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2010 1040ez Tax Form

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2010 1040ez Tax Form

2010 1040ez tax form 9. 2010 1040ez tax form   Worksheets Table of Contents When Should I Figure MAC?Checking the Previous Year's Contributions Available Worksheets Chapter 2 introduced you to the term maximum amount contributable (MAC). 2010 1040ez tax form Generally, your MAC is the lesser of your: Limit on annual additions (chapter 3), or Limit on elective deferrals (chapter 4). 2010 1040ez tax form The worksheets in this chapter can help you figure the cost of incidental life insurance, your includible compensation, your limit on annual additions, your limit on elective deferrals, your limit on catch-up contributions, and your MAC. 2010 1040ez tax form After completing the worksheets, you should maintain them with your 403(b) records for that year. 2010 1040ez tax form Do not attach them to your tax return. 2010 1040ez tax form At the end of the year or the beginning of the next year, you should compare your estimated compensation figures with your actual figures. 2010 1040ez tax form If your compensation is the same as, or more than, the projected amounts and the calculations are correct, then you should simply file these worksheets with your other tax records for the year. 2010 1040ez tax form If your compensation was lower than your estimated figures, you will need to check the amount contributed during the year to determine if contributions are more than your MAC. 2010 1040ez tax form When Should I Figure MAC? At the beginning of each year, you should figure your MAC using a conservative estimate of your compensation. 2010 1040ez tax form Should your income change during the year, you should refigure your MAC based on a revised conservative estimate. 2010 1040ez tax form By doing this, you will be able to determine if contributions to your 403(b) account should be increased or decreased for the year. 2010 1040ez tax form Checking the Previous Year's Contributions At the beginning of the following year, you should refigure your MAC based on your actual earned income. 2010 1040ez tax form At the end of the current year or the beginning of the next year, you should check your contributions to be sure you did not exceed your MAC. 2010 1040ez tax form This means refiguring your limit based on your actual compensation figures for the year. 2010 1040ez tax form This will allow you to determine if the amount contributed is more than the allowable amounts, and possibly avoid additional taxes. 2010 1040ez tax form Available Worksheets The following worksheets have been provided to help you figure your MAC. 2010 1040ez tax form Worksheet A. 2010 1040ez tax form Cost of Incidental Life Insurance. 2010 1040ez tax form Worksheet B. 2010 1040ez tax form Includible Compensation for Your Most Recent Year of Service Worksheet C. 2010 1040ez tax form Limit on Catch-Up Contributions. 2010 1040ez tax form ??? Worksheet 1. 2010 1040ez tax form Maximum Amount Contributable (MAC). 2010 1040ez tax form Worksheet A. 2010 1040ez tax form Cost of Incidental Life Insurance Note. 2010 1040ez tax form Use this worksheet to figure the cost of incidental life insurance included in your annuity contract. 2010 1040ez tax form This amount will be used to figure includible compensation for your most recent year of service. 2010 1040ez tax form 1. 2010 1040ez tax form Enter the value of the contract (amount payable upon your death) 1. 2010 1040ez tax form   2. 2010 1040ez tax form Enter the cash value in the contract at the end of the year 2. 2010 1040ez tax form   3. 2010 1040ez tax form Subtract line 2 from line 1. 2010 1040ez tax form This is the value of your current life insurance protection 3. 2010 1040ez tax form   4. 2010 1040ez tax form Enter your age on your birthday nearest the beginning of the policy year 4. 2010 1040ez tax form   5. 2010 1040ez tax form Enter the 1-year term premium for $1,000 of life insurance based on your age. 2010 1040ez tax form (From Figure 3-1) 5. 2010 1040ez tax form   6. 2010 1040ez tax form Divide line 3 by $1,000 6. 2010 1040ez tax form   7. 2010 1040ez tax form Multiply line 6 by line 5. 2010 1040ez tax form This is the cost of your incidental life insurance 7. 2010 1040ez tax form   Worksheet B. 2010 1040ez tax form Includible Compensation for Your Most Recent Year of Service1 Note. 2010 1040ez tax form Use this worksheet to figure includible compensation for your most recent year of service. 2010 1040ez tax form 1. 2010 1040ez tax form Enter your includible wages from the employer maintaining your 403(b) account for your most recent year of service 1. 2010 1040ez tax form   2. 2010 1040ez tax form Enter elective deferrals excluded from your gross income for your most recent year of service2 2. 2010 1040ez tax form   3. 2010 1040ez tax form Enter amounts contributed or deferred by your employer under a cafeteria plan for your most recent year of service 3. 2010 1040ez tax form   4. 2010 1040ez tax form Enter amounts contributed or deferred by your employer according to your election to your 457 account (a nonqualified plan of a state or local government or of a tax-exempt organization) for your most recent year of service 4. 2010 1040ez tax form   5. 2010 1040ez tax form Enter pre-tax contributions (employer's contributions made on your behalf according to your election) to a qualified transportation fringe benefit plan for your most recent year of service 5. 2010 1040ez tax form   6. 2010 1040ez tax form Enter your foreign earned income exclusion for your most recent year of service 6. 2010 1040ez tax form   7. 2010 1040ez tax form Add lines 1, 2, 3, 4, 5, and 6 7. 2010 1040ez tax form   8. 2010 1040ez tax form Enter the cost of incidental life insurance that is part of your annuity contract for your most recent year of service 8. 2010 1040ez tax form   9. 2010 1040ez tax form Enter compensation that was both: Earned during your most recent year of service, and Earned while your employer was not qualified to maintain a 403(b) plan 9. 2010 1040ez tax form   10. 2010 1040ez tax form Add lines 8 and 9 10. 2010 1040ez tax form   11. 2010 1040ez tax form Subtract line 10 from line 7. 2010 1040ez tax form This is your includible compensation for your most recent year of service 11. 2010 1040ez tax form   1Use estimated amounts if figuring includible compensation before the end of the year. 2010 1040ez tax form  2Elective deferrals made to a designated Roth account are not excluded from your gross income and should not be included on this line. 2010 1040ez tax form Worksheet C. 2010 1040ez tax form Limit on Catch-Up Contributions Note. 2010 1040ez tax form If you will be age 50 or older by the end of the year, use this worksheet to figure your limit on catch-up contributions. 2010 1040ez tax form 1. 2010 1040ez tax form Maximum catch-up contributions 1. 2010 1040ez tax form $5,500 2. 2010 1040ez tax form Enter your includible compensation for your most recent year of service 2. 2010 1040ez tax form   3. 2010 1040ez tax form Enter your elective deferrals 3. 2010 1040ez tax form   4. 2010 1040ez tax form Subtract line 3 from line 2 4. 2010 1040ez tax form   5. 2010 1040ez tax form Enter the lesser of line 1 or line 4. 2010 1040ez tax form This is your limit on catch-up contributions 5. 2010 1040ez tax form   Worksheet 1. 2010 1040ez tax form Maximum Amount Contributable (MAC) Note. 2010 1040ez tax form Use this worksheet to figure your MAC. 2010 1040ez tax form Part I. 2010 1040ez tax form Limit on Annual Additions     1. 2010 1040ez tax form Enter your includible compensation for your most recent year of service 1. 2010 1040ez tax form   2. 2010 1040ez tax form Maximum1: For 2013, enter $51,000 For 2014, enter $52,000 2. 2010 1040ez tax form   3. 2010 1040ez tax form Enter the lesser of line 1 or line 2. 2010 1040ez tax form This is your limit on annual additions 3. 2010 1040ez tax form     Caution: If you had only nonelective contributions, skip Part II and enter the amount from line 3 on line 18. 2010 1040ez tax form     Part II. 2010 1040ez tax form Limit on Elective Deferrals     4. 2010 1040ez tax form Maximum contribution: For 2013, enter $17,500 For 2014, enter $17,500 4. 2010 1040ez tax form     Note. 2010 1040ez tax form If you have at least 15 years of service with a qualifying organization, complete lines 5 through 17. 2010 1040ez tax form If not, enter zero (-0-) on line 16 and go to line 17. 2010 1040ez tax form     5. 2010 1040ez tax form Amount per year of service 5. 2010 1040ez tax form $ 5,000 6. 2010 1040ez tax form Enter your years of service 6. 2010 1040ez tax form   7. 2010 1040ez tax form Multiply line 5 by line 6 7. 2010 1040ez tax form   8. 2010 1040ez tax form Enter the total of all elective deferrals made for you by the qualifying organization for prior years 8. 2010 1040ez tax form   9. 2010 1040ez tax form Subtract line 8 from line 7. 2010 1040ez tax form If zero or less, enter zero (-0-) 9. 2010 1040ez tax form   10. 2010 1040ez tax form Maximum increase in limit for long service 10. 2010 1040ez tax form $15,000 11. 2010 1040ez tax form Enter the total of additional pre-tax elective deferrals made in prior years under the 15-year rule 11. 2010 1040ez tax form   12. 2010 1040ez tax form Enter the aggregate amount of all designated Roth contributions permitted for prior years under the 15-year rule 12. 2010 1040ez tax form   13. 2010 1040ez tax form Add line 11 and line 12 13. 2010 1040ez tax form   14. 2010 1040ez tax form Subtract line 13 from line 10 14. 2010 1040ez tax form   15. 2010 1040ez tax form Maximum additional contributions 15. 2010 1040ez tax form $ 3,000 16. 2010 1040ez tax form Enter the least of lines 9, 14, or 15. 2010 1040ez tax form This is your increase in the limit for long service 16. 2010 1040ez tax form   17. 2010 1040ez tax form Add lines 4 and 16. 2010 1040ez tax form This is your limit on elective deferrals 17. 2010 1040ez tax form     Part III. 2010 1040ez tax form Maximum Amount Contributable     18. 2010 1040ez tax form If you had only nonelective contributions, enter the amount from line 3. 2010 1040ez tax form This is your MAC. 2010 1040ez tax form    If you had only elective deferrals, enter the lesser of lines 3 or 17. 2010 1040ez tax form This is your MAC. 2010 1040ez tax form    If you had both elective deferrals and nonelective contributions, enter the amount from line 3. 2010 1040ez tax form This is your MAC. 2010 1040ez tax form (Use the amount on line 17 to determine if you have excess elective deferrals as explained in chapter 7. 2010 1040ez tax form ) 18. 2010 1040ez tax form   1If you participate in a 403(b) plan and a qualified plan, you must combine contributions made to your 403(b) account with contributions to a qualified plan and simplified employee pension plans of all corporations, partnerships, and sole proprietorships in which you have more than 50% control. 2010 1040ez tax form You must also combine the contributions made to all 403(b) accounts on your behalf by your employer. 2010 1040ez tax form Prev  Up  Next   Home   More Online Publications
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The 2010 1040ez Tax Form

2010 1040ez tax form Publication 3402 - Main Content Table of Contents What is a Limited Liability Company? Classification of an LLC LLCs Classified as Partnerships LLCs Classified as Disregarded Entities LLCs Classified as Corporations Subsequent Elections How To Get More InformationInternal Revenue Service Small Business Administration Other Federal Agencies What is a Limited Liability Company? For purposes of this publication, a limited liability company (LLC) is a business entity organized in the United States under state law. 2010 1040ez tax form Unlike a partnership, all of the members of an LLC have limited personal liability for its debts. 2010 1040ez tax form 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. 2010 1040ez tax form 7701-3. 2010 1040ez tax form The information in this publication applies to LLCs in general, and different rules may apply to special situations, including banks, insurance companies, or nonprofit organizations that are LLCs or that own LLCs. 2010 1040ez tax form Check your state's requirements and the federal tax regulations for further information. 2010 1040ez tax form Classification of an LLC Default classification rules. 2010 1040ez tax form   An LLC with at least two members is classified as a partnership for federal income tax purposes. 2010 1040ez tax form An LLC with only one member is treated as an entity disregarded as separate from its owner for income tax purposes (but as a separate entity for purposes of employment tax and certain excise taxes). 2010 1040ez tax form Also, an LLC's federal tax classification can subsequently change under certain default rules discussed later. 2010 1040ez tax form Elected classification. 2010 1040ez tax form   If an LLC does not choose to be classified under the above default classifications, it can elect to be classified as an association taxable as a corporation or as an S corporation. 2010 1040ez tax form After an LLC has determined its federal tax classification, it can later elect to change that classification. 2010 1040ez tax form For details, see Subsequent Elections, later. 2010 1040ez tax form LLCs Classified as Partnerships If an LLC has at least two members and is classified as a partnership, it generally must file Form 1065, U. 2010 1040ez tax form S. 2010 1040ez tax form Return of Partnership Income. 2010 1040ez tax form Generally, an LLC classified as a partnership is subject to the same filing and reporting requirements as partnerships. 2010 1040ez tax form For certain purposes, members of an LLC are treated as limited partners in a limited partnership. 2010 1040ez tax form For example, LLC members are treated as limited partners for purposes of material participation under the passive activity limitation rules (see Temporary Regulation section 1. 2010 1040ez tax form 469-5T(e)). 2010 1040ez tax form See the Instructions for Form 1065 for reporting rules that apply specifically to LLCs. 2010 1040ez tax form Member manager. 2010 1040ez tax form   Only a member manager of an LLC can sign the partnership tax return. 2010 1040ez tax form And only a member manager can represent the LLC as the tax matters partner under the consolidated audit proceedings in sections 6221 through 6234. 2010 1040ez tax form A member manager is any owner of an interest in the LLC who, alone or together with others, has the continuing authority to make the management decisions necessary to conduct the business for which the LLC was formed. 2010 1040ez tax form If there are no elected or designated member managers, each owner is treated as a member manager. 2010 1040ez tax form Change in default classification. 2010 1040ez tax form   If the number of members in an LLC classified as a partnership is reduced to only one member, it becomes an entity disregarded as separate from its owner under Regulations section 301. 2010 1040ez tax form 7701-3(f)(2). 2010 1040ez tax form However, if the LLC has made an election to be classified as a corporation (discussed later) and that elective classification is in effect at the time of the change in membership, the default classification as a disregarded entity will not apply. 2010 1040ez tax form   Other tax consequences of a change in membership, such as recognition of gain or loss, are determined by the transactions through which an interest in the LLC is acquired or disposed of. 2010 1040ez tax form If a partnership that becomes a disregarded entity as a result of a decrease in the number of members makes an election to be classified as a corporation, the applicable deemed transactions discussed under Subsequent Elections, later, apply. 2010 1040ez tax form Example 1. 2010 1040ez tax form Ethel and Francis are members of an LLC classified as a partnership for federal tax purposes. 2010 1040ez tax form Each holds an equal membership interest. 2010 1040ez tax form The LLC does not hold any unrealized receivables or substantially appreciated inventory. 2010 1040ez tax form Ethel sells her entire interest in the LLC to Francis for $10,000. 2010 1040ez tax form After the sale, the business is continued by the LLC, which is owned solely by Francis. 2010 1040ez tax form No entity classification election is made after the sale to treat the LLC as a corporation for federal tax purposes. 2010 1040ez tax form The partnership terminates when Francis buys Ethel's entire interest. 2010 1040ez tax form Ethel must treat the transaction as the sale of a partnership interest and must report gain or loss, if any, resulting from the sale of her partnership interest. 2010 1040ez tax form For purposes of determining the tax treatment of Francis, the partnership is deemed to make a liquidating distribution of all of its assets to Ethel and Francis, and after this distribution, Francis is treated as acquiring the assets deemed to have been distributed to Ethel in liquidation of Ethel's partnership interest. 2010 1040ez tax form Francis's basis in the assets attributable to Ethel's one-half interest in the partnership is $10,000, the purchase price for Ethel's partnership interest. 2010 1040ez tax form Upon the termination of the partnership, Francis is considered to receive a distribution of those assets attributable to Francis's former interest in the partnership. 2010 1040ez tax form Francis must recognize gain or loss, if any, on the deemed distribution of the assets to the extent required by Internal Revenue Code section 731(a). 2010 1040ez tax form See Partnership Distributions in Publication 541. 2010 1040ez tax form Example 2. 2010 1040ez tax form George and Henrietta are members of an LLC classified as a partnership for federal tax purposes. 2010 1040ez tax form Each holds an equal membership interest. 2010 1040ez tax form The LLC does not hold any unrealized receivables or substantially appreciated inventory. 2010 1040ez tax form George and Henrietta each sell their entire interests in the LLC to Ian, an unrelated person, in exchange for $10,000. 2010 1040ez tax form After the sale, the business is continued by the LLC, which is owned solely by Ian. 2010 1040ez tax form No entity classification election is made after the sale to treat the LLC as a corporation for federal tax purposes. 2010 1040ez tax form The partnership terminates when Ian purchases the entire interests of George and Henrietta in the LLC. 2010 1040ez tax form George and Henrietta must report gain or loss, if any, resulting from the sale of their partnership interests. 2010 1040ez tax form For purposes of classifying the acquisition by Ian, the partnership is deemed to make a liquidating distribution of its assets to George and Henrietta. 2010 1040ez tax form Immediately following this distribution, Ian is deemed to acquire, by purchase, all of the former partnership's assets. 2010 1040ez tax form   For more details on the preceding two examples, see Revenue Ruling 99-6, 1999-6 I. 2010 1040ez tax form R. 2010 1040ez tax form B. 2010 1040ez tax form 6. 2010 1040ez tax form You can find Revenue Ruling 99-6 at www. 2010 1040ez tax form irs. 2010 1040ez tax form gov/pub/irs-irbs/irb99-06. 2010 1040ez tax form pdf. 2010 1040ez tax form LLCs Classified as Disregarded Entities If an LLC has only one member and is classified as an entity disregarded as separate from its owner, its income, deductions, gains, losses, and credits are reported on the owner's income tax return. 2010 1040ez tax form For example, if the owner of the LLC is an individual, the LLC's income and expenses would be reported on the following schedules filed with the owner's Form 1040: Schedule C, Profit or Loss from Business (Sole Proprietorship); Schedule C-EZ, Net Profit From Business (Sole Proprietorship); Schedule E, Supplemental Income and Loss; or Schedule F, Profit or Loss From Farming. 2010 1040ez tax form Employment tax and certain excise taxes. 2010 1040ez tax form   A single-member LLC that is classified as a disregarded entity for income tax purposes is treated as a separate entity for purposes of employment tax and certain excise taxes. 2010 1040ez tax form For wages paid after January 1, 2009, the single-member LLC is required to use its name and employer identification number (EIN) for reporting and payment of employment taxes. 2010 1040ez tax form A single-member LLC is also required to use its name and EIN to register for excise tax activities on Form 637; pay and report excise taxes reported on Forms 720, 730, 2290, and 11-C; and claim any refunds, credits, and payments on Form 8849. 2010 1040ez tax form See the employment and excise tax returns for more information. 2010 1040ez tax form Self-employment tax rule for disregarded entity LLCs. 2010 1040ez tax form   An individual owner of a single-member LLC classified as a disregarded entity is not an employee of the LLC. 2010 1040ez tax form Instead, the owner is subject to tax on the net earnings from self-employment of the LLC which is treated in the same manner as a sole-proprietorship. 2010 1040ez tax form Example 3. 2010 1040ez tax form LLC is a disregarded entity owned by Irene. 2010 1040ez tax form LLC has three employees (Kent, Patricia, and Tex) and pays wages. 2010 1040ez tax form LLC is treated as an entity separate from its owner for purposes of employment taxes. 2010 1040ez tax form For the wages paid to Kent, Patricia, and Tex, LLC is liable for income tax withholding, Federal Insurance Contributions Act (FICA) taxes, and Federal Unemployment Tax Act (FUTA) taxes. 2010 1040ez tax form In addition, LLC must file under its name and EIN the applicable employment tax returns; make timely employment tax deposits; and file with the Social Security Administration and furnish to LLC's employees (Kent, Patricia, and Tex) Forms W-2, Wage and Tax Statement. 2010 1040ez tax form Irene is self-employed for purposes of the self-employment tax. 2010 1040ez tax form Thus, Irene is subject to self-employment tax on her net earnings from self-employment with respect to LLC's activities. 2010 1040ez tax form Irene is not an employee of LLC for purposes of employment taxes. 2010 1040ez tax form Because LLC is treated as a sole proprietorship of Irene for income tax purposes, Irene must report the income and expenses from LLC on her Schedule C. 2010 1040ez tax form Irene will figure the tax due on her net earnings from self-employment on Schedule SE. 2010 1040ez tax form Irene can also deduct one-half of her self-employment tax on line 27 of her Form 1040. 2010 1040ez tax form Taxpayer identification number. 2010 1040ez tax form   For all income tax purposes, a single-member LLC classified as a disregarded entity must use the owner's social security number (SSN) or EIN. 2010 1040ez tax form This includes all information returns and reporting related to income tax. 2010 1040ez tax form For example, if a disregarded entity LLC that is owned by an individual is required to provide a Form W-9, Request for Taxpayer Identification Number and Certification, the LLC must provide the owner's SSN or EIN, not the LLC's EIN. 2010 1040ez tax form   However, most new single-member LLCs classified as a disregarded entity will need to obtain an EIN for the LLC. 2010 1040ez tax form An LLC will need an EIN if it has any employees or if it will be required to file any of the excise tax forms listed above (see Employment tax and certain excise taxes earlier). 2010 1040ez tax form See Form SS-4, Application for Employer Identification Number, for information on applying for an EIN. 2010 1040ez tax form Change in default classification. 2010 1040ez tax form   If a single-member LLC classified as a disregarded entity for income tax purposes acquires an additional member, it becomes a partnership under Regulations section 301. 2010 1040ez tax form 7701-3(f)(2). 2010 1040ez tax form However, if the LLC has made an election to be classified as a corporation (discussed later) and that elective classification is in effect at the time of the change in membership, the default classification as a partnership will not apply. 2010 1040ez tax form   Other tax consequences of a change in membership, such as recognition of gain or loss, are determined by the transactions through which an interest in the LLC is acquired or disposed of. 2010 1040ez tax form If a disregarded entity that becomes a partnership as a result of an increase in the number of members makes an election to be classified as a corporation, the applicable deemed transactions discussed in Subsequent Elections, later, apply. 2010 1040ez tax form Example 4. 2010 1040ez tax form Bart, who is not related to Alain, buys 50% of Alain's interest in an LLC that is a disregarded entity for $5,000. 2010 1040ez tax form Alain does not contribute any portion of the $5,000 to the LLC. 2010 1040ez tax form Alain and Bart continue to operate the business of the LLC as co-owners of the LLC. 2010 1040ez tax form The LLC is converted to a partnership when the new member, Bart, buys an interest in the disregarded entity from the owner, Alain. 2010 1040ez tax form Bart's buying a 50% interest in Alain's ownership interest in the LLC is treated as Bart's buying a 50% interest in each of the LLC's assets, which are treated as owned directly by Alain for federal income tax purposes. 2010 1040ez tax form Immediately thereafter, Alain and Bart are treated as contributing their respective interests in those assets to a partnership in exchange for ownership interests in the partnership. 2010 1040ez tax form Alain recognizes gain or loss from the deemed sale to Bart of the 50% interest in the assets. 2010 1040ez tax form Neither Alain nor Bart recognizes any gain or loss as a result of the deemed contribution of the assets to the partnership. 2010 1040ez tax form Example 5. 2010 1040ez tax form Charles, who is not related to Danielle, contributes $10,000 to an LLC owned by Danielle for a 50% ownership interest in the LLC. 2010 1040ez tax form The LLC uses all of the contributed cash in its business. 2010 1040ez tax form Charles and Danielle continue to operate the business of the LLC as co-owners of the LLC. 2010 1040ez tax form The LLC is converted from a disregarded entity to a partnership when Charles contributes cash to the LLC. 2010 1040ez tax form Charles's contribution is treated as a contribution to a partnership in exchange for an ownership interest in the partnership. 2010 1040ez tax form Danielle is treated as contributing all of the assets of the LLC to the partnership in exchange for a partnership interest. 2010 1040ez tax form Neither Charles nor Danielle recognizes gain or loss as a result of the conversion of the disregarded entity to a partnership. 2010 1040ez tax form   For more details on the preceding two examples, see Revenue Ruling 99-5, 1999-6 I. 2010 1040ez tax form R. 2010 1040ez tax form B. 2010 1040ez tax form 8. 2010 1040ez tax form You can find Revenue Ruling 99-5 at www. 2010 1040ez tax form irs. 2010 1040ez tax form gov/pub/irs-irbs/irb99-06. 2010 1040ez tax form pdf. 2010 1040ez tax form LLCs Classified as Corporations An LLC with either a single member or more than one member can elect to be classified as a corporation rather than be classified as a partnership or disregarded entity under the default rules discussed earlier. 2010 1040ez tax form File Form 8832, Entity Classification Election, to elect classification as a C corporation. 2010 1040ez tax form File Form 2553, Election by a Small Business Corporation, to elect classification as an S corporation. 2010 1040ez tax form LLCs electing classification as an S corporation are not required to file Form 8832 to elect classification as a corporation before filing Form 2553. 2010 1040ez tax form By filing Form 2553, an LLC is deemed to have elected classification as a corporation in addition to the S corporation classification. 2010 1040ez tax form If the LLC elects to be classified as a corporation by filing Form 8832, a copy of the LLC's Form 8832 must be attached to the federal income tax return of each direct and indirect owner of the LLC for the tax year of the owner that includes the date on which the election took effect. 2010 1040ez tax form Example 6. 2010 1040ez tax form Classification as a corporation without an S election. 2010 1040ez tax form Wanda and Sylvester are members of an LLC. 2010 1040ez tax form They agree that the LLC should be classified as a corporation but do not want to elect to have the LLC be treated as an S corporation. 2010 1040ez tax form The LLC must file Form 8832. 2010 1040ez tax form Example 7. 2010 1040ez tax form Classification as a corporation with an S election. 2010 1040ez tax form Evelyn and Carol are members of an LLC. 2010 1040ez tax form They agree that the LLC should be classified as an S corporation. 2010 1040ez tax form The LLC must file Form 2553 instead of Form 8832. 2010 1040ez tax form If the LLC is classified as a corporation, it must file a corporation income tax return. 2010 1040ez tax form If it is a C corporation, it is taxed on its taxable income and distributions to the members are includible in the members' gross income to the extent of the corporation's earnings and profits (double taxation). 2010 1040ez tax form If it is an S corporation, the corporation is generally not subject to any income tax and the income, deductions, gains, losses, and credits of the corporation “pass through” to the members. 2010 1040ez tax form Corporations generally file either: Form 1120, U. 2010 1040ez tax form S. 2010 1040ez tax form Corporation Income Tax Return; or Form 1120S, U. 2010 1040ez tax form S. 2010 1040ez tax form Income Tax Return for an S Corporation. 2010 1040ez tax form For more information on the income taxation of corporations and their shareholders, see Publication 542, Corporations. 2010 1040ez tax form For more information on the income taxation of S corporations and their shareholders, see the Instructions for Form 1120S, U. 2010 1040ez tax form S. 2010 1040ez tax form Income Tax Return for an S Corporation. 2010 1040ez tax form Subsequent Elections An LLC can elect to change its classification. 2010 1040ez tax form Generally, once an LLC has elected to change its classification, it cannot elect again to change it classification during the 60 months after the effective date of the election. 2010 1040ez tax form An election by a newly formed LLC that is effective on the date of formation is not considered a change for purposes of this limitation. 2010 1040ez tax form For more information and exceptions, see Regulations section 301. 2010 1040ez tax form 7701-3(c) and the Form 8832 instructions. 2010 1040ez tax form An election to change classification can have significant tax consequences based on the following transactions that are deemed to occur as a result of the election. 2010 1040ez tax form Partnership to corporation. 2010 1040ez tax form   An election to change classification from a partnership to a corporation will be treated as if the partnership contributed all of its assets and liabilities to the corporation in exchange for stock and the partnership then immediately liquidated by distributing the stock to its partners. 2010 1040ez tax form   For more information, see Partnership Distributions in Publication 541 and Property Exchanged for Stock in Publication 542. 2010 1040ez tax form Corporation to partnership. 2010 1040ez tax form   An election to change classification from a corporation to a partnership will be treated as if the corporation distributed all of its assets and liabilities to its shareholders in liquidation and the shareholders then immediately contributed all of the distributed assets and liabilities to a new partnership. 2010 1040ez tax form   For more information, see Contribution of Property in Publication 541 and Distributions to Shareholders in Publication 542. 2010 1040ez tax form Corporation to disregarded entity. 2010 1040ez tax form   An election to change classification from a corporation to a disregarded entity will be treated as if the corporation distributed all of its assets and liabilities to its single owner in liquidation. 2010 1040ez tax form   For more information, see Distributions to Shareholders in Publication 542. 2010 1040ez tax form Disregarded entity to corporation. 2010 1040ez tax form   An election to change classification from a disregarded entity to a corporation will be treated as if the owner of the disregarded entity contributed all of the assets and liabilities to the corporation in exchange for stock. 2010 1040ez tax form   For more information, see Property Exchanged for Stock in Publication 542. 2010 1040ez tax form How To Get More Information This section describes the help the IRS and other federal agencies offer to taxpayers who operate their own businesses. 2010 1040ez tax form Internal Revenue Service You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get information from the IRS in several ways. 2010 1040ez tax form By selecting the method that is best for you, you will have quick and easy access to tax help. 2010 1040ez tax form Contacting your Taxpayer Advocate. 2010 1040ez tax form   The Taxpayer Advocate Service (TAS) is an independent organization within the IRS whose employees assist taxpayers who are experiencing economic harm, who are seeking help in resolving tax problems that have not been resolved through normal channels, or who believe that an IRS system or procedure is not working as it should. 2010 1040ez tax form   You can contact the TAS by calling the TAS toll-free case intake line at 1-877-777-4778 or TTY/TDD 1-800-829-4059 to see if you are eligible for assistance. 2010 1040ez tax form You can also call or write to your local taxpayer advocate, whose phone number and address are listed in your local telephone directory and in Publication 1546, Taxpayer Advocate Service — Your Voice at the IRS. 2010 1040ez tax form You can file Form 911, Request for Taxpayer Advocate Service Assistance (And Application for Taxpayer Assistance Order), or ask an IRS employee to complete it on your behalf. 2010 1040ez tax form For more information, go to www. 2010 1040ez tax form irs. 2010 1040ez tax form gov/advocate. 2010 1040ez tax form Low Income Taxpayer Clinics (LITCs). 2010 1040ez tax form   LITCs are independent organizations that provide low income taxpayers with representation in federal tax controversies with the IRS for free or for a nominal charge. 2010 1040ez tax form The clinics also provide tax education and outreach for taxpayers with limited English proficiency or who speak English as a second language. 2010 1040ez tax form Publication 4134, Low Income Taxpayer Clinic List, provides information on clinics in your area. 2010 1040ez tax form It is available at www. 2010 1040ez tax form irs. 2010 1040ez tax form gov or at your local IRS office. 2010 1040ez tax form Small business workshops. 2010 1040ez tax form   Small business workshops are designed to help the small business owner understand and fulfill their federal tax responsibilities. 2010 1040ez tax form Workshops are sponsored and presented by IRS partners who are federal tax specialists. 2010 1040ez tax form Workshop topics vary from a general overview of taxes to more specific topics such as recordkeeping and retirement plans. 2010 1040ez tax form Although most are free, some workshops have fees associated with them. 2010 1040ez tax form Any fees charged for a workshop are paid to the sponsoring organization, not the IRS. 2010 1040ez tax form   For more information, visit www. 2010 1040ez tax form irs. 2010 1040ez tax form gov/businesses/small. 2010 1040ez tax form Subscribe to e-news for small businesses. 2010 1040ez tax form   Join the e-News for Small Businesses mailing list to receive updates, reminders, and other information useful to small business owners and self employed individuals. 2010 1040ez tax form Visit the website at www. 2010 1040ez tax form irs. 2010 1040ez tax form gov/businesses/small and click on “Subscribe to e-News. 2010 1040ez tax form ” Free tax services. 2010 1040ez tax form   To find out what services are available, get Publication 910, IRS Guide to Free Tax Services. 2010 1040ez tax form It contains a list of free tax publications and describes other free tax information services, including tax education and assistance programs and a list of TeleTax topics. 2010 1040ez tax form   Accessible versions of IRS published products are available on request in a variety of alternative formats for people with disabilities. 2010 1040ez tax form Internet. 2010 1040ez tax form You can access the IRS website at www. 2010 1040ez tax form irs. 2010 1040ez tax form gov 24 hours a day, 7 days a week, to: E-file your return. 2010 1040ez tax form Find out about commercial tax preparation and e-file services available free to eligible taxpayers. 2010 1040ez tax form Check the status of your refund. 2010 1040ez tax form Go to www. 2010 1040ez tax form irs. 2010 1040ez tax form gov and click on Where's My Refund. 2010 1040ez tax form Wait at least 72 hours after the IRS acknowledges receipt of your e-filed return, or 3 to 4 weeks after mailing a paper return. 2010 1040ez tax form If you filed Form 8379 with your return, wait 14 weeks (11 weeks if you filed electronically). 2010 1040ez tax form Have your tax return available so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund. 2010 1040ez tax form Download forms, instructions, and publications. 2010 1040ez tax form Order IRS products online. 2010 1040ez tax form Research your tax questions online. 2010 1040ez tax form Search publications online by topic or keyword. 2010 1040ez tax form View Internal Revenue Bulletins (IRBs) published in the last few years. 2010 1040ez tax form Figure your withholding allowances using the withholding calculator online at www. 2010 1040ez tax form irs. 2010 1040ez tax form gov/individuals. 2010 1040ez tax form Determine if Form 6251 must be filed using our Alternative Minimum Tax (AMT) Assistant. 2010 1040ez tax form Sign up to receive local and national tax news by email. 2010 1040ez tax form Get information on starting and operating a small business. 2010 1040ez tax form Phone. 2010 1040ez tax form Many services are available by phone. 2010 1040ez tax form Ordering forms, instructions, and publications. 2010 1040ez tax form Call 1-800-829-3676 to order current-year forms, instructions, and publications, and prior-year forms and instructions. 2010 1040ez tax form You should receive your order within 10 days. 2010 1040ez tax form Asking tax questions. 2010 1040ez tax form Call the IRS with your tax questions at 1-800-829-1040. 2010 1040ez tax form Solving problems. 2010 1040ez tax form You can get face-to-face help solving tax problems every business day in IRS Taxpayer Assistance Centers. 2010 1040ez tax form An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. 2010 1040ez tax form Call your local Taxpayer Assistance Center for an appointment. 2010 1040ez tax form To find the number, go to www. 2010 1040ez tax form irs. 2010 1040ez tax form gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. 2010 1040ez tax form TTY/TDD equipment. 2010 1040ez tax form If you have access to TTY/TDD equipment, call 1-800-829-4059 to ask tax questions or to order forms and publications. 2010 1040ez tax form TeleTax topics. 2010 1040ez tax form Call 1-800-829-4477 to listen to pre-recorded messages covering various tax topics. 2010 1040ez tax form Refund information. 2010 1040ez tax form To check the status of your 2009 refund, call 1-800-829-1954 during business hours or 1-800-829-4477 (automated refund information 24 hours a day, 7 days a week). 2010 1040ez tax form Wait at least 72 hours after the IRS acknowledges receipt of your e-filed return, or 3 to 4 weeks after mailing a paper return. 2010 1040ez tax form If you filed Form 8379 with your return, wait 14 weeks (11 weeks if you filed electronically). 2010 1040ez tax form Have your 2009 tax return available so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund. 2010 1040ez tax form Refunds are sent out weekly on Fridays. 2010 1040ez tax form If you check the status of your refund and are not given the date it will be issued, please wait until the next week before checking back. 2010 1040ez tax form Evaluating the quality of our telephone services. 2010 1040ez tax form To ensure IRS representatives give accurate, courteous, and professional answers, we use several methods to evaluate the quality of our telephone services. 2010 1040ez tax form One method is for a second IRS representative to listen in on or record random telephone calls. 2010 1040ez tax form Another is to ask some callers to complete a short survey at the end of the call. 2010 1040ez tax form Walk-in. 2010 1040ez tax form Many products and services are available on a walk-in basis. 2010 1040ez tax form Products. 2010 1040ez tax form You can walk in to many post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. 2010 1040ez tax form Some IRS offices, libraries, grocery stores, copy centers, city and county government offices, credit unions, and office supply stores have a collection of products available to print from a CD or photocopy from reproducible proofs. 2010 1040ez tax form Also, some IRS offices and libraries have the Internal Revenue Code, regulations, Internal Revenue Bulletins, and Cumulative Bulletins available for research purposes. 2010 1040ez tax form Services. 2010 1040ez tax form You can walk in to your local Taxpayer Assistance Center every business day for personal, face-to-face tax help. 2010 1040ez tax form An employee can explain IRS letters, request adjustments to your tax account, or help you set up a payment plan. 2010 1040ez tax form If you need to resolve a tax problem, have questions about how the tax law applies to your individual tax return, or you are more comfortable talking with someone in person, visit your local Taxpayer Assistance Center where you can spread out your records and talk with an IRS representative face-to-face. 2010 1040ez tax form No appointment is necessary—just walk in. 2010 1040ez tax form If you prefer, you can call your local Center and leave a message requesting an appointment to resolve a tax account issue. 2010 1040ez tax form A representative will call you back within 2 business days to schedule an in-person appointment at your convenience. 2010 1040ez tax form If you have an ongoing, complex tax account problem or a special need, such as a disability, an appointment can be requested. 2010 1040ez tax form All other issues will be handled without an appointment. 2010 1040ez tax form To find the number of your local office, go to www. 2010 1040ez tax form irs. 2010 1040ez tax form gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. 2010 1040ez tax form Mail. 2010 1040ez tax form You can send your order for forms, instructions, and publications to the address below. 2010 1040ez tax form You should receive a response within 10 days after your request is received. 2010 1040ez tax form Internal Revenue Service1201 N. 2010 1040ez tax form Mitsubishi MotorwayBloomington, IL 61705–6613 DVD for tax products. 2010 1040ez tax form You can order Publication 1796, IRS Tax Products DVD, and obtain: Current-year forms, instructions, and publications. 2010 1040ez tax form Prior-year forms, instructions, and publications. 2010 1040ez tax form Tax Map: an electronic research tool and finding aid. 2010 1040ez tax form Tax law frequently asked questions. 2010 1040ez tax form Tax Topics from the IRS telephone response system. 2010 1040ez tax form Internal Revenue Code—Title 26 of the U. 2010 1040ez tax form S. 2010 1040ez tax form Code. 2010 1040ez tax form Fill-in, print, and save features for most tax forms. 2010 1040ez tax form Internal Revenue Bulletins. 2010 1040ez tax form Toll-free and email technical support. 2010 1040ez tax form Two releases during the year. 2010 1040ez tax form – The first release will ship the beginning of January. 2010 1040ez tax form – The final release will ship the beginning of March. 2010 1040ez tax form Purchase the DVD from National Technical Information Service (NTIS) at www. 2010 1040ez tax form irs. 2010 1040ez tax form gov/cdorders for $30 (no handling fee) or call 1-877-CDFORMS (1-877-233-6767) toll free to buy the DVD for $30 (plus a $6 handling fee). 2010 1040ez tax form Small Business Administration The Small Business Administration (SBA) offers training and educational programs, counseling services, financial programs, and contract assistance for small business owners. 2010 1040ez tax form The SBA also has publications and videos on a variety of business topics. 2010 1040ez tax form The following briefly describes assistance provided by the SBA. 2010 1040ez tax form Small Business Development Centers (SBDCs). 2010 1040ez tax form   SBDCs provide counseling, training, and technical services to current and prospective small business owners who cannot afford the services of a private consultant. 2010 1040ez tax form Help is available when beginning, improving, or expanding a small business. 2010 1040ez tax form Business Information Centers (BICs). 2010 1040ez tax form   BICs offer a small business reference library, management video tapes, and computer technology to help plan a business. 2010 1040ez tax form BICs also offer one-on-one assistance. 2010 1040ez tax form Individuals who are in business or are interested in starting a business can use BICs as often as they wish at no charge. 2010 1040ez tax form Service Corps of Retired Executives (SCORE). 2010 1040ez tax form   SCORE provides small business counseling and training to current and prospective small business owners. 2010 1040ez tax form SCORE is made up of current and former business people who offer their expertise and knowledge to help people start, manage, and expand a small business. 2010 1040ez tax form SCORE also offers a variety of small business workshops. 2010 1040ez tax form    Internet. 2010 1040ez tax form You can visit the SBA website at www. 2010 1040ez tax form sba. 2010 1040ez tax form gov. 2010 1040ez tax form While visiting the SBA website, you can find a variety of information of interest to small business owners. 2010 1040ez tax form    Phone. 2010 1040ez tax form Call the SBA Answer Desk at 1-800-UASK-SBA (1-800-827-5722) for general information about programs available to assist small business owners. 2010 1040ez tax form    Walk-in. 2010 1040ez tax form You can walk in to a Small Business Development Center or Business Information Center to request assistance with your small business. 2010 1040ez tax form To find the location nearest you, visit the SBA website or call the SBA Answer Desk. 2010 1040ez tax form Other Federal Agencies Other federal agencies also publish publications and pamphlets to assist small businesses. 2010 1040ez tax form Most of these are available from the Superintendent of Documents at the Government Printing Office. 2010 1040ez tax form You can get information and order these publications and pamphlets in several ways. 2010 1040ez tax form Internet. 2010 1040ez tax form You can visit the GPO website at www. 2010 1040ez tax form access. 2010 1040ez tax form gpo. 2010 1040ez tax form gov. 2010 1040ez tax form Mail. 2010 1040ez tax form Write to the GPO at the following address. 2010 1040ez tax form Superintendent of DocumentsU. 2010 1040ez tax form S. 2010 1040ez tax form Government Printing OfficeP. 2010 1040ez tax form O. 2010 1040ez tax form Box 979050St. 2010 1040ez tax form Louis, MO 63917-9000 Phone. 2010 1040ez tax form Call the GPO toll-free at 1-866-512-1800 or at 202-512-1800 from the Washington, DC area. 2010 1040ez tax form Prev  Up  Next   Home   More Online Publications