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Form 1040

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Form 1040

Form 1040 Index Symbols 403(b) plans Defined, Tax-sheltered annuity plan. Form 1040 Loans from, without tax consequences, Exception for qualified plan, 403(b) plan, and government plan loans. Form 1040 Simplified Method to be used, Who must use the Simplified Method. Form 1040 5% owners, 5% owners. Form 1040 A Age 70, Age 70½. Form 1040 Alimony (see Qualified domestic relations orders (QDROs)) Annuities 5% rate on early distributions, 5% rate on certain early distributions from deferred annuity contracts. Form 1040 Defined, Annuity. Form 1040 Fixed-period, Fixed-period annuities. Form 1040 , Fixed-period annuity. Form 1040 Guaranteed payments, Guaranteed payments. Form 1040 Joint and survivor annuities, Joint and survivor annuities. Form 1040 Minimum distributions from, Minimum distributions from an annuity plan. Form 1040 Payments under, Annuity payments. Form 1040 Qualified plan annuity starting before November 19, 1996, Qualified plan annuity starting before November 19, 1996. Form 1040 Rollovers, Annuity contracts. Form 1040 (see also Rollovers) Single-life, Annuities for a single life. Form 1040 , Single-life annuity. Form 1040 Starting date of, Annuity starting date defined. Form 1040 , Who must use the Simplified Method. Form 1040 , Annuity starting before November 19, 1996. Form 1040 , Annuity starting date. Form 1040 Before November 19, 1996, Annuity starting before November 19, 1996. Form 1040 Distribution on or after, Distribution On or After Annuity Starting Date Transfers of contracts, Transfers of Annuity Contracts Types of, Types of pensions and annuities. Form 1040 Variable annuities, Variable annuities. Form 1040 , Variable Annuities, Death benefits. Form 1040 Assistance (see Tax help) B Beneficiaries, Survivors and Beneficiaries C Capital gains Lump-sum distributions, Capital Gain Treatment Cash withdrawals (see Nonperiodic payments) Child support (see Qualified domestic relations orders (QDROs)) Corrective distributions of excess plan contributions, Corrective distributions of excess plan contributions. Form 1040 Costs Investment in the contract, Cost (Investment in the Contract) Lump-sum distribution, determination for, Cost. Form 1040 D Death benefits, Death benefits. Form 1040 Death of employee, Distributions after the employee's death. Form 1040 , Survivors of employees. Form 1040 Death of retiree, Survivors of retirees. Form 1040 Deductible voluntary employee contributions, Deductible voluntary employee contributions. Form 1040 Defined contribution plans, Defined contribution plan. Form 1040 Designated Roth accounts Costs, Designated Roth accounts. Form 1040 Defined, Designated Roth account. Form 1040 Qualified distributions, Designated Roth accounts. Form 1040 Rollovers, Designated Roth accounts. Form 1040 Disability pensions, Disability pensions. Form 1040 , Disability Pensions Distributions, Examples (see also Rollovers) Beginning date for, Required beginning date. Form 1040 Early distributions and penalty tax, Payment to you option. Form 1040 , Tax on Early Distributions Employer securities, Distributions of employer securities. Form 1040 Loans treated as, Loans Treated as Distributions Lump-sum, Distributions of employer securities. Form 1040 , Lump-Sum Distributions, Examples Minimum required, Recapture tax for changes in distribution method under equal payment exception. Form 1040 Nonperiodic, taxation of, Taxation of Nonperiodic Payments Periodic, taxation of, Taxation of Periodic Payments Public safety employees, Qualified public safety employees. Form 1040 Qualified reservist, Qualified reservist distributions. Form 1040 U. Form 1040 S. Form 1040 savings bonds, Distribution of U. Form 1040 S. Form 1040 savings bonds. Form 1040 Dividends, Taxation of Nonperiodic Payments E Early withdrawal from deferred interest account Penalty tax on, Payment to you option. Form 1040 , Tax on Early Distributions Employer securities, distributions of, Distributions of employer securities. Form 1040 Estate tax, Reduction for federal estate tax. Form 1040 Deduction, Estate tax deduction. Form 1040 Estimated tax, Estimated tax. Form 1040 Excess accumulation, tax on, Recapture tax for changes in distribution method under equal payment exception. Form 1040 Excess plan contributions, corrective distributions of, Corrective distributions of excess plan contributions. Form 1040 F Figuring taxable amount, Figuring the Taxable Amount, Distribution of U. Form 1040 S. Form 1040 savings bonds. Form 1040 Fixed-period annuities, Fixed-period annuities. Form 1040 , Fixed-period annuity. Form 1040 Foreign employment contributions, Foreign employment contributions. Form 1040 Form 4972, Lump-Sum Distributions W-4P, Choosing no withholding. Form 1040 Form 1040/1040A Rollovers, How to report. Form 1040 Form 1040X Changing your mind on lump-sum treatment, Changing your mind. Form 1040 Form 1099-INT U. Form 1040 S. Form 1040 savings bonds distributions, Distribution of U. Form 1040 S. Form 1040 savings bonds. Form 1040 Form 1099-R 10-year tax option for lump-sum distribution, 10-Year Tax Option Corrected form, Introduction Corrective distributions of excess plan contributions, Corrective distributions of excess plan contributions. Form 1040 Exceptions to tax, Exceptions to tax. Form 1040 Investment in the contract, Cost (Investment in the Contract) Loan treated as distribution from plan, Reporting by plan. Form 1040 Rollovers, How to report. Form 1040 Tax-free exchanges, Tax-free exchange reported on Form 1099-R. Form 1040 Form 4972 10-year tax option for lump-sum distribution, 10-Year Tax Option Lump-sum distributions, Lump-Sum Distributions, Electing optional lump-sum treatment. Form 1040 Form 5329 Recapture tax, Recapture tax for changes in distribution method under equal payment exception. Form 1040 Special additional taxes (penalty taxes), Special Additional Taxes, Exceptions to tax. Form 1040 Form RRB-1099-R, Form RRB-1099-R. Form 1040 Form W-4P Withholding from retirement plan payments, Choosing no withholding. Form 1040 , Nonperiodic distributions. Form 1040 Form W-4V Voluntary withholding request for social security or railroad retirement benefits, Withholding Tax and Estimated Tax Free tax services, Free help with your tax return. Form 1040 Frozen deposits, Frozen deposits. Form 1040 Fully taxable payments, Fully Taxable Payments G General Rule, Partly Taxable Payments, General Rule Death of retiree under, Survivors of retirees. Form 1040 Investment in the contract, determination of, Cost (Investment in the Contract) Guaranteed payments, Guaranteed payments. Form 1040 H Help (see Tax help) Home purchase Loans from qualified plans for, Exception for qualified plan, 403(b) plan, and government plan loans. Form 1040 I In-plan Roth rollovers, In-plan Roth rollovers. Form 1040 Individual retirement accounts Minimum distributions from, Minimum distributions from an individual account plan. Form 1040 Rollovers, Rollovers (see also Rollovers) Interest deduction Denial on loan from plan, Denial of interest deduction. Form 1040 J Joint and survivor annuities, Joint and survivor annuities. Form 1040 L Loans treated as distributions, Loans Treated as Distributions Local government employees Section 457 plans, Section 457 Deferred Compensation Plans Losses Lump-sum distribution, Losses. Form 1040 Lump-sum distributions, Distributions of employer securities. Form 1040 , Lump-Sum Distributions, Examples 10-year tax option, 10-Year Tax Option Capital gain treatment, Capital Gain Treatment Defined, Lump-Sum Distributions Election of, Changing your mind. Form 1040 Form 4972, Lump-Sum Distributions M Minimum required distributions, Recapture tax for changes in distribution method under equal payment exception. Form 1040 Missing children, photographs of, Reminders Multiple annuitants, Multiple annuitants. Form 1040 Multiple-lives annuities, Multiple-lives annuity. Form 1040 N Net Investment Income Tax, Net investment income tax. Form 1040 , Distribution Before Annuity Starting Date From a Nonqualified Plan Net unrealized appreciation (NUA), Net unrealized appreciation (NUA). Form 1040 Deferring tax on, Distributions of employer securities. Form 1040 Nonperiodic payments Loan treated as, Loans Treated as Distributions Taxation of, Taxation of Nonperiodic Payments Nonqualified plans Distribution before annuity start date, Distribution Before Annuity Starting Date From a Nonqualified Plan General Rule to be used, Who must use the General Rule. Form 1040 Loans treated as distributions from, Effect on investment in the contract. Form 1040 Nonresident aliens Railroad retirement, Nonresident aliens. Form 1040 P Partial rollovers, Partial rollovers. Form 1040 Partly taxable payments, Partly Taxable Payments Penalty taxes Early distributions, Tax on Early Distributions Excess accumulation, Tax on Excess Accumulation Pensions Defined, Pension. Form 1040 Disability pensions, Disability pensions. Form 1040 , Disability Pensions Types of, Types of pensions and annuities. Form 1040 Periodic payments Taxation of, Taxation of Periodic Payments Withholding tax, Periodic payments. Form 1040 Public safety officers insurance premiums, Insurance Premiums for Retired Public Safety Officers Public school employees Tax-sheltered annuity plans for (see 403(b) plans) Publications (see Tax help) Q Qualified domestic relations orders (QDROs), Qualified domestic relations order (QDRO). Form 1040 , Qualified domestic relations order (QDRO). Form 1040 Alternate payee under and lump-sum distribution, Alternate payee under qualified domestic relations order. Form 1040 Qualified employee annuities Defined, Qualified employee annuity. Form 1040 Simplified Method to be used, Who must use the Simplified Method. Form 1040 Qualified employee plans Defined, Qualified employee plan. Form 1040 Simplified Method to be used, Who must use the Simplified Method. Form 1040 Qualified plans, Who must use the General Rule. Form 1040 (see also specific type of plan ) Distribution before annuity starting date, Distribution Before Annuity Starting Date From a Qualified Plan General Rule, Who must use the General Rule. Form 1040 Loans from, without tax consequences, Exception for qualified plan, 403(b) plan, and government plan loans. Form 1040 Rollovers, Qualified retirement plan. Form 1040 Qualified settlement income Exxon Valdez litigation settlement, Qualified settlement income. Form 1040 R Railroad retirement benefits, Railroad Retirement Benefits, Repayment of benefits received in an earlier year. Form 1040 Taxability of, Withholding Tax and Estimated Tax Recapture tax Changes in distribution method, Recapture tax for changes in distribution method under equal payment exception. Form 1040 Reemployment, Reemployment. Form 1040 Related employers and related plans, Related employers and related plans. Form 1040 Repayment of loan within 5 years, Exception for qualified plan, 403(b) plan, and government plan loans. Form 1040 Required beginning date, Required beginning date. Form 1040 Required distributions, minimum, Recapture tax for changes in distribution method under equal payment exception. Form 1040 Retirement bonds, Retirement bonds. Form 1040 Rollovers, Rollovers, Choosing the right option. Form 1040 20% tax rate on distribution, Eligible rollover distribution. Form 1040 Comparison of direct payment vs. Form 1040 direct rollover (Table 1), Choosing the right option. Form 1040 Direct rollover to another qualified plan, Eligible rollover distribution. Form 1040 , Direct rollover option. Form 1040 In-plan Roth, In-plan Roth rollovers. Form 1040 Nonspouse beneficiary, Rollovers by nonspouse beneficiary. Form 1040 Nontaxable amounts, Rollover of nontaxable amounts. Form 1040 Notice to recipients of eligible rollover distribution, Written explanation to recipients. Form 1040 Property and cash distributed, Property and cash distributed. Form 1040 Roth IRAs, Rollovers to Roth IRAs. Form 1040 Substitution of other property, Rollovers of property. Form 1040 Surviving spouse making, Rollover by surviving spouse. Form 1040 S Section 457 deferred compensation plans, Section 457 Deferred Compensation Plans Securities of employer, distributions of, Distributions of employer securities. Form 1040 Self-employed persons' rollovers, Rollovers Simplified Method, Partly Taxable Payments, Simplified Method Death of retiree under, Survivors of retirees. Form 1040 How to use, How to use the Simplified Method. Form 1040 Investment in the contract, determination of, Cost (Investment in the Contract) Not allowed, Who cannot use the Simplified Method. Form 1040 Single-sum in connection with start of payments, Single-sum in connection with the start of annuity payments. Form 1040 Single-life annuities, Annuities for a single life. Form 1040 , Single-life annuity. Form 1040 Social security, tax on, Withholding Tax and Estimated Tax State employees Section 457 plans, Section 457 Deferred Compensation Plans State insurer delinquency proceedings, State insurer delinquency proceedings. Form 1040 Surviving spouse Distribution rules for, Distributions after the employee's death. Form 1040 Rollovers by, Rollover by surviving spouse. Form 1040 T Tables Comparison of direct payment vs. Form 1040 direct rollover (Table 1), Choosing the right option. Form 1040 Tax help, How To Get Tax Help Tax-free exchanges, Tax-free exchange. Form 1040 Ten percent tax for early withdrawal, Payment to you option. Form 1040 , Tax on Early Distributions Ten-year tax option, 10-Year Tax Option Time for making rollover, Time for making rollover. Form 1040 Transfers of annuity contracts, Transfers of Annuity Contracts TTY/TDD information, How To Get Tax Help U U. Form 1040 S. Form 1040 savings bonds Distribution of, Distribution of U. Form 1040 S. Form 1040 savings bonds. Form 1040 V Variable annuities, Variable annuities. Form 1040 , Variable Annuities Voluntary employee contributions, Deductible voluntary employee contributions. Form 1040 W Withdrawals, Withdrawals. Form 1040 Employees withdrawing contributions, Plans that permitted withdrawal of employee contributions. Form 1040 Withholding, Withholding Tax and Estimated Tax 10% rate used, Nonperiodic distributions. Form 1040 20% of eligible rollover, Withholding requirements. Form 1040 , Payment to you option. Form 1040 , 20% Mandatory withholding. Form 1040 Periodic payments, Periodic payments. Form 1040 Railroad retirement, Tax withholding. Form 1040 Worksheets Simplified Method, How to use the Simplified Method. Form 1040 Worksheet A, illustrated, Worksheet A. Form 1040 Simplified Method Worksheet for Bill Smith Worksheet A, Simplified Method, Worksheet A. Form 1040 Simplified Method Prev  Up     Home   More Online Publications
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Denali Commission

The Denali Commission is an independent federal agency designed to provide critical utilities, infrastructure, and economic support throughout Alaska.

Contact the Agency or Department

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Phone Number: (907) 271-1414

Toll-free: (888) 480-4321

The Form 1040

Form 1040 Publication 595 - Main Contents Table of Contents Capital Construction FundCCF Accounts Types of Accounts You Must Maintain Within a CCF Tax Treatment of CCF Deposits Tax Treatment of CCF Earnings Tax Treatment of CCF Withdrawals More Information How To Get Tax Help Capital Construction Fund The following sections discuss CCF accounts and the types of bookkeeping accounts you must maintain when you invest in a CCF account. Form 1040 They also discuss the income tax treatment of CCF deposits, earnings, and withdrawals. Form 1040 CCF Accounts This section explains who can open a CCF account and how to use the account to defer income tax. Form 1040 Opening a CCF account. Form 1040   If you are a U. Form 1040 S. Form 1040 citizen and you own or lease one or more eligible vessels (defined later), you can open a CCF account. Form 1040 However, before you open your CCF account, you must enter into an agreement with the Secretary of Commerce through the NMFS. Form 1040 This agreement will establish the following. Form 1040 Agreement vessels. Form 1040 Eligible vessels named in the agreement that will be the basis for the deferral of income tax. Form 1040 Planned use of withdrawals. Form 1040 Use of CCF funds to acquire, build, or rebuild a vessel. Form 1040 CCF depository. Form 1040 Where your CCF funds will be held. Form 1040    You can request an application kit or get additional information from NMFS at the following address. Form 1040 NOAA/NMFS, Financial Services Division, F/MB5 Capital Construction Fund Program 1315 East-West Highway Silver Spring, MD 20910-3282    You can obtain information on the Capital Construction Fund Program at the following website: www. Form 1040 nmfs. Form 1040 noaa. Form 1040 gov/mb/financial_services/ccf. Form 1040 htm. Form 1040    You can call NMFS to request an application kit or get additional information at (301) 713-2393 (ext. Form 1040 204). Form 1040 Their fax number is (301) 713-1939. Form 1040 Eligible vessels. Form 1040   There are two types of vessels that may be considered eligible, those weighing 5 tons or more and those weighing less than 5 tons. Form 1040 For each type, certain requirements must be met. Form 1040 Vessel weighing 5 tons or more. Form 1040   To be considered eligible, the vessel must meet all the following requirements. Form 1040 Be built or rebuilt in the United States. Form 1040 Be documented under the laws of the United States. Form 1040 Be used commercially in the fisheries of the United States. Form 1040 Be operated in the foreign or domestic commerce of the United States. Form 1040 Vessel weighing less than 5 tons. Form 1040   A small vessel, weighing at least 2 net tons but less than 5 net tons, must meet all the following requirements to be considered eligible. Form 1040 Be built or rebuilt in the United States. Form 1040 Be owned by a U. Form 1040 S. Form 1040 citizen. Form 1040 Have a home port in the United States. Form 1040 Be used commercially in the fisheries of the United States. Form 1040 Deferring tax on CCF deposits and earnings. Form 1040   You can use a CCF account to defer income tax by taking the following actions. Form 1040 Making deposits to your CCF account from taxable income. Form 1040 Excluding from income deposits assigned to certain accounts (discussed later). Form 1040 Making withdrawals from your CCF account when you acquire, build, or rebuild fishing vessels. Form 1040 Reducing the basis of fishing vessels you acquire, build, or rebuild to recapture amounts previously excluded from tax. Form 1040    Reporting requirements. Form 1040 Beginning with the tax year in which you establish your agreement, you must report annual deposit and withdrawal activity to the NMFS on NOAA Form 34-82. Form 1040 This form is due within 30 days after you file your federal income tax return even if no deposits or withdrawals are made. Form 1040 For more information, contact the NMFS at the address or phone number given earlier. Form 1040 Types of Accounts You Must Maintain Within a CCF This section discusses the three types of bookkeeping accounts you must maintain when you invest in a CCF account. Form 1040 Your total CCF deposits and earnings for any given year are limited to the amount attributed to these three accounts for that year. Form 1040 Capital account. Form 1040   The capital account consists primarily of amounts attributable to the following items. Form 1040 Allowable depreciation deductions for agreement vessels. Form 1040 Any nontaxable return of capital from either (a) or (b), below. Form 1040 The sale or other disposition of agreement vessels. Form 1040 Insurance or indemnity proceeds attributable to agreement vessels. Form 1040 Any tax-exempt interest earned on state or local bonds in your CCF account. Form 1040 Capital gain account. Form 1040   The capital gain account consists of amounts attributable to the following items reduced by any capital losses from assets held in your CCF account for more than 6 months. Form 1040 Any capital gain from either of the following sources. Form 1040 The sale or other disposition of agreement vessels held for more than 6 months. Form 1040 Insurance or indemnity proceeds attributable to agreement vessels held for more than 6 months. Form 1040 Any capital gain from assets held in your CCF account for more than 6 months. Form 1040 Ordinary income account. Form 1040   The ordinary income account consists of amounts attributable to the following items. Form 1040 Any earnings (without regard to the carryback of any net operating or net capital loss) from the operation of agreement vessels in the fisheries of the United States or in the foreign or domestic commerce of the United States. Form 1040 Any capital gain from the following sources reduced by any capital losses from assets held in your CCF account for 6 months or less. Form 1040 The sale or other disposition of agreement vessels held for 6 months or less. Form 1040 Insurance or indemnity proceeds attributable to agreement vessels held for 6 months or less. Form 1040 Any capital gain from assets held in your CCF account for 6 months or less. Form 1040 Any ordinary income (such as depreciation recapture) from either of the following sources. Form 1040 The sale or other disposition of agreement vessels. Form 1040 Insurance or indemnity proceeds attributable to agreement vessels. Form 1040 Any interest (not including tax-exempt interest from state and local bonds), most dividends, and other ordinary income earned on the assets in your CCF account. Form 1040 Tax Treatment of CCF Deposits This section explains the tax treatment of income used as the basis for CCF deposits. Form 1040 Capital gains. Form 1040   Do not report any transaction that produces a capital gain if you deposit the net proceeds into your CCF account. Form 1040 This treatment applies to either of the following transactions. Form 1040 The sale or other disposition of an agreement vessel. Form 1040 The receipt of insurance or indemnity proceeds attributable to an agreement vessel. Form 1040 Depreciation recapture. Form 1040   Do not report any transaction that produces depreciation recapture if you deposit the net proceeds into your CCF account. Form 1040 This treatment applies to either of the following transactions. Form 1040 The sale or other disposition of an agreement vessel. Form 1040 The receipt of insurance or indemnity proceeds attributable to an agreement vessel. Form 1040 Earnings from operations. Form 1040   Report earnings from the operation of agreement vessels on your Schedule C or C-EZ (Form 1040) even if you deposit part of these earnings into your CCF account. Form 1040 You subtract any part of the earnings you deposited into your CCF account from the amount you would otherwise enter as taxable income on Form 1040, line 43 (for 2005). Form 1040 Next to line 43, write “CCF” and the amount of the deposits. Form 1040 Do not deduct these CCF deposits on Schedule C or C-EZ (Form 1040). Form 1040 If you deposit earnings from operations into your CCF account and you must complete other forms such as Form 6251, Alternative Minimum Tax (Individuals), or a worksheet for Schedule D (Form 1040), you will need to make an extra computation. Form 1040 When the other form instructs you to use the amount from Form 1040, line 41 (for 2005), do not use that amount. Form 1040 Instead, add Form 1040, lines 42 and 43 (for 2005), and use that amount. Form 1040 Self-employment tax. Form 1040   You must use your net profit or loss from your fishing business to figure your self-employment tax. Form 1040 Do not reduce your net profit or loss by any earnings from operations you deposit into your CCF account. Form 1040    Partnerships and S corporations. Form 1040 The deduction for partnership earnings from operations deposited into a CCF account is separately stated on Schedule K (Form 1065), line 13d, and allocated to the partners on Schedule K-1 (Form 1065), box 13 (for 2005). Form 1040   The deduction for S corporation earnings deposited into a CCF account is separately stated on Schedule K (Form 1120S), line 12d, and allocated to the shareholders on Schedule K-1 (Form 1120S), box 12 (for 2005). Form 1040 Tax Treatment of CCF Earnings This section explains the tax treatment of the earnings from the assets in your CCF account when the earnings are redeposited or left in your account. Form 1040 However, if you choose to withdraw the earnings in the year earned, you must generally pay income tax on them. Form 1040 Capital gains. Form 1040   Do not report any capital gains from the sale of capital assets held in your CCF account. Form 1040 This includes capital gain distributions reported to you on Form 1099-DIV or a substitute statement. Form 1040 However, you should attach a statement to your tax return to list the payers and the amounts and to identify the capital gains as “CCF account earnings. Form 1040 ” Interest and dividends. Form 1040   Do not report any ordinary income (such as interest and dividends) you earn on the assets in your CCF account. Form 1040 However, you should attach a statement to your return to list the payers and the amounts and to identify them as “CCF account earnings. Form 1040 ”   If you are required to file Schedule B (Form 1040), you can add these earnings to the list of payers and amounts on line 1 or line 5 and identify them as “CCF earnings. Form 1040 ” Then, subtract the same amounts from the list and identify them as “CCF deposits. Form 1040 ” Tax-exempt interest. Form 1040   Do not report tax-exempt interest from state or local bonds you held in your CCF account. Form 1040 You are not required to report this interest on Form 1040, line 8b. Form 1040 Tax Treatment of CCF Withdrawals This section discusses the tax treatment of amounts you withdraw from your CCF account during the year. Form 1040 Qualified Withdrawals A qualified withdrawal from a CCF account is one that is approved by NMFS for either of the following uses. Form 1040 Acquiring, building, or rebuilding qualified vessels (defined next). Form 1040 Making principal payments on the mortgage of a qualified vessel. Form 1040 NMFS will not approve amounts withdrawn to purchase nets not continuously attached to the vessel, such as seine nets, gill set-nets, and gill drift-nets. Form 1040 NMFS will approve amounts withdrawn to purchase trawl nets. Form 1040 Qualified vessel. Form 1040   This is any vessel that meets all of the following requirements. Form 1040 The vessel was built or rebuilt in the United States. Form 1040 The vessel is documented under the laws of the United States. Form 1040 The person maintaining the CCF account agrees with the Secretary of Commerce that the vessel will be operated in United States foreign trade, Great Lakes trade, noncontiguous domestic trade, or the fisheries of the United States. Form 1040 How to determine the source of qualified withdrawals. Form 1040   When you make a qualified withdrawal, the amount is treated as being withdrawn in the following order from the accounts listed below. Form 1040 The capital account. Form 1040 The capital gain account. Form 1040 The ordinary income account. Form 1040 Excluding qualified withdrawals from tax. Form 1040   Do not report on your income tax return any qualified withdrawals from your CCF account. Form 1040 Reduce the depreciable basis of fishing vessels you acquire, build, or rebuild when you make a qualified withdrawal from either the capital gain or the ordinary income account. Form 1040 Nonqualified Withdrawals A nonqualified withdrawal from a CCF account is generally any withdrawal that is not a qualified withdrawal. Form 1040 Qualified withdrawals are defined under Qualified Withdrawals, earlier. Form 1040 Examples. Form 1040   Examples of nonqualified withdrawals include the following amounts from either the ordinary income account or the capital gain account. Form 1040 Amounts remaining in a CCF account upon termination of your agreement with NMFS. Form 1040 Amounts you withdraw and use to make principal payments on the mortgage of a vessel if the basis of that vessel and the bases of other vessels you own have already been reduced to zero. Form 1040 Amounts determined by the IRS to cause your CCF account balance to exceed the amount appropriate to meet your planned use of withdrawals. Form 1040 You will generally be given 3 years to revise your plans to cover this excess balance. Form 1040 Amounts you leave in your account for more than 25 years. Form 1040 There is a graduated schedule under which the percentage applied to determine the amount of the nonqualified withdrawal increases from 20% in the 26th year to 100% in the 30th year. Form 1040 How to determine the source of nonqualified withdrawals. Form 1040    When you make a nonqualified withdrawal from your CCF account, the amount is treated as being withdrawn in the following order from the accounts listed below. Form 1040 The ordinary income account. Form 1040 The capital gain account. Form 1040 The capital account. Form 1040 Paying tax on nonqualified withdrawals. Form 1040   In general, nonqualified withdrawals are taxed separately from your other gross income and at the highest marginal tax rate in effect for the year of withdrawal. Form 1040 However, nonqualified withdrawals treated as made from the capital gain account are taxed at a rate that cannot exceed 15% for individuals and 34% for corporations. Form 1040    Partnerships and S corporations. Form 1040 Taxable nonqualified partnership withdrawals are separately stated on Schedule K (Form 1065), line 20c, and allocated to the partners on Schedule K-1 (Form 1065), box 20 (for 2005). Form 1040 Taxable nonqualified withdrawals by an S corporation are separately stated on Schedule K (Form 1120S), line 17d, and allocated to the shareholders on Schedule K-1 (Form 1120S), box 17. Form 1040 Interest. Form 1040   You must pay interest on the additional tax due to nonqualified withdrawals that are treated as made from either the ordinary income or the capital gain account. Form 1040 The interest period begins on the last date for paying tax for the year for which you deposited the amount you withdrew from your CCF account. Form 1040 The period ends on the last date for paying tax for the year in which you make the nonqualified withdrawal. Form 1040 The interest rate on the nonqualified withdrawal is simple interest. Form 1040 The rate is subject to change annually and is published in the Federal Register. Form 1040    You also can call NMFS at (301) 713-2393 (ext. Form 1040 204) to get the current interest rate. Form 1040 Interest deduction. Form 1040   You can deduct the interest you pay on a nonqualified withdrawal as a trade or business expense. Form 1040 Reporting the additional tax and interest. Form 1040   Attach a statement to your income tax return showing your computation of the tax and the interest on a nonqualified withdrawal. Form 1040 Include the tax and interest on Form 1040, line 63 (for 2005). Form 1040 To the left of line 63, write in the amount of tax and interest and “CCF. Form 1040 ” Tax benefit rule. Form 1040   If any portion of your nonqualified withdrawal is properly attributable to contributions (not earnings on the contributions) you made to the CCF account that did not reduce your tax liability for any tax year prior to the withdrawal year, the following tax treatment applies. Form 1040 The part that did not reduce your tax liability for any year prior to the withdrawal year is not taxed. Form 1040 That part is allowed as a net operating loss deduction. Form 1040 More Information This section briefly discussed the CCF program. Form 1040 For more detailed information, see the following legislative authorities. Form 1040 Section 607 of the Merchant Marine Act of 1936, as amended (46 U. Form 1040 S. Form 1040 C. Form 1040 1177). Form 1040 Chapter 2, Part 259 of title 50 of the Code of Federal Regulations (50 C. Form 1040 F. Form 1040 R. Form 1040 , Part 259). Form 1040 Subchapter A, Part 3 of title 26 of the Code of Federal Regulations (26 C. Form 1040 F. Form 1040 R. Form 1040 , Part 3). Form 1040 Section 7518 of the Internal Revenue Code (IRC 7518). Form 1040 The application kit you can obtain from NMFS at the address or phone number given earlier may contain copies of some of these sources of additional information. Form 1040 Also, see their web page at www. Form 1040 nmfs. Form 1040 noaa. Form 1040 gov/mb/financial_services/ccf. Form 1040 htm. Form 1040 How To Get Tax Help You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get information from the IRS in several ways. Form 1040 By selecting the method that is best for you, you will have quick and easy access to tax help. Form 1040 Contacting your Taxpayer Advocate. Form 1040   If you have attempted to deal with an IRS problem unsuccessfully, you should contact your Taxpayer Advocate. Form 1040   The Taxpayer Advocate independently represents your interests and concerns within the IRS by protecting your rights and resolving problems that have not been fixed through normal channels. Form 1040 While Taxpayer Advocates cannot change the tax law or make a technical tax decision, they can clear up problems that resulted from previous contacts and ensure that your case is given a complete and impartial review. Form 1040   To contact your Taxpayer Advocate: Call the Taxpayer Advocate toll free at 1-877-777-4778, Call, write, or fax the Taxpayer Advocate office in your area, Call 1-800-829-4059 if you are a TTY/TDD user, or Visit www. Form 1040 irs. Form 1040 gov/advocate. Form 1040   For more information, see Publication 1546, How To Get Help With Unresolved Tax Problems (now available in Chinese, Korean, Russian, and Vietnamese, in addition to English and Spanish). Form 1040 Free tax services. Form 1040   To find out what services are available, get Publication 910, IRS Guide to Free Tax Services. Form 1040 It contains a list of free tax publications and an index of tax topics. Form 1040 It also describes other free tax information services, including tax education and assistance programs and a list of TeleTax topics. Form 1040 Internet. Form 1040 You can access the IRS website 24 hours a day, 7 days a week, at www. Form 1040 irs. Form 1040 gov to: E-file your return. Form 1040 Find out about commercial tax preparation and e-file services available free to eligible taxpayers. Form 1040 Check the status of your refund. Form 1040 Click on Where's My Refund. Form 1040 Be sure to wait at least 6 weeks from the date you filed your return (3 weeks if you filed electronically). Form 1040 Have your tax return available because you will need to know your social security number, your filing status, and the exact whole dollar amount of your refund. Form 1040 Download forms, instructions, and publications. Form 1040 Order IRS products online. Form 1040 Research your tax questions online. Form 1040 Search publications online by topic or keyword. Form 1040 View Internal Revenue Bulletins (IRBs) published in the last few years. Form 1040 Figure your withholding allowances using our Form W-4 calculator. Form 1040 Sign up to receive local and national tax news by email. Form 1040 Get information on starting and operating a small business. Form 1040 Phone. Form 1040 Many services are available by phone. Form 1040 Ordering forms, instructions, and publications. Form 1040 Call 1-800-829-3676 to order current-year forms, instructions, and publications and prior-year forms and instructions. Form 1040 You should receive your order within 10 days. Form 1040 Asking tax questions. Form 1040 Call the IRS with your tax questions at 1-800-829-1040. Form 1040 Solving problems. Form 1040 You can get face-to-face help solving tax problems every business day in IRS Taxpayer Assistance Centers. Form 1040 An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. Form 1040 Call your local Taxpayer Assistance Center for an appointment. Form 1040 To find the number, go to www. Form 1040 irs. Form 1040 gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. Form 1040 TTY/TDD equipment. Form 1040 If you have access to TTY/TDD equipment, call 1-800-829-4059 to ask tax questions or to order forms and publications. Form 1040 TeleTax topics. Form 1040 Call 1-800-829-4477 and press 2 to listen to pre-recorded messages covering various tax topics. Form 1040 Refund information. Form 1040 If you would like to check the status of your refund, call 1-800-829-4477 and press 1 for automated refund information and follow the recorded instructions or call 1-800-829-1954. Form 1040 Be sure to wait at least 6 weeks from the date you filed your return (3 weeks if you filed electronically). Form 1040 Have your tax return available because you will need to know your social security number, your filing status, and the exact whole dollar amount of your refund. Form 1040 Evaluating the quality of our telephone services. Form 1040 To ensure that IRS representatives give accurate, courteous, and professional answers, we use several methods to evaluate the quality of our telephone services. Form 1040 One method is for a second IRS representative to sometimes listen in on or record telephone calls. Form 1040 Another is to ask some callers to complete a short survey at the end of the call. Form 1040 Walk-in. Form 1040 Many products and services are available on a walk-in basis. Form 1040 Products. Form 1040 You can walk in to many post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Form 1040 Some IRS offices, libraries, grocery stores, copy centers, city and county government offices, credit unions, and office supply stores have a collection of products available to print from a CD-ROM or photocopy from reproducible proofs. Form 1040 Also, some IRS offices and libraries have the Internal Revenue Code, regulations, Internal Revenue Bulletins, and Cumulative Bulletins available for research purposes. Form 1040 Services. Form 1040 You can walk in to your local Taxpayer Assistance Center every business day for personal, face-to-face tax help. Form 1040 An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. Form 1040 If you need to resolve a tax problem, have questions about how the tax law applies to your individual tax return, or you're more comfortable talking with someone in person, visit your local Taxpayer Assistance Center where you can spread out your records and talk with an IRS representative face-to-face. Form 1040 No appointment is necessary, but if you prefer, you can call your local Center and leave a message requesting an appointment to resolve a tax account issue. Form 1040 A representative will call you back within 2 business days to schedule an in-person appointment at your convenience. Form 1040 To find the number, go to www. Form 1040 irs. Form 1040 gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. Form 1040 Mail. Form 1040 You can send your order for forms, instructions, and publications to the address below and receive a response within 10 business days after your request is received. Form 1040 National Distribution Center P. Form 1040 O. Form 1040 Box 8903 Bloomington, IL 61702-8903 CD-ROM for tax products. Form 1040 You can order Publication 1796, IRS Tax Products on CD-ROM, and obtain: A CD that is released twice so you have the latest products. Form 1040 The first release ships in late December and the final release ships in late February. Form 1040 Current-year forms, instructions, and publications. Form 1040 Prior-year forms, instructions, and publications. Form 1040 Tax Map: an electronic research tool and finding aid. Form 1040 Tax law frequently asked questions (FAQs). Form 1040 Tax Topics from the IRS telephone response system. Form 1040 Fill-in, print, and save features for most tax forms. Form 1040 Internal Revenue Bulletins. Form 1040 Toll-free and email technical support. Form 1040 Buy the CD-ROM from National Technical Information Service (NTIS) at www. Form 1040 irs. Form 1040 gov/cdorders for $25 (no handling fee) or call 1-877-233-6767 toll free to buy the CD-ROM for $25 (plus a $5 handling fee). Form 1040 CD-ROM for small businesses. Form 1040 Publication 3207, Small Business Resource Guide CD-ROM, has a new look and enhanced navigation features. Form 1040 This CD includes: Helpful information, such as how to prepare a business plan, find financing for your business, and much more. Form 1040 All the business tax forms, instructions, and publications needed to successfully manage a business. Form 1040 Tax law changes. Form 1040 IRS Tax Map to help you find forms, instructions, and publications by searching on a keyword or topic. Form 1040 Web links to various government agencies, business associations, and IRS organizations. Form 1040 “Rate the Product” survey—your opportunity to suggest changes for future editions. Form 1040 An updated version of this CD is available each year in early April. Form 1040 You can get a free copy by calling 1-800-829-3676 or by visiting www. Form 1040 irs. Form 1040 gov/smallbiz. Form 1040 Prev  Up  Next   Home   More Online Publications