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1040x Instructions

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1040x Instructions

1040x instructions Publication 225 - Introductory Material Table of Contents IntroductionOrdering forms and publications. 1040x instructions Tax questions. 1040x instructions Future Developments What's New for 2013 What's New for 2014 Reminders Introduction You are in the business of farming if you cultivate, operate, or manage a farm for profit, either as owner or tenant. 1040x instructions A farm includes livestock, dairy, poultry, fish, fruit, and truck farms. 1040x instructions It also includes plantations, ranches, ranges, and orchards. 1040x instructions This publication explains how the federal tax laws apply to farming. 1040x instructions Use this publication as a guide to figure your taxes and complete your farm tax return. 1040x instructions If you need more information on a subject, get the specific IRS tax publication covering that subject. 1040x instructions We refer to many of these free publications throughout this publication. 1040x instructions See chapter 16 for information on ordering these publications. 1040x instructions The explanations and examples in this publication reflect the Internal Revenue Service's interpretation of tax laws enacted by Congress, Treasury regulations, and court decisions. 1040x instructions However, the information given does not cover every situation and is not intended to replace the law or change its meaning. 1040x instructions This publication covers subjects on which a court may have made a decision more favorable to taxpayers than the interpretation of the Service. 1040x instructions Until these differing interpretations are resolved by higher court decisions, or in some other way, this publication will continue to present the interpretation of the Service. 1040x instructions The IRS Mission. 1040x instructions   Provide America's taxpayers top quality service by helping them understand and meet their tax responsibilities and by applying the tax law with integrity and fairness to all. 1040x instructions Comments and suggestions. 1040x instructions   We welcome your comments about this publication and your suggestions for future editions. 1040x instructions   You can write to us at the following address: Internal Revenue Service Business Forms and Publications Branch SE:W:CAR:MP:T:B 1111 Constitution Ave. 1040x instructions NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. 1040x instructions Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. 1040x instructions   You can email us at taxforms@irs. 1040x instructions gov. 1040x instructions Please put “Publications Comment” on the subject line. 1040x instructions You can also send us comments from www. 1040x instructions irs. 1040x instructions gov/formspubs/, select “Comment on Tax Forms and Publications” under “More Information. 1040x instructions ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. 1040x instructions Ordering forms and publications. 1040x instructions   Visit www. 1040x instructions irs. 1040x instructions gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. 1040x instructions Internal Revenue Service 1201 N. 1040x instructions Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. 1040x instructions   If you have a tax question, check the information available on IRS. 1040x instructions gov or call 1-800-829-1040. 1040x instructions We cannot answer tax questions sent to either of the above addresses. 1040x instructions Comments on IRS enforcement actions. 1040x instructions   The Small Business and Agricultural Regulatory Enforcement Ombudsman and 10 Regional Fairness Boards were established to receive comments from small business about federal agency enforcement actions. 1040x instructions The Ombudsman will annually evaluate the enforcement activities of each agency and rate its responsiveness to small business. 1040x instructions If you wish to comment on the enforcement actions of the IRS, you can: Call 1-888-734-3247, Fax your comments to 202-481-5719, Write to Office of the National Ombudsman U. 1040x instructions S. 1040x instructions Small Business Administration 409 3rd Street, S. 1040x instructions W. 1040x instructions  Washington, DC 20416 Send an email to ombudsman@sba. 1040x instructions gov, or Download the appraisal form at  www. 1040x instructions sba. 1040x instructions gov/ombudsman. 1040x instructions Treasury Inspector General for Tax Administration. 1040x instructions   If you want to confidentially report misconduct, waste, fraud, or abuse by an IRS employee, you can call 1-800-366-4484 (1-800-877-8339 for TTY/TDD users). 1040x instructions You can remain anonymous. 1040x instructions Farm tax classes. 1040x instructions   Many state Cooperative Extension Services conduct farm tax workshops in conjunction with the IRS. 1040x instructions Contact your county extension office for more information. 1040x instructions Rural tax education website. 1040x instructions   The Rural Tax Education website is a source for information concerning agriculturally related income and deductions and self-employment tax. 1040x instructions The website is available for farmers and ranchers, other agricultural producers, Extension educators, and any one interested in learning about the tax side of the agricultural community. 1040x instructions Members of the National Farm Income Tax Extension Committee are contributors for the website and the website is hosted by Utah State University Cooperative Extension. 1040x instructions You can visit the website at www. 1040x instructions ruraltax. 1040x instructions org. 1040x instructions Future Developments The IRS has created a page on IRS. 1040x instructions gov for information about Publication 225, at  www. 1040x instructions irs. 1040x instructions gov/pub225. 1040x instructions Information about recent developments affecting Publication 225 will be posted on that page. 1040x instructions What's New for 2013 The following items highlight a number of administrative and tax law changes for 2013. 1040x instructions They are discussed in more detail throughout the publication. 1040x instructions Standard mileage rate. 1040x instructions  For 2013, the standard mileage rate for the cost of operating your car, van, pickup, or panel truck for each mile of business use is 56. 1040x instructions 5 cents. 1040x instructions See chapter 4. 1040x instructions Simplified method for business use of home deduction. 1040x instructions  The IRS now provides a simplified method to determine your expenses for business use of your home. 1040x instructions For more information, see Schedule C (Form 1040), Part II, and its instructions. 1040x instructions See chapter 4. 1040x instructions Increased section 179 expense deduction dollar limits. 1040x instructions  The maximum amount you can elect to deduct for most section 179 property you placed in service in 2013 is $500,000. 1040x instructions This limit is reduced by the amount by which the cost of the property placed in service during the tax year exceeds $2 million. 1040x instructions See chapter 7. 1040x instructions Extension of special depreciation allowance for certain qualified property acquired after December 31, 2007. 1040x instructions  You may be able to take a 50% special depreciation allowance for certain qualified property acquired after December 31, 2007, and placed in service before January 1, 2014. 1040x instructions See chapter 7. 1040x instructions Expiration of the 3-year recovery period for certain race horses. 1040x instructions . 1040x instructions  The 3-year recovery period for race horses two years old or younger will expire for such horses placed in service after December 31, 2013. 1040x instructions See chapter 7. 1040x instructions Tax rates. 1040x instructions  For tax years beginning in 2013, the social security part of the self-employment tax increases from 10. 1040x instructions 4% to 12. 1040x instructions 4%. 1040x instructions As a result, the self-employment tax is increased from 13. 1040x instructions 3% to 15. 1040x instructions 3%. 1040x instructions See chapter 12. 1040x instructions Maximum net earnings. 1040x instructions  The maximum net self-employment earnings subject to the social security part (12. 1040x instructions 4%) of the self-employment tax increased to $113,700 for 2013. 1040x instructions There is no maximum limit on earnings subject to the Medicare part (2. 1040x instructions 9%). 1040x instructions See chapter 12. 1040x instructions Net investment income tax. 1040x instructions  For tax years beginning in 2013, individuals, estates, and trusts may be subject to the net investment income tax (NIIT). 1040x instructions If you are a trader in financial instruments and commodities and required to file Schedule C (Form 1040), your investment income (for purposes of the NIIT) may be reduced by your interest and other investment expenses to the extent those expenses are not used to reduce your self-employment income. 1040x instructions For information about NIIT and the special rule for traders in financial instruments and commodities, see the Instructions for Form 8960. 1040x instructions Social Security and Medicare Tax for 2013. 1040x instructions  The employee tax rate for social security is 6. 1040x instructions 2%. 1040x instructions The employer tax rate for social security remains unchanged at 6. 1040x instructions 2%. 1040x instructions The social security wage base limit is $113,700. 1040x instructions The Medicare tax rate is 1. 1040x instructions 45% each for the employee and employer, unchanged from 2012. 1040x instructions There is no wage base limit for Medicare tax. 1040x instructions See chapter 13. 1040x instructions Additional Medicare Tax. 1040x instructions  For tax years beginning in 2013, a 0. 1040x instructions 9% Additional Medicare Tax applies to your Medicare wages, Railroad Tax Act (RRTA) compensation, and self-employment income above a threshold amount. 1040x instructions Use Form 8959, Additional Medicare Tax, to figure this tax. 1040x instructions For more information, see the Instructions for Form 8959 and the Instructions for Schedule SE (Form 1040). 1040x instructions In addition to withholding Medicare tax at 1. 1040x instructions 45%, you must withhold a 0. 1040x instructions 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. 1040x instructions You are required to begin withholding Additional Medicare Tax in the pay period in which you pay wages in excess of $200,000 to an employee and continue to withhold it each pay period until the end of the calendar year. 1040x instructions Additional Medicare Tax is only imposed on the employee. 1040x instructions There is no employer share of Additional Medicare Tax. 1040x instructions All wages that are subject to Medicare tax are subject to Additional Medicare Tax withholding if paid in excess of the $200,000 withholding threshold. 1040x instructions For more information on what wages are subject to Medicare tax, see the chart, Special Rules for Various Types of Services and Payments, in section 15 of Publication 15 (Circular E), Employer's Tax Guide. 1040x instructions For more information on Additional Medicare Tax, visit IRS. 1040x instructions gov and enter “Additional Medicare Tax” in the search box. 1040x instructions See chapter 13. 1040x instructions Leave-Based donation programs to aid victims of Hurricane Sandy. 1040x instructions  Under these programs, employees may donate their vacation, sick, or personal leave in exchange for employer cash payments made before January 1, 2014, to qualified tax-exempt organizations providing relief for the victims of Hurricane Sandy. 1040x instructions The donated leave will not be included in the income or wages of the employee. 1040x instructions The employer may deduct the cash payments as business expenses or charitable contributions. 1040x instructions See chapter 13. 1040x instructions Work opportunity tax credit for qualified tax-exempt organizations hiring qualified veterans extended. 1040x instructions  The work opportunity tax credit is now available for eligible unemployed veterans who begin work before January 1, 2014. 1040x instructions Qualified tax-exempt organizations that hire eligible unemployed veterans can claim the work opportunity tax credit against their payroll tax liability using Form 5884-C, Work Opportunity Credit for Qualified Tax-Exempt Organizations Hiring Qualified Veterans. 1040x instructions For more information, visit IRS. 1040x instructions gov and enter “work opportunity credit” in the search box. 1040x instructions See chapter 13. 1040x instructions Estimated tax. 1040x instructions  For tax years beginning in 2013, the Net Investment Income Tax (NIIT) may need to be included when calculating your estimated tax. 1040x instructions Also, when figuring your estimated tax, you may need to include the 0. 1040x instructions 9% Additional Medicare Tax applicable to Medicare wages, Railroad Retirement Tax Act (RRTA) compensation, and self-employment income above the threshold amount based on your filing status. 1040x instructions For more information, see Publication 505. 1040x instructions What's New for 2014 Maximum net earnings. 1040x instructions  The maximum net self-employment earnings subject to the social security part of the self-employment tax for 2014 will be discussed in the 2013 Publication 334. 1040x instructions See chapter 12. 1040x instructions Social security and Medicare tax for 2014. 1040x instructions  The employee and employer tax rates for social security and the maximum amount of wages subject to social security tax for 2014 will be discussed in Publication 51 (Circular A), Agricultural Employer's Tax Guide (For use in 2014). 1040x instructions The Medicare tax rate for 2014 will also be discussed in Publication 51 (Circular A) (For use in 2014). 1040x instructions There is no limit on the amount of wages subject to Medicare tax. 1040x instructions See chapter 13. 1040x instructions Reminders The following reminders and other items may help you file your tax return. 1040x instructions   IRS e-file (Electronic Filing) You can file your tax returns electronically using an IRS e-file option. 1040x instructions The benefits of IRS e-file include faster refunds, increased accuracy, and acknowledgment of IRS receipt of your return. 1040x instructions You can use one of the following IRS e-file options. 1040x instructions Use an authorized IRS e-file provider. 1040x instructions Use a personal computer. 1040x instructions Visit a Volunteer Income Tax Assistance (VITA) or Tax Counseling for the Elderly (TCE) site. 1040x instructions For details on these fast filing methods, see your income tax package. 1040x instructions Principal agricultural activity codes. 1040x instructions  You must enter on line B of Schedule F (Form 1040) a code that identifies your principal agricultural activity. 1040x instructions It is important to use the correct code because this information will identify market segments of the public for IRS Taxpayer Education programs. 1040x instructions The U. 1040x instructions S. 1040x instructions Census Bureau also uses this information for its economic census. 1040x instructions See the list of Principal Agricultural Activity Codes on page 2 of Schedule F (Form 1040). 1040x instructions Publication on employer identification numbers (EIN). 1040x instructions  Publication 1635, Understanding Your Employer Identification Number, provides general information on employer identification numbers. 1040x instructions Topics include how to apply for an EIN and how to complete Form SS-4. 1040x instructions Change of address. 1040x instructions  If you change your home address, you should use Form 8822, Change of Addres, to notify the IRS. 1040x instructions If you change your business address, you should use Form 8822-B, Change of Address or Responsible Party — Business, to notify the IRS. 1040x instructions Be sure to include your suite, room, or other unit number. 1040x instructions Reportable transactions. 1040x instructions  You must file Form 8886, Reportable Transaction Disclosure Statement, to report certain transactions. 1040x instructions You may have to pay a penalty if you are required to file Form 8886 but do not do so. 1040x instructions Reportable transactions include (1) transactions the same as or substantially similar to tax avoidance transactions identified by the IRS, (2) transactions offered to you under conditions of confidentiality and for which you paid an advisor a minimum fee, (3) transactions for which you have or a related party has a right to a full or partial refund of fees if all or part of the intended tax consequences from the transaction are not sustained, (4) transactions that result in losses of at least $2 million in any single year or $4 million in any combination of years, and (5) transactions with asset holding periods of 45 days or less and that result in a tax credit of more than $250,000. 1040x instructions For more information, see the Instructions for Form 8886. 1040x instructions Form W-4 for 2014. 1040x instructions  You should make new Forms W-4 available to your employees and encourage them to check their income tax withholding for 2014. 1040x instructions Those employees who owed a large amount of tax or received a large refund for 2013 may need to submit a new Form W-4. 1040x instructions See Publication 919, How Do I Adjust My Tax Withholding. 1040x instructions Form 1099-MISC. 1040x instructions  Generally, file Form 1099-MISC if you pay at least $600 in rents, services, and other miscellaneous payments in your farming business to an individual (for example, an accountant, an attorney, or a veterinarian) who is not your employee. 1040x instructions Limited Liability Company (LLC). 1040x instructions  For purposes of this publication, a limited liability company (LLC) is a business entity organized in the United States under state law. 1040x instructions Unlike a partnership, all of the members of an LLC have limited personal liability for its debts. 1040x instructions An LLC may be classified for federal income tax purposes as a partnership, corporation, or an entity disregarded as separate from its owner by applying the rules in Regulations section 301. 1040x instructions 7701-3. 1040x instructions See Publication 3402 for more details. 1040x instructions Photographs of missing children. 1040x instructions  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. 1040x instructions Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. 1040x instructions You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. 1040x instructions Prev  Up  Next   Home   More Online Publications
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Understanding Your CP124 Notice

We made changes to your excise tax return because we believe there was a miscalculation. As a result of these changes, there is a balance due of less than $1.


What you need to do

  • Read your notice carefully — it explains the changes to your tax account. Compare the figures on the notice with your excise tax return.
  • If you disagree with our change(s), contact us within 30 days of the date of your notice.
  • If you agree with our change(s), correct the copy of your excise tax return that you kept for your records.
  • You don’t have to pay if you owe less than $1.

You may want to

  • Download copies of the following materials (if they weren’t included with your notice).

 


Answers to Common Questions

Q. How can I find out what caused my tax return to change?

A. Please contact us at the toll free number listed on the top right corner of your notice for specific information about your tax return.

Q. What should I do if I disagree with the changes you made?

A. If you disagree, contact us at the toll free number listed on the top right corner of your notice or respond in writing within 30 days of the date of the notice. If your response provides us with additional information that justifies a reversal of the change, we’ll reverse the change we made to your account. If you agree with the change, please correct your records and no further action is required.

 


Tips for next year

Consider filing your excise taxes electronically. Filing online can help you to avoid mistakes and to find credits and deductions for which you may qualify. Learn more about e-file.

Page Last Reviewed or Updated: 24-Jan-2014

How to get help

  • Call the 1-800 number listed on the top right corner of your notice.
  • Authorize someone (e.g., accountant) to contact the IRS on your behalf using Form 2848.
  • See if you qualify for help from a Low Income Taxpayer Clinic.
     

The 1040x Instructions

1040x instructions Publication 915 - Introductory Material Table of Contents Reminders IntroductionOrdering forms and publications. 1040x instructions Tax questions. 1040x instructions Useful Items - You may want to see: Reminders Future developments. 1040x instructions  The IRS has created a page on IRS. 1040x instructions gov for information about Publication 915, at www. 1040x instructions irs. 1040x instructions gov/pub915. 1040x instructions Information about any future developments affecting Publication 915 (such as legislation enacted after we release it) will be posted on that page. 1040x instructions Photographs of missing children. 1040x instructions  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. 1040x instructions Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. 1040x instructions You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. 1040x instructions Introduction This publication explains the federal income tax rules for social security benefits and equivalent tier 1 railroad retirement benefits. 1040x instructions It is prepared through the joint efforts of the Internal Revenue Service (IRS), the Social Security Administration (SSA), and the U. 1040x instructions S. 1040x instructions Railroad Retirement Board (RRB). 1040x instructions Social security benefits include monthly retirement, survivor, and disability benefits. 1040x instructions They do not include supplemental security income (SSI) payments, which are not taxable. 1040x instructions Equivalent tier 1 railroad retirement benefits are the part of tier 1 benefits that a railroad employee or beneficiary would have been entitled to receive under the social security system. 1040x instructions They are commonly called the social security equivalent benefit (SSEB) portion of tier 1 benefits. 1040x instructions If you received these benefits during 2013, you should have received a Form SSA-1099, Social Security Benefit Statement, or Form RRB-1099, Payments by the Railroad Retirement Board, showing the amount. 1040x instructions (If you are a nonresident alien, you should have received Form SSA-1042S, Social Security Benefit Statement, or Form RRB-1042S, Statement for Nonresident Alien Recipients of: Payments by the Railroad Retirement Board. 1040x instructions ) Note. 1040x instructions When the term “benefits” is used in this publication, it applies to both social security benefits and the SSEB portion of tier 1 railroad retirement benefits. 1040x instructions What is covered in this publication. 1040x instructions   This publication covers the following topics: Whether any of your benefits are taxable, How much is taxable, How to report taxable benefits, How to treat lump-sum benefit payments, and Deductions related to your benefits, including a deduction or credit you can claim if your repayments are more than your gross benefits. 1040x instructions The Appendix at the end of this publication explains items shown on your Form SSA-1099, SSA-1042S, RRB-1099, or RRB-1042S. 1040x instructions What is not covered in this publication. 1040x instructions   This publication does not cover the tax rules for the following railroad retirement benefits: Non-social security equivalent benefit (NSSEB) portion of tier 1 benefits, Tier 2 benefits, Vested dual benefits, and Supplemental annuity benefits. 1040x instructions For information on these taxable pension benefits, see Publication 575, Pension and Annuity Income. 1040x instructions   This publication also does not cover the tax rules for foreign social security benefits. 1040x instructions These benefits are taxable as annuities, unless they are exempt from U. 1040x instructions S. 1040x instructions tax or treated as a U. 1040x instructions S. 1040x instructions social security benefit under a tax treaty. 1040x instructions Comments and suggestions. 1040x instructions   We welcome your comments about this publication and your suggestions for future editions. 1040x instructions   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. 1040x instructions NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. 1040x instructions Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. 1040x instructions   You can send your comments from www. 1040x instructions irs. 1040x instructions gov/formspubs/. 1040x instructions Click on “More Information” and then on “Comment on Tax Forms and Publications”. 1040x instructions   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. 1040x instructions Ordering forms and publications. 1040x instructions   Visit www. 1040x instructions irs. 1040x instructions gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. 1040x instructions Internal Revenue Service 1201 N. 1040x instructions Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. 1040x instructions   If you have a tax question, check the information available on IRS. 1040x instructions gov or call 1-800-829-1040. 1040x instructions We cannot answer tax questions sent to either of the above addresses. 1040x instructions Useful Items - You may want to see: Publication 505 Tax Withholding and Estimated Tax 575 Pension and Annuity Income 590 Individual Retirement Arrangements (IRAs) Forms (and Instructions) 1040-ES Estimated Tax for Individuals SSA-1099 Social Security Benefit Statement RRB-1099 Payments by the Railroad Retirement Board W-4V Voluntary Withholding Request See How To Get Tax Help near the end of this publication for information about getting these publications and forms. 1040x instructions Prev  Up  Next   Home   More Online Publications