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Form 1040x 2011

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Form 1040x 2011

Form 1040x 2011 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. Form 1040x 2011 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). Form 1040x 2011 The maximum amount you can claim for the credit is $1,000 for each qualifying child. Form 1040x 2011 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. Form 1040x 2011 S. Form 1040x 2011 citizen, a U. Form 1040x 2011 S. Form 1040x 2011 national, or a U. Form 1040x 2011 S. Form 1040x 2011 resident alien. Form 1040x 2011 For more information, see Publication 519, U. Form 1040x 2011 S. Form 1040x 2011 Tax Guide for Aliens. Form 1040x 2011 If the child was adopted, see Adopted child , later. Form 1040x 2011 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). Form 1040x 2011 Example. Form 1040x 2011 Your 10-year-old nephew lives in Mexico and qualifies as your dependent. Form 1040x 2011 Because he is not a U. Form 1040x 2011 S. Form 1040x 2011 citizen, U. Form 1040x 2011 S. Form 1040x 2011 national, or U. Form 1040x 2011 S. Form 1040x 2011 resident alien, he is not a qualifying child for the child tax credit. Form 1040x 2011 Filers who have certain child dependents with an IRS Individual Taxpayer Identification Number (ITIN). Form 1040x 2011   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). Form 1040x 2011   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. Form 1040x 2011 To be treated as a resident of the United States, a child generally will need to meet the requirements of the substantial presence test. Form 1040x 2011 For more information about the substantial presence test, see Publication 519, U. Form 1040x 2011 S. Form 1040x 2011 Tax Guide for Aliens. Form 1040x 2011 Adopted child. Form 1040x 2011   An adopted child is always treated as your own child. Form 1040x 2011 An adopted child includes a child lawfully placed with you for legal adoption. Form 1040x 2011   If you are a U. Form 1040x 2011 S. Form 1040x 2011 citizen or U. Form 1040x 2011 S. Form 1040x 2011 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. Form 1040x 2011 Exceptions to time lived with you. Form 1040x 2011    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. Form 1040x 2011 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. Form 1040x 2011   There are also exceptions for kidnapped children and children of divorced or separated parents. Form 1040x 2011 For details, see the instructions for line 6c in either the Form 1040 or Form 1040A instructions. Form 1040x 2011 Qualifying child of more than one person. Form 1040x 2011   A special rule applies if your qualifying child is the qualifying child of more than one person. Form 1040x 2011 For details, see the instructions for line 6c in either the Form 1040 or Form 1040A instructions. Form 1040x 2011 Limits on the Credit You must reduce your child tax credit if either (1) or (2) applies. Form 1040x 2011 The amount on Form 1040, line 46; Form 1040A, line 28; or Form 1040NR, line 44, is less than the credit. Form 1040x 2011 If this amount is zero, you cannot take this credit because there is no tax to reduce. Form 1040x 2011 But you may be able to take the additional child tax credit. Form 1040x 2011 See Additional Child Tax Credit, later. Form 1040x 2011 Your modified adjusted gross income (AGI) is more than the amount shown below for your filing status. Form 1040x 2011 Married filing jointly – $110,000. Form 1040x 2011 Single, head of household, or qualifying widow(er) – $75,000. Form 1040x 2011 Married filing separately – $55,000. Form 1040x 2011 Modified AGI. Form 1040x 2011   For purposes of the child tax credit, your modified AGI is your AGI plus the following amounts that may apply to you. Form 1040x 2011 Any amount excluded from income because of the exclusion of income from Puerto Rico. Form 1040x 2011 On the dotted line next to Form 1040, line 38, enter the amount excluded and identify it as “EPRI. Form 1040x 2011 ” Also attach a copy of any Form(s) 499R-2/W-2PR to your return. Form 1040x 2011 Any amount on line 45 or line 50 of Form 2555, Foreign Earned Income. Form 1040x 2011 Any amount on line 18 of Form 2555-EZ, Foreign Earned Income Exclusion. Form 1040x 2011 Any amount on line 15 of Form 4563, Exclusion of Income for Bona Fide Residents of American Samoa. Form 1040x 2011   If you do not have any of the above, your modified AGI is the same as your AGI. Form 1040x 2011 AGI. Form 1040x 2011   Your AGI is the amount on Form 1040, line 38; Form 1040A, line 22; or Form 1040NR, line 37. Form 1040x 2011 Claiming the Credit To claim the child tax credit, you must file Form 1040, Form 1040A, or Form 1040NR. Form 1040x 2011 You cannot claim the child tax credit on Form 1040EZ or Form 1040NR-EZ. Form 1040x 2011 You must provide the name and identification number (usually a social security number) on your tax return for each qualifying child. Form 1040x 2011 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. Form 1040x 2011 Form 1040 or Form 1040NR filers, use the 1040 and 1040NR Filers — Earned Income Worksheet , later, to figure your earned income. Form 1040x 2011 Form 1040A filers, use the 1040A Filers —- Earned Income Worksheet , later. Form 1040x 2011 For this purpose, earned income includes only: Taxable earned income, and Nontaxable combat pay. Form 1040x 2011 Additional Child Tax Credit This credit is for certain individuals who get less than the full amount of the child tax credit. Form 1040x 2011 The additional child tax credit may give you a refund even if you do not owe any tax. Form 1040x 2011 How to claim the additional child tax credit. Form 1040x 2011   To claim the additional child tax credit, follow the steps below. Form 1040x 2011 Make sure you figured the amount, if any, of your child tax credit. Form 1040x 2011 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. Form 1040x 2011 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. Form 1040x 2011 Child Tax Credit Worksheet This image is too large to be displayed in the current screen. Form 1040x 2011 Please click the link to view the image. Form 1040x 2011 Child tax worksheet - page 1. Form 1040x 2011 Child Tax Credit Worksheet—Continued This image is too large to be displayed in the current screen. Form 1040x 2011 Please click the link to view the image. Form 1040x 2011 Child tax worksheet - page 2. Form 1040x 2011 Line 11 Worksheet This image is too large to be displayed in the current screen. Form 1040x 2011 Please click the link to view the image. Form 1040x 2011 Line 11 worksheet - page 1. Form 1040x 2011 Line 11 Worksheet—Continued This image is too large to be displayed in the current screen. Form 1040x 2011 Please click the link to view the image. Form 1040x 2011 Line 11 worksheet - page 2. Form 1040x 2011 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. Form 1040x 2011  ✓Disregard community property laws when figuring the amounts to enter on this worksheet. Form 1040x 2011  ✓If married filing jointly, include your spouse's amounts with yours when completing this worksheet. Form 1040x 2011     1. Form 1040x 2011 a. Form 1040x 2011 Enter the amount from Form 1040, line 7, or Form 1040NR, line 8 1a. Form 1040x 2011     b. Form 1040x 2011 Enter the amount of any nontaxable combat pay received. Form 1040x 2011 Also enter this amount on Schedule 8812, line 4b. Form 1040x 2011 This amount should be shown in Form(s) W-2, box 12, with code Q. Form 1040x 2011 1b. Form 1040x 2011       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. Form 1040x 2011 Otherwise, skip lines 2a through 2e and go to line 3. Form 1040x 2011     2. Form 1040x 2011 a. Form 1040x 2011 Enter any statutory employee income reported on line 1 of Schedule C or C-EZ 2a. Form 1040x 2011     b. Form 1040x 2011 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. Form 1040x 2011 * Reduce any Schedule K-1 amounts as described in the instructions for completing Schedule SE in the Partner's Instructions for Schedule K-1. Form 1040x 2011 Do not include on this line any statutory employee income or any other amounts exempt from self-employment tax. Form 1040x 2011 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. Form 1040x 2011     c. Form 1040x 2011 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. Form 1040x 2011 * Reduce any Schedule K-1 amounts as described in the instructions for completing Schedule SE in the Partner's Instructions for Schedule K-1. Form 1040x 2011 Do not include on this line any amounts exempt from self-employment tax 2c. Form 1040x 2011         d. Form 1040x 2011 If you used the farm optional method to figure net earnings from self-employment, enter the amount from Schedule SE, Section B, line 15. Form 1040x 2011 Otherwise, skip this line and enter on line 2e the amount from line 2c 2d. Form 1040x 2011         e. Form 1040x 2011 If line 2c is a profit, enter the smaller of line 2c or line 2d. Form 1040x 2011 If line 2c is a (loss), enter the (loss) from line 2c. Form 1040x 2011 2e. Form 1040x 2011   3. Form 1040x 2011 Combine lines 1a, 1b, 2a, 2b, and 2e. Form 1040x 2011 If zero or less, stop. Form 1040x 2011 Do not complete the rest of this worksheet. Form 1040x 2011 Instead, enter -0- on line 2 of the Line 11 Worksheet or line 4a of Schedule 8812, whichever applies 3. Form 1040x 2011   4. Form 1040x 2011 Enter any amount included on line 1a that is:               a. Form 1040x 2011 A scholarship or fellowship grant not reported on Form W-2 4a. Form 1040x 2011         b. Form 1040x 2011 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. Form 1040x 2011         c. Form 1040x 2011 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). Form 1040x 2011 This amount may be shown in box 11 of your Form W-2. Form 1040x 2011 If you received such an amount but box 11 is blank, contact your employer for the amount received as a pension or annuity. Form 1040x 2011 4c. Form 1040x 2011       5. Form 1040x 2011 a. Form 1040x 2011 Enter any amount included on line 3 that is also included on Form 2555, line 43, or Form 2555-EZ, line 18. Form 1040x 2011 Do not include any amount that is also included on line 4a, 4b, or 4c above 5a. Form 1040x 2011             b. Form 1040x 2011 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. Form 1040x 2011 5b. Form 1040x 2011             c. Form 1040x 2011 Subtract line 5b from line 5a 5c. Form 1040x 2011       6. Form 1040x 2011 Enter the amount from Form 1040, line 27, or Form 1040NR, line 27 6. Form 1040x 2011       7. Form 1040x 2011 Add lines 4a through 4c, 5c, and 6 7. Form 1040x 2011   8. Form 1040x 2011 Subtract line 7 from line 3 8. Form 1040x 2011       If you were sent here from the Line 11 Worksheet, enter this amount on line 2 of that worksheet. Form 1040x 2011 If you were sent here from Schedule 8812, enter this amount on line 4a of that form. Form 1040x 2011     *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. Form 1040x 2011 Put your name and social security number on Schedule SE and attach it to your return. Form 1040x 2011                     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. Form 1040x 2011  ✓Disregard community property laws when figuring the amounts to enter on this worksheet. Form 1040x 2011               1. Form 1040x 2011 a. Form 1040x 2011 Enter the amount from Form 1040A, line 7 1a. Form 1040x 2011         b. Form 1040x 2011 Enter the amount of any nontaxable combat pay received. Form 1040x 2011 Also enter this amount on Schedule 8812, line 4b. Form 1040x 2011 This amount should be shown in Form(s) W-2, box 12, with code Q. Form 1040x 2011 1b. Form 1040x 2011         c. Form 1040x 2011 Add lines 1a and 1b. Form 1040x 2011     1c. Form 1040x 2011   2. Form 1040x 2011 Enter any amount included on line 1a that is:           a. Form 1040x 2011 A scholarship or fellowship grant not reported on Form W-2 2a. Form 1040x 2011         b. Form 1040x 2011 For work done while an inmate in a penal institution (enter “PRI” and this amount next to line 7 of Form 1040A) 2b. Form 1040x 2011         c. Form 1040x 2011 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). Form 1040x 2011 This amount may be shown in box 11 of your Form W-2. Form 1040x 2011 If you received such an amount but box 11 is blank, contact your employer for the amount received as a pension or annuity 2c. Form 1040x 2011       3. Form 1040x 2011 Add lines 2a through 2c 3. Form 1040x 2011   4. Form 1040x 2011 Subtract line 3 from line 1c. Form 1040x 2011 Enter the result here and on line 2 of the Line 11 Worksheet 4. Form 1040x 2011                 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. Form 1040x 2011 Social security tax, Medicare tax, and Additional Medicare Tax on wages. Form 1040x 2011 1. Form 1040x 2011 Enter the social security tax withheld (Form(s) W-2, box 4) 1. Form 1040x 2011   2. Form 1040x 2011 Enter the Medicare tax withheld (Form(s) W-2, box 6). Form 1040x 2011 Box 6 includes any Additional Medicare Tax 2. Form 1040x 2011   3. Form 1040x 2011 Enter the Additional Medicare Tax, if any, on wages (Form 8959, line 7) 3. Form 1040x 2011   4. Form 1040x 2011 Add lines 1, 2, and 3 4. Form 1040x 2011   5. Form 1040x 2011 Enter the Additional Medicare Tax withheld (Form 8959, line 22) 5. Form 1040x 2011   6. Form 1040x 2011 Subtract line 5 from line 4 6. Form 1040x 2011   Additional Medicare Tax on Self-Employment Income. Form 1040x 2011 7. Form 1040x 2011 Enter one-half of the Additional Medicare Tax, if any, on self-employment income (one-half of Form 8959, line 13) 7. Form 1040x 2011   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). Form 1040x 2011 Do not include amounts in Form W-2, box 14, that are identified as Additional Medicare Tax or Tier 2 tax. Form 1040x 2011 Do not include amounts shown on Form CT-2 on line 3 for Additional Medicare Tax or line 4 for Tier 2 tax. Form 1040x 2011 8. Form 1040x 2011 Enter the Tier 1 tax (Form(s) W-2, box 14) 8. Form 1040x 2011   9. Form 1040x 2011 Enter the Medicare tax (Form(s) W-2, box 14) 9. Form 1040x 2011   10. Form 1040x 2011 Enter the Additional Medicare Tax, if any, on RRTA compensation as an employee (Form 8959, line 17). Form 1040x 2011 Do not use the same amount from Form 8959, line 17, for both this line and line 14 10. Form 1040x 2011   11. Form 1040x 2011 Add lines 8, 9, and 10 11. Form 1040x 2011   12. Form 1040x 2011 Enter one-half of Tier 1 tax (one-half of Form(s) CT-2, line 1, for all 4 quarters of 2013) 12. Form 1040x 2011   13. Form 1040x 2011 Enter one-half of Tier 1 Medicare tax (one-half of Form(s) CT-2, line 2, for all 4 quarters of 2013) 13. Form 1040x 2011   14. Form 1040x 2011 Enter one-half of the Additional Medicare Tax, if any, on RRTA compensation as an employee representative (one-half of Form 8959, line 17). Form 1040x 2011 Do not use the same amount from Form 8959, line 17, for both this line and line 10 14. Form 1040x 2011   15. Form 1040x 2011 Add lines 12, 13, and 14 15. Form 1040x 2011   Line 6 amount 16. Form 1040x 2011 Add lines 6, 7, 11, and 15. Form 1040x 2011 Enter here and on line 6 of the Line 11 Worksheet. Form 1040x 2011 16. Form 1040x 2011   Paperwork Reduction Act Notice. Form 1040x 2011   We ask for the information on the worksheets in this publication to carry out the Internal Revenue laws of the United States. Form 1040x 2011 You are required to give us the information if requested. Form 1040x 2011 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. Form 1040x 2011   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. Form 1040x 2011 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. Form 1040x 2011 Generally, tax returns and return information are confidential, as required by section 6103. Form 1040x 2011   The average time and expenses required to complete these worksheets will vary depending on individual circumstances. Form 1040x 2011 For the estimated averages, see the instructions for your income tax return. Form 1040x 2011   If you have suggestions for making these worksheets simpler, we would be happy to hear from you. Form 1040x 2011 See Comments and suggestions , earlier. Form 1040x 2011 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. Form 1040x 2011 Free help with your tax return. Form 1040x 2011   You can get free help preparing your return nationwide from IRS-certified volunteers. Form 1040x 2011 The Volunteer Income Tax Assistance (VITA) program helps low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers. Form 1040x 2011 The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Form 1040x 2011 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. Form 1040x 2011 In addition, some VITA and TCE sites provide taxpayers the opportunity to prepare their own return with help from an IRS-certified volunteer. Form 1040x 2011 To find the nearest VITA or TCE site, you can use the VITA Locator Tool on IRS. Form 1040x 2011 gov, download the IRS2Go app, or call 1-800-906-9887. Form 1040x 2011   As part of the TCE program, AARP offers the Tax-Aide counseling program. Form 1040x 2011 To find the nearest AARP Tax-Aide site, visit AARP's website at www. Form 1040x 2011 aarp. Form 1040x 2011 org/money/taxaide or call 1-888-227-7669. Form 1040x 2011 For more information on these programs, go to IRS. Form 1040x 2011 gov and enter “VITA” in the search box. Form 1040x 2011 Internet. Form 1040x 2011    IRS. Form 1040x 2011 gov and IRS2Go are ready when you are —24 hours a day, 7 days a week. Form 1040x 2011 Download the free IRS2Go app from the iTunes app store or from Google Play. Form 1040x 2011 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. Form 1040x 2011 Check the status of your 2013 refund with the Where's My Refund? application on IRS. Form 1040x 2011 gov or download the IRS2Go app and select the Refund Status option. Form 1040x 2011 The IRS issues more than 9 out of 10 refunds in less than 21 days. Form 1040x 2011 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. Form 1040x 2011 You will also be given a personalized refund date as soon as the IRS processes your tax return and approves your refund. Form 1040x 2011 The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Form 1040x 2011 Use the Interactive Tax Assistant (ITA) to research your tax questions. Form 1040x 2011 No need to wait on the phone or stand in line. Form 1040x 2011 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. Form 1040x 2011 When you reach the response screen, you can print the entire interview and the final response for your records. Form 1040x 2011 New subject areas are added on a regular basis. Form 1040x 2011  Answers not provided through ITA may be found in Tax Trails, one of the Tax Topics on IRS. Form 1040x 2011 gov which contain general individual and business tax information or by searching the IRS Tax Map, which includes an international subject index. Form 1040x 2011 You can use the IRS Tax Map, to search publications and instructions by topic or keyword. Form 1040x 2011 The IRS Tax Map integrates forms and publications into one research tool and provides single-point access to tax law information by subject. Form 1040x 2011 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. Form 1040x 2011 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. Form 1040x 2011 You can also ask the IRS to mail a return or an account transcript to you. Form 1040x 2011 Only the mail option is available by choosing the Tax Records option on the IRS2Go app by selecting Mail Transcript on IRS. Form 1040x 2011 gov or by calling 1-800-908-9946. Form 1040x 2011 Tax return and tax account transcripts are generally available for the current year and the past three years. Form 1040x 2011 Determine if you are eligible for the EITC and estimate the amount of the credit with the Earned Income Tax Credit (EITC) Assistant. Form 1040x 2011 Visit Understanding Your IRS Notice or Letter to get answers to questions about a notice or letter you received from the IRS. Form 1040x 2011 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. Form 1040x 2011 Check the status of your amended return using Where's My Amended Return? Go to IRS. Form 1040x 2011 gov and enter Where's My Amended Return? in the search box. Form 1040x 2011 You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Form 1040x 2011 It can take up to 3 weeks from the date you mailed it to show up in our system. Form 1040x 2011 Make a payment using one of several safe and convenient electronic payment options available on IRS. Form 1040x 2011 gov. Form 1040x 2011 Select the Payment tab on the front page of IRS. Form 1040x 2011 gov for more information. Form 1040x 2011 Determine if you are eligible and apply for an online payment agreement, if you owe more tax than you can pay today. Form 1040x 2011 Figure your income tax withholding with the IRS Withholding Calculator on IRS. Form 1040x 2011 gov. Form 1040x 2011 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. Form 1040x 2011 Determine if you might be subject to the Alternative Minimum Tax by using the Alternative Minimum Tax Assistant on IRS. Form 1040x 2011 gov. Form 1040x 2011 Request an Electronic Filing PIN by going to IRS. Form 1040x 2011 gov and entering Electronic Filing PIN in the search box. Form 1040x 2011 Download forms, instructions and publications, including accessible versions for people with disabilities. Form 1040x 2011 Locate the nearest Taxpayer Assistance Center (TAC) using the Office Locator tool on IRS. Form 1040x 2011 gov, or choose the Contact Us option on the IRS2Go app and search Local Offices. Form 1040x 2011 An employee can answer questions about your tax account or help you set up a payment plan. Form 1040x 2011 Before you visit, check the Office Locator on IRS. Form 1040x 2011 gov, or Local Offices under Contact Us on IRS2Go to confirm the address, phone number, days and hours of operation, and the services provided. Form 1040x 2011 If you have a special need, such as a disability, you can request an appointment. Form 1040x 2011 Call the local number listed in the Office Locator, or look in the phone book under United States Government, Internal Revenue Service. Form 1040x 2011 Apply for an Employer Identification Number (EIN). Form 1040x 2011 Go to IRS. Form 1040x 2011 gov and enter Apply for an EIN in the search box. Form 1040x 2011 Read the Internal Revenue Code, regulations, or other official guidance. Form 1040x 2011 Read Internal Revenue Bulletins. Form 1040x 2011 Sign up to receive local and national tax news and more by email. Form 1040x 2011 Just click on “subscriptions” above the search box on IRS. Form 1040x 2011 gov and choose from a variety of options. Form 1040x 2011    Phone. Form 1040x 2011 You can call the IRS, or you can carry it in your pocket with the IRS2Go app on your smart phone or tablet. Form 1040x 2011 Download the free IRS2Go app from the iTunes app store or from Google Play. Form 1040x 2011 Call to locate the nearest volunteer help site, 1-800-906-9887 or you can use the VITA Locator Tool on IRS. Form 1040x 2011 gov, or download the IRS2Go app. Form 1040x 2011 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. Form 1040x 2011 The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Form 1040x 2011 Most VITA and TCE sites offer free electronic filing. Form 1040x 2011 Some VITA and TCE sites provide IRS-certified volunteers who can help prepare your tax return. Form 1040x 2011 Through the TCE program, AARP offers the Tax-Aide counseling program; call 1-888-227-7669 to find the nearest Tax-Aide location. Form 1040x 2011 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. Form 1040x 2011 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. Form 1040x 2011 The IRS issues more than 9 out of 10 refunds in less than 21 days. Form 1040x 2011 Where's My Refund? will give you a personalized refund date as soon as the IRS processes your tax return and approves your refund. Form 1040x 2011 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. Form 1040x 2011 The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Form 1040x 2011 Note, the above information is for our automated hotline. Form 1040x 2011 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. Form 1040x 2011 Call the Amended Return Hotline, 1-866-464-2050, to check the status of your amended return. Form 1040x 2011 You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Form 1040x 2011 It can take up to 3 weeks from the date you mailed it to show up in our system. Form 1040x 2011 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). Form 1040x 2011 You should receive your order within 10 business days. Form 1040x 2011 Call TeleTax, 1-800-829-4477, to listen to pre-recorded messages covering general and business tax information. Form 1040x 2011 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. Form 1040x 2011 Call using TTY/TDD equipment, 1-800-829-4059 to ask tax questions or order forms and publications. Form 1040x 2011 The TTY/TDD telephone number is for people who are deaf, hard of hearing, or have a speech disability. Form 1040x 2011 These individuals can also contact the IRS through relay services such as the Federal Relay Service. Form 1040x 2011    Walk-in. Form 1040x 2011 You can find a selection of forms, publications and services — in-person. Form 1040x 2011 Products. Form 1040x 2011 You can walk in to some post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Form 1040x 2011 Some IRS offices, libraries, and city and county government offices have a collection of products available to photocopy from reproducible proofs. Form 1040x 2011 Services. Form 1040x 2011 You can walk in to your local TAC for face-to-face tax help. Form 1040x 2011 An employee can answer questions about your tax account or help you set up a payment plan. Form 1040x 2011 Before visiting, use the Office Locator tool on IRS. Form 1040x 2011 gov, or choose the Contact Us option on the IRS2Go app and search Local Offices for days and hours of operation, and services provided. Form 1040x 2011    Mail. Form 1040x 2011 You can send your order for forms, instructions, and publications to the address below. Form 1040x 2011 You should receive a response within 10 business days after your request is received. Form 1040x 2011 Internal Revenue Service 1201 N. Form 1040x 2011 Mitsubishi Motorway Bloomington, IL 61705-6613    The Taxpayer Advocate Service Is Here to Help You. Form 1040x 2011 The Taxpayer Advocate Service (TAS) is your voice at the IRS. Form 1040x 2011 Our job is to ensure that every taxpayer is treated fairly and that you know and understand your rights. Form 1040x 2011   What can TAS do for you? We can offer you free help with IRS problems that you can't resolve on your own. Form 1040x 2011 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. Form 1040x 2011 You face (or your business is facing) an immediate threat of adverse action. Form 1040x 2011 You've tried repeatedly to contact the IRS but no one has responded, or the IRS hasn't responded by the date promised. Form 1040x 2011   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. Form 1040x 2011 Here's why we can help: TAS is an independent organization within the IRS. Form 1040x 2011 Our advocates know how to work with the IRS. Form 1040x 2011 Our services are free and tailored to meet your needs. Form 1040x 2011 We have offices in every state, the District of Columbia, and Puerto Rico. Form 1040x 2011   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. Form 1040x 2011   How else does TAS help taxpayers?  TAS also works to resolve large-scale, systemic problems that affect many taxpayers. Form 1040x 2011 If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System. Form 1040x 2011 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. Form 1040x 2011 Some clinics can provide information about taxpayer rights and responsibilities in different languages for individuals who speak English as a second language. Form 1040x 2011 Visit Taxpayer Advocate or see IRS Publication 4134, Low Income Taxpayer Clinic List. Form 1040x 2011 Prev  Up  Next   Home   More Online Publications
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The Form 1040x 2011

Form 1040x 2011 Depreciation Table of Contents Introduction Special Depreciation AllowanceQualified Property Election Not To Claim the Allowance Rules for Returns Filed Before June 1, 2002 Passenger Automobiles New York Liberty Zone BenefitsSpecial Liberty Zone Depreciation Allowance Increased Section 179 Deduction Liberty Zone Leasehold Improvement Property If you depreciate business property that you acquired and placed in service after September 10, 2001, new law contains provisions that may affect your depreciation deduction for that property. Form 1040x 2011 Publication 946, How To Depreciate Property, contains information on depreciation. Form 1040x 2011 However, Publication 946 does not contain the new provisions because it was printed before the law was enacted. Form 1040x 2011 The new provisions are in the Supplement to Publication 946, which is reprinted below. Form 1040x 2011 Supplement to Publication 946 How To Depreciate Property   Introduction After Publication 946 was printed, the Job Creation and Worker Assistance Act of 2002 was signed into law by the President. Form 1040x 2011 The new law made several changes in the tax rules explained in the publication. Form 1040x 2011 Some of the changes apply to property placed in service during 2001. Form 1040x 2011 This supplemental publication describes those changes and explains what you should do if you are affected by them. Form 1040x 2011 The situations and examples in Publication 946 do not reflect any of the changes made by the Job Creation and Worker Assistance Act of 2002. Form 1040x 2011 The new law contains the following provisions. Form 1040x 2011 30% depreciation deductions (special depreciation allowance and special New York Liberty Zone (Liberty Zone) depreciation allowance) for the year qualified property is placed in service after September 10, 2001. Form 1040x 2011 An increased dollar limit on the section 179 deduction for qualified Liberty Zone property purchased after September 10, 2001. Form 1040x 2011 A shorter recovery period for qualified Liberty Zone leasehold improvement property placed in service after September 10, 2001. Form 1040x 2011 An increase in the maximum depreciation deduction for 2001 for a qualified passenger automobile placed in service after September 10, 2001. Form 1040x 2011 If you believe you qualify for an increased deduction under any of these new rules, you must file the revised 2001 Form 4562 (dated March 2002) for 2001 calendar or fiscal years and 2000 fiscal years ending after September 10, 2001. Form 1040x 2011 If you have already filed a tax return, this supplemental publication explains how to claim these benefits and how to elect not to claim the special depreciation allowance or special Liberty Zone depreciation allowance. Form 1040x 2011 See Table 2 at the end of the supplement for an overview of the rules that apply if you filed your return before June 1, 2002. Form 1040x 2011 Special Depreciation Allowance You can take a special depreciation allowance for qualified property you place in service after September 10, 2001. Form 1040x 2011 The allowance is an additional deduction of 30% of the property's depreciable basis. Form 1040x 2011 To figure the depreciable basis, you must first multiply the property's cost or other basis by the percentage of business/investment use and then reduce that amount by any section 179 deduction and certain other deductions and credits for the property. Form 1040x 2011 See What Is the Basis for Depreciation? on page 23 in Publication 946 for more information on figuring depreciable basis. Form 1040x 2011 The allowance is deductible for both regular tax and alternative minimum tax (AMT) purposes. Form 1040x 2011 There is no AMT adjustment required for any depreciation figured on the remaining basis of the property. Form 1040x 2011 In the year you claim the allowance (generally the year you place the property in service), you must reduce the depreciable basis of the property by the allowance before figuring your regular depreciation deduction. Form 1040x 2011 Example 1. Form 1040x 2011 On November 1, 2001, you bought and placed in service in your business qualified property that cost $100,000. Form 1040x 2011 You did not elect to claim a section 179 deduction. Form 1040x 2011 You can deduct 30% of the cost ($30,000) as a special depreciation allowance for 2001. Form 1040x 2011 You use the remaining $70,000 of cost to figure your regular depreciation deduction for 2001 and later years. Form 1040x 2011 Example 2. Form 1040x 2011 The facts are the same as in Example 1, except that you choose to deduct $24,000 of the property's cost as a section 179 deduction. Form 1040x 2011 You use the remaining $76,000 of cost to figure your special depreciation allowance of $22,800 ($76,000 × 30%). Form 1040x 2011 You use the remaining $53,200 of cost to figure your regular depreciation deduction for 2001 and later years. Form 1040x 2011 Qualified Property To qualify for the special depreciation allowance, your property must meet the following requirements. Form 1040x 2011 It is new property of one of the following types. Form 1040x 2011 Property depreciated under the modified accelerated cost recovery system (MACRS) with a recovery period of 20 years or less. Form 1040x 2011 See Can You Use MACRS To Depreciate Your Property and Which Recovery Period Applies? on pages 7 and 23, respectively, in Publication 946. Form 1040x 2011 Water utility property. Form 1040x 2011 See 25-year property on page 22 in Publication 946. Form 1040x 2011 Computer software that is not a section 197 intangible as described in Computer software on page 5 in Publication 946. Form 1040x 2011 (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. Form 1040x 2011 ) Qualified leasehold improvement property (defined later). Form 1040x 2011 It meets the following tests (explained later under Tests To Be Met). Form 1040x 2011 Acquisition date test. Form 1040x 2011 Placed in service date test. Form 1040x 2011 Original use test. Form 1040x 2011 It is not excepted property (explained later under Excepted Property). Form 1040x 2011 Qualified leasehold improvement property. Form 1040x 2011    Generally, this is any improvement to an interior part of a building that is nonresidential real property, provided all of the following requirements are met. Form 1040x 2011 The improvement is made under or pursuant to a lease by the lessee (or any sublessee) or the lessor of that part of the building. Form 1040x 2011 That part of the building is to be occupied exclusively by the lessee (or any sublessee) of that part. Form 1040x 2011 The improvement is placed in service more than 3 years after the date the building was first placed in service. Form 1040x 2011   However, a qualified leasehold improvement does not include any improvement for which the expenditure is attributable to any of the following. Form 1040x 2011 The enlargement of the building. Form 1040x 2011 Any elevator or escalator. Form 1040x 2011 Any structural component benefiting a common area. Form 1040x 2011 The internal structural framework of the building. Form 1040x 2011   Generally, a binding commitment to enter into a lease is treated as a lease and the parties to the commitment are treated as the lessor and lessee. Form 1040x 2011 However, a binding commitment between related persons is not treated as a lease. Form 1040x 2011 Related persons. Form 1040x 2011   For this purpose, the following are related persons. Form 1040x 2011 Members of an affiliated group. Form 1040x 2011 The persons listed in items (1) through (9) under Related persons on page 8 of Publication 946 (except that “80% or more” should be substituted for “more than 10%” each place it appears). Form 1040x 2011 An executor and a beneficiary of the same estate. Form 1040x 2011 Tests To Be Met To qualify for the special depreciation allowance, the property must meet all of the following tests. Form 1040x 2011 Acquisition date test. Form 1040x 2011    Generally, you must have acquired the property either: After September 10, 2001, and before September 11, 2004, but only if no written binding contract for the acquisition was in effect before September 11, 2001, or Pursuant to a written binding contract entered into after September 10, 2001, and before September 11, 2004. Form 1040x 2011   Property you manufacture, construct, or produce for your own use meets this test if you began the manufacture, construction, or production of the property after September 10, 2001, and before September 11, 2004. Form 1040x 2011 Placed in service date test. Form 1040x 2011   Generally, the property must be placed in service for use in your trade or business or for the production of income after September 10, 2001, and before January 1, 2005. Form 1040x 2011   If you sold property you placed in service after September 10, 2001, and you leased it back within 3 months after the property was originally placed in service, the property is treated as placed in service no earlier than the date it is used under the leaseback. Form 1040x 2011 Original use test. Form 1040x 2011   The original use of the property must have begun with you after September 10, 2001. Form 1040x 2011 “Original use” means the first use to which the property is put, whether or not by you. Form 1040x 2011 Additional capital expenditures you incurred after September 10, 2001, to recondition or rebuild your property meet the original use test. Form 1040x 2011 Excepted Property The following property does not qualify for the special depreciation allowance. Form 1040x 2011 Property used by any person before September 11, 2001. Form 1040x 2011 Property required to be depreciated using ADS. Form 1040x 2011 This includes listed property used 50% or less in a qualified business use. Form 1040x 2011 Qualified New York Liberty Zone leasehold improvement property (defined next). Form 1040x 2011 Qualified New York Liberty Zone leasehold improvement property. Form 1040x 2011   This is any qualified leasehold improvement property (as defined earlier) if all of the following requirements are met. Form 1040x 2011 The improvement is to a building located in the New York Liberty Zone (defined later under New York Liberty Zone Benefits). Form 1040x 2011 The improvement is placed in service after September 10, 2001, and before January 1, 2007. Form 1040x 2011 No written binding contract for the improvement was in effect before September 11, 2001. Form 1040x 2011 Election Not To Claim the Allowance You can elect not to claim the special depreciation allowance for qualified property. Form 1040x 2011 If you make this election for any property, it applies to all property in the same property class placed in service during the year. Form 1040x 2011 To make this election, attach a statement to your return indicating you elect not to claim the allowance and the class of property for which you are making the election. Form 1040x 2011 When to make election. Form 1040x 2011   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. Form 1040x 2011   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 the original return (not including extensions). Form 1040x 2011 Attach the election statement to the amended return. Form 1040x 2011 At the top of the election statement, write “Filed pursuant to section 301. Form 1040x 2011 9100–2. Form 1040x 2011 ” Revoking an election. Form 1040x 2011   Once you elect not to deduct the special depreciation allowance for a class of property, you cannot revoke the election without IRS consent. Form 1040x 2011 A request to revoke the election is subject to a user fee. Form 1040x 2011 Rules for Returns Filed Before June 1, 2002 The following rules apply if you placed qualified property in service after September 10, 2001, and filed your return before June 1, 2002. Form 1040x 2011 The rules apply to returns for the following years. Form 1040x 2011 2000 fiscal years that end after September 10, 2001. Form 1040x 2011 2001 calendar and fiscal years. Form 1040x 2011 Claiming the allowance. Form 1040x 2011   If you did not claim the allowance on your return and did not make the election not to claim the allowance, you can do either of the following to claim the allowance. Form 1040x 2011 File an amended return by the due date (not including extensions) of your return for the year following the year the property was placed in service. Form 1040x 2011 Write “Filed Pursuant to Rev. Form 1040x 2011 Proc. Form 1040x 2011 2002–33” at the top of the amended return. Form 1040x 2011 File Form 3115, Application for Change in Accounting Method, with your return for the year following the year the property was placed in service. Form 1040x 2011 Your return must be filed by the due date (including extensions). Form 1040x 2011 Write “Automatic Change Filed Under Rev. Form 1040x 2011 Proc. Form 1040x 2011 2002–33” on the appropriate line of Form 3115. Form 1040x 2011 You must also file a copy (with signature) of the completed Form 3115 with the IRS National Office no later than when you file the original with your return. Form 1040x 2011 For more information about filing Form 3115, including the address to send it to, see Revenue Procedure 2002–9, Revenue Procedure 2002–19, and Revenue Procedure 2002–33. Form 1040x 2011 Example 1. Form 1040x 2011 You are an individual and you use the calendar year. Form 1040x 2011 You placed qualified property in service for your business in December 2001. Form 1040x 2011 You filed your 2001 income tax return before April 15, 2002. Form 1040x 2011 You did not claim the special depreciation allowance for the property and did not make the election not to claim the allowance. Form 1040x 2011 You can claim the special allowance by filing an amended 2001 return by April 15, 2003, with “Filed Pursuant to Rev. Form 1040x 2011 Proc. Form 1040x 2011 2002–33” at the top of the amended return. Form 1040x 2011 You must file an amended return by April 15, 2003, even if you get an extension of time to file your 2002 tax return. Form 1040x 2011 Example 2. Form 1040x 2011 The facts concerning your 2001 return are the same as in Example 1. Form 1040x 2011 In addition, you got an automatic 4-month extension of time (to August 15, 2003) to file your 2002 return. Form 1040x 2011 You can claim the special allowance by filing a Form 3115 (with “Filed Pursuant to Rev. Form 1040x 2011 Proc. Form 1040x 2011 2002–33” on the appropriate line) with your 2002 return by August 15, 2003. Form 1040x 2011 You must also file a copy of this Form 3115 with the IRS National Office no later than when you file your 2002 return. Form 1040x 2011 Electing not to claim the allowance. Form 1040x 2011   Generally, you have elected not to claim the special depreciation allowance for a class of property if you: Filed your return timely (including extensions) for the year you placed qualified property in service and indicated on a statement with the return that you are not claiming the allowance, or Filed your return timely and filed an amended return within 6 months of the due date of the original return (not including extensions) and indicated on a statement with the amended return that you are not claiming the allowance. Form 1040x 2011 The statement must indicate that you are not deducting the special depreciation allowance and the class of property to which the election applies. Form 1040x 2011 The statement can be either attached to or written on the return. Form 1040x 2011 You can, for example, write “not deducting 30%” on Form 4562. Form 1040x 2011 Deemed election. Form 1040x 2011   If you have not followed either of the procedures described above to elect not to claim the allowance, you may still be treated as making the election. Form 1040x 2011 You will be treated as making the election if you meet both of the following conditions. Form 1040x 2011 You filed your return for the year you placed the property in service and claimed depreciation, but not the special allowance, for any class of property. Form 1040x 2011 You do not file an amended return or a Form 3115 within the time prescribed for claiming the special allowance. Form 1040x 2011 See Claiming the allowance, earlier. Form 1040x 2011 Passenger Automobiles The limit on your depreciation deduction (including any section 179 deduction) for any passenger automobile that is qualified property (defined earlier) placed in service after September 10, 2001, and for which you claim the special depreciation allowance is increased. Form 1040x 2011 Generally, the limit is increased from $3,060 to $7,660. Form 1040x 2011 However, if the automobile is a qualified electric car, the limit is increased from $9,280 to $23,080 ($22,980 if placed in service in 2002). Form 1040x 2011 Table 1 shows the maximum deduction amounts for 2001. Form 1040x 2011 Table 1. Form 1040x 2011 Maximum Deduction for 2001 Qualified Vehicle Placed in Service Before Sept. Form 1040x 2011 11 Placed in Service After Sept. Form 1040x 2011 10 Passenger automobile $3,060 $7,660 Electric car 9,280 23,080 1 1$22,980 if you place an electric car in service in 2002. Form 1040x 2011 Election not to claim the allowance. Form 1040x 2011   The increased maximum depreciation deduction does not apply if you elected not to claim the special depreciation allowance as explained earlier under Election Not To Claim the Allowance and Rules for Returns Filed Before June 1, 2002. Form 1040x 2011 New York Liberty Zone Benefits Several benefits are available for property you place in service in the New York Liberty Zone (Liberty Zone). Form 1040x 2011 They include a special depreciation allowance for the year you place the property in service, an increased section 179 deduction, and the classification of certain leasehold improvement property as 5-year property. Form 1040x 2011 Area defined. Form 1040x 2011   The New York Liberty Zone is the area located on or south of Canal Street, East Broadway (east of its intersection with Canal Street), or Grand Street (east of its intersection with East Broadway) in the Borough of Manhattan in the City of New York, New York. Form 1040x 2011 Special Liberty Zone Depreciation Allowance You can take a special depreciation allowance for qualified Liberty Zone property you place in service after September 10, 2001. Form 1040x 2011 The allowance is an additional deduction of 30% of the property's depreciable basis. Form 1040x 2011 To figure the depreciable basis, you must first multiply the property's cost or other basis by the percentage of business/investment use and then reduce that amount by any section 179 deduction and certain other deductions and credits for the property. Form 1040x 2011 See What Is the Basis for Depreciation? on page 23 in Publication 946 for more information on figuring depreciable basis. Form 1040x 2011 The allowance is deductible for both regular tax and alternative minimum tax (AMT) purposes. Form 1040x 2011 There is no AMT adjustment required for any depreciation figured on the remaining basis of the property. Form 1040x 2011 In the year you claim the allowance (generally the year you place the property in service), you must reduce the depreciable basis of the property by the allowance before figuring your regular depreciation deduction. Form 1040x 2011 You cannot claim the special Liberty Zone depreciation allowance for property eligible for the special depreciation allowance explained earlier in Qualified Property under Special Depreciation Allowance. Form 1040x 2011 Qualified property is eligible for only one special depreciation allowance. Form 1040x 2011 Example 1. Form 1040x 2011 On November 1, 2001, you bought and placed in service in your business, which is in the Liberty Zone, qualified Liberty Zone property that cost $200,000. Form 1040x 2011 You did not elect to claim a section 179 deduction. Form 1040x 2011 You can deduct 30% of the cost ($60,000) as a special Liberty Zone depreciation allowance for 2001. Form 1040x 2011 You use the remaining $140,000 of cost to figure your regular depreciation deduction for 2001 and later years. Form 1040x 2011 Example 2. Form 1040x 2011 The facts are the same as in Example 1, except that you choose to deduct $59,000 of the property's cost as a section 179 deduction. Form 1040x 2011 (See Increased Section 179 Deduction, later, for information concerning how this section 179 deduction amount is figured). Form 1040x 2011 You use the remaining $141,000 of cost to figure your special Liberty Zone depreciation allowance of $42,300 ($141,000 × 30%). Form 1040x 2011 You use the remaining $98,700 of cost to figure your regular depreciation deduction for 2001 and later years. Form 1040x 2011 Qualified Liberty Zone Property For a 2001 calendar or fiscal year and a 2000 fiscal year that ends after September 10, 2001, property qualifies for the special Liberty Zone depreciation allowance if it meets the following requirements. Form 1040x 2011 It is one of the following types of property. Form 1040x 2011 Used property depreciated under MACRS with a recovery period of 20 years or less. Form 1040x 2011 See Can You Use MACRS To Depreciate Your Property and Which Recovery Period Applies? on pages 7 and 23, respectively, in Publication 946. Form 1040x 2011 Used water utility property. Form 1040x 2011 See 25-year property on page 22 in Publication 946. Form 1040x 2011 Used computer software that is not a section 197 intangible as described in Computer software on page 5 in Publication 946. Form 1040x 2011 (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. Form 1040x 2011 ) Certain nonresidential real property and residential rental property (defined later). Form 1040x 2011 It meets the following tests (explained later under Tests to be met). Form 1040x 2011 Acquisition date test. Form 1040x 2011 Placed in service date test. Form 1040x 2011 Substantial use test. Form 1040x 2011 Original use test. Form 1040x 2011 It is not excepted property (explained later under Excepted property). Form 1040x 2011 Nonresidential real property and residential rental property. Form 1040x 2011   This property is qualifying property only to the extent it rehabilitates real property damaged, or replaces real property destroyed or condemned, as a result of the terrorist attack of September 11, 2001. Form 1040x 2011 Property is treated as replacing destroyed or condemned property if, as part of an integrated plan, such property replaces real property included in a continuous area that includes real property destroyed or condemned. Form 1040x 2011   For these purposes, real property is considered destroyed (or condemned) only if an entire building or structure was destroyed (or condemned) as a result of the terrorist attack. Form 1040x 2011 Otherwise, the property is considered damaged real property. Form 1040x 2011 For example, if certain structural components of a building (such as walls, floors, or plumbing fixtures) are damaged or destroyed as a result of the terrorist attack, but the building is not destroyed (or condemned), then only costs related to replacing the damaged or destroyed structural components qualify for the special Liberty Zone depreciation allowance. Form 1040x 2011 Tests to be met. Form 1040x 2011   To qualify for the special Liberty Zone depreciation allowance, your property must meet all of the following tests. Form 1040x 2011 Acquisition date test. Form 1040x 2011   You must have acquired the property by purchase after September 10, 2001, and there must not have been a binding written contract for the acquisition in effect before September 11, 2001. Form 1040x 2011   For information on the acquisition of property by purchase, see Property Acquired by Purchase on page 15 of Publication 946. Form 1040x 2011   Property you manufacture, construct, or produce for your own use meets this test if you began the manufacture, construction, or production of the property after September 10, 2001. Form 1040x 2011 Placed in service date test. Form 1040x 2011   Generally, the property must be placed in service for use in your trade or business or for the production of income before January 1, 2007 (January 1, 2010, in the case of qualifying nonresidential real property and residential rental property). Form 1040x 2011   If you sold property you placed in service after September 10, 2001, and you leased it back within 3 months after the property was originally placed in service, the property is treated as placed in service no earlier than the date it is used under the leaseback. Form 1040x 2011 Substantial use test. Form 1040x 2011   Substantially all use of the property must be in the Liberty Zone and in the active conduct of your trade or business in the Liberty Zone. Form 1040x 2011 Original use test. Form 1040x 2011   The original use of the property in the Liberty Zone must have begun with you after September 10, 2001. Form 1040x 2011   Used property can be qualified Liberty Zone property if it has not previously been used within the Liberty Zone. Form 1040x 2011 Also, additional capital expenditures you incurred after September 10, 2001, to recondition or rebuild your property meet the original use test if the original use of the property in the Liberty Zone began with you. Form 1040x 2011 Excepted property. Form 1040x 2011   The following property does not qualify for the special Liberty Zone depreciation allowance. Form 1040x 2011 Property eligible for the special depreciation allowance explained earlier in Qualified Property under Special Depreciation Allowance. Form 1040x 2011 Property required to be depreciated using ADS. Form 1040x 2011 This includes listed property used 50% or less in a qualified business use. Form 1040x 2011 Qualified New York Liberty Zone leasehold improvement property (defined earlier in Excepted Property under Special Depreciation Allowance). Form 1040x 2011 Example. Form 1040x 2011 In December 2001, you bought and placed in service in your business in the Liberty Zone the following property. Form 1040x 2011 New office furniture with a MACRS recovery period of 7 years. Form 1040x 2011 A used computer with a MACRS recovery period of 5 years. Form 1040x 2011 The computer had not previously been used within the Liberty Zone. Form 1040x 2011 Because the office furniture is new property, it qualifies for the special depreciation allowance, but not the special Liberty Zone depreciation allowance. Form 1040x 2011 Because the computer is used property that had not previously been used in the Liberty Zone, it qualifies for the special Liberty Zone depreciation allowance, but not the special depreciation allowance. Form 1040x 2011 Election Not To Claim the Liberty Zone Allowance You can elect not to claim the special Liberty Zone depreciation allowance for qualified property. Form 1040x 2011 If you make this election for any property, it applies to all property in the same property class placed in service during the year. Form 1040x 2011 To make this election, attach a statement to your return indicating you elect not to claim the allowance and the class of property for which you are making the election. Form 1040x 2011 When to make the election. Form 1040x 2011   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. Form 1040x 2011   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 the original return (not including extensions). Form 1040x 2011 Attach the election statement to the amended return. Form 1040x 2011 At the top of the election statement, write “Filed pursuant to section 301. Form 1040x 2011 9100–2. Form 1040x 2011 ” Revoking an election. Form 1040x 2011   Once you elect not to deduct the special Liberty Zone depreciation allowance for a class of property, you cannot revoke the election without IRS consent. Form 1040x 2011 A request to revoke the election is subject to a user fee. Form 1040x 2011 Returns filed before June 1, 2002. Form 1040x 2011   The rules that apply to the special depreciation allowance discussed earlier in Rules for Returns Filed Before June 1, 2002 under Special Depreciation Allowance also apply to the special Liberty Zone depreciation allowance. Form 1040x 2011 Increased Section 179 Deduction Under section 179 of the Internal Revenue Code, you can choose 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. Form 1040x 2011 For tax years beginning in 2000, that limit was $20,000. Form 1040x 2011 For tax years beginning in 2001 and 2002, that limit is generally $24,000. Form 1040x 2011 If the cost of qualifying section 179 property placed in service in a year is over $200,000, you must reduce the dollar limit (but not below zero) by the amount of the cost over $200,000. Form 1040x 2011 Increased Dollar Limit The dollar limit on the section 179 deduction is increased for certain property placed in service in the Liberty Zone. Form 1040x 2011 The increase is the smaller of the following amounts. Form 1040x 2011 $35,000. Form 1040x 2011 The cost of section 179 property that is qualified Liberty Zone property placed in service during the year. Form 1040x 2011 If you use the revised 2001 Form 4562 (dated March 2002) for a tax year beginning in 2000, you must reduce the section 179 dollar limit to $20,000 before adding the additional amount for qualified property. Form 1040x 2011 Qualified property. Form 1040x 2011   To qualify for the increased section 179 deduction, your property must be section 179 property that is either: Qualified Liberty Zone property, or Property that would be qualified Liberty Zone property except that it is eligible for the special depreciation allowance. Form 1040x 2011 Qualified Liberty Zone property is explained earlier in Qualified Liberty Zone Property under Special Liberty Zone Depreciation Allowance. Form 1040x 2011 Property eligible for the special depreciation allowance is explained earlier in Qualified Property under Special Depreciation Allowance. Form 1040x 2011 For information on the requirements that must be met for property to qualify for the section 179 deduction, see What Property Qualifies? on page 14 of Publication 946. Form 1040x 2011 Example 1. Form 1040x 2011 In 2002, you place in service in your business, which is in the Liberty Zone, qualified property (defined earlier) costing $25,000. Form 1040x 2011 Because this cost is less than $35,000, the dollar limit on the section 179 deduction is increased by $25,000 to $49,000 ($24,000 + $25,000). Form 1040x 2011 Example 2. Form 1040x 2011 In 2002, you place in service in your business, which is in the Liberty Zone, qualified property (defined earlier) costing $75,000. Form 1040x 2011 Because $35,000 is less than the cost of the property you place in service, the dollar limit on the section 179 deduction you can claim is increased by $35,000 to $59,000 ($24,000 + $35,000). Form 1040x 2011 Reduced Dollar Limit Generally, you must reduce the dollar limit for a year by the cost of qualifying section 179 property placed in service in the year that is more than $200,000. Form 1040x 2011 However, if the cost of your Liberty Zone property exceeds $200,000, you take into account only 50% (instead of 100%) of the cost of qualified property placed in service in a year. Form 1040x 2011 Example. Form 1040x 2011 In 2002, you place in service in your business, which is in the Liberty Zone, qualified property costing $460,000. Form 1040x 2011 Your increased dollar limit is $59,000 ($35,000 + $24,000). Form 1040x 2011 Because 50% of the cost of the property you place in service ($230,000) is $30,000 more than $200,000, you must reduce your $59,000 dollar limit to $29,000 ($59,000 - $30,000). Form 1040x 2011 Recapture Rules Rules similar to those explained on page 20 of Publication 946 under When Must You Recapture the Deduction? apply with respect to any qualified property you stop using in the Liberty Zone. Form 1040x 2011 Returns Filed Before June 1, 2002 If you filed a return before June 1, 2002, and did not deduct the increased section 179 amount for qualified property placed in service after September 10, 2001, you can deduct the increased amount by filing an amended return by the due date (not including extensions) of the return for the year after the year the property was placed in service. Form 1040x 2011 This rule applies to returns for the following years. Form 1040x 2011 2000 fiscal years that end after September 10, 2001. Form 1040x 2011 2001 calendar and fiscal years. Form 1040x 2011 On the amended return, write “Filed Pursuant to Rev. Form 1040x 2011 Proc. Form 1040x 2011 2002–33. Form 1040x 2011 ” Liberty Zone Leasehold Improvement Property Qualified Liberty Zone leasehold improvement property (described earlier in Qualified Property under Special Depreciation Allowance) is 5-year property. Form 1040x 2011 This means that it is depreciated over a recovery period of 5 years. Form 1040x 2011 For information about recovery periods, see Which Recovery Period Applies? on page 23 of Publication 946. Form 1040x 2011 The straight-line method must be used with respect to qualified Liberty Zone leasehold improvement property. Form 1040x 2011 Under ADS, the recovery period for qualified Liberty Zone leasehold improvement property is 9 years. Form 1040x 2011 Returns Filed Before June 1, 2002 If you filed either of the following returns before June 1, 2002, and did not depreciate qualified Liberty Zone leasehold improvement property placed in service during the tax year as 5-year property using the straight line method, you should file an amended return before you file your return for the year after the year the property was placed in service. Form 1040x 2011 Your 2000 fiscal year return (for a 2000 fiscal year that ends after September 10, 2001). Form 1040x 2011 Your 2001 calendar or fiscal year return. Form 1040x 2011 On the amended return, write “Filed Pursuant to Rev. Form 1040x 2011 Proc. Form 1040x 2011 2002–33. Form 1040x 2011 ” Table 2. Form 1040x 2011 Rules for Returns Filed Before June 1, 2002 Note:This chart highlights the rules for returns affected by the Job Creation and Worker Assistance Act of 2002 that were filed before June 1, 2002, without accounting for any of the new benefits under the law. Form 1040x 2011 See the text for definitions and examples. Form 1040x 2011 Do not rely on this chart alone. Form 1040x 2011 IF you want to. Form 1040x 2011 . Form 1040x 2011 . Form 1040x 2011 THEN you. Form 1040x 2011 . Form 1040x 2011 . Form 1040x 2011 BY. Form 1040x 2011 . Form 1040x 2011 . Form 1040x 2011 claim the special depreciation allowance or special Liberty Zone depreciation allowance • must file an amended return • the due date (not including extensions) of your return for the year after the year the property was placed in service, or • must file Form 3115, Application for Change in Accounting Method, with your return for the year after the year the property was placed in service • the due date (including extensions) of your return for the year after the year the property was placed in service, and • must file a copy of your completed Form 3115 with the IRS National Office • the date you file the original Form 3115 with your return for the year after the year the property was placed in service. Form 1040x 2011 elect not to claim the special depreciation allowance or the special Liberty Zone depreciation allowance 1 • must have filed your return timely for the year the property was placed in service, and   • must file an amended return stating you are not claiming the allowance • the date that is 6 months after the due date of the original return (not including extensions). Form 1040x 2011 deduct the increased section 179 amount • must file an amended return • the due date (not including extensions) of your return for the year after the year the property was placed in service. Form 1040x 2011 use a 5-year recovery period for depreciating qualified Liberty Zone leasehold improvement property • should file an amended return • the date you file your return for the year after the year the property was placed in service. Form 1040x 2011 1See also Deemed election under Rules for Returns Filed Before June 1, 2002, earlier. 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