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2011 Ez Tax Form

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2011 Ez Tax Form

2011 ez tax form Index Symbols 403(b) plans, 403(b) Plans A Accounting methods, Nonaccrual-Experience Method Acquisition date: Special depreciation allowance, Acquisition date test. 2011 ez tax form Special Liberty Zone depreciation allowance, Acquisition date test. 2011 ez tax form Annuities, tax-sheltered 403(b) plans, 403(b) Plans Assistance (see Tax help) Automobile (see Passenger automobile) B Bonds: New York Liberty, Tax Incentives for New York Liberty Zone Qualified zone academy, Issuance of Qualified Zone Academy Bonds C Car (see Passenger automobile) Car expenses, Car Expenses Catch-up contributions, 403(b), 403(b) Plans Child and dependent care, Child and Dependent Care Expenses Church employees and ministers, Years of service for church employees and ministers. 2011 ez tax form Clean-fuel vehicle, Electric and Clean-Fuel Vehicles Comments, Comments and suggestions. 2011 ez tax form Credit: Child and dependent care, Child and Dependent Care Expenses Credit for pension plan startup, Credit For Pension Plan Startup Costs Electric vehicles, Electric and Clean-Fuel Vehicles Indian employment, Indian Employment Credit Extended Renewable electricity production, Renewable Electricity Production Credit Welfare-to-work, Welfare-to-Work Credit Extended Work opportunity, Work Opportunity Credit Expanded in New York Liberty Zone , Work Opportunity Credit Extended D Deduction limit, automobile, Passenger Automobiles Deemed IRAs, Deemed IRAs Depletion, Depletion Depreciation: New property, Special Depreciation Allowance Property on reservations, Depreciation of Property Used on Indian Reservations Special depreciation allowance, Special Depreciation Allowance Special Liberty Zone depreciation allowance, Special Liberty Zone Depreciation Allowance Supplement to Publication 946, Depreciation E Election: Deemed not to claim special allowance, Deemed election. 2011 ez tax form Not to claim special allowance, Election Not To Claim the Allowance Not to claim special Liberty Zone allowance, Election Not To Claim the Liberty Zone Allowance Electric vehicle, Electric and Clean-Fuel Vehicles Eligible educator, Deduction for Educator Expenses Estimated tax payments, Adjusting your withholding or estimated tax payments for 2002. 2011 ez tax form Excepted property: Special depreciation allowance, Excepted Property Special Liberty Zone depreciation allowance, Excepted property. 2011 ez tax form F Foreign missionaries, Foreign missionaries. 2011 ez tax form Form 1099, Electronic Form 1099 Free tax services, How To Get Tax Help H Help (see Tax help) I Indian employment credit, Indian Employment Credit Extended Indian reservations, depreciation rules, Depreciation of Property Used on Indian Reservations IRAs, Deemed IRAs L Leasehold improvement property, defined, Qualified leasehold improvement property. 2011 ez tax form Liberty Zone leasehold improvement property: Defined, Qualified New York Liberty Zone leasehold improvement property. 2011 ez tax form Depreciated as 5-year property, Liberty Zone Leasehold Improvement Property Returns filed before June 1, 2002, Returns Filed Before June 1, 2002 Liberty Zone property: Increased section 179 dollar limit, Increased Dollar Limit Reduced section 179 dollar limit, Reduced Dollar Limit M Marginal production, Depletion More information (see Tax help) N Net operating losses, New 5-Year Carryback Rule for Net Operating Losses (NOLs), New 5-Year Carryback Rule for Net Operating Losses (NOLs) New York Liberty Zone: Area defined, New York Liberty Zone Benefits Leasehold improvement property, Liberty Zone Leasehold Improvement Property Section 179 deduction, Increased Section 179 Deduction Special depreciation, Special Liberty Zone Depreciation Allowance Tax incentives, Tax Incentives for New York Liberty Zone Work opportunity credit, Work Opportunity Credit Expanded in New York Liberty Zone NOLs, New 5-Year Carryback Rule for Net Operating Losses (NOLs), New 5-Year Carryback Rule for Net Operating Losses (NOLs) Nonaccrual-experience method, Nonaccrual-Experience Method Nonresidential real property, Nonresidential real property and residential rental property. 2011 ez tax form P Passenger automobile, limit on, Passenger Automobiles Pension plan startup costs, Credit For Pension Plan Startup Costs Placed in service date, Placed in service date test. 2011 ez tax form , Placed in service date test. 2011 ez tax form Plans, tax-sheltered annuities, 403(b) plans, 403(b) Plans Publications (see Tax help) Q Qualified leasehold improvement property, defined, Qualified leasehold improvement property. 2011 ez tax form Qualified Liberty Zone leasehold improvement property, Qualified New York Liberty Zone leasehold improvement property. 2011 ez tax form Qualified property: Increased section 179 deduction, Qualified property. 2011 ez tax form Special depreciation allowance, Qualified Property Special Liberty Zone depreciation allowance, Qualified Liberty Zone Property Qualified zone academy bonds, Issuance of Qualified Zone Academy Bonds R Recapture, section 179 deduction, Recapture Rules Renewable electricity, Renewable Electricity Production Credit Residential rental property, Nonresidential real property and residential rental property. 2011 ez tax form Rollovers, 403(b) plans, Rollovers to and from 403(b) plans. 2011 ez tax form S Section 1256 contracts, Wash Sale Rules Do Not Apply to Section 1256 Contracts Section 179 deduction: Increased dollar limit for Liberty Zone property, Increased Dollar Limit Reduced dollar limit for Liberty Zone property, Reduced Dollar Limit Returns filed before June 1, 2002, Returns Filed Before June 1, 2002 Simplified employee pensions (SEPs), Simplified Employee Pensions (SEPs) Special depreciation allowance: Election not to claim, Election Not To Claim the Allowance Excepted property, Excepted Property Qualified property, Qualified Property Requirements for claiming, Qualified Property Returns filed before June 1, 2002, Rules for Returns Filed Before June 1, 2002 Tests for qualification, Tests To Be Met Special Liberty Zone depreciation allowance: Election not to claim, Election Not To Claim the Liberty Zone Allowance Excepted property, Excepted property. 2011 ez tax form Qualified property, Qualified Liberty Zone Property Requirements for claiming, Qualified Liberty Zone Property Returns filed before June 1, 2002, Returns filed before June 1, 2002. 2011 ez tax form Tests for qualification, Tests to be met. 2011 ez tax form Substantial use, special Liberty Zone depreciation allowance, Substantial use test. 2011 ez tax form Suggestions, Comments and suggestions. 2011 ez tax form T Tax help, How To Get Tax Help Tax-sheltered annuity plans, 403(b) plans, 403(b) Plans Taxpayer Advocate, Contacting your Taxpayer Advocate. 2011 ez tax form Teachers, classroom materials, Deduction for Educator Expenses Tests for qualification, Tests To Be Met, Tests to be met. 2011 ez tax form TTY/TDD information, How To Get Tax Help W Wash sale rules, Wash Sale Rules Do Not Apply to Section 1256 Contracts Welfare-to-work credit, Welfare-to-Work Credit Extended Withholding, Adjusting your withholding or estimated tax payments for 2002. 2011 ez tax form Work opportunity credit, Work Opportunity Credit Expanded in New York Liberty Zone , Work Opportunity Credit Extended Y Years of service, church employees and ministers, Years of service for church employees and ministers. 2011 ez tax form Prev  Up     Home   More Online Publications
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Tax Information for Bondholders

Publication 550 - Investment Income and Expenses
This publication provides information on the tax treatment of investment income and expenses. It explains what investment income is taxable and what investment expenses are deductible. It explains when and how to show these items on your tax return.

Publication 915 - Social Security and Equivalent Railroad Retirement Benefits
This publication explains the federal income tax rules for social security benefits and equivalent tier 1 railroad retirement benefits. Receipt of interest on tax exempt bonds may impact the taxability of social security benefits, as described in this publication.

Page Last Reviewed or Updated: 22-Apr-2013

The 2011 Ez Tax Form

2011 ez tax form Car Expenses Table of Contents Introduction Depreciation of CarSpecial Depreciation Allowance Depreciation Limit Amended Return Election Not To Claim Special Allowance If you purchased a car after September 10, 2001, for use in your business (or as an employee) and figure your deductible expenses using the actual car expense method, new law contains provisions that may affect your depreciation deduction for that car. 2011 ez tax form Publication 463, Travel, Entertainment, Gift, and Car Expenses, contains information on figuring depreciation on your car. 2011 ez tax form However, Publication 463 does not contain the new provisions because it was printed before the law was enacted. 2011 ez tax form The new provisions are in the Supplement to Publication 463, which is reprinted below. 2011 ez tax form Supplement to Publication 463 Travel, Entertainment, Gift, and Car Expenses   Introduction This supplemental publication is for taxpayers who purchased a car for business purposes after September 10, 2001, and figure their deductible expenses, including a deduction for depreciation, using the actual car expense method. 2011 ez tax form After Publication 463 was printed, the Job Creation and Worker Assistance Act of 2002 was signed into law by the President. 2011 ez tax form Certain provisions of this new law may reduce your taxes for 2001. 2011 ez tax form The new law contains the following provisions. 2011 ez tax form A new depreciation deduction, the special depreciation allowance. 2011 ez tax form An increase in the limit on depreciation for any car for which you claim the new special depreciation allowance. 2011 ez tax form If you have already filed your 2001 return, you may wish to file an amended return to claim any of these benefits. 2011 ez tax form See Amended Return, later. 2011 ez tax form Depreciation of Car If you used the actual car expense method to figure your deduction for a car you own and use in your business (or as an employee), you generally can claim a depreciation deduction. 2011 ez tax form However, there is a limit on the depreciation deduction you can take for your car each year. 2011 ez tax form See Depreciation Limit later. 2011 ez tax form Special Depreciation Allowance The new law allows you to claim a special depreciation allowance. 2011 ez tax form This special allowance is a deduction equal to 30% of the depreciable basis of qualified property. 2011 ez tax form You figure the amount of the special depreciation allowance after any section 179 deduction you choose to claim, but before figuring your regular depreciation deduction under the Modified Accelerated Cost Recovery System (MACRS). 2011 ez tax form See Depreciation Deduction under Actual Car Expenses in chapter 4 of Publication 463 for information about MACRS. 2011 ez tax form You can claim the special depreciation allowance only for the year the qualified property is placed in service. 2011 ez tax form Qualified property. 2011 ez tax form   Qualified property includes a car (any four-wheeled vehicle, including a truck or van not more than 6,000 pounds, that is made primarily for use on public streets, roads, and highways) that meets all of the following requirements. 2011 ez tax form You bought it new. 2011 ez tax form You bought it after September 10, 2001. 2011 ez tax form (But a car is not qualified property if a binding written contract for you to buy the car was in effect before September 11, 2001. 2011 ez tax form ) You began using it for business after September 10, 2001, and used it more than 50% in a qualified business use. 2011 ez tax form Example. 2011 ez tax form Bob bought a new car on October 15, 2001, for $20,000 and placed it in service immediately, using it 75% for business. 2011 ez tax form Bob's car is qualified property. 2011 ez tax form Bob chooses not to take a section 179 deduction for the car. 2011 ez tax form He does claim the new special depreciation allowance. 2011 ez tax form Bob first must figure the car's depreciable basis, which is $15,000 ($20,000 × . 2011 ez tax form 75). 2011 ez tax form He then figures the special depreciation allowance of $4,500 ($15,000 × . 2011 ez tax form 30). 2011 ez tax form The remaining depreciable basis of $10,500 ($15,000 - $4,500) is depreciated using MACRS (200% declining balance method, half-year convention) and results in a deduction of $2,100 ($10,500 × . 2011 ez tax form 20), for a total depreciation deduction for 2001 of $6,600 ($4,500 + $2,100). 2011 ez tax form However, Bob's depreciation deduction is limited to $5,745 ($7,660 × . 2011 ez tax form 75), as discussed next. 2011 ez tax form Depreciation Limit The limit on your depreciation deduction for 2001 is increased to $7,660 for a car that is qualified property (defined above) and for which you claim the special depreciation allowance. 2011 ez tax form The limit is increased to $23,080 if the car is an electric car. 2011 ez tax form The section 179 deduction is treated as depreciation for purposes of this limit. 2011 ez tax form If you use a car less than 100% in your business or work, the limit is $7,660 (or $23,080 for an electric car) multiplied by the percentage of business and investment use during the year. 2011 ez tax form For cars that do not qualify for (or for which you choose not to claim) the special depreciation allowance, the limit remains $3,060 ($9,280 for electric cars). 2011 ez tax form Amended Return If you filed your 2001 calendar year return before June 1, 2002, and did not claim the new special depreciation allowance for a qualified car, you can claim it by filing an amended return on Form 1040X, Amended U. 2011 ez tax form S. 2011 ez tax form Individual Income Tax Return, by April 15, 2003. 2011 ez tax form At the top of the Form 1040X, print “Filed pursuant to Revenue Procedure 2002–33. 2011 ez tax form ” If you are an employee, attach Form 2106, Employee Business Expenses (revised March 2002). 2011 ez tax form If you are self-employed, attach Form 4562, Depreciation and Amortization (revised March 2002). 2011 ez tax form Or, you can claim the special depreciation allowance by filing Form 3115, Application for Change in Accounting Method, with your 2002 return. 2011 ez tax form For details, see Revenue Procedure 2002–33. 2011 ez tax form (But, filing Form 1040X for 2001 enables you to claim the special allowance earlier than attaching Form 3115 to your 2002 return. 2011 ez tax form ) You cannot claim the special depreciation allowance on an amended return (or by using Form 3115) if you made, or are treated as having made, the election not to claim it described later. 2011 ez tax form Example. 2011 ez tax form The facts are the same as in the previous example except that Bob filed his original 2001 income tax return on April 15, 2002, and claimed a $3,000 ($20,000 x . 2011 ez tax form 75 x . 2011 ez tax form 20) depreciation deduction for his new car using MACRS. 2011 ez tax form Bob now wishes to claim the special depreciation allowance for his new car on an amended 2001 return. 2011 ez tax form Bob, who is an employee, files Form 1040X, by April 15, 2003, with an updated Form 2106 (revised March 2002) attached, increasing his total depreciation deduction to $5,745, as figured in the earlier example. 2011 ez tax form Bob's new filled-in Form 2106 is shown later. 2011 ez tax form Election Not To Claim Special Allowance You can elect not to claim the special depreciation allowance for a car by making a statement attached to, or written on, your return indicating that you are electing not to claim the special depreciation allowance for 5-year property. 2011 ez tax form As a general rule, you must make this election by the due date (including extensions) of your return. 2011 ez tax form You can have an automatic extension of 6 months from the due date of your return (excluding extensions) to make the election with an amended return. 2011 ez tax form To get this extension, you must have filed your original return by the due date (including extensions). 2011 ez tax form At the top of the statement, print “Filed pursuant to section 301. 2011 ez tax form 9100–2. 2011 ez tax form ” If you elect not to claim the special depreciation allowance for a car, you cannot claim it for any other 5-year property placed in service during the same year. 2011 ez tax form Unless you elect (or are treated as electing) not to claim the special depreciation allowance, you must reduce the car's adjusted basis by the amount of the allowance, even if the allowance was not claimed. 2011 ez tax form Deemed election for return filed before June 1, 2002. 2011 ez tax form   If you did not make the election not to claim the special depreciation allowance in the time and manner described above, you will still be treated as electing not to claim it if all of the following apply. 2011 ez tax form You filed your 2001 return before June 1, 2002. 2011 ez tax form You claimed depreciation on your return but did not claim the special depreciation allowance. 2011 ez tax form You did not file an amended 2001 return by April 15, 2003, or a Form 3115 with your 2002 return, to claim the special depreciation allowance. 2011 ez tax form Form 2106, Page 1, for Bob Smith Form 2106, Page 2, for Bob Smith Prev  Up  Next   Home   More Online Publications