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Income Tax Forms 2010

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Income Tax Forms 2010

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

Income tax forms 2010 3. Income tax forms 2010   Claiming the Special Depreciation Allowance Table of Contents Introduction What Is Qualified Property?Qualified Reuse and Recycling Property Qualified Cellulosic Biofuel Plant Property Qualified Disaster Assistance Property Certain Qualified Property Acquired After December 31, 2007 Election to Accelerate Certain Credits in Lieu of the Special Depreciation Allowance How Much Can You Deduct? How Can You Elect Not To Claim an Allowance? When Must You Recapture an Allowance? Introduction You can take a special depreciation allowance to recover part of the cost of qualified property (defined next), placed in service during the tax year. Income tax forms 2010 The allowance applies only for the first year you place the property in service. Income tax forms 2010 For qualified property placed in service in 2013, you can take an additional 50% special allowance. Income tax forms 2010 The allowance is an additional deduction you can take after any section 179 deduction and before you figure regular depreciation under MACRS for the year you place the property in service. Income tax forms 2010 This chapter explains what is qualified property. Income tax forms 2010 It also includes rules regarding how to figure an allowance, how to elect not to claim an allowance, and when you must recapture an allowance. Income tax forms 2010 Corporations can elect to accelerate certain minimum tax credits in lieu of claiming the special depreciation allowance for eligible qualified property. Income tax forms 2010 See Election to Accelerate Certain Credits in Lieu of the Special Depreciation Allowance , later. Income tax forms 2010 See chapter 6 for information about getting publications and forms. Income tax forms 2010 What Is Qualified Property? Your property is qualified property if it is one of the following. Income tax forms 2010 Qualified reuse and recycling property. Income tax forms 2010 Qualified cellulosic biofuel plant property. Income tax forms 2010 Qualified disaster assistance property. Income tax forms 2010 Certain qualified property acquired after December 31, 2007. Income tax forms 2010 The following discussions provide information about the types of qualified property listed above for which you can take the special depreciation allowance. Income tax forms 2010 Qualified Reuse and Recycling Property You can take a 50% special depreciation allowance for qualified reuse and recycling property. Income tax forms 2010 Qualified reuse and recycling property is any machinery or equipment (not including buildings or real estate), along with any appurtenance, that is used exclusively to collect, distribute, or recycle qualified reuse and recyclable materials (as defined in section 168(m)(3)(B) of the Internal Revenue Code). Income tax forms 2010 Qualified reuse and recycling property also includes software necessary to operate such equipment. Income tax forms 2010 The property must meet the following requirements. Income tax forms 2010 The property must be depreciated under MACRS. Income tax forms 2010 The property must have a useful life of at least 5 years. Income tax forms 2010 The original use of the property must begin with you after August 31, 2008. Income tax forms 2010 You must have acquired the property by purchase (as discussed under Property Acquired by Purchase in chapter 2 ) after August 31, 2008, with no binding written contract for the acquisition in effect before September 1, 2008. Income tax forms 2010 The property must be placed in service for use in your trade or business after August 31, 2008. Income tax forms 2010 Excepted Property Qualified reuse and recycling property does not include any of the following. Income tax forms 2010 Any rolling stock or other equipment used to transport reuse or recyclable materials. Income tax forms 2010 Property required to be depreciated using the Alternative Depreciation System (ADS). Income tax forms 2010 For other property required to be depreciated using ADS, see Required use of ADS under Which Depreciation System (GDS or ADS) Applies , in chapter 4 . Income tax forms 2010 Other bonus depreciation property to which section 168(k) of the Internal Revenue Code applies. Income tax forms 2010 Property for which you elected not to claim any special depreciation allowance (discussed later). Income tax forms 2010 Property placed in service and disposed of in the same tax year. Income tax forms 2010 Property converted from business use to personal use in the same tax year acquired. Income tax forms 2010 Property converted from personal use to business use in the same or later tax year may be qualified reuse and recycling property. Income tax forms 2010 Qualified Cellulosic Biofuel Plant Property You can take a 50% special depreciation allowance for qualified cellulosic biofuel plant property. Income tax forms 2010 Cellulosic biofuel is any liquid fuel which is produced from any lignocellulosic or hemicellulosic matter that is available on a renewable or recurring basis. Income tax forms 2010 Examples include bagasse (from sugar cane), corn stalks, and switchgrass. Income tax forms 2010 The property must meet the following requirements. Income tax forms 2010 The property is used in the United States solely to produce cellulosic biofuel. Income tax forms 2010 The original use of the property must begin with you after December 20, 2006. Income tax forms 2010 You must have acquired the property by purchase (as discussed under Property Acquired by Purchase in chapter 2 ) after December 20, 2006, with no binding written contract for acquisition in effect before December 21, 2006. Income tax forms 2010 The property must be placed in service for use in your trade or business or for the production of income after October 3, 2008, and before January 3, 2013. Income tax forms 2010 Note. Income tax forms 2010 For property placed in service after January 2, 2013, and before January 1, 2014, you can take a 50% special depreciation allowance for qualified second generation biofuel plant property that is used solely in the United States to produce second generation biofuel (as defined in section 40(b)(6)(E)). Income tax forms 2010 The other requirements for qualified second generation biofuel plant property to be eligible for the special depreciation allowance are identical to the requirements discussed for Qualified Cellulosic Biofuel Plant Property above. Income tax forms 2010 Special Rules Sale-leaseback. Income tax forms 2010   If you sold qualified cellulosic biofuel plant property you placed in service after October 3, 2008, and leased it back within 3 months after you originally placed it in service, the property is treated as originally placed in service no earlier than the date it is used by you under the leaseback. Income tax forms 2010   The property will not qualify for the special allowance if the lessee or a related person to the lessee or lessor had a written binding contract in effect for the acquisition of the property before December 21, 2006. Income tax forms 2010 Syndicated leasing transactions. Income tax forms 2010   If qualified cellulosic biofuel plant property is originally placed in service by a lessor after October 3, 2008, the property is sold within 3 months of the date it was placed in service, and the user of the property does not change, then the property is treated as originally placed in service by the taxpayer no earlier than the date of the last sale. Income tax forms 2010   Multiple units of property subject to the same lease will be treated as originally placed in service no earlier than the date of sale if the property is sold within 3 months after the final unit is placed in service and the period between the times the first and last units are placed in service does not exceed 12 months. Income tax forms 2010 Excepted Property Qualified cellulosic biofuel plant property does not include any of the following. Income tax forms 2010 Property placed in service and disposed of in the same tax year. Income tax forms 2010 Property converted from business use to personal use in the same tax year it is acquired. Income tax forms 2010 Property converted from personal use to business use in the same or later tax year may be qualified cellulosic biomass ethanol plant property. Income tax forms 2010 Property required to be depreciated using the Alternative Depreciation System (ADS). Income tax forms 2010 For other property required to be depreciated using ADS, see Required use of ADS under Which Depreciation System (GDS or ADS) Applies , in chapter 4 . Income tax forms 2010 Property any portion of which is financed with the proceeds of any obligation the interest on which is exempt from tax under section 103 of the Internal Revenue Code. Income tax forms 2010 Property for which you elected not to claim any special depreciation allowance (discussed later). Income tax forms 2010 Property for which a deduction was taken under section 179C for certain qualified refinery property. Income tax forms 2010 Other bonus depreciation property to which section 168(k) of the Internal Revenue Code applies. Income tax forms 2010 Qualified Disaster Assistance Property You can take a 50% special depreciation allowance for qualified disaster assistance property placed in service in federally declared disaster areas in which the disaster occurred in 2009. Income tax forms 2010 A list of the federally declared disaster areas is available at the FEMA website at www. Income tax forms 2010 fema. Income tax forms 2010 gov. Income tax forms 2010 Your property is qualified disaster assistance property if it meets the following requirements. Income tax forms 2010 The property is nonresidential real property or residential real property placed in service before January 1, 2014, in a federally declared disaster area in which the disaster occurred in 2009. Income tax forms 2010 You must have acquired the property by purchase (as discussed under Property Acquired by Purchase in chapter 2 ) on or after the applicable disaster date, with no binding written contract for the acquisition in effect before the applicable disaster date. Income tax forms 2010 The property must rehabilitate property damaged, or replace property destroyed or condemned, as a result of the applicable federally declared disaster. Income tax forms 2010 The property must be similar in nature to, and located in the same county as, the rehabilitated or replaced property. Income tax forms 2010 The original use of the property within the applicable disaster area must have begun with you on or after the applicable disaster date. Income tax forms 2010 The property is placed in service by you on or before the date which is the last day of the fourth calendar year. Income tax forms 2010 Substantially all (80% or more) of the use of the property must be in the active conduct of your trade or business in a federally declared disaster area, occurring in 2009. Income tax forms 2010 It is not excepted property (explained later in Excepted Property ). Income tax forms 2010 Special Rules Sale-leaseback. Income tax forms 2010   If you sold qualified disaster assistance property you placed in service after the applicable disaster date and leased it back within 3 months after you originally placed it in service, the property is treated as originally placed in service no earlier than the date it is used by you under the leaseback. Income tax forms 2010   The property will not qualify for the special allowance if the lessee or a related person to the lessee or lessor had a written binding contract in effect for the acquisition of the property before the applicable disaster date. Income tax forms 2010 Syndicated leasing transactions. Income tax forms 2010   If qualified disaster assistance property is originally placed in service by a lessor after the applicable disaster date, the property is sold within 3 months of the date it was placed in service, and the user of the property does not change, then the property is treated as originally placed in service by the taxpayer no earlier than the date of the last sale. Income tax forms 2010   Multiple units of property subject to the same lease will be treated as originally placed in service no earlier than the date of sale if the property is sold within 3 months after the final unit is placed in service and the period between the times the first and last units are placed in service does not exceed 12 months. Income tax forms 2010 Excepted Property Qualified disaster assistance property does not include any of the following. Income tax forms 2010 Property required to be depreciated using the Alternative Depreciation System (ADS). Income tax forms 2010 For other property required to be depreciated using ADS, see Required use of ADS under Which Depreciation System (GDS or ADS) Applies , in chapter 4 . Income tax forms 2010 Property any portion of which is financed with the proceeds of a tax-exempt obligation under section 103 of the Internal Revenue Code. Income tax forms 2010 Any qualified revitalization building (defined later) placed in service before January 1, 2010, for which you have elected to claim a commercial revitalization deduction for qualified revitalization expenditures. Income tax forms 2010 Any property used in connection with any private or commercial golf course, country club, massage parlor, hot tub facility, suntan facility, or any store, the principal business of which is the sale of alcoholic beverages for consumption off premises. Income tax forms 2010 Any property for which the special allowance under section 168(k) or section 1400N(d) of the Internal Revenue Code applies. Income tax forms 2010 Property for which you elected not to claim any special depreciation allowance (discussed later). Income tax forms 2010 Property placed in service and disposed of in the same tax year. Income tax forms 2010 Property converted from business use to personal use in the same tax year acquired. Income tax forms 2010 Property converted from personal use to business use in the same or later tax year may be qualified disaster assistance property. Income tax forms 2010 Any gambling or animal racing property (defined later). Income tax forms 2010 Qualified revitalization building. Income tax forms 2010   This is a commercial building and its structural components that you placed in service in a renewal community before January 1, 2010. Income tax forms 2010 If the building is new, the original use of the building must begin with you. Income tax forms 2010 If the building is not new, you must substantially rehabilitate the building and then place it in service. Income tax forms 2010 For more information, including definitions of substantially rehabilitated building and qualified revitalization expenditure, see section 1400I(b) of the Internal Revenue Code. Income tax forms 2010 Gambling or animal racing property. Income tax forms 2010   Gambling or animal racing property includes the following personal and real property. Income tax forms 2010 Any equipment, furniture, software, or other property used directly in connection with gambling, the racing of animals, or the on-site viewing of such racing. Income tax forms 2010 Any real property determined by square footage (other than any portion that is less than 100 square feet) that is dedicated to gambling, the racing of animals, or the on-site viewing of such racing. Income tax forms 2010 Certain Qualified Property Acquired After December 31, 2007 You can take a 50% special depreciation deduction allowance for certain qualified property acquired after December 31, 2007. Income tax forms 2010 Your property is qualified property if it meets the following requirements. Income tax forms 2010 It is one of the following types of property. Income tax forms 2010 Tangible property depreciated under MACRS with a recovery period of 20 years or less. Income tax forms 2010 Water utility property. Income tax forms 2010 Computer software that is readily available for purchase by the general public, is subject to a nonexclusive license, and has not been substantially modified. Income tax forms 2010 (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. Income tax forms 2010 ) Qualified leasehold improvement property (defined under Qualified leasehold improvement property later). Income tax forms 2010 You must have acquired the property after December 31, 2007, with no binding written contract for the acquisition in effect before January 1, 2008. Income tax forms 2010 The property must be placed in service for use in your trade or business or for the production of income before January 1, 2014 (before January 1, 2015, for certain property with a long production period and certain aircraft (defined next)). Income tax forms 2010 The original use of the property must begin with you after December 31, 2007. Income tax forms 2010 It is not excepted property (explained later in Excepted property). Income tax forms 2010 Qualified leasehold improvement property. Income tax forms 2010    Generally, this is any improvement to an interior part of a building that is nonresidential real property, if all the following requirements are met. Income tax forms 2010 The improvement is made under or according to a lease by the lessee (or any sublessee) or the lessor of that part of the building. Income tax forms 2010 That part of the building is to be occupied exclusively by the lessee (or any sublessee) of that part. Income tax forms 2010 The improvement is placed in service more than 3 years after the date the building was first placed in service by any person. Income tax forms 2010 The improvement is section 1250 property. Income tax forms 2010 See chapter 3 in Publication 544, Sales and Other Dispositions of Assets, for the definition of section 1250 property. Income tax forms 2010   However, a qualified leasehold improvement does not include any improvement for which the expenditure is attributable to any of the following. Income tax forms 2010 The enlargement of the building. Income tax forms 2010 Any elevator or escalator. Income tax forms 2010 Any structural component benefiting a common area. Income tax forms 2010 The internal structural framework of the building. Income tax forms 2010   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. Income tax forms 2010 However, a lease between related persons is not treated as a lease. Income tax forms 2010 Related persons. Income tax forms 2010   For this purpose, the following are related persons. Income tax forms 2010 Members of an affiliated group. Income tax forms 2010 An individual and a member of his or her family, including only a spouse, child, parent, brother, sister, half-brother, half-sister, ancestor, and lineal descendant. Income tax forms 2010 A corporation and an individual who directly or indirectly owns 80% or more of the value of the outstanding stock of that corporation. Income tax forms 2010 Two corporations that are members of the same controlled group. Income tax forms 2010 A trust fiduciary and a corporation if 80% or more of the value of the outstanding stock is directly or indirectly owned by or for the trust or grantor of the trust. Income tax forms 2010 The grantor and fiduciary, and the fiduciary and beneficiary, of any trust. Income tax forms 2010 The fiduciaries of two different trusts, and the fiduciaries and beneficiaries of two different trusts, if the same person is the grantor of both trusts. Income tax forms 2010 A tax-exempt educational or charitable organization and any person (or, if that person is an individual, a member of that person's family) who directly or indirectly controls the organization. Income tax forms 2010 Two S corporations, and an S corporation and a regular corporation, if the same persons own 80% or more of the value of the outstanding stock of each corporation. Income tax forms 2010 A corporation and a partnership if the same persons own both of the following. Income tax forms 2010 80% or more of the value of the outstanding stock of the corporation. Income tax forms 2010 80% or more of the capital or profits interest in the partnership. Income tax forms 2010 The executor and beneficiary of any estate. Income tax forms 2010 Long Production Period Property To be qualified property, long production period property must meet the following requirements. Income tax forms 2010 It must meet the requirements in (2)-(5), above. Income tax forms 2010 The property has a recovery period of at least 10 years or is transportation property. Income tax forms 2010 Transportation property is tangible personal property used in the trade or business of transporting persons or property. Income tax forms 2010 The property is subject to section 263A of the Internal Revenue Code. Income tax forms 2010 The property has an estimated production period exceeding 1 year and an estimated production cost exceeding $1,000,000. Income tax forms 2010 Noncommercial Aircraft To be qualified property, noncommercial aircraft must meet the following requirements. Income tax forms 2010 It must meet the requirements in (2)-(5), above. Income tax forms 2010 The aircraft must not be tangible personal property used in the trade or business of transporting persons or property (except for agricultural or firefighting purposes). Income tax forms 2010 The aircraft must be purchased (as discussed under Property Acquired by Purchase in chapter 2 ) by a purchaser who at the time of the contract for purchase, makes a nonrefundable deposit of the lesser of 10% of the cost or $100,000. Income tax forms 2010 The aircraft must have an estimated production period exceeding four months and a cost exceeding $200,000. Income tax forms 2010 Special Rules Sale-leaseback. Income tax forms 2010   If you sold qualified property you placed in service after December 31, 2007, and leased it back within 3 months after you originally placed in service, the property is treated as originally placed in service no earlier than the date it is used by you under the leaseback. Income tax forms 2010   The property will not qualify for the special depreciation allowance if the lessee or a related person to the lessee or lessor had a written binding contract in effect for the acquisition of the property before January 1, 2008. Income tax forms 2010 Syndicated leasing transactions. Income tax forms 2010   If qualified property is originally placed in service by a lessor after December 31, 2007, the property is sold within 3 months of the date it was placed in service, and the user of the property does not change, then the property is treated as originally placed in service by the taxpayer no earlier than the date of the last sale. Income tax forms 2010   Multiple units of property subject to the same lease will be treated as originally placed in service no earlier than the date of the last sale if the property is sold within 3 months after the final unit is placed in service and the period between the time the first and last units are placed in service does not exceed 12 months. Income tax forms 2010 Excepted Property Qualified property does not include any of the following. Income tax forms 2010 Property placed in service and disposed of in the same tax year. Income tax forms 2010 Property converted from business use to personal use in the same tax year acquired. Income tax forms 2010 Property converted from personal use to business use in the same or later tax year may be qualified property. Income tax forms 2010 Property required to be depreciated under the Alternative Depreciation System (ADS). Income tax forms 2010 This includes listed property used 50% or less in a qualified business use. Income tax forms 2010 For other property required to be depreciated using ADS, see Required use of ADS under Which Depreciation System (GDS or ADS) Applies , in chapter 4 . Income tax forms 2010 Qualified restaurant property (as defined in section 168(e)(7) of the Internal Revenue Code). Income tax forms 2010 Qualified retail improvement property (as defined in section 168(e)(8) of the Internal Revenue Code). Income tax forms 2010 Property for which you elected not to claim any special depreciation allowance (discussed later). Income tax forms 2010 Property for which you elected to accelerate certain credits in lieu of the special depreciation allowance (discussed next). Income tax forms 2010 Election to Accelerate Certain Credits in Lieu of the Special Depreciation Allowance An election made by a corporation to claim pre-2006 unused minimum tax credits in lieu of claiming the special depreciation allowance for either its first tax year ending after March 31, 2008, its first tax year ending after December 31, 2008, or its first tax year ending after December 31, 2010, continues to apply to round 2 extension property (as defined in section 168(k)(4)(I)(iv)), unless the corporation made an election not to apply the section 168(k)(4) election to round 2 extension property for its first tax year ending after December 31, 2010. Income tax forms 2010 For 2013, round 2 extension property generally is long production period and noncommercial aircraft if acquired after March 31, 2008, and placed in service after December 31, 2012, but before January 1, 2014. Income tax forms 2010 An election made by a corporation to claim pre-2006 unused minimum tax credits in lieu of claiming the special depreciation allowance for either its first tax year ending after March 31, 2008, its first tax year ending after December 31, 2008, or its first tax year ending after December 31, 2010, continues to apply to round 3 extension property (as defined in section 168(k)(4)(J)(iv)), unless the corporation makes an election not to apply the section 168(k)(4) election to round 3 extension property. Income tax forms 2010 If a corporation did not make a section 168(k)(4) election for either its first tax year ending after March 31, 2008, its first tax year ending after December 31, 2008, or its first tax year ending after December 31, 2010, the corporation may elect for its first tax year ending after December 31, 2012, to claim pre-2006 unused minimum tax credits in lieu of claiming the special depreciation allowance for only round 3 extension property. Income tax forms 2010 If you make an election to accelerate these credits in lieu of claiming the special depreciation allowance for eligible property, you must not take the 50% special depreciation allowance for the property and must depreciate the basis in the property under MACRS using the straight line method. Income tax forms 2010 See Which Depreciation Method Applies in chapter 4 . Income tax forms 2010 Once made, the election cannot be revoked without IRS consent. Income tax forms 2010 Additional guidance. Income tax forms 2010   For additional guidance on the election to accelerate the research or minimum tax credit in lieu of claiming the special depreciation allowance, see Rev. Income tax forms 2010 Proc. Income tax forms 2010 2008-65 on page 1082 of Internal Revenue Bulletin 2008-44, available at www. Income tax forms 2010 irs. Income tax forms 2010 gov/pub/irs-irbs/irb08-44. Income tax forms 2010 pdf, Rev. Income tax forms 2010 Proc. Income tax forms 2010 2009-16 on page 449 of Internal Revenue Bulletin 2009-06, available at www. Income tax forms 2010 irs. Income tax forms 2010 gov/pub/irs-irbs/irb09-06. Income tax forms 2010 pdf, and Rev. Income tax forms 2010 Proc. Income tax forms 2010 2009-33 on page 150 of Internal Revenue Bulletin 2009-29, available at www. Income tax forms 2010 irs. Income tax forms 2010 gov/pub/irs-irbs/irb09-29. Income tax forms 2010 pdf. Income tax forms 2010 Also, see Form 3800, General Business Credit; Form 8827, Credit for Prior Year Minimum Tax — Corporations; and related instructions. Income tax forms 2010   Additional guidance regarding the election to accelerate the minimum tax credit in lieu of claiming the special depreciation allowance for round 2 extension property and round 3 extension property may also be available in later Internal Revenue Bulletins available at www. Income tax forms 2010 irs. Income tax forms 2010 gov/irb. Income tax forms 2010 How Much Can You Deduct? Figure the special depreciation allowance by multiplying the depreciable basis of qualified reuse and recycling property, qualified cellulosic biofuel plant property, qualified disaster assistance property, and certain qualified property acquired after December 31, 2007, by 50%. Income tax forms 2010 For qualified property other than listed property, enter the special allowance on line 14 in Part II of Form 4562. Income tax forms 2010 For qualified property that is listed property, enter the special allowance on line 25 in Part V of Form 4562. Income tax forms 2010 If you place qualified property in service in a short tax year, you can take the full amount of a special depreciation allowance. Income tax forms 2010 Depreciable basis. Income tax forms 2010   This is the property's cost or other basis multiplied by the percentage of business/investment use, reduced by the total amount of any credits and deductions allocable to the property. Income tax forms 2010   The following are examples of some credits and deductions that reduce depreciable basis. Income tax forms 2010 Any section 179 deduction. Income tax forms 2010 Any deduction for removal of barriers to the disabled and the elderly. Income tax forms 2010 Any disabled access credit, enhanced oil recovery credit, and credit for employer-provided childcare facilities and services. Income tax forms 2010 Basis adjustment to investment credit property under section 50(c) of the Internal Revenue Code. Income tax forms 2010   For additional credits and deductions that affect basis, see section 1016 of the Internal Revenue Code. Income tax forms 2010   For information about how to determine the cost or other basis of property, see What Is the Basis of Your Depreciable Property in chapter 1 . Income tax forms 2010 For a discussion of business/investment use, see Partial business or investment use under Property Used in Your Business or Income-Producing Activity in chapter 1 . Income tax forms 2010 Depreciating the remaining cost. Income tax forms 2010   After you figure your special depreciation allowance for your qualified property, you can use the remaining cost to figure your regular MACRS depreciation deduction (discussed in chapter 4 . Income tax forms 2010 Therefore, you must reduce the depreciable basis of the property by the special depreciation allowance before figuring your regular MACRS depreciation deduction. Income tax forms 2010 Example. Income tax forms 2010 On November 1, 2013, Tom Brown bought and placed in service in his business qualified property that cost $450,000. Income tax forms 2010 He did not elect to claim a section 179 deduction. Income tax forms 2010 He deducts 50% of the cost ($225,000) as a special depreciation allowance for 2013. Income tax forms 2010 He uses the remaining $225,000 of cost to figure his regular MACRS depreciation deduction for 2013 and later years. Income tax forms 2010 Like-kind exchanges and involuntary conversions. Income tax forms 2010   If you acquire qualified property in a like-kind exchange or involuntary conversion, the carryover basis of the acquired property is eligible for a special depreciation allowance. Income tax forms 2010 After you figure your special allowance, you can use the remaining carryover basis to figure your regular MACRS depreciation deduction. Income tax forms 2010 In the year you claim the allowance (the year you place in service the property received in the exchange or dispose of involuntarily converted property), you must reduce the carryover basis of the property by the allowance before figuring your regular MACRS depreciation deduction. Income tax forms 2010 See Figuring the Deduction for Property Acquired in a Nontaxable Exchange , in chapter 4 under How Is the Depreciation Deduction Figured . Income tax forms 2010 The excess basis (the part of the acquired property's basis that exceeds its carryover basis) is also eligible for a special depreciation allowance. Income tax forms 2010 How Can You Elect Not To Claim an Allowance? You can elect, for any class of property, not to deduct any special allowances for all property in such class placed in service during the tax year. Income tax forms 2010 To make an election, attach a statement to your return indicating what election you are making and the class of property for which you are making the election. Income tax forms 2010 When to make election. Income tax forms 2010   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. Income tax forms 2010   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). Income tax forms 2010 Attach the election statement to the amended return. Income tax forms 2010 On the amended return, write “Filed pursuant to section 301. Income tax forms 2010 9100-2. Income tax forms 2010 ” Revoking an election. Income tax forms 2010   Once you elect not to deduct a special depreciation allowance for a class of property, you cannot revoke the election without IRS consent. Income tax forms 2010 A request to revoke the election is a request for a letter ruling. Income tax forms 2010 If you elect not to have any special allowance apply, the property may be subject to an alternative minimum tax adjustment for depreciation. Income tax forms 2010 When Must You Recapture an Allowance? When you dispose of property for which you claimed a special depreciation allowance, any gain on the disposition is generally recaptured (included in income) as ordinary income up to the amount of the special depreciation allowance previously allowed or allowable. Income tax forms 2010 See When Do You Recapture MACRS Depreciation in chapter 4 or more information. Income tax forms 2010 Recapture of allowance deducted for qualified GO Zone property. Income tax forms 2010   If, in any year after the year you claim the special depreciation allowance for qualified GO Zone property (including specified GO Zone extension property), the property ceases to be used in the GO Zone, you may have to recapture as ordinary income the excess benefit you received from claiming the special depreciation allowance. Income tax forms 2010 For additional guidance, see Notice 2008-25 on page 484 of Internal Revenue Bulletin 2008-9. Income tax forms 2010 Qualified cellulosic biomass ethanol plant property and qualified cellulosic biofuel plant property. Income tax forms 2010   If, in any year after the year you claim the special depreciation allowance for any qualified cellulosic biomass ethanol plant property or qualified biofuel plant property, the property ceases to be qualified cellulosic biomass ethanol plant property or qualified biofuel plant property, you may have to recapture as ordinary income the excess benefit you received from claiming the special depreciation allowance. Income tax forms 2010 Recapture of allowance for qualified Recovery Assistance property. Income tax forms 2010   If, in any year after the year you claim the special depreciation allowance for qualified Recovery Assistance property, the property ceases to be used in the Kansas disaster area, you may have to recapture as ordinary income the excess benefit you received from claiming the special depreciation allowance. Income tax forms 2010 For additional guidance, see Notice 2008-67 on page 307 of Internal Revenue Bulletin 2008-32. Income tax forms 2010 Recapture of allowance for qualified disaster assistance property. Income tax forms 2010   If, in any year after the year you claim the special depreciation allowance for qualified disaster assistance property, the property ceases to be used in the applicable disaster area, you may have to recapture as ordinary income the excess benefit you received from claiming the special depreciation allowance. Income tax forms 2010   For additional guidance, see Notice 2008-67 on page 307 of Internal Revenue Bulletin 2008-32. Income tax forms 2010 Prev  Up  Next   Home   More Online Publications