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1040 Ez Tax Forms

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1040 Ez Tax Forms

1040 ez tax forms 5. 1040 ez tax forms   Illustrated Examples Table of Contents Illustrated Example of Form 4563Line 1. 1040 ez tax forms Line 2. 1040 ez tax forms Lines 3a and 3b. 1040 ez tax forms Lines 4a and 4b. 1040 ez tax forms Line 5. 1040 ez tax forms Line 6. 1040 ez tax forms Line 7. 1040 ez tax forms Line 9. 1040 ez tax forms Line 15. 1040 ez tax forms Illustrated Example of Form 5074Part I. 1040 ez tax forms Part II. 1040 ez tax forms Part III. 1040 ez tax forms Illustrated Example of Form 8689Part I. 1040 ez tax forms Part II. 1040 ez tax forms Part III. 1040 ez tax forms Part IV. 1040 ez tax forms Use the following examples to help you complete the correct attachment to your Form 1040. 1040 ez tax forms The completed form for each example is shown on the pages that follow. 1040 ez tax forms Illustrated Example of Form 4563 John Black is a U. 1040 ez tax forms S. 1040 ez tax forms citizen, single, and under 65. 1040 ez tax forms He was a bona fide resident of American Samoa during all of 2013. 1040 ez tax forms John must file Form 1040 because his gross income from sources outside the possessions ($10,000 of dividends from U. 1040 ez tax forms S. 1040 ez tax forms corporations) is more than his adjusted filing requirement for single filers under 65. 1040 ez tax forms (See Filing Requirement if Possession Income Is Excluded in chapter 4. 1040 ez tax forms ) Because he must file Form 1040 (not illustrated), he fills out Form 4563 to determine the amount of income from American Samoa he can exclude. 1040 ez tax forms See Bona Fide Resident of American Samoa in chapter 3. 1040 ez tax forms Completing Form 4563. 1040 ez tax forms   John enters his name and social security number at the top of the form. 1040 ez tax forms Line 1. 1040 ez tax forms   On Form 4563 (see later), John enters the date his bona fide residence began in American Samoa, June 2, 2012. 1040 ez tax forms Because he is still a bona fide resident, he enters “not ended” in the second blank space. 1040 ez tax forms Line 2. 1040 ez tax forms   He checks the box labeled “Rented house or apartment” to describe his type of living quarters in American Samoa. 1040 ez tax forms Lines 3a and 3b. 1040 ez tax forms   He checks “No” on line 3a because no family members lived with him. 1040 ez tax forms He leaves line 3b blank. 1040 ez tax forms Lines 4a and 4b. 1040 ez tax forms   He checks “No” on line 4a because he did not maintain a home outside American Samoa. 1040 ez tax forms He leaves line 4b blank. 1040 ez tax forms Line 5. 1040 ez tax forms   He enters the name and address of his employer, Samoa Products Co. 1040 ez tax forms It is a private American Samoa corporation. 1040 ez tax forms Line 6. 1040 ez tax forms   He enters the dates of his 2-week vacation to New Zealand from November 11 to November 25. 1040 ez tax forms That was his only trip outside American Samoa during the year. 1040 ez tax forms Line 7. 1040 ez tax forms   He enters the $24,000 in wages he received from Samoa Products Co. 1040 ez tax forms Line 9. 1040 ez tax forms   He received $220 in dividends from an American Samoa corporation, which he enters here. 1040 ez tax forms He also received $10,000 of dividends from a U. 1040 ez tax forms S. 1040 ez tax forms corporation, but he will enter that amount only on his Form 1040 because the U. 1040 ez tax forms S. 1040 ez tax forms dividends do not qualify for the possession exclusion. 1040 ez tax forms Line 15. 1040 ez tax forms   John totals the amounts on lines 7 and 9 to get the amount he can exclude from his gross income in 2013. 1040 ez tax forms He will not enter his excluded income on Form 1040. 1040 ez tax forms However, he will attach his completed Form 4563 to his Form 1040. 1040 ez tax forms Illustrated Example of Form 5074 Tracy Grey is a U. 1040 ez tax forms S. 1040 ez tax forms citizen who is a self-employed fisheries consultant with a tax home in New York. 1040 ez tax forms Her only income for 2013 was net self-employment income of $80,000. 1040 ez tax forms Of the $80,000, $20,000 was from consulting work in Guam and the rest was earned in the United States. 1040 ez tax forms Thinking she would owe tax to Guam on the $20,000, Tracy made estimated tax payments of $1,409 to Guam. 1040 ez tax forms She was not a bona fide resident of Guam during 2013. 1040 ez tax forms Tracy completes Form 1040 (not illustrated), reporting her worldwide income. 1040 ez tax forms Because the adjusted gross income on her Form 1040 was $50,000 or more and at least $5,000 of her gross income is from Guam, Tracy must file Form 5074 with her Form 1040. 1040 ez tax forms All amounts reported on Form 5074 are also reported on her Form 1040. 1040 ez tax forms See U. 1040 ez tax forms S. 1040 ez tax forms Citizen or Resident Alien (Other Than a Bona Fide Resident of Guam) in chapter 3. 1040 ez tax forms Completing Form 5074. 1040 ez tax forms   Tracy enters her name and social security number at the top of the form. 1040 ez tax forms Part I. 1040 ez tax forms   On Form 5074 (see later), Tracy enters her self-employment income from Guam ($20,000) on line 6. 1040 ez tax forms She has no other income from Guam, so the total on line 16 is $20,000. 1040 ez tax forms Part II. 1040 ez tax forms   Tracy's only adjustment in Part II is the deductible part of the self-employment tax on her net income earned in Guam. 1040 ez tax forms She enters $1,413 on line 21 and line 28. 1040 ez tax forms Her adjusted gross income on line 29 is $18,587. 1040 ez tax forms Part III. 1040 ez tax forms   Tracy made estimated tax payments of $1,409. 1040 ez tax forms She enters this amount on line 30, and again on line 34 as the total payments. 1040 ez tax forms Illustrated Example of Form 8689 Juan and Carla Moreno live and work in the United States. 1040 ez tax forms In 2013, they received $14,400 in income from the rental of a condominium they own in the U. 1040 ez tax forms S. 1040 ez tax forms Virgin Islands (USVI). 1040 ez tax forms The rental income was deposited in a bank in the USVI and they received $500 of interest on this income. 1040 ez tax forms They were not bona fide residents of the USVI during the entire tax year. 1040 ez tax forms The Morenos complete Form 1040 (not illustrated), reporting their income from all sources, including their interest income and the income and expenses from their USVI rental property (reported on Schedule E (Form 1040)). 1040 ez tax forms The Morenos take the standard deduction for married filing jointly, both are under 65, and they have no dependents. 1040 ez tax forms The Morenos also complete Form 8689 to determine how much of their U. 1040 ez tax forms S. 1040 ez tax forms tax shown on Form 1040, line 61 (with certain adjustments), must be paid to the U. 1040 ez tax forms S. 1040 ez tax forms Virgin Islands. 1040 ez tax forms See U. 1040 ez tax forms S. 1040 ez tax forms Citizen or Resident Alien (Other Than a Bona Fide Resident of the USVI) in chapter 3. 1040 ez tax forms The Morenos file their Form 1040, attaching Form 8689 and all other schedules, with the Internal Revenue Service. 1040 ez tax forms At the same time, they send a copy of their Form 1040 with all attachments, including Form 8689, to the Virgin Islands Bureau of Internal Revenue. 1040 ez tax forms The Virgin Islands Bureau of Internal Revenue will process this copy. 1040 ez tax forms Completing Form 8689. 1040 ez tax forms   Juan and Carla enter their names and Juan's social security number at the top of the form. 1040 ez tax forms Part I. 1040 ez tax forms   The Morenos enter their income from the USVI in Part I (see later). 1040 ez tax forms The interest income is entered on line 2 and the net rental income of $6,200 ($14,400 of rental income minus $8,200 of rental expenses) is entered on line 11. 1040 ez tax forms The Morenos' total USVI income of $6,700 is entered on line 16. 1040 ez tax forms Part II. 1040 ez tax forms   The Morenos have no adjustments to their USVI income, so they enter zero (-0-) on line 28, and $6,700 on line 29. 1040 ez tax forms Their USVI adjusted gross income (AGI) is $6,700. 1040 ez tax forms Part III. 1040 ez tax forms   On line 30, the Morenos enter the amount from Form 1040, line 61 ($4,539). 1040 ez tax forms Their Form 1040 does not show any entries required on line 31, so they leave that line blank and enter $4,539 on line 32. 1040 ez tax forms   The Morenos enter their worldwide AGI, $54,901 (Form 1040, line 38), on line 33. 1040 ez tax forms Next, they find what percentage of their AGI is from USVI sources ($6,700 ÷ $54,901 = 0. 1040 ez tax forms 122) and enter that as a decimal on line 34. 1040 ez tax forms They then apply that percentage to the U. 1040 ez tax forms S. 1040 ez tax forms tax entered on line 32 to find the amount of U. 1040 ez tax forms S. 1040 ez tax forms tax allocated to USVI income ($4,539 x 0. 1040 ez tax forms 122 = $554), and enter that amount on line 35. 1040 ez tax forms Part IV. 1040 ez tax forms   Part IV is used to show payments of income tax to the USVI only. 1040 ez tax forms The Morenos had no tax withheld by the U. 1040 ez tax forms S. 1040 ez tax forms Virgin Islands, but made estimated tax payments to the USVI of $400, which they entered on lines 37 and 39. 1040 ez tax forms They include this amount ($400) in the total payments on Form 1040, line 72. 1040 ez tax forms On the dotted line next to the entry space for line 72, they enter “Form 8689” and show the amount. 1040 ez tax forms The Morenos do not complete Form 1116 because they receive credit on Form 1040, line 72, for the tax paid to the USVI. 1040 ez tax forms   The income tax they owe to the USVI ($154) is shown on Form 8689, line 44. 1040 ez tax forms They enter this amount on line 45. 1040 ez tax forms They also include this additional amount ($154) on the dotted line next to the entry space and in the total on Form 1040, line 72. 1040 ez tax forms The Morenos will pay their USVI tax at the same time they file the copy of their U. 1040 ez tax forms S. 1040 ez tax forms income tax return with the U. 1040 ez tax forms S. 1040 ez tax forms Virgin Islands. 1040 ez tax forms This image is too large to be displayed in the current screen. 1040 ez tax forms Please click the link to view the image. 1040 ez tax forms Form 4563, page 1 for John Black This image is too large to be displayed in the current screen. 1040 ez tax forms Please click the link to view the image. 1040 ez tax forms Form 5074, for Tracy Grey This image is too large to be displayed in the current screen. 1040 ez tax forms Please click the link to view the image. 1040 ez tax forms Form 8689, page 1 for Juan and Carla Moreno Prev  Up  Next   Home   More Online Publications

The 1040 Ez Tax Forms

1040 ez tax forms Index A Accrual foreign taxes, adjustments, You may have to post a bond. 1040 ez tax forms Accrual method of accounting, Accrual method of accounting. 1040 ez tax forms Allocation Carryback/carryover between spouses, Allocations Between Spouses Foreign losses, Foreign Losses Foreign taxes, Allocation of Foreign Taxes U. 1040 ez tax forms S. 1040 ez tax forms losses, U. 1040 ez tax forms S. 1040 ez tax forms Losses Alternative minimum tax, Reminders Amended return, Claim for Refund American Samoa, resident of, Possession Exclusion Assistance (see Tax help) B Bankruptcy, effect of, Effect of bankruptcy or insolvency. 1040 ez tax forms Beneficiary, Partner or S corporation shareholder. 1040 ez tax forms Bond, income tax, You may have to post a bond. 1040 ez tax forms Boycotting countries, Taxes From International Boycott Operations C Capital gains and losses, Capital Gains and Losses Carryback and carryover, Carrybacks and carryovers. 1040 ez tax forms Allocations between spouses, Allocations Between Spouses Claim for refund, Time Limit on Tax Assessment Joint return, Married Couples Joint return–deduction year, Joint Return Filed in a Deduction Year Taxes all credited or deducted, Claim for Refund Time limit on tax assessment, Time Limit on Tax Assessment Choice to take credit or deduction Changing your choice, Making or Changing Your Choice Choice applied to all qualified foreign taxes, Choice Applies to All Qualified Foreign Taxes Claim for refund, Claim for Refund Classes of gross income, Classes of gross income. 1040 ez tax forms Compensation for labor or personal services, Determining the Source of Compensation for Labor or Personal Services Geographical basis, Geographical basis. 1040 ez tax forms Comprehensive example, Comprehensive Example — Filled-In Form 1116 Controlled foreign corporation shareholder, Controlled foreign corporation shareholder. 1040 ez tax forms , Income from controlled foreign corporations. 1040 ez tax forms Covered asset acquisition, Covered Asset Acquisition Credit How to claim, How To Claim the Credit How to figure, How To Figure the Credit Limit on, Limit on the Credit Credit for taxes paid or accrued, Credit for Taxes Paid or Accrued D Deduction for foreign taxes that are not income taxes, Foreign taxes that are not income taxes. 1040 ez tax forms Distributions Lump-sum, Lump-Sum Distribution Dividends Taxes on, Taxes Imposed on Certain Dividends Dual-capacity taxpayers, Dual-capacity taxpayers. 1040 ez tax forms E Economic benefits, Specific economic benefit. 1040 ez tax forms Examples Comprehensive, Comprehensive Example — Filled-In Form 1116 Simple, Simple Example — Filled-In Form 1116 Excess limit, Carryback and Carryover Exchange rates, Foreign Currency and Exchange Rates Excluded income Foreign earned, Foreign Earned Income and Housing Exclusions Taxes on, Taxes on Excluded Income Exemption from foreign tax credit limit, Exemption from foreign tax credit limit. 1040 ez tax forms Export financing interest, Export financing interest. 1040 ez tax forms Extraterritorial income, Extraterritorial Income Exclusion F Financial services income, Financial services income. 1040 ez tax forms Foreign corporation–U. 1040 ez tax forms S. 1040 ez tax forms shareholders, filing requirements, Taxes of U. 1040 ez tax forms S. 1040 ez tax forms Persons Controlling Foreign Corporations and Partnerships Foreign country, Foreign country. 1040 ez tax forms Foreign currency and exchange rates, Foreign Currency and Exchange Rates Foreign income, translating, Translating foreign currency into U. 1040 ez tax forms S. 1040 ez tax forms dollars. 1040 ez tax forms Foreign losses Allocation of, Foreign Losses Recapture of, Recapture of Prior Year Overall Foreign Loss Accounts Foreign mineral income, taxes on, Taxes on Foreign Mineral Income Foreign oil and gas extraction income, taxes on, Taxes on Combined Foreign Oil and Gas Income Foreign partnerships–U. 1040 ez tax forms S. 1040 ez tax forms partners, filing requirement, Taxes of U. 1040 ez tax forms S. 1040 ez tax forms Persons Controlling Foreign Corporations and Partnerships Foreign tax refund, Foreign tax refund. 1040 ez tax forms , Foreign tax refund. 1040 ez tax forms Foreign tax(es) Allocation to income categories, Allocation of Foreign Taxes For which you cannot take a credit, Foreign Taxes for Which You Cannot Take a Credit Imposed on foreign refund, Foreign tax imposed on foreign refund. 1040 ez tax forms Qualifying for credit, What Foreign Taxes Qualify for the Credit? Redetermination, Foreign Tax Redetermination Refund, Foreign tax imposed on foreign refund. 1040 ez tax forms Form 1040X, Claim for Refund 1116, Form 1116, Simple Example — Filled-In Form 1116, Comprehensive Example — Filled-In Form 1116 5471, Taxes of U. 1040 ez tax forms S. 1040 ez tax forms Persons Controlling Foreign Corporations and Partnerships 5713, Form 5713 required. 1040 ez tax forms 8833, Report required. 1040 ez tax forms 8865, Taxes of U. 1040 ez tax forms S. 1040 ez tax forms Persons Controlling Foreign Corporations and Partnerships 8873, Extraterritorial Income Exclusion Free tax services, Free help with your tax return. 1040 ez tax forms Functional currency, Translating foreign currency into U. 1040 ez tax forms S. 1040 ez tax forms dollars. 1040 ez tax forms G General category income, separate limit, General Category Income H Help (see Tax help) High-taxed income, High-taxed income. 1040 ez tax forms I Income from sources in U. 1040 ez tax forms S. 1040 ez tax forms possessions, Determining the source of income from U. 1040 ez tax forms S. 1040 ez tax forms possessions. 1040 ez tax forms Income re-sourced by treaty, separate limit, Certain Income Re-Sourced By Treaty Income tax, Income Tax Income tax bond, You may have to post a bond. 1040 ez tax forms Interest, Penalties and interest. 1040 ez tax forms Interest expense, apportioning, Interest expense. 1040 ez tax forms International boycott, Taxes From International Boycott Operations Itemized deduction, Taxes for Which You Can Only Take an Itemized Deduction J Joint return Carryback and carryover, Married Couples Credit based on foreign tax of both spouses, Joint return. 1040 ez tax forms Filed in a deduction year, Joint Return Filed in a Deduction Year L Levy, Income Tax Limit on credit, Limit on the Credit Losses, foreign, Foreign Losses Allocation of, Foreign Losses Recapture of, Recapture of Prior Year Overall Foreign Loss Accounts Losses, U. 1040 ez tax forms S. 1040 ez tax forms , U. 1040 ez tax forms S. 1040 ez tax forms Losses Allocation of, U. 1040 ez tax forms S. 1040 ez tax forms Losses Lump-sum distributions, Lump-Sum Distribution M Making or changing your choice, Making or Changing Your Choice Married couples Carryback and carryover, Married Couples Joint return, Joint return. 1040 ez tax forms Mineral income, foreign,, Taxes on Foreign Mineral Income Mutual fund distributions, Mutual fund shareholder. 1040 ez tax forms , Passive income. 1040 ez tax forms Mutual fund shareholder, Mutual fund shareholder. 1040 ez tax forms N Nonresident aliens, Nonresident Aliens Notice to the IRS of change in tax, Notice to the Internal Revenue Service (IRS) of Redetermination O Overall foreign loss, Overall foreign loss. 1040 ez tax forms P Partner, Partner or S corporation shareholder. 1040 ez tax forms , Partnership distributive share. 1040 ez tax forms , Foreign Taxes From a Partnership or an S Corporation Passive category income, Passive Category Income Penalties, Failure-to-notify penalty. 1040 ez tax forms , Penalties and interest. 1040 ez tax forms Failure to file Form 5471, 8865, Penalty for not filing Form 5471 or Form 8865. 1040 ez tax forms Failure to file Form 5713, Penalty for failure to file. 1040 ez tax forms Failure to notify, foreign tax change, Failure-to-notify penalty. 1040 ez tax forms Failure to report treaty information, Report required. 1040 ez tax forms Pension, employment, and disability fund payments, Pension, unemployment, and disability fund payments. 1040 ez tax forms Personal property, sales or exchanges of, Determining the Source of Income From the Sales or Exchanges of Certain Personal Property Possession exclusion, Possession Exclusion Publications (see Tax help) Purchase or sale of oil or gas, taxes in connection with, Taxes in Connection With the Purchase or Sale of Oil or Gas Q Qualified business unit, Translating foreign currency into U. 1040 ez tax forms S. 1040 ez tax forms dollars. 1040 ez tax forms Qualified dividends, Capital Gains and Losses R Rate of exchange, Rate of exchange for foreign taxes paid. 1040 ez tax forms Recapture of foreign losses, Recapture of Prior Year Overall Foreign Loss Accounts Records to keep, Records To Keep Redetermination of foreign tax, Foreign Tax Redetermination Refund claims, time limit, Time Limit on Refund Claims Refund, foreign tax, Foreign tax refund. 1040 ez tax forms Reporting requirements (international boycott), Reporting requirements. 1040 ez tax forms Resident aliens, Resident Aliens S S corporation shareholder, Partner or S corporation shareholder. 1040 ez tax forms , Foreign Taxes From a Partnership or an S Corporation Sanctioned countries, Taxes Imposed By Sanctioned Countries (Section 901(j) Income) Section 901(j) income, Section 901(j) Income Section 901(j) sanctioned income, Taxes Imposed By Sanctioned Countries (Section 901(j) Income) Separate limit income, Separate Limit Income General category income, General Category Income Income re-sourced by treaty, Certain Income Re-Sourced By Treaty Lump-sum distribution, Lump-Sum Distribution Passive category income, Passive Category Income Section 901(j) income, Section 901(j) Income Shareholder, Mutual fund shareholder. 1040 ez tax forms Simple example, Simple Example — Filled-In Form 1116 Soak-up taxes, Soak-up taxes. 1040 ez tax forms Social security taxes, Pension, unemployment, and disability fund payments. 1040 ez tax forms Source of compensation for labor or personal services Alternative basis, Alternative basis. 1040 ez tax forms Multi-year compensation, Multi-year compensation. 1040 ez tax forms Time basis, Time basis. 1040 ez tax forms Transportation income, Transportation Income State income taxes, State income taxes. 1040 ez tax forms Subsidy, Subsidy received. 1040 ez tax forms T Tax help, How To Get Tax Help Tax treaties, Tax Treaties Taxable income from sources outside the U. 1040 ez tax forms S. 1040 ez tax forms , determination of, Determining Taxable Income From Sources Outside the United States Taxes Excluded income, Foreign Earned Income and Housing Exclusions In lieu of income taxes, Taxes in Lieu of Income Taxes On dividends, Taxes Imposed on Certain Dividends Paid or accrued, Credit for Taxes Paid or Accrued Withheld on income or gain, Taxes Withheld on Income or Gain (Other Than Dividends) Taxes related to a foreign tax credit splitting event, Taxes Related to a Foreign Tax Credit Splitting Event Time limit Refund claims, Time Limit on Refund Claims Tax assessment, Time Limit on Tax Assessment Translating foreign currency, Translating foreign currency into U. 1040 ez tax forms S. 1040 ez tax forms dollars. 1040 ez tax forms U U. 1040 ez tax forms S. 1040 ez tax forms citizens, U. 1040 ez tax forms S. 1040 ez tax forms Citizens U. 1040 ez tax forms S. 1040 ez tax forms losses Allocation of, U. 1040 ez tax forms S. 1040 ez tax forms Losses U. 1040 ez tax forms S. 1040 ez tax forms possessions, U. 1040 ez tax forms S. 1040 ez tax forms possessions. 1040 ez tax forms Unused foreign tax credits, carryback or carryover, Carrybacks and carryovers. 1040 ez tax forms , Carryback and Carryover W Wages, Wages completely excluded. 1040 ez tax forms When refunds can be claimed, Time Limit on Refund Claims When tax can be assessed, Time Limit on Tax Assessment Who can take the credit, Who Can Take the Credit? Why choose the credit, Why Choose the Credit? Prev  Up     Home   More Online Publications