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1040form

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1040form

1040form Index A Additional Medicare Tax, Step 5. 1040form , Line 18. 1040form Address change, Change of address. 1040form Adjustments to income Estimated tax, Adjustments to income. 1040form Withholding allowances, Adjustments to income (worksheet line 4). 1040form Worksheet instructions, Deductions and Adjustments Worksheet, Net deductions and adjustments (worksheet line 8). 1040form AGI, AGI. 1040form Expected AGI, Expected AGI—Line 1 Aliens Nonresident aliens, Aliens Amended returns, Form Received After Filing, Amended returns. 1040form Annualized estimated tax worksheets, Worksheet 2-9. 1040form 2014 Annualized Estimated Tax Worksheet, Worksheet 2-9. 1040form 2014 Annualized Estimated Tax Worksheet(Continued) Annualized - Capital gains, Worksheet 2-12. 1040form 2014 Annualized Estimated Tax Worksheet—Line 12 Qualified Dividends and Capital Gain Tax Worksheet Annualized - Foreign Earned Income, Worksheet 2-13. 1040form 2014 Annualized Estimated Tax Worksheet—Line 12 Foreign Earned Income Tax Worksheet Annualized - Phaseout of itemized deductions, Worksheet 2-10. 1040form 2014 Annualized Estimated Tax Worksheet—Line 6 Phaseout of Itemized Deductions Annualized - Qualified dividends, Worksheet 2-12. 1040form 2014 Annualized Estimated Tax Worksheet—Line 12 Qualified Dividends and Capital Gain Tax Worksheet Annualized - Reduction of exemption amount, Worksheet 2-11. 1040form 2014 Annualized Estimated Tax Worksheet—Line 10 Reduction of Exemption Amount Annualized income installment method, Annualized Income Installment Method Capital gains worksheet, underpayment penalty, Worksheet 4-1. 1040form 2013 Form 2210, Schedule AI—Line 12 Qualified Dividends and Capital Gain Tax Worksheet Form 2210, Schedule AI, Annualized Income Installment Method (Schedule AI) Qualified dividends worksheet, underpayment penalty, Worksheet 4-1. 1040form 2013 Form 2210, Schedule AI—Line 12 Qualified Dividends and Capital Gain Tax Worksheet Underpayment penalty, (Schedule AI), Annualized Income Installment Method (Schedule AI) Annuities, Pensions and Annuities Assistance (see Tax help) B Backup withholding, Backup Withholding, Penalties. 1040form Credit against income tax, Backup withholding. 1040form C Capital gains and losses Annualized estimated tax, Tax on net capital gain. 1040form Estimated tax on net capital gain, Tax on net capital gain. 1040form Qualified dividends, Tax on qualified dividends and capital gains. 1040form Casualty and theft losses, Itemized deductions (worksheet line 1). 1040form Waiver of penalty, Waiver of Penalty Change of address, Change of address. 1040form Change of name, Name changed. 1040form Charitable contributions, Itemized deductions (worksheet line 1). 1040form Child and dependent care credit Personal Allowances Worksheet (Form W-4), Child and dependent care credit (worksheet line F). 1040form Child tax credit Personal Allowances Worksheet (Form W-4), Child tax credit (worksheet line G). 1040form Claim of right, Itemized deductions (worksheet line 1). 1040form Commodity credit corporation loans, Federal Payments Community property states, Community property states. 1040form Compensation, Salaries and Wages Independent contractors, backup withholding, Backup Withholding Supplemental wages, Supplemental Wages Tips, Tips Wages and salaries, Salaries and Wages Crediting of overpayment, Credit an Overpayment Credits 2013 withholding and estimated taxes, Credit for Withholding and Estimated Tax for 2013 Deductions and Adjustments Worksheet (Form W-4), Tax credits (worksheet line 5). 1040form Estimated tax against income tax, Estimated Tax Excess withholding on social security or railroad retirement taxes, Excess Social Security or Railroad Retirement Tax Withholding Expected taxes and credits, Expected Taxes and Credits— Lines 6–13c Withholding allowances, Tax credits (worksheet line 5). 1040form Withholding tax, credit for, Withholding Criminal penalties Willfully false or fraudulent Form W-4, Penalties Crop insurance payments, Federal Payments Cumulative wage method of withholding, Cumulative Wage Method D Deductions Home mortgage interest, Itemized deductions (worksheet line 1). 1040form Worksheet instructions, Deductions and Adjustments Worksheet Dependents Exemptions, Dependents. 1040form Disabled persons Impairment-related work expenses, Itemized deductions (worksheet line 1). 1040form Disaster Waiver of penalty, Waiver of Penalty Dividends Backup withholding, Backup Withholding Underreported, Underreported interest or dividends. 1040form Divorced taxpayers Estimated tax credit, Divorced Taxpayers Form W-4, Single. 1040form Domestic help, Household workers. 1040form Definition, Household workers. 1040form Withholding, Household workers. 1040form E Earned income credit (EIC), What's New for 2014 Eligible rollover distributions, Eligible Rollover Distributions Employee business expenses Accountable plans, Accountable plan. 1040form Nonaccountable plans, Nonaccountable plan. 1040form Reimbursements, Expense allowances. 1040form Employer Identification Numbers (EINs), Taxpayer identification number. 1040form Employers Excess withholding on social security and railroad retirement taxes, Two or more employers. 1040form , Employer's error. 1040form Repaying withheld tax, Repaying withheld tax. 1040form Tips, Tips Withholding rules, Rules Your Employer Must Follow Estate beneficiaries Underpayment penalty, Estate or trust payments of estimated tax. 1040form Estate tax Income in respect of a decedent, Itemized deductions (worksheet line 1). 1040form Estates Estimated tax, Estates and Trusts Estimated tax Adjustments to income, Adjustments to income. 1040form Aliens, Aliens, Nonresident aliens. 1040form Amended tax, Regular Installment Method Annualized income installment method, Annualized Income Installment Method Change in amount, Change in estimated tax. 1040form Change of address, Change of address. 1040form Change of name, Name changed. 1040form Credit against income tax, Estimated Tax Crediting of overpayment, Credit an Overpayment Divorced taxpayers, Divorced Taxpayers Estates and trusts, Estates and Trusts Exemptions, Exemptions—line 4. 1040form Expected AGI, Expected AGI—Line 1 Expected taxable income, Expected Taxable Income— Lines 2–5 Expected taxes and credits, Expected Taxes and Credits— Lines 6–13c Farmers and fishermen, Farmers and Fishermen, Farmers and fishermen. 1040form , Farmers and Fishermen Fiscal year taxpayers, Fiscal year taxpayers. 1040form Higher income individuals, Higher income taxpayers. 1040form How to figure, How To Figure Estimated Tax, How To Figure Each Payment How to pay, How To Pay Estimated Tax Instructions for Worksheet 2-9, annualized estimated tax, Instructions for the 2014 Annualized Estimated Tax Worksheet (Worksheet 2-9) Itemized deductions, Itemized deductions—line 2. 1040form Married taxpayers, Married Taxpayers Net capital gain, Tax on net capital gain. 1040form , Tax on net capital gain. 1040form No standard deduction, No standard deduction. 1040form Nonresident aliens, Nonresident aliens. 1040form Overpayment, Credit an Overpayment Payment vouchers, Pay by Check or Money Order Using the Estimated Tax Payment Voucher Payments not required, Estimated Tax Payments Not Required Regular installment method, Regular Installment Method Required annual payment, Required Annual Payment— Line 14c Self-employment income, Self-employment income. 1040form Separate returns, Separate Returns Sick pay, Estimated tax. 1040form Standard deduction, Standard deduction—line 2. 1040form , Line 7. 1040form Total estimated tax payments, Total Estimated Tax Payments Needed—Line 16a Types of taxes included, Introduction Underpayment penalty, Underpayment penalty. 1040form , Underpayment Penalty for 2013 When to pay, When To Pay Estimated Tax When to start payments, When To Start Who does not have to pay, Who Does Not Have To Pay Estimated Tax Who must pay, Who Must Pay Estimated Tax Estimated tax worksheets, Worksheets for Chapter 2, Worksheet 2-1. 1040form 2014 Estimated Tax Worksheet, Worksheet 2-2. 1040form 2014 Estimated Tax Worksheet—Line 1 Estimated Taxable Social Security and Railroad Retirement Benefits 2014 annualized estimated tax worksheet, Worksheet 2-9. 1040form 2014 Annualized Estimated Tax Worksheet Capital gains, tax on, Tax on net capital gain. 1040form Foreign earned income, Worksheet 2-8. 1040form 2014 Estimated Tax Worksheet—Line 6 Foreign Earned Income Tax Worksheet Form 1040-ES, Worksheet 2-1. 1040form 2014 Estimated Tax Worksheet Phaseout of itemized deductions, Worksheet 2-5. 1040form 2014 Estimated Tax Worksheet—Line 2 Phaseout of Itemized Deductions Railroad retirement benefits, Worksheet 2-2. 1040form 2014 Estimated Tax Worksheet—Line 1 Estimated Taxable Social Security and Railroad Retirement Benefits Reduction of exemption amount, Worksheet 2-6. 1040form 2014 Estimated Tax Worksheet—Line 4 Reduction of Exemption Amount Self-employment tax, Worksheet 2-3. 1040form 2014 Estimated Tax Worksheet—Lines 1 and 11 Estimated Self-Employment Tax and Deduction Worksheet Social security benefits, Worksheet 2-2. 1040form 2014 Estimated Tax Worksheet—Line 1 Estimated Taxable Social Security and Railroad Retirement Benefits Standard deduction, Worksheet 2-4. 1040form 2014 Estimated Tax Worksheet—Line 2 Standard Deduction Worksheet Excess social security or railroad retirement tax withholding, Excess Social Security or Railroad Retirement Tax Withholding, How to claim refund of excess tier 2 RRTA. 1040form Nonrailroad employees worksheet, Worksheet for Nonrailroad Employees Railroad employees worksheets, Worksheets for Railroad Employees Exemption from withholding, Exemption From Withholding Claiming, Claiming exemption from withholding. 1040form Good for only one year, An exemption is good for only 1 year. 1040form Itemized deductions, Itemizing deductions or claiming exemptions or credits. 1040form Students, Students. 1040form Exemptions, Line 10. 1040form Dependents, Dependents. 1040form Expected taxable income, Exemptions—line 4. 1040form Personal Allowances Worksheet, Exemptions (worksheet lines A, C, and D). 1040form Self, Self. 1040form Spouse, Spouse. 1040form Withholding allowances, Withholding Allowances Expenses, Itemized deductions (worksheet line 1). 1040form Allowances, Expense allowances. 1040form F Farmers Estimated tax, Special Rules, Farmers and fishermen. 1040form , Farmers and Fishermen Fiscal years, Fiscal year farmers and fishermen. 1040form Gross income, Gross income from farming. 1040form Joint returns, Joint returns. 1040form Required annual payment, Farmers and fishermen. 1040form Underpayment penalty, Farmers and fishermen. 1040form , Farmers and Fishermen Waiver of underpayment penalty, Farmers and fishermen. 1040form Withholding for farmworkers, Farmworkers. 1040form Figures Tables and figures (see Tables and figures) Fiscal years Estimated tax, Fiscal year taxpayers. 1040form Farmers and fishermen, Fiscal year farmers and fishermen. 1040form Withholding tax credit, Fiscal Years (FY) Fishermen Estimated tax, Special Rules, Farmers and fishermen. 1040form , Farmers and Fishermen Fiscal years, Fiscal year farmers and fishermen. 1040form Gross income, Gross income from fishing. 1040form Joint returns, Joint returns. 1040form Required annual payment, Farmers and fishermen. 1040form Underpayment penalty, Farmers and fishermen. 1040form , Farmers and Fishermen Waiver of underpayment penalty, Farmers and fishermen. 1040form Form 1040-ES, Introduction, How To Pay Estimated Tax Form 1040-ES (NR), Aliens Form 1040X, Form Received After Filing Form 1041-ES, Estates and Trusts Form 1099 series, Backup Withholding, The 1099 Series Form 2210, Form 2210. 1040form , Figuring Your Required Annual Payment (Part I) Form 2210-F, Form 2210-F. 1040form Form W-2, Form W-2 Form W-2c, Form Not Correct Form W-2G, Form W-2G. 1040form , Form W-2G Form W-4 worksheets, Completing Form W-4 and Worksheets Completing of, Completing Form W-4 and Worksheets Deductions and adjustments worksheet, Deductions and Adjustments Worksheet IRS withholding calculator, IRS Withholding Calculator. 1040form Number of allowances claimed, Only one job (worksheet line B). 1040form Two-Earners/Multiple Jobs Worksheet, Two-Earners/Multiple Jobs Worksheet Withholding allowances, Completing Form W-4 and Worksheets, Form W-4 worksheets. 1040form Form W-4, Employee's Allowance Withholding Certificate, Determining Amount of Tax Withheld Using Form W-4 Form W-4P, Periodic Payments Form W-4S, Form W-4S. 1040form Form W-4V, Unemployment Compensation Form W-7, Taxpayer identification number. 1040form Form W-9, Withholding rules. 1040form Fraud Form W-4 statements, Penalties Free tax services, Free help with your tax return. 1040form Fringe benefits, Taxable Fringe Benefits, More information. 1040form G Gambling Form W-2G, Form W-2G Losses, Itemized deductions (worksheet line 1). 1040form , Form W-2G Winnings, Form W-2G Gross income, Gross income. 1040form Farming, Gross income from farming. 1040form Fishing, Gross income from fishing. 1040form H Head of household Personal Allowances Worksheet, Head of household filing status (worksheet line E). 1040form Withholding allowance, Head of household filing status (worksheet line E). 1040form Help (see Tax help) Higher income individuals Required annual payment, Higher income taxpayers. 1040form Underpayment penalty, Higher income taxpayers. 1040form Household workers, Household workers. 1040form I Individual retirement arrangements (IRAs), Pensions and Annuities (see also Pensions) Interest income Backup withholding, Backup Withholding Underreported, Underreported interest or dividends. 1040form IRS withholding calculator, IRS Withholding Calculator. 1040form Itemized deductions Deductions and Adjustments Worksheet, Itemized deductions (worksheet line 1). 1040form Estimated tax, expected taxable income, Itemized deductions—line 2. 1040form Exemption from withholding, Itemizing deductions or claiming exemptions or credits. 1040form Gambling losses, Itemized deductions (worksheet line 1). 1040form , Form W-2G J Joint returns Excess withholding on social security and railroad retirement taxes, Joint returns. 1040form Farmers and fishermen, Joint returns. 1040form Underpayment penalty, 2012 separate returns and 2013 joint return. 1040form M Marital status Form W-4 worksheet, Marital Status Withholding rate, Marital Status Married taxpayers, Joint returns. 1040form (see also Joint returns) Estimated tax, Married Taxpayers Marital status, Married. 1040form Withholding allowances, Married individuals. 1040form Medical and dental expenses, Itemized deductions (worksheet line 1). 1040form Military retirement pay, Military retirees. 1040form , Periodic Payments Missing children, photographs of, Reminders Multiple jobs Excess social security and railroad retirement withholding, Excess Social Security or Railroad Retirement Tax Withholding Withholding allowances, Multiple jobs. 1040form N Name change, Name changed. 1040form Net investment income tax, Step 5. 1040form , Line 18. 1040form NIIT, Step 5. 1040form , Line 18. 1040form Noncitizens Estimated tax, Aliens Withholding, Single. 1040form , Employees who are not citizens or residents. 1040form Nonqualified deferred compensation, Periodic Payments Nonresident aliens Estimated tax, Aliens, Nonresident aliens. 1040form Individual taxpayer identification numbers (ITINs), Taxpayer identification number. 1040form O Overpayment Crediting to estimated tax, Credit an Overpayment P Part-year method of withholding, Part-Year Method Patronage dividends Backup withholding, Backup Withholding Payment vouchers, Pay by Check or Money Order Using the Estimated Tax Payment Voucher Penalties Backup withholding, Penalties. 1040form Underpayment of estimated tax, Underpayment Penalty for 2013 Waiver of underpayment penalty, Waiver of Penalty Willfully false or fraudulent Form W-4, Penalties Withholding allowances, Penalties Pensions, Pensions and Annuities New job, Employee also receiving pension income. 1040form Rollovers, Eligible Rollover Distributions Wages and salaries withholding rules compared, Withholding rules. 1040form Personal Allowances Worksheet, Personal Allowances Worksheet, Total personal allowances (worksheet line H). 1040form Publications (see Tax help) R Railroad retirement benefits Choosing to withhold, Federal Payments Railroad retirement tax Excess withholding, Excess Social Security or Railroad Retirement Tax Withholding, Worksheets for Railroad Employees Refund claims (tier 2), How to claim refund of excess tier 2 RRTA. 1040form Regular installment method, estimated tax, Regular Installment Method Reimbursements, Expense allowances. 1040form Excess, Accountable plan. 1040form Reporting Fringe benefits, How your employer reports your benefits. 1040form Gambling winnings, Information to give payer. 1040form Tips to employer, Reporting tips to your employer. 1040form Required annual payment, Required Annual Payment— Line 14c, Example. 1040form Retirement plans Pension plans, Pensions and Annuities Pensions, Pensions and Annuities Rollovers, Eligible Rollover Distributions State or local deferred compensation plan payments, Periodic Payments Rollovers, Eligible Rollover Distributions Royalties Backup withholding, Backup Withholding S Salaries, Salaries and Wages Saturday, Sunday, holiday rule, Saturday, Sunday, holiday rule. 1040form Self-employment tax, Self-employment income. 1040form Separate returns Estimated tax credit, Separate Returns Underpayment penalty, 2012 joint return and 2013 separate returns. 1040form Withholding tax credit, Separate Returns Sick pay, Sick Pay, Estimated tax. 1040form Single marital status, Single. 1040form Social security benefits Choosing to withhold, Federal Payments Social security taxes Excess withholding, Excess Social Security or Railroad Retirement Tax Withholding Taxpayer identification numbers (TINs), Taxpayer identification number. 1040form Withholding obligation, Reminders Spouse, Marital Status (see also Married taxpayers) Exemption, Spouse. 1040form Marital status, Marital Status Personal Allowances Worksheet, Spouse. 1040form Standard deduction, Standard deduction—line 2. 1040form , Line 7. 1040form State and local income taxes and property taxes, Itemized deductions (worksheet line 1). 1040form State or local deferred compensation plan payments, Periodic Payments Students, Students. 1040form Supplemental wages, Supplemental Wages T Tables and figures Do you have to pay estimated tax? (Figure 2-A), Exemption from withholding on Form W-4 (Figure 1-A), Railroad retirement, maximum withholding (Table 3-2), Table 3-2. 1040form Maximum Social Security and RRTA Withholding for 2013 Social security, maximum withholding (Table 3-2), Table 3-2. 1040form Maximum Social Security and RRTA Withholding for 2013 Worksheets, where to find, Worksheets for Chapter 2 Tax help, How To Get Tax Help Tax Rate Schedules, 2014 Tax Rate Schedules Taxpayer identification numbers (TINs), Taxpayer identification number. 1040form Tips, Tips, More information. 1040form Total income, Total income. 1040form Trust beneficiaries Underpayment penalty, Estate or trust payments of estimated tax. 1040form TTY/TDD information, How To Get Tax Help Two-Earners/Multiple Jobs Worksheet, Two-Earners/Multiple Jobs Worksheet U Underpayment penalty, Underpayment Penalty for 2013, Worksheet for Form 2210, Part IV, Section B—Figuring the Penalty Actual withholding method, Actual withholding method. 1040form Amended estimated tax, Underpayment penalty. 1040form Amended returns, Amended returns. 1040form Annualized income installment method, Annualized Income Installment Method (Schedule AI) Beneficiaries of estates and trusts, Estate or trust payments of estimated tax. 1040form Capital gains (Worksheet 4-1), Worksheet 4-1. 1040form 2013 Form 2210, Schedule AI—Line 12 Qualified Dividends and Capital Gain Tax Worksheet Exceptions, Exceptions Farmers and fishermen, Farmers and fishermen. 1040form , Farmers and Fishermen, Farmers and fishermen. 1040form Figuring, IRS can figure the penalty for you. 1040form , Short Method for Figuring the Penalty (Part III), Regular Method for Figuring the Penalty (Part IV) Higher income individuals, Higher income taxpayers. 1040form Joint returns, 2012 separate returns and 2013 joint return. 1040form Lowering or eliminating, Lowering or eliminating the penalty. 1040form Minimum required each period, Minimum required each period. 1040form No penalty, No penalty. 1040form No tax liability last year exception, No Tax Liability Last Year Paid through withholding, Paid through withholding. 1040form , Actual withholding method. 1040form Penalty figured for each period, Penalty figured separately for each period. 1040form Penalty thresholds, General Rule Qualified dividends (Worksheet 4-1), Worksheet 4-1. 1040form 2013 Form 2210, Schedule AI—Line 12 Qualified Dividends and Capital Gain Tax Worksheet Required annual payment, Figuring Your Required Annual Payment (Part I) Schedule AI, Annualized Income Installment Method (Schedule AI) Separate returns, 2012 joint return and 2013 separate returns. 1040form Waiver, Waiver of Penalty When charged, When penalty is charged. 1040form Unemployment compensation, Unemployment Compensation, Form 1099-G. 1040form W Wages and salaries, Salaries and Wages Waiver of penalty, Waiver of Penalty Withholding Allowances, Withholding Allowances, Alternative method of figuring withholding allowances. 1040form , Only one job (worksheet line B). 1040form Personal Allowances Worksheet, Personal Allowances Worksheet Amended returns, Form Received After Filing Amount of tax withheld, Form W-4, Determining Amount of Tax Withheld Using Form W-4 Annuities, Pensions and Annuities Backup withholding, Backup Withholding Changing, Changing Your Withholding Checking amount of, Checking Your Withholding Choosing not to withhold, Choosing Not To Have Income Tax Withheld Community property states, Community property states. 1040form Credit against income tax, Withholding Cumulative wage method, Cumulative Wage Method Deductions and adjustments worksheet, Deductions and Adjustments Worksheet Divorced taxpayers, Single. 1040form Domestic help, Household workers. 1040form Employers' rules, Rules Your Employer Must Follow Estimated tax, Withholding—line 15. 1040form Excess social security and railroad retirement taxes, Excess Social Security or Railroad Retirement Tax Withholding Exemption from, Exemption From Withholding Farmworkers, Farmworkers. 1040form Fiscal years, Fiscal Years (FY) Form received after filing, Form Received After Filing Form W-2, Form W-2 Form W-2c, Form Not Correct Form W-2G, Form W-2G. 1040form , Form W-2G Form W-4, Determining Amount of Tax Withheld Using Form W-4 Fringe benefits, Taxable Fringe Benefits Gambling winnings, Gambling Winnings, Backup withholding on gambling winnings. 1040form , Form W-2G Getting right amount of tax withheld, Getting the Right Amount of Tax Withheld, IRS Withholding Calculator. 1040form Household workers, Household workers. 1040form Marital status, Marital Status Married taxpayers, Married. 1040form , Married individuals. 1040form Multiple jobs, Multiple jobs. 1040form Noncitizens, Single. 1040form , Employees who are not citizens or residents. 1040form Nonperiodic payments, Nonperiodic Payments Part-year method, Part-Year Method Penalties, Penalties Pensions, Pensions and Annuities Periodic payments, Periodic Payments Railroad retirement benefits, Federal Payments Repaying withheld tax, Repaying withheld tax. 1040form Rollovers, Eligible Rollover Distributions Salaries and wages, Salaries and Wages Separate returns, Separate Returns Sick pay, Sick Pay Single taxpayers, Single. 1040form Social security (FICA) tax, Reminders, Federal Payments Tips, Tips Types of income, Introduction, Salaries and Wages Underpayment penalty, Paid through withholding. 1040form , Actual withholding method. 1040form Unemployment compensation, Unemployment Compensation Worksheet for Form 2210, Part IV, Section B-Figure the Penalty Penalty Worksheet, Worksheet for Form 2210, Part IV, Section B—Figuring the Penalty Worksheets (blank) Annualized - Capital gains (Worksheet 2-12), Worksheet 2-12. 1040form 2014 Annualized Estimated Tax Worksheet—Line 12 Qualified Dividends and Capital Gain Tax Worksheet Annualized - Foreign Earned Income (Worksheet 2-13), Worksheet 2-13. 1040form 2014 Annualized Estimated Tax Worksheet—Line 12 Foreign Earned Income Tax Worksheet Annualized - Phaseout of itemized deductions (Worksheet 2-10), Worksheet 2-10. 1040form 2014 Annualized Estimated Tax Worksheet—Line 6 Phaseout of Itemized Deductions Annualized - Qualified dividends (Worksheet 2-12), Worksheet 2-12. 1040form 2014 Annualized Estimated Tax Worksheet—Line 12 Qualified Dividends and Capital Gain Tax Worksheet Annualized - Reduction of exemption amount (Worksheet 2-11), Worksheet 2-11. 1040form 2014 Annualized Estimated Tax Worksheet—Line 10 Reduction of Exemption Amount Annualized estimated tax (Worksheet 2-9), Worksheet 2-9. 1040form 2014 Annualized Estimated Tax Worksheet, Worksheet 2-9. 1040form 2014 Annualized Estimated Tax Worksheet(Continued) Capital gains tax worksheet Worksheet 4-1, Worksheet 4-1. 1040form 2013 Form 2210, Schedule AI—Line 12 Qualified Dividends and Capital Gain Tax Worksheet Dependents (age 65 or older or blind) exemption from withholding (Worksheet 1-4), Worksheet 1-4. 1040form Exemption From Withholding for Dependents Age 65 or Older or Blind Estimated tax worksheets (Worksheet 2-1), Worksheet 2-1. 1040form 2014 Estimated Tax Worksheet Foreign earned income (Worksheet 2-8), Worksheet 2-8. 1040form 2014 Estimated Tax Worksheet—Line 6 Foreign Earned Income Tax Worksheet Phaseout of itemized deductions (Worksheet 2-5), Worksheet 2-5. 1040form 2014 Estimated Tax Worksheet—Line 2 Phaseout of Itemized Deductions Qualified dividends Worksheet 4-1, Worksheet 4-1. 1040form 2013 Form 2210, Schedule AI—Line 12 Qualified Dividends and Capital Gain Tax Worksheet Railroad retirement benefits (Worksheet 2-2), Worksheet 2-2. 1040form 2014 Estimated Tax Worksheet—Line 1 Estimated Taxable Social Security and Railroad Retirement Benefits Reduction of exemption amount (Worksheet 2-6), Worksheet 2-6. 1040form 2014 Estimated Tax Worksheet—Line 4 Reduction of Exemption Amount Self-employment tax and deduction (Worksheet 2-3), Worksheet 2-3. 1040form 2014 Estimated Tax Worksheet—Lines 1 and 11 Estimated Self-Employment Tax and Deduction Worksheet Social security benefits (Worksheet 2-2), Worksheet 2-2. 1040form 2014 Estimated Tax Worksheet—Line 1 Estimated Taxable Social Security and Railroad Retirement Benefits Standard deduction (Worksheet 2-4), Worksheet 2-4. 1040form 2014 Estimated Tax Worksheet—Line 2 Standard Deduction Worksheet Prev  Up     Home   More Online Publications
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Bank Accounts

Learn more about how to chose a bank account and resolve problems with your bank.


Tips for Choosing a Bank

Choosing a bank is a major decision, and there is no one right choice for all consumers.

When you shop for a bank, you have to consider the actual products and services it provides as well as the location of branches, size of the bank, fees, and interest rates. Even if you conduct most transactions online or at automated teller machines, you want to choose a bank with quality customer service.

Also, consider the variety of products that the bank provides; some banks may specialize in checking and savings accounts, while others are full-service banks, offering loans and CDs.

You don’t have to maintain all of your accounts at one bank; you can have relationships with several to get the best rates on different services.

The 1040form

1040form 11. 1040form   Casualties, Thefts, and Condemnations Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Casualties and TheftsDeductible losses. 1040form Nondeductible losses. 1040form Family pet. 1040form Progressive deterioration. 1040form Decline in market value of stock. 1040form Mislaid or lost property. 1040form Farming Losses How To Figure a Loss Deduction Limits on Losses of Personal-Use Property When Loss Is Deductible Proof of Loss Figuring a Gain Other Involuntary ConversionsCondemnation Irrigation Project Livestock Losses Tree Seedlings Postponing GainException. 1040form Related persons. 1040form Replacement Property Replacement Period How To Postpone Gain Disaster Area LossesWho is eligible. 1040form Covered disaster area. 1040form Reporting Gains and Losses Introduction This chapter explains the tax treatment of casualties, thefts, and condemnations. 1040form A casualty occurs when property is damaged, destroyed, or lost due to a sudden, unexpected, or unusual event. 1040form A theft occurs when property is stolen. 1040form A condemnation occurs when private property is legally taken for public use without the owner's consent. 1040form A casualty, theft, or condemnation may result in a deductible loss or taxable gain on your federal income tax return. 1040form You may have a deductible loss or a taxable gain even if only a portion of your property was affected by a casualty, theft, or condemnation. 1040form An involuntary conversion occurs when you receive money or other property as reimbursement for a casualty, theft, condemnation, disposition of property under threat of condemnation, or certain other events discussed in this chapter. 1040form If an involuntary conversion results in a gain and you buy qualified replacement property within the specified replacement period, you can postpone reporting the gain on your income tax return. 1040form For more information, see Postponing Gain , later. 1040form Topics - This chapter discusses: Casualties and thefts How to figure a loss or gain Other involuntary conversions Postponing gain Disaster area losses Reporting gains and losses Drought involving property connected with a trade or business or a transaction entered into for profit Useful Items - You may want to see: Publication 523 Selling Your Home 525 Taxable and Nontaxable Income 536 Net Operating Losses (NOLs) for Individuals, Estates, and Trusts 544 Sales and Other Dispositions of Assets 547 Casualties, Disasters, and Thefts 584 Casualty, Disaster, and Theft Loss Workbook (Personal-Use Property) 584-B Business Casualty, Disaster, and Theft Loss Workbook Form (and Instructions) Sch A (Form 1040) Itemized Deductions Sch D (Form 1040) Capital Gains and Losses Sch F (Form 1040) Profit or Loss From Farming 4684 Casualties and Thefts 4797 Sales of Business Property See chapter 16 for information about getting publications and forms. 1040form Casualties and Thefts If your property is destroyed, damaged, or stolen, you may have a deductible loss. 1040form If the insurance or other reimbursement is more than the adjusted basis of the destroyed, damaged, or stolen property, you may have a taxable gain. 1040form Casualty. 1040form   A casualty is the damage, destruction, or loss of property resulting from an identifiable event that is sudden, unexpected, or unusual. 1040form A sudden event is one that is swift, not gradual or progressive. 1040form An unexpected event is one that is ordinarily unanticipated and unintended. 1040form An unusual event is one that is not a day-to-day occurrence and that is not typical of the activity in which you were engaged. 1040form Deductible losses. 1040form   Deductible casualty losses can result from a number of different causes, including the following. 1040form Airplane crashes. 1040form Car, truck, or farm equipment accidents not resulting from your willful act or willful negligence. 1040form Earthquakes. 1040form Fires (but see Nondeductible losses next for exceptions). 1040form Floods. 1040form Freezing. 1040form Government-ordered demolition or relocation of a home that is unsafe to use because of a disaster as discussed under Disaster Area Losses, in Publication 547. 1040form Lightning. 1040form Storms, including hurricanes and tornadoes. 1040form Terrorist attacks. 1040form Vandalism. 1040form Volcanic eruptions. 1040form Nondeductible losses. 1040form   A casualty loss is not deductible if the damage or destruction is caused by the following. 1040form Accidentally breaking articles such as glassware or china under normal conditions. 1040form A family pet (explained below). 1040form A fire if you willfully set it, or pay someone else to set it. 1040form A car, truck, or farm equipment accident if your willful negligence or willful act caused it. 1040form The same is true if the willful act or willful negligence of someone acting for you caused the accident. 1040form Progressive deterioration (explained below). 1040form Family pet. 1040form   Loss of property due to damage by a family pet is not deductible as a casualty loss unless the requirements discussed above under Casualty are met. 1040form Example. 1040form You keep your horse in your yard. 1040form The ornamental fruit trees in your yard were damaged when your horse stripped the bark from them. 1040form Some of the trees were completely girdled and died. 1040form Because the damage was not unexpected or unusual, the loss is not deductible. 1040form Progressive deterioration. 1040form   Loss of property due to progressive deterioration is not deductible as a casualty loss. 1040form This is because the damage results from a steadily operating cause or a normal process, rather than from a sudden event. 1040form Examples of damage due to progressive deterioration include damage from rust, corrosion, or termites. 1040form However, weather-related conditions or disease may cause another type of involuntary conversion. 1040form See Other Involuntary Conversions , later. 1040form Theft. 1040form   A theft is the taking and removing of money or property with the intent to deprive the owner of it. 1040form The taking of property must be illegal under the law of the state where it occurred and it must have been done with criminal intent. 1040form You do not need to show a conviction for theft. 1040form   Theft includes the taking of money or property by the following means: Blackmail, Burglary, Embezzlement, Extortion, Kidnapping for ransom, Larceny, Robbery, or Threats. 1040form The taking of money or property through fraud or misrepresentation is theft if it is illegal under state or local law. 1040form Decline in market value of stock. 1040form   You cannot deduct as a theft loss the decline in market value of stock acquired on the open market for investment if the decline is caused by disclosure of accounting fraud or other illegal misconduct by the officers or directors of the corporation that issued the stock. 1040form However, you can deduct as a capital loss the loss you sustain when you sell or exchange the stock or the stock becomes completely worthless. 1040form You report a capital loss on Schedule D (Form 1040). 1040form For more information about stock sales, worthless stock, and capital losses, see chapter 4 of Publication 550. 1040form Mislaid or lost property. 1040form   The simple disappearance of money or property is not a theft. 1040form However, an accidental loss or disappearance of property can qualify as a casualty if it results from an identifiable event that is sudden, unexpected, or unusual. 1040form Example. 1040form A car door is accidentally slammed on your hand, breaking the setting of your diamond ring. 1040form The diamond falls from the ring and is never found. 1040form The loss of the diamond is a casualty. 1040form Farming Losses You can deduct certain casualty or theft losses that occur in the business of farming. 1040form The following is a discussion of some losses you can deduct and some you cannot deduct. 1040form Livestock or produce bought for resale. 1040form   Casualty or theft losses of livestock or produce bought for resale are deductible if you report your income on the cash method. 1040form If you report your income on an accrual method, take casualty and theft losses on property bought for resale by omitting the item from the closing inventory for the year of the loss. 1040form You cannot take a separate deduction. 1040form Livestock, plants, produce, and crops raised for sale. 1040form   Losses of livestock, plants, produce, and crops raised for sale are generally not deductible if you report your income on the cash method. 1040form You have already deducted the cost of raising these items as farm expenses, so their basis is equal to zero. 1040form   For plants with a preproductive period of more than 2 years, you may have a deductible loss if you have a tax basis in the plants. 1040form You usually have a tax basis if you capitalized the expenses associated with these plants under the uniform capitalization rules. 1040form The uniform capitalization rules are discussed in chapter 6. 1040form   If you report your income on an accrual method, casualty or theft losses are deductible only if you included the items in your inventory at the beginning of your tax year. 1040form You get the deduction by omitting the item from your inventory at the close of your tax year. 1040form You cannot take a separate casualty or theft deduction. 1040form Income loss. 1040form   A loss of future income is not deductible. 1040form Example. 1040form A severe flood destroyed your crops. 1040form Because you are a cash method taxpayer and already deducted the cost of raising the crops as farm expenses, this loss is not deductible, as explained above under Livestock, plants, produce, and crops raised for sale . 1040form You estimate that the crop loss will reduce your farm income by $25,000. 1040form This loss of future income is also not deductible. 1040form Loss of timber. 1040form   If you sell timber downed as a result of a casualty, treat the proceeds from the sale as a reimbursement. 1040form If you use the proceeds to buy qualified replacement property, you can postpone reporting the gain. 1040form See Postponing Gain , later. 1040form Property used in farming. 1040form   Casualty and theft losses of property used in your farm business usually result in deductible losses. 1040form If a fire or storm destroyed your barn, or you lose by casualty or theft an animal you bought for draft, breeding, dairy, or sport, you may have a deductible loss. 1040form See How To Figure a Loss , later. 1040form Raised draft, breeding, dairy, or sporting animals. 1040form   Generally, losses of raised draft, breeding, dairy, or sporting animals do not result in deductible casualty or theft losses because you have no basis in the animals. 1040form However, you may have a basis in the animal and therefore may be able to claim a deduction if either of the following situations applies to you. 1040form You use inventories to determine your income and you included the animals in your inventory. 1040form You capitalized the expenses associated with the animals under the uniform capitalization rules and therefore have a tax basis in the animals subject to a casualty or theft. 1040form When you include livestock in inventory, its last inventory value is its basis. 1040form When you lose an inventoried animal held for draft, breeding, dairy, or sport by casualty or theft during the year, decrease ending inventory by the amount you included in inventory for the animal. 1040form You cannot take a separate deduction. 1040form How To Figure a Loss How you figure a deductible casualty or theft loss depends on whether the loss was to farm or personal-use property and whether the property was stolen or partly or completely destroyed. 1040form Farm property. 1040form   Farm property is the property you use in your farming business. 1040form If your farm property was completely destroyed or stolen, your loss is figured as follows:      Your adjusted basis in the property     MINUS     Any salvage value     MINUS     Any insurance or other reimbursement you  receive or expect to receive      You can use the schedules in Publication 584-B to list your stolen, damaged, or destroyed business property and to figure your loss. 1040form   If your farm property was partially damaged, use the steps shown under Personal-use property next to figure your casualty loss. 1040form However, the deduction limits, discussed later, do not apply to farm property. 1040form Personal-use property. 1040form   Personal-use property is property used by you or your family members for personal purposes and not used in your farm business or for income-producing purposes. 1040form The following items are examples of personal-use property: Your main home. 1040form Furniture and electronics used in your main home and not used in a home office or for business purposes. 1040form Clothing and jewelry. 1040form An automobile used for nonbusiness purposes. 1040form You figure the casualty or theft loss on this property by taking the following steps. 1040form Determine your adjusted basis in the property before the casualty or theft. 1040form Determine the decrease in fair market value of the property as a result of the casualty or theft. 1040form From the smaller of the amounts you determined in (1) and (2), subtract any insurance or other reimbursement you receive or expect to receive. 1040form You must apply the deduction limits, discussed later, to determine your deductible loss. 1040form    You can use Publication 584 to list your stolen or damaged personal-use property and figure your loss. 1040form It includes schedules to help you figure the loss on your home, its contents, and your motor vehicles. 1040form Adjusted basis. 1040form   Adjusted basis is your basis (usually cost) increased or decreased by various events, such as improvements and casualty losses. 1040form For more information about adjusted basis, see chapter 6. 1040form Decrease in fair market value (FMV). 1040form   The decrease in FMV is the difference between the property's value immediately before the casualty or theft and its value immediately afterward. 1040form FMV is defined in chapter 10 under Payments Received or Considered Received . 1040form Appraisal. 1040form   To figure the decrease in FMV because of a casualty or theft, you generally need a competent appraisal. 1040form But other measures, such as the cost of cleaning up or making repairs (discussed next) can be used to establish decreases in FMV. 1040form   An appraisal to determine the difference between the FMV of the property immediately before a casualty or theft and immediately afterward should be made by a competent appraiser. 1040form The appraiser must recognize the effects of any general market decline that may occur along with the casualty. 1040form This information is needed to limit any deduction to the actual loss resulting from damage to the property. 1040form Cost of cleaning up or making repairs. 1040form   The cost of cleaning up after a casualty is not part of a casualty loss. 1040form Neither is the cost of repairing damaged property after a casualty. 1040form But you can use the cost of cleaning up or making repairs after a casualty as a measure of the decrease in FMV if you meet all the following conditions. 1040form The repairs are actually made. 1040form The repairs are necessary to bring the property back to its condition before the casualty. 1040form The amount spent for repairs is not excessive. 1040form The repairs fix the damage only. 1040form The value of the property after the repairs is not, due to the repairs, more than the value of the property before the casualty. 1040form Related expenses. 1040form   The incidental expenses due to a casualty or theft, such as expenses for the treatment of personal injuries, temporary housing, or a rental car, are not part of your casualty or theft loss. 1040form However, they may be deductible as farm business expenses if the damaged or stolen property is farm property. 1040form Separate computations for more than one item of property. 1040form   Generally, if a single casualty or theft involves more than one item of property, you must figure your loss separately for each item of property. 1040form Then combine the losses to determine your total loss. 1040form    There is an exception to this rule for personal-use real property. 1040form See Exception for personal-use real property, later. 1040form Example. 1040form A fire on your farm damaged a tractor and the barn in which it was stored. 1040form The tractor had an adjusted basis of $3,300. 1040form Its FMV was $28,000 just before the fire and $10,000 immediately afterward. 1040form The barn had an adjusted basis of $28,000. 1040form Its FMV was $55,000 just before the fire and $25,000 immediately afterward. 1040form You received insurance reimbursements of $2,100 on the tractor and $26,000 on the barn. 1040form Figure your deductible casualty loss separately for the two items of property. 1040form     Tractor Barn 1) Adjusted basis $3,300 $28,000 2) FMV before fire $28,000 $55,000 3) FMV after fire 10,000 25,000 4) Decrease in FMV  (line 2 − line 3) $18,000 $30,000 5) Loss (lesser of line 1 or line 4) $3,300 $28,000 6) Minus: Insurance 2,100 26,000 7) Deductible casualty loss $1,200 $2,000 8) Total deductible casualty loss $3,200 Exception for personal-use real property. 1040form   In figuring a casualty loss on personal-use real property, the entire property (including any improvements, such as buildings, trees, and shrubs) is treated as one item. 1040form Figure the loss using the smaller of the following. 1040form The decrease in FMV of the entire property. 1040form The adjusted basis of the entire property. 1040form Example. 1040form You bought a farm in 1990 for $160,000. 1040form The adjusted basis of the residential part is now $128,000. 1040form In 2013, a windstorm blew down shade trees and three ornamental trees planted at a cost of $7,500 on the residential part. 1040form The adjusted basis of the residential part includes the $7,500. 1040form The fair market value (FMV) of the residential part immediately before the storm was $400,000, and $385,000 immediately after the storm. 1040form The trees were not covered by insurance. 1040form 1) Adjusted basis $128,000 2) FMV before the storm $400,000 3) FMV after the storm 385,000 4) Decrease in FMV (line 2 − line 3) $15,000 5) Loss before insurance (lesser of line 1 or line 4) $15,000 6) Minus: Insurance -0- 7) Amount of loss $15,000 Insurance and other reimbursements. 1040form   If you receive an insurance or other type of reimbursement, you must subtract the reimbursement when you figure your loss. 1040form You do not have a casualty or theft loss to the extent you are reimbursed. 1040form   If you expect to be reimbursed for part or all of your loss, you must subtract the expected reimbursement when you figure your loss. 1040form You must reduce your loss even if you do not receive payment until a later tax year. 1040form    Do not subtract from your loss any insurance payments you receive for living expenses if you lose the use of your main home or are denied access to it because of a casualty. 1040form You may have to include a portion of these payments in your income. 1040form See Insurance payments for living expenses in Publication 547 for details. 1040form Disaster relief. 1040form   Food, medical supplies, and other forms of assistance you receive do not reduce your casualty loss, unless they are replacements for lost or destroyed property. 1040form Excludable cash gifts you receive also do not reduce your casualty loss if there are no limits on how you can use the money. 1040form   Generally, disaster relief grants received under the Robert T. 1040form Stafford Disaster Relief and Emergency Assistance Act are not included in your income. 1040form See Federal disaster relief grants , later, under Disaster Area Losses . 1040form   Qualified disaster relief payments for expenses you incurred as a result of a federally declared disaster are not taxable income to you. 1040form See Qualified disaster relief payments , later, under Disaster Area Losses . 1040form Reimbursement received after deducting loss. 1040form   If you figure your casualty or theft loss using your expected reimbursement, you may have to adjust your tax return for the tax year in which you get your actual reimbursement. 1040form Actual reimbursement less than expected. 1040form   If you later receive less reimbursement than you expected, include that difference as a loss with your other losses (if any) on your return for the year in which you can reasonably expect no more reimbursement. 1040form Actual reimbursement more than expected. 1040form   If you later receive more reimbursement than you expected after you have claimed a deduction for the loss, you may have to include the extra reimbursement in your income for the year you receive it. 1040form However, if any part of your original deduction did not reduce your tax for the earlier year, do not include that part of the reimbursement in your income. 1040form Do not refigure your tax for the year you claimed the deduction. 1040form See Recoveries in Publication 525 to find out how much extra reimbursement to include in income. 1040form If the total of all the reimbursements you receive is more than your adjusted basis in the destroyed or stolen property, you will have a gain on the casualty or theft. 1040form See Figuring a Gain in Publication 547 for information on how to treat a gain from the reimbursement you receive because of a casualty or theft. 1040form Actual reimbursement same as expected. 1040form   If you receive exactly the reimbursement you expected to receive, you do not have to include any of the reimbursement in your income and you cannot deduct any additional loss. 1040form Lump-sum reimbursement. 1040form   If you have a casualty or theft loss of several assets at the same time without an allocation of reimbursement to specific assets, divide the lump-sum reimbursement among the assets according to the fair market value of each asset at the time of the loss. 1040form Figure the gain or loss separately for each asset that has a separate basis. 1040form Adjustments to basis. 1040form   If you have a casualty or theft loss, you must decrease your basis in the property by any insurance or other reimbursement you receive and by any deductible loss. 1040form The result is your adjusted basis in the property. 1040form Amounts you spend on repairs to restore your property to its pre-casualty condition increase your adjusted basis. 1040form See Adjusted Basis in chapter 6 for more information. 1040form Example. 1040form You built a new silo for $25,000. 1040form This is the basis in your silo because that is the total cost you incurred to build it. 1040form During the year, a tornado damaged your silo and your allowable casualty loss deduction was $1,000. 1040form In addition, your insurance company reimbursed you $4,000 for the damage and you spent $6,000 to restore the silo to its pre-casualty condition. 1040form Your adjusted basis in the silo after the casualty is $26,000 ($25,000 - $1,000 - $4,000 + $6,000). 1040form Deduction Limits on Losses of Personal-Use Property Casualty and theft losses of property held for personal use may be deductible if you itemize deductions on Schedule A (Form 1040). 1040form There are two limits on the deduction for casualty or theft loss of personal-use property. 1040form You figure these limits on Form 4684. 1040form $100 rule. 1040form   You must reduce each casualty or theft loss on personal-use property by $100. 1040form This rule applies after you have subtracted any reimbursement. 1040form 10% rule. 1040form   You must further reduce the total of all your casualty or theft losses on personal-use property by 10% of your adjusted gross income. 1040form Apply this rule after you reduce each loss by $100. 1040form Adjusted gross income is on line 38 of Form 1040. 1040form Example. 1040form In June, you discovered that your house had been burglarized. 1040form Your loss after insurance reimbursement was $2,000. 1040form Your adjusted gross income for the year you discovered the burglary is $57,000. 1040form Figure your theft loss deduction as follows: 1. 1040form Loss after insurance $2,000 2. 1040form Subtract $100 100 3. 1040form Loss after $100 rule $1,900 4. 1040form Subtract 10% (. 1040form 10) × $57,000 AGI $5,700 5. 1040form Theft loss deduction -0- You do not have a theft loss deduction because your loss ($1,900) is less than 10% of your adjusted gross income ($5,700). 1040form    If you have a casualty or theft gain in addition to a loss, you will have to make a special computation before you figure your 10% limit. 1040form See 10% Rule in Publication 547. 1040form When Loss Is Deductible Generally, you can deduct casualty losses that are not reimbursable only in the tax year in which they occur. 1040form You generally can deduct theft losses that are not reimbursable only in the year you discover your property was stolen. 1040form However, losses in federally declared disaster areas are subject to different rules. 1040form See Disaster Area Losses , later, for an exception. 1040form If you are not sure whether part of your casualty or theft loss will be reimbursed, do not deduct that part until the tax year when you become reasonably certain that it will not be reimbursed. 1040form Leased property. 1040form   If you lease property from someone else, you can deduct a loss on the property in the year your liability for the loss is fixed. 1040form This is true even if the loss occurred or the liability was paid in a different year. 1040form You are not entitled to a deduction until your liability under the lease can be determined with reasonable accuracy. 1040form Your liability can be determined when a claim for recovery is settled, adjudicated, or abandoned. 1040form Example. 1040form Robert leased a tractor from First Implement, Inc. 1040form , for use in his farm business. 1040form The tractor was destroyed by a tornado in June 2012. 1040form The loss was not insured. 1040form First Implement billed Robert for the fair market value of the tractor on the date of the loss. 1040form Robert disagreed with the bill and refused to pay it. 1040form First Implement later filed suit in court against Robert. 1040form In 2013, Robert and First Implement agreed to settle the suit for $20,000, and the court entered a judgment in favor of First Implement. 1040form Robert paid $20,000 in June 2013. 1040form He can claim the $20,000 as a loss on his 2013 tax return. 1040form Net operating loss (NOL). 1040form   If your deductions, including casualty or theft loss deductions, are more than your income for the year, you may have an NOL. 1040form An NOL can be carried back or carried forward and deducted from income in other years. 1040form See Publication 536 for more information on NOLs. 1040form Proof of Loss To deduct a casualty or theft loss, you must be able to prove that there was a casualty or theft. 1040form You must have records to support the amount you claim for the loss. 1040form Casualty loss proof. 1040form   For a casualty loss, your records should show all the following information. 1040form The type of casualty (car accident, fire, storm, etc. 1040form ) and when it occurred. 1040form That the loss was a direct result of the casualty. 1040form That you were the owner of the property or, if you leased the property from someone else, that you were contractually liable to the owner for the damage. 1040form Whether a claim for reimbursement exists for which there is a reasonable expectation of recovery. 1040form Theft loss proof. 1040form   For a theft loss, your records should show all the following information. 1040form When you discovered your property was missing. 1040form That your property was stolen. 1040form That you were the owner of the property. 1040form Whether a claim for reimbursement exists for which there is a reasonable expectation of recovery. 1040form Figuring a Gain A casualty or theft may result in a taxable gain. 1040form If you receive an insurance payment or other reimbursement that is more than your adjusted basis in the destroyed, damaged, or stolen property, you have a gain from the casualty or theft. 1040form You generally report your gain as income in the year you receive the reimbursement. 1040form However, depending on the type of property you receive, you may not have to report your gain. 1040form See Postponing Gain , later. 1040form Your gain is figured as follows: The amount you receive, minus Your adjusted basis in the property at the time of the casualty or theft. 1040form Even if the decrease in FMV of your property is smaller than the adjusted basis of your property, use your adjusted basis to figure the gain. 1040form Amount you receive. 1040form   The amount you receive includes any money plus the value of any property you receive, minus any expenses you have in obtaining reimbursement. 1040form It also includes any reimbursement used to pay off a mortgage or other lien on the damaged, destroyed, or stolen property. 1040form Example. 1040form A tornado severely damaged your barn. 1040form The adjusted basis of the barn was $25,000. 1040form Your insurance company reimbursed you $40,000 for the damaged barn. 1040form However, you had legal expenses of $2,000 to collect that insurance. 1040form Your insurance minus your expenses to collect the insurance is more than your adjusted basis in the barn, so you have a gain. 1040form 1) Insurance reimbursement $40,000 2) Legal expenses 2,000 3) Amount received  (line 1 − line 2) $38,000 4) Adjusted basis 25,000 5) Gain on casualty (line 3 − line 4) $13,000 Other Involuntary Conversions In addition to casualties and thefts, other events cause involuntary conversions of property. 1040form Some of these are discussed in the following paragraphs. 1040form Gain or loss from an involuntary conversion of your property is usually recognized for tax purposes. 1040form You report the gain or deduct the loss on your tax return for the year you realize it. 1040form However, depending on the type of property you receive, you may not have to report your gain on the involuntary conversion. 1040form See Postponing Gain , later. 1040form Condemnation Condemnation is the process by which private property is legally taken for public use without the owner's consent. 1040form The property may be taken by the federal government, a state government, a political subdivision, or a private organization that has the power to legally take property. 1040form The owner receives a condemnation award (money or property) in exchange for the property taken. 1040form A condemnation is a forced sale, the owner being the seller and the condemning authority being the buyer. 1040form Threat of condemnation. 1040form   Treat the sale of your property under threat of condemnation as a condemnation, provided you have reasonable grounds to believe that your property will be condemned. 1040form Main home condemned. 1040form   If you have a gain because your main home is condemned, you generally can exclude the gain from your income as if you had sold or exchanged your home. 1040form For information on this exclusion, see Publication 523. 1040form If your gain is more than the amount you can exclude, but you buy replacement property, you may be able to postpone reporting the excess gain. 1040form See Postponing Gain , later. 1040form (You cannot deduct a loss from the condemnation of your main home. 1040form ) More information. 1040form   For information on how to figure the gain or loss on condemned property, see chapter 1 in Publication 544. 1040form Also see Postponing Gain , later, to find out if you can postpone reporting the gain. 1040form Irrigation Project The sale or other disposition of property located within an irrigation project to conform to the acreage limits of federal reclamation laws is an involuntary conversion. 1040form Livestock Losses Diseased livestock. 1040form   If your livestock die from disease, or are destroyed, sold, or exchanged because of disease, even though the disease is not of epidemic proportions, treat these occurrences as involuntary conversions. 1040form If the livestock were raised or purchased for resale, follow the rules for livestock discussed earlier under Farming Losses . 1040form Otherwise, figure the gain or loss from these conversions using the rules discussed under Determining Gain or Loss in chapter 8. 1040form If you replace the livestock, you may be able to postpone reporting the gain. 1040form See Postponing Gain below. 1040form Reporting dispositions of diseased livestock. 1040form   If you choose to postpone reporting gain on the disposition of diseased livestock, you must attach a statement to your return explaining that the livestock were disposed of because of disease. 1040form You must also include other information on this statement. 1040form See How To Postpone Gain , later, under Postponing Gain . 1040form Weather-related sales of livestock. 1040form   If you sell or exchange livestock (other than poultry) held for draft, breeding, or dairy purposes solely because of drought, flood, or other weather-related conditions, treat the sale or exchange as an involuntary conversion. 1040form Only livestock sold in excess of the number you normally would sell under usual business practice, in the absence of weather-related conditions, are considered involuntary conversions. 1040form Figure the gain or loss using the rules discussed under Determining Gain or Loss in chapter 8. 1040form If you replace the livestock, you may be able to postpone reporting the gain. 1040form See Postponing Gain below. 1040form Example. 1040form It is your usual business practice to sell five of your dairy animals during the year. 1040form This year you sold 20 dairy animals because of drought. 1040form The sale of 15 animals is treated as an involuntary conversion. 1040form    If you do not replace the livestock, you may be able to report the gain in the following year's income. 1040form This rule also applies to other livestock (including poultry). 1040form See Sales Caused by Weather-Related Conditions in chapter 3. 1040form Tree Seedlings If, because of an abnormal drought, the failure of planted tree seedlings is greater than normally anticipated, you may have a deductible loss. 1040form Treat the loss as a loss from an involuntary conversion. 1040form The loss equals the previously capitalized reforestation costs you had to duplicate on replanting. 1040form You deduct the loss on the return for the year the seedlings died. 1040form Postponing Gain Do not report a gain if you receive reimbursement in the form of property similar or related in service or use to the destroyed, stolen, or other involuntarily converted property. 1040form Your basis in the new property is generally the same as your adjusted basis in the property it replaces. 1040form You must ordinarily report the gain on your stolen, destroyed, or other involuntarily converted property if you receive money or unlike property as reimbursement. 1040form However, you can choose to postpone reporting the gain if you purchase replacement property similar or related in service or use to your destroyed, stolen, or other involuntarily converted property within a specific replacement period. 1040form If you have a gain on damaged property, you can postpone reporting the gain if you spend the reimbursement to restore the property. 1040form To postpone reporting all the gain, the cost of your replacement property must be at least as much as the reimbursement you receive. 1040form If the cost of the replacement property is less than the reimbursement, you must include the gain in your income up to the amount of the unspent reimbursement. 1040form Example 1. 1040form In 1985, you constructed a barn to store farm equipment at a cost of $20,000. 1040form In 1987, you added a silo to the barn at a cost of $15,000 to store grain. 1040form In May of this year, the property was worth $100,000. 1040form In June the barn and silo were destroyed by a tornado. 1040form At the time of the tornado, you had an adjusted basis of $0 in the property. 1040form You received $85,000 from the insurance company. 1040form You had a gain of $85,000 ($85,000 – $0). 1040form You spent $80,000 to rebuild the barn and silo. 1040form Since this is less than the insurance proceeds received, you must include $5,000 ($85,000 – $80,000) in your income. 1040form Example 2. 1040form In 1970, you bought a cabin in the mountains for your personal use at a cost of $18,000. 1040form You made no further improvements or additions to it. 1040form When a storm destroyed the cabin this January, the cabin was worth $250,000. 1040form You received $146,000 from the insurance company in March. 1040form You had a gain of $128,000 ($146,000 − $18,000). 1040form You spent $144,000 to rebuild the cabin. 1040form Since this is less than the insurance proceeds received, you must include $2,000 ($146,000 − $144,000) in your income. 1040form Buying replacement property from a related person. 1040form   You cannot postpone reporting a gain from a casualty, theft, or other involuntary conversion if you buy the replacement property from a related person (discussed later). 1040form This rule applies to the following taxpayers. 1040form C corporations. 1040form Partnerships in which more than 50% of the capital or profits interest is owned by C corporations. 1040form Individuals, partnerships (other than those in (2) above), and S corporations if the total realized gain for the tax year on all involuntarily converted properties on which there are realized gains is more than $100,000. 1040form For involuntary conversions described in (3) above, gains cannot be offset by any losses when determining whether the total gain is more than $100,000. 1040form If the property is owned by a partnership, the $100,000 limit applies to the partnership and each partner. 1040form If the property is owned by an S corporation, the $100,000 limit applies to the S corporation and each shareholder. 1040form Exception. 1040form   This rule does not apply if the related person acquired the property from an unrelated person within the period of time allowed for replacing the involuntarily converted property. 1040form Related persons. 1040form   Under this rule, related persons include, for example, a parent and child, a brother and sister, a corporation and an individual who owns more than 50% of its outstanding stock, and two partnerships in which the same C corporations own more than 50% of the capital or profits interests. 1040form For more information on related persons, see Nondeductible Loss under Sales and Exchanges Between Related Persons in chapter 2 of Publication 544. 1040form Death of a taxpayer. 1040form   If a taxpayer dies after having a gain, but before buying replacement property, the gain must be reported for the year in which the decedent realized the gain. 1040form The executor of the estate or the person succeeding to the funds from the involuntary conversion cannot postpone reporting the gain by buying replacement property. 1040form Replacement Property You must buy replacement property for the specific purpose of replacing your property. 1040form Your replacement property must be similar or related in service or use to the property it replaces. 1040form You do not have to use the same funds you receive as reimbursement for your old property to acquire the replacement property. 1040form If you spend the money you receive for other purposes, and borrow money to buy replacement property, you can still choose to postpone reporting the gain if you meet the other requirements. 1040form Property you acquire by gift or inheritance does not qualify as replacement property. 1040form Owner-user. 1040form   If you are an owner-user, similar or related in service or use means that replacement property must function in the same way as the property it replaces. 1040form Examples of property that functions in the same way as the property it replaces are a home that replaces another home, a dairy cow that replaces another dairy cow, and farm land that replaces other farm land. 1040form A grinding mill that replaces a tractor does not qualify. 1040form Neither does a breeding or draft animal that replaces a dairy cow. 1040form Soil or other environmental contamination. 1040form   If, because of soil or other environmental contamination, it is not feasible for you to reinvest your insurance money or other proceeds from destroyed or damaged livestock in property similar or related in service or use to the livestock, you can treat other property (including real property) used for farming purposes, as property similar or related in service or use to the destroyed or damaged livestock. 1040form Weather-related conditions. 1040form   If, because of drought, flood, or other weather-related conditions, it is not feasible for you to reinvest the insurance money or other proceeds in property similar or related in service or use to the livestock, you can treat other property (excluding real property) used for farming purposes, as property similar or related in service or use to the livestock you disposed of. 1040form Example. 1040form Each year you normally sell 25 cows from your beef herd. 1040form However, this year you had to sell 50 cows. 1040form This is because a severe drought significantly reduced the amount of hay and pasture yield needed to feed your herd for the rest of the year. 1040form Because, as a result of the severe drought, it is not feasible for you to use the proceeds from selling the extra cows to buy new cows, you can treat other property (excluding real property) used for farming purposes, as property similar or related in service or use to the cows you sold. 1040form Standing crop destroyed by casualty. 1040form   If a storm or other casualty destroyed your standing crop and you use the insurance money to acquire either another standing crop or a harvested crop, this purchase qualifies as replacement property. 1040form The costs of planting and raising a new crop qualify as replacement costs for the destroyed crop only if you use the crop method of accounting (discussed in chapter 2). 1040form In that case, the costs of bringing the new crop to the same level of maturity as the destroyed crop qualify as replacement costs to the extent they are incurred during the replacement period. 1040form Timber loss. 1040form   Standing timber you bought with the proceeds from the sale of timber downed as a result of a casualty, such as high winds, earthquakes, or volcanic eruptions, qualifies as replacement property. 1040form If you bought the standing timber within the replacement period, you can postpone reporting the gain. 1040form Business or income-producing property located in a federally declared disaster area. 1040form   If your destroyed business or income-producing property was located in a federally declared disaster area, any tangible replacement property you acquire for use in any business is treated as similar or related in service or use to the destroyed property. 1040form For more information, see Disaster Area Losses in Publication 547. 1040form Substituting replacement property. 1040form   Once you have acquired qualified replacement property that you designate as replacement property in a statement attached to your tax return, you cannot substitute other qualified replacement property. 1040form This is true even if you acquire the other property within the replacement period. 1040form However, if you discover that the original replacement property was not qualified replacement property, you can, within the replacement period, substitute the new qualified replacement property. 1040form Basis of replacement property. 1040form   You must reduce the basis of your replacement property (its cost) by the amount of postponed gain. 1040form In this way, tax on the gain is postponed until you dispose of the replacement property. 1040form Replacement Period To postpone reporting your gain, you must buy replacement property within a specified period of time. 1040form This is the replacement period. 1040form The replacement period begins on the date your property was damaged, destroyed, stolen, sold, or exchanged. 1040form The replacement period generally ends 2 years after the close of the first tax year in which you realize any part of your gain from the involuntary conversion. 1040form Example. 1040form You are a calendar year taxpayer. 1040form While you were on vacation, farm equipment that cost $2,200 was stolen from your farm. 1040form You discovered the theft when you returned to your farm on November 11, 2012. 1040form Your insurance company investigated the theft and did not settle your claim until January 5, 2013, when they paid you $3,000. 1040form You first realized a gain from the reimbursement for the theft during 2013, so you have until December 31, 2015, to replace the property. 1040form Main home in disaster area. 1040form   For your main home (or its contents) located in a federally declared disaster area, the replacement period ends 4 years after the close of the first tax year in which you realize any part of your gain from the involuntary conversion. 1040form See Disaster Area Losses , later. 1040form Property in the Midwestern disaster areas. 1040form   For property located in the Midwestern disaster areas (defined in Table 4 in the 2008 Publication 547) that was destroyed, damaged, stolen, or condemned, the replacement period ends 5 years after the close of the first tax year in which any part of your gain is realized. 1040form This 5-year replacement period applies only if substantially all of the use of the replacement property is in the Midwestern disaster areas. 1040form Property in the Kansas disaster area. 1040form   For property located in the Kansas disaster area that was destroyed, damaged, stolen, or condemned after May 3, 2007, as a result of the Kansas storms and tornadoes, the replacement period ends 5 years after the close of the first tax year in which any part of your gain is realized. 1040form This 5-year replacement period applies only if substantially all of the use of the replacement property is in the Kansas disaster area. 1040form Property in the Hurricane Katrina disaster area. 1040form   For property located in the Hurricane Katrina disaster area that was destroyed, damaged, stolen, or condemned after August 24, 2005, as a result of Hurricane Katrina, the replacement period ends 5 years after the close of the first tax year in which any part of your gain is realized. 1040form This 5-year replacement period applies only if substantially all of the use of the replacement property is in the Hurricane Katrina disaster area. 1040form Weather-related sales of livestock in an area eligible for federal assistance. 1040form   For the sale or exchange of livestock due to drought, flood, or other weather-related conditions in an area eligible for federal assistance, the replacement period ends 4 years after the close of the first tax year in which you realize any part of your gain from the sale or exchange. 1040form The IRS may extend the replacement period on a regional basis if the weather-related conditions continue for longer than 3 years. 1040form   For information on extensions of the replacement period because of persistent drought, see Notice 2006-82, 2006-39 I. 1040form R. 1040form B. 1040form 529, available at  www. 1040form irs. 1040form gov/irb/2006-39_IRB/ar11. 1040form html. 1040form For a list of counties for which exceptional, extreme, or severe drought was reported during the 12 months ending August 31, 2013, see Notice 2013-62, available at IRS. 1040form gov. 1040form Condemnation. 1040form   The replacement period for a condemnation begins on the earlier of the following dates. 1040form The date on which you disposed of the condemned property. 1040form The date on which the threat of condemnation began. 1040form The replacement period generally ends 2 years after the close of the first tax year in which any part of the gain on the condemnation is realized. 1040form But see Main home in disaster area , Property in the Midwestern disaster areas , Property in the Kansas disaster area , and Property in the Hurricane Katrina disaster area , earlier, for exceptions. 1040form Business or investment real property. 1040form   If real property held for use in a trade or business or for investment (not including property held primarily for sale) is condemned, the replacement period ends 3 years after the close of the first tax year in which any part of the gain on the condemnation is realized. 1040form Extension. 1040form   You can apply for an extension of the replacement period. 1040form Send your written application to the Internal Revenue Service Center where you file your tax return. 1040form See your tax return instructions for the address. 1040form Include all the details about your need for an extension. 1040form Make your application before the end of the replacement period. 1040form However, you can file an application within a reasonable time after the replacement period ends if you can show a good reason for the delay. 1040form You will get an extension of the replacement period if you can show reasonable cause for not making the replacement within the regular period. 1040form How To Postpone Gain You postpone reporting your gain by reporting your choice on your tax return for the year you have the gain. 1040form You have the gain in the year you receive insurance proceeds or other reimbursements that result in a gain. 1040form Required statement. 1040form   You should attach a statement to your return for the year you have the gain. 1040form This statement should include all the following information. 1040form The date and details of the casualty, theft, or other involuntary conversion. 1040form The insurance or other reimbursement you received. 1040form How you figured the gain. 1040form Replacement property acquired before return filed. 1040form   If you acquire replacement property before you file your return for the year you have the gain, your statement should also include detailed information about all the following items. 1040form The replacement property. 1040form The postponed gain. 1040form The basis adjustment that reflects the postponed gain. 1040form Any gain you are reporting as income. 1040form Replacement property acquired after return filed. 1040form   If you intend to buy replacement property after you file your return for the year you realize gain, your statement should also say that you are choosing to replace the property within the required replacement period. 1040form   You should then attach another statement to your return for the year in which you buy the replacement property. 1040form This statement should contain detailed information on the replacement property. 1040form If you acquire part of your replacement property in one year and part in another year, you must attach a statement to each year's return. 1040form Include in the statement detailed information on the replacement property bought in that year. 1040form Reporting weather-related sales of livestock. 1040form   If you choose to postpone reporting the gain on weather-related sales or exchanges of livestock, show all the following information on a statement attached to your return for the tax year in which you first realize any of the gain. 1040form Evidence of the weather-related conditions that forced the sale or exchange of the livestock. 1040form The gain realized on the sale or exchange. 1040form The number and kind of livestock sold or exchanged. 1040form The number of livestock of each kind you would have sold or exchanged under your usual business practice. 1040form   Show all the following information and the preceding information on the return for the year in which you replace the livestock. 1040form The dates you bought the replacement property. 1040form The cost of the replacement property. 1040form Description of the replacement property (for example, the number and kind of the replacement livestock). 1040form Amended return. 1040form   You must file an amended return (Form 1040X) for the tax year of the gain in either of the following situations. 1040form You do not acquire replacement property within the replacement period, plus extensions. 1040form On this amended return, you must report the gain and pay any additional tax due. 1040form You acquire replacement property within the required replacement period, plus extensions, but at a cost less than the amount you receive from the casualty, theft, or other involuntary conversion. 1040form On this amended return, you must report the part of the gain that cannot be postponed and pay any additional tax due. 1040form Disaster Area Losses Special rules apply to federally declared disaster area losses. 1040form A federally declared disaster is a disaster that occurred in an area declared by the President to be eligible for federal assistance under the Robert T. 1040form Stafford Disaster Relief and Emergency Assistance Act. 1040form It includes a major disaster or emergency declaration under the act. 1040form A list of the areas warranting public or individual assistance (or both) under the Act is available at the Federal Emergency Management Agency (FEMA) web site at www. 1040form fema. 1040form gov. 1040form This part discusses the special rules for when to deduct a disaster area loss and what tax deadlines may be postponed. 1040form For other special rules, see Disaster Area Losses in Publication 547. 1040form When to deduct the loss. 1040form   You generally must deduct a casualty loss in the year it occurred. 1040form However, if you have a deductible loss from a disaster that occurred in an area warranting public or individual assistance (or both), you can choose to deduct that loss on your return or amended return for the tax year immediately preceding the tax year in which the disaster happened. 1040form If you make this choice, the loss is treated as having occurred in the preceding year. 1040form    Claiming a qualifying disaster loss on the previous year's return may result in a lower tax for that year, often producing or increasing a cash refund. 1040form   You must make the choice to take your casualty loss for the disaster in the preceding year by the later of the following dates. 1040form The due date (without extensions) for filing your tax return for the tax year in which the disaster actually occurred. 1040form The due date (with extensions) for the return for the preceding tax year. 1040form Federal disaster relief grants. 1040form   Do not include post-disaster relief grants received under the Robert T. 1040form Stafford Disaster Relief and Emergency Assistance Act in your income if the grant payments are made to help you meet necessary expenses or serious needs for medical, dental, housing, personal property, transportation, or funeral expenses. 1040form Do not deduct casualty losses or medical expenses to the extent they are specifically reimbursed by these disaster relief grants. 1040form If the casualty loss was specifically reimbursed by the grant and you received the grant after the year in which you deducted the casualty loss, see Reimbursement received after deducting loss , earlier. 1040form Unemployment assistance payments under the Act are taxable unemployment compensation. 1040form Qualified disaster relief payments. 1040form   Qualified disaster relief payments are not included in the income of individuals to the extent any expenses compensated by these payments are not otherwise compensated for by insurance or other reimbursement. 1040form These payments are not subject to income tax, self-employment tax, or employment taxes (social security, Medicare, and federal unemployment taxes). 1040form No withholding applies to these payments. 1040form   Qualified disaster relief payments include payments you receive (regardless of the source) for the following expenses. 1040form Reasonable and necessary personal, family, living, or funeral expenses incurred as a result of a federally declared disaster. 1040form Reasonable and necessary expenses incurred for the repair or rehabilitation of a personal residence due to a federally declared disaster. 1040form (A personal residence can be a rented residence or one you own. 1040form ) Reasonable and necessary expenses incurred for the repair or replacement of the contents of a personal residence due to a federally declared disaster. 1040form   Qualified disaster relief payments include amounts paid by a federal, state, or local government in connection with a federally declared disaster to individuals affected by the disaster. 1040form    Qualified disaster relief payments do not include: Payments for expenses otherwise paid for by insurance or other reimbursements, or Income replacement payments, such as payments of lost wages, lost business income, or unemployment compensation. 1040form Qualified disaster mitigation payments. 1040form   Qualified disaster mitigation payments made under the Robert T. 1040form Stafford Disaster Relief and Emergency Assistance Act or the National Flood Insurance Act (as in effect on April 15, 2005) are not included in income. 1040form These are payments you, as a property owner, receive to reduce the risk of future damage to your property. 1040form You cannot increase your basis in property, or take a deduction or credit, for expenditures made with respect to those payments. 1040form Sale of property under hazard mitigation program. 1040form   Generally, if you sell or otherwise transfer property, you must recognize any gain or loss for tax purposes unless the property is your main home. 1040form You report the gain or deduct the loss on your tax return for the year you realize it. 1040form (You cannot deduct a loss on personal-use property unless the loss resulted from a casualty, as discussed earlier. 1040form ) However, if you sell or otherwise transfer property to the Federal Government, a state or local government, or an Indian tribal government under a hazard mitigation program, you can choose to postpone reporting the gain if you buy qualifying replacement property within a certain period of time. 1040form See Postponing Gain , earlier, for the rules that apply. 1040form Other federal assistance programs. 1040form    For more information about other federal assistance programs, see Crop Insurance and Crop Disaster Payments and Feed Assistance and Payments in chapter 3 earlier. 1040form Postponed tax deadlines. 1040form   The IRS may postpone for up to 1 year certain tax deadlines of taxpayers who are affected by a federally declared disaster. 1040form The tax deadlines the IRS may postpone include those for filing income, excise, and employment tax returns, paying income, excise, and employment taxes, and making contributions to a traditional IRA or Roth IRA. 1040form   If any tax deadline is postponed, the IRS will publicize the postponement in your area and publish a news release, revenue ruling, revenue procedure, notice, announcement, or other guidance in the Internal Revenue Bulletin (IRB). 1040form Go to http://www. 1040form irs. 1040form gov/uac/Tax-Relief-in-Disaster-Situations to find out if a tax deadline has been postponed for your area. 1040form Who is eligible. 1040form   If the IRS postpones a tax deadline, the following taxpayers are eligible for the postponement. 1040form Any individual whose main home is located in a covered disaster area (defined next). 1040form Any business entity or sole proprietor whose principal place of business is located in a covered disaster area. 1040form Any individual who is a relief worker affiliated with a recognized government or philanthropic organization and who is assisting in a covered disaster area. 1040form Any individual, business entity, or sole proprietorship whose records are needed to meet a postponed tax deadline, provided those records are maintained in a covered disaster area. 1040form The main home or principal place of business does not have to be located in the covered disaster area. 1040form Any estate or trust that has tax records necessary to meet a postponed tax deadline, provided those records are maintained in a covered disaster area. 1040form The spouse on a joint return with a taxpayer who is eligible for postponements. 1040form Any individual, business entity, or sole proprietorship not located in a covered disaster area, but whose necessary records to meet a postponed tax deadline are located in the covered disaster area. 1040form Any individual visiting the covered disaster area who was killed or injured as a result of the disaster. 1040form Any other person determined by the IRS to be affected by a federally declared disaster. 1040form Covered disaster area. 1040form   This is an area of a federally declared disaster area in which the IRS has decided to postpone tax deadlines for up to 1 year. 1040form Abatement of interest and penalties. 1040form   The IRS may abate the interest and penalties on the underpaid income tax for the length of any postponement of tax deadlines. 1040form Reporting Gains and Losses You will have to file one or more of the following forms to report your gains or losses from involuntary conversions. 1040form Form 4684. 1040form   Use this form to report your gains and losses from casualties and thefts. 1040form Form 4797. 1040form   Use this form to report involuntary conversions (other than from casualty or theft) of property used in your trade or business and capital assets held in connection with a trade or business or a transaction entered into for profit. 1040form Also use this form if you have a gain from a casualty or theft on trade, business or income-producing property held for more than 1 year and you have to recapture some or all of your gain as ordinary income. 1040form Form 8949. 1040form   Use this form to report gain from an involuntary conversion (other than from casualty or theft) of personal-use property. 1040form Schedule A (Form 1040). 1040form   Use this form to deduct your losses from casualties and thefts of personal-use property and income-producing property, that you reported on Form 4684. 1040form Schedule D (Form 1040). 1040form   Use this form to carry over the following gains. 1040form Net gain shown on Form 4797 from an involuntary conversion of business property held for more than 1 year. 1040form Net gain shown on Form 4684 from the casualty or theft of personal-use property. 1040form    Also use this form to figure the overall gain or loss from transactions reported on Form 8949. 1040form Schedule F (Form 1040). 1040form   Use this form to deduct your losses from casualty or theft of livestock or produce bought for sale under Other expenses in Part II, line 32, if you use the cash method of accounting and have not otherwise deducted these losses. 1040form Prev  Up  Next   Home   More Online Publications