horses two years old or younger will expire for such horses placed in service after December 31, 2013. Www.irs tax form 1040ez for 2012 Introduction If you buy or make improvements to farm property such as machinery, equipment, livestock, or a structure with a useful life of more than a year, you generally cannot deduct its entire cost in one year. Www.irs tax form 1040ez for 2012 Instead, you must spread the cost over the time you use the property and deduct part of it each year. Www.irs tax form 1040ez for 2012 For most types of property, this is called depreciation. Www.irs tax form 1040ez for 2012 This chapter gives information on depreciation methods that generally apply to property placed in service after 1986. Www.irs tax form 1040ez for 2012 For information on depreciating pre-1987 property, see Publication 534, Depreciating Property Placed in Service Before 1987. Www.irs tax form 1040ez for 2012 Topics - This chapter discusses: Overview of depreciation Section 179 expense deduction Special depreciation allowance Modified Accelerated Cost Recovery System (MACRS) Listed property Basic information on cost depletion (including timber depletion) and percentage depletion Amortization of the costs of going into business, reforestation costs, the costs of pollution control facilities, and the costs of section 197 intangibles Useful Items - You may want to see: Publication 463 Travel, Entertainment, Gift, and Car Expenses 534 Depreciating Property Placed in Service Before 1987 535 Business Expenses 544 Sales and Other Dispositions of Assets 551 Basis of Assets 946 How To Depreciate Property Form (and Instructions) T (Timber), Forest Activities Schedule 3115 Application for Change in Accounting Method 4562 Depreciation and Amortization 4797 Sales of Business Property See chapter 16 for information about getting publications and forms. Www.irs tax form 1040ez for 2012 It is important to keep good records for property you depreciate. Www.irs tax form 1040ez for 2012 Do not file these records with your return. Www.irs tax form 1040ez for 2012 Instead, you should keep them as part of the permanent records of the depreciated property. Www.irs tax form 1040ez for 2012 They will help you verify the accuracy of the depreciation of assets placed in service in the current and previous tax years. Www.irs tax form 1040ez for 2012 For general information on recordkeeping, see Publication 583, Starting a Business and Keeping Records. Www.irs tax form 1040ez for 2012 For specific information on keeping records for section 179 property and listed property, see Publication 946, How To Depreciate Property. Www.irs tax form 1040ez for 2012 Overview of Depreciation This overview discusses basic information on the following. Www.irs tax form 1040ez for 2012 What property can be depreciated. Www.irs tax form 1040ez for 2012 What property cannot be depreciated. Www.irs tax form 1040ez for 2012 When depreciation begins and ends. Www.irs tax form 1040ez for 2012 Whether MACRS can be used to figure depreciation. Www.irs tax form 1040ez for 2012 What is the basis of your depreciable property. Www.irs tax form 1040ez for 2012 How to treat repairs and improvements. Www.irs tax form 1040ez for 2012 When you must file Form 4562. Www.irs tax form 1040ez for 2012 How you can correct depreciation claimed incorrectly. Www.irs tax form 1040ez for 2012 What Property Can Be Depreciated? You can depreciate most types of tangible property (except land), such as buildings, machinery, equipment, vehicles, certain livestock, and furniture. Www.irs tax form 1040ez for 2012 You can also depreciate certain intangible property, such as copyrights, patents, and computer software. Www.irs tax form 1040ez for 2012 To be depreciable, the property must meet all the following requirements. Www.irs tax form 1040ez for 2012 It must be property you own. Www.irs tax form 1040ez for 2012 It must be used in your business or income-producing activity. Www.irs tax form 1040ez for 2012 It must have a determinable useful life. Www.irs tax form 1040ez for 2012 It must have a useful life that extends substantially beyond the year you place it in service. Www.irs tax form 1040ez for 2012 Property You Own To claim depreciation, you usually must be the owner of the property. Www.irs tax form 1040ez for 2012 You are considered as owning property even if it is subject to a debt. Www.irs tax form 1040ez for 2012 Leased property. Www.irs tax form 1040ez for 2012   You can depreciate leased property only if you retain the incidents of ownership in the property. Www.irs tax form 1040ez for 2012 This means you bear the burden of exhaustion of the capital investment in the property. Www.irs tax form 1040ez for 2012 Therefore, if you lease property from someone to use in your trade or business or for the production of income, you generally cannot depreciate its cost because you do not retain the incidents of ownership. Www.irs tax form 1040ez for 2012 You can, however, depreciate any capital improvements you make to the leased property. Www.irs tax form 1040ez for 2012 See Additions and Improvements under Which Recovery Period Applies in chapter 4 of Publication 946. Www.irs tax form 1040ez for 2012   If you lease property to someone, you generally can depreciate its cost even if the lessee (the person leasing from you) has agreed to preserve, replace, renew, and maintain the property. Www.irs tax form 1040ez for 2012 However, you cannot depreciate the cost of the property if the lease provides that the lessee is to maintain the property and return to you the same property or its equivalent in value at the expiration of the lease in as good condition and value as when leased. Www.irs tax form 1040ez for 2012 Life tenant. Www.irs tax form 1040ez for 2012   Generally, if you hold business or investment property as a life tenant, you can depreciate it as if you were the absolute owner of the property. Www.irs tax form 1040ez for 2012 See Certain term interests in property , later, for an exception. Www.irs tax form 1040ez for 2012 Property Used in Your Business or Income-Producing Activity To claim depreciation on property, you must use it in your business or income-producing activity. Www.irs tax form 1040ez for 2012 If you use property to produce income (investment use), the income must be taxable. Www.irs tax form 1040ez for 2012 You cannot depreciate property that you use solely for personal activities. Www.irs tax form 1040ez for 2012 However, if you use property for business or investment purposes and for personal purposes, you can deduct depreciation based only on the percentage of business or investment use. Www.irs tax form 1040ez for 2012 Example 1. Www.irs tax form 1040ez for 2012   If you use your car for farm business, you can deduct depreciation based on its percentage of use in farming. Www.irs tax form 1040ez for 2012 If you also use it for investment purposes, you can depreciate it based on its percentage of investment use. Www.irs tax form 1040ez for 2012 Example 2. Www.irs tax form 1040ez for 2012   If you use part of your home for business, you may be able to deduct depreciation on that part based on its business use. Www.irs tax form 1040ez for 2012 For more information, see Business Use of Your Home in chapter 4. Www.irs tax form 1040ez for 2012 Inventory. Www.irs tax form 1040ez for 2012   You can never depreciate inventory because it is not held for use in your business. Www.irs tax form 1040ez for 2012 Inventory is any property you hold primarily for sale to customers in the ordinary course of your business. Www.irs tax form 1040ez for 2012 Livestock. Www.irs tax form 1040ez for 2012   Livestock purchased for draft, breeding, or dairy purposes can be depreciated only if they are not kept in an inventory account. Www.irs tax form 1040ez for 2012 Livestock you raise usually has no depreciable basis because the costs of raising them are deducted and not added to their basis. Www.irs tax form 1040ez for 2012 However, see Immature livestock under When Does Depreciation Begin and End , later, for a special rule. Www.irs tax form 1040ez for 2012 Property Having a Determinable Useful Life To be depreciable, your property must have a determinable useful life. Www.irs tax form 1040ez for 2012 This means it must be something that wears out, decays, gets used up, becomes obsolete, or loses its value from natural causes. Www.irs tax form 1040ez for 2012 Irrigation systems and water wells. Www.irs tax form 1040ez for 2012   Irrigation systems and wells used in a trade or business can be depreciated if their useful life can be determined. Www.irs tax form 1040ez for 2012 You can depreciate irrigation systems and wells composed of masonry, concrete, tile, metal, or wood. Www.irs tax form 1040ez for 2012 In addition, you can depreciate costs for moving dirt to construct irrigation systems and water wells composed of these materials. Www.irs tax form 1040ez for 2012 However, land preparation costs for center pivot irrigation systems are not depreciable. Www.irs tax form 1040ez for 2012 Dams, ponds, and terraces. Www.irs tax form 1040ez for 2012   In general, you cannot depreciate earthen dams, ponds, and terraces unless the structures have a determinable useful life. Www.irs tax form 1040ez for 2012 What Property Cannot Be Depreciated? Certain property cannot be depreciated, even if the requirements explained earlier are met. Www.irs tax form 1040ez for 2012 This includes the following. Www.irs tax form 1040ez for 2012 Land. Www.irs tax form 1040ez for 2012 You can never depreciate the cost of land because land does not wear out, become obsolete, or get used up. Www.irs tax form 1040ez for 2012 The cost of land generally includes the cost of clearing, grading, planting, and landscaping. Www.irs tax form 1040ez for 2012 Although you cannot depreciate land, you can depreciate certain costs incurred in preparing land for business use. Www.irs tax form 1040ez for 2012 See chapter 1 of Publication 946. Www.irs tax form 1040ez for 2012 Property placed in service and disposed of in the same year. Www.irs tax form 1040ez for 2012 Determining when property is placed in service is explained later. Www.irs tax form 1040ez for 2012 Equipment used to build capital improvements. Www.irs tax form 1040ez for 2012 You must add otherwise allowable depreciation on the equipment during the period of construction to the basis of your improvements. Www.irs tax form 1040ez for 2012 Intangible property such as section 197 intangibles. Www.irs tax form 1040ez for 2012 This property does not have a determinable useful life and generally cannot be depreciated. Www.irs tax form 1040ez for 2012 However, see Amortization , later. Www.irs tax form 1040ez for 2012 Special rules apply to computer software (discussed below). Www.irs tax form 1040ez for 2012 Certain term interests (discussed below). Www.irs tax form 1040ez for 2012 Computer software. Www.irs tax form 1040ez for 2012   Computer software is generally not a section 197 intangible even if acquired in connection with the acquisition of a business, if it meets all of the following tests. Www.irs tax form 1040ez for 2012 It is readily available for purchase by the general public. Www.irs tax form 1040ez for 2012 It is subject to a nonexclusive license. Www.irs tax form 1040ez for 2012 It has not been substantially modified. Www.irs tax form 1040ez for 2012   If the software meets the tests above, it can be depreciated and may qualify for the section 179 expense deduction and the special depreciation allowance (if applicable), discussed later. Www.irs tax form 1040ez for 2012 Certain term interests in property. Www.irs tax form 1040ez for 2012   You cannot depreciate a term interest in property created or acquired after July 27, 1989, for any period during which the remainder interest is held, directly or indirectly, by a person related to you. Www.irs tax form 1040ez for 2012 This rule does not apply to the holder of a term interest in property acquired by gift, bequest, or inheritance. Www.irs tax form 1040ez for 2012 For more information, see chapter 1 of Publication 946. Www.irs tax form 1040ez for 2012 When Does Depreciation Begin and End? You begin to depreciate your property when you place it in service for use in your trade or business or for the production of income. Www.irs tax form 1040ez for 2012 You stop depreciating property either when you have fully recovered your cost or other basis or when you retire it from service, whichever happens first. Www.irs tax form 1040ez for 2012 Placed in Service Property is placed in service when it is ready and available for a specific use, whether in a business activity, an income-producing activity, a tax-exempt activity, or a personal activity. Www.irs tax form 1040ez for 2012 Even if you are not using the property, it is in service when it is ready and available for its specific use. Www.irs tax form 1040ez for 2012 Example. Www.irs tax form 1040ez for 2012 You bought a planter for use in your farm business. Www.irs tax form 1040ez for 2012 The planter was delivered in December 2012 after harvest was over. Www.irs tax form 1040ez for 2012 You begin to depreciate the planter for 2012 because it was ready and available for its specific use in 2012, even though it will not be used until the spring of 2013. Www.irs tax form 1040ez for 2012 If your planter comes unassembled in December 2012 and is put together in February 2013, it is not placed in service until 2013. Www.irs tax form 1040ez for 2012 You begin to depreciate it in 2013. Www.irs tax form 1040ez for 2012 If your planter was delivered and assembled in February 2013 but not used until April 2013, it is placed in service in February 2013, because this is when the planter was ready for its specified use. Www.irs tax form 1040ez for 2012 You begin to depreciate it in 2013. Www.irs tax form 1040ez for 2012 Fruit or nut trees and vines. Www.irs tax form 1040ez for 2012   If you acquire an orchard, grove, or vineyard before the trees or vines have reached the income-producing stage, and they have a preproductive period of more than 2 years, you must capitalize the preproductive-period costs under the uniform capitalization rules (unless you elect not to use these rules). Www.irs tax form 1040ez for 2012 See chapter 6 for information about the uniform capitalization rules. Www.irs tax form 1040ez for 2012 Your depreciation begins when the trees and vines reach the income-producing stage (that is, when they bear fruit, nuts, or grapes in quantities sufficient to commercially warrant harvesting). Www.irs tax form 1040ez for 2012 Immature livestock. Www.irs tax form 1040ez for 2012   Depreciation for livestock begins when the livestock reaches the age of maturity. Www.irs tax form 1040ez for 2012 If you bought immature livestock for drafting purposes, depreciation begins when they can be worked. Www.irs tax form 1040ez for 2012 If you bought immature livestock for dairy purposes, depreciation begins when they can be milked. Www.irs tax form 1040ez for 2012 If you bought immature livestock for breeding purposes, depreciation begins when they can be bred. Www.irs tax form 1040ez for 2012 Your basis for depreciation is your initial cost for the immature livestock. Www.irs tax form 1040ez for 2012 Idle Property Continue to claim a deduction for depreciation on property used in your business or for the production of income even if it is temporarily idle. Www.irs tax form 1040ez for 2012 For example, if you stop using a machine because there is a temporary lack of a market for a product made with that machine, continue to deduct depreciation on the machine. Www.irs tax form 1040ez for 2012 Cost or Other Basis Fully Recovered You stop depreciating property when you have fully recovered your cost or other basis. Www.irs tax form 1040ez for 2012 This happens when your section 179 and allowed or allowable depreciation deductions equal your cost or investment in the property. Www.irs tax form 1040ez for 2012 Retired From Service You stop depreciating property when you retire it from service, even if you have not fully recovered its cost or other basis. Www.irs tax form 1040ez for 2012 You retire property from service when you permanently withdraw it from use in a trade or business or from use in the production of income because of any of the following events. Www.irs tax form 1040ez for 2012 You sell or exchange the property. Www.irs tax form 1040ez for 2012 You convert the property to personal use. Www.irs tax form 1040ez for 2012 You abandon the property. Www.irs tax form 1040ez for 2012 You transfer the property to a supplies or scrap account. Www.irs tax form 1040ez for 2012 The property is destroyed. Www.irs tax form 1040ez for 2012 For information on abandonment of property, see chapter 8. Www.irs tax form 1040ez for 2012 For information on destroyed property, see chapter 11 and Publication 547, Casualties, Disasters, and Thefts. Www.irs tax form 1040ez for 2012 Can You Use MACRS To Depreciate Your Property? You must use the Modified Accelerated Cost Recovery System (MACRS) to depreciate most business and investment property placed in service after 1986. Www.irs tax form 1040ez for 2012 MACRS is explained later under Figuring Depreciation Under MACRS . Www.irs tax form 1040ez for 2012 You cannot use MACRS to depreciate the following property. Www.irs tax form 1040ez for 2012 Property you placed in service before 1987. Www.irs tax form 1040ez for 2012 Use the methods discussed in Publication 534. Www.irs tax form 1040ez for 2012 Certain property owned or used in 1986. Www.irs tax form 1040ez for 2012 See chapter 1 of Publication 946. Www.irs tax form 1040ez for 2012 Intangible property. Www.irs tax form 1040ez for 2012 Films, video tapes, and recordings. Www.irs tax form 1040ez for 2012 Certain corporate or partnership property acquired in a nontaxable transfer. Www.irs tax form 1040ez for 2012 Property you elected to exclude from MACRS. Www.irs tax form 1040ez for 2012 For more information, see chapter 1 of Publication 946. Www.irs tax form 1040ez for 2012 What Is the Basis of Your Depreciable Property? To figure your depreciation deduction, you must determine the basis of your property. Www.irs tax form 1040ez for 2012 To determine basis, you need to know the cost or other basis of your property. Www.irs tax form 1040ez for 2012 Cost or other basis. Www.irs tax form 1040ez for 2012   The basis of property you buy is usually its cost plus amounts you paid for items such as sales tax, freight charges, and installation and testing fees. Www.irs tax form 1040ez for 2012 The cost includes the amount you pay in cash, debt obligations, other property, or services. Www.irs tax form 1040ez for 2012   There are times when you cannot use cost as basis. Www.irs tax form 1040ez for 2012 In these situations, the fair market value (FMV) or the adjusted basis of the property may be used. Www.irs tax form 1040ez for 2012 Adjusted basis. Www.irs tax form 1040ez for 2012   To find your property's basis for depreciation, you may have to make certain adjustments (increases and decreases) to the basis of the property for events occurring between the time you acquired the property and the time you placed it in service. Www.irs tax form 1040ez for 2012 Basis adjustment for depreciation allowed or allowable. Www.irs tax form 1040ez for 2012   After you place your property in service, you must reduce the basis of the property by the depreciation allowed or allowable, whichever is greater. Www.irs tax form 1040ez for 2012 Depreciation allowed is depreciation you actually deducted (from which you received a tax benefit). Www.irs tax form 1040ez for 2012 Depreciation allowable is depreciation you are entitled to deduct. Www.irs tax form 1040ez for 2012   If you do not claim depreciation you are entitled to deduct, you must still reduce the basis of the property by the full amount of depreciation allowable. Www.irs tax form 1040ez for 2012   If you deduct more depreciation than you should, you must reduce your basis by any amount deducted from which you received a tax benefit (the depreciation allowed). Www.irs tax form 1040ez for 2012   For more information, see chapter 6. Www.irs tax form 1040ez for 2012 How Do You Treat Repairs and Improvements? You generally deduct the cost of repairing business property in the same way as any other business expense. Www.irs tax form 1040ez for 2012 However, if a repair or replacement increases the value of your property, makes it more useful, or lengthens its life, you must treat it as an improvement and depreciate it. Www.irs tax form 1040ez for 2012 Treat improvements as separate depreciable property. Www.irs tax form 1040ez for 2012 See chapter 1 of Publication 946 for more information. Www.irs tax form 1040ez for 2012 Example. Www.irs tax form 1040ez for 2012 You repair a small section on a corner of the roof of a barn that you rent to others. Www.irs tax form 1040ez for 2012 You deduct the cost of the repair as a business expense. Www.irs tax form 1040ez for 2012 However, if you replace the entire roof, the new roof is considered to be an improvement because it increases the value and lengthens the life for the property. Www.irs tax form 1040ez for 2012 You depreciate the cost of the new roof. Www.irs tax form 1040ez for 2012 Improvements to rented property. Www.irs tax form 1040ez for 2012   You can depreciate permanent improvements you make to business property you rent from someone else. Www.irs tax form 1040ez for 2012 Do You Have To File Form 4562? Use Form 4562 to claim your deduction for depreciation and amortization. Www.irs tax form 1040ez for 2012 You must complete and attach Form 4562 to your tax return if you are claiming any of the following. Www.irs tax form 1040ez for 2012 A section 179 expense deduction for the current year or a section 179 carryover from a prior year. Www.irs tax form 1040ez for 2012 Depreciation for property placed in service during the current year. Www.irs tax form 1040ez for 2012 Depreciation on any vehicle or other listed property, regardless of when it was placed in service. Www.irs tax form 1040ez for 2012 Amortization of costs that began in the current year. Www.irs tax form 1040ez for 2012 For more information, see the Instructions for Form 4562. Www.irs tax form 1040ez for 2012 How Do You Correct Depreciation Deductions? If you deducted an incorrect amount of depreciation in any year, you may be able to make a correction by filing an amended return for that year. Www.irs tax form 1040ez for 2012 You can file an amended return to correct the amount of depreciation claimed for any property in any of the following situations. Www.irs tax form 1040ez for 2012 You claimed the incorrect amount because of a mathematical error made in any year. Www.irs tax form 1040ez for 2012 You claimed the incorrect amount because of a posting error made in any year, for example, omitting an asset from the depreciation schedule. Www.irs tax form 1040ez for 2012 You have not adopted a method of accounting for the property placed in service by you in tax years ending after December 29, 2003. Www.irs tax form 1040ez for 2012 You claimed the incorrect amount on property placed in service by you in tax years ending before December 30, 2003. Www.irs tax form 1040ez for 2012 Note. Www.irs tax form 1040ez for 2012 You have adopted a method of accounting if you used the same incorrect method of depreciation for two or more consecutively filed returns. Www.irs tax form 1040ez for 2012 If you are not allowed to make the correction on an amended return, you may be able to change your accounting method to claim the correct amount of depreciation. Www.irs tax form 1040ez for 2012 See the Instructions for Form 3115. Www.irs tax form 1040ez for 2012 Section 179 Expense Deduction You can elect to recover all or part of the cost of certain qualifying property, up to a limit, by deducting it in the year you place the property in service. Www.irs tax form 1040ez for 2012 This is the section 179 expense deduction. Www.irs tax form 1040ez for 2012 You can elect the section 179 expense deduction instead of recovering the cost by taking depreciation deductions. Www.irs tax form 1040ez for 2012 This part of the chapter explains the rules for the section 179 expense deduction. Www.irs tax form 1040ez for 2012 It explains what property qualifies for the deduction, what property does not qualify for the deduction, the limits that may apply, how to elect the deduction, and when you may have to recapture the deduction. Www.irs tax form 1040ez for 2012 For more information, see chapter 2 of Publication 946. Www.irs tax form 1040ez for 2012 What Property Qualifies? To qualify for the section 179 expense deduction, your property must meet all the following requirements. Www.irs tax form 1040ez for 2012 It must be eligible property. Www.irs tax form 1040ez for 2012 It must be acquired for business use. Www.irs tax form 1040ez for 2012 It must have been acquired by purchase. Www.irs tax form 1040ez for 2012 Eligible Property To qualify for the section 179 expense deduction, your property must be one of the following types of depreciable property. Www.irs tax form 1040ez for 2012 Tangible personal property. Www.irs tax form 1040ez for 2012 Qualified real property. Www.irs tax form 1040ez for 2012 (Special rules apply to qualified real property that you elect to treat as qualified section 179 real property. Www.irs tax form 1040ez for 2012 For more information, see chapter 2 of Publication 946 and section 179(f) of the Internal Revenue Code. Www.irs tax form 1040ez for 2012 ) Other tangible property (except buildings and their structural components) used as: An integral part of manufacturing, production, or extraction or of furnishing transportation, communications, electricity, gas, water, or sewage disposal services; A research facility used in connection with any of the activities in (a) above; or A facility used in connection with any of the activities in (a) for the bulk storage of fungible commodities. Www.irs tax form 1040ez for 2012 Single purpose agricultural (livestock) or horticultural structures. Www.irs tax form 1040ez for 2012 Storage facilities (except buildings and their structural components) used in connection with distributing petroleum or any primary product of petroleum. Www.irs tax form 1040ez for 2012 Off-the-shelf computer software that is readily available for purchase by the general public, is subject to a nonexclusive lease, and has not been substantially modified. Www.irs tax form 1040ez for 2012 Tangible personal property. Www.irs tax form 1040ez for 2012   Tangible personal property is any tangible property that is not real property. Www.irs tax form 1040ez for 2012 It includes the following property. Www.irs tax form 1040ez for 2012 Machinery and equipment. Www.irs tax form 1040ez for 2012 Property contained in or attached to a building (other than structural components), such as milk tanks, automatic feeders, barn cleaners, and office equipment. Www.irs tax form 1040ez for 2012 Gasoline storage tanks and pumps at retail service stations. Www.irs tax form 1040ez for 2012 Livestock, including horses, cattle, hogs, sheep, goats, and mink and other fur-bearing animals. Www.irs tax form 1040ez for 2012 Facility used for the bulk storage of fungible commodities. Www.irs tax form 1040ez for 2012   A facility used for the bulk storage of fungible commodities is qualifying property for purposes of the section 179 expense deduction if it is used in connection with any of the activities listed earlier in item (3)(a). Www.irs tax form 1040ez for 2012 Bulk storage means the storage of a commodity in a large mass before it is used. Www.irs tax form 1040ez for 2012 Grain bins. Www.irs tax form 1040ez for 2012   A grain bin is an example of a storage facility that is qualifying section 179 property. Www.irs tax form 1040ez for 2012 It is a facility used in connection with the production of grain or livestock for the bulk storage of fungible commodities. Www.irs tax form 1040ez for 2012 Single purpose agricultural or horticultural structures. Www.irs tax form 1040ez for 2012   A single purpose agricultural (livestock) or horticultural structure is qualifying property for purposes of the section 179 expense deduction. Www.irs tax form 1040ez for 2012 Agricultural structure. Www.irs tax form 1040ez for 2012   A single purpose agricultural (livestock) structure is any building or enclosure specifically designed, constructed, and used for both the following reasons. Www.irs tax form 1040ez for 2012 To house, raise, and feed a particular type of livestock and its produce. Www.irs tax form 1040ez for 2012 To house the equipment, including any replacements, needed to house, raise, or feed the livestock. Www.irs tax form 1040ez for 2012 For this purpose, livestock includes poultry. Www.irs tax form 1040ez for 2012   Single purpose structures are qualifying property if used, for example, to breed chickens or hogs, produce milk from dairy cattle, or produce feeder cattle or pigs, broiler chickens, or eggs. Www.irs tax form 1040ez for 2012 The facility must include, as an integral part of the structure or enclosure, equipment necessary to house, raise, and feed the livestock. Www.irs tax form 1040ez for 2012 Horticultural structure. Www.irs tax form 1040ez for 2012   A single purpose horticultural structure is either of the following. Www.irs tax form 1040ez for 2012 A greenhouse specifically designed, constructed, and used for the commercial production of plants. Www.irs tax form 1040ez for 2012 A structure specifically designed, constructed, and used for the commercial production of mushrooms. Www.irs tax form 1040ez for 2012 Use of structure. Www.irs tax form 1040ez for 2012   A structure must be used only for the purpose that qualified it. Www.irs tax form 1040ez for 2012 For example, a hog barn will not be qualifying property if you use it to house poultry. Www.irs tax form 1040ez for 2012 Similarly, using part of your greenhouse to sell plants will make the greenhouse nonqualifying property. Www.irs tax form 1040ez for 2012   If a structure includes work space, the work space can be used only for the following activities. Www.irs tax form 1040ez for 2012 Stocking, caring for, or collecting livestock or plants or their produce. Www.irs tax form 1040ez for 2012 Maintaining the enclosure or structure. Www.irs tax form 1040ez for 2012 Maintaining or replacing the equipment or stock enclosed or housed in the structure. Www.irs tax form 1040ez for 2012 Property Acquired by Purchase To qualify for the section 179 expense deduction, your property must have been acquired by purchase. Www.irs tax form 1040ez for 2012 For example, property acquired by gift or inheritance does not qualify. Www.irs tax form 1040ez for 2012 Property acquired from a related person (that is, your spouse, ancestors, or lineal descendants) is not considered acquired by purchase. Www.irs tax form 1040ez for 2012 Example. Www.irs tax form 1040ez for 2012 Ken is a farmer. Www.irs tax form 1040ez for 2012 He purchased two tractors, one from his brother and one from his father. Www.irs tax form 1040ez for 2012 He placed both tractors in service in the same year he bought them. Www.irs tax form 1040ez for 2012 The tractor purchased from his father does not qualify for the section 179 expense deduction because he is a related person (as defined above). Www.irs tax form 1040ez for 2012 The tractor purchased from his brother does qualify for the deduction because Ken is not a related person (as defined above). Www.irs tax form 1040ez for 2012 What Property Does Not Qualify? Land and improvements. Www.irs tax form 1040ez for 2012   Land and land improvements, do not qualify as section 179 property. Www.irs tax form 1040ez for 2012 Land improvements include nonagricultural fences, swimming pools, paved parking areas, wharves, docks, bridges, and fences. Www.irs tax form 1040ez for 2012 However, agricultural fences do qualify as section 179 property. Www.irs tax form 1040ez for 2012 Similarly, field drainage tile also qualifies as section 179 property. Www.irs tax form 1040ez for 2012 Excepted property. Www.irs tax form 1040ez for 2012   Even if the requirements explained in the preceding discussions are met, farmers cannot elect the section 179 expense deduction for the following property. Www.irs tax form 1040ez for 2012 Certain property you lease to others (if you are a noncorporate lessor). Www.irs tax form 1040ez for 2012 Certain property used predominantly to furnish lodging or in connection with the furnishing of lodging. Www.irs tax form 1040ez for 2012 Property used by a tax-exempt organization (other than a tax-exempt farmers' cooperative) unless the property is used mainly in a taxable unrelated trade or business. Www.irs tax form 1040ez for 2012 Property used by governmental units or foreign persons or entities (except property used under a lease with a term of less than 6 months). Www.irs tax form 1040ez for 2012 How Much Can You Deduct? Your section 179 expense deduction is generally the cost of the qualifying property. Www.irs tax form 1040ez for 2012 However, the total amount you can elect to deduct under section 179 is subject to a dollar limit and a business income limit. Www.irs tax form 1040ez for 2012 These limits apply to each taxpayer, not to each business. Www.irs tax form 1040ez for 2012 However, see Married individuals under Dollar Limits , later. Www.irs tax form 1040ez for 2012 See also the special rules for applying the limits for partnerships and S corporations under Partnerships and S Corporations , later. Www.irs tax form 1040ez for 2012 If you deduct only part of the cost of qualifying property as a section 179 expense deduction, you can generally depreciate the cost you do not deduct. Www.irs tax form 1040ez for 2012 Use Part I of Form 4562 to figure your section 179 expense deduction. Www.irs tax form 1040ez for 2012 Partial business use. Www.irs tax form 1040ez for 2012   When you use property for business and nonbusiness purposes, you can elect the section 179 expense deduction only if you use it more than 50% for business in the year you place it in service. Www.irs tax form 1040ez for 2012 If you used the property more than 50% for business, multiply the cost of the property by the percentage of business use. Www.irs tax form 1040ez for 2012 Use the resulting business cost to figure your section 179 expense deduction. Www.irs tax form 1040ez for 2012 Trade-in of other property. Www.irs tax form 1040ez for 2012   If you buy qualifying property with cash and a trade-in, its cost for purposes of the section 179 expense deduction includes only the cash you paid. Www.irs tax form 1040ez for 2012 For example, if you buy (for cash and a trade-in) a new tractor for use in your business, your cost for the section 179 expense deduction is the cash you paid. Www.irs tax form 1040ez for 2012 It does not include the adjusted basis of the old tractor you trade for the new tractor. Www.irs tax form 1040ez for 2012 Example. Www.irs tax form 1040ez for 2012 J-Bar Farms traded two cultivators having a total adjusted basis of $6,800 for a new cultivator costing $13,200. Www.irs tax form 1040ez for 2012 They received an $8,000 trade-in allowance for the old cultivators and paid $5,200 cash for the new cultivator. Www.irs tax form 1040ez for 2012 J-Bar also traded a used pickup truck with an adjusted basis of $8,000 for a new pickup truck costing $35,000. Www.irs tax form 1040ez for 2012 They received a $5,000 trade-in allowance and paid $30,000 cash for the new pickup truck. Www.irs tax form 1040ez for 2012 Only the cash paid by J-Bar qualifies for the section 179 expense deduction. Www.irs tax form 1040ez for 2012 J-Bar's business costs that qualify for a section 179 expense deduction are $35,200 ($5,200 + $30,000). Www.irs tax form 1040ez for 2012 Dollar Limits The total amount you can elect to deduct under section 179 for most property placed in service in 2013 is $500,000. Www.irs tax form 1040ez for 2012 If you acquire and place in service more than one item of qualifying property during the year, you can allocate the section 179 expense deduction among the items in any way, as long as the total deduction is not more than $500,000. Www.irs tax form 1040ez for 2012 Qualified real property that you elect to treat as section 179 property is limited to $250,000 of the maximum section 179 deduction of $500,000 for 2013. Www.irs tax form 1040ez for 2012 You do not have to claim the full $500,000. Www.irs tax form 1040ez for 2012 For specific information on the section 179 dollar limits, see chapter 2 of Publication 946. Www.irs tax form 1040ez for 2012 Reduced dollar limit for cost exceeding $2 million. Www.irs tax form 1040ez for 2012   If the cost of your qualifying section 179 property placed in service in 2013 is over $2 million, you must reduce the dollar limit (but not below zero) by the amount of cost over $2 million. Www.irs tax form 1040ez for 2012 If the cost of your section 179 property placed in service during 2013 is $2,500,000 or more, you cannot take a section 179 expense deduction and you cannot carry over the cost that is more than $2,500,000. Www.irs tax form 1040ez for 2012 Example. Www.irs tax form 1040ez for 2012 This year, James Smith placed in service machinery costing $2,050,000. Www.irs tax form 1040ez for 2012 Because this cost is $50,000 more than $2 million, he must reduce his dollar limit to $450,000 ($500,000 − $50,000). Www.irs tax form 1040ez for 2012 Limits for sport utility vehicles. Www.irs tax form 1040ez for 2012   The total amount you can elect to deduct for certain sport utility vehicles and certain other vehicles placed in service in 2013 is $25,000. Www.irs tax form 1040ez for 2012 This rule applies to any 4-wheeled vehicle primarily designed or used to carry passengers over public streets, roads, and highways that is rated at more than 6,000 pounds gross vehicle weight and not more than 14,000 pounds gross vehicle weight. Www.irs tax form 1040ez for 2012   For more information, see chapter 2 of Publication 946. Www.irs tax form 1040ez for 2012 Limits for passenger automobiles. Www.irs tax form 1040ez for 2012   For a passenger automobile that is placed in service in 2013, the total section 179 and depreciation deduction is limited. Www.irs tax form 1040ez for 2012 See Do the Passenger Automobile Limits Apply , later. Www.irs tax form 1040ez for 2012 Married individuals. Www.irs tax form 1040ez for 2012   If you are married, how you figure your section 179 expense deduction depends on whether you file jointly or separately. Www.irs tax form 1040ez for 2012 If you file a joint return, you and your spouse are treated as one taxpayer in determining any reduction to the dollar limit, regardless of which of you purchased the property or placed it in service. Www.irs tax form 1040ez for 2012 If you and your spouse file separate returns, you are treated as one taxpayer for the dollar limit, including the reduction for costs over $2 million. Www.irs tax form 1040ez for 2012 You must allocate the dollar limit (after any reduction) equally between you, unless you both elect a different allocation. Www.irs tax form 1040ez for 2012 If the percentages elected by each of you do not total 100%, 50% will be allocated to each of you. Www.irs tax form 1040ez for 2012 Joint return after separate returns. Www.irs tax form 1040ez for 2012   If you and your spouse elect to amend your separate returns by filing a joint return after the due date for filing your return, the dollar limit on the joint return is the lesser of the following amounts. Www.irs tax form 1040ez for 2012 The dollar limit (after reduction for any cost of section 179 property over $2 million). Www.irs tax form 1040ez for 2012 The total cost of section 179 property you and your spouse elected to expense on your separate returns. Www.irs tax form 1040ez for 2012 Business Income Limit The total cost you can deduct each year after you apply the dollar limit is limited to the taxable income from the active conduct of any trade or business during the year. Www.irs tax form 1040ez for 2012 Generally, you are considered to actively conduct a trade or business if you meaningfully participate in the management or operations of the trade or business. Www.irs tax form 1040ez for 2012 Any cost not deductible in one year under section 179 because of this limit can be carried to the next year. Www.irs tax form 1040ez for 2012 See Carryover of disallowed deduction , later. Www.irs tax form 1040ez for 2012 Taxable income. Www.irs tax form 1040ez for 2012   In general, figure taxable income for this purpose by totaling the net income and losses from all trades and businesses you actively conducted during the year. Www.irs tax form 1040ez for 2012 In addition to net income or loss from a sole proprietorship, partnership, or S corporation, net income or loss derived from a trade or business also includes the following items. Www.irs tax form 1040ez for 2012 Section 1231 gains (or losses) as discussed in chapter 9. Www.irs tax form 1040ez for 2012 Interest from working capital of your trade or business. Www.irs tax form 1040ez for 2012 Wages, salaries, tips, or other pay earned by you (or your spouse if you file a joint return) as an employee of any employer. Www.irs tax form 1040ez for 2012   In addition, figure taxable income without regard to any of the following. Www.irs tax form 1040ez for 2012 The section 179 expense deduction. Www.irs tax form 1040ez for 2012 The self-employment tax deduction. Www.irs tax form 1040ez for 2012 Any net operating loss carryback or carryforward. Www.irs tax form 1040ez for 2012 Any unreimbursed employee business expenses. Www.irs tax form 1040ez for 2012 Two different taxable income limits. Www.irs tax form 1040ez for 2012   In addition to the business income limit for your section 179 expense deduction, you may have a taxable income limit for some other deduction (for example, charitable contributions). Www.irs tax form 1040ez for 2012 You may have to figure the limit for this other deduction taking into account the section 179 expense deduction. Www.irs tax form 1040ez for 2012 If so, complete the following steps. Www.irs tax form 1040ez for 2012 Step Action 1 Figure taxable income without the section 179 expense deduction or the other deduction. Www.irs tax form 1040ez for 2012 2 Figure a hypothetical section 179 expense deduction using the taxable income figured in Step 1. Www.irs tax form 1040ez for 2012 3 Subtract the hypothetical section 179 expense deduction figured in Step 2 from the taxable income figured in Step 1. Www.irs tax form 1040ez for 2012 4 Figure a hypothetical amount for the other deduction using the amount figured in Step 3 as taxable income. Www.irs tax form 1040ez for 2012 5 Subtract the hypothetical other deduction figured in Step 4 from the taxable income figured in  Step 1. Www.irs tax form 1040ez for 2012 6 Figure your actual section 179 expense deduction using the taxable income figured in Step 5. Www.irs tax form 1040ez for 2012 7 Subtract your actual section 179 expense deduction figured in Step 6 from the taxable income figured in Step 1. Www.irs tax form 1040ez for 2012 8 Figure your actual other deduction using the taxable income figured in Step 7. Www.irs tax form 1040ez for 2012 Example. Www.irs tax form 1040ez for 2012 On February 1, 2013, the XYZ farm corporation purchased and placed in service qualifying section 179 property that cost $500,000. Www.irs tax form 1040ez for 2012 It elects to expense the entire $500,000 cost under section 179. Www.irs tax form 1040ez for 2012 In June, the corporation gave a charitable contribution of $10,000. Www.irs tax form 1040ez for 2012 A corporation's limit on charitable contributions is figured after subtracting any section 179 expense deduction. Www.irs tax form 1040ez for 2012 The business income limit for the section 179 expense deduction is figured after subtracting any allowable charitable contributions. Www.irs tax form 1040ez for 2012 XYZ's taxable income figured without the section 179 expense deduction or the deduction for charitable contributions is $520,000. Www.irs tax form 1040ez for 2012 XYZ figures its section 179 expense deduction and its deduction for charitable contributions as follows. Www.irs tax form 1040ez for 2012 Step 1. Www.irs tax form 1040ez for 2012 Taxable income figured without either deduction is $520,000. Www.irs tax form 1040ez for 2012 Step 2. Www.irs tax form 1040ez for 2012 Using $520,000 as taxable income, XYZ's hypothetical section 179 expense deduction is $500,000. Www.irs tax form 1040ez for 2012 Step 3. Www.irs tax form 1040ez for 2012 $20,000 ($520,000 − $500,000). Www.irs tax form 1040ez for 2012 Step 4. Www.irs tax form 1040ez for 2012 Using $20,000 (from Step 3) as taxable income, XYZ's hypothetical charitable contribution (limited to 10% of taxable income) is $2,000. Www.irs tax form 1040ez for 2012 Step 5. Www.irs tax form 1040ez for 2012 $518,000 ($520,000 − $2,000). Www.irs tax form 1040ez for 2012 Step 6. Www.irs tax form 1040ez for 2012 Using $518,000 (from Step 5) as taxable income, XYZ figures the actual section 179 expense deduction. Www.irs tax form 1040ez for 2012 Because the taxable income is at least $500,000, XYZ can take a $500,000 section 179 expense deduction. Www.irs tax form 1040ez for 2012 Step 7. Www.irs tax form 1040ez for 2012 $20,000 ($520,000 − $500,000). Www.irs tax form 1040ez for 2012 Step 8. Www.irs tax form 1040ez for 2012 Using $20,000 (from Step 7) as taxable income, XYZ's actual charitable contribution (limited to 10% of taxable income) is $2,000. Www.irs tax form 1040ez for 2012 Carryover of disallowed deduction. Www.irs tax form 1040ez for 2012   You can carry over for an unlimited number of years the cost of any section 179 property you elected to expense but were unable to because of the business income limit. Www.irs tax form 1040ez for 2012   The amount you carry over is used in determining your section 179 expense deduction in the next year. Www.irs tax form 1040ez for 2012 However, it is subject to the limits in that year. Www.irs tax form 1040ez for 2012 If you place more than one property in service in a year, you can select the properties for which all or a part of the cost will be carried forward. Www.irs tax form 1040ez for 2012 Your selections must be shown in your books and records. Www.irs tax form 1040ez for 2012 Example. Www.irs tax form 1040ez for 2012 Last year, Joyce Jones placed in service a machine that cost $8,000 and elected to deduct all $8,000 under section 179. Www.irs tax form 1040ez for 2012 The taxable income from her business (determined without regard to both a section 179 expense deduction for the cost of the machine and the self-employment tax deduction) was $6,000. Www.irs tax form 1040ez for 2012 Her section 179 expense deduction was limited to $6,000. Www.irs tax form 1040ez for 2012 The $2,000 cost that was not allowed as a section 179 expense deduction (because of the business income limit) is carried to this year. Www.irs tax form 1040ez for 2012 This year, Joyce placed another machine in service that cost $9,000. Www.irs tax form 1040ez for 2012 Her taxable income from business (determined without regard to both a section 179 expense deduction for the cost of the machine and the self-employment tax deduction) is $10,000. Www.irs tax form 1040ez for 2012 Joyce can deduct the full cost of the machine ($9,000) but only $1,000 of the carryover from last year because of the business income limit. Www.irs tax form 1040ez for 2012 She can carry over the balance of $1,000 to next year. Www.irs tax form 1040ez for 2012 Partnerships and S Corporations The section 179 expense deduction limits apply both to the partnership or S corporation and to each partner or shareholder. Www.irs tax form 1040ez for 2012 The partnership or S corporation determines its section 179 expense deduction subject to the limits. Www.irs tax form 1040ez for 2012 It then allocates the deduction among its partners or shareholders. Www.irs tax form 1040ez for 2012 If you are a partner in a partnership or shareholder of an S corporation, you add the amount allocated from the partnership or S corporation to any section 179 costs not related to the partnership or S corporation and then apply the dollar limit to this total. Www.irs tax form 1040ez for 2012 To determine any reduction in the dollar limit for costs over $560,000, you do not include any of the cost of section 179 property placed in service by the partnership or S corporation. Www.irs tax form 1040ez for 2012 After you apply the dollar limit, you apply the business income limit to any remaining section 179 costs. Www.irs tax form 1040ez for 2012 For more information, see chapter 2 of Publication 946. Www.irs tax form 1040ez for 2012 Example. Www.irs tax form 1040ez for 2012 In 2013, Partnership P placed in service section 179 property with a total cost of $2,160,000. Www.irs tax form 1040ez for 2012 P must reduce its dollar limit by $160,000 ($2,160,000 − $2,000,000). Www.irs tax form 1040ez for 2012 Its maximum section 179 expense deduction is $340,000 ($500,000 − $160,000), and it elects to expense that amount. Www.irs tax form 1040ez for 2012 Because P's taxable income from the active conduct of all its trades or businesses for the year was $400,000, it can deduct the full $340,000. Www.irs tax form 1040ez for 2012 P allocates $100,000 of its section 179 expense deduction and $110,000 of its taxable income to John, one of its partners. Www.irs tax form 1040ez for 2012 John also conducts a business as a sole proprietor and in 2013, placed in service in that business, section 179 property costing $28,000. Www.irs tax form 1040ez for 2012 John's taxable income from that business was $10,000. Www.irs tax form 1040ez for 2012 In addition to the $100,000 allocated from P, he elects to expense the $28,000 of his sole proprietorship's section 179 costs. Www.irs tax form 1040ez for 2012 However, John's deduction is limited to his business taxable income of $120,000 ($110,000 from P plus $10,000 from his sole proprietorship). Www.irs tax form 1040ez for 2012 He carries over $8,000 ($128,000 − $120,000) of the elected section 179 costs to 2014. Www.irs tax form 1040ez for 2012 How Do You Elect the Deduction? You elect to take the section 179 expense deduction by completing Part I of Form 4562. Www.irs tax form 1040ez for 2012 If you elect the deduction for listed property, complete Part V of  Form 4562 before completing Part I. Www.irs tax form 1040ez for 2012   File Form 4562 with either of the following: Your original tax return (whether or not you filed it timely), or An amended return filed within the time prescribed by law. Www.irs tax form 1040ez for 2012 An election made on an amended return must specify the item of section 179 property to which the election applies and the part of the cost of each such item to be taken into account. Www.irs tax form 1040ez for 2012 The amended return must also include any resulting adjustments to taxable income. Www.irs tax form 1040ez for 2012 Revoking an election. Www.irs tax form 1040ez for 2012   An election (or any specification made in the election) to take a section 179 expense deduction for 2013 can be revoked without IRS approval by filing an amended return. Www.irs tax form 1040ez for 2012 The amended return must be filed within the time prescribed by law. Www.irs tax form 1040ez for 2012 The amended return must also include any resulting adjustments to taxable income (for example, allowable depreciation in that tax year for the item of section 179 property for which the election pertains. Www.irs tax form 1040ez for 2012 ) Once made, the revocation is irrevocable. Www.irs tax form 1040ez for 2012 When Must You Recapture the Deduction? You may have to recapture the section 179 expense deduction if, in any year during the property's recovery period, the percentage of business use drops to 50% or less. Www.irs tax form 1040ez for 2012 In the year the business use drops to 50% or less, you include the recapture amount as ordinary income. Www.irs tax form 1040ez for 2012 You also increase the basis of the property by the recapture amount. Www.irs tax form 1040ez for 2012 Recovery periods for property are discussed later. Www.irs tax form 1040ez for 2012 If you sell, exchange, or otherwise dispose of the property, do not figure the recapture amount under the rules explained in this discussion. Www.irs tax form 1040ez for 2012 Instead, use the rules for recapturing depreciation explained in  chapter 9 under Section 1245 Property. Www.irs tax form 1040ez for 2012   If the property is listed property, do not figure the recapture amount under the rules explained in this discussion when the percentage of business use drops to 50% or less. Www.irs tax form 1040ez for 2012 Instead, use the rules for recapturing depreciation explained in chapter 5 of Publication 946 under Recapture of Excess Depreciation. Www.irs tax form 1040ez for 2012 Figuring the recapture amount. Www.irs tax form 1040ez for 2012   To figure the amount to recapture, take the following steps. Www.irs tax form 1040ez for 2012 Figure the allowable depreciation for the section 179 expense deduction you claimed. Www.irs tax form 1040ez for 2012 Begin with the year you placed the property in service and include the year of recapture. Www.irs tax form 1040ez for 2012 Subtract the depreciation figured in (1) from the section 179 expense deduction you actually claimed. Www.irs tax form 1040ez for 2012 The result is the amount you must recapture. Www.irs tax form 1040ez for 2012 Example. Www.irs tax form 1040ez for 2012 In January 2011, Paul Lamb, a calendar year taxpayer, bought and placed in service section 179 property costing $10,000. Www.irs tax form 1040ez for 2012 The property is not listed property. Www.irs tax form 1040ez for 2012 He elected a $5,000 section 179 expense deduction for the property and also elected not to claim a special depreciation allowance. Www.irs tax form 1040ez for 2012 He used the property only for business in 2011 and 2012. Www.irs tax form 1040ez for 2012 During 2013, he used the property 40% for business and 60% for personal use. Www.irs tax form 1040ez for 2012 He figures his recapture amount as follows. Www.irs tax form 1040ez for 2012 Section 179 expense deduction claimed (2011) $5,000 Minus: Allowable depreciation (instead of section 179 expense deduction):   2011 $1,250   2012 1,875   2013 ($1,250 × 40% (business)) 500 3,625 2013 — Recapture amount $1,375     Paul must include $1,375 in income for 2013. Www.irs tax form 1040ez for 2012 Where to report recapture. Www.irs tax form 1040ez for 2012   Report any recapture of the section 179 expense deduction as ordinary income in Part IV of Form 4797 and include it in income on Schedule F (Form 1040). Www.irs tax form 1040ez for 2012 Recapture for qualified section 179 GO Zone property. Www.irs tax form 1040ez for 2012   If any qualified section 179 GO Zone property ceases to be used in the GO Zone in a later year, you must recapture the benefit of the increased section 179 expense deduction as “other income. Www.irs tax form 1040ez for 2012 ” Claiming the Special Depreciation Allowance For qualified property (defined below) placed in service in 2013, you can take an additional 50% special depreciation allowance. Www.irs tax form 1040ez for 2012 The allowance is an additional deduction you can take after any section 179 expense deduction and before you figure regular depreciation under MACRS. Www.irs tax form 1040ez for 2012 Figure the special depreciation allowance by multiplying the depreciable basis of the qualified property by 50%. Www.irs tax form 1040ez for 2012 What is Qualified Property? For farmers, qualified property generally is certain qualified property acquired after December 31, 2007, and placed in service before January 1, 2014. Www.irs tax form 1040ez for 2012 Certain qualified property acquired after December 31, 2007, and placed in service before January 1, 2014. Www.irs tax form 1040ez for 2012   Certain qualified property (defined below) acquired after December 31, 2007, and before January 1, 2014, is eligible for a 50% special depreciation allowance. Www.irs tax form 1040ez for 2012   Qualified property includes the following: Tangible property depreciated under the Modified Accelerated Cost Recovery System (MACRS) with a recovery period of 20 years or less. Www.irs tax form 1040ez for 2012 Water utility property. Www.irs tax form 1040ez for 2012 Off-the-shelf computer software. Www.irs tax form 1040ez for 2012 Qualified leasehold improvement property. Www.irs tax form 1040ez for 2012   Qualified property must also meet all of the following tests: You must have acquired qualified property by purchase after December 31, 2007. Www.irs tax form 1040ez for 2012 If a binding contract to acquire the property existed before January 1, 2008, the property does not qualify. Www.irs tax form 1040ez for 2012 Qualified property must be placed in service after December 31, 2007 and placed in service before January 1, 2014 (before January 1, 2015 for certain property with a long production period and for certain aircraft). Www.irs tax form 1040ez for 2012 The original use of the property must begin with you after December 31, 2007. Www.irs tax form 1040ez for 2012 For more information, see chapter 3 of Publication 946. Www.irs tax form 1040ez for 2012 How Can You Elect Not To Claim the Allowance? You can elect, for any class of property, not to deduct the special depreciation allowance for all property in such class placed in service during the tax year. Www.irs tax form 1040ez for 2012 To make the election, attach a statement to your return indicating the class of property for which you are making the election. Www.irs tax form 1040ez for 2012 Generally, you must make the election on a timely filed tax return (including extensions) for the year in which you place the property in service. Www.irs tax form 1040ez for 2012 However, if you timely filed your return for the year without making the election, you still can make the election by filing an amended return within 6 months of the due date of the original return (not including extensions). Www.irs tax form 1040ez for 2012 Attach the election statement to the amended return. Www.irs tax form 1040ez for 2012 On the amended return, write “Filed pursuant to section 301. Www.irs tax form 1040ez for 2012 9100-2. Www.irs tax form 1040ez for 2012 ” Once made, the election may not be revoked without IRS consent. Www.irs tax form 1040ez for 2012 If you elect not to have the special depreciation allowance apply, the property may be subject to an alternative minimum tax adjustment for depreciation. Www.irs tax form 1040ez for 2012 When Must You Recapture an Allowance When you dispose of property for which you claimed a special depreciation allowance, any gain on the disposition is generally recaptured (included in income) as ordinary income up to the amount of the special depreciation allowance previously allowed or allowable. Www.irs tax form 1040ez for 2012 For more information, see chapter 3 of Publication 946. Www.irs tax form 1040ez for 2012 Figuring Depreciation Under MACRS The Modified Accelerated Cost Recovery System (MACRS) is used to recover the basis of most business and investment property placed in service after 1986. Www.irs tax form 1040ez for 2012 MACRS consists of two depreciation systems, the General Depreciation System (GDS) and the Alternative Depreciation System (ADS). Www.irs tax form 1040ez for 2012 Generally, these systems provide different methods and recovery periods to use in figuring depreciation deductions. Www.irs tax form 1040ez for 2012 To be sure you can use MACRS to figure depreciation for your property, see Can You Use MACRS To Depreciate Your Property, earlier. Www.irs tax form 1040ez for 2012 This part explains how to determine which MACRS depreciation system applies to your property. Www.irs tax form 1040ez for 2012 It also discusses the following information that you need to know before you can figure depreciation under MACRS. Www.irs tax form 1040ez for 2012 Property's recovery class. Www.irs tax form 1040ez for 2012 Placed-in-service date. Www.irs tax form 1040ez for 2012 Basis for depreciation. Www.irs tax form 1040ez for 2012 Recovery period. Www.irs tax form 1040ez for 2012 Convention. Www.irs tax form 1040ez for 2012 Depreciation method. Www.irs tax form 1040ez for 2012 Finally, this part explains how to use this information to figure your depreciation deduction. Www.irs tax form 1040ez for 2012 Which Depreciation System (GDS or ADS) Applies? Your use of either the General Depreciation System (GDS) or the Alternative Depreciation System (ADS) to depreciate property under MACRS determines what depreciation method and recovery period you use. Www.irs tax form 1040ez for 2012 You generally must use GDS unless you are specifically required by law to use ADS or you elect to use ADS. Www.irs tax form 1040ez for 2012 Required use of ADS. Www.irs tax form 1040ez for 2012   You must use ADS for the following property. Www.irs tax form 1040ez for 2012 All property used predominantly in a farming business and placed in service in any tax year during which an election not to apply the uniform capitalization rules to certain farming costs is in effect. Www.irs tax form 1040ez for 2012 Listed property used 50% or less in a qualified business use. Www.irs tax form 1040ez for 2012 See Additional Rules for Listed Property , later. Www.irs tax form 1040ez for 2012 Any tax-exempt use property. Www.irs tax form 1040ez for 2012 Any tax-exempt bond-financed property. Www.irs tax form 1040ez for 2012 Any property imported from a foreign country for which an Executive Order is in effect because the country maintains trade restrictions or engages in other discriminatory acts. Www.irs tax form 1040ez for 2012 Any tangible property used predominantly outside the United States during the year. Www.irs tax form 1040ez for 2012 If you are required to use ADS to depreciate your property, you cannot claim the special depreciation allowance. Www.irs tax form 1040ez for 2012 Electing ADS. Www.irs tax form 1040ez for 2012   Although your property may qualify for GDS, you can elect to use ADS. Www.irs tax form 1040ez for 2012 The election generally must cover all property in the same property class you placed in service during the year. Www.irs tax form 1040ez for 2012 However, the election for residential rental property and nonresidential real property can be made on a property-by-property basis. Www.irs tax form 1040ez for 2012 Once you make this election, you can never revoke it. Www.irs tax form 1040ez for 2012   You make the election by completing line 20 in Part III of Form 4562. Www.irs tax form 1040ez for 2012 Which Property Class Applies Under GDS? The following is a list of the nine property classes under GDS. Www.irs tax form 1040ez for 2012 3-year property. Www.irs tax form 1040ez for 2012 5-year property. Www.irs tax form 1040ez for 2012 7-year property. Www.irs tax form 1040ez for 2012 10-year property. Www.irs tax form 1040ez for 2012 15-year property. Www.irs tax form 1040ez for 2012 20-year property. Www.irs tax form 1040ez for 2012 25-year property. Www.irs tax form 1040ez for 2012 Residential rental property. Www.irs tax form 1040ez for 2012 Nonresidential real property. Www.irs tax form 1040ez for 2012 See Which Property Class Applies Under GDS in chapter 4 of Publication 946 for examples of the types of property included in each class. Www.irs tax form 1040ez for 2012 What Is the Placed-in-Service Date? You begin to claim depreciation when your property is placed in service for use either in a trade or business or for the production of income. Www.irs tax form 1040ez for 2012 The placed-in-service date for your property is the date the property is ready and available for a specific use. Www.irs tax form 1040ez for 2012 It is therefore not necessarily the date it is first used. Www.irs tax form 1040ez for 2012 If you converted property held for personal use to use in a trade or business or for the production of income, treat the property as being placed in service on the conversion date. Www.irs tax form 1040ez for 2012 See Placed in Service under When Does Depreciation Begin and End , earlier, for examples illustrating when property is placed in service. Www.irs tax form 1040ez for 2012 What Is the Basis for Depreciation? The basis for depreciation of MACRS property is the property's cost or other basis multiplied by the percentage of business/investment use. Www.irs tax form 1040ez for 2012 Reduce that amount by any credits and deductions allocable to the property. Www.irs tax form 1040ez for 2012 The following are examples of some of the credits and deductions that reduce basis. Www.irs tax form 1040ez for 2012 Any deduction for section 179 property. Www.irs tax form 1040ez for 2012 Any deduction for removal of barriers to the disabled and the elderly. Www.irs tax form 1040ez for 2012 Any disabled access credit, enhanced oil recovery credit, and credit for employer-provided childcare facilities and services. Www.irs tax form 1040ez for 2012 Any special depreciation allowance. Www.irs tax form 1040ez for 2012 Basis adjustment for investment credit property under section 50(c) of the Internal Revenue Code. Www.irs tax form 1040ez for 2012 For information about how to determine the cost or other basis of property, see What Is the Basis of Your Depreciable Property , earlier. Www.irs tax form 1040ez for 2012 Also, see chapter 6. Www.irs tax form 1040ez for 2012 For additional credits and deductions that affect basis, see section 1016 of the Internal Revenue Code. Www.irs tax form 1040ez for 2012 Which Recovery Period Applies? The recovery period of property is the number of years over which you recover its cost or other basis. Www.irs tax form 1040ez for 2012 It is determined based on the depreciation system (GDS or ADS) used. Www.irs tax form 1040ez for 2012 See Table 7-1 for recovery periods under both GDS and ADS for some commonly used assets. Www.irs tax form 1040ez for 2012 For a complete list of recovery periods, see the Table of Class Lives and Recovery Periods in Appendix B of Publication 946. Www.irs tax form 1040ez for 2012 House trailers for farm laborers. Www.irs tax form 1040ez for 2012   To depreciate a house trailer you supply as housing for those who work on your farm, use one of the following recovery periods if the house trailer is mobile (it has wheels and a history of movement). Www.irs tax form 1040ez for 2012 A 7-year recovery period under GDS. Www.irs tax form 1040ez for 2012 A 10-year recovery period under ADS. Www.irs tax form 1040ez for 2012   However, if the house trailer is not mobile (its wheels have been removed and permanent utilities and pipes attached to it), use one of the following recovery periods. Www.irs tax form 1040ez for 2012 A 20-year recovery period under GDS. Www.irs tax form 1040ez for 2012 A 25-year recovery period under ADS. Www.irs tax form 1040ez for 2012 Water wells. Www.irs tax form 1040ez for 2012   Water wells used to provide water for raising poultry and livestock are land improvements. Www.irs tax form 1040ez for 2012 If they are depreciable, use one of the following recovery periods. Www.irs tax form 1040ez for 2012 A 15-year recovery period under GDS. Www.irs tax form 1040ez for 2012 A 20-year recovery period under ADS. Www.irs tax form 1040ez for 2012   The types of water wells that can be depreciated were discussed earlier in Irrigation systems and water wells under Property Having a Determinable Useful Life . Www.irs tax form 1040ez for 2012 Table 7-1. Www.irs tax form 1040ez for 2012 Farm Property Recovery Periods   Recovery Period in Years Assets GDS ADS Agricultural structures (single purpose) 10 15 Automobiles 5 5 Calculators and copiers 5 6 Cattle (dairy or breeding) 5 7 Communication equipment1 7 10 Computer and peripheral equipment 5 5 Drainage facilities 15 20 Farm buildings2 20 25 Farm machinery and equipment 7 10 Fences (agricultural) 7 10 Goats and sheep (breeding) 5 5 Grain bin 7 10 Hogs (breeding) 3 3 Horses (age when placed in service)     Breeding and working (12 years or less) 7 10 Breeding and working (more than 12 years) 3 10 Racing horses 3 12 Horticultural structures (single purpose) 10 15 Logging machinery and equipment3 5 6 Nonresidential real property 394 40 Office furniture, fixtures, and equipment (not calculators, copiers, or typewriters) 7 10 Paved lots 15 20 Residential rental property 27. Www.irs tax form 1040ez for 2012 5 40 Tractor units (over-the-road) 3 4 Trees or vines bearing fruit or nuts 10 20 Truck (heavy duty, unloaded weight 13,000 lbs. Www.irs tax form 1040ez for 2012 or more) 5 6 Truck (actual weight less than 13,000 lbs) 5 5 Water wells 15 20 1 Not including communication equipment listed in other classes. Www.irs tax form 1040ez for 2012 2 Not including single purpose agricultural or horticultural structures. Www.irs tax form 1040ez for 2012 3 Used by logging and sawmill operators for cutting of timber. Www.irs tax form 1040ez for 2012 4 For property placed in service after May 12, 1993; for property placed in service before May 13, 1993,  the recovery period is 31. Www.irs tax form 1040ez for 2012 5 years. Www.irs tax form 1040ez for 2012 Which Convention Applies? Under MACRS, averaging conventions establish when the recovery period begins and ends. Www.irs tax form 1040ez for 2012 The convention you use determines the number of months for which you can claim depreciation in the year you place property in service and in the year you dispose of the property. Www.irs tax form 1040ez for 2012 Use one of the following conventions. Www.irs tax form 1040ez for 2012 The half-year convention. Www.irs tax form 1040ez for 2012 The mid-month convention. Www.irs tax form 1040ez for 2012 The mid-quarter convention. Www.irs tax form 1040ez for 2012 For a detailed explanation of each convention, see Which Convention Applies in chapter 4 of Publication 946. Www.irs tax form 1040ez for 2012 Also, see the Instructions for Form 4562. Www.irs tax form 1040ez for 2012 Which Depreciation Method Applies? MACRS provides three depreciation methods under GDS and one depreciation method under ADS. Www.irs tax form 1040ez for 2012 The 200% declining balance method over a GDS recovery period. Www.irs tax form 1040ez for 2012 The 150% declining balance method over a GDS recovery period. Www.irs tax form 1040ez for 2012 The straight line method over a GDS recovery period. Www.irs tax form 1040ez for 2012 The straight line method over an ADS recovery period. Www.irs tax form 1040ez for 2012 Depreciation Table. Www.irs tax form 1040ez for 2012   The following table lists the types of property you can depreciate under each method. Www.irs tax form 1040ez for 2012 The declining balance method is abbreviated as DB and the straight line method is abbreviated as SL. Www.irs tax form 1040ez for 2012 Depreciation Table System/Method   Type of Property GDS using  150% DB • All property used in a farming business (except real property)   • All 15- and 20-year property   • Nonfarm 3-, 5-, 7-, and 10-year property1 GDS using SL • Nonresidential real property   • Residential rental property   • Trees or vines bearing fruit or nuts   • All 3-, 5-, 7-, 10-, 15-, and 20-year property1 ADS using SL • Property used predomi- nantly outside the United States   • Farm property used when an election not to apply the uniform capitalization rules is in effect   • Tax-exempt property   • Tax-exempt bond-financed property   • Imported property2   • Any property for which you elect to use this method1 GDS using  200% DB • Nonfarm 3-, 5-, 7-, and 10-year property 1Elective method 2See section 168(g)(6) of the Internal Revenue  Code Property used in farming business. Www.irs tax form 1040ez for 2012   For personal property placed in service after 1988 in a farming business, you must use the 150% declining balance method over a GDS recovery period or you can elect one of the following methods. Www.irs tax form 1040ez for 2012 The straight line method over a GDS recovery period. Www.irs tax form 1040ez for 2012 The straight line method over an ADS recovery period. Www.irs tax form 1040ez for 2012 For property placed in service before 1999, you could have elected to use the 150% declining balance method using the ADS recovery periods for certain property classes. Www.irs tax form 1040ez for 2012 If you made this election, continue to use the same method and recovery period for that property. Www.irs tax form 1040ez for 2012 Real property. Www.irs tax form 1040ez for 2012   You can depreciate real property using the straight line method under either GDS or ADS. Www.irs tax form 1040ez for 2012 Switching to straight line. Www.irs tax form 1040ez for 2012   If you use a declining balance method, you switch to the straight line method in the year it provides an equal or greater deduction. Www.irs tax form 1040ez for 2012 If you use the MACRS percentage tables, discussed later under How Is the Depreciation Deduction Figured , you do not need to determine in which year your deduction is greater using the straight line method. Www.irs tax form 1040ez for 2012 The tables have the switch to the straight line method built into their rates. Www.irs tax form 1040ez for 2012 Fruit or nut trees and vines. Www.irs tax form 1040ez for 2012   Depreciate trees and vines bearing fruit or nuts under GDS using the straight line method over a 10-year recovery period. Www.irs tax form 1040ez for 2012 ADS required for some farmers. Www.irs tax form 1040ez for 2012   If you elect not to apply the uniform capitalization rules to any plant shown in Table 6-1 of chapter 6 and produced in your farming business, you must use ADS for all property you place in service in any year the election is in effect. Www.irs tax form 1040ez for 2012 See chapter 6 for a discussion of the application of the uniform capitalization rules to farm property. Www.irs tax form 1040ez for 2012 Electing a different method. Www.irs tax form 1040ez for 2012   As shown in the Depreciation Table , you can elect a different method for depreciation for certain types of property. Www.irs tax form 1040ez for 2012 You must make the election by the due date of the return (including extensions) for the year you placed the property in service. Www.irs tax form 1040ez for 2012 However, if you timely filed your return for the year without making the election, you can still make the election by filing an amended return within 6 months of the due date of your return (excluding extensions). Www.irs tax form 1040ez for 2012 Attach the election to the amended return and write “Filed pursuant to section 301. Www.irs tax form 1040ez for 2012 9100-2” on the election statement. Www.irs tax form 1040ez for 2012 File the amended return at the same address you filed the original return. Www.irs tax form 1040ez for 2012 Once you make the election, you cannot change it. Www.irs tax form 1040ez for 2012    If you elect to use a different method for one item in a property class, you must apply the same method to all property in that class placed in service during the year of the election. Www.irs tax form 1040ez for 2012 However, you can make the election on a property-by-property basis for residential rental and nonresidential real property. Www.irs tax form 1040ez for 2012 Straight line election. Www.irs tax form 1040ez for 2012   Instead of using the declining balance method, you can elect to use the straight line method over the GDS recovery period. Www.irs tax form 1040ez for 2012 Make the election by entering “S/L” under column (f) in Part III of Form 4562. Www.irs tax form 1040ez for 2012 ADS election. Www.irs tax form 1040ez for 2012   As explained earlier under Which Depreciation System (GDS or ADS) Applies , you can elect to use ADS even though your property may come under GDS. Www.irs tax form 1040ez for 2012 ADS uses the straight line method of depreciation over the ADS recovery periods, which are generally longer than the GDS recovery periods. Www.irs tax form 1040ez for 2012 The ADS recovery periods for many assets used in the business of farming are listed in Table 7–1. Www.irs tax form 1040ez for 2012 Additional ADS recovery periods for other classes of property may be found in the Table of Class Lives and Recovery Periods in Appendix B of Publication 946. Www.irs tax form 1040ez for 2012 How Is the Depreciation Deduction Figured? To figure your depreciation deduction under MACRS, you first determine the depreciation system, property class, placed-in-service date, basis amount, recovery period, convention, and depreciation method that applies to your property. Www.irs tax form 1040ez for 2012 Then you are ready to figure your depreciation deduction. Www.irs tax form 1040ez for 2012 You can figure it in one of two ways. Www.irs tax form 1040ez for 2012 You can use the percentage tables provided by the IRS. Www.irs tax form 1040ez for 2012 You can figure your own deduction without using the tables. Www.irs tax form 1040ez for 2012 Figuring your own MACRS deduction will generally result in a slightly different amount than using the tables. Www.irs tax form 1040ez for 2012 Using the MACRS Percentage Tables To help you figure your deduction under MACRS, the IRS has established percentage tables that incorporate the applicable convention and depreciation method. Www.irs tax form 1040ez for 2012 These percentage tables are in Appendix A of Publication 946. Www.irs tax form 1040ez for 2012 Rules for using the tables. Www.irs tax form 1040ez for 2012   The following rules cover the use of the percentage tables. Www.irs tax form 1040ez for 2012 You must apply the rates in the percentage tables to your property's unadjusted basis. Www.irs tax form 1040ez for 2012 Unadjusted basis is the same basis amount you would use to figure gain on a sale but figured without reducing your original basis by any MACRS depreciation taken in earlier years. Www.irs tax form 1040ez for 2012 You cannot use the percentage tables for a short tax year. Www.irs tax form 1040ez for 2012 See chapter 4 of Publication 946 for information on how to figure the deduction for a short tax year. Www.irs tax form 1040ez for 2012 You generally must continue to use them for the entire recovery period of the property. Www.irs tax form 1040ez for 2012 You must stop using the tables if you adjust the basis of the property for any reason other than— Depreciation allowed or allowable, or An addition or improvement to the property, which is depreciated as a separate property. Www.irs tax form 1040ez for 2012 Basis adjustment due to casualty loss. Www.irs tax form 1040ez for 2012   If you reduce the basis of your property because of a casualty, you cannot continue to use the percentage tables. Www.irs tax form 1040ez for 2012 For the year of the adjustment and the remaining recovery period, you must figure the depreciation yourself using the property's adjusted basis at the end of the year. Www.irs tax form 1040ez for 2012 See Figuring the Deduction Without Using the Tables in chapter 4 of Publication 946. Www.irs tax form 1040ez for 2012 Figuring depreciation using the 150% DB method and half-year convention. Www.irs tax form 1040ez for 2012    Table 7-2 has the percentages for 3-, 5-, 7-, and 20-year property. Www.irs tax form 1040ez for 2012 The percentages are based on the 150% declining balance method with a change to the straight line method. Www.irs tax form 1040ez for 2012 This table covers only the half-year convention and the first 8 years for 20-year property. Www.irs tax form 1040ez for 2012 See Appendix A in Publication 946 for complete MACRS tables, including tables for the mid-quarter and mid-month convention. Www.irs tax form 1040ez for 2012   The following examples show how to figure depreciation under MACRS using the percentages in Table 7-2 . Www.irs tax form 1040ez for 2012 Example 1. Www.irs tax form 1040ez for 2012 During the year, you bought an item of 7-year property for $10,000 and placed it in service. Www.irs tax form 1040ez for 2012 You do not elect a section 179 expense deduction for this property. Www.irs tax form 1040ez for 2012 In addition, the property is not qualified property for purposes of the special depreciation allowance. Www.irs tax form 1040ez for 2012 The unadjusted basis of the property is $10,000. Www.irs tax form 1040ez for 2012 You use the percentages in Table 7-2 to figure your deduction. Www.irs tax form 1040ez for 2012 Since this is 7-year property, you multiply $10,000 by 10. Www.irs tax form 1040ez for 2012 71% to get this year's depreciation of $1,071. Www.irs tax form 1040ez for 2012 For next year, your depreciation will be $1,913 ($10,000 × 19. Www.irs tax form 1040ez for 2012 13%). Www.irs tax form 1040ez for 2012 Example 2. Www.irs tax form 1040ez for 2012 You had a barn constructed on your farm at a cost of $20,000. Www.irs tax form 1040ez for 2012 You placed the barn in service this year. Www.irs tax form 1040ez for 2012 You elect not to claim the special depreciation allowance. Www.irs tax form 1040ez for 2012 The barn is 20-year property and you use the table percentages to figure your deduction. Www.irs tax form 1040ez for 2012 You figure this year's depreciation by multiplying $20,000 (unadjusted basis) by 3. Www.irs tax form 1040ez for 2012 75% to get $750. Www.irs tax form 1040ez for 2012 For next year, your depreciation will be $1,443. Www.irs tax form 1040ez for 2012 80 ($20,000 × 7. Www.irs tax form 1040ez for 2012 219%). Www.irs tax form 1040ez for 2012 Table 7-2. Www.irs tax form 1040ez for 2012 150% Declining Balance Method (Half-Year Convention) Year 3-Year 5-Year 7-Year 20-Year 1 25. Www.irs tax form 1040ez for 2012 0 % 15. Www.irs tax form 1040ez for 2012 00 % 10. Www.irs tax form 1040ez for 2012 71 % 3. Www.irs tax form 1040ez for 2012 750 % 2 37. Www.irs tax form 1040ez for 2012 5   25. Www.irs tax form 1040ez for 2012 50   19. Www.irs tax form 1040ez for 2012 13   7. Www.irs tax form 1040ez for 2012 219   3 25. Www.irs tax form 1040ez for 2012 0   17. Www.irs tax form 1040ez for 2012 85   15. Www.irs tax form 1040ez for 2012 03   6. Www.irs tax form 1040ez for 2012 677   4 12. Www.irs tax form 1040ez for 2012 5   16. Www.irs tax form 1040ez for 2012 66   12. Www.irs tax form 1040ez for 2012 25   6. Www.irs tax form 1040ez for 2012 177   5     16. Www.irs tax form 1040ez for 2012 66   12. Www.irs tax form 1040ez for 2012 25   5. Www.irs tax form 1040ez for 2012 713   6     8. Www.irs tax form 1040ez for 2012 33   12. Www.irs tax form 1040ez for 2012 25   5. Www.irs tax form 1040ez for 2012 285   7         12. Www.irs tax form 1040ez for 2012 25   4. Www.irs tax form 1040ez for 2012 888   8         6. Www.irs tax form 1040ez for 2012 13   4. Www.irs tax form 1040ez for 2012 522   Figuring depreciation using the straight line method and half-year convention. Www.irs tax form 1040ez for 2012   The following table has the straight line percentages for 3-, 5-, 7-, and 20-year property using the half-year convention. Www.irs tax form 1040ez for 2012 The table covers only the first 8 years for 20-year property. Www.irs tax form 1040ez for 2012 See Appendix A in Publication 946 for complete MACRS tables, including tables for the mid-quarter and mid-month convention. Www.irs tax form 1040ez for 2012 Table 7-3. Www.irs tax form 1040ez for 2012 Straight Line Method (Half-Year Convention) Year 3-Year 5-Year 7-Year 20-Year 1 16. Www.irs tax form 1040ez for 2012 67 % 10 % 7. Www.irs tax form 1040ez for 2012 14 % 2. Www.irs tax form 1040ez for 2012 5 % 2 33. Www.irs tax form 1040ez for 2012 33   20   14. Www.irs tax form 1040ez for 2012 29   5. Www.irs tax form 1040ez for 2012 0   3 33. Www.irs tax form 1040ez for 2012 33   20   14. Www.irs tax form 1040ez for 2012 29   5. Www.irs tax form 1040ez for 2012 0   4 16. Www.irs tax form 1040ez for 2012 67   20   14. Www.irs tax form 1040ez for 2012 28   5. Www.irs tax form 1040ez for 2012 0   5     20   14. Www.irs tax form 1040ez for 2012 29   5. Www.irs tax form 1040ez for 2012 0   6     10   14. Www.irs tax form 1040ez for 2012 28   5. Www.irs tax form 1040ez for 2012 0   7         14. Www.irs tax form 1040ez for 2012 29   5. Www.irs tax form 1040ez for 2012 0   8         7. Www.irs tax form 1040ez for 2012 14   5. Www.irs tax form 1040ez for 2012 0    
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Diez Consejos Importantes del IRS para Temporada Tributaria

Consejo Tributario del IRS 2014-40SP 25 de marzo de 2014

La temporada de impuestos está a punto de terminar.  Pero usted puede hacer la temporada de impuestos más fácil si no espera hasta el último minuto. Aquí hay 10 consejos importantes de la temporada de impuestos:

  1. Reúna sus archivos.  Acumule todos los registros de impuestos que necesita para presentar su declaración de impuestos. Esto incluye recibos, cheques cancelados y los registros que corrobore los ingresos, deducciones o créditos tributarios que usted reclama en su declaración de impuestos. Guárdelos en un lugar seguro.

  2. Reporte todo sus ingresos. Usted tendrá que reportar sus ingresos (en inglés) de todas los Formularios W-2, salarios y declaración de impuestos, y Formularios 1099 como comprobante de ingresos cuando presente su declaración de impuestos.

  3. Obtenga respuestas. Use la herramienta interactiva Interactive Tax Assistant Tool (en inglés) en la página web del IRS para obtener respuestas a muchas de sus preguntas acerca de los créditos tributarios, deducciones y muchos temas más.

  4. Utilice Free File. Usted puede preparar y presentar electrónicamente su declaración de impuestos gratis con Free File del IRS, disponible exclusivamente en IRS.gov. Si su ingreso fue de $58,000 o menos, usted tiene derecho a usar el software de impuestos gratis. Si su ingreso es mayor, o si se siente cómodo haciendo su propia declaración, puede usar los formularios rellenables de Free File, la versión electrónica de los formularios en papel del IRS. Visite IRS.gov/freefile para ver sus opciones.

  5. Experimente e-file del IRS. La presentación electrónica es la mejor manera de presentar una declaración de impuestos. Es preciso, seguro y fácil. El año pasado, más de 122 millones de contribuyentes usaron e-file del IRS. Si usted debe impuestos, tiene la opción de presentar temprano y pagar antes del 15 de abril.

  6. Considere sus opciones de presentar. Usted tiene varias opciones para presentar su declaración de impuestos. Puede prepararlo usted mismo o ir a un preparador de impuestos. Puede ser elegible para la ayuda gratuita de cara a cara en un Programa de Ayuda Voluntaria a los Contribuyentes (VITA, por sus siglas en inglés) o de Asesoramiento Tributario para las Personas Mayores de Edad Avanzada, (TCE, por sus siglas en inglés). Considere sus opciones y elija el que más le convenga.

  7. Use el depósito directo. Combinando e-file con depósito directo (en inglés) es la forma más rápida y segura de obtener su reembolso de impuestos.

  8. Visite el sitio web del IRS 24/7. IRS.gov es un gran lugar para conseguir todo lo que necesita para presentar su declaración de impuestos. Visite la Central 1040 (en inglés) para las herramientas en línea, consejos de presentación, respuestas a las preguntas más frecuentes y los formularios y publicaciones del IRS. Obténgalos todos en cualquier momento, de día o de noche.

  9. Dele un vistazo al número 17. La Publicación 17SP, Sus Impuestos Federales por Ingresos, es un recurso completo en materia tributaria. Contiene información útil como por ejemplo,  si necesita presentar una declaración de impuestos y cómo elegir su estado civil al declarar.

  10. Revise su declaración. Los errores retrasan el recibir su reembolso de impuestos. Asegúrese de revisar todos los números de Seguro Social y los cálculos matemáticos en su declaración, ya que estos son los errores más comunes. Si surge un problema, recuerde que el IRS está aquí para ayudar. Comience con IRS.gov.

 

Recursos adicionales del IRS:

Vídeos de YouTube del IRS:

Podcasts del IRS:

 

Page Last Reviewed or Updated: 27-Mar-2014

The Www.irs Tax Form 1040ez For 2012

Www. Www.irs tax form 1040ez for 2012 irs tax form 1040ez for 2012 Publication 972 - Main Content Table of Contents Child Tax CreditQualifying Child Limits on the Credit Claiming the Credit Earned Income Additional Child Tax Credit How To Get Tax HelpLow Income Taxpayer Clinics Child Tax Credit This credit is for people who have a qualifying child as defined later. Www.irs tax form 1040ez for 2012 It is in addition to the credit for child and dependent care expenses (on Form 1040, line 48; Form 1040A, line 29; or Form 1040NR, line 46) and the earned income credit (on Form 1040, line 64a; or Form 1040A, line 38a). Www.irs tax form 1040ez for 2012 The maximum amount you can claim for the credit is $1,000 for each qualifying child. Www.irs tax form 1040ez for 2012 Qualifying Child A qualifying child for purposes of the child tax credit is a child who: Is your son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister, or a descendant of any of them (for example, your grandchild, niece, or nephew), Was under age 17 at the end of 2013, Did not provide over half of his or her own support for 2013, Lived with you for more than half of 2013 (see Exceptions to time lived with you , later), Is claimed as a dependent on your return, Does not file a joint return for the year (or files it only as a claim for refund), and Was a U. Www.irs tax form 1040ez for 2012 S. Www.irs tax form 1040ez for 2012 citizen, a U. Www.irs tax form 1040ez for 2012 S. Www.irs tax form 1040ez for 2012 national, or a U. Www.irs tax form 1040ez for 2012 S. Www.irs tax form 1040ez for 2012 resident alien. Www.irs tax form 1040ez for 2012 For more information, see Publication 519, U. Www.irs tax form 1040ez for 2012 S. Www.irs tax form 1040ez for 2012 Tax Guide for Aliens. Www.irs tax form 1040ez for 2012 If the child was adopted, see Adopted child , later. Www.irs tax form 1040ez for 2012 For each qualifying child, you must either check the box on Form 1040 or Form 1040A, line 6c, column (4); or Form 1040NR, line 7c, column (4). Www.irs tax form 1040ez for 2012 Example. Www.irs tax form 1040ez for 2012 Your 10-year-old nephew lives in Mexico and qualifies as your dependent. Www.irs tax form 1040ez for 2012 Because he is not a U. Www.irs tax form 1040ez for 2012 S. Www.irs tax form 1040ez for 2012 citizen, U. Www.irs tax form 1040ez for 2012 S. Www.irs tax form 1040ez for 2012 national, or U. Www.irs tax form 1040ez for 2012 S. Www.irs tax form 1040ez for 2012 resident alien, he is not a qualifying child for the child tax credit. Www.irs tax form 1040ez for 2012 Filers who have certain child dependents with an IRS Individual Taxpayer Identification Number (ITIN). Www.irs tax form 1040ez for 2012   If you are claiming a child tax credit or additional child tax credit for a child identified on your tax return with an ITIN, you must complete Part I of Schedule 8812 (Form 1040A or 1040). Www.irs tax form 1040ez for 2012   Although a child may be your dependent, you may only claim a child tax credit or additional child tax credit for a dependent who is a citizen, national, or resident of the United States. Www.irs tax form 1040ez for 2012 To be treated as a resident of the United States, a child generally will need to meet the requirements of the substantial presence test. Www.irs tax form 1040ez for 2012 For more information about the substantial presence test, see Publication 519, U. Www.irs tax form 1040ez for 2012 S. Www.irs tax form 1040ez for 2012 Tax Guide for Aliens. Www.irs tax form 1040ez for 2012 Adopted child. Www.irs tax form 1040ez for 2012   An adopted child is always treated as your own child. Www.irs tax form 1040ez for 2012 An adopted child includes a child lawfully placed with you for legal adoption. Www.irs tax form 1040ez for 2012   If you are a U. Www.irs tax form 1040ez for 2012 S. Www.irs tax form 1040ez for 2012 citizen or U. Www.irs tax form 1040ez for 2012 S. Www.irs tax form 1040ez for 2012 national and your adopted child lived with you all year as a member of your household in 2013, that child meets condition (7) above to be a qualifying child for the child tax credit. Www.irs tax form 1040ez for 2012 Exceptions to time lived with you. Www.irs tax form 1040ez for 2012    A child is considered to have lived with you for more than half of 2013 if the child was born or died in 2013 and your home was this child's home for more than half the time he or she was alive. Www.irs tax form 1040ez for 2012 Temporary absences by you or the child for special circumstances, such as school, vacation, business, medical care, military service, or detention in a juvenile facility, count as time the child lived with you. Www.irs tax form 1040ez for 2012   There are also exceptions for kidnapped children and children of divorced or separated parents. Www.irs tax form 1040ez for 2012 For details, see the instructions for line 6c in either the Form 1040 or Form 1040A instructions. Www.irs tax form 1040ez for 2012 Qualifying child of more than one person. Www.irs tax form 1040ez for 2012   A special rule applies if your qualifying child is the qualifying child of more than one person. Www.irs tax form 1040ez for 2012 For details, see the instructions for line 6c in either the Form 1040 or Form 1040A instructions. Www.irs tax form 1040ez for 2012 Limits on the Credit You must reduce your child tax credit if either (1) or (2) applies. Www.irs tax form 1040ez for 2012 The amount on Form 1040, line 46; Form 1040A, line 28; or Form 1040NR, line 44, is less than the credit. Www.irs tax form 1040ez for 2012 If this amount is zero, you cannot take this credit because there is no tax to reduce. Www.irs tax form 1040ez for 2012 But you may be able to take the additional child tax credit. Www.irs tax form 1040ez for 2012 See Additional Child Tax Credit, later. Www.irs tax form 1040ez for 2012 Your modified adjusted gross income (AGI) is more than the amount shown below for your filing status. Www.irs tax form 1040ez for 2012 Married filing jointly – $110,000. Www.irs tax form 1040ez for 2012 Single, head of household, or qualifying widow(er) – $75,000. Www.irs tax form 1040ez for 2012 Married filing separately – $55,000. Www.irs tax form 1040ez for 2012 Modified AGI. Www.irs tax form 1040ez for 2012   For purposes of the child tax credit, your modified AGI is your AGI plus the following amounts that may apply to you. Www.irs tax form 1040ez for 2012 Any amount excluded from income because of the exclusion of income from Puerto Rico. Www.irs tax form 1040ez for 2012 On the dotted line next to Form 1040, line 38, enter the amount excluded and identify it as “EPRI. Www.irs tax form 1040ez for 2012 ” Also attach a copy of any Form(s) 499R-2/W-2PR to your return. Www.irs tax form 1040ez for 2012 Any amount on line 45 or line 50 of Form 2555, Foreign Earned Income. Www.irs tax form 1040ez for 2012 Any amount on line 18 of Form 2555-EZ, Foreign Earned Income Exclusion. Www.irs tax form 1040ez for 2012 Any amount on line 15 of Form 4563, Exclusion of Income for Bona Fide Residents of American Samoa. Www.irs tax form 1040ez for 2012   If you do not have any of the above, your modified AGI is the same as your AGI. Www.irs tax form 1040ez for 2012 AGI. Www.irs tax form 1040ez for 2012   Your AGI is the amount on Form 1040, line 38; Form 1040A, line 22; or Form 1040NR, line 37. Www.irs tax form 1040ez for 2012 Claiming the Credit To claim the child tax credit, you must file Form 1040, Form 1040A, or Form 1040NR. Www.irs tax form 1040ez for 2012 You cannot claim the child tax credit on Form 1040EZ or Form 1040NR-EZ. Www.irs tax form 1040ez for 2012 You must provide the name and identification number (usually a social security number) on your tax return for each qualifying child. Www.irs tax form 1040ez for 2012 Earned Income You will need to figure your earned income using one of the worksheets that appear later in this publication if you are completing the Line 11 Worksheet , later, or Schedule 8812. Www.irs tax form 1040ez for 2012 Form 1040 or Form 1040NR filers, use the 1040 and 1040NR Filers — Earned Income Worksheet , later, to figure your earned income. Www.irs tax form 1040ez for 2012 Form 1040A filers, use the 1040A Filers —- Earned Income Worksheet , later. Www.irs tax form 1040ez for 2012 For this purpose, earned income includes only: Taxable earned income, and Nontaxable combat pay. Www.irs tax form 1040ez for 2012 Additional Child Tax Credit This credit is for certain individuals who get less than the full amount of the child tax credit. Www.irs tax form 1040ez for 2012 The additional child tax credit may give you a refund even if you do not owe any tax. Www.irs tax form 1040ez for 2012 How to claim the additional child tax credit. Www.irs tax form 1040ez for 2012   To claim the additional child tax credit, follow the steps below. Www.irs tax form 1040ez for 2012 Make sure you figured the amount, if any, of your child tax credit. Www.irs tax form 1040ez for 2012 If you answered “Yes” on line 9 or line 10 of the Child Tax Credit Worksheet in the Form 1040, Form 1040A, or Form 1040NR instructions (or on line 13 of the Child Tax Credit Worksheet in this publication), use Parts II through IV of Schedule 8812 to see if you can take the additional child tax credit. Www.irs tax form 1040ez for 2012 If you have an additional child tax credit on line 13 of Schedule 8812, carry it to Form 1040, line 65; Form 1040A, line 39; or Form 1040NR, line 63. Www.irs tax form 1040ez for 2012 Child Tax Credit Worksheet This image is too large to be displayed in the current screen. Www.irs tax form 1040ez for 2012 Please click the link to view the image. Www.irs tax form 1040ez for 2012 Child tax worksheet - page 1. Www.irs tax form 1040ez for 2012 Child Tax Credit Worksheet—Continued This image is too large to be displayed in the current screen. Www.irs tax form 1040ez for 2012 Please click the link to view the image. Www.irs tax form 1040ez for 2012 Child tax worksheet - page 2. Www.irs tax form 1040ez for 2012 Line 11 Worksheet This image is too large to be displayed in the current screen. Www.irs tax form 1040ez for 2012 Please click the link to view the image. Www.irs tax form 1040ez for 2012 Line 11 worksheet - page 1. Www.irs tax form 1040ez for 2012 Line 11 Worksheet—Continued This image is too large to be displayed in the current screen. Www.irs tax form 1040ez for 2012 Please click the link to view the image. Www.irs tax form 1040ez for 2012 Line 11 worksheet - page 2. Www.irs tax form 1040ez for 2012 1040 and 1040NR Filers — Earned Income Worksheet (for line 2 of the Line 11 Worksheet or line 4a of Schedule 8812, Child Tax Credit) Before you begin:    ✓Use this worksheet only if you were sent here from the Line 11 Worksheet earlier in this publication or line  4a of Schedule 8812, Child Tax Credit. Www.irs tax form 1040ez for 2012  ✓Disregard community property laws when figuring the amounts to enter on this worksheet. Www.irs tax form 1040ez for 2012  ✓If married filing jointly, include your spouse's amounts with yours when completing this worksheet. Www.irs tax form 1040ez for 2012     1. Www.irs tax form 1040ez for 2012 a. Www.irs tax form 1040ez for 2012 Enter the amount from Form 1040, line 7, or Form 1040NR, line 8 1a. Www.irs tax form 1040ez for 2012     b. Www.irs tax form 1040ez for 2012 Enter the amount of any nontaxable combat pay received. Www.irs tax form 1040ez for 2012 Also enter this amount on Schedule 8812, line 4b. Www.irs tax form 1040ez for 2012 This amount should be shown in Form(s) W-2, box 12, with code Q. Www.irs tax form 1040ez for 2012 1b. Www.irs tax form 1040ez for 2012       Next, if you are filing Schedule C, C-EZ, F, or SE, or you received a Schedule K-1 (Form 1065 or Form 1065-B), go to line 2a. Www.irs tax form 1040ez for 2012 Otherwise, skip lines 2a through 2e and go to line 3. Www.irs tax form 1040ez for 2012     2. Www.irs tax form 1040ez for 2012 a. Www.irs tax form 1040ez for 2012 Enter any statutory employee income reported on line 1 of Schedule C or C-EZ 2a. Www.irs tax form 1040ez for 2012     b. Www.irs tax form 1040ez for 2012 Enter any net profit or (loss) from Schedule C, line 31; Schedule C-EZ, line 3; Schedule K-1 (Form 1065), box 14, code A (other than farming); and Schedule K-1 (Form 1065-B), box 9, code J1. Www.irs tax form 1040ez for 2012 * Reduce any Schedule K-1 amounts as described in the instructions for completing Schedule SE in the Partner's Instructions for Schedule K-1. Www.irs tax form 1040ez for 2012 Do not include on this line any statutory employee income or any other amounts exempt from self-employment tax. Www.irs tax form 1040ez for 2012 Options and commodities dealers must add any gain or subtract any loss (in the normal course of dealing in or trading section 1256 contracts) from section 1256 contracts or related property 2b. Www.irs tax form 1040ez for 2012     c. Www.irs tax form 1040ez for 2012 Enter any net farm profit or (loss) from Schedule F, line 34, and from farm partnerships, Schedule K-1 (Form 1065), box 14, code A. Www.irs tax form 1040ez for 2012 * Reduce any Schedule K-1 amounts as described in the instructions for completing Schedule SE in the Partner's Instructions for Schedule K-1. Www.irs tax form 1040ez for 2012 Do not include on this line any amounts exempt from self-employment tax 2c. Www.irs tax form 1040ez for 2012         d. Www.irs tax form 1040ez for 2012 If you used the farm optional method to figure net earnings from self-employment, enter the amount from Schedule SE, Section B, line 15. Www.irs tax form 1040ez for 2012 Otherwise, skip this line and enter on line 2e the amount from line 2c 2d. Www.irs tax form 1040ez for 2012         e. Www.irs tax form 1040ez for 2012 If line 2c is a profit, enter the smaller of line 2c or line 2d. Www.irs tax form 1040ez for 2012 If line 2c is a (loss), enter the (loss) from line 2c. Www.irs tax form 1040ez for 2012 2e. Www.irs tax form 1040ez for 2012   3. Www.irs tax form 1040ez for 2012 Combine lines 1a, 1b, 2a, 2b, and 2e. Www.irs tax form 1040ez for 2012 If zero or less, stop. Www.irs tax form 1040ez for 2012 Do not complete the rest of this worksheet. Www.irs tax form 1040ez for 2012 Instead, enter -0- on line 2 of the Line 11 Worksheet or line 4a of Schedule 8812, whichever applies 3. Www.irs tax form 1040ez for 2012   4. Www.irs tax form 1040ez for 2012 Enter any amount included on line 1a that is:               a. Www.irs tax form 1040ez for 2012 A scholarship or fellowship grant not reported on Form W-2 4a. Www.irs tax form 1040ez for 2012         b. Www.irs tax form 1040ez for 2012 For work done while an inmate in a penal institution (enter “PRI” and this amount on the dotted line next to line 7 of Form 1040 or line 8 of Form 1040NR) 4b. Www.irs tax form 1040ez for 2012         c. Www.irs tax form 1040ez for 2012 A pension or annuity from a nonqualified deferred compensation plan or a nongovernmental section 457 plan (enter “DFC” and this amount on the dotted line next to line 7 of Form 1040 or line 8 of Form 1040NR). Www.irs tax form 1040ez for 2012 This amount may be shown in box 11 of your Form W-2. Www.irs tax form 1040ez for 2012 If you received such an amount but box 11 is blank, contact your employer for the amount received as a pension or annuity. Www.irs tax form 1040ez for 2012 4c. Www.irs tax form 1040ez for 2012       5. Www.irs tax form 1040ez for 2012 a. Www.irs tax form 1040ez for 2012 Enter any amount included on line 3 that is also included on Form 2555, line 43, or Form 2555-EZ, line 18. Www.irs tax form 1040ez for 2012 Do not include any amount that is also included on line 4a, 4b, or 4c above 5a. Www.irs tax form 1040ez for 2012             b. Www.irs tax form 1040ez for 2012 Enter the portion, if any, of the amount from Form 2555, line 44 that you also included on Schedule E in partnership net income or (loss) or deducted on Form 1040, line 27, or Form 1040NR, line 27; Schedule C; Schedule C-EZ; or Schedule F. Www.irs tax form 1040ez for 2012 5b. Www.irs tax form 1040ez for 2012             c. Www.irs tax form 1040ez for 2012 Subtract line 5b from line 5a 5c. Www.irs tax form 1040ez for 2012       6. Www.irs tax form 1040ez for 2012 Enter the amount from Form 1040, line 27, or Form 1040NR, line 27 6. Www.irs tax form 1040ez for 2012       7. Www.irs tax form 1040ez for 2012 Add lines 4a through 4c, 5c, and 6 7. Www.irs tax form 1040ez for 2012   8. Www.irs tax form 1040ez for 2012 Subtract line 7 from line 3 8. Www.irs tax form 1040ez for 2012       If you were sent here from the Line 11 Worksheet, enter this amount on line 2 of that worksheet. Www.irs tax form 1040ez for 2012 If you were sent here from Schedule 8812, enter this amount on line 4a of that form. Www.irs tax form 1040ez for 2012     *If you have any Schedule K-1 amounts and you are not required to file Schedule SE, complete the appropriate line(s) of Schedule SE, Section A. Www.irs tax form 1040ez for 2012 Put your name and social security number on Schedule SE and attach it to your return. Www.irs tax form 1040ez for 2012                     1040A Filers — Earned Income Worksheet (for line 2 of the Line 11 Worksheet) Before you begin:   ✓Use this worksheet only if you were sent here from the Line 11 Worksheet earlier in this publication. Www.irs tax form 1040ez for 2012  ✓Disregard community property laws when figuring the amounts to enter on this worksheet. Www.irs tax form 1040ez for 2012               1. Www.irs tax form 1040ez for 2012 a. Www.irs tax form 1040ez for 2012 Enter the amount from Form 1040A, line 7 1a. Www.irs tax form 1040ez for 2012         b. Www.irs tax form 1040ez for 2012 Enter the amount of any nontaxable combat pay received. Www.irs tax form 1040ez for 2012 Also enter this amount on Schedule 8812, line 4b. Www.irs tax form 1040ez for 2012 This amount should be shown in Form(s) W-2, box 12, with code Q. Www.irs tax form 1040ez for 2012 1b. Www.irs tax form 1040ez for 2012         c. Www.irs tax form 1040ez for 2012 Add lines 1a and 1b. Www.irs tax form 1040ez for 2012     1c. Www.irs tax form 1040ez for 2012   2. Www.irs tax form 1040ez for 2012 Enter any amount included on line 1a that is:           a. Www.irs tax form 1040ez for 2012 A scholarship or fellowship grant not reported on Form W-2 2a. Www.irs tax form 1040ez for 2012         b. Www.irs tax form 1040ez for 2012 For work done while an inmate in a penal institution (enter “PRI” and this amount next to line 7 of Form 1040A) 2b. Www.irs tax form 1040ez for 2012         c. Www.irs tax form 1040ez for 2012 A pension or annuity from a nonqualified deferred compensation plan or a nongovernmental section 457 plan (enter “DFC” and this amount next to line 7 of Form 1040A). Www.irs tax form 1040ez for 2012 This amount may be shown in box 11 of your Form W-2. Www.irs tax form 1040ez for 2012 If you received such an amount but box 11 is blank, contact your employer for the amount received as a pension or annuity 2c. Www.irs tax form 1040ez for 2012       3. Www.irs tax form 1040ez for 2012 Add lines 2a through 2c 3. Www.irs tax form 1040ez for 2012   4. Www.irs tax form 1040ez for 2012 Subtract line 3 from line 1c. Www.irs tax form 1040ez for 2012 Enter the result here and on line 2 of the Line 11 Worksheet 4. Www.irs tax form 1040ez for 2012                 Additional Medicare Tax and RRTA Tax Worksheet (for line 6 of the Line 11 Worksheet) If your employer withheld or you paid Additional Medicare Tax or Tier 1 RRTA taxes, use this worksheet to figure the amount to enter on line 6 of the Line 11 Worksheet. Www.irs tax form 1040ez for 2012 Social security tax, Medicare tax, and Additional Medicare Tax on wages. Www.irs tax form 1040ez for 2012 1. Www.irs tax form 1040ez for 2012 Enter the social security tax withheld (Form(s) W-2, box 4) 1. Www.irs tax form 1040ez for 2012   2. Www.irs tax form 1040ez for 2012 Enter the Medicare tax withheld (Form(s) W-2, box 6). Www.irs tax form 1040ez for 2012 Box 6 includes any Additional Medicare Tax 2. Www.irs tax form 1040ez for 2012   3. Www.irs tax form 1040ez for 2012 Enter the Additional Medicare Tax, if any, on wages (Form 8959, line 7) 3. Www.irs tax form 1040ez for 2012   4. Www.irs tax form 1040ez for 2012 Add lines 1, 2, and 3 4. Www.irs tax form 1040ez for 2012   5. Www.irs tax form 1040ez for 2012 Enter the Additional Medicare Tax withheld (Form 8959, line 22) 5. Www.irs tax form 1040ez for 2012   6. Www.irs tax form 1040ez for 2012 Subtract line 5 from line 4 6. Www.irs tax form 1040ez for 2012   Additional Medicare Tax on Self-Employment Income. Www.irs tax form 1040ez for 2012 7. Www.irs tax form 1040ez for 2012 Enter one-half of the Additional Medicare Tax, if any, on self-employment income (one-half of Form 8959, line 13) 7. Www.irs tax form 1040ez for 2012   Tier 1 RRTA taxes as an employee of a railroad (enter amounts on lines 8, 9, 10, and 11) or employee representative (enter amounts on lines 12, 13, 14, and 15). Www.irs tax form 1040ez for 2012 Do not include amounts in Form W-2, box 14, that are identified as Additional Medicare Tax or Tier 2 tax. Www.irs tax form 1040ez for 2012 Do not include amounts shown on Form CT-2 on line 3 for Additional Medicare Tax or line 4 for Tier 2 tax. Www.irs tax form 1040ez for 2012 8. Www.irs tax form 1040ez for 2012 Enter the Tier 1 tax (Form(s) W-2, box 14) 8. Www.irs tax form 1040ez for 2012   9. Www.irs tax form 1040ez for 2012 Enter the Medicare tax (Form(s) W-2, box 14) 9. Www.irs tax form 1040ez for 2012   10. Www.irs tax form 1040ez for 2012 Enter the Additional Medicare Tax, if any, on RRTA compensation as an employee (Form 8959, line 17). Www.irs tax form 1040ez for 2012 Do not use the same amount from Form 8959, line 17, for both this line and line 14 10. Www.irs tax form 1040ez for 2012   11. Www.irs tax form 1040ez for 2012 Add lines 8, 9, and 10 11. Www.irs tax form 1040ez for 2012   12. Www.irs tax form 1040ez for 2012 Enter one-half of Tier 1 tax (one-half of Form(s) CT-2, line 1, for all 4 quarters of 2013) 12. Www.irs tax form 1040ez for 2012   13. Www.irs tax form 1040ez for 2012 Enter one-half of Tier 1 Medicare tax (one-half of Form(s) CT-2, line 2, for all 4 quarters of 2013) 13. Www.irs tax form 1040ez for 2012   14. Www.irs tax form 1040ez for 2012 Enter one-half of the Additional Medicare Tax, if any, on RRTA compensation as an employee representative (one-half of Form 8959, line 17). Www.irs tax form 1040ez for 2012 Do not use the same amount from Form 8959, line 17, for both this line and line 10 14. Www.irs tax form 1040ez for 2012   15. Www.irs tax form 1040ez for 2012 Add lines 12, 13, and 14 15. Www.irs tax form 1040ez for 2012   Line 6 amount 16. Www.irs tax form 1040ez for 2012 Add lines 6, 7, 11, and 15. Www.irs tax form 1040ez for 2012 Enter here and on line 6 of the Line 11 Worksheet. Www.irs tax form 1040ez for 2012 16. Www.irs tax form 1040ez for 2012   Paperwork Reduction Act Notice. Www.irs tax form 1040ez for 2012   We ask for the information on the worksheets in this publication to carry out the Internal Revenue laws of the United States. Www.irs tax form 1040ez for 2012 You are required to give us the information if requested. Www.irs tax form 1040ez for 2012 We need it to ensure that you are complying with these laws and to allow us to figure and collect the right amount of tax. Www.irs tax form 1040ez for 2012   You are not required to provide the information requested on a form (or worksheet in this publication) that is subject to the Paperwork Reduction Act unless the form (or publication) displays a valid OMB control number. Www.irs tax form 1040ez for 2012 Books or records relating to a form, its instructions, or this publication must be retained as long as their contents may become material in the administration of any Internal Revenue law. Www.irs tax form 1040ez for 2012 Generally, tax returns and return information are confidential, as required by section 6103. Www.irs tax form 1040ez for 2012   The average time and expenses required to complete these worksheets will vary depending on individual circumstances. Www.irs tax form 1040ez for 2012 For the estimated averages, see the instructions for your income tax return. Www.irs tax form 1040ez for 2012   If you have suggestions for making these worksheets simpler, we would be happy to hear from you. Www.irs tax form 1040ez for 2012 See Comments and suggestions , earlier. Www.irs tax form 1040ez for 2012 How To Get Tax Help Whether it's help with a tax issue, preparing your tax return or a need for a free publication or form, get the help you need the way you want it: online, use a smart phone, call or walk in to an IRS office or volunteer site near you. Www.irs tax form 1040ez for 2012 Free help with your tax return. Www.irs tax form 1040ez for 2012   You can get free help preparing your return nationwide from IRS-certified volunteers. Www.irs tax form 1040ez for 2012 The Volunteer Income Tax Assistance (VITA) program helps low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers. Www.irs tax form 1040ez for 2012 The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Www.irs tax form 1040ez for 2012 Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. Www.irs tax form 1040ez for 2012 In addition, some VITA and TCE sites provide taxpayers the opportunity to prepare their own return with help from an IRS-certified volunteer. Www.irs tax form 1040ez for 2012 To find the nearest VITA or TCE site, you can use the VITA Locator Tool on IRS. Www.irs tax form 1040ez for 2012 gov, download the IRS2Go app, or call 1-800-906-9887. Www.irs tax form 1040ez for 2012   As part of the TCE program, AARP offers the Tax-Aide counseling program. Www.irs tax form 1040ez for 2012 To find the nearest AARP Tax-Aide site, visit AARP's website at www. Www.irs tax form 1040ez for 2012 aarp. Www.irs tax form 1040ez for 2012 org/money/taxaide or call 1-888-227-7669. Www.irs tax form 1040ez for 2012 For more information on these programs, go to IRS. Www.irs tax form 1040ez for 2012 gov and enter “VITA” in the search box. Www.irs tax form 1040ez for 2012 Internet. Www.irs tax form 1040ez for 2012    IRS. Www.irs tax form 1040ez for 2012 gov and IRS2Go are ready when you are —24 hours a day, 7 days a week. Www.irs tax form 1040ez for 2012 Download the free IRS2Go app from the iTunes app store or from Google Play. Www.irs tax form 1040ez for 2012 Use it to check your refund status, order transcripts of your tax returns or tax account, watch the IRS YouTube channel, get IRS news as soon as it's released to the public, subscribe to filing season updates or daily tax tips, and follow the IRS Twitter news feed, @IRSnews, to get the latest federal tax news, including information about tax law changes and important IRS programs. Www.irs tax form 1040ez for 2012 Check the status of your 2013 refund with the Where's My Refund? application on IRS. Www.irs tax form 1040ez for 2012 gov or download the IRS2Go app and select the Refund Status option. Www.irs tax form 1040ez for 2012 The IRS issues more than 9 out of 10 refunds in less than 21 days. Www.irs tax form 1040ez for 2012 Using these applications, you can start checking on the status of your return within 24 hours after we receive your e-filed return or 4 weeks after you mail a paper return. Www.irs tax form 1040ez for 2012 You will also be given a personalized refund date as soon as the IRS processes your tax return and approves your refund. Www.irs tax form 1040ez for 2012 The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Www.irs tax form 1040ez for 2012 Use the Interactive Tax Assistant (ITA) to research your tax questions. Www.irs tax form 1040ez for 2012 No need to wait on the phone or stand in line. Www.irs tax form 1040ez for 2012 The ITA is available 24 hours a day, 7 days a week, and provides you with a variety of tax information related to general filing topics, deductions, credits, and income. Www.irs tax form 1040ez for 2012 When you reach the response screen, you can print the entire interview and the final response for your records. Www.irs tax form 1040ez for 2012 New subject areas are added on a regular basis. Www.irs tax form 1040ez for 2012  Answers not provided through ITA may be found in Tax Trails, one of the Tax Topics on IRS. Www.irs tax form 1040ez for 2012 gov which contain general individual and business tax information or by searching the IRS Tax Map, which includes an international subject index. Www.irs tax form 1040ez for 2012 You can use the IRS Tax Map, to search publications and instructions by topic or keyword. Www.irs tax form 1040ez for 2012 The IRS Tax Map integrates forms and publications into one research tool and provides single-point access to tax law information by subject. Www.irs tax form 1040ez for 2012 When the user searches the IRS Tax Map, they will be provided with links to related content in existing IRS publications, forms and instructions, questions and answers, and Tax Topics. Www.irs tax form 1040ez for 2012 Coming this filing season, you can immediately view and print for free all 5 types of individual federal tax transcripts (tax returns, tax account, record of account, wage and income statement, and certification of non-filing) using Get Transcript. Www.irs tax form 1040ez for 2012 You can also ask the IRS to mail a return or an account transcript to you. Www.irs tax form 1040ez for 2012 Only the mail option is available by choosing the Tax Records option on the IRS2Go app by selecting Mail Transcript on IRS. Www.irs tax form 1040ez for 2012 gov or by calling 1-800-908-9946. Www.irs tax form 1040ez for 2012 Tax return and tax account transcripts are generally available for the current year and the past three years. Www.irs tax form 1040ez for 2012 Determine if you are eligible for the EITC and estimate the amount of the credit with the Earned Income Tax Credit (EITC) Assistant. Www.irs tax form 1040ez for 2012 Visit Understanding Your IRS Notice or Letter to get answers to questions about a notice or letter you received from the IRS. Www.irs tax form 1040ez for 2012 If you received the First Time Homebuyer Credit, you can use the First Time Homebuyer Credit Account Look-up tool for information on your repayments and account balance. Www.irs tax form 1040ez for 2012 Check the status of your amended return using Where's My Amended Return? Go to IRS. Www.irs tax form 1040ez for 2012 gov and enter Where's My Amended Return? in the search box. Www.irs tax form 1040ez for 2012 You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Www.irs tax form 1040ez for 2012 It can take up to 3 weeks from the date you mailed it to show up in our system. Www.irs tax form 1040ez for 2012 Make a payment using one of several safe and convenient electronic payment options available on IRS. Www.irs tax form 1040ez for 2012 gov. Www.irs tax form 1040ez for 2012 Select the Payment tab on the front page of IRS. Www.irs tax form 1040ez for 2012 gov for more information. Www.irs tax form 1040ez for 2012 Determine if you are eligible and apply for an online payment agreement, if you owe more tax than you can pay today. Www.irs tax form 1040ez for 2012 Figure your income tax withholding with the IRS Withholding Calculator on IRS. Www.irs tax form 1040ez for 2012 gov. Www.irs tax form 1040ez for 2012 Use it if you've had too much or too little withheld, your personal situation has changed, you're starting a new job or you just want to see if you're having the right amount withheld. Www.irs tax form 1040ez for 2012 Determine if you might be subject to the Alternative Minimum Tax by using the Alternative Minimum Tax Assistant on IRS. Www.irs tax form 1040ez for 2012 gov. Www.irs tax form 1040ez for 2012 Request an Electronic Filing PIN by going to IRS. Www.irs tax form 1040ez for 2012 gov and entering Electronic Filing PIN in the search box. Www.irs tax form 1040ez for 2012 Download forms, instructions and publications, including accessible versions for people with disabilities. Www.irs tax form 1040ez for 2012 Locate the nearest Taxpayer Assistance Center (TAC) using the Office Locator tool on IRS. Www.irs tax form 1040ez for 2012 gov, or choose the Contact Us option on the IRS2Go app and search Local Offices. Www.irs tax form 1040ez for 2012 An employee can answer questions about your tax account or help you set up a payment plan. Www.irs tax form 1040ez for 2012 Before you visit, check the Office Locator on IRS. Www.irs tax form 1040ez for 2012 gov, or Local Offices under Contact Us on IRS2Go to confirm the address, phone number, days and hours of operation, and the services provided. Www.irs tax form 1040ez for 2012 If you have a special need, such as a disability, you can request an appointment. Www.irs tax form 1040ez for 2012 Call the local number listed in the Office Locator, or look in the phone book under United States Government, Internal Revenue Service. Www.irs tax form 1040ez for 2012 Apply for an Employer Identification Number (EIN). Www.irs tax form 1040ez for 2012 Go to IRS. Www.irs tax form 1040ez for 2012 gov and enter Apply for an EIN in the search box. Www.irs tax form 1040ez for 2012 Read the Internal Revenue Code, regulations, or other official guidance. Www.irs tax form 1040ez for 2012 Read Internal Revenue Bulletins. Www.irs tax form 1040ez for 2012 Sign up to receive local and national tax news and more by email. Www.irs tax form 1040ez for 2012 Just click on “subscriptions” above the search box on IRS. Www.irs tax form 1040ez for 2012 gov and choose from a variety of options. Www.irs tax form 1040ez for 2012    Phone. Www.irs tax form 1040ez for 2012 You can call the IRS, or you can carry it in your pocket with the IRS2Go app on your smart phone or tablet. Www.irs tax form 1040ez for 2012 Download the free IRS2Go app from the iTunes app store or from Google Play. Www.irs tax form 1040ez for 2012 Call to locate the nearest volunteer help site, 1-800-906-9887 or you can use the VITA Locator Tool on IRS. Www.irs tax form 1040ez for 2012 gov, or download the IRS2Go app. Www.irs tax form 1040ez for 2012 Low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers can get free help with their tax return from the nationwide Volunteer Income Tax Assistance (VITA) program. Www.irs tax form 1040ez for 2012 The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Www.irs tax form 1040ez for 2012 Most VITA and TCE sites offer free electronic filing. Www.irs tax form 1040ez for 2012 Some VITA and TCE sites provide IRS-certified volunteers who can help prepare your tax return. Www.irs tax form 1040ez for 2012 Through the TCE program, AARP offers the Tax-Aide counseling program; call 1-888-227-7669 to find the nearest Tax-Aide location. Www.irs tax form 1040ez for 2012 Call the automated Where's My Refund? information hotline to check the status of your 2013 refund 24 hours a day, 7 days a week at 1-800-829-1954. Www.irs tax form 1040ez for 2012 If you e-file, you can start checking on the status of your return within 24 hours after the IRS receives your tax return or 4 weeks after you've mailed a paper return. Www.irs tax form 1040ez for 2012 The IRS issues more than 9 out of 10 refunds in less than 21 days. Www.irs tax form 1040ez for 2012 Where's My Refund? will give you a personalized refund date as soon as the IRS processes your tax return and approves your refund. Www.irs tax form 1040ez for 2012 Before you call this automated hotline, have your 2013 tax return handy so you can enter your social security number, your filing status, and the exact whole dollar amount of your refund. Www.irs tax form 1040ez for 2012 The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Www.irs tax form 1040ez for 2012 Note, the above information is for our automated hotline. Www.irs tax form 1040ez for 2012 Our live phone and walk-in assistors can research the status of your refund only if it's been 21 days or more since you filed electronically or more than 6 weeks since you mailed your paper return. Www.irs tax form 1040ez for 2012 Call the Amended Return Hotline, 1-866-464-2050, to check the status of your amended return. Www.irs tax form 1040ez for 2012 You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Www.irs tax form 1040ez for 2012 It can take up to 3 weeks from the date you mailed it to show up in our system. Www.irs tax form 1040ez for 2012 Call 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions, publications, and prior-year forms and instructions (limited to 5 years). Www.irs tax form 1040ez for 2012 You should receive your order within 10 business days. Www.irs tax form 1040ez for 2012 Call TeleTax, 1-800-829-4477, to listen to pre-recorded messages covering general and business tax information. Www.irs tax form 1040ez for 2012 If, between January and April 15, you still have questions about the Form 1040, 1040A, or 1040EZ (like filing requirements, dependents, credits, Schedule D, pensions and IRAs or self-employment taxes), call 1-800-829-1040. Www.irs tax form 1040ez for 2012 Call using TTY/TDD equipment, 1-800-829-4059 to ask tax questions or order forms and publications. Www.irs tax form 1040ez for 2012 The TTY/TDD telephone number is for people who are deaf, hard of hearing, or have a speech disability. Www.irs tax form 1040ez for 2012 These individuals can also contact the IRS through relay services such as the Federal Relay Service. Www.irs tax form 1040ez for 2012    Walk-in. Www.irs tax form 1040ez for 2012 You can find a selection of forms, publications and services — in-person. Www.irs tax form 1040ez for 2012 Products. Www.irs tax form 1040ez for 2012 You can walk in to some post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Www.irs tax form 1040ez for 2012 Some IRS offices, libraries, and city and county government offices have a collection of products available to photocopy from reproducible proofs. Www.irs tax form 1040ez for 2012 Services. Www.irs tax form 1040ez for 2012 You can walk in to your local TAC for face-to-face tax help. Www.irs tax form 1040ez for 2012 An employee can answer questions about your tax account or help you set up a payment plan. Www.irs tax form 1040ez for 2012 Before visiting, use the Office Locator tool on IRS. Www.irs tax form 1040ez for 2012 gov, or choose the Contact Us option on the IRS2Go app and search Local Offices for days and hours of operation, and services provided. Www.irs tax form 1040ez for 2012    Mail. Www.irs tax form 1040ez for 2012 You can send your order for forms, instructions, and publications to the address below. Www.irs tax form 1040ez for 2012 You should receive a response within 10 business days after your request is received. Www.irs tax form 1040ez for 2012 Internal Revenue Service 1201 N. Www.irs tax form 1040ez for 2012 Mitsubishi Motorway Bloomington, IL 61705-6613    The Taxpayer Advocate Service Is Here to Help You. Www.irs tax form 1040ez for 2012 The Taxpayer Advocate Service (TAS) is your voice at the IRS. Www.irs tax form 1040ez for 2012 Our job is to ensure that every taxpayer is treated fairly and that you know and understand your rights. Www.irs tax form 1040ez for 2012   What can TAS do for you? We can offer you free help with IRS problems that you can't resolve on your own. Www.irs tax form 1040ez for 2012 We know this process can be confusing, but the worst thing you can do is nothing at all! TAS can help if you can't resolve your tax problem and: Your problem is causing financial difficulties for you, your family, or your business. Www.irs tax form 1040ez for 2012 You face (or your business is facing) an immediate threat of adverse action. Www.irs tax form 1040ez for 2012 You've tried repeatedly to contact the IRS but no one has responded, or the IRS hasn't responded by the date promised. Www.irs tax form 1040ez for 2012   If you qualify for our help, you'll be assigned to one advocate who'll be with you at every turn and will do everything possible to resolve your problem. Www.irs tax form 1040ez for 2012 Here's why we can help: TAS is an independent organization within the IRS. Www.irs tax form 1040ez for 2012 Our advocates know how to work with the IRS. Www.irs tax form 1040ez for 2012 Our services are free and tailored to meet your needs. Www.irs tax form 1040ez for 2012 We have offices in every state, the District of Columbia, and Puerto Rico. Www.irs tax form 1040ez for 2012   How can you reach us? If you think TAS can help you, call your local advocate, whose number is in your local directory and at Taxpayer Advocate, or call us toll-free at 1-877-777-4778. Www.irs tax form 1040ez for 2012   How else does TAS help taxpayers?  TAS also works to resolve large-scale, systemic problems that affect many taxpayers. Www.irs tax form 1040ez for 2012 If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System. Www.irs tax form 1040ez for 2012 Low Income Taxpayer Clinics Low Income Taxpayer Clinics (LITCs) serve individuals whose income is below a certain level and need to resolve tax problems such as audits, appeals and tax collection disputes. Www.irs tax form 1040ez for 2012 Some clinics can provide information about taxpayer rights and responsibilities in different languages for individuals who speak English as a second language. Www.irs tax form 1040ez for 2012 Visit Taxpayer Advocate or see IRS Publication 4134, Low Income Taxpayer Clinic List. Www.irs tax form 1040ez for 2012 Prev  Up  Next   Home   More Online Publications