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2011 Irs 1040ez Form

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2011 Irs 1040ez Form

2011 irs 1040ez form 5. 2011 irs 1040ez form   Exemptions, Deductions, and Credits Table of Contents Topics - This chapter discusses: Useful Items - You may want to see: Items Related to Excluded Income Exemptions Contributions to Foreign Charitable Organizations Moving ExpensesAllocation of Moving Expenses Forms To File Contributions to Individual Retirement Arrangements Taxes of Foreign Countries and U. 2011 irs 1040ez form S. 2011 irs 1040ez form PossessionsCredit for Foreign Income Taxes Deduction for Foreign Income Taxes Deduction for Other Foreign Taxes How To Report Deductions Topics - This chapter discusses: The rules concerning items related to excluded income, Exemptions, Contributions to foreign charitable organizations, Moving expenses, Contributions to individual retirement arrangements (IRAs), Taxes of foreign countries and U. 2011 irs 1040ez form S. 2011 irs 1040ez form possessions, and How to report deductions. 2011 irs 1040ez form Useful Items - You may want to see: Publication 501 Exemptions, Standard Deduction, and Filing Information 514 Foreign Tax Credit for Individuals 521 Moving Expenses 523 Selling Your Home 590 Individual Retirement Arrangements (IRAs) 597 Information on the United States—Canada Income Tax Treaty Form (and Instructions) 1116 Foreign Tax Credit 2106 Employee Business Expenses 2555 Foreign Earned Income 2555-EZ Foreign Earned Income Exclusion 3903 Moving Expenses Schedule A (Form 1040) Itemized Deductions Schedule C (Form 1040) Profit or Loss From Business SS-5 Application for a Social Security Card W-7 Application for IRS Individual Taxpayer Identification Number See chapter 7 for information about getting these publications and forms. 2011 irs 1040ez form Items Related to Excluded Income U. 2011 irs 1040ez form S. 2011 irs 1040ez form citizens and resident aliens living outside the United States generally are allowed the same deductions as citizens and residents living in the United States. 2011 irs 1040ez form If you choose to exclude foreign earned income or housing amounts, you cannot deduct, exclude, or claim a credit for any item that can be allocated to or charged against the excluded amounts. 2011 irs 1040ez form This includes any expenses, losses, and other normally deductible items that are allocable to the excluded income. 2011 irs 1040ez form You can deduct only those expenses connected with earning includible income. 2011 irs 1040ez form These rules apply only to items definitely related to the excluded earned income and they do not apply to other items that are not definitely related to any particular type of gross income. 2011 irs 1040ez form These rules do not apply to items such as: Personal exemptions, Qualified retirement contributions, Alimony payments, Charitable contributions, Medical expenses, Mortgage interest, or Real estate taxes on your personal residence. 2011 irs 1040ez form For purposes of these rules, your housing deduction is not treated as allocable to your excluded income, but the deduction for self- employment tax is. 2011 irs 1040ez form If you receive foreign earned income in a tax year after the year in which you earned it, you may have to file an amended return for the earlier year to properly adjust the amounts of deductions, credits, or exclusions allocable to your foreign earned income and housing exclusions. 2011 irs 1040ez form Example. 2011 irs 1040ez form In 2012, you had $90,400 of foreign earned income and $9,500 of deductions allocable to your foreign earned income. 2011 irs 1040ez form You did not have a housing exclusion. 2011 irs 1040ez form Because you excluded all of your foreign earned income, you would not have been able to claim any of the deductions on your 2012 return. 2011 irs 1040ez form In 2013, you received a $12,000 bonus for work you did abroad in 2012. 2011 irs 1040ez form You can exclude $4,700 of the bonus because the limit on the foreign earned income exclusion for 2012 was $95,100 and you have already excluded $90,400. 2011 irs 1040ez form Since you must include $7,300 of the bonus ($12,000 − $4,700) for work you did in 2012 in income, you can file an amended return for 2012 to claim $677 of the deductions. 2011 irs 1040ez form This is the deductions allocable to the foreign earned income ($9,500) multiplied by the includible portion of the foreign earned income ($7,300) and divided by the total foreign earned income for 2012 ($102,400). 2011 irs 1040ez form Exemptions You can claim an exemption for your nonresident alien spouse on your separate return, provided your spouse has no gross income for U. 2011 irs 1040ez form S. 2011 irs 1040ez form tax purposes and is not the dependent of another U. 2011 irs 1040ez form S. 2011 irs 1040ez form taxpayer. 2011 irs 1040ez form You also can claim exemptions for individuals who qualify as your dependents. 2011 irs 1040ez form To be your dependent, the individual must be a U. 2011 irs 1040ez form S. 2011 irs 1040ez form citizen, U. 2011 irs 1040ez form S. 2011 irs 1040ez form national, U. 2011 irs 1040ez form S. 2011 irs 1040ez form resident alien, or a resident of Canada or Mexico for some part of the calendar year in which your tax year begins. 2011 irs 1040ez form Children. 2011 irs 1040ez form   Children usually are citizens or residents of the same country as their parents. 2011 irs 1040ez form If you were a U. 2011 irs 1040ez form S. 2011 irs 1040ez form citizen when your child was born, your child generally is a U. 2011 irs 1040ez form S. 2011 irs 1040ez form citizen. 2011 irs 1040ez form This is true even if the child's other parent is a nonresident alien, the child was born in a foreign country, and the child lives abroad with the other parent. 2011 irs 1040ez form   If you have a legally adopted child who is not a U. 2011 irs 1040ez form S. 2011 irs 1040ez form citizen, U. 2011 irs 1040ez form S. 2011 irs 1040ez form resident, or U. 2011 irs 1040ez form S. 2011 irs 1040ez form national, the child meets the citizen requirement if you are a U. 2011 irs 1040ez form S. 2011 irs 1040ez form citizen or U. 2011 irs 1040ez form S. 2011 irs 1040ez form national and the child lived with you as a member of your household all year. 2011 irs 1040ez form Social security number. 2011 irs 1040ez form   You must include on your return the social security number (SSN) of each dependent for whom you claim an exemption. 2011 irs 1040ez form To get a social security number for a dependent, apply at a Social Security office or U. 2011 irs 1040ez form S. 2011 irs 1040ez form consulate. 2011 irs 1040ez form You must provide original or certified copies of documents to verify the dependent's age, identity, and citizenship, and complete Form SS-5. 2011 irs 1040ez form   If you do not have an SSN for a child who was born in 2013 and died in 2013, attach a copy of the child's birth certificate to your tax return. 2011 irs 1040ez form Print “Died” in column (2) of line 6c of your Form 1040 or Form 1040A. 2011 irs 1040ez form   If your dependent is a nonresident alien who is not eligible to get a social security number, you must list the dependent's individual taxpayer identification number (ITIN) instead of an SSN. 2011 irs 1040ez form To apply for an ITIN, file Form W-7 with the IRS. 2011 irs 1040ez form It usually takes 6 to 10 weeks to get an ITIN. 2011 irs 1040ez form Enter your dependent's ITIN wherever an SSN is requested on your tax return. 2011 irs 1040ez form More information. 2011 irs 1040ez form   For more information about exemptions, see Publication 501. 2011 irs 1040ez form Contributions to Foreign Charitable Organizations If you make contributions directly to a foreign church or other foreign charitable organization, you generally cannot deduct them. 2011 irs 1040ez form Exceptions are explained under Canadian, Mexican, and Israeli charities, later. 2011 irs 1040ez form You can deduct contributions to a U. 2011 irs 1040ez form S. 2011 irs 1040ez form organization that transfers funds to a charitable foreign organization if the U. 2011 irs 1040ez form S. 2011 irs 1040ez form organization controls the use of the funds by the foreign organization or if the foreign organization is just an administrative arm of the U. 2011 irs 1040ez form S. 2011 irs 1040ez form organization. 2011 irs 1040ez form Canadian, Mexican, and Israeli charities. 2011 irs 1040ez form   Under the income tax treaties with Canada, Mexico and Israel, you may be able to deduct contributions to certain Canadian, Mexican, and Israeli charitable organizations. 2011 irs 1040ez form Generally, you must have income from sources in Canada, Mexico, or Israel, and the organization must meet certain requirements. 2011 irs 1040ez form See Publication 597, Information on the United States-Canada Income Tax Treaty, and Publication 526, Charitable Contributions, for more information. 2011 irs 1040ez form Moving Expenses If you moved to a new home in 2013 because of your job or business, you may be able to deduct the expenses of your move. 2011 irs 1040ez form Generally, to be deductible, the moving expenses must have been paid or incurred in connection with starting work at a new job location. 2011 irs 1040ez form See Publication 521 for a complete discussion of the deduction for moving expenses and information about moves within the United States. 2011 irs 1040ez form Foreign moves. 2011 irs 1040ez form   A foreign move is a move in connection with the start of work at a new job location outside the United States and its possessions. 2011 irs 1040ez form A foreign move does not include a move back to the United States or its possessions. 2011 irs 1040ez form Allocation of Moving Expenses When your new place of work is in a foreign country, your moving expenses are directly connected with the income earned in that foreign country. 2011 irs 1040ez form If you exclude all or part of the income that you earn at the new location under the foreign earned income exclusion or the foreign housing exclusion, you cannot deduct the part of your moving expense that is allocable to the excluded income. 2011 irs 1040ez form Also, you cannot deduct the part of the moving expense related to the excluded income for a move from a foreign country to the United States if you receive a reimbursement that you are able to treat as compensation for services performed in the foreign country. 2011 irs 1040ez form Year to which expense is connected. 2011 irs 1040ez form   The moving expense is connected with earning the income (including reimbursements, as discussed in chapter 4 under Reimbursement of moving expenses ) either entirely in the year of the move or in 2 years. 2011 irs 1040ez form It is connected with earning the income entirely in the year of the move if you qualify for the foreign earned income exclusion under the bona fide residence test or physical presence test for at least 120 days during that tax year. 2011 irs 1040ez form   If you do not qualify under either the bona fide residence test or the physical presence test for at least 120 days during the year of the move, the expense is connected with earning the income in 2 years. 2011 irs 1040ez form The moving expense is connected with the year of the move and the following year if the move is from the United States to a foreign country. 2011 irs 1040ez form The moving expense is connected with the year of the move and the preceding year if the move is from a foreign country to the United States. 2011 irs 1040ez form Amount allocable to excluded income. 2011 irs 1040ez form   To figure the amount of your moving expense that is allocable to your excluded foreign earned income (and not deductible), you must multiply your total moving expense deduction by a fraction. 2011 irs 1040ez form The numerator (top number) of the fraction is the total of your excluded foreign earned income and housing amounts for both years and the denominator (bottom number) of the fraction is your total foreign earned income for both years. 2011 irs 1040ez form Example. 2011 irs 1040ez form On November 1, 2012, you transfer to Monaco. 2011 irs 1040ez form Your tax home is in Monaco, and you are a bona fide resident of Monaco for the entire tax year 2013. 2011 irs 1040ez form In 2012, you paid $6,000 for allowable moving expenses for your move from the United States to Monaco. 2011 irs 1040ez form You were fully reimbursed (under a nonaccountable plan) for these expenses in the same year. 2011 irs 1040ez form The reimbursement is included in your income. 2011 irs 1040ez form Your only other income consists of $16,000 wages earned in 2012 after the date of your move, and $100,100 wages earned in Monaco for 2013. 2011 irs 1040ez form Because you did not meet the bona fide residence test for at least 120 days during 2012, the year of the move, the moving expenses are for services you performed in both 2012 and the following year, 2013. 2011 irs 1040ez form Your total foreign earned income for both years is $122,100, consisting of $16,000 wages for 2012, $100,100 wages for 2013, and $6,000 moving expense reimbursement for both years. 2011 irs 1040ez form You have no housing exclusion. 2011 irs 1040ez form The total amount you can exclude is $113,190, consisting of the $97,600 full-year exclusion for 2013 and a $15,590 part-year exclusion for 2012 ($95,100 times the fraction of 60 qualifying bona fide residence days over 366 total days in the year). 2011 irs 1040ez form To find the part of your moving expenses that is not deductible, multiply your $6,000 total expenses by the fraction $113,190 over $122,100. 2011 irs 1040ez form The result, $5,562, is your nondeductible amount. 2011 irs 1040ez form    You must report the full amount of the moving expense reimbursement in the year in which you received the reimbursement. 2011 irs 1040ez form In the preceding example, this year was 2012. 2011 irs 1040ez form You attribute the reimbursement to both 2012 and 2013 only to figure the amount of foreign earned income eligible for exclusion for each year. 2011 irs 1040ez form Move between foreign countries. 2011 irs 1040ez form   If you move between foreign countries, your moving expense is allocable to income earned in the year of the move if you qualified under either the bona fide residence test or the physical presence test for a period that includes at least 120 days in the year of the move. 2011 irs 1040ez form New place of work in U. 2011 irs 1040ez form S. 2011 irs 1040ez form   If your new place of work is in the United States, the deductible moving expenses are directly connected with the income earned in the United States. 2011 irs 1040ez form If you treat a reimbursement from your employer as foreign earned income (see the discussion in chapter 4), you must allocate deductible moving expenses to foreign earned income. 2011 irs 1040ez form Storage expenses. 2011 irs 1040ez form   These expenses are attributable to work you do during the year in which you incur the storage expenses. 2011 irs 1040ez form You cannot deduct the amount allocable to excluded income. 2011 irs 1040ez form Moving Expense Attributable to Foreign Earnings in 2 Years If your moving expense deduction is attributable to your foreign earnings in 2 years (the year of the move and the following year), you should request an extension of time to file your return for the year of the move until after the end of the second year. 2011 irs 1040ez form By then, you should have all the information needed to properly figure the moving expense deduction. 2011 irs 1040ez form See Extensions under When To File and Pay in chapter 1. 2011 irs 1040ez form If you do not request an extension, you should figure the part of the moving expense that you cannot deduct because it is allocable to the foreign earned income you are excluding. 2011 irs 1040ez form You do this by multiplying the moving expense by a fraction, the numerator (top number) of which is your excluded foreign earned income for the year of the move, and the denominator (bottom number) of which is your total foreign earned income for the year of the move. 2011 irs 1040ez form Once you know your foreign earnings and exclusion for the following year, you must either: Adjust the moving expense deduction by filing an amended return for the year of the move, or Recapture any additional unallowable amount as income on your return for the following year. 2011 irs 1040ez form If, after you make the final computation, you have an additional amount of allowable moving expense deduction, you can claim this only on an amended return for the year of the move. 2011 irs 1040ez form You cannot claim it on the return for the second year. 2011 irs 1040ez form Forms To File Report your moving expenses on Form 3903. 2011 irs 1040ez form Report your moving expense deduction on line 26 of Form 1040. 2011 irs 1040ez form If you must reduce your moving expenses by the amount allocable to excluded income (as explained later under How To Report Deductions ), attach a statement to your return showing how you figured this amount. 2011 irs 1040ez form For more information about figuring moving expenses, see Publication 521. 2011 irs 1040ez form Contributions to Individual Retirement Arrangements Contributions to your individual retirement arrangements (IRAs) that are traditional IRAs or Roth IRAs are generally limited to the lesser of $5,500 ($6,500 if 50 or older) or your compensation that is includible in your gross income for the tax year. 2011 irs 1040ez form In determining compensation for this purpose, do not take into account amounts you exclude under either the foreign earned income exclusion or the foreign housing exclusion. 2011 irs 1040ez form Do not reduce your compensation by the foreign housing deduction. 2011 irs 1040ez form If you are covered by an employer retirement plan at work, your deduction for your contributions to your traditional IRAs is generally limited based on your modified adjusted gross income. 2011 irs 1040ez form This is your adjusted gross income figured without taking into account the foreign earned income exclusion, the foreign housing exclusion, or the foreign housing deduction. 2011 irs 1040ez form Other modifications are also required. 2011 irs 1040ez form For more information on IRAs, see Publication 590. 2011 irs 1040ez form Taxes of Foreign Countries and U. 2011 irs 1040ez form S. 2011 irs 1040ez form Possessions You can take either a credit or a deduction for income taxes paid to a foreign country or a U. 2011 irs 1040ez form S. 2011 irs 1040ez form possession. 2011 irs 1040ez form Taken as a deduction, foreign income taxes reduce your taxable income. 2011 irs 1040ez form Taken as a credit, foreign income taxes reduce your tax liability. 2011 irs 1040ez form You must treat all foreign income taxes the same way. 2011 irs 1040ez form If you take a credit for any foreign income taxes, you cannot deduct any foreign income taxes. 2011 irs 1040ez form However, you may be able to deduct other foreign taxes. 2011 irs 1040ez form See Deduction for Other Foreign Taxes, later. 2011 irs 1040ez form There is no rule to determine whether it is to your advantage to take a deduction or a credit for foreign income taxes. 2011 irs 1040ez form In most cases, it is to your advantage to take foreign income taxes as a tax credit, which you subtract directly from your U. 2011 irs 1040ez form S. 2011 irs 1040ez form tax liability, rather than as a deduction in figuring taxable income. 2011 irs 1040ez form However, if foreign income taxes were imposed at a high rate and the proportion of foreign income to U. 2011 irs 1040ez form S. 2011 irs 1040ez form income is small, a lower final tax may result from deducting the foreign income taxes. 2011 irs 1040ez form In any event, you should figure your tax liability both ways and then use the one that is better for you. 2011 irs 1040ez form You can make or change your choice within 10 years from the due date for filing the tax return on which you are entitled to take either the deduction or the credit. 2011 irs 1040ez form Foreign income taxes. 2011 irs 1040ez form   These are generally income taxes you pay to any foreign country or possession of the United States. 2011 irs 1040ez form Foreign income taxes on U. 2011 irs 1040ez form S. 2011 irs 1040ez form return. 2011 irs 1040ez form   Foreign income taxes can only be taken as a credit on Form 1040, line 47, or as an itemized deduction on Schedule A. 2011 irs 1040ez form These amounts cannot be included as withheld income taxes on Form 1040, line 62. 2011 irs 1040ez form Foreign taxes paid on excluded income. 2011 irs 1040ez form   You cannot take a credit or deduction for foreign income taxes paid on earnings you exclude from tax under any of the following. 2011 irs 1040ez form Foreign earned income exclusion. 2011 irs 1040ez form Foreign housing exclusion. 2011 irs 1040ez form Possession exclusion. 2011 irs 1040ez form If your wages are completely excluded, you cannot deduct or take a credit for any of the foreign taxes paid on your wages. 2011 irs 1040ez form   If only part of your wages is excluded, you cannot deduct or take a credit for the foreign income taxes allocable to the excluded part. 2011 irs 1040ez form You find the taxes allocable to your excluded wages by applying a fraction to the foreign taxes paid on foreign earned income received during the tax year. 2011 irs 1040ez form The numerator (top number) of the fraction is your excluded foreign earned income received during the tax year minus deductible expenses allocable to that income (not including the foreign housing deduction). 2011 irs 1040ez form The denominator (bottom number) of the fraction is your total foreign earned income received during the tax year minus all deductible expenses allocable to that income (including the foreign housing deduction). 2011 irs 1040ez form   If foreign law taxes both earned income and some other type of income and the taxes on the other type cannot be separated, the denominator of the fraction is the total amount of income subject to foreign tax minus deductible expenses allocable to that income. 2011 irs 1040ez form    If you take a foreign tax credit for tax on income you could have excluded under your choice to exclude foreign earned income or your choice to exclude foreign housing costs, one or both of the choices may be considered revoked. 2011 irs 1040ez form Credit for Foreign Income Taxes If you take the foreign tax credit, you may have to file Form 1116 with Form 1040. 2011 irs 1040ez form Form 1116 is used to figure the amount of foreign tax paid or accrued that can be claimed as a foreign tax credit. 2011 irs 1040ez form Do not include the amount of foreign tax paid or accrued as withheld federal income taxes on Form 1040, line 62. 2011 irs 1040ez form The foreign income tax for which you can claim a credit is the amount of legal and actual tax liability you pay or accrue during the year. 2011 irs 1040ez form The amount for which you can claim a credit is not necessarily the amount withheld by the foreign country. 2011 irs 1040ez form You cannot take a foreign tax credit for income tax you paid to a foreign country that would be refunded by the foreign country if you made a claim for refund. 2011 irs 1040ez form Subsidies. 2011 irs 1040ez form   If a foreign country returns your foreign tax payments to you in the form of a subsidy, you cannot claim a foreign tax credit based on these payments. 2011 irs 1040ez form This rule applies to a subsidy provided by any means that is determined, directly or indirectly, by reference to the amount of tax, or to the base used to figure the tax. 2011 irs 1040ez form   Some ways of providing a subsidy are refunds, credits, deductions, payments, or discharges of obligations. 2011 irs 1040ez form A credit is also not allowed if the subsidy is given to a person related to you, or persons who participated in a transaction or a related transaction with you. 2011 irs 1040ez form Limit The foreign tax credit is limited to the part of your total U. 2011 irs 1040ez form S. 2011 irs 1040ez form tax that is in proportion to your taxable income from sources outside the United States compared to your total taxable income. 2011 irs 1040ez form The allowable foreign tax credit cannot be more than your actual foreign tax liability. 2011 irs 1040ez form Exemption from limit. 2011 irs 1040ez form   You will not be subject to this limit and will not have to file Form 1116 if you meet all three of the following requirements. 2011 irs 1040ez form Your only foreign source income for the year is passive income (dividends, interest, royalties, etc. 2011 irs 1040ez form ) that is reported to you on a payee statement (such as a Form 1099-DIV or 1099-INT). 2011 irs 1040ez form Your foreign taxes for the year that qualify for the credit are not more than $300 ($600 if you are filing a joint return) and are reported on a payee statement. 2011 irs 1040ez form You elect this procedure. 2011 irs 1040ez form If you make this election, you cannot carry back or carry over any unused foreign tax to or from this year. 2011 irs 1040ez form Separate limit. 2011 irs 1040ez form   You must figure the limit on a separate basis with regard to “passive category income” and “general category income” (see the instructions for Form 1116). 2011 irs 1040ez form Figuring the limit. 2011 irs 1040ez form   In figuring taxable income in each category, you take into account only the amount that you must include in income on your federal tax return. 2011 irs 1040ez form Do not take any excluded amount into account. 2011 irs 1040ez form   To determine your taxable income in each category, deduct expenses and losses that are definitely related to that income. 2011 irs 1040ez form   Other expenses (such as itemized deductions or the standard deduction) not definitely related to specific items of income must be apportioned to the foreign income in each category by multiplying them by a fraction. 2011 irs 1040ez form The numerator (top number) of the fraction is your gross foreign income in the separate limit category. 2011 irs 1040ez form The denominator (bottom number) of the fraction is your gross income from all sources. 2011 irs 1040ez form For this purpose, gross income includes income that is excluded under the foreign earned income provisions but does not include any other exempt income. 2011 irs 1040ez form You must use special rules for deducting interest expenses. 2011 irs 1040ez form For more information on allocating and apportioning your deductions, see Publication 514. 2011 irs 1040ez form Exemptions. 2011 irs 1040ez form   Do not take the deduction for exemptions for yourself, your spouse, or your dependents in figuring taxable income for purposes of the limit. 2011 irs 1040ez form Recapture of foreign losses. 2011 irs 1040ez form   If you have an overall foreign loss and the loss reduces your U. 2011 irs 1040ez form S. 2011 irs 1040ez form source income (resulting in a reduction of your U. 2011 irs 1040ez form S. 2011 irs 1040ez form tax liability), you must recapture the loss in later years when you have taxable income from foreign sources. 2011 irs 1040ez form This is done by treating a part of your taxable income from foreign sources in later years as U. 2011 irs 1040ez form S. 2011 irs 1040ez form source income. 2011 irs 1040ez form This reduces the numerator of the limiting fraction and the resulting foreign tax credit limit. 2011 irs 1040ez form Recapture of domestic losses. 2011 irs 1040ez form   If you have an overall domestic loss (resulting in no U. 2011 irs 1040ez form S. 2011 irs 1040ez form tax liability), you cannot claim a foreign tax credit for taxes paid during that year. 2011 irs 1040ez form You must recapture the loss in later years when you have U. 2011 irs 1040ez form S. 2011 irs 1040ez form source taxable income. 2011 irs 1040ez form This is done by treating a part of your taxable income from U. 2011 irs 1040ez form S. 2011 irs 1040ez form sources in later years as foreign source income. 2011 irs 1040ez form This increases the numerator of the limiting fraction and the resulting foreign tax credit limit. 2011 irs 1040ez form Foreign tax credit carryback and carryover. 2011 irs 1040ez form   The amount of foreign income tax not allowed as a credit because of the limit can be carried back 1 year and carried forward 10 years. 2011 irs 1040ez form   More information on figuring the foreign tax credit can be found in Publication 514. 2011 irs 1040ez form Deduction for Foreign Income Taxes Instead of taking the foreign tax credit, you can deduct foreign income taxes as an itemized deduction on Schedule A (Form 1040). 2011 irs 1040ez form You can deduct only foreign income taxes paid on income that is subject to U. 2011 irs 1040ez form S. 2011 irs 1040ez form tax. 2011 irs 1040ez form You cannot deduct foreign taxes paid on earnings you exclude from tax under any of the following. 2011 irs 1040ez form Foreign earned income exclusion. 2011 irs 1040ez form Foreign housing exclusion. 2011 irs 1040ez form Possession exclusion. 2011 irs 1040ez form Example. 2011 irs 1040ez form You are a U. 2011 irs 1040ez form S. 2011 irs 1040ez form citizen and qualify to exclude your foreign earned income. 2011 irs 1040ez form Your excluded wages in Country X are $70,000 on which you paid income tax of $10,000. 2011 irs 1040ez form You received dividends from Country X of $2,000 on which you paid income tax of $600. 2011 irs 1040ez form You can deduct the $600 tax payment because the dividends relating to it are subject to U. 2011 irs 1040ez form S. 2011 irs 1040ez form tax. 2011 irs 1040ez form Because you exclude your wages, you cannot deduct the income tax of $10,000. 2011 irs 1040ez form If you exclude only a part of your wages, see the earlier discussion under Foreign taxes paid on excluded income. 2011 irs 1040ez form Deduction for Other Foreign Taxes You can deduct real property taxes you pay that are imposed on you by a foreign country. 2011 irs 1040ez form You take this deduction on Schedule A (Form 1040). 2011 irs 1040ez form You cannot deduct other foreign taxes, such as personal property taxes, unless you incurred the expenses in a trade or business or in the production of income. 2011 irs 1040ez form On the other hand, you generally can deduct personal property taxes when you pay them to U. 2011 irs 1040ez form S. 2011 irs 1040ez form possessions. 2011 irs 1040ez form But if you claim the possession exclusion, see Publication 570. 2011 irs 1040ez form The deduction for foreign taxes other than foreign income taxes is not related to the foreign tax credit. 2011 irs 1040ez form You can take deductions for these miscellaneous foreign taxes and also claim the foreign tax credit for income taxes imposed by a foreign country. 2011 irs 1040ez form How To Report Deductions If you exclude foreign earned income or housing amounts, how you show your deductions on your tax return and how you figure the amount allocable to your excluded income depends on whether the expenses are used in figuring adjusted gross income (Form 1040, line 38) or are itemized deductions. 2011 irs 1040ez form If you have deductions used in figuring adjusted gross income, enter the total amount for each of these items on the appropriate lines and schedules of Form 1040. 2011 irs 1040ez form Generally, you figure the amount of a deduction related to the excluded income by multiplying the deduction by a fraction, the numerator of which is your foreign earned income exclusion and the denominator of which is your foreign earned income. 2011 irs 1040ez form Enter the amount of the deduction(s) related to excluded income on line 44 of Form 2555. 2011 irs 1040ez form If you have itemized deductions related to excluded income, enter on Schedule A (Form 1040) only the part not related to excluded income. 2011 irs 1040ez form You figure that amount by subtracting from the total deduction the amount related to excluded income. 2011 irs 1040ez form Generally, you figure the amount that is related to the excluded income by multiplying the total deduction by a fraction, the numerator of which is your foreign earned income exclusion and the denominator of which is your foreign earned income. 2011 irs 1040ez form Attach a statement to your return showing how you figured the deductible amount. 2011 irs 1040ez form Example 1. 2011 irs 1040ez form You are a U. 2011 irs 1040ez form S. 2011 irs 1040ez form citizen employed as an accountant. 2011 irs 1040ez form Your tax home is in Germany for the entire tax year. 2011 irs 1040ez form You meet the physical presence test. 2011 irs 1040ez form Your foreign earned income for the year was $122,000 and your investment income was $10,380. 2011 irs 1040ez form After excluding $97,600, your AGI is $34,780. 2011 irs 1040ez form You had unreimbursed business expenses of $2,500 for travel and entertainment in earning your foreign income, of which $500 was for meals and entertainment. 2011 irs 1040ez form These expenses are deductible only as miscellaneous deductions on Schedule A (Form 1040). 2011 irs 1040ez form You also have $500 of miscellaneous expenses that are not related to your foreign income that you enter on line 23 of Schedule A. 2011 irs 1040ez form You must fill out Form 2106. 2011 irs 1040ez form On that form, reduce your deductible meal and entertainment expenses by 50% ($250). 2011 irs 1040ez form You must reduce the remaining $2,250 of travel and entertainment expenses by 80% ($1,800) because you excluded 80% ($97,600/$122,000) of your foreign earned income. 2011 irs 1040ez form You carry the remaining total of $450 to line 21 of Schedule A. 2011 irs 1040ez form Add the $450 to the $500 that you have on line 23 and enter the total ($950) on line 24. 2011 irs 1040ez form On line 26 of Schedule A, enter $696, which is 2% of your adjusted gross income of $34,780 (line 38, Form 1040) and subtract it from the amount on line 24. 2011 irs 1040ez form Enter $254 on line 27 of Schedule A. 2011 irs 1040ez form Example 2. 2011 irs 1040ez form You are a U. 2011 irs 1040ez form S. 2011 irs 1040ez form citizen, have a tax home in Spain, and meet the physical presence test. 2011 irs 1040ez form You are self-employed and personal services produce the business income. 2011 irs 1040ez form Your gross income was $116,931, business expenses $66,895, and net income (profit) $50,036. 2011 irs 1040ez form You choose the foreign earned income exclusion and exclude $97,600 of your gross income. 2011 irs 1040ez form Since your excluded income is 83. 2011 irs 1040ez form 47% of your total income, 83. 2011 irs 1040ez form 47% of your business expenses are not deductible. 2011 irs 1040ez form Report your total income and expenses on Schedule C (Form 1040). 2011 irs 1040ez form On Form 2555 you will show the following: Line 20a, $116,931, gross income, Lines 42 and 43, $97,600, foreign earned income exclusion, and Line 44, $55,837 (83. 2011 irs 1040ez form 47% × $66,895) business expenses attributable to the exclusion. 2011 irs 1040ez form In this situation (Example 2), you cannot use Form 2555-EZ since you had self-employment income and business expenses. 2011 irs 1040ez form Example 3. 2011 irs 1040ez form Assume in Example 2 that both capital and personal services combine to produce the business income. 2011 irs 1040ez form No more than 30% of your net income, or $15,011, assuming that this amount is a reasonable allowance for your services, is considered earned and can be excluded. 2011 irs 1040ez form Your exclusion of $15,011 is 12. 2011 irs 1040ez form 84% of your gross income ($15,011 ÷ $116,931). 2011 irs 1040ez form Because you excluded 12. 2011 irs 1040ez form 84% of your total income, $8,589 (. 2011 irs 1040ez form 1284 x $66,895) of your business expenses is attributable to the excluded income and is not deductible. 2011 irs 1040ez form Example 4. 2011 irs 1040ez form You are a U. 2011 irs 1040ez form S. 2011 irs 1040ez form citizen, have a tax home in Brazil, and meet the physical presence test. 2011 irs 1040ez form You are self-employed and both capital and personal services combine to produce business income. 2011 irs 1040ez form Your gross income was $146,000, business expenses were $172,000, and your net loss was $26,000. 2011 irs 1040ez form A reasonable allowance for the services you performed for the business is $77,000. 2011 irs 1040ez form Because you incurred a net loss, the earned income limit of 30% of your net profit does not apply. 2011 irs 1040ez form The $77,000 is foreign earned income. 2011 irs 1040ez form If you choose to exclude the $77,000, you exclude 52. 2011 irs 1040ez form 74% of your gross income ($77,000 ÷ $146,000), and 52. 2011 irs 1040ez form 74% of your business expenses ($90,713) is attributable to that income and is not deductible. 2011 irs 1040ez form Show your total income and expenses on Schedule C (Form 1040). 2011 irs 1040ez form On Form 2555, exclude $77,000 and show $90,713 on line 44. 2011 irs 1040ez form Subtract line 44 from line 43, and enter the difference as a negative (in parentheses) on line 45. 2011 irs 1040ez form Because this amount is negative, enter it as a positive (no parentheses) on line 21, Form 1040, and combine it with your other income to arrive at total income on line 22 of Form 1040. 2011 irs 1040ez form In this situation (Example 4), you would probably not want to choose the foreign earned income exclusion if this was the first year you were eligible. 2011 irs 1040ez form If you had chosen the exclusion in an earlier year, you might want to revoke the choice for this year. 2011 irs 1040ez form To do so would mean that you could not claim the exclusion again for the next 5 tax years without IRS approval. 2011 irs 1040ez form See Choosing the Exclusion in chapter 4. 2011 irs 1040ez form Example 5. 2011 irs 1040ez form You are a U. 2011 irs 1040ez form S. 2011 irs 1040ez form citizen, have a tax home in Panama, and meet the bona fide residence test. 2011 irs 1040ez form You have been performing services for clients as a partner in a firm that provides services exclusively in Panama. 2011 irs 1040ez form Capital investment is not material in producing the partnership's income. 2011 irs 1040ez form Under the terms of the partnership agreement, you are to receive 50% of the net profits. 2011 irs 1040ez form The partnership received gross income of $244,000 and incurred operating expenses of $98,250. 2011 irs 1040ez form Of the net profits of $145,750, you received $72,875 as your distributive share. 2011 irs 1040ez form You choose to exclude $97,600 of your share of the gross income. 2011 irs 1040ez form Because you exclude 80% ($97,600 ÷ $122,000) of your share of the gross income, you cannot deduct $39,300, 80% of your share of the operating expenses (. 2011 irs 1040ez form 80 × $49,125). 2011 irs 1040ez form Report $72,875, your distributive share of the partnership net profit, on Schedule E (Form 1040), Supplemental Income and Loss. 2011 irs 1040ez form On Form 2555, show $97,600 on line 42 and show $39,300 on line 44. 2011 irs 1040ez form Your exclusion on Form 2555 is $58,300. 2011 irs 1040ez form In this situation (Example 5), you cannot use Form 2555-EZ since you had earned income other than salaries and wages and you had business expenses. 2011 irs 1040ez form Prev  Up  Next   Home   More Online Publications
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What's the difference between the "Child Tax Credit" and the "Additional Child Tax Credit?" Can I qualify for both?
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My child is turning 18 this year. Can I still get the Additional Child Tax Credit?
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Tips for next year

Consider filing your taxes electronically. Filing online can help you avoid mistakes and find credits and deductions that you may qualify for. In many cases you can file for free. Learn more about e-file.

If you have any dependent children, remember to claim the Additional Child Tax Credit the next time you file your income tax return. Complete and attach a Form 1040 Schedule 8812, Child Tax Credit to your return to claim this credit.

Use the EITC Assistant to help you complete your Schedule EIC, Earned Income Credit and claim your Earned Income Credit.

Page Last Reviewed or Updated: 20-Feb-2014

The 2011 Irs 1040ez Form

2011 irs 1040ez form Internal Revenue Bulletin:  2009-17  April 27, 2009  Rev. 2011 irs 1040ez form Proc. 2011 irs 1040ez form 2009-24 Table of Contents SECTION 1. 2011 irs 1040ez form PURPOSE SECTION 2. 2011 irs 1040ez form BACKGROUND SECTION 3. 2011 irs 1040ez form SCOPE SECTION 4. 2011 irs 1040ez form APPLICATION. 2011 irs 1040ez form 01 In General. 2011 irs 1040ez form . 2011 irs 1040ez form 02 Limitations on Depreciation Deductions for Certain Automobiles. 2011 irs 1040ez form . 2011 irs 1040ez form 03 Inclusions in Income of Lessees of Passenger Automobiles. 2011 irs 1040ez form SECTION 5. 2011 irs 1040ez form EFFECTIVE DATE SECTION 6. 2011 irs 1040ez form DRAFTING INFORMATION SECTION 1. 2011 irs 1040ez form PURPOSE . 2011 irs 1040ez form 01 This revenue procedure provides: (1) limitations on depreciation deductions for owners of passenger automobiles first placed in service by the taxpayer during calendar year 2009, including a separate table of limitations on depreciation deductions for trucks and vans; and (2) the amounts to be included in income by lessees of passenger automobiles first leased by the taxpayer during calendar year 2009, including a separate table of inclusion amounts for lessees of trucks and vans. 2011 irs 1040ez form . 2011 irs 1040ez form 02 The tables detailing these depreciation limitations and lessee inclusion amounts reflect the automobile price inflation adjustments required by § 280F(d)(7) of the Internal Revenue Code. 2011 irs 1040ez form SECTION 2. 2011 irs 1040ez form BACKGROUND . 2011 irs 1040ez form 01 For owners of passenger automobiles, § 280F(a) imposes dollar limitations on the depreciation deduction for the year that the passenger automobile is placed in service by the taxpayer and each succeeding year. 2011 irs 1040ez form Section 280F(d)(7) requires the amounts allowable as depreciation deductions to be increased by a price inflation adjustment amount for passenger automobiles placed in service after 1988. 2011 irs 1040ez form The method of calculating this price inflation amount for trucks and vans placed in service in or after calendar year 2003 uses a different CPI “automobile component” (the “new trucks” component) than that used in the price inflation amount calculation for other passenger automobiles (the “new cars” component), resulting in somewhat higher depreciation deductions for trucks and vans. 2011 irs 1040ez form This change reflects the higher rate of price inflation that trucks and vans have been subject to since 1988. 2011 irs 1040ez form . 2011 irs 1040ez form 02 Section 168(k)(1)(A) provides a 50 percent additional first year depreciation deduction for certain new property acquired by a taxpayer after December 31, 2007, and before January 1, 2010, if no written binding contract for the acquisition of the property existed before January 1, 2008. 2011 irs 1040ez form Section 168(k)(2)(F)(i) increases the first year depreciation allowed under § 280F(a)(1)(A) by $8,000 for passenger automobiles to which the 50 percent additional first year depreciation deduction applies. 2011 irs 1040ez form . 2011 irs 1040ez form 03 Section 168(k)(2)(D)(i) provides that the 50 percent additional first year depreciation deduction does not apply to any property required to be depreciated under the alternative depreciation system of § 168(g), including property described in § 280F(b)(1). 2011 irs 1040ez form Section 168(k)(2)(D)(iii) permits a taxpayer to elect to not claim the 50 percent additional first year depreciation deduction for any class of property. 2011 irs 1040ez form Section 168(k)(4) permits a corporation to elect to not claim the 50 percent additional first year depreciation deduction for all eligible qualified property (that is extension property or that is not extension property, as applicable) and instead to increase the business credit limitation under § 38(c) or the alternative minimum tax credit limitation under § 53(c). 2011 irs 1040ez form Accordingly, this revenue procedure provides tables for passenger automobiles for which the 50 percent additional depreciation deduction applies and tables for passenger automobiles for which the 50 percent additional first year depreciation deduction does not apply, including passenger automobiles in a class of property for which the taxpayer “elects out” of the 50 percent additional first year depreciation deduction or passenger automobiles that are eligible qualified property to which the § 168(k)(4) election applies. 2011 irs 1040ez form . 2011 irs 1040ez form 04 For leased passenger automobiles, § 280F(c) requires a reduction in the deduction allowed to the lessee of the passenger automobile. 2011 irs 1040ez form The reduction must be substantially equivalent to the limitations on the depreciation deductions imposed on owners of passenger automobiles. 2011 irs 1040ez form Under § 1. 2011 irs 1040ez form 280F-7(a) of the Income Tax Regulations, this reduction requires a lessee to include in gross income an inclusion amount determined by applying a formula to the amount obtained from a table. 2011 irs 1040ez form One table applies to lessees of trucks and vans and another table applies to all other passenger automobiles. 2011 irs 1040ez form Each table shows inclusion amounts for a range of fair market values for each taxable year after the passenger automobile is first leased. 2011 irs 1040ez form SECTION 3. 2011 irs 1040ez form SCOPE . 2011 irs 1040ez form 01 The limitations on depreciation deductions in section 4. 2011 irs 1040ez form 02(2) of this revenue procedure apply to passenger automobiles (other than leased passenger automobiles) that are placed in service by the taxpayer in calendar year 2009, and continue to apply for each taxable year that the passenger automobile remains in service. 2011 irs 1040ez form . 2011 irs 1040ez form 02 The tables in section 4. 2011 irs 1040ez form 03 of this revenue procedure apply to leased passenger automobiles for which the lease term begins during calendar year 2009. 2011 irs 1040ez form Lessees of these passenger automobiles must use these tables to determine the inclusion amount for each taxable year during which the passenger automobile is leased. 2011 irs 1040ez form See Rev. 2011 irs 1040ez form Proc. 2011 irs 1040ez form 2002-14, 2002-1 C. 2011 irs 1040ez form B. 2011 irs 1040ez form 450, for passenger automobiles first leased before January 1, 2003, Rev. 2011 irs 1040ez form Proc. 2011 irs 1040ez form 2003-75, 2003-2 C. 2011 irs 1040ez form B. 2011 irs 1040ez form 1018, for passenger automobiles first leased during calendar year 2003, Rev. 2011 irs 1040ez form Proc. 2011 irs 1040ez form 2004-20, 2004-1 C. 2011 irs 1040ez form B. 2011 irs 1040ez form 642, for passenger automobiles first leased during calendar year 2004, Rev. 2011 irs 1040ez form Proc. 2011 irs 1040ez form 2005-13, 2005-1 C. 2011 irs 1040ez form B. 2011 irs 1040ez form 759, for passenger automobiles first leased during calendar year 2005, Rev. 2011 irs 1040ez form Proc. 2011 irs 1040ez form 2006-18, 2006-1 C. 2011 irs 1040ez form B. 2011 irs 1040ez form 645, for passenger automobiles first leased during calendar year 2006, Rev. 2011 irs 1040ez form Proc. 2011 irs 1040ez form 2007-30, 2007-1 C. 2011 irs 1040ez form B. 2011 irs 1040ez form 1104, for passenger automobiles first leased during calendar year 2007, and Rev. 2011 irs 1040ez form Proc. 2011 irs 1040ez form 2008-22, 2008-12 I. 2011 irs 1040ez form R. 2011 irs 1040ez form B. 2011 irs 1040ez form 658, for passenger automobiles first leased during calendar year 2008. 2011 irs 1040ez form SECTION 4. 2011 irs 1040ez form APPLICATION . 2011 irs 1040ez form 01 In General. 2011 irs 1040ez form (1) Limitations on depreciation deductions for certain automobiles. 2011 irs 1040ez form The limitations on depreciation deductions for passenger automobiles placed in service by the taxpayer for the first time during calendar year 2009 are in Tables 1 through 4 in section 4. 2011 irs 1040ez form 02(2) of this revenue procedure. 2011 irs 1040ez form (2) Inclusions in income of lessees of passenger automobiles. 2011 irs 1040ez form A taxpayer first leasing a passenger automobile during calendar year 2009 must determine the inclusion amount that is added to gross income using Tables 5 and 6 in section 4. 2011 irs 1040ez form 03 of this revenue procedure. 2011 irs 1040ez form In addition, the taxpayer must follow the procedures of § 1. 2011 irs 1040ez form 280F-7(a). 2011 irs 1040ez form . 2011 irs 1040ez form 02 Limitations on Depreciation Deductions for Certain Automobiles. 2011 irs 1040ez form (1) Amount of the inflation adjustment. 2011 irs 1040ez form (a) Passenger automobiles (other than trucks or vans). 2011 irs 1040ez form Under § 280F(d)(7)(B)(i), the automobile price inflation adjustment for any calendar year is the percentage (if any) by which the CPI automobile component for October of the preceding calendar year exceeds the CPI automobile component for October 1987. 2011 irs 1040ez form The term “CPI automobile component” is defined in § 280F(d)(7)(B)(ii) as the “automobile component” of the Consumer Price Index for all Urban Consumers published by the Department of Labor. 2011 irs 1040ez form The new car component of the CPI was 115. 2011 irs 1040ez form 2 for October 1987 and 134. 2011 irs 1040ez form 837 for October 2008. 2011 irs 1040ez form The October 2008 index exceeded the October 1987 index by 19. 2011 irs 1040ez form 637. 2011 irs 1040ez form The Internal Revenue Service has, therefore, determined that the automobile price inflation adjustment for 2009 for passenger automobiles (other than trucks and vans) is 17. 2011 irs 1040ez form 05 percent (19. 2011 irs 1040ez form 637/115. 2011 irs 1040ez form 2 x 100%). 2011 irs 1040ez form This adjustment is applicable to all passenger automobiles (other than trucks and vans) that are first placed in service in calendar year 2009. 2011 irs 1040ez form The dollar limitations in § 280F(a) therefore must be multiplied by a factor of 0. 2011 irs 1040ez form 1705, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations applicable to passenger automobiles (other than trucks and vans) for calendar year 2009. 2011 irs 1040ez form (b) Trucks and vans. 2011 irs 1040ez form To determine the dollar limitations applicable to trucks and vans first placed in service during calendar year 2009, the new truck component of the CPI is used instead of the new car component. 2011 irs 1040ez form The new truck component of the CPI was 112. 2011 irs 1040ez form 4 for October 1987 and 133. 2011 irs 1040ez form 640 for October 2008. 2011 irs 1040ez form The October 2008 index exceeded the October 1987 index by 21. 2011 irs 1040ez form 24. 2011 irs 1040ez form The Service has, therefore, determined that the automobile price inflation adjustment for 2009 for trucks and vans is 18. 2011 irs 1040ez form 90 percent (21. 2011 irs 1040ez form 24/112. 2011 irs 1040ez form 4 x 100%). 2011 irs 1040ez form This adjustment is applicable to all trucks and vans that are first placed in service in calendar year 2009. 2011 irs 1040ez form The dollar limitations in § 280F(a) therefore must be multiplied by a factor of 0. 2011 irs 1040ez form 1890, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations applicable to trucks and vans. 2011 irs 1040ez form (2) Amount of the limitation. 2011 irs 1040ez form For passenger automobiles placed in service by the taxpayer in calendar year 2009, Tables 1 through 4 contain the dollar amount of the depreciation limitation for each taxable year. 2011 irs 1040ez form Use Table 1 for a passenger automobile (other than a truck or van) placed in service by the taxpayer in calendar year 2009, for which the 50 percent additional first year depreciation deduction does not apply, including a passenger automobile (other than a truck or van) in a class of property for which the taxpayer elects out of the 50 percent additional first year depreciation deduction or a passenger automobile that is eligible qualified property to which the § 168(k)(4) election applies. 2011 irs 1040ez form Use Table 2 for a passenger automobile (other than a truck or van) placed in service by the taxpayer in calendar year 2009, for which the 50 percent additional first year depreciation deduction applies. 2011 irs 1040ez form Use Table 3 for a truck or van placed in service by the taxpayer in calendar year 2009, for which the 50 percent additional first year depreciation deduction does not apply, including a truck or van in a class of property for which the taxpayer elects out of the 50 percent additional first year depreciation deduction or a truck or van that is eligible qualified property to which the § 168(k)(4) election applies. 2011 irs 1040ez form Use Table 4 for a truck or van placed in service by the taxpayer in calendar year 2009, for which the 50 percent additional first year depreciation deduction applies. 2011 irs 1040ez form REV. 2011 irs 1040ez form PROC. 2011 irs 1040ez form 2009-24 TABLE 1 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE BY THE TAXPAYER IN CALENDAR YEAR 2009, FOR WHICH THE 50 PERCENT ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION DOES NOT APPLY Tax Year Amount 1st Tax Year $2,960 2nd Tax Year $4,800 3rd Tax Year $2,850 Each Succeeding Year $1,775 REV. 2011 irs 1040ez form PROC. 2011 irs 1040ez form 2009-24 TABLE 2 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE BY THE TAXPAYER IN CALENDAR YEAR 2009, FOR WHICH THE 50 PERCENT ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $10,960 2nd Tax Year $4,800 3rd Tax Year $2,850 Each Succeeding Year $1,775 REV. 2011 irs 1040ez form PROC. 2011 irs 1040ez form 2009-24 TABLE 3 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE BY THE TAXPAYER IN CALENDAR YEAR 2009, FOR WHICH THE 50 PERCENT ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION DOES NOT APPLY Tax Year Amount 1st Tax Year $3,060 2nd Tax Year $4,900 3rd Tax Year $2,950 Each Succeeding Year $1,775 REV. 2011 irs 1040ez form PROC. 2011 irs 1040ez form 2009-24 TABLE 4 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE BY THE TAXPAYER IN CALENDAR YEAR 2009, FOR WHICH THE 50 PERCENT ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $11,060 2nd Tax Year $4,900 3rd Tax Year $2,950 Each Succeeding Year $1,775 . 2011 irs 1040ez form 03 Inclusions in Income of Lessees of Passenger Automobiles. 2011 irs 1040ez form The inclusion amounts for passenger automobiles first leased in calendar year 2009 are calculated under the procedures described in § 1. 2011 irs 1040ez form 280F-7(a). 2011 irs 1040ez form Lessees of passenger automobiles other than trucks and vans should use Table 5 of this revenue procedure in applying these procedures, while lessees of trucks and vans should use Table 6 of this revenue procedure. 2011 irs 1040ez form REV. 2011 irs 1040ez form PROC. 2011 irs 1040ez form 2009-24 TABLE 5 DOLLAR AMOUNTS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2009 Fair Market Value of Passenger Automobile Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th & Later $18,500 $19,000 9 19 28 34 38 19,000 19,500 10 21 32 38 43 19,500 20,000 11 24 36 42 48 20,000 20,500 12 27 39 46 54 20,500 21,000 13 29 43 51 58 21,000 21,500 15 31 47 55 64 21,500 22,000 16 34 50 60 68 22,000 23,000 17 38 56 66 76 23,000 24,000 20 42 64 75 86 24,000 25,000 22 47 71 84 96 25,000 26,000 24 52 78 93 107 26,000 27,000 26 58 85 101 117 27,000 28,000 29 62 93 110 127 28,000 29,000 31 67 100 119 138 29,000 30,000 33 72 108 128 147 30,000 31,000 35 77 115 137 157 31,000 32,000 38 82 122 146 167 32,000 33,000 40 87 129 155 178 33,000 34,000 42 92 137 163 188 34,000 35,000 44 97 144 172 199 35,000 36,000 47 102 151 181 208 36,000 37,000 49 107 159 189 219 37,000 38,000 51 112 166 199 228 38,000 39,000 53 117 173 208 239 39,000 40,000 56 122 180 216 250 40,000 41,000 58 127 188 225 259 41,000 42,000 60 132 195 234 269 42,000 43,000 62 137 203 242 280 43,000 44,000 65 141 210 252 290 44,000 45,000 67 146 218 260 300 45,000 46,000 69 151 225 269 311 46,000 47,000 71 157 232 278 320 47,000 48,000 74 161 240 286 331 48,000 49,000 76 166 247 296 340 49,000 50,000 78 171 255 304 351 50,000 51,000 80 176 262 313 361 51,000 52,000 83 181 269 322 371 52,000 53,000 85 186 276 331 381 53,000 54,000 87 191 284 339 392 54,000 55,000 89 196 291 349 401 55,000 56,000 92 201 298 357 412 56,000 57,000 94 206 306 365 423 57,000 58,000 96 211 313 375 432 58,000 59,000 98 216 320 384 442 59,000 60,000 101 221 327 393 452 60,000 62,000 104 228 339 406 467 62,000 64,000 109 238 353 424 488 64,000 66,000 113 248 368 441 509 66,000 68,000 118 258 382 459 529 68,000 70,000 122 268 397 476 550 70,000 72,000 127 277 413 493 570 72,000 74,000 131 288 427 511 590 74,000 76,000 136 297 442 529 610 76,000 78,000 140 307 457 546 631 78,000 80,000 145 317 471 564 651 80,000 85,000 152 335 497 595 686 85,000 90,000 164 359 534 639 737 90,000 95,000 175 384 570 683 789 95,000 100,000 186 409 607 727 839 100,000 110,000 203 446 662 793 916 110,000 120,000 226 495 736 881 1,018 120,000 130,000 248 545 809 970 1,119 130,000 140,000 271 594 883 1,058 1,220 140,000 150,000 293 644 956 1,146 1,322 150,000 160,000 316 693 1,030 1,234 1,424 160,000 170,000 338 743 1,103 1,322 1,526 170,000 180,000 361 792 1,177 1,410 1,628 180,000 190,000 383 842 1,250 1,498 1,730 190,000 200,000 406 891 1,324 1,586 1,831 200,000 210,000 428 941 1,397 1,675 1,932 210,000 220,000 451 990 1,471 1,762 2,035 220,000 230,000 473 1,040 1,544 1,851 2,136 230,000 240,000 496 1,089 1,618 1,939 2,238 240,000 And up 518 1,139 1,691 2,027 2,340 REV. 2011 irs 1040ez form PROC. 2011 irs 1040ez form 2009-24 TABLE 6 DOLLAR AMOUNTS FOR TRUCKS AND VANS WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2009 Fair Market Value of Electric Automobile Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th and Later $18,500 $19,000 8 17 25 30 35 19,000 19,500 9 19 29 35 40 19,500 20,000 10 22 33 38 45 20,000 20,500 11 25 36 43 50 20,500 21,000 12 27 40 48 55 21,000 21,500 13 30 43 52 60 21,500 22,000 15 32 47 56 66 22,000 23,000 16 36 52 64 72 23,000 24,000 18 41 60 72 83 24,000 25,000 21 45 68 81 93 25,000 26,000 23 50 75 90 103 26,000 27,000 25 56 82 98 114 27,000 28,000 27 61 89 107 124 28,000 29,000 30 65 97 116 134 29,000 30,000 32 70 104 125 144 30,000 31,000 34 75 112 134 154 31,000 32,000 36 80 119 143 164 32,000 33,000 39 85 126 151 175 33,000 34,000 41 90 134 160 184 34,000 35,000 43 95 141 169 195 35,000 36,000 45 100 148 178 205 36,000 37,000 48 105 155 187 215 37,000 38,000 50 110 163 195 226 38,000 39,000 52 115 170 204 236 39,000 40,000 55 120 177 213 246 40,000 41,000 57 125 185 221 256 41,000 42,000 59 130 192 231 266 42,000 43,000 61 135 199 240 276 43,000 44,000 64 139 207 249 286 44,000 45,000 66 144 215 257 296 45,000 46,000 68 149 222 266 307 46,000 47,000 70 155 229 274 317 47,000 48,000 73 159 237 283 327 48,000 49,000 75 164 244 292 338 49,000 50,000 77 169 251 301 348 50,000 51,000 79 174 259 310 357 51,000 52,000 82 179 266 318 368 52,000 53,000 84 184 273 328 378 53,000 54,000 86 189 281 336 388 54,000 55,000 88 194 288 345 399 55,000 56,000 91 199 295 354 408 56,000 57,000 93 204 302 363 419 57,000 58,000 95 209 310 371 429 58,000 59,000 97 214 317 381 439 59,000 60,000 100 219 324 389 450 60,000 62,000 103 226 336 402 465 62,000 64,000 107 236 351 420 485 64,000 66,000 112 246 365 438 505 66,000 68,000 116 256 380 455 526 68,000 70,000 121 266 394 473 546 70,000 72,000 125 276 409 491 566 72,000 74,000 130 286 423 509 586 74,000 76,000 134 296 438 526 607 76,000 78,000 139 305 454 543 627 78,000 80,000 143 316 467 561 648 80,000 85,000 151 333 493 592 684 85,000 90,000 163 357 531 635 735 90,000 95,000 174 382 567 680 785 95,000 100,000 185 407 604 724 836 100,000 110,000 202 444 659 790 912 110,000 120,000 225 493 733 878 1,014 120,000 130,000 247 543 806 966 1,116 130,000 140,000 270 592 880 1,054 1,218 140,000 150,000 292 642 953 1,143 1,319 150,000 160,000 315 691 1,027 1,230 1,421 160,000 170,000 337 741 1,100 1,319 1,522 170,000 180,000 360 790 1,174 1,407 1,624 180,000 190,000 382 840 1,247 1,495 1,726 190,000 200,000 405 889 1,321 1,583 1,828 200,000 210,000 427 939 1,394 1,671 1,930 210,000 220,000 450 988 1,468 1,759 2,031 220,000 230,000 472 1,038 1,541 1,847 2,134 230,000 240,000 495 1,087 1,615 1,935 2,235 240,000 and up 517 1,137 1,688 2,024 2,336 SECTION 5. 2011 irs 1040ez form EFFECTIVE DATE This revenue procedure applies to passenger automobiles (other than leased passenger automobiles) that are first placed in service by a taxpayer during calendar year 2009, and to leased passenger automobiles that are first leased by a taxpayer during calendar year 2009. 2011 irs 1040ez form SECTION 6. 2011 irs 1040ez form DRAFTING INFORMATION The principal author of this revenue procedure is Bernard P. 2011 irs 1040ez form Harvey of the Office of Associate Chief Counsel (Income Tax & Accounting). 2011 irs 1040ez form For further information regarding this revenue procedure, contact Mr. 2011 irs 1040ez form Harvey at (202) 622-4930 (not a toll-free call). 2011 irs 1040ez form Prev  Up  Next   Home   More Internal Revenue Bulletins