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Taxact Publication 54 - Introductory Material Table of Contents Future Developments What's New Reminders IntroductionOrdering forms and publications. Taxact Tax questions. Taxact Future Developments For the latest information about developments related to Publication 54, such as legislation enacted after it was published, go to www. Taxact irs. Taxact gov/pub54. Taxact What's New Exclusion amount. Taxact The maximum foreign earned income exclusion is adjusted annually for inflation. Taxact For 2013, the maximum exclusion has increased to $97,600. Taxact See Limit on Excludable Amount under Foreign Earned Income Exclusion in chapter 4. Taxact Housing expenses — base amount. Taxact The computation of the base housing amount (line 32 of Form 2555) is tied to the maximum foreign earned income exclusion. Taxact The amount is 16 percent of the exclusion amount (computed on a daily basis), multiplied by the number of days in your qualifying period that fall within your 2013 tax year. Taxact For 2013, this amount is $42. Taxact 78 per day ($15,616 per year). Taxact See Housing Amount under Foreign Housing Exclusion and Deduction in chapter 4. Taxact Housing expenses — maximum amount. Taxact The amount of qualified housing expenses eligible for the housing exclusion and housing deduction has changed for some locations. Taxact See Limit on housing expenses under Foreign Housing Exclusion and Deduction in chapter 4. Taxact Filing requirements. Taxact Generally, the amount of income you can receive before you must file an income tax return has increased. Taxact These amounts are shown in chapter 1 under Filing Requirements . Taxact Self-employment tax rate. Taxact For 2013, the self-employment tax rate of 13. Taxact 3% has increased to 15. Taxact 3%. Taxact The maximum amount of net earnings from self-employment that is subject to the social security part of the self-employment tax has increased to $113,700. Taxact All net earnings are subject to the Medicare part of the tax. Taxact For more information, see chapter 3. Taxact IRA limitations for 2013. Taxact . Taxact The 2013 contribution limit to an IRA has increased to $5,500 ($6,500 if age 50 or older). Taxact You may be able to take an IRA deduction if you were covered by a retirement plan and your 2013 modified adjusted gross income (AGI) is less than $69,000 ($115,000 if married filing jointly or a qualifying widow(er)). Taxact If your spouse was covered by a retirement plan, but you were not, you may be able to take an IRA deduction if your 2013 modified AGI is less than $188,000. Taxact See the Instructions for Form 1040 or the Instructions for Form 1040A for details and exceptions. Taxact Reminders Figuring tax on income not excluded. Taxact If you claim the foreign earned income exclusion, the housing exclusion, or both, you must figure the tax on your nonexcluded income using the tax rates that would have applied had you not claimed the exclusions. Taxact See the Instructions for Form 1040 and complete the Foreign Earned Income Tax Worksheet to figure the amount of tax to enter on Form 1040, line 44. Taxact If you must attach Form 6251 to your return, use the Foreign Earned Income Tax Worksheet provided in the Instructions for Form 6251. Taxact Form 8938. Taxact If you had foreign financial assets in 2013, you may have to file Form 8938 with your return. Taxact See Form 8938 in chapter 1. Taxact Change of address. Taxact If you change your home mailing address, notify the Internal Revenue Service using Form 8822, Change of Address. Taxact If you are changing your business address, use Form 8822-B, Change of Address or Responsible Party—Business. Taxact Photographs of missing children. Taxact The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Taxact Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Taxact You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Taxact Introduction This publication discusses special tax rules for U. Taxact S. Taxact citizens and resident aliens who work abroad or who have income earned in foreign countries. Taxact If you are a U. Taxact S. Taxact citizen or resident alien, your worldwide income generally is subject to U. Taxact S. Taxact income tax, regardless of where you are living. Taxact Also, you are subject to the same income tax filing requirements that apply to U. Taxact S. Taxact citizens or resident aliens living in the United States. Taxact Expatriation tax provisions apply to U. Taxact S. Taxact citizens who have renounced their citizenship and long-term residents who have ended their residency. Taxact These provisions are discussed in chapter 4 of Publication 519, U. Taxact S. Taxact Tax Guide for Aliens. Taxact Resident alien. Taxact A resident alien is an individual who is not a citizen or national of the United States and who meets either the green card test or the substantial presence test for the calendar year. Taxact Green card test. Taxact You are a U. Taxact S. Taxact resident if you were a lawful permanent resident of the United States at any time during the calendar year. Taxact This is known as the green card test because resident aliens hold immigrant visas (also known as green cards). Taxact Substantial presence test. Taxact You are considered a U. Taxact S. Taxact resident if you meet the substantial presence test for the calendar year. Taxact To meet this test, you must be physically present in the United States on at least: 31 days during the current calendar year, and A total of 183 days during the current year and the 2 preceding years, counting all the days of physical presence in the current year, but only 1/3 the number of days of presence in the first preceding year, and only 1/6 the number of days in the second preceding year. Taxact Example. Taxact You were physically present in the United States on 120 days in each of the years 2011, 2012, and 2013. Taxact To determine if you meet the substantial presence test for 2013, count the full 120 days of presence in 2013, 40 days in 2012 (1/3 of 120), and 20 days in 2011 (1/6 of 120). Taxact Because the total for the 3-year period is 180 days, you are not considered a resident under the substantial presence test for 2013. Taxact For more information on resident and nonresident status, the tests for residence, and the exceptions to them, see Publication 519. Taxact Filing information. Taxact Chapter 1 contains general filing information, such as: Whether you must file a U. Taxact S. Taxact tax return, When and where to file your return, How to report your income if it is paid in foreign currency, How to treat a nonresident alien spouse as a U. Taxact S. Taxact resident, and Whether you must pay estimated tax. Taxact Withholding tax. Taxact Chapter 2 discusses the withholding of income, social security, and Medicare taxes from the pay of U. Taxact S. Taxact citizens and resident aliens. Taxact Self-employment tax. Taxact Chapter 3 discusses who must pay self-employment tax. Taxact Foreign earned income exclusion and housing exclusion and deduction. Taxact Chapter 4 discusses income tax benefits that apply if you meet certain requirements while living abroad. Taxact You may qualify to treat up to $97,600 of your income as not taxable by the United States. Taxact You also may be able to either deduct part of your housing expenses from your income or treat a limited amount of income used for housing expenses as not taxable by the United States. Taxact These benefits are called the foreign earned income exclusion and the foreign housing deduction and exclusion. Taxact To qualify for either of the exclusions or the deduction, you must have a tax home in a foreign country and earn income from personal services performed in a foreign country. Taxact These rules are explained in chapter 4. Taxact If you are going to exclude or deduct your income as discussed above, you must file Form 2555, Foreign Earned Income, or Form 2555-EZ, Foreign Earned Income Exclusion. Taxact Exemptions, deductions, and credits. Taxact Chapter 5 discusses exemptions, deductions, and credits you may be able to claim on your return. Taxact These are generally the same as if you were living in the United States. Taxact However, if you choose to exclude foreign earned income or housing amounts, you cannot deduct or exclude any item or take a credit for any item that is related to the amounts you exclude. Taxact Among the topics discussed in chapter 5 are: Exemptions, Contributions to foreign organizations, Foreign moving expenses, Contributions to individual retirement arrangements (IRAs), and Foreign taxes. Taxact Tax treaty benefits. Taxact Chapter 6 discusses some benefits that are common to most tax treaties and explains how to get help if you think you are not receiving a treaty benefit to which you are entitled. Taxact It also explains how to get copies of tax treaties. Taxact How to get tax help. Taxact Chapter 7 is an explanation of how to get information and assistance from the IRS. Taxact Questions and answers. Taxact Frequently asked questions and answers to those questions are presented in the back of the publication. Taxact Comments and suggestions. Taxact We welcome your comments about this publication and your suggestions for future editions. Taxact You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Taxact NW, IR-6526 Washington, DC 20224 We respond to many letters by telephone. Taxact Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Taxact You can send us comments from www. Taxact irs. Taxact gov/formspubs/. Taxact Click on “More Information” and then on “Comment on Tax Forms and Publications. Taxact ” Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Taxact Ordering forms and publications. Taxact Visit www. Taxact irs. Taxact gov/formspubs/ to download forms and publications, call 1-800-829-3676, or write to the address below and receive a response within 10 days after your request is received. Taxact Internal Revenue Service 1201 N. Taxact Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Taxact If you have a tax question, check the information available on IRS. Taxact gov or call 1-800-TAX–FORM (1-800-829-1040). Taxact We cannot answer tax questions sent to either of the above addresses. Taxact Prev Up Next Home More Online Publications
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Taxact Index A Administrative adjustment requests, Amended Returns and Administrative Adjustment Requests (AARs) Allocations Built-in gain or loss, Allocations to account for built-in gain or loss. Taxact Installment sale, Installment reporting for sale of partnership interest. Taxact Amended returns, Amended Returns and Administrative Adjustment Requests (AARs) Assistance (see Tax help) B Built-in gain or loss, Allocations to account for built-in gain or loss. Taxact C C corporation, TEFRA, Small Partnerships and the Small Partnership Exception Capital interest, Capital interest. Taxact , Capital interest. Taxact Comments on publication, Comments and suggestions. Taxact Contribution Basis of property, Basis of contributed property. Taxact Built-in gain or loss, Allocations to account for built-in gain or loss. Taxact Distribution of property, Distribution of contributed property to another partner. Taxact Net precontribution gain, Net precontribution gain. Taxact Property, Contribution of Property Services, Contribution of Services D Definition, partnership, Forming a Partnership Determining ownership, More than 50% ownership. Taxact Distributions Gain or loss, Partner's Gain or Loss Partner's debt, Distribution of partner's debt. Taxact Partnership, Partnership Distributions Distributive share Adjusted basis, Adjusted Basis Guaranteed payments, Guaranteed Payments E e-file, IRS e-file (Electronic Filing) Electronic filing, IRS e-file (Electronic Filing) F Family partnership, Family Partnership Form 8275, Form 8275 required. Taxact 8308, Information return required of partnership. Taxact 8832, Organizations formed after 1996. Taxact 8865, Contribution to foreign partnership. Taxact G Guaranteed payments, Guaranteed Payments I Insurance, self-employed health, Self-employed health insurance premiums. Taxact Inventory items, substantially appreciated, Substantially appreciated inventory items. Taxact L Liability Assumption of, Assumption of liability. Taxact Partner's assumed by partnership, Partner's liabilities assumed by partnership. Taxact Partnership's, Effect of Partnership Liabilities Limited liability company, Limited liability company. Taxact Liquidation Constructive, Constructive liquidation. Taxact Partner's interest, Complete liquidation of partner's interest. Taxact Partner's retirement or death, Liquidation at Partner's Retirement or Death Losses Sales or exchanges, Losses. Taxact M Marketable securities, Marketable securities treated as money. Taxact N Notice group, TEFRA, Notice group. Taxact Notice partner, TEFRA, Notice partner. Taxact P Partner's Basis Distributed property, Partner's Basis for Distributed Property Partnership interest, Basis of Partner's Interest Interest Acquired by gift, Interest acquired by gift, etc. Taxact Alternative rule, adjusted basis, Alternative rule for figuring adjusted basis. Taxact Basis, Basis of Partner's Interest Basis adjustments, Adjusted Basis Book value, Book value of partner's interest. Taxact Liquidation of, Complete liquidation of partner's interest. Taxact , Liquidation at Partner's Retirement or Death Mandatory basis adjustment, Mandatory adjustment. Taxact Sale, exchange, transfer, Sale, Exchange, or Other Transfer Special basis adjustment, Special adjustment to basis. Taxact Transactions with partnership, Transactions Between Partnership and Partners Partnership Abandoned or worthless interest, Abandoned or worthless partnership interest. Taxact Agreement, Partnership Agreement Basis, contributed property, Basis of contributed property. Taxact Capital interest, Capital interest. Taxact Defined, Forming a Partnership Exclusion from rules, Exclusion From Partnership Rules Family, Family Partnership Forming, Forming a Partnership Liabilities, Effect of Partnership Liabilities Terminating, Terminating a Partnership Transactions with partner, Transactions Between Partnership and Partners Partnership item, TEFRA, Partnership Item. Taxact Precontribution gain, Net precontribution gain. Taxact Profits interest, Profits interest. Taxact Publications (see Tax help) R Related person, Related person. Taxact S Self-employed health insurance, Self-employed health insurance premiums. Taxact Short period return, Short period return. Taxact Small partnership exception to TEFRA, Small Partnerships and the Small Partnership Exception, Small Partnership TEFRA Election Statute of Limitations and TEFRA, Statute of Limitations and TEFRA Substantially appreciated inventory items, Substantially appreciated inventory items. Taxact Suggestions for publication, Comments and suggestions. Taxact T Tax help, How To Get Tax Help Tax matters partner, Role of Tax Matters Partner (TMP) in TEFRA Proceedings Tax withholding, foreign person or firm, Withholding on foreign partner or firm. Taxact TEFRA, Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) Terminating a partnership, Terminating a Partnership TTY/TDD information, How To Get Tax Help U Uniform Limited Partnership ACT (ULPA), Role of Tax Matters Partner (TMP) in TEFRA Proceedings Unrealized receivables, Unrealized receivables. Taxact Prev Up Home More Online Publications