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2009 Amended Tax Return Instructions

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2009 Amended Tax Return Instructions

2009 amended tax return instructions 3. 2009 amended tax return instructions   Savings Incentive Match Plans for Employees (SIMPLE) Table of Contents Introduction What Is a SIMPLE Plan?Eligible Employees How Are Contributions Made? How Much Can Be Contributed on Your Behalf?Matching contributions less than 3%. 2009 amended tax return instructions Traditional IRA mistakenly moved to SIMPLE IRA. 2009 amended tax return instructions When Can You Withdraw or Use Assets?Are Distributions Taxable? Introduction This chapter is for employees who need information about savings incentive match plans for employees (SIMPLE plans). 2009 amended tax return instructions It explains what a SIMPLE plan is, contributions to a SIMPLE plan, and distributions from a SIMPLE plan. 2009 amended tax return instructions Under a SIMPLE plan, SIMPLE retirement accounts for participating employees can be set up either as: Part of a 401(k) plan, or A plan using IRAs (SIMPLE IRA). 2009 amended tax return instructions This chapter only discusses the SIMPLE plan rules that relate to SIMPLE IRAs. 2009 amended tax return instructions See chapter 3 of Publication 560 for information on any special rules for SIMPLE plans that do not use IRAs. 2009 amended tax return instructions If your employer maintains a SIMPLE plan, you must be notified, in writing, that you can choose the financial institution that will serve as trustee for your SIMPLE IRA and that you can roll over or transfer your SIMPLE IRA to another financial institution. 2009 amended tax return instructions See Rollovers and Transfers Exception, later under When Can You Withdraw or Use Assets. 2009 amended tax return instructions What Is a SIMPLE Plan? A SIMPLE plan is a tax-favored retirement plan that certain small employers (including self-employed individuals) can set up for the benefit of their employees. 2009 amended tax return instructions See chapter 3 of Publication 560 for information on the requirements employers must satisfy to set up a SIMPLE plan. 2009 amended tax return instructions A SIMPLE plan is a written agreement (salary reduction agreement) between you and your employer that allows you, if you are an eligible employee (including a self-employed individual), to choose to: Reduce your compensation (salary) by a certain percentage each pay period, and Have your employer contribute the salary reductions to a SIMPLE IRA on your behalf. 2009 amended tax return instructions These contributions are called salary reduction contributions. 2009 amended tax return instructions All contributions under a SIMPLE IRA plan must be made to SIMPLE IRAs, not to any other type of IRA. 2009 amended tax return instructions The SIMPLE IRA can be an individual retirement account or an individual retirement annuity, described in chapter 1. 2009 amended tax return instructions Contributions are made on behalf of eligible employees. 2009 amended tax return instructions (See Eligible Employees below. 2009 amended tax return instructions ) Contributions are also subject to various limits. 2009 amended tax return instructions (See How Much Can Be Contributed on Your Behalf , later. 2009 amended tax return instructions ) In addition to salary reduction contributions, your employer must make either matching contributions or nonelective contributions. 2009 amended tax return instructions See How Are Contributions Made , later. 2009 amended tax return instructions You may be able to claim a credit for contributions to your SIMPLE plan. 2009 amended tax return instructions For more information, see chapter 4. 2009 amended tax return instructions Eligible Employees You must be allowed to participate in your employer's SIMPLE plan if you: Received at least $5,000 in compensation from your employer during any 2 years prior to the current year, and Are reasonably expected to receive at least $5,000 in compensation during the calendar year for which contributions are made. 2009 amended tax return instructions Self-employed individual. 2009 amended tax return instructions   For SIMPLE plan purposes, the term employee includes a self-employed individual who received earned income. 2009 amended tax return instructions Excludable employees. 2009 amended tax return instructions   Your employer can exclude the following employees from participating in the SIMPLE plan. 2009 amended tax return instructions Employees whose retirement benefits are covered by a collective bargaining agreement (union contract). 2009 amended tax return instructions Employees who are nonresident aliens and received no earned income from sources within the United States. 2009 amended tax return instructions Employees who would not have been eligible employees if an acquisition, disposition, or similar transaction had not occurred during the year. 2009 amended tax return instructions Compensation. 2009 amended tax return instructions   For purposes of the SIMPLE plan rules, your compensation for a year generally includes the following amounts. 2009 amended tax return instructions Wages, tips, and other pay from your employer that is subject to income tax withholding. 2009 amended tax return instructions Deferred amounts elected under any 401(k) plans, 403(b) plans, government (section 457) plans, SEP plans, and SIMPLE plans. 2009 amended tax return instructions Self-employed individual compensation. 2009 amended tax return instructions   For purposes of the SIMPLE plan rules, if you are self-employed, your compensation for a year is your net earnings from self-employment (Schedule SE (Form 1040), Section A, line 4, or Section B, line 6) before subtracting any contributions made to a SIMPLE IRA on your behalf. 2009 amended tax return instructions   For these purposes, net earnings from self-employment include services performed while claiming exemption from self-employment tax as a member of a group conscientiously opposed to social security benefits. 2009 amended tax return instructions How Are Contributions Made? Contributions under a salary reduction agreement are called salary reduction contributions. 2009 amended tax return instructions They are made on your behalf by your employer. 2009 amended tax return instructions Your employer must also make either matching contributions or nonelective contributions. 2009 amended tax return instructions Salary reduction contributions. 2009 amended tax return instructions   During the 60-day period before the beginning of any year, and during the 60-day period before you are eligible, you can choose salary reduction contributions expressed either as a percentage of compensation, or as a specific dollar amount (if your employer offers this choice). 2009 amended tax return instructions You can choose to cancel the election at any time during the year. 2009 amended tax return instructions   Salary reduction contributions are also referred to as “elective deferrals. 2009 amended tax return instructions ”   Your employer cannot place restrictions on the contributions amount (such as by limiting the contributions percentage), except to comply with the salary reduction contributions limit, discussed under How Much Can Be Contributed on Your Behalf, later. 2009 amended tax return instructions Matching contributions. 2009 amended tax return instructions   Unless your employer chooses to make nonelective contributions, your employer must make contributions equal to the salary reduction contributions you choose (elect), but only up to certain limits. 2009 amended tax return instructions See How Much Can Be Contributed on Your Behalf below. 2009 amended tax return instructions These contributions are in addition to the salary reduction contributions and must be made to the SIMPLE IRAs of all eligible employees (defined earlier) who chose salary reductions. 2009 amended tax return instructions These contributions are referred to as matching contributions. 2009 amended tax return instructions   Matching contributions on behalf of a self-employed individual are not treated as salary reduction contributions. 2009 amended tax return instructions Nonelective contributions. 2009 amended tax return instructions   Instead of making matching contributions, your employer may be able to choose to make nonelective contributions on behalf of all eligible employees. 2009 amended tax return instructions These nonelective contributions must be made on behalf of each eligible employee who has at least $5,000 of compensation from your employer, whether or not the employee chose salary reductions. 2009 amended tax return instructions   One of the requirements your employer must satisfy is notifying the employees that the election was made. 2009 amended tax return instructions For other requirements that your employer must satisfy, see chapter 3 of Publication 560. 2009 amended tax return instructions How Much Can Be Contributed on Your Behalf? The limits on contributions to a SIMPLE IRA vary with the type of contribution that is made. 2009 amended tax return instructions Salary reduction contributions limit. 2009 amended tax return instructions   Salary reduction contributions (employee-chosen contributions or elective deferrals) that your employer can make on your behalf under a SIMPLE plan are limited to $12,000 for 2013. 2009 amended tax return instructions The limitation remains at $12,000 for 2014. 2009 amended tax return instructions If you are a participant in any other employer plans during 2013 and you have elective salary reductions or deferred compensation under those plans, the salary reduction contributions under the SIMPLE plan also are included in the annual limit of $17,500 for 2013 on exclusions of salary reductions and other elective deferrals. 2009 amended tax return instructions You, not your employer, are responsible for monitoring compliance with these limits. 2009 amended tax return instructions Additional elective deferrals can be contributed to your SIMPLE plan if: You reached age 50 by the end of 2013, and No other elective deferrals can be made for you to the plan for the year because of limits or restrictions, such as the regular annual limit. 2009 amended tax return instructions The most that can be contributed in additional elective deferrals to your SIMPLE plan is the lesser of the following two amounts. 2009 amended tax return instructions $2,500 for 2013, or Your compensation for the year reduced by your other elective deferrals for the year. 2009 amended tax return instructions The additional deferrals are not subject to any other contribution limit and are not taken into account in applying other contribution limits. 2009 amended tax return instructions The additional deferrals are not subject to the nondiscrimination rules as long as all eligible participants are allowed to make them. 2009 amended tax return instructions Matching employer contributions limit. 2009 amended tax return instructions   Generally, your employer must make matching contributions to your SIMPLE IRA in an amount equal to your salary reduction contributions. 2009 amended tax return instructions These matching contributions cannot be more than 3% of your compensation for the calendar year. 2009 amended tax return instructions See Matching contributions less than 3% below. 2009 amended tax return instructions Example 1. 2009 amended tax return instructions In 2013, Joshua was a participant in his employer's SIMPLE plan. 2009 amended tax return instructions His compensation, before SIMPLE plan contributions, was $41,600 ($800 per week). 2009 amended tax return instructions Instead of taking it all in cash, Joshua elected to have 12. 2009 amended tax return instructions 5% of his weekly pay ($100) contributed to his SIMPLE IRA. 2009 amended tax return instructions For the full year, Joshua's salary reduction contributions were $5,200, which is less than the $12,000 limit on these contributions. 2009 amended tax return instructions Under the plan, Joshua's employer was required to make matching contributions to Joshua's SIMPLE IRA. 2009 amended tax return instructions Because his employer's matching contributions must equal Joshua's salary reductions, but cannot be more than 3% of his compensation (before salary reductions) for the year, his employer's matching contribution was limited to $1,248 (3% of $41,600). 2009 amended tax return instructions Example 2. 2009 amended tax return instructions Assume the same facts as in Example 1 , except that Joshua's compensation for the year was $408,163 and he chose to have 2. 2009 amended tax return instructions 94% of his weekly pay contributed to his SIMPLE IRA. 2009 amended tax return instructions In this example, Joshua's salary reduction contributions for the year (2. 2009 amended tax return instructions 94% × $408,163) were equal to the 2013 limit for salary reduction contributions ($12,000). 2009 amended tax return instructions Because 3% of Joshua's compensation ($12,245) is more than the amount his employer was required to match ($12,000), his employer's matching contributions were limited to $12,000. 2009 amended tax return instructions In this example, total contributions made on Joshua's behalf for the year were $24,000 ($12,000 (Joshua's contributions) + $12,000 (matching contributions)), the maximum contributions permitted under a SIMPLE IRA for 2013. 2009 amended tax return instructions Matching contributions less than 3%. 2009 amended tax return instructions   Your employer can reduce the 3% limit on matching contributions for a calendar year, but only if: The limit is not reduced below 1%, The limit is not reduced for more than 2 years out of the 5-year period that ends with (and includes) the year for which the election is effective, and Employees are notified of the reduced limit within a reasonable period of time before the 60-day election period during which they can enter into salary reduction agreements. 2009 amended tax return instructions   For purposes of applying the rule in item (2) in determining whether the limit was reduced below 3% for the year, any year before the first year in which your employer (or a former employer) maintains a SIMPLE IRA plan will be treated as a year for which the limit was 3%. 2009 amended tax return instructions If your employer chooses to make nonelective contributions for a year, that year also will be treated as a year for which the limit was 3%. 2009 amended tax return instructions Nonelective employer contributions limit. 2009 amended tax return instructions   If your employer chooses to make nonelective contributions, instead of matching contributions, to each eligible employee's SIMPLE IRA, contributions must be 2% of your compensation for the entire year. 2009 amended tax return instructions For 2013, only $255,000 of your compensation can be taken into account to figure the contribution limit. 2009 amended tax return instructions   Your employer can substitute the 2% nonelective contribution for the matching contribution for a year if both of the following requirements are met. 2009 amended tax return instructions Eligible employees are notified that a 2% nonelective contribution will be made instead of a matching contribution. 2009 amended tax return instructions This notice is provided within a reasonable period during which employees can enter into salary reduction agreements. 2009 amended tax return instructions Example 3. 2009 amended tax return instructions Assume the same facts as in Example 2 , except that Joshua's employer chose to make nonelective contributions instead of matching contributions. 2009 amended tax return instructions Because his employer's nonelective contributions are limited to 2% of up to $255,000 of Joshua's compensation, his employer's contribution to Joshua's SIMPLE IRA was limited to $5,100. 2009 amended tax return instructions In this example, total contributions made on Joshua's behalf for the year were $17,100 (Joshua's salary reductions of $12,000 plus his employer's contribution of $5,100). 2009 amended tax return instructions Traditional IRA mistakenly moved to SIMPLE IRA. 2009 amended tax return instructions   If you mistakenly roll over or transfer an amount from a traditional IRA to a SIMPLE IRA, you can later recharacterize the amount as a contribution to another traditional IRA. 2009 amended tax return instructions For more information, see Recharacterizations in chapter 1. 2009 amended tax return instructions Recharacterizing employer contributions. 2009 amended tax return instructions   You cannot recharacterize employer contributions (including elective deferrals) under a SEP or SIMPLE plan as contributions to another IRA. 2009 amended tax return instructions SEPs are discussed in chapter 2 of Publication 560. 2009 amended tax return instructions SIMPLE plans are discussed in this chapter. 2009 amended tax return instructions Converting from a SIMPLE IRA. 2009 amended tax return instructions   Generally, you can convert an amount in your SIMPLE IRA to a Roth IRA under the same rules explained in chapter 1 under Converting From Any Traditional IRA Into a Roth IRA . 2009 amended tax return instructions    However, you cannot convert any amount distributed from the SIMPLE IRA during the 2-year period beginning on the date you first participated in any SIMPLE IRA plan maintained by your employer. 2009 amended tax return instructions When Can You Withdraw or Use Assets? Generally, the same distribution (withdrawal) rules that apply to traditional IRAs apply to SIMPLE IRAs. 2009 amended tax return instructions These rules are discussed in chapter 1. 2009 amended tax return instructions Your employer cannot restrict you from taking distributions from a SIMPLE IRA. 2009 amended tax return instructions Are Distributions Taxable? Generally, distributions from a SIMPLE IRA are fully taxable as ordinary income. 2009 amended tax return instructions If the distribution is an early distribution (discussed in chapter 1), it may be subject to the additional tax on early distributions. 2009 amended tax return instructions See Additional Tax on Early Distributions, later. 2009 amended tax return instructions Rollovers and Transfers Exception Generally, rollovers and trustee-to-trustee transfers are not taxable distributions. 2009 amended tax return instructions Two-year rule. 2009 amended tax return instructions   To qualify as a tax-free rollover (or a tax-free trustee-to-trustee transfer), a rollover distribution (or a transfer) made from a SIMPLE IRA during the 2-year period beginning on the date on which you first participated in your employer's SIMPLE plan must be contributed (or transferred) to another SIMPLE IRA. 2009 amended tax return instructions The 2-year period begins on the first day on which contributions made by your employer are deposited in your SIMPLE IRA. 2009 amended tax return instructions   After the 2-year period, amounts in a SIMPLE IRA can be rolled over or transferred tax free to an IRA other than a SIMPLE IRA, or to a qualified plan, a tax-sheltered annuity plan (section 403(b) plan), or deferred compensation plan of a state or local government (section 457 plan). 2009 amended tax return instructions Additional Tax on Early Distributions The additional tax on early distributions (discussed in chapter 1) applies to SIMPLE IRAs. 2009 amended tax return instructions If a distribution is an early distribution and occurs during the 2-year period following the date on which you first participated in your employer's SIMPLE plan, the additional tax on early distributions is increased from 10% to 25%. 2009 amended tax return instructions If a rollover distribution (or transfer) from a SIMPLE IRA does not satisfy the 2-year rule, and is otherwise an early distribution, the additional tax imposed because of the early distribution is increased from 10% to 25% of the amount distributed. 2009 amended tax return instructions Prev  Up  Next   Home   More Online Publications
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Consumer Protection Offices

City, county, regional, and state consumer offices offer a variety of important services. They might mediate complaints, conduct investigations, prosecute offenders of consumer laws, license and regulate professional service providers, provide educational materials and advocate for consumer rights. To save time, call before sending a written complaint. Ask if the office handles the type of complaint you have and if complaint forms are provided.

State Consumer Protection Offices

Florida Office of the Attorney General

Website: Florida Office of the Attorney General http://www.seniorsvscrime.com

Address: Florida Office of the Attorney General
PL-01 The Capitol
Tallahassee, FL 32399-1050

Phone Number: 850-414-3990

Toll-free: 1-866-966-7226 (FL) 1-866-966-7226

TTY: 1-800-955-8771 (FL)

Florida Department of Agriculture and Consumer Services

Website: Florida Department of Agriculture and Consumer Services

Address: Florida Department of Agriculture and Consumer Services
Division of Consumer Services
Terry Lee Rhodes Building
2005 Apalachee Pkwy.
Tallahassee, FL 32399-6500

Phone Number: 850-410-3800

Toll-free: 1-800-435-7352 (FL) 1-800-352-9832 (in Spanish)

Florida Department of Financial Services

Website: Florida Department of Financial Services

Address: Florida Department of Financial Services
Division of Consumer Services
200 E. Gaines St.
Tallahassee, FL 32399

Phone Number: 850-413-3089

Toll-free: 1-877-693-5236 (FL)

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Regional Consumer Protection Offices

Tampa Branch- Office of the Attorney General

Website: Tampa Branch- Office of the Attorney General (Consumer protections page)

Address: Tampa Branch- Office of the Attorney General
Consumer Protection Division
Concourse Center 4
3507 E. Frontage Rd., Suite 325
Tampa, FL 33607-1795

Phone Number: 813-287-7950

Ft. Lauderdale Branch- Office of the Attorney General

Website: Ft. Lauderdale Branch- Office of the Attorney General (Consumer protections page)

Address: Ft. Lauderdale Branch- Office of the Attorney General
Consumer Protection Division
110 S.E. 6th St., 9th Floor
Fort Lauderdale, FL 33301-5000

Phone Number: 954-712-4600

Jacksonville Branch- Office of the Attorney General

Website: Jacksonville Branch- Office of the Attorney General (Consumer protections page)

Address: Jacksonville Branch- Office of the Attorney General
Consumer Protection Division
1300 Riverplace Blvd., Suite 405
Jacksonville, FL 32207

Phone Number: 904-348-2720

Orlando Branch- Office of the Attorney General

Website: Orlando Branch- Office of the Attorney General (Consumer protections page)

Address: Orlando Branch- Office of the Attorney General
Consumer Protection Division
135 W. Central Blvd., Suite 1000
Orlando, FL 32801

Phone Number: 407-999-5588

West Palm Beach Branch- Office of the Attorney General

Website: West Palm Beach Branch- Office of the Attorney General

Address: West Palm Beach Branch- Office of the Attorney General
Economic Crimes Division
1515 N. Flagler Dr., Suite 900
West Palm Beach, FL 33401

Phone Number: 561-837-5000

Miami Branch- Office of the Attorney General

Website: Miami Branch- Office of the Attorney General (Consumer protections page)

Address: Miami Branch- Office of the Attorney General
Consumer Protection Division
444 Brickell Ave.
Rivergate Plaza, 5th Floor

Miami, FL 33131

Phone Number: 305-377-5835

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County Consumer Protection Offices

Broward County Permitting, Licensing Consumer Protection Division

Website: Broward County Permitting, Licensing Consumer Protection Division

Address: Broward County Permitting, Licensing Consumer Protection Division
1 N. University Dr., Box 302
Plantation, FL 33324

Phone Number: 954-765-4400

Hillsborough County Consumer Protection Agency

Website: Hillsborough County Consumer Protection Agency

Address: Hillsborough County Consumer Protection Agency
1101 E. 139th Ave.
Tampa, FL 33613

Phone Number: 813-903-3430

Miami-Dade County Consumer Services Department

Website: Miami-Dade County Consumer Services Department

Address: Miami-Dade County Consumer Services Department
Consumer Protection Section
140 W. Flagler St.
Miami, FL 33130

Phone Number: 305-375-3677

Office of the State Attorney for Miami-Dade County

Website: Office of the State Attorney for Miami-Dade County

Address: Office of the State Attorney for Miami-Dade County
Economic Crime Division
1350 N.W. 12 Ave.
Miami, FL 33136-2111

Phone Number: 305-547-0671

Orange County Consumer Fraud Unit

Website: Orange County Consumer Fraud Unit

Address: Orange County Consumer Fraud Unit
415 N. Orange Ave.
Orlando, FL 32801

Phone Number: 407-836-2490

Palm Beach County Consumer Affairs Division

Website: Palm Beach County Consumer Affairs Division

Address: Palm Beach County Consumer Affairs Division
50 S. Military Tr., Suite 201
West Palm Beach, FL 33415

Phone Number: 561-712-6600

Toll-free: 1-888-852-7362 (Boca/Delray/Glades)

Pinellas County Office of Consumer Services

Website: Pinellas County Office of Consumer Services

Address: Pinellas County Office of Consumer Services
631 Chestnut St.
Clearwater, FL 33756

Phone Number: 727-464-6200

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Banking Authorities

The officials listed in this section regulate and supervise state-chartered banks. Many of them handle or refer problems and complaints about other types of financial institutions as well. Some also answer general questions about banking and consumer credit. If you are dealing with a federally chartered bank, check Federal Agencies.

Office of Financial Regulation

Website: Office of Financial Regulation

Address: Office of Financial Regulation
Division of Financial Institutions
Consumer Assistance Group

200 E. Gaines St.
Tallahassee, FL 32399-0371

Phone Number: 850-487-9687

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Insurance Regulators

Each state has its own laws and regulations for each type of insurance. The officials listed in this section enforce these laws. Many of these offices can also provide you with information to help you make informed insurance buying decisions.

Office of Insurance Regulation

Website: Office of Insurance Regulation

Address: Office of Insurance Regulation
200 E. Gaines St.
Tallahassee, FL 32399

Phone Number: 850-413-3140

Toll-free: 1-877-693-5236 (FL)

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Securities Administrators

Each state has its own laws and regulations for securities brokers and securities - including stocks, mutual funds, commodities, real estate, etc. The officials and agencies listed in this section enforce these laws and regulations. Many of these offices can also provide information to help you make informed investment decisions.

Office of Financial Regulation

Website: Office of Financial Regulation

Address: Office of Financial Regulation
Division of Securities
Consumer Assistance Group

200 E. Gaines St.
Tallahassee, FL 32399-0375

Phone Number: 850-487-9687

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Utility Commissions

State Utility Commissions regulate services and rates for gas, electricity and telephones within your state. In some states, the utility commissions regulate other services such as water, transportation, and the moving of household goods. Many utility commissions handle consumer complaints. Sometimes, if a number of complaints are received about the same utility matter, they will conduct investigations.

Public Service Commission

Website: Public Service Commission

Address: Public Service Commission
2540 Shumard Oak Blvd.
Tallahassee, FL 32399-0850

Phone Number: 850-413-6100

Toll-free: 1-800-342-3552 (FL)

TTY: 1-800-955-8771

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The 2009 Amended Tax Return Instructions

2009 amended tax return instructions 5. 2009 amended tax return instructions   Taxes Table of Contents What's New Introduction Topics - This chapter discusses: Useful Items - You may want to see: When To Deduct Taxes Real Estate TaxesSeparate elections. 2009 amended tax return instructions Making the election. 2009 amended tax return instructions Form 3115. 2009 amended tax return instructions Income TaxesAccrual of contested income taxes. 2009 amended tax return instructions Employment Taxes Other TaxesAdditional Medicare Tax. 2009 amended tax return instructions What's New Additional Medicare Tax. 2009 amended tax return instructions  Beginning in 2013, you must withhold a 0. 2009 amended tax return instructions 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. 2009 amended tax return instructions Also, self-employed individuals may be required to pay Additional Medicare Tax on self-employment income. 2009 amended tax return instructions See Employment Taxes , and Self-employment tax , later. 2009 amended tax return instructions Introduction You can deduct various federal, state, local, and foreign taxes directly attributable to your trade or business as business expenses. 2009 amended tax return instructions You cannot deduct federal income taxes, estate and gift taxes, or state inheritance, legacy, and succession taxes. 2009 amended tax return instructions Topics - This chapter discusses: When to deduct taxes Real estate taxes Income taxes Employment taxes Other taxes Useful Items - You may want to see: Publication 15 (Circular E), Employer's Tax Guide 334 Tax Guide for Small Business 510 Excise Taxes 538 Accounting Periods and Methods 551 Basis of Assets Form (and Instructions) Sch A (Form 1040) Itemized Deductions Sch SE (Form 1040) Self-Employment Tax 3115 Application for Change in Accounting Method 8959 Additional Medicare Tax See chapter 12 for information about getting publications and forms. 2009 amended tax return instructions When To Deduct Taxes Generally, you can only deduct taxes in the year you pay them. 2009 amended tax return instructions This applies whether you use the cash method or an accrual method of accounting. 2009 amended tax return instructions Under an accrual method, you can deduct a tax before you pay it if you meet the exception for recurring items discussed under Economic Performance in Publication 538. 2009 amended tax return instructions You can also elect to ratably accrue real estate taxes as discussed later under Real Estate Taxes . 2009 amended tax return instructions Limit on accrual of taxes. 2009 amended tax return instructions   A taxing jurisdiction can require the use of a date for accruing taxes that is earlier than the date it originally required. 2009 amended tax return instructions However, if you use an accrual method, and can deduct the tax before you pay it, use the original accrual date for the year of change and all future years to determine when you can deduct the tax. 2009 amended tax return instructions Example. 2009 amended tax return instructions Your state imposes a tax on personal property used in a trade or business conducted in the state. 2009 amended tax return instructions This tax is assessed and becomes a lien as of July 1 (accrual date). 2009 amended tax return instructions In 2013, the state changed the assessment and lien dates from July 1, 2014, to December 31, 2013, for property tax year 2014. 2009 amended tax return instructions Use the original accrual date (July 1, 2014) to determine when you can deduct the tax. 2009 amended tax return instructions You must also use the July 1 accrual date for all future years to determine when you can deduct the tax. 2009 amended tax return instructions Uniform capitalization rules. 2009 amended tax return instructions   Uniform capitalization rules apply to certain taxpayers who produce real property or tangible personal property for use in a trade or business or for sale to customers. 2009 amended tax return instructions They also apply to certain taxpayers who acquire property for resale. 2009 amended tax return instructions Under these rules, you either include certain costs in inventory or capitalize certain expenses related to the property, such as taxes. 2009 amended tax return instructions For more information, see chapter 1. 2009 amended tax return instructions Carrying charges. 2009 amended tax return instructions   Carrying charges include taxes you pay to carry or develop real estate or to carry, transport, or install personal property. 2009 amended tax return instructions You can elect to capitalize carrying charges not subject to the uniform capitalization rules if they are otherwise deductible. 2009 amended tax return instructions For more information, see chapter 7. 2009 amended tax return instructions Refunds of taxes. 2009 amended tax return instructions   If you receive a refund for any taxes you deducted in an earlier year, include the refund in income to the extent the deduction reduced your federal income tax in the earlier year. 2009 amended tax return instructions For more information, see Recovery of amount deducted (tax benefit rule) in chapter 1. 2009 amended tax return instructions    You must include in income any interest you receive on tax refunds. 2009 amended tax return instructions Real Estate Taxes Deductible real estate taxes are any state, local, or foreign taxes on real estate levied for the general public welfare. 2009 amended tax return instructions The taxing authority must base the taxes on the assessed value of the real estate and charge them uniformly against all property under its jurisdiction. 2009 amended tax return instructions Deductible real estate taxes generally do not include taxes charged for local benefits and improvements that increase the value of the property. 2009 amended tax return instructions See Taxes for local benefits , later. 2009 amended tax return instructions If you use an accrual method, you generally cannot accrue real estate taxes until you pay them to the government authority. 2009 amended tax return instructions However, you can elect to ratably accrue the taxes during the year. 2009 amended tax return instructions See Electing to ratably accrue , later. 2009 amended tax return instructions Taxes for local benefits. 2009 amended tax return instructions   Generally, you cannot deduct taxes charged for local benefits and improvements that tend to increase the value of your property. 2009 amended tax return instructions These include assessments for streets, sidewalks, water mains, sewer lines, and public parking facilities. 2009 amended tax return instructions You should increase the basis of your property by the amount of the assessment. 2009 amended tax return instructions   You can deduct taxes for these local benefits only if the taxes are for maintenance, repairs, or interest charges related to those benefits. 2009 amended tax return instructions If part of the tax is for maintenance, repairs, or interest, you must be able to show how much of the tax is for these expenses to claim a deduction for that part of the tax. 2009 amended tax return instructions Example. 2009 amended tax return instructions To improve downtown commercial business, Waterfront City converted a downtown business area street into an enclosed pedestrian mall. 2009 amended tax return instructions The city assessed the full cost of construction, financed with 10-year bonds, against the affected properties. 2009 amended tax return instructions The city is paying the principal and interest with the annual payments made by the property owners. 2009 amended tax return instructions The assessments for construction costs are not deductible as taxes or as business expenses, but are depreciable capital expenses. 2009 amended tax return instructions The part of the payments used to pay the interest charges on the bonds is deductible as taxes. 2009 amended tax return instructions Charges for services. 2009 amended tax return instructions   Water bills, sewerage, and other service charges assessed against your business property are not real estate taxes, but are deductible as business expenses. 2009 amended tax return instructions Purchase or sale of real estate. 2009 amended tax return instructions   If real estate is sold, the real estate taxes must be allocated between the buyer and the seller. 2009 amended tax return instructions   The buyer and seller must allocate the real estate taxes according to the number of days in the real property tax year (the period to which the tax imposed relates) that each owned the property. 2009 amended tax return instructions Treat the seller as paying the taxes up to but not including the date of sale. 2009 amended tax return instructions Treat the buyer as paying the taxes beginning with the date of sale. 2009 amended tax return instructions You can usually find this information on the settlement statement you received at closing. 2009 amended tax return instructions   If you (the seller) use an accrual method and have not elected to ratably accrue real estate taxes, you are considered to have accrued your part of the tax on the date you sell the property. 2009 amended tax return instructions Example. 2009 amended tax return instructions Alberto Verde, a calendar year accrual method taxpayer, owns real estate in Olmo County. 2009 amended tax return instructions He has not elected to ratably accrue property taxes. 2009 amended tax return instructions November 30 of each year is the assessment and lien date for the current real property tax year, which is the calendar year. 2009 amended tax return instructions He sold the property on June 30, 2013. 2009 amended tax return instructions Under his accounting method he would not be able to claim a deduction for the taxes because the sale occurred before November 30. 2009 amended tax return instructions He is treated as having accrued his part of the tax, 181/366  (January 1–June 29), on June 30, and he can deduct it for 2013. 2009 amended tax return instructions Electing to ratably accrue. 2009 amended tax return instructions   If you use an accrual method, you can elect to accrue real estate tax related to a definite period ratably over that period. 2009 amended tax return instructions Example. 2009 amended tax return instructions Juan Sanchez is a calendar year taxpayer who uses an accrual method. 2009 amended tax return instructions His real estate taxes for the real property tax year, July 1, 2013, to June 30, 2014, are $1,200. 2009 amended tax return instructions July 1 is the assessment and lien date. 2009 amended tax return instructions If Juan elects to ratably accrue the taxes, $600 will accrue in 2013 ($1,200 × 6/12, July 1–December 31) and the balance will accrue in 2014. 2009 amended tax return instructions Separate elections. 2009 amended tax return instructions   You can elect to ratably accrue the taxes for each separate trade or business and for nonbusiness activities if you account for them separately. 2009 amended tax return instructions Once you elect to ratably accrue real estate taxes, you must use that method unless you get permission from the IRS to change. 2009 amended tax return instructions See Form 3115 , later. 2009 amended tax return instructions Making the election. 2009 amended tax return instructions   If you elect to ratably accrue the taxes for the first year in which you incur real estate taxes, attach a statement to your income tax return for that year. 2009 amended tax return instructions The statement should show all the following items. 2009 amended tax return instructions The trades or businesses to which the election applies and the accounting method or methods used. 2009 amended tax return instructions The period to which the taxes relate. 2009 amended tax return instructions The computation of the real estate tax deduction for that first year. 2009 amended tax return instructions   Generally, you must file your return by the due date (including extensions). 2009 amended tax return instructions However, if you timely filed your return for the year without electing to ratably accrue, you can still make the election by filing an amended return within 6 months after the due date of the return (excluding extensions). 2009 amended tax return instructions Attach the statement to the amended return and write “Filed pursuant to section 301. 2009 amended tax return instructions 9100-2” on the statement. 2009 amended tax return instructions File the amended return at the same address where you filed the original return. 2009 amended tax return instructions Form 3115. 2009 amended tax return instructions    If you elect to ratably accrue real estate taxes for a year after the first year in which you incur real estate taxes, or if you want to revoke your election to ratably accrue real estate taxes, file Form 3115. 2009 amended tax return instructions For more information, including applicable time frames for filing, see the Instructions for Form 3115. 2009 amended tax return instructions Note. 2009 amended tax return instructions If you are filing an application for a change in accounting method filed after January 9, 2011, for a year of change ending after April 29, 2010, see Revenue Procedure 2011-14, 2011-4 I. 2009 amended tax return instructions R. 2009 amended tax return instructions B. 2009 amended tax return instructions 330, as modified and clarified by Revenue Procedure 2012-19, 2012-14 I. 2009 amended tax return instructions R. 2009 amended tax return instructions B. 2009 amended tax return instructions 689, and Revenue Procedure 2012-20, 2012-14 I. 2009 amended tax return instructions R. 2009 amended tax return instructions B. 2009 amended tax return instructions 700, or any successor. 2009 amended tax return instructions Revenue Procedure 2011-14 is available at  www. 2009 amended tax return instructions irs. 2009 amended tax return instructions gov/irb/2011-04IRB/ar08. 2009 amended tax return instructions html. 2009 amended tax return instructions Income Taxes This section discusses federal, state, local, and foreign income taxes. 2009 amended tax return instructions Federal income taxes. 2009 amended tax return instructions   You cannot deduct federal income taxes. 2009 amended tax return instructions State and local income taxes. 2009 amended tax return instructions   A corporation or partnership can deduct state and local income taxes imposed on the corporation or partnership as business expenses. 2009 amended tax return instructions An individual can deduct state and local income taxes only as an itemized deduction on Schedule A (Form 1040). 2009 amended tax return instructions   However, an individual can deduct a state tax on gross income (as distinguished from net income) directly attributable to a trade or business as a business expense. 2009 amended tax return instructions Accrual of contested income taxes. 2009 amended tax return instructions   If you use an accrual method, and you contest a state or local income tax liability, you must accrue and deduct any contested amount in the tax year in which the liability is finally determined. 2009 amended tax return instructions   If additional state or local income taxes for a prior year are assessed in a later year, you can deduct the taxes in the year in which they were originally imposed (the prior year) if the tax liability is not contested. 2009 amended tax return instructions You cannot deduct them in the year in which the liability is finally determined. 2009 amended tax return instructions    The filing of an income tax return is not considered a contest and, in the absence of an overt act of protest, you can deduct the tax in the prior year. 2009 amended tax return instructions Also, you can deduct any additional taxes in the prior year if you do not show some affirmative evidence of denial of the liability. 2009 amended tax return instructions   However, if you consistently deduct additional assessments in the year they are paid or finally determined (including those for which there was no contest), you must continue to do so. 2009 amended tax return instructions You cannot take a deduction in the earlier year unless you receive permission to change your method of accounting. 2009 amended tax return instructions For more information on accounting methods, see When Can I Deduct an Expense in chapter 1. 2009 amended tax return instructions Foreign income taxes. 2009 amended tax return instructions   Generally, you can take either a deduction or a credit for income taxes imposed on you by a foreign country or a U. 2009 amended tax return instructions S. 2009 amended tax return instructions possession. 2009 amended tax return instructions However, an individual cannot take a deduction or credit for foreign income taxes paid on income that is exempt from U. 2009 amended tax return instructions S. 2009 amended tax return instructions tax under the foreign earned income exclusion or the foreign housing exclusion. 2009 amended tax return instructions For information on these exclusions, see Publication 54, Tax Guide for U. 2009 amended tax return instructions S. 2009 amended tax return instructions Citizens and Resident Aliens Abroad. 2009 amended tax return instructions For information on the foreign tax credit, see Publication 514, Foreign Tax Credit for Individuals. 2009 amended tax return instructions Employment Taxes If you have employees, you must withhold various taxes from your employees' pay. 2009 amended tax return instructions Most employers must withhold their employees' share of social security, Medicare taxes, and Additional Medicare Tax (if applicable) along with state and federal income taxes. 2009 amended tax return instructions You may also need to pay certain employment taxes from your own funds. 2009 amended tax return instructions These include your share of social security and Medicare taxes as an employer, along with unemployment taxes. 2009 amended tax return instructions Note. 2009 amended tax return instructions Additional Medicare Tax is only imposed on the employee. 2009 amended tax return instructions There is no employer share of Additional Medicare Tax. 2009 amended tax return instructions Your deduction for wages paid is not reduced by the social security and Medicare taxes, Additional Medicare Tax, and income taxes you withhold from your employees. 2009 amended tax return instructions You can deduct the employment taxes you must pay from your own funds as taxes. 2009 amended tax return instructions Example. 2009 amended tax return instructions You pay your employee $18,000 a year. 2009 amended tax return instructions However, after you withhold various taxes, your employee receives $14,500. 2009 amended tax return instructions You also pay an additional $1,500 in employment taxes. 2009 amended tax return instructions You should deduct the full $18,000 as wages. 2009 amended tax return instructions You can deduct the $1,500 you pay from your own funds as taxes. 2009 amended tax return instructions For more information on employment taxes, see Publication 15 (Circular E). 2009 amended tax return instructions Unemployment fund taxes. 2009 amended tax return instructions   As an employer, you may have to make payments to a state unemployment compensation fund or to a state disability benefit fund. 2009 amended tax return instructions Deduct these payments as taxes. 2009 amended tax return instructions Other Taxes The following are other taxes you can deduct if you incur them in the ordinary course of your trade or business. 2009 amended tax return instructions Excise taxes. 2009 amended tax return instructions   Generally, you can deduct as a business expense all excise taxes that are ordinary and necessary expenses of carrying on your trade or business. 2009 amended tax return instructions However, see Fuel taxes , later. 2009 amended tax return instructions   For more information on excise taxes, see Publication 510. 2009 amended tax return instructions Franchise taxes. 2009 amended tax return instructions   You can deduct corporate franchise taxes as a business expense. 2009 amended tax return instructions Fuel taxes. 2009 amended tax return instructions   Generally, taxes on gasoline, diesel fuel, and other motor fuels that you use in your business are included as part of the cost of the fuel. 2009 amended tax return instructions Do not deduct these taxes as a separate item. 2009 amended tax return instructions   You may be entitled to a credit or refund for federal excise tax you paid on fuels used for certain purposes. 2009 amended tax return instructions For more information, see Publication 510. 2009 amended tax return instructions Occupational taxes. 2009 amended tax return instructions   You can deduct as a business expense an occupational tax charged at a flat rate by a locality for the privilege of working or conducting a business in the locality. 2009 amended tax return instructions Personal property tax. 2009 amended tax return instructions   You can deduct any tax imposed by a state or local government on personal property used in your trade or business. 2009 amended tax return instructions Sales tax. 2009 amended tax return instructions   Treat any sales tax you pay on a service or on the purchase or use of property as part of the cost of the service or property. 2009 amended tax return instructions If the service or the cost or use of the property is a deductible business expense, you can deduct the tax as part of that service or cost. 2009 amended tax return instructions If the property is merchandise bought for resale, the sales tax is part of the cost of the merchandise. 2009 amended tax return instructions If the property is depreciable, add the sales tax to the basis for depreciation. 2009 amended tax return instructions For more information on basis, see Publication 551. 2009 amended tax return instructions    Do not deduct state and local sales taxes imposed on the buyer that you must collect and pay over to the state or local government. 2009 amended tax return instructions Also, do not include these taxes in gross receipts or sales. 2009 amended tax return instructions Self-employment tax. 2009 amended tax return instructions   You can deduct part of your self-employment tax as a business expense in figuring your adjusted gross income. 2009 amended tax return instructions This deduction only affects your income tax. 2009 amended tax return instructions It does not affect your net earnings from self-employment or your self-employment tax. 2009 amended tax return instructions   To deduct the tax, enter on Form 1040, line 27, the amount shown on the Deduction for one-half of self-employment tax line of Schedule SE (Form 1040). 2009 amended tax return instructions   For more information on self-employment tax, see Publication 334. 2009 amended tax return instructions Additional Medicare Tax. 2009 amended tax return instructions   Beginning in 2013, you may be required to pay Additional Medicare Tax on self-employment income. 2009 amended tax return instructions See Form 8959 and the Instructions for Form 8959 for more information on the Additional Medicare Tax. 2009 amended tax return instructions Prev  Up  Next   Home   More Online Publications