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1044ez

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1044ez

1044ez Index Symbols 401(k) Plan Elective Deferrals, Elective Deferrals (401(k) Plans) Safe harbor, Safe harbor 401(k) plan. 1044ez A Annual additions, Annual additions. 1044ez Annual benefits, Annual benefits. 1044ez Assistance (see Tax help) Automatic Enrollment, Automatic Enrollment B Business, definition, Business. 1044ez C Common-law employee, Common-law employee. 1044ez Compensation, Compensation. 1044ez Contribution Defined, Contribution. 1044ez Limits Qualified plans, Limits on Contributions and Benefits SEP-IRAs, Contribution Limits SIMPLE IRA plan, Contribution Limits D Deduction Defined, SIMPLE plans. 1044ez , Deduction. 1044ez Deduction worksheet for self-employed, Figuring your deduction. 1044ez Defined benefit plan Deduction limits, Defined benefit plans. 1044ez Limits on contributions, Defined benefit plan. 1044ez Defined contribution plan Automatic Enrollment, Automatic Enrollment Deduction limits, Defined contribution plans. 1044ez Eligible automatic contribution arrangement, Eligible automatic contribution arrangement. 1044ez Forfeitures, Forfeiture. 1044ez Limits on contributions, Defined contribution plan. 1044ez Money purchase pension plan, Money purchase pension plan. 1044ez Profit-sharing plan, Profit-sharing plan. 1044ez Qualified automatic contribution arrangement, Qualified automatic contribution arrangement. 1044ez Definitions you need to know, Definitions You Need To Know Disqualified person, Prohibited Transactions Distributions (withdrawals), Distributions (Withdrawals) E EACA, Eligible automatic contribution arrangement. 1044ez Earned income, Earned income. 1044ez Eligible automatic contribution arrangement, Eligible automatic contribution arrangement. 1044ez Employees Eligible, Eligible employee. 1044ez Excludable, Excludable employees. 1044ez Highly compensated, Highly compensated employee. 1044ez Leased, Leased employee. 1044ez Employer Defined, Employer. 1044ez Excess Deferrals, Treatment of Excess Deferrals Excise tax, Excise Tax on Reversion of Plan Assets Nondeductible (excess) contributions, Excise Tax for Nondeductible (Excess) Contributions Reduced benefit accrual, Notification of Significant Benefit Accrual Reduction SEP excess contributions, Excise tax. 1044ez Excludable employees, Excludable employees. 1044ez F Form 1040, Where To Deduct Contributions, Reporting the tax. 1044ez 1099-R, Reporting corrective distributions on Form 1099-R. 1044ez 5304–SIMPLE, How To Set Up a SIMPLE IRA Plan 5305–S, Setting up a SIMPLE IRA. 1044ez 5305–SA, Setting up a SIMPLE IRA. 1044ez 5305–SEP, Formal written agreement. 1044ez 5305–SIMPLE, How To Set Up a SIMPLE IRA Plan 5310, Form 5310. 1044ez 5329, Reporting the tax. 1044ez 5330, Reporting the tax. 1044ez , Tax on excess contributions of highly compensated employees. 1044ez , Excise Tax on Reversion of Plan Assets, Payment of the 15% tax. 1044ez 5500, Form 5500. 1044ez , Electronic filing of Forms 5500 and 5500-SF. 1044ez 5500-EZ, Form 5500-EZ. 1044ez Form W-2, Reporting on Form W-2. 1044ez Schedule K (Form 1065), Where To Deduct Contributions Free tax services, Free help with your return. 1044ez H Highly compensated employee, Highly compensated employee. 1044ez K Keogh plans (see Qualified plans) L Leased employee, Leased employee. 1044ez N Net earnings from self-employment, Net earnings from self-employment. 1044ez Notification requirements, Notification Requirement P Participant, definition, Participant. 1044ez Participation, Participation. 1044ez Partner, definition, Partner. 1044ez Publications (see Tax help) Q QACA, Qualified automatic contribution arrangement. 1044ez Qualified automatic contribution arrangement, Qualified automatic contribution arrangement. 1044ez Qualified Plan, definition, Qualified plan. 1044ez Qualified plans, Limits on Contributions and Benefits Assignment of benefits, Benefits must not be assigned or alienated. 1044ez Benefits starting date, Benefit payment must begin when required. 1044ez Contributions, Contributions, Employer Contributions, Limits on Contributions and Benefits, When Contributions Are Considered Made, Where To Deduct Contributions Deduction limits, Deduction Limits, Defined contribution plans. 1044ez , Defined benefit plans. 1044ez , Deduction Limit for Self-Employed Individuals, Carryover of Excess Contributions, Excise Tax for Nondeductible (Excess) Contributions Deduction Worksheet for Self-Employed, Table and Worksheets for the Self-Employed Deductions, Employer Deduction Deferrals, Treatment of contributions. 1044ez , Reporting on Form W-2. 1044ez Defined benefit plan, Defined Benefit Plan Defined contribution plan, Defined Contribution Plan Distributions, Distributions Minimum, Required Distributions Required beginning date, Required beginning date. 1044ez Rollover, Rollover. 1044ez Tax on excess benefits, Tax on Excess Benefits Tax on premature, Tax on Early Distributions Tax treatment, Tax Treatment of Distributions Elective Deferrals, Elective Deferrals (401(k) Plans) Limits, Limit on Elective Deferrals Employee nondeductible contributions, Employee Contributions Excess Deferrals, Treatment of Excess Deferrals Investing plan assets, Investing Plan Assets Kinds of plans, Kinds of Plans Leased employees, Leased employee. 1044ez Minimum requirements Coverage, Minimum coverage requirement must be met. 1044ez Funding, Minimum Funding Requirement Vesting, Minimum vesting standard must be met. 1044ez Prohibited transactions, Prohibited Transactions Qualification rules, Qualification Rules Rate Table for Self-Employed, Table and Worksheets for the Self-Employed Rate Worksheet for Self-Employed, Table and Worksheets for the Self-Employed Reporting requirements, Reporting Requirements Setting up, Setting Up a Qualified Plan Qualified Plans Survivor benefits, Survivor benefits. 1044ez Qualified Roth Contribution Program, Qualified Roth Contribution Program R Rate Table for Self-Employed, Rate table for self-employed. 1044ez Rate Worksheet for Self-Employed, Rate worksheet for self-employed. 1044ez Required distributions, Required Distributions Rollovers, Rollover. 1044ez S Safe harbor 401(k) plan, Safe harbor 401(k) plan. 1044ez Salary reduction arrangement, Deferral percentage. 1044ez , Limit on Elective Deferrals Salary Reduction Simplified Employee Pension(SARSEP), Salary Reduction Simplified Employee Pensions (SARSEPs) SARSEP ADP test, SARSEP ADP test. 1044ez Section 402(f) notice, Section 402(f) Notice. 1044ez Self-employed individual, Self-employed individual. 1044ez SEP plans Deduction Worksheet for Self-Employed, Table and Worksheets for the Self-Employed Rate Table for Self-Employed, Table and Worksheets for the Self-Employed Rate Worksheet for Self-Employed, Table and Worksheets for the Self-Employed Reporting and Disclosure, Reporting and Disclosure Requirements SEP-IRAs Contributions, Contributions for yourself. 1044ez Deductible contributions, Deducting Contributions, Excise tax. 1044ez Carryover of excess contributions, Carryover of Excess SEP Contributions Deduction limits, Deduction Limit for Contributions for Participants Limits for self-employed, Deduction Limit for Self-Employed Individuals When to deduct, When To Deduct Contributions Where to deduct, Where To Deduct Contributions Distributions (withdrawals), Distributions (Withdrawals) Eligible employee, Eligible employee. 1044ez Excludable employees, Excludable employees. 1044ez SIMPLE IRA plan Compensation, Compensation. 1044ez Contributions, Contribution Limits Deductions, Nonelective contributions. 1044ez Distributions(withdrawals), Distributions (Withdrawals) Employee election period, Election period. 1044ez Employer matching contributions, Employer matching contributions. 1044ez Excludable employees, Excludable employees. 1044ez Notification requirements, Notification Requirement When to deduct contributions, When To Deduct Contributions SIMPLE plans, Who Can Set Up a SIMPLE IRA Plan?, Reporting on Form W-2. 1044ez SIMPLE 401(k), SIMPLE 401(k) Plan SIMPLE IRA plan, SIMPLE IRA Plan Simplified employee pension (SEP), Salary Reduction Simplified Employee Pensions (SARSEPs) Salary reduction arrangement Compensation of self-employed individuals, Compensation of self-employed individuals. 1044ez Employee compensation, Employee compensation. 1044ez Who can have a SARSEP, Who can have a SARSEP? SEP-IRA contributions, How Much Can I Contribute? Setting up a SEP, Setting Up a SEP Sixty-day employee election period, Election period. 1044ez Sole proprietor, definition, Sole proprietor. 1044ez T Tax help, How To Get Tax Help U User fee, User fee. 1044ez W Worksheets Deduction Worksheet for Self-Employed, Table and Worksheets for the Self-Employed Rate Worksheet for Self-Employed, Table and Worksheets for the Self-Employed Prev  Up     Home   More Online Publications
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1044ez 7. 1044ez   Filing Information Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: What, When, and Where To FileResident Aliens Nonresident Aliens Amended Returns and Claims for Refund Other Forms You May Have To File PenaltiesCivil Penalties Criminal Penalties Introduction This chapter provides the basic filing information that you may need. 1044ez Topics - This chapter discusses: Forms aliens must file, When and where to file, Penalties, and Amended returns and claims for refund. 1044ez Useful Items - You may want to see: Forms (and Instructions) 1040 U. 1044ez S. 1044ez Individual Income Tax Return 1040A U. 1044ez S. 1044ez Individual Income Tax Return 1040EZ Income Tax Return for Single and Joint Filers With No Dependents 1040NR U. 1044ez S. 1044ez Nonresident Alien Income Tax Return 1040NR-EZ U. 1044ez S. 1044ez Income Tax Return for Certain Nonresident Aliens With No Dependents See chapter 12 for information about getting these forms. 1044ez What, When, and Where To File What return you must file as well as when and where you file that return, depends on your status at the end of the tax year as a resident or a nonresident alien. 1044ez Resident Aliens Resident aliens should file Form 1040EZ, 1040A, or 1040 at the address shown in the instructions for that form. 1044ez The due date for filing the return and paying any tax due is April 15 of the year following the year for which you are filing a return (but see the Tip, later). 1044ez Under U. 1044ez S. 1044ez immigration law, a lawful permanent resident who is required to file a tax return as a resident and fails to do so may be regarded as having abandoned status and may lose permanent resident status. 1044ez Extensions of time to file. 1044ez   You are allowed an automatic extension to June 15 to file if your main place of business and the home you live in are outside the United States and Puerto Rico on April 15. 1044ez You can get an extension of time to October 15 to file your return if you get an extension by April 15 (June 15 if you qualify for the June 15 extension). 1044ez Use Form 4868 to get the extension to October 15. 1044ez In addition to this 6-month extension, taxpayers who are out of the country (as defined in the Form 4868 instructions) can request a discretionary 2-month additional extension of time to file their returns (to December 15 for calendar year taxpayers). 1044ez To request this extension, you must send the IRS a letter explaining the reasons why you need the additional 2 months. 1044ez Send the letter by the extended due date (October 15 for calendar year taxpayers) to the following address:  Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215   You will not receive any notification from the IRS unless your request is denied for being untimely. 1044ez   The discretionary 2-month additional extension is not available to taxpayers who have an approved extension of time to file on Form 2350 (for U. 1044ez S. 1044ez citizens and resident aliens abroad who expect to qualify for special tax treatment). 1044ez    If the due date for filing falls on a Saturday, Sunday, or legal holiday, the due date is the next day which is not a Saturday, Sunday, or legal holiday. 1044ez You may be able to file your return electronically. 1044ez See IRS e-file in your form instructions. 1044ez Nonresident Aliens Nonresident aliens who are required to file an income tax return should use Form 1040NR or, if qualified, Form 1040NR-EZ. 1044ez If you are any of the following, you must file a return. 1044ez A nonresident alien individual engaged or considered to be engaged in a trade or business in the United States during 2013. 1044ez (But see Exceptions , later. 1044ez ) You must file even if: Your income did not come from a trade or business conducted in the United States, You have no income from U. 1044ez S. 1044ez sources, or Your income is exempt from income tax. 1044ez A nonresident alien individual not engaged in a trade or business in the United States with U. 1044ez S. 1044ez income on which the tax liability was not satisfied by the withholding of tax at the source. 1044ez A representative or agent responsible for filing the return of an individual described in (1) or (2). 1044ez A fiduciary for a nonresident alien estate or trust. 1044ez You must also file if you want to: Claim a refund of overwithheld or overpaid tax, or Claim the benefit of any deductions or credits. 1044ez For example, if you have no U. 1044ez S. 1044ez business activities but have income from real property that you choose to treat as effectively connected income (discussed in chapter 4), you must timely file a true and accurate return to take any allowable deductions against that income. 1044ez For information on what is timely, see When to file for deductions and credits under When To File, later. 1044ez Exceptions. 1044ez   You do not need to file Form 1040NR or Form 1040NR-EZ if you meet either of the following conditions. 1044ez Your only U. 1044ez S. 1044ez trade or business was the performance of personal services, and Your wages were less than $3,900, and You have no other need to file a return to claim a refund of overwithheld taxes, to satisfy additional withholding at source, or to claim income exempt or partly exempt by treaty. 1044ez You were a nonresident alien student, teacher, or trainee who was temporarily present in the United States under an “F,” “J,” “M,” or “Q” visa and you have no income that is subject to tax, such as wages, tips, scholarship and fellowship grants, dividends, etc. 1044ez Even if you have left the United States and filed a Form 1040-C, U. 1044ez S. 1044ez Departing Alien Income Tax Return, on departure, you still must file an annual U. 1044ez S. 1044ez income tax return. 1044ez If you are married and both you and your spouse are required to file, you must each file a separate return. 1044ez Form 1040NR-EZ You can use Form 1040NR-EZ if all of the following conditions are met. 1044ez You do not claim any dependents. 1044ez You cannot be claimed as a dependent on someone else's U. 1044ez S. 1044ez tax return. 1044ez If you were married, you do not claim an exemption for your spouse. 1044ez Your taxable income is less than $100,000. 1044ez The only itemized deduction you can claim is for state and local income taxes. 1044ez Note. 1044ez Residents of India who were students or business apprentices may be able to take the standard deduction instead of the itemized deduction for state and local income taxes. 1044ez See chapter 5. 1044ez Your only U. 1044ez S. 1044ez source income is from wages, salaries, tips, taxable refunds of state and local income taxes, scholarship or fellowship grants, and nontaxable interest or dividends. 1044ez (If you had taxable interest or dividend income, you cannot use this form. 1044ez ) You are not claiming any adjustments to income other than the student loan interest deduction or scholarship and fellowship grants excluded. 1044ez You are not claiming any tax credits. 1044ez This is not an “expatriation return. 1044ez ” See Expatriation Tax in chapter 4. 1044ez The only taxes you owe are: The income tax from the Tax Table. 1044ez The social security and Medicare tax from Form 4137 or Form 8919. 1044ez You are not claiming a credit for excess social security and tier 1 RRTA tax withheld. 1044ez You are not filing Form 8959, to figure the amount of Additional Medicare Tax you owe and/or the amount of Additional Medicare Tax withheld by your employer, if any. 1044ez If you do not meet all of the above conditions, you must file Form 1040NR. 1044ez When To File If you are an employee and you receive wages subject to U. 1044ez S. 1044ez income tax withholding, you will generally file by the 15th day of the 4th month after your tax year ends. 1044ez For the 2013 calendar year, file your return by April 15, 2014. 1044ez If you are not an employee who receives wages subject to U. 1044ez S. 1044ez income tax withholding, you must file by the 15th day of the 6th month after your tax year ends. 1044ez For the 2013 calendar year, file your return by June 16, 2014 (because June 15 is a Sunday. 1044ez ) Extensions of time to file. 1044ez   If you cannot file your return by the due date, file Form 4868 or use one of the electronic filing options explained in the Form 4868 instructions. 1044ez For the 2013 calendar year, this will extend the due date to October 15, 2014 (December 15, 2014, if the regular due date of your return is June 16, 2014). 1044ez You must file the extension by the regular due date of your return. 1044ez   In addition to the 6-month extension to October 15, taxpayers whose main place of business is outside the United States and Puerto Rico and who live outside those jurisdictions can request a discretionary 2-month extension of time to file their returns (to December 15 for calendar year taxpayers). 1044ez To request this extension, you must send the IRS a letter explaining the reasons why you need the additional 2 months. 1044ez Send the letter by the extended due date (October 15 for calendar year taxpayers) to the following address: Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215   You will not receive any notification from the IRS unless your request is denied for being untimely. 1044ez When to file for deductions and credits. 1044ez   To get the benefit of any allowable deductions or credits, you must timely file a true and accurate return. 1044ez For this purpose, a return is timely if it is filed within 16 months of the due date just discussed. 1044ez However, if you did not file a 2012 tax return and 2013 is not the first year for which you are required to file one, your 2013 return is timely for this purpose if it is filed by the earlier of: The date that is 16 months after the due date for filing your 2013 return, or The date the IRS notifies you that your 2013 return has not been filed and that you cannot claim certain deductions and credits. 1044ez The allowance of the following credits is not affected by this time requirement. 1044ez Credit for withheld taxes. 1044ez Credit for excise tax on certain uses of gasoline and special fuels. 1044ez Credit for tax paid by a mutual fund (or other regulated investment company) or a real estate investment trust on undistributed long-term capital gains. 1044ez Protective return. 1044ez   If your activities in the United States were limited and you do not believe that you had any gross income effectively connected with a U. 1044ez S. 1044ez trade or business during the year, you can file a protective return (Form 1040NR) by the deadline explained above. 1044ez By filing a protective return, you protect your right to receive the benefit of deductions and credits in the event it is later determined that some or all of your income is effectively connected. 1044ez You are not required to report any effectively connected income or any deductions on the protective return, but you must give the reason the return is being filed. 1044ez   If you believe some of your activities resulted in effectively connected income, file your return reporting that income and related deductions by the regular due date. 1044ez To protect your right to claim deductions or credits resulting from other activities, attach a statement to that return explaining that you wish to protect your right to claim deductions and credits if it is later determined that the other activities produced effectively connected income. 1044ez   You can follow the same procedure if you believe you have no U. 1044ez S. 1044ez tax liability because of a U. 1044ez S. 1044ez tax treaty. 1044ez Be sure to also complete item L on page 5 of Form 1040NR. 1044ez Waiver of filing deadline. 1044ez   The IRS may waive the filing deadline if you establish that, based on the facts and circumstances, you acted reasonably and in good faith in failing to file a U. 1044ez S. 1044ez income tax return (including a protective return) and you cooperate with the IRS in determining your U. 1044ez S. 1044ez income tax liability for the tax year for which you did not file a return. 1044ez Where To File If you are not enclosing a payment, file Form 1040NR-EZ and Form 1040NR at the following address. 1044ez  Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215 If enclosing a payment, mail your return to:  Internal Revenue Service  P. 1044ez O. 1044ez Box 1303 Charlotte, NC 28201-1303 Aliens from the U. 1044ez S. 1044ez Virgin Islands. 1044ez    If you are a bona fide resident of the U. 1044ez S. 1044ez Virgin Islands during your entire tax year and work temporarily in the United States, you must pay your income taxes to the U. 1044ez S. 1044ez Virgin Islands and file your income tax returns at the following address. 1044ez Virgin Islands Bureau of Internal Revenue 6115 Estate Smith Bay Suite 225 St. 1044ez Thomas, VI 00802   Report all income from U. 1044ez S. 1044ez sources, as well as income from other sources, on your return. 1044ez For information on filing U. 1044ez S. 1044ez Virgin Islands returns, contact the U. 1044ez S. 1044ez Virgin Islands Bureau of Internal Revenue. 1044ez   Chapter 8 discusses withholding from U. 1044ez S. 1044ez wages of U. 1044ez S. 1044ez Virgin Islanders. 1044ez Aliens from Guam or the Commonwealth of the Northern Mariana Islands. 1044ez   If you are a bona fide resident of Guam or the Commonwealth of the Northern Mariana Islands (CNMI) during your entire tax year, you must file your return with, and pay any tax due to, Guam or the CNMI. 1044ez Report all income, including income from U. 1044ez S. 1044ez sources, on your return. 1044ez It is not necessary to file a separate U. 1044ez S. 1044ez income tax return. 1044ez    Bona fide residents of Guam should file their Guam returns at the following address. 1044ez   Department of Revenue and Taxation Government of Guam P. 1044ez O. 1044ez Box 23607 GMF, GU 96921    Bona fide residents of the CNMI should file their CNMI income tax returns at the following address. 1044ez   Department of Finance Division of Revenue and Taxation Commonwealth of the Northern Mariana Islands P. 1044ez O. 1044ez Box 5234 CHRB Saipan, MP 96950   If you are not a bona fide resident of Guam or the CNMI, see Pub. 1044ez 570, Tax Guide for Individuals With Income From U. 1044ez S. 1044ez Possessions, for information on where to file your return. 1044ez Amended Returns and Claims for Refund If you find changes in your income, deductions, or credits after you mail your return, file Form 1040X, Amended U. 1044ez S. 1044ez Individual Income Tax Return. 1044ez Also use Form 1040X if you should have filed Form 1040, 1040A, or 1040EZ instead of Form 1040NR or 1040NR-EZ, or vice versa. 1044ez If you amend Form 1040NR or Form 1040NR-EZ or file the correct return, attach the corrected return (Form 1040, Form 1040NR, etc. 1044ez ) to Form 1040X. 1044ez Print “Amended” across the top. 1044ez Ordinarily, an amended return claiming a refund must be filed within 3 years from the date your return was filed or within 2 years from the time the tax was paid, whichever is later. 1044ez A return filed before the final due date is considered to have been filed on the due date. 1044ez Other Forms You May Have To File You may be required to file information returns to report certain foreign income or assets, or monetary transactions. 1044ez FinCen Form 105 FinCEN Form 105 (formerly Customs Form 4790), Report of International Transportation of Currency or Monetary Instruments, must be filed by each person who physically transports, mails, or ships, or causes to be physically transported, mailed, or shipped, currency or other monetary instruments in a total amount of more than $10,000 at one time from the United States to any place outside the United States, or into the United States from any place outside the United States. 1044ez The filing requirement also applies to each person who receives in the United States currency or monetary instruments totaling more than $10,000 at one time from any place outside of the United States. 1044ez The term “monetary instruments” means the following: Coin and currency of the United States or of any other country, Travelers' checks in any form, Investment securities or stock in bearer form or otherwise in such form that title to them passes upon delivery, Negotiable instruments (including checks, promissory notes, and money orders) in bearer form, endorsed without restriction, made out to a fictitious payee, or otherwise in such form that title to them passes upon delivery, and Checks, promissory notes, and money orders which are signed but on which the name of the payee has been omitted. 1044ez However, the term does not include: Checks or money orders made payable to the order of a named person which have not been endorsed or which contain restrictive endorsements, Warehouse receipts, or Bills of lading. 1044ez A transfer of funds through normal banking procedures (wire transfer) that does not involve the physical transportation of currency or monetary instruments is not required to be reported on FinCEN Form 105. 1044ez Filing requirements. 1044ez   FinCEN Form 105 filing requirements follow. 1044ez Recipients. 1044ez   Each person who receives currency or other monetary instruments in the United States must file FinCEN Form 105 within 15 days after receipt, with the Customs officer in charge at any port of entry or departure, or by mail at the following address. 1044ez Commissioner of Customs  Attention: Currency Transportation Reports Washington, DC 20229 Shippers or mailers. 1044ez   If the currency or other monetary instrument does not accompany the person entering or departing the United States, FinCEN Form 105 can be filed by mail at the above address on or before the date of entry, departure, mailing, or shipping. 1044ez Travelers. 1044ez   Travelers must file FinCEN Form 105 with the Customs officer in charge at any Customs port of entry or departure, when entering or departing the United States. 1044ez Penalties. 1044ez   Civil and criminal penalties are provided for failing to file a report, filing a report containing material omissions or misstatements, or filing a false or fraudulent report. 1044ez Also, the entire amount of the currency or monetary instrument may be subject to seizure and forfeiture. 1044ez More information. 1044ez   More information regarding the filing of FinCEN Form 105 can be found in the instructions on the back of the form. 1044ez Form 8938 You may have to file Form 8938, Statement of Specified Foreign Financial Assets, to report the ownership of specified foreign financial asset(s) if you are one of the following individuals. 1044ez A resident alien of the United States for any part of the tax year. 1044ez A resident alien of the United States who elects to be treated as a resident of a foreign country under the provisions of a U. 1044ez S. 1044ez income tax treaty. 1044ez See Effect of Tax Treaties in chapter 1. 1044ez A nonresident alien who makes an election to be treated as a resident alien for purposes of filing a joint income tax return. 1044ez See chapter 1 for information about this election. 1044ez A nonresident alien who is a bona fide resident of American Samoa or Puerto Rico. 1044ez See Publication 570, Tax Guide for Individuals With Income From U. 1044ez S. 1044ez Possessions, for a definition of bona fide resident. 1044ez You must file Form 8938 if the total value of those assets exceeds an applicable threshold (the “reporting threshold”). 1044ez The reporting threshold varies depending on whether you live in the United States, are married, or file a joint income tax return with your spouse. 1044ez Specified foreign financial assets include any financial account maintained by a foreign financial institution and, to the extent held for investment, any stock, securities, or any other interest in a foreign entity and any financial instrument or contract with an issuer or counterparty that is not a U. 1044ez S. 1044ez person. 1044ez You may have to pay penalties if you are required to file Form 8938 and fail to do so, or if you have an understatement of tax due to any transaction involving an undisclosed foreign financial asset. 1044ez More information about the filing of Form 8938 can be found in the separate instructions for Form 8938. 1044ez Penalties The law provides penalties for failure to file returns or pay taxes as required. 1044ez Civil Penalties If you do not file your return and pay your tax by the due date, you may have to pay a penalty. 1044ez You may also have to pay a penalty if you substantially understate your tax, file a frivolous tax submission, or fail to supply your taxpayer identification number. 1044ez If you provide fraudulent information on your return, you may have to pay a civil fraud penalty. 1044ez Filing late. 1044ez   If you do not file your return by the due date (including extensions), you may have to pay a failure-to-file penalty. 1044ez The penalty is based on the tax not paid by the due date (without regard to extensions). 1044ez The penalty is usually 5% for each month or part of a month that a return is late, but not more than 25%. 1044ez Fraud. 1044ez   If your failure to file is due to fraud, the penalty is 15% for each month or part of a month that your return is late, up to a maximum of 75%. 1044ez Return over 60 days late. 1044ez   If you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100% of the unpaid tax. 1044ez Exception. 1044ez   You will not have to pay the penalty if you show that you failed to file on time because of reasonable cause and not because of willful neglect. 1044ez Paying tax late. 1044ez   You will have to pay a failure-to-pay penalty of ½ of 1% (. 1044ez 50%) of your unpaid taxes for each month, or part of a month, after the due date that the tax is not paid. 1044ez This penalty does not apply during the automatic 6-month extension of time to file period, if you paid at least 90% of your actual tax liability on or before the due date of your return and pay the balance when you file the return. 1044ez   The monthly rate of the failure-to-pay penalty is half the usual rate (. 1044ez 25% instead of . 1044ez 50%) if an installment agreement is in effect for that month. 1044ez You must have filed your return by the due date (including extensions) to qualify for this reduced penalty. 1044ez   If a notice of intent to levy is issued, the rate will increase to 1% at the start of the first month beginning at least 10 days after the day that the notice is issued. 1044ez If a notice and demand for immediate payment is issued, the rate will increase to 1% at the start of the first month beginning after the day that the notice and demand is issued. 1044ez   This penalty cannot be more than 25% of your unpaid tax. 1044ez You will not have to pay the penalty if you can show that you had a good reason for not paying your tax on time. 1044ez Combined penalties. 1044ez   If both the failure-to-file penalty and the failure-to-pay penalty (discussed earlier) apply in any month, the 5% (or 15%) failure-to-file penalty is reduced by the failure-to-pay penalty. 1044ez However, if you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100% of the unpaid tax. 1044ez Accuracy-related penalty. 1044ez   You may have to pay an accuracy-related penalty if you underpay your tax because: You show negligence or disregard of rules or regulations, You substantially understate your income tax, You claim tax benefits for a transaction that lacks economic substance, or You fail to disclose a foreign financial asset. 1044ez The penalty is equal to 20% of the underpayment. 1044ez The penalty is 40% of any portion of the underpayment that is attributable to an undisclosed noneconomic substance transaction or an undisclosed foreign financial asset transaction. 1044ez The penalty will not be figured on any part of an underpayment on which the fraud penalty (discussed later) is charged. 1044ez Negligence or disregard. 1044ez   The term “negligence” includes a failure to make a reasonable attempt to comply with the tax law or to exercise ordinary and reasonable care in preparing a return. 1044ez Negligence also includes failure to keep adequate books and records. 1044ez You will not have to pay a negligence penalty if you have a reasonable basis for a position you took. 1044ez   The term “disregard” includes any careless, reckless, or intentional disregard. 1044ez Adequate disclosure. 1044ez   You can avoid the penalty for disregard of rules or regulations if you adequately disclose on your return a position that has at least a reasonable basis. 1044ez See Disclosure statement , later. 1044ez   This exception will not apply to an item that is attributable to a tax shelter. 1044ez In addition, it will not apply if you fail to keep adequate books and records, or substantiate items properly. 1044ez Substantial understatement of income tax. 1044ez   You understate your tax if the tax shown on your return is less than the correct tax. 1044ez The understatement is substantial if it is more than the larger of 10% of the correct tax or $5,000. 1044ez However, the amount of the understatement is reduced to the extent the understatement is due to: Substantial authority, or Adequate disclosure and a reasonable basis. 1044ez   If an item on your return is attributable to a tax shelter, there is no reduction for an adequate disclosure. 1044ez However, there is a reduction for a position with substantial authority, but only if you reasonably believed that your tax treatment was more likely than not the proper treatment. 1044ez Substantial authority. 1044ez   Whether there is or was substantial authority for the tax treatment of an item depends on the facts and circumstances. 1044ez Consideration will be given to court opinions, Treasury regulations, revenue rulings, revenue procedures, and notices and announcements issued by the IRS and published in the Internal Revenue Bulletin that involve the same or similar circumstances as yours. 1044ez Disclosure statement. 1044ez   To adequately disclose the relevant facts about your tax treatment of an item, use Form 8275, Disclosure Statement. 1044ez You must also have a reasonable basis for treating the item the way you did. 1044ez   In cases of substantial understatement only, items that meet the requirements of Revenue Procedure 2012-51, 2012-51 IRB 719 (or later update) are considered adequately disclosed on your return without filing Form 8275. 1044ez   Use Form 8275-R, Regulation Disclosure Statement, to disclose items or positions contrary to regulations. 1044ez Transaction lacking economic substance. 1044ez   For more information on economic substance, see section 7701(o). 1044ez Foreign financial asset. 1044ez   For more information on undisclosed foreign financial assets, see section 6662(j) or the Instructions for Form 8938. 1044ez Reasonable cause. 1044ez   You will not have to pay a penalty if you show a good reason (reasonable cause) for the way you treated an item. 1044ez You must also show that you acted in good faith. 1044ez This does not apply to a transaction that lacks economic substance. 1044ez Filing erroneous claim for refund or credit. 1044ez   You may have to pay a penalty if you file an erroneous claim for refund or credit. 1044ez The penalty is equal to 20% of the disallowed amount of the claim, unless you can show a reasonable basis for the way you treated an item. 1044ez However, any disallowed amount due to a transaction that lacks economic substance will not be treated as having a reasonable basis. 1044ez The penalty will not be figured on any part of the disallowed amount of the claim that relates to the earned income credit or on which the accuracy-related or fraud penalties are charged. 1044ez Frivolous tax submission. 1044ez   You may have to pay a penalty of $5,000 if you file a frivolous tax return or other frivolous submissions. 1044ez A frivolous tax return is one that does not include enough information to figure the correct tax or that contains information clearly showing that the tax you reported is substantially incorrect. 1044ez For more information on frivolous returns, frivolous submissions, and a list of positions that are identified as frivolous, see Notice 2010-33, 2010-17 IRB 609 available at www. 1044ez irs. 1044ez gov/irb/2010-17_irb/ar13. 1044ez html. 1044ez   You will have to pay the penalty if you filed this kind of return or submission based on a frivolous position or a desire to delay or interfere with the administration of federal tax laws. 1044ez This includes altering or striking out the preprinted language above the space provided for your signature. 1044ez   This penalty is added to any other penalty provided by law. 1044ez Fraud. 1044ez   If there is any underpayment of tax on your return due to fraud, a penalty of 75% of the underpayment due to fraud will be added to your tax. 1044ez Failure to supply taxpayer identification number. 1044ez   If you do not include your social security number (SSN) or individual taxpayer identification number (ITIN) or the SSN or ITIN of another person where required on a return, statement, or other document, you will be subject to a penalty of $50 for each failure. 1044ez You will also be subject to a penalty of $50 if you do not give your SSN or ITIN to another person when it is required on a return, statement, or other document. 1044ez   For example, if you have a bank account that earns interest, you must give your SSN or ITIN to the bank. 1044ez The number must be shown on the Form 1099-INT or other statement the bank sends you. 1044ez If you do not give the bank your SSN or ITIN, you will be subject to the $50 penalty. 1044ez (You also may be subject to “backup” withholding of income tax. 1044ez )   You will not have to pay the penalty if you are able to show that the failure was due to reasonable cause and not willful neglect. 1044ez Criminal Penalties You may be subject to criminal prosecution (brought to trial) for actions such as: Tax evasion, Willful failure to file a return, supply information, or pay any tax due, Fraud and false statements, or Preparing and filing a fraudulent return. 1044ez Prev  Up  Next   Home   More Online Publications