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Ez1040Ez1040 Publication 17 - Introductory Material Table of Contents What's New Reminders IntroductionIcons. Ez1040 Ordering forms and publications. Ez1040 Tax questions. Ez1040 All material in this publication may be reprinted freely. Ez1040 A citation to Your Federal Income Tax (2013) would be appropriate. Ez1040 The explanations and examples in this publication reflect the interpretation by the Internal Revenue Service (IRS) of: Tax laws enacted by Congress, Treasury regulations, and Court decisions. Ez1040 However, the information given does not cover every situation and is not intended to replace the law or change its meaning. Ez1040 This publication covers some subjects on which a court may have made a decision more favorable to taxpayers than the interpretation by the IRS. Ez1040 Until these differing interpretations are resolved by higher court decisions or in some other way, this publication will continue to present the interpretations by the IRS. Ez1040 All taxpayers have important rights when working with the IRS. Ez1040 These rights are described in Your Rights as a Taxpayer in the back of this publication. Ez1040 What's New This section summarizes important tax changes that took effect in 2013. Ez1040 Most of these changes are discussed in more detail throughout this publication. Ez1040 Future developments. Ez1040 For the latest information about the tax law topics covered in this publication, including information about any tax legislation, go to www. Ez1040 irs. Ez1040 gov/pub17. Ez1040 Additional Medicare Tax. Ez1040 Beginning in 2013, a 0. Ez1040 9% Additional Medicare Tax applies to Medicare wages, railroad retirement (RRTA) compensation, and self-employment income that are more than: $125,000 if married filing separately, $250,000 if married filing jointly, or $200,000 for any other filing status. Ez1040 See Form 8959 and its instructions. Ez1040 Net Investment Income Tax. Ez1040 Beginning in 2013, you may be subject to Net Investment Income Tax (NIIT). Ez1040 The NIIT is 3. Ez1040 8% of the smaller of (a) your net investment income or (b) the excess of your modified adjusted gross income over: $125,000 if married filing separately, $250,000 if married filing jointly or qualifying widow(er), or $200,000 if any other filing status. Ez1040 See Form 8960 and its instructions. Ez1040 Change in tax rates. Ez1040 The highest tax rate is 39. Ez1040 6%. Ez1040 For more information, see the 2013 Tax Computation Worksheet or the 2013 Tax Rate Schedules near the end of this publication. Ez1040 Tax rate on net capital gain and qualified dividends. Ez1040 The maximum tax rate of 15% on net capital gain and qualified dividends has increased to 20% for some taxpayers. Ez1040 See chapter 16. Ez1040 Medical and dental expenses. Ez1040 You can deduct only the part of your medical and dental expenses that is more than 10% of your adjusted gross income (7. Ez1040 5% if either you or your spouse is age 65 or older). Ez1040 See chapter 21. Ez1040 Personal exemption amount increased for certain taxpayers. Ez1040 Your personal exemption is increased to $3,900. Ez1040 But the amount is reduced if your adjusted gross income is more than: $150,000 if married filing separately, $250,000 if single, $275,000 if head of household, or $300,000 if any other filing status. Ez1040 See chapter 3. Ez1040 Limit on itemized deductions. Ez1040 You may not be able to deduct all of your itemized deductions if your adjusted gross income is more than: $150,000 if married filing separately, $250,000 if single, $275,000 if head of household, or $300,000 if any other filing status. Ez1040 See chapter 29. Ez1040 Same-sex marriages. Ez1040 If you have a same-sex spouse whom you legally married in a state (or foreign country) that recognizes same-sex marriage, you and your spouse generally must use the married filing jointly or married filing separately filing status on your 2013 return, even if you and your spouse now live in a state (or foreign country) that does not recognize same-sex marriage. Ez1040 See chapter 2. Ez1040 If you meet certain requirements, you may be able to file amended returns to change your filing status for some earlier years. Ez1040 For details on filing amended returns, see chapter 1. Ez1040 Health flexible spending arrangements (FSAs). Ez1040 You cannot have more than $2,500 in salary reduction contributions made to a health FSA for plan years beginning after 2012. Ez1040 See chapter 5. Ez1040 Expiring credits. Ez1040 The plug-in electric vehicle credit and the refundable part of the credit for prior year minimum tax have expired. Ez1040 You cannot claim either one on your 2013 return. Ez1040 See chapter 37. Ez1040 Ponzi-type investment schemes. Ez1040 There are new rules for how to claim a theft loss deduction on Form 4684 due to a Ponzi-type investment scheme. Ez1040 See chapter 25. Ez1040 Home office deduction simplified method. Ez1040 If you can take a home office deduction, you may be able to use a simplified method to figure it. Ez1040 See Publication 587. Ez1040 Standard mileage rates. Ez1040 The 2013 rate for business use of your car is increased to 56½ cents a mile. Ez1040 See chapter 26. Ez1040 The 2013 rate for use of your car to get medical care is increased to 24 cents a mile. Ez1040 See chapter 21. Ez1040 The 2013 rate for use of your car to move is increased to 24 cents a mile. Ez1040 See Publication 521, Moving Expenses. Ez1040 Reminders Listed below are important reminders and other items that may help you file your 2013 tax return. Ez1040 Many of these items are explained in more detail later in this publication. Ez1040 Enter your social security number (SSN). Ez1040 Enter your SSN in the space provided on your tax form. Ez1040 If you filed a joint return for 2012 and are filing a joint return for 2013 with the same spouse, enter your names and SSNs in the same order as on your 2012 return. Ez1040 See chapter 1. Ez1040 Secure your tax records from identity theft. Ez1040 Identity theft occurs when someone uses your personal information, such as your name, SSN, or other identifying information, without your permission, to commit fraud or other crimes. Ez1040 An identity thief may use your SSN to get a job or may file a tax return using your SSN to receive a refund. Ez1040 For more information about identity theft and how to reduce your risk from it, see chapter 1. Ez1040 Taxpayer identification numbers. Ez1040 You must provide the taxpayer identification number for each person for whom you claim certain tax benefits. Ez1040 This applies even if the person was born in 2013. Ez1040 Generally, this number is the person's social security number (SSN). Ez1040 See chapter 1. Ez1040 Foreign source income. Ez1040 If you are a U. Ez1040 S. Ez1040 citizen with income from sources outside the United States (foreign income), you must report all such income on your tax return unless it is exempt by U. Ez1040 S. Ez1040 law. Ez1040 This is true whether you live inside or outside the United States and whether or not you receive a Form W-2 or Form 1099 from the foreign payer. Ez1040 This applies to earned income (such as wages and tips) as well as unearned income (such as interest, dividends, capital gains, pensions, rents and royalties). Ez1040 If you live outside the United States, you may be able to exclude part or all of your foreign source earned income. Ez1040 For details, see Publication 54, Tax Guide for U. Ez1040 S. Ez1040 Citizens and Resident Aliens Abroad. Ez1040 Foreign financial assets. Ez1040 If you had foreign financial assets in 2013, you may have to file Form 8938 with your return. Ez1040 Check www. Ez1040 IRS. Ez1040 gov/form8938 for details. Ez1040 Automatic 6-month extension to file tax return. Ez1040 You can use Form 4868, Application for Automatic Extension of Time To File U. Ez1040 S. Ez1040 Individual Income Tax Return, to obtain an automatic 6-month extension of time to file your tax return. Ez1040 See chapter 1. Ez1040 Include your phone number on your return. Ez1040 To promptly resolve any questions we have in processing your tax return, we would like to be able to call you. Ez1040 Please enter your daytime telephone number on your tax form next to your signature and occupation. Ez1040 If you are filing a joint return, you can enter either your or your spouse's daytime phone number. Ez1040 Payment of taxes. Ez1040 You can pay your taxes online, by phone, or by check or money order. Ez1040 You can make a direct transfer from your bank account or use a credit or debit card. Ez1040 If you e-file, you can schedule an electronic payment. Ez1040 See chapter 1. Ez1040 Faster ways to file your return. Ez1040 The IRS offers fast, accurate ways to file your tax return information without filing a paper tax return. Ez1040 You can use IRS e-file (electronic filing). Ez1040 See chapter 1. Ez1040 Free electronic filing. Ez1040 You may be able to file your 2013 taxes online for free. Ez1040 See chapter 1. Ez1040 Change of address. Ez1040 If you change your address, you should notify the IRS. Ez1040 See Change of Address in chapter 1. Ez1040 Refund on a late filed return. Ez1040 If you were due a refund but you did not file a return, you generally must file your return within 3 years from the date the return was due (including extensions) to get that refund. Ez1040 See chapter 1. Ez1040 Frivolous tax returns. Ez1040 The IRS has published a list of positions that are identified as frivolous. Ez1040 The penalty for filing a frivolous tax return is $5,000. Ez1040 See chapter 1. Ez1040 Filing erroneous claim for refund or credit. Ez1040 You may have to pay a penalty if you file an erroneous claim for refund or credit. Ez1040 See chapter 1. Ez1040 Privacy Act and paperwork reduction information. Ez1040 The IRS Restructuring and Reform Act of 1998, the Privacy Act of 1974, and the Paperwork Reduction Act of 1980 require that when we ask you for information we must first tell you what our legal right is to ask for the information, why we are asking for it, how it will be used, what could happen if we do not receive it, and whether your response is voluntary, required to obtain a benefit, or mandatory under the law. Ez1040 A complete statement on this subject can be found in your tax form instructions. Ez1040 Customer service for taxpayers. Ez1040 You can set up a personal appointment at the most convenient Taxpayer Assistance Center, on the most convenient business day. Ez1040 See How To Get Tax Help in the back of this publication. Ez1040 Preparer e-file mandate. Ez1040 Most paid preparers must e-file returns they prepare and file. Ez1040 Your preparer may make you aware of this requirement and the options available to you. Ez1040 Treasury Inspector General for Tax Administration. Ez1040 If you want to confidentially report misconduct, waste, fraud, or abuse by an IRS employee, you can call 1-800-366-4484 (call 1-800-877-8339 if you are deaf, hard of hearing, or have a speech disability, and are using TTY/TDD equipment). Ez1040 You can remain anonymous. Ez1040 Photographs of missing children. Ez1040 The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Ez1040 Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Ez1040 You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Ez1040 Introduction This publication covers the general rules for filing a federal income tax return. Ez1040 It supplements the information contained in your tax form instructions. Ez1040 It explains the tax law to make sure you pay only the tax you owe and no more. Ez1040 How this publication is arranged. Ez1040 This publication closely follows Form 1040, U. Ez1040 S. Ez1040 Individual Income Tax Return. Ez1040 It is divided into six parts which cover different sections of Form 1040. Ez1040 Each part is further divided into chapters which generally discuss one line of the form. Ez1040 Do not worry if you file Form 1040A or Form 1040EZ. Ez1040 Anything included on a line of either of these forms is also included on Form 1040. Ez1040 The table of contents inside the front cover and the index in the back of the publication are useful tools to help you find the information you need. Ez1040 What is in this publication. Ez1040 The publication begins with the rules for filing a tax return. Ez1040 It explains: Who must file a return, Which tax form to use, When the return is due, How to e-file your return, and Other general information. Ez1040 It will help you identify which filing status you qualify for, whether you can claim any dependents, and whether the income you receive is taxable. Ez1040 The publication goes on to explain the standard deduction, the kinds of expenses you may be able to deduct, and the various kinds of credits you may be able to take to reduce your tax. Ez1040 Throughout the publication are examples showing how the tax law applies in typical situations. Ez1040 Also throughout the publication are flowcharts and tables that present tax information in an easy-to-understand manner. Ez1040 Many of the subjects discussed in this publication are discussed in greater detail in other IRS publications. Ez1040 References to those other publications are provided for your information. Ez1040 Icons. Ez1040 Small graphic symbols, or icons, are used to draw your attention to special information. Ez1040 See Table 1 later for an explanation of each icon used in this publication. Ez1040 What is not covered in this publication. Ez1040 Some material that you may find helpful is not included in this publication but can be found in your tax form instruction booklet. Ez1040 This includes lists of: Where to report certain items shown on information documents, and Recorded tax information topics (TeleTax). Ez1040 If you operate your own business or have other self-employment income, such as from babysitting or selling crafts, see the following publications for more information. Ez1040 Publication 334, Tax Guide for Small Business (For Individuals Who Use Schedule C or C-EZ). Ez1040 Publication 535, Business Expenses. Ez1040 Publication 587, Business Use of Your Home (Including Use by Daycare Providers). Ez1040 Help from the IRS. Ez1040 There are many ways you can get help from the IRS. Ez1040 These are explained under How To Get Tax Help in the back of this publication. Ez1040 Comments and suggestions. Ez1040 We welcome your comments about this publication and your suggestions for future editions. Ez1040 You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Ez1040 NW, IR-6526 Washington, DC 20224 We respond to many letters by telephone. Ez1040 Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Ez1040 You can send your comments from www. Ez1040 irs. Ez1040 gov/formspubs/. Ez1040 Click on “More Information” and then on “Comment on Tax Forms and Publications”. Ez1040 Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Ez1040 Ordering forms and publications. Ez1040 Visit www. Ez1040 irs. Ez1040 gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Ez1040 Internal Revenue Service 1201 N. Ez1040 Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Ez1040 If you have a tax question, check the information available on IRS. Ez1040 gov or call 1-800-829-1040. Ez1040 We cannot answer tax questions sent to either of the above addresses. Ez1040 IRS mission. Ez1040 Provide America's taxpayers top quality service by helping them understand and meet their tax responsibilities and by applying the tax law with integrity and fairness to all. Ez1040 Table 1. Ez1040 Legend of Icons Icon Explanation Items that may cause you particular problems, or an alert about pending legislation that may be enacted after this publication goes to print. Ez1040 An Internet site or an email address. Ez1040 An address you may need. Ez1040 Items you should keep in your personal records. Ez1040 Items you may need to figure or a worksheet you may need to complete and keep for your records. Ez1040 An important phone number. Ez1040 Helpful information you may need. Ez1040 Prev Up Next Home More Online Publications
Negative Information In Your Credit Report
Negative Information In Your Credit Report
Negative information concerning your use of credit can be kept in your credit report for seven years. A bankruptcy can be kept for 10 years, and unpaid tax liens for 15 years. Information about a lawsuit or an unpaid judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer. Inquiries remain on your report for two years.
Anyone who denies you credit, housing, insurance, or a job as a result of a credit report must give you the name, address, and telephone number of the credit reporting agency (CRA) that provided the report. Under the Fair Credit Reporting Act (FCRA), you have the right to request a free report within 60 days if a company denies you credit based on the report.
If there is inaccurate or incomplete information in your credit report:
- Contact both the credit reporting agency and the company that provided the information to the CRA.
- Tell the CRA in writing what information you believe is inaccurate. Keep a copy of all correspondence.
Under The Fair Credit Reporting Act, the information provider is required to investigate and report the results to the CRA. If the information is found to be incorrect, it must notify all nationwide CRAs to correct your file. If the investigation does not solve your dispute, ask that your statement concerning the dispute be included in your file. A notice of your dispute must be included anytime the CRA reports the negative item.
If the information is accurate, only time, hard work, and a personal debt repayment plan will improve your credit report. Credit repair companies advertise they can erase bad credit for a hefty fee. Don't believe it. Under the Credit Repair Organizations Act, credit repair companies can't require you to pay until they have completed promised services. They must also give you:
- A copy of the "Consumer Credit File Rights Under State and Federal Law" before you sign a contract.
- A written contract that spells out your rights and obligations.
- Three days to cancel without paying any fees.
Some credit repair companies promise to help you establish a whole new credit identity. You can be charged with fraud if you use the mail or telephone to apply for credit with false information. It is also a federal crime to make false statements on a loan or credit application, to give a false Social Security number, or to obtain an Employer Identification Number from the Internal Revenue Service under false pretences.
If you have lost money to a credit repair scam, contact your local consumer protection office or use the National Fraud Information Center complaint form.