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Amend My Taxes

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Amend My Taxes

Amend my taxes 5. Amend my taxes   Excise Taxes Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Prohibited Tax Shelter TransactionsEntity Level Tax Excess Benefit TransactionsTax on Disqualified Persons Tax on Organization Managers Excess Benefit Transaction Excess Business Holdings Taxable Distributions of Sponsoring Organizations Exception. Amend my taxes A donor advised fund does not include: Taxes on Prohibited Benefits Resulting From Donor Advised Fund Distributions Excise Taxes on Private Foundations Excise Taxes on Black Lung Benefit Trusts Excise Tax on Failure to Meet the Community Health Needs Assessment Requirements Introduction An excise tax may be imposed on certain tax-exempt organizations. Amend my taxes Topics - This chapter discusses: Prohibited tax shelter transactions Excess benefit transactions Excess business holdings Taxable distributions of sponsoring organizations Taxes on prohibited benefits distributed from donor advised funds Excise taxes on private foundations Excise taxes on 501(c)(21) black lung benefit trusts Excise Tax on Failure to Meet the Community Health Needs Assessment Requirements of Hospitals Useful Items - You may want to see: Forms (and Instructions) 4720 Return of Certain Excise Taxes Under Chapters 41 and 42 of the Internal Revenue Code See chapter 6 for more information about getting Form 4720. Amend my taxes Prohibited Tax Shelter Transactions Section 4965 imposes an excise tax on: Certain tax-exempt entities that are party to prohibited tax shelter transactions, and Any entity manager who approves or otherwise causes the entity to be a party to a prohibited tax shelter transaction and knows or has reason to know that the transaction is a prohibited tax shelter transaction. Amend my taxes  Additionally, section 6033 provides new disclosure requirements on a tax-exempt entity that is a party to a prohibited tax shelter transaction. Amend my taxes Tax-exempt entities. Amend my taxes   Tax-exempt entities that are subject to section 4965 include: Entities described in section 501(c), including but not limited to the following common types of entities: Instrumentalities of the United States described in section 501(c)(1); Churches, hospitals, museums, schools, scientific research organizations, and other charities described in section 501(c)(3); Civic leagues, social welfare organizations, and local associations of employees described in section 501(c)(4); Labor, agricultural, or horticultural organizations described in section 501(c)(5); Business leagues, chambers of commerce, trade associations, and other organizations described in section 501(c)(6); Voluntary employees' beneficiary associations (VEBAs) described in section 501(c)(9); Credit unions described in section 501(c)(14); Insurance companies described in section 501(c)(15); and Veterans' organizations described in section 501(c)(19). Amend my taxes Religious or apostolic associations or corporations described in section 501(d). Amend my taxes Entities described in section 170(c), including states, possessions of the United States, the District of Columbia, political subdivisions of states and political subdivisions of possessions of the United States (but not including the United States). Amend my taxes Indian tribal governments within the meaning of section 7701(a)(40). Amend my taxes Entity manager. Amend my taxes    An entity manager is any person with authority or responsibility similar to that exercised by an officer, director, or trustee, and, for any act, the person that has authority or responsibility with respect to the prohibited transaction. Amend my taxes Prohibited tax shelter transaction. Amend my taxes   A prohibited tax shelter transaction is any listed transaction, within the meaning of section 6707A(c)(2), and any prohibited reportable transactions. Amend my taxes A prohibited reportable transaction is a confidential transaction within the meaning of Regulations section 1. Amend my taxes 6011-4(b)(3), and a transaction with contractual protection within the meaning of Regulations section 1. Amend my taxes 6011-4(b)(4). Amend my taxes See the Instructions for Form 8886 for more information on listed transactions and prohibited reportable transactions. Amend my taxes Subsequently listed transaction. Amend my taxes   Any transaction to which the tax-exempt entity is a party and is later determined to be a listed transaction after the entity has become a party to it, is a subsequently listed transaction. Amend my taxes Entity Level Tax Section 4965(a)(1) imposes an entity level excise tax on any tax-exempt entity described in 1, 2, 3, or 4 above that becomes a party to a prohibited tax shelter transaction or is a party to a subsequently listed transaction (defined earlier). Amend my taxes The excise tax imposed on a tax-exempt entity applies to tax years in which the entity becomes a party to the prohibited tax shelter transaction and any subsequent tax years. Amend my taxes The amount of the excise tax depends on whether the tax-exempt entity knew or had reason to know that the transaction was a prohibited tax shelter transaction at the time it became a party to the transaction. Amend my taxes To figure and report the excise tax imposed on a tax-exempt entity for being a party to a prohibited tax shelter transaction, file Form 4720. Amend my taxes For more information about this excise tax, including information about how it is figured, see the Instructions for Form 4720. Amend my taxes Manager Level Tax Section 4965(a)(2) imposes an excise tax on any tax-exempt entity manager who approves or otherwise causes the entity to be a party to a prohibited tax shelter transaction and knows (or has reason to know) that the transaction is a prohibited tax shelter transaction. Amend my taxes The excise tax, in the amount of $20,000, is assessed for each approval or other act causing the organization to be a party to the prohibited tax shelter transaction. Amend my taxes To report this tax, file Form 4720. Amend my taxes Excess Benefit Transactions Excise tax on excess benefit transactions. Amend my taxes   A disqualified person who benefits from an excess benefit transaction, such as compensation, fringe benefits, or contract payments from certain section 501(c)(3), 501(c)(4), or 501(c)(29) organizations, must correct the transaction and may have to pay an excise tax under section 4958. Amend my taxes A manager of the organization may also have to pay an excise tax under section 4958. Amend my taxes These taxes are reported on Form 4720. Amend my taxes   The excise taxes are imposed if an applicable tax-exempt organization provides an excess benefit to a disqualified person and that benefit exceeds the value of the benefit received in exchange. Amend my taxes   There are three taxes under section 4958. Amend my taxes Disqualified persons are liable for the first two taxes and certain organization managers are liable for the third tax. Amend my taxes    Taxes imposed on excess benefit transactions do not apply to a transaction under a written contract that was binding on September 13, 1995, and at all times thereafter before the transaction occurred. Amend my taxes Tax on Disqualified Persons An excise tax equal to 25% of the excess benefit is imposed on each excess benefit transaction between an applicable tax-exempt organization and a disqualified person. Amend my taxes The disqualified person who benefited from the transaction is liable for the tax. Amend my taxes See definition of Disqualified person, later at Disqualified person. Amend my taxes Additional tax on the disqualified person. Amend my taxes   If the 25% tax is imposed and the excess benefit transaction is not corrected within the taxable period, an additional excise tax equal to 200% of the excess benefit is imposed on any disqualified person involved. Amend my taxes   If a disqualified person makes a payment of less than the full correction amount, the 200% tax is imposed only on the unpaid portion of the correction amount. Amend my taxes If more than one disqualified person received an excess benefit from an excess benefit transaction, all such disqualified persons are jointly and severally liable for the taxes. Amend my taxes   To avoid the 200% tax, a disqualified person must correct the excess benefit transaction during the taxable period. Amend my taxes The 200% tax is abated (refunded if collected) if the excess benefit transaction is corrected within a 90-day correction period beginning on the date a statutory notice of deficiency is issued. Amend my taxes Taxable period. Amend my taxes   The taxable period means the period beginning with the date on which the excess benefit transaction occurs and ending on the earlier of: The date a notice of deficiency was mailed to the disqualified person for the initial tax on the excess benefit transaction, or The date on which the initial tax on the excess benefit transaction for the disqualified person is assessed. Amend my taxes Tax on Organization Managers If tax is imposed on a disqualified person for any excess benefit transaction, an excise tax equal to 10% of the excess benefit is imposed on an organization manager who knowingly participated in an excess benefit transaction, unless such participation was not willful and was due to reasonable cause. Amend my taxes This tax cannot exceed $20,000 ($10,000 for transactions entered in a tax year beginning before August 18, 2006), for each transaction. Amend my taxes There is also joint and several liability for this tax. Amend my taxes A person can be liable for both the tax paid by the disqualified person and the organization manager tax for a particular excess benefit transaction. Amend my taxes Organization Manager. Amend my taxes   An organization manager is any officer, director, or trustee of an applicable tax-exempt organization, or any individual having powers or responsibilities similar to officers, directors, or trustees of the organization, regardless of title. Amend my taxes An organization manager is not considered to have participated in an excess benefit transaction where the manager has opposed the transaction in a manner consistent with the fulfillment of the manager's responsibilities to the organization. Amend my taxes For example, a director who votes against giving an excess benefit would ordinarily not be subject to the 10% tax. Amend my taxes A person participates in a transaction knowingly if the person: Has actual knowledge of sufficient facts so that, based solely upon those facts, such transaction would be an excess benefit transaction; Is aware that such a transaction under these circumstances may violate the provisions of federal tax law governing excess benefit transactions; and Negligently fails to make reasonable attempts to ascertain whether the transaction is an excess benefit transaction, or the manager is in fact aware that it is such a transaction. Amend my taxes Knowing does not mean having reason to know. Amend my taxes The organization manager ordinarily will not be considered knowing if, after full disclosure of the factual situation to an appropriate professional, the organization manager relied on the professional's reasoned written opinion on matters within the professional's expertise or if the manager relied on the fact that the requirements for the rebuttable presumption of reasonableness have been satisfied. Amend my taxes Participation by an organization manager is willful if it is voluntary, conscious, and intentional. Amend my taxes An organization manager's participation is due to reasonable cause if the manager has exercised responsibility on behalf of the organization with ordinary business care and prudence. Amend my taxes Excess Benefit Transaction An excess benefit transaction is a transaction in which an economic benefit is provided by an applicable tax-exempt organization, directly or indirectly, to or for the use of any disqualified person, and the value of the economic benefit provided by the organization exceeds the value of the consideration (including the performance of services) received for providing such benefit. Amend my taxes The excess benefit transaction rules apply to all transactions with disqualified persons, regardless of whether the amount of the benefit provided is determined in whole or in part by the revenues of one or more activities of the organization. Amend my taxes To determine whether an excess benefit transaction has occurred, all consideration and benefits exchanged between a disqualified person and the applicable tax-exempt organization, and all entities it controls, are taken into account. Amend my taxes For purposes of determining the value of economic benefits, the value of property, including the right to use property, is the fair market value. Amend my taxes Fair market value is the price at which property, or the right to use property, would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy, sell, or transfer property or the right to use property, and both having reasonable knowledge of relevant facts. Amend my taxes Donor advised fund transactions occurring after August 17, 2006. Amend my taxes   For a donor advised fund, an excess benefit transaction includes a grant, loan, compensation, or other similar payment from the fund to a: Donor or donor advisor, Family member of a donor, or donor advisor, 35% controlled entity of a donor, or donor advisor, or 35% controlled entity of a family member of a donor, or donor advisor. Amend my taxes   The excess benefit in this transaction is the amount of the grant, loan, compensation, or other similar payment. Amend my taxes For additional information, see the Instructions for Form 4720. Amend my taxes Supporting organization transactions occurring after July 25, 2006. Amend my taxes   For any supporting organization, defined in section 509(a)(3), an excess benefit transaction includes grants, loans, compensation, or other similar payment provided by the supporting organization to a: Substantial contributor, Family member of a substantial contributor, 35% controlled entity of a substantial contributor, or 35% controlled entity of a family member of a substantial contributor. Amend my taxes   Additionally, an excess benefit transaction includes any loans provided by the supporting organization to a disqualified person (other than an organization described in section 509(a)(1), (2), or (4)). Amend my taxes   The excess benefit for substantial contributors and parties related to those contributors includes the amount of the grant, loan, compensation, or other similar payment. Amend my taxes For additional information, see the Instructions for Form 4720. Amend my taxes   Excess benefit transaction rules generally do not apply to transactions between a supporting organization and its supported organization described in section 501(c)(4), (5), or (6) in furtherance of charitable purposes. Amend my taxes Date of Occurrence An excess benefit transaction occurs on the date the disqualified person receives the economic benefit from the organization for federal income tax purposes. Amend my taxes However, when a single contractual arrangement provides for a series of compensation or other payments to or for the use of a disqualified person during the disqualified person's tax year, any excess benefit transaction with respect to these payments occurs on the last day of the taxpayer's tax year. Amend my taxes In the case of benefits provided to a qualified pension, profit-sharing, or stock bonus plan, the transaction occurs on the date the benefit is vested. Amend my taxes In the case of the transfer of property subject to a substantial risk of forfeiture, or in the case of rights to future compensation or property, the transaction occurs on the date the property, or the rights to future compensation or property, is not subject to a substantial risk of forfeiture. Amend my taxes Where the disqualified person elects to include an amount in gross income in the tax year of transfer under section 83(b), the excess benefit transaction occurs on the date the disqualified person receives the economic benefit for federal income tax purposes. Amend my taxes Correcting the excess benefit. Amend my taxes   An excess benefit transaction is corrected by undoing the excess benefit to the extent possible, and by taking any additional measures necessary to place the organization in a financial position not worse than what it would have been if the disqualified person were dealing under the highest fiduciary standards. Amend my taxes   A disqualified person corrects an excess benefit by making a payment in cash or cash equivalents, excluding payment by a promissory note, equal to the correction amount to the applicable tax-exempt organization. Amend my taxes The correction amount equals the excess benefit plus the interest on the excess benefit. Amend my taxes The interest rate can be no lower than the applicable federal rate, compounded annually, for the month the transaction occurred. Amend my taxes   A disqualified person can, with the agreement of the applicable tax-exempt organization, make a payment by returning the specific property previously transferred in the excess transaction. Amend my taxes In this case, the disqualified person is treated as making a payment equal to the lesser of: The fair market value of the property on the date the property is returned to the organization, or The fair market value of the property on the date the excess benefit transaction occurred. Amend my taxes   If the payment resulting from the return of property is less than the correction amount, the disqualified person must make an additional cash payment to the organization equal to the difference. Amend my taxes   If the payment resulting from the return of the property exceeds the correction amount described above, the organization can make a cash payment to the disqualified person equal to the difference. Amend my taxes Exception. Amend my taxes   For a correction of an excess benefit transaction (discussed earlier), no amount repaid in a manner prescribed by the Secretary can be held in a donor advised fund. Amend my taxes Applicable Tax-Exempt Organization An applicable tax-exempt organization is a section 501(c)(3), 501(c)(4), or 501(c)(29) organization that is tax-exempt under section 501(a), or was such an organization at any time during a 5-year period ending on the day of the excess benefit transaction. Amend my taxes An applicable tax-exempt organization does not include: A private foundation as defined in section 509(a), A governmental entity that is: Exempt from (or not subject to) taxation without regard to section 501(a), or Not required to file an annual return, or A foreign organization, recognized by the IRS or by treaty, that receives substantially all of its support (other than gross investment income) from sources outside the United States. Amend my taxes An organization is not treated as a section 501(c)(3), 501(c)(4), or 501(c)(29) organization for any period covered by a final determination that the organization was not tax-exempt under section 501(a), but only if the determination was not based on private inurement or one or more excess benefit transactions. Amend my taxes Disqualified Person A disqualified person is: Any person (at any time during the 5-year period ending on the date of the transaction) in a position to exercise substantial influence over the affairs of the organization, A family member of an individual described in 1, and A 35% controlled entity. Amend my taxes For donor advised funds, sponsoring organizations, and certain supporting organizations occurring after August 17, 2006. Amend my taxes   The following persons will be considered disqualified persons along with certain family members and 35% controlled entities associated with them. Amend my taxes Donors of donor advised funds, Investment advisors of sponsoring organizations, and Disqualified persons of a section 509(a)(3) supporting organization that supports the applicable tax-exempt organization. Amend my taxes For certain supporting organization transactions occurring after July 25, 2006. Amend my taxes   Substantial contributors to supporting organizations will also be considered disqualified persons with respect to the supporting organizations, along with their family members and 35% controlled entities. Amend my taxes Investment advisor. Amend my taxes   Investment advisor means for any sponsoring organization, any person compensated by such organization (but not an employee of such organization) for managing the investment of, or providing investment advice for, assets maintained in donor advised funds owned by such sponsoring organization. Amend my taxes Substantial contributor. Amend my taxes   In general, a substantial contributor means any person who contributed or bequeathed an aggregate of more than $5,000 to the organization, if that amount is more than 2% of the total contributions and bequests received by the end of the organization's tax year in which the contribution or bequest is received. Amend my taxes A substantial contributor includes the grantor of a trust. Amend my taxes Family members. Amend my taxes   Family members of a disqualified person include a disqualified person's spouse, brothers or sisters (whether by whole or half-blood), spouses of brothers or sisters (whether by whole or half-blood), ancestors, children (including a legally adopted child), grandchildren, great grandchildren, and spouses of children, grandchildren, and great grandchildren (whether by whole or half-blood). Amend my taxes 35% controlled entity. Amend my taxes   A 35% controlled entity is: A corporation in which disqualified persons own more than 35% of the total combined voting power, A partnership in which such persons own more than 35% of the profits interest, or A trust or estate in which such persons own more than 35% of the beneficial interest. Amend my taxes   In determining the holdings of a business enterprise, any stock or other interest owned directly or indirectly shall apply. Amend my taxes Persons having substantial influence. Amend my taxes   Among those who are in a position to exercise substantial influence over the affairs of the organization are, for example, voting members of the governing body, and persons holding the power of: Presidents, chief executives, or chief operating officers. Amend my taxes Treasurers and chief financial officers. Amend my taxes Persons with a material financial interest in a provider-sponsored organization. Amend my taxes Persons not considered to have substantial influence. Amend my taxes   Persons who are not considered to be in a position to exercise substantial influence over the affairs of an organization include: An employee who receives benefits that total less than the highly compensated amount in section 414(q)(1)(B)(i) and who does not hold the executive or voting powers mentioned earlier in the discussion on Disqualified Person, is not a family member of a disqualified person, and is not a substantial contributor, Tax-exempt organizations described in section 501(c)(3), and Section 501(c)(4) organizations with respect to transactions engaged in with other section 501(c)(4) organizations. Amend my taxes Facts and circumstances. Amend my taxes   The determination of whether a person has substantial influence over the affairs of an organization is based on all the facts and circumstances. Amend my taxes Facts and circumstances that tend to show a person has substantial influence over the affairs of an organization include, but are not limited to, the following. Amend my taxes The person founded the organization. Amend my taxes The person is a substantial contributor to the organization under the section 507(d)(2)(A) definition, only taking into account contributions to the organization for the past 5 years. Amend my taxes The person's compensation is primarily based on revenues derived from activities of the organization that the person controls. Amend my taxes The person has or shares authority to control or determine a substantial portion of the organization's capital expenditures, operating budget, or compensation for employees. Amend my taxes The person manages a discrete segment or activity of the organization that represents a substantial portion of the activities, assets, income, or expenses of the organization, as compared to the organization as a whole. Amend my taxes The person owns a controlling interest (measured by either vote or value) in a corporation, partnership, or trust that is a disqualified person. Amend my taxes The person is a nonstock organization controlled directly or indirectly by one or more disqualified persons. Amend my taxes   Facts and circumstances tending to show that a person does not have substantial influence over the affairs of an organization include, but are not limited to, the following. Amend my taxes The person has taken a bona fide vow of poverty as an employee or agent of a religious organization or on its behalf. Amend my taxes The person is an independent contractor whose sole relationship to the organization is providing professional advice (without having decision-making authority) with respect to transactions from which the independent contractor will not economically benefit either directly or indirectly aside from customary fees received for the professional advice rendered. Amend my taxes Any preferential treatment the person receives based on the size of the person's donation is also offered to others making comparable widely solicited donations. Amend my taxes The direct supervisor of the person is not a disqualified person. Amend my taxes The person does not participate in any management decisions affecting the organization as a whole or a discrete segment of the organization that represents a substantial portion of the activities, assets, income, or expenses of the organization, as compared to the organization as a whole. Amend my taxes   In the case of multiple organizations affiliated by common control or governing documents, the determination of whether a person does or does not have substantial influence is made separately for each applicable tax-exempt organization. Amend my taxes A person may be a disqualified person with respect to transactions with more than one organization. Amend my taxes Reasonable Compensation. Amend my taxes    Reasonable compensation is the value that would ordinarily be paid for like services by like enterprises under like circumstances. Amend my taxes The section 162 standard will apply in determining the reasonableness of compensation. Amend my taxes The fact that a bonus or revenue-sharing arrangement is subject to a cap is a relevant factor in determining reasonableness of compensation. Amend my taxes   To determine the reasonableness of compensation, all items of compensation provided by an applicable tax-exempt organization in exchange for performance of services are taken into account in determining the value of compensation (except for economic benefits that are disregarded under the discussion Disregarded benefits , later). Amend my taxes Items of compensation include: All forms of cash and noncash compensation, including salary, fees, bonuses, severance payments, and deferred noncash compensation, The payment of liability insurance premiums for, or the payment or reimbursement by the organization of penalties, taxes, or certain expenses under section 4958, unless excludable from income as a de minimis fringe benefit under section 132(a)(4), All other compensatory benefits, whether or not included in gross income for income tax purposes, Taxable and nontaxable fringe benefits, except fringe benefits described in section 132, and Foregone interest on loans. Amend my taxes    Intent to treat benefits as compensation. Amend my taxes An economic benefit is not treated as consideration for the performance of services unless the organization providing the benefit clearly indicates its intent to treat the benefit as compensation when the benefit is paid. Amend my taxes   An applicable tax-exempt organization (or entity that it controls) is treated as clearly indicating its intent to provide an economic benefit as compensation for services only if the organization provides written substantiation that is contemporaneous with the transfer of the economic benefits under consideration. Amend my taxes Ways to provide contemporaneous written substantiation of its intent to provide an economic benefit as compensation include: The organization produces a signed written employment contract, The organization reports the benefit as compensation on an original Form W-2, Form 1099, or Form 990, or on an amended form filed before starting an IRS examination, or The disqualified person reports the benefit as income on the person's original Form 1040, or on an amended form filed before starting an IRS examination. Amend my taxes Exception. Amend my taxes   If the economic benefit is excluded from the disqualified person's gross income for income tax purposes, the applicable tax-exempt organization is not required to indicate its intent to provide an economic benefit as compensation for services. Amend my taxes Rebuttable presumption that a transaction is not an excess benefit transaction. Amend my taxes   Payments under a compensation arrangement are presumed to be reasonable and the transfer of property (or right to use property) is presumed to be at fair market value, if the following three conditions are met. Amend my taxes The transaction is approved in advance by an authorized body of the organization (or an entity it controls) which is composed of individuals who do not have a conflict of interest concerning the transaction. Amend my taxes Before making its determination, the authorized body obtained and relied upon appropriate data as to comparability. Amend my taxes (There is a special safe harbor for small organizations. Amend my taxes If the organization has gross receipts of less than $1 million, appropriate comparability data includes data on compensation paid by three comparable organizations in the same or similar communities for similar services. Amend my taxes ) The authorized body adequately documents the basis for its determination concurrently with making that determination. Amend my taxes The documentation should include: The terms of the approved transaction and the date approved, The members of the authorized body who were present during debate on the transaction that was approved and those who voted on it, The comparability data obtained and relied upon by the authorized body and how the data was obtained, Any actions by a member of the authorized body having conflict of interest, and Documentation of the basis of the determination before the later of the next meeting of the authorized body or 60 days after the final actions of the authorized body are taken, and approval of records as reasonable, accurate, and complete within a reasonable time thereafter. Amend my taxes Disregarded benefits. Amend my taxes   The following economic benefits are disregarded for section 4958 purposes. Amend my taxes Nontaxable fringe benefits that are excluded from income under section 132. Amend my taxes Benefits provided to a volunteer for the organization if the benefit is provided to the general public in exchange for a membership fee or contribution of $75 or less. Amend my taxes Benefits provided to a member of an organization due to the payment of a membership fee or to a donor as a result of a deductible contribution, if a significant number of disqualified persons make similar payments or contributions and are offered a similar economic benefit. Amend my taxes Benefits provided to a person solely as a member of a charitable class that the applicable tax-exempt organization intends to benefit as part of the accomplishment of its exempt purpose. Amend my taxes A transfer of an economic benefit to or for the use of a governmental unit, as defined in section 170(c)(1), if exclusively for public purposes. Amend my taxes Special Exception for Initial Contracts      Section 4958 does not apply to any fixed payment made to a person under an initial contract. Amend my taxes   A fixed payment is an amount of cash or other property specified in the contract, or determined by a fixed formula that is specified in the contract, which is to be paid or transferred in exchange for the provision of specified services or property. Amend my taxes   A fixed formula can, generally, incorporate an amount that depends upon future specified events or contingencies, as long as no one has discretion when calculating the amount of a payment or deciding whether to make a payment (such as a bonus). Amend my taxes   An initial contract is a binding written contract between an applicable tax-exempt organization and a person who was not a disqualified person immediately before entering into the contract. Amend my taxes   A binding written contract, providing it can be terminated or canceled by the applicable tax-exempt organization without the other party's consent (except as a result of substantial nonperformance) and without substantial penalty, is treated as a new contract, as of the earliest date any termination or cancellation would be effective. Amend my taxes Also, if the parties make a material change to a contract, which includes an extension or renewal of the contract (except for an extension or renewal resulting from the exercise of an option by the disqualified person), or a more than incidental change to the amount payable under the contract, it is treated as a new contract as of the effective date of the material change. Amend my taxes More information. Amend my taxes   For more information, see the Instructions to Forms 990 and 4720. Amend my taxes Excess Business Holdings Private foundations are generally not permitted to hold more than a 20% interest in an unrelated business enterprise. Amend my taxes They may be subject to an excise tax on the amount of any excess business holdings. Amend my taxes For purposes of section 4943, for tax years beginning after August 17, 2006, donor advised funds and certain supporting organizations are considered private foundations. Amend my taxes Donor advised fund. Amend my taxes   In general, a donor advised fund is a fund or account separately identified by reference to contributions of a donor or donors that is owned and controlled by a sponsoring organization and for which the donor has or expects to have advisory privileges concerning the distribution or investment of the funds. Amend my taxes Supporting organizations. Amend my taxes   Only certain supporting organizations are subject to the excess business holdings tax under section 4943. Amend my taxes These include (1) Type III supporting organizations that are not functionally integrated and (2) Type II supporting organizations that accept any gift or contribution from a person who by himself or in connection with a related party controls the supported organization that the Type II supporting organization supports. Amend my taxes Taxes. Amend my taxes   A private foundation that has excess holdings in a business enterprise may become liable for an excise tax based on the amount of holdings. Amend my taxes The initial tax is 10% (5% for tax years beginning before August 18, 2006) of the value of the excess holdings and is imposed on the last day of each tax year that ends during the taxable period. Amend my taxes The excess holdings are determined on the day during the tax year when they were the largest. Amend my taxes   A foundation that fails to correct the excess business holdings becomes liable for an additional tax of 200% of the remaining excess business holdings as of the earlier of tax assessment or mailing of a notice of deficiency. Amend my taxes   For more information on the tax on excess business holdings, see the Instructions for Form 4720. Amend my taxes Taxable Distributions of Sponsoring Organizations An excise tax is imposed on a sponsoring organization for each taxable distribution it makes from a donor advised fund. Amend my taxes An excise tax is also imposed on any fund manager of the sponsoring organization who agreed to the making of a distribution, knowing that it is a taxable distribution. Amend my taxes Taxable distribution. Amend my taxes   A taxable distribution is any distribution from a donor advised fund to any natural person or to any other person if: The distribution is for any purpose other than one specified in section 170(c)(2)(B), or The sponsoring organization maintaining the donor advised fund does not exercise expenditure responsibility with respect to the distribution in accordance with section 4945(h). Amend my taxes    However, a taxable distribution does not include a distribution from a donor advised fund to: Any organization described in section 170(b)(1)(A) (other than a disqualified supporting organization), The sponsoring organization of the donor advised fund, or Any other donor advised fund. Amend my taxes The tax on taxable distributions applies to distributions occurring in tax years beginning after August 17, 2006. Amend my taxes Sponsoring organization. Amend my taxes   A sponsoring organization is a section 170(c) organization that is neither a government organization (as referred to in section 170(c)(1) and (2)(A)) nor a private foundation. Amend my taxes Donor advised fund. Amend my taxes    A donor advised fund is a fund or account: Which is separately identified by reference to contributions of a donor or donors, Which is owned and controlled by a sponsoring organization, and For which the donor (or any person appointed or designated by the donor) has or expects to have advisory privileges concerning the distribution or investment of the funds held in the donor advised funds or accounts because of the donor's status as a donor. Amend my taxes Exception. Amend my taxes A donor advised fund does not include:    A fund or account that makes distributions only to a single identified organization or governmental entity, or Any fund or account for a person described in 3 above that gives advice about which individuals receive grants for travel, study, or similar purposes, if the following three requirements are met: The person's advisory privileges are performed exclusively by such person in their capacity as a committee member of which all the committee members are appointed by the sponsoring organization, No combination of persons with advisory privileges, described in 3 above, or persons related to those in 3 above directly or indirectly control the committee, and All grants from the fund or account are awarded on an objective and nondiscriminatory basis according to a procedure approved in advance by the board of directors of the sponsoring organization. Amend my taxes The procedure must be designed to ensure that all grants meet the requirements of section 4945(g)(1), (2), or (3). Amend my taxes Disqualified supporting organization. Amend my taxes   A disqualified supporting organization includes (1) a Type III supporting organization that is not functionally integrated and (2) any supporting organization where the donor or donor advisor (and any related parties) directly or indirectly controls a supported organization of the supporting organization. Amend my taxes Tax on sponsoring organization. Amend my taxes   A tax of 20% of the amount of each taxable distribution is imposed on the sponsoring organization. Amend my taxes Tax on fund manager. Amend my taxes   If a tax is imposed on a taxable distribution of the sponsoring organization, a tax of 5% of the distribution will be imposed on any fund manager who agreed to the distribution knowing that it was a taxable distribution. Amend my taxes Any fund manager who took part in the distribution and is liable for the tax must pay the tax. Amend my taxes The maximum amount of tax on all fund managers for any one taxable distribution is $10,000. Amend my taxes If more than one fund manager is liable for tax on a taxable distribution, all such managers are jointly and severally liable for the tax. Amend my taxes   For more information on the tax on taxable distributions of sponsoring organizations, see the Instructions for Form 4720. Amend my taxes Taxes on Prohibited Benefits Resulting From Donor Advised Fund Distributions Prohibited benefit. Amend my taxes   If any donor, donor advisor, or related party advises the sponsoring organization about making a distribution which results in a donor, donor advisor, or related party receiving (either directly or indirectly) a more than incidental benefit, then such benefit is a prohibited benefit. Amend my taxes The tax on prohibited benefits applies to distributions occurring in tax years beginning after August 17, 2006. Amend my taxes Donor advisor. Amend my taxes   A donor advisor is any person appointed or designated by a donor to advise a sponsoring organization on the distribution or investment of amounts held in the donor's fund or account. Amend my taxes Related party. Amend my taxes   A related party includes any family member or 35% controlled entity. Amend my taxes See the definition of those terms under Disqualified Person , earlier. Amend my taxes Tax on donor, donor advisor, or related person. Amend my taxes    A tax of 125% of the benefit resulting from the distribution is imposed on both the party who advised as to the distribution (which might be a donor, donor advisor, or related party) and the party who received such benefit (which might be a donor, donor advisor, or related party). Amend my taxes The advisor and the party who received the benefit are jointly and severally liable for the tax. Amend my taxes Tax on fund managers. Amend my taxes   If a tax is imposed on a prohibited benefit received by a donor, donor advisor, or related person, a tax of 10% of the amount of the prohibited benefit is imposed on any fund manager who agreed to the distribution knowing that it would confer a prohibited benefit. Amend my taxes Any fund manager who took part in the distribution and is liable for the tax must pay the tax. Amend my taxes The maximum amount of tax on all fund managers for any one taxable distribution is $10,000. Amend my taxes If more than one fund manager is liable for tax on a taxable distribution, all such managers are jointly and severally liable for the tax. Amend my taxes Exception. Amend my taxes   If a person engaged in an excess benefit transaction and received a prohibited benefit for the same transaction, the person is taxed under section 4958, and no tax is imposed under section 4967 for a prohibited benefit. Amend my taxes   For more information on taxes on prohibited benefits distributed from donor advised funds, see the Instructions for Form 4720. Amend my taxes Excise Taxes on Private Foundations There is an excise tax on the net investment income of most domestic private foundations. Amend my taxes Capital gains from appreciation are included in the tax base on private foundation net investment income. Amend my taxes This tax must be reported on Form 990-PF and must be paid annually at the time for filing that return or in quarterly estimated tax payments if the total tax for the year (section 4940 tax minus credits) is $500 or more. Amend my taxes Form 990-W is used to calculate the estimated tax. Amend my taxes In addition, there are several other rules that apply to excise taxes on private foundations. Amend my taxes These include: Restrictions on self-dealing between private foundations and their substantial contributors and other disqualified persons, Requirements that the foundation annually distribute income for charitable purposes, Limits on their holdings in any business enterprise (see Excess Business Holdings, earlier), Provisions that investments must not jeopardize the carrying out of exempt purposes, and Provisions to assure that expenditures further the organization's exempt purposes. Amend my taxes Violations of these provisions give rise to taxes and penalties against the private foundation and, in some cases, its managers, its substantial contributors, and certain related persons. Amend my taxes For more information on the excise taxes imposed on private foundations, see the Instructions for Form 4720 and the Instructions for Form 990-PF. Amend my taxes Excise Taxes on Black Lung Benefit Trusts A black lung benefit trust that makes any expenditures, payments, or investments other than those described in chapter 4 under 501(c)(21) - Black Lung Benefit Trusts must pay a tax equal to 10% of the amount of such expenditures. Amend my taxes If there are any acts of self-dealing between the trust and a disqualified person, a tax equal to 10% of the amount involved is imposed on the disqualified person. Amend my taxes Both of these excise taxes are reported on Schedule A (Form 990-BL). Amend my taxes See the Form 990-BL instructions for more information on these taxes and what has to be filed, even if the trust is excepted from filing. Amend my taxes Excise Tax on Failure to Meet the Community Health Needs Assessment Requirements For tax years beginning after March 23, 2012, new section 4959 imposes an excise tax on hospital organizations which fail to meet certain section 501(r) requirements for each of their hospital facilities. Amend my taxes These entities must meet section 501(r)(3) requirements at all times during their tax year. Amend my taxes Section 501(r)(3) requirements pertain to a hospital organization preparing a community health needs assessment (CHNA). Amend my taxes See Schedule H, Hospitals (Form 990), for details. Amend my taxes Prev  Up  Next   Home   More Online Publications
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Beware: Offers to Skip a Payment

If your credit company invites you to skip a monthly payment without a penalty, it is not doing you a favor. You will still owe finance charges on your unpaid balance. And interest could be adding up on any purchases you make after the due date you skipped.

Beware: Teaser Rates

Some cards are advertised with very low introductory interest rates called teasers. The rate is good for a short period of time. If you know you can pay what you owe while the low rate is in effect, it could be a good deal. But if the teaser time runs out and you still owe money, you could end up paying a higher rate than you might have without the special introductory rate. Just one late payment could also cancel the teaser rate.

Beware: Credit Insurance

When you take out a loan for a big purchase, a salesperson may try to sell you credit insurance. Your credit card company may also encourage you to purchase credit insurance. The coverage may be promoted as a way for you to protect yourself if your property is damaged or lost. Other credit insurance offers promises to make loan payments if you are laid off, become disabled or die. It is almost always better to buy regular property, life or disability insurance instead of credit insurance.

Be Alert: 'Credit Repair' Scams

Beware! Before you sign up for fee based credit repair services, beware. Many of the promised services are either illegal or ones you can do for free by yourself. Before you sign up to work with these companies, here are some tidbits to keep in mind:

  • A credit repair company must give you a copy of the "Consumer Credit File Rights under State and Federal Law" before you sign a contract.
  • The company cannot perform any services until you have signed a written contract and completed a three day waiting period, during which time you can cancel the contract without paying any fees.
  • The company cannot charge you until it has completed the promised services, according to the Credit Repair Organizations Act.
  • It is illegal to erase timely and accurate negative information contained in your credit history.
  • Suggestions that you create a new credit history (also called file segregation) by requesting an Employer Identification Number from the IRS are also illegal.
  • You can work to solve your own credit challenges, by requesting a free copy of your credit report, and by working with creditors to dispute incorrect information.

CARD Act Protections for Consumers

The Credit Card Accountability Responsibility & Disclosure (CARD) Act brought about sweeping protections for consumers. Among other things, your credit card company:

Fees

  • Cannot change rates or fees without sending you a notice 45 days in advance in most cases.
  • Must give you the option of rejecting a fee increase, but be aware that the credit card company may close your account if you reject the fee increase and may require a higher monthly payment.
  • Cannot charge you a late payment fee of more than $25, regardless of how much you owe- unless one of your last six payments was late or the credit card company can justify a higher fee based on the cost of late payments.
  • Cannot charge a late payment fee that is greater than your minimum payment.
  • Cannot charge you an inactivity fee for not using your card.
  • Cannot charge you more than one fee for a single late payment or any other violation of your cardholder agreement.
  • Cannot charge you over-the-limit transaction fees unless you opt in, stating that you want to allow transactions that take you over your credit card limit. If the credit card company allows the transaction without your opt-in, it cannot charge you a fee.
  • Can impose only one fee per billing cycle for transactions that take you over your credit limit if you opt in to over-the-limit transactions. You can revoke your opt-in at any time.

Payments

  • Has to tell you how long it will take to pay off your balance if you make only minimum payments.
  • Must mail or deliver your credit card bill at least 21 days before your payment is due.
  • Must apply any payments above the minimum required amount to the balance with the highest interest rate, if you have more than one rate.

Interest Rates

  • Cannot increase your rate for the first 12 months after you open an account unless you have a variable interest rate or an introductory rate; you are more than 60 days late paying your bill; or you are in a workout agreement and don't make payments as arranged.
  • Cannot charge higher rates for purchases made before you receive notice of a new rate.
  • Cannot use the double-cycle billing method when calculating interest; interest can only be charged on balances within the current billing cycle.
  • Cannot increase your Annual Percentage Rate (APR) without explaining why it is doing so. If your credit card company increases your APR, it generally must re-evaluate that rate increase every six months. Under some circumstances, it may have to reduce your rate after the evaluation.

What's more, a credit card company can grant credit cards to consumers under age 21 only if they can show they are able to make payments or have a cosigner for the card. The Federal Reserve has more information about CARD Act protections.

The Amend My Taxes

Amend my taxes Index A Abusive tax shelters (see Tax shelters) Accounting fees, Attorney or accounting fees. Amend my taxes Accrual method, Accrual method taxpayers. Amend my taxes , Accrual method. Amend my taxes , Holders must use accrual method. Amend my taxes , When To Deduct Investment Interest Accuracy-related penalty, Accuracy-related penalty. Amend my taxes Acquisition discount, Government obligations. Amend my taxes , Acquisition discount on short-term obligations. Amend my taxes Adjusted basis, Basis adjustment. Amend my taxes , Fair market value equal to or more than donor's adjusted basis. Amend my taxes , Adjusted Basis, Short sales. Amend my taxes Alaska Permanent Fund dividends, Alaska Permanent Fund dividends. Amend my taxes , Child's Alaska Permanent Fund dividends. Amend my taxes Amortization of bond premium, Bond Premium Amortization, Bonds acquired after October 22, 1986, but before 1988. Amend my taxes Annuities Borrowing on, Borrowing on insurance. Amend my taxes Interest on, Interest on annuity contract. Amend my taxes Life insurance proceeds used to buy, Annuity. Amend my taxes Sale of, Sale of Annuity Single-premium, Single-premium life insurance, endowment, and annuity contracts. Amend my taxes Trade for, Trade of investment property for an annuity. Amend my taxes , Insurance Policies and Annuities Applicable federal rate, Applicable federal rate. Amend my taxes Appreciated financial positions, Constructive Sales of Appreciated Financial Positions Arbitrage bonds, Arbitrage bonds. Amend my taxes Assistance (see Tax help) At-risk rules, At-risk rules. Amend my taxes , At-risk rules. Amend my taxes Attorneys' fees, Attorney or accounting fees. Amend my taxes Automatic investment service, Automatic investment service and dividend reinvestment plans. Amend my taxes , Automatic investment service. Amend my taxes , Automatic investment service. Amend my taxes Average basis, Average Basis Double-category method, Transition rule from double-category method. Amend my taxes Illustrated, Average basis method illustrated. Amend my taxes B Backup withholding, Backup withholding. Amend my taxes Bad debts, Nonbusiness bad debt. Amend my taxes , Nonbusiness Bad Debts Bankrupt financial institutions Deposit in, Deposit in Insolvent or Bankrupt Financial Institution Bargain purchases, Bargain purchases. Amend my taxes Basis, Basis of Investment Property, U. Amend my taxes S. Amend my taxes Treasury Notes or Bonds Adjusted, Basis adjustment. Amend my taxes , Fair market value equal to or more than donor's adjusted basis. Amend my taxes , Adjusted Basis, Short sales. Amend my taxes Average, Average Basis Cost, Cost Basis, Cost Basis Inherited property, Property Received as Inheritance Investment property, Basis of Investment Property Like-kind exchanges, Basis of property received. Amend my taxes Other than cost, Basis Other Than Cost REITs, Shares in a mutual fund or REIT. Amend my taxes REMIC, residual interest, Basis in the residual interest. Amend my taxes Replacement stock, Basis of replacement stock. Amend my taxes Shares acquired by reinvestment, Reinvestment right. Amend my taxes Stocks and bonds, Basis adjustment. Amend my taxes , Basis. Amend my taxes , Basis. Amend my taxes , Stocks and Bonds Bearer obligations, Bearer CDs. Amend my taxes , Bearer Obligations Below-market loans, Below-Market Loans Bonds Accrued interest on, Accrued interest on bonds. Amend my taxes Amortization of premium, Bond Premium Amortization Arbitrage, Arbitrage bonds. Amend my taxes Basis, Basis. Amend my taxes , Stocks and Bonds Capital asset, Stocks, stock rights, and bonds. Amend my taxes Convertible, Convertible stocks and bonds. Amend my taxes Coupon, Coupon bonds. Amend my taxes Enterprise zone facility, Enterprise zone facility bonds. Amend my taxes Federally guaranteed, Federally guaranteed bonds. Amend my taxes Identification, Identifying stock or bonds sold. Amend my taxes Market discount, Market discount. Amend my taxes , Limit on interest deduction for market discount bonds. Amend my taxes , Market discount on bonds. Amend my taxes , Market discount bonds. Amend my taxes , Market discount bonds. Amend my taxes New York Liberty bonds, New York Liberty bonds. Amend my taxes Par value, Bonds purchased at par value. Amend my taxes Premiums on, Bond premium. Amend my taxes , Premiums on bonds. Amend my taxes Private activity, Private activity bonds. Amend my taxes Redemption or retirement of, Redemption or retirement of bonds. Amend my taxes Sold between interest dates, Bonds Sold Between Interest Dates State and local government, Tax-exempt state and local government bonds. Amend my taxes Stripped, Stripped bonds or coupons. Amend my taxes , Stripped Bonds and Coupons, Stripped tax-exempt obligation. Amend my taxes Tax credit bonds, Tax credit bonds. Amend my taxes Tax-exempt, Tax-exempt state and local government bonds. Amend my taxes Traded flat, Bonds traded flat. Amend my taxes U. Amend my taxes S. Amend my taxes savings (see U. Amend my taxes S. Amend my taxes savings bonds) U. Amend my taxes S. Amend my taxes Treasury (see U. Amend my taxes S. Amend my taxes Treasury bills, notes, and bonds) Brokerage fees, Fees to buy or sell. Amend my taxes , Sale expenses. Amend my taxes C Calls and puts, Puts and Calls Table 4-3, Table 4-3. Amend my taxes Puts and Calls Capital assets, Capital Assets and Noncapital Assets Capital gain distributions, Capital Gain Distributions, Basis adjustment. Amend my taxes , Capital gain distributions. Amend my taxes , Child's capital gain distributions. Amend my taxes , Capital gain distributions received. Amend my taxes Capital gains and losses, Capital Gains and Losses, Loss on stock that paid qualified dividends. Amend my taxes Constructive ownership transactions, Gains From Certain Constructive Ownership Transactions Definition, Capital or Ordinary Gain or Loss Empowerment zone assets, Exclusion of Gain From DC Zone Assets Investment property, Investment property. Amend my taxes Long-term, Short-Term or Long-Term Capital Gain or Loss, Long-term gains and losses. Amend my taxes Long-term debt instruments, Long-term debt instruments issued after 1954 and before May 28, 1969 (or before July 2, 1982, if a government instrument). Amend my taxes Losses, limit on, Limit on deduction. Amend my taxes Passive activities, Passive activity gains and losses. Amend my taxes Qualified covered call options, Capital loss on qualified covered call options. Amend my taxes Qualified small business stock, Gains on Qualified Small Business Stock Reporting requirements, How To Report Gains and Losses (Form 6781), How to report gain. Amend my taxes Rollover of gain from sale of securities, Rollover of Gain From Publicly Traded Securities Short-term, Short-Term or Long-Term Capital Gain or Loss, Short-term gains and losses. Amend my taxes Tax rates, Capital Gain Tax Rates, Table 4-4. Amend my taxes What Is Your Maximum Capital Gain Rate? Table 4-4, Table 4-4. Amend my taxes What Is Your Maximum Capital Gain Rate? Capital loss carryover, Capital loss carryover. Amend my taxes , Capital Losses Worksheet 4-1, Worksheet 4-1. Amend my taxes Capital Loss Carryover Worksheet Cash method, Cash method taxpayers. Amend my taxes , Cash method. Amend my taxes , When To Deduct Investment Interest Reporting options for savings bond interest, Reporting options for cash method taxpayers. Amend my taxes Cash-settled options, Cash-settled options. Amend my taxes Casualty losses, Ordinary loss or casualty loss. Amend my taxes CDOs (Collateralized debt obligations), Collateralized Debt Obligations (CDOs) Certificates of deposit (CDs), Certificates of Deposit (CDs) Children Alaska Permanent Fund dividends, Child's Alaska Permanent Fund dividends. Amend my taxes Capital gain distributions, Child's capital gain distributions. Amend my taxes Custodian account for, Custodian account for your child. Amend my taxes Gifts to, Income from property given to a child. Amend my taxes Investment income of, Tax on unearned income of certain children. Amend my taxes , Investment income of child reported on parent's return. Amend my taxes Qualified dividends, Child's qualified dividends. Amend my taxes Savings account with parent as trustee, Savings account with parent as trustee. Amend my taxes U. Amend my taxes S. Amend my taxes savings bond owner, Child as only owner. Amend my taxes Clerical help, Clerical help and office rent. Amend my taxes Co-owners of U. Amend my taxes S. Amend my taxes savings bonds, Co-owners. Amend my taxes Collateralized debt obligations (CDOs), Collateralized Debt Obligations (CDOs) Collectibles, Collectibles gain or loss. Amend my taxes Commissions, Commissions and load charges. Amend my taxes Commodity futures, Commodity Futures, Commodity futures. Amend my taxes Community property U. Amend my taxes S. Amend my taxes savings bonds, Community property. Amend my taxes Constructive ownership transactions, Constructive ownership of stock. Amend my taxes , Gains From Certain Constructive Ownership Transactions Constructive receipt, Constructive receipt. Amend my taxes Constructive sales, Constructive Sales of Appreciated Financial Positions Contractors, insolvency of, Insolvency of contractor. Amend my taxes Conversion transactions, Conversion Transactions Convertible stocks and bonds, Convertible stocks and bonds. Amend my taxes Cooperatives, sales of stock to, Sales of Stock to ESOPs or Certain Cooperatives Corporate distributions, Dividends and Other Distributions Capital gain, Capital gain distributions. Amend my taxes , Child's capital gain distributions. Amend my taxes , Capital gain distributions received. Amend my taxes Constructive, Constructive distributions. Amend my taxes Dividends (see Dividends) Fractional shares, Fractional shares. Amend my taxes Liquidating, Liquidating Distributions, Liquidating distributions. Amend my taxes Nondividend, Nondividend Distributions, Nondividend distributions. Amend my taxes Return of capital, Basis adjustment. Amend my taxes Stock rights, Distributions of Stock and Stock Rights Undistributed capital gains, Undistributed capital gains of mutual funds and REITs. Amend my taxes Corporate reorganizations, Corporate reorganizations. Amend my taxes Cost basis, Cost Basis, Cost Basis Coupon bonds, Coupon bonds. Amend my taxes D Day traders, Special Rules for Traders in Securities Dealer equity options, Dealer equity option. Amend my taxes Dealer securities futures contracts, Dealer securities futures contract. Amend my taxes Debt instruments, retirement of, Retirement of debt instrument. Amend my taxes Decedents, Appreciated property you gave the decedent. Amend my taxes , Decedent's capital loss. Amend my taxes U. Amend my taxes S. Amend my taxes savings bond interest, reporting of, Decedents. Amend my taxes Demutualization, Demutualization of Life Insurance Companies Deposits, loss on, Deposit in Insolvent or Bankrupt Financial Institution Discount on debt instruments, Discount on Debt Instruments Certificates of deposit, Certificates of Deposit (CDs) Election to report all interest as OID, Election To Report All Interest as OID Face-amount certificates, Face-Amount Certificates Gain or loss treatment, Discounted Debt Instruments Inflation-indexed, Inflation-Indexed Debt Instruments Market discount bonds (see Market discount bonds) Original issue discount (see Original issue discount (OID)) Short-term obligations, Discount on Short-Term Obligations, Short-term government obligations. Amend my taxes Stripped bonds and coupons, Stripped Bonds and Coupons Discounted debt instruments, Discount on Debt Instruments Discounted tax-exempt obligations, Discounted tax-exempt obligations. Amend my taxes Dividends, Dividends and Other Distributions, Form 1099-DIV. Amend my taxes (see also Form 1099-DIV) Alaska Permanent Fund, Alaska Permanent Fund dividends. Amend my taxes , Child's Alaska Permanent Fund dividends. Amend my taxes Exempt-interest, Exempt-interest dividends. Amend my taxes , Exempt-interest dividends. Amend my taxes , Exempt-interest dividends on mutual fund stock. Amend my taxes Extraordinary, Extraordinary dividends. Amend my taxes Holding period, Holding period. Amend my taxes Insurance policies, Dividends on insurance policies. Amend my taxes Money market funds, Money Market Funds Nominees, Nominees. Amend my taxes , Nominees. Amend my taxes Ordinary, Ordinary Dividends Patronage, Patronage dividends. Amend my taxes Payments in lieu of, Payments in lieu of dividends. Amend my taxes Qualified, Qualified Dividends, Qualified dividends. Amend my taxes , Child's qualified dividends. Amend my taxes Qualified foreign corporation, Qualified foreign corporation. Amend my taxes Received in January, Dividends received in January. Amend my taxes Reinvestment of, Reinvested distributions. Amend my taxes Reinvestment plans, Dividends Used To Buy More Stock, Automatic investment service and dividend reinvestment plans. Amend my taxes , Dividend reinvestment plans. Amend my taxes Reporting requirements, Form 1099-DIV. Amend my taxes , How To Report Dividend Income, Stripped Preferred Stock Restricted stock, Dividends received on restricted stock. Amend my taxes Sale or trade vs. Amend my taxes , Dividend versus sale or trade. Amend my taxes Scrip, Scrip dividends. Amend my taxes Sold stock, Dividends on stock sold. Amend my taxes Stock, Stock dividends. Amend my taxes , Stock dividends. Amend my taxes Underreported, Underreported interest and dividends. Amend my taxes Veterans' insurance, Interest on VA dividends. Amend my taxes , Dividends on veterans' insurance. Amend my taxes Divorce, Property Received From Your Spouse, Transfers Between Spouses E Education Savings Bond Program, Education Savings Bond Program Interest excluded under, Interest excluded under the Education Savings Bond Program. Amend my taxes Recordkeeping requirements, Education Savings Bond Program Employee stock options, Reminders Employee stock ownership plans (ESOPs), sales of stock to, Sales of Stock to ESOPs or Certain Cooperatives Employer identification numbers (EINs), Identifying number. Amend my taxes Empowerment zone, Exclusion of Gain From DC Zone Assets Endowment contracts, Single-premium life insurance, endowment, and annuity contracts. Amend my taxes Enterprise zone facility bonds, Enterprise zone facility bonds. Amend my taxes Equity option, Equity option. Amend my taxes Estate income received by beneficiary, Beneficiary of an estate or trust. Amend my taxes Exchanges of mutual fund shares, Exchange of Shares In One Mutual Fund For Shares In Another Mutual Fund Exclusion of gain DC zone assets, Exclusion of Gain From DC Zone Assets Exempt-interest dividends on mutual fund stock, Exempt-interest dividends on mutual fund stock. Amend my taxes Expenses of producing income, Expenses of Producing Income F Face-amount certificates, Face-Amount Certificates Fair market value, Fair market value. Amend my taxes , Fair market value less than donor's adjusted basis. Amend my taxes , Fair market value. Amend my taxes Federal guarantee on bonds, Federally guaranteed bonds. Amend my taxes Fees to buy or sell, Fees to buy or sell. Amend my taxes Financial asset securitization investment trusts (FASITs), FASITs First-in first-out (FIFO), First-in first-out (FIFO). Amend my taxes Foreign currency transactions, Foreign currency contract. Amend my taxes Foreign income, Reminders Form 1040, Form 1040. Amend my taxes , Form 1040A or Form 1040. Amend my taxes Form 1040, Schedule B, Schedule B (Form 1040A or 1040). Amend my taxes Form 1040, Schedule D, How to report gain. Amend my taxes Form 1040A, Form 1040A. Amend my taxes Form 1040X, Filing a claim for refund. Amend my taxes Form 1041, Filing requirement. Amend my taxes Form 1065, Filing requirement. Amend my taxes Schedule K-1, Schedule K-1 (Form 1065). Amend my taxes Form 1066, Schedule Q, Schedule Q (Form 1066). Amend my taxes , Investment expenses from pass-through entities. Amend my taxes Form 1096, File Form 1099-INT with the IRS. Amend my taxes , File Form 1099-DIV with the IRS. Amend my taxes , File Form 1099-B or Form 1099-S with the IRS. Amend my taxes Form 1099-B, Form 1099-B. Amend my taxes , Form 1099-B transactions. Amend my taxes , File Form 1099-B or Form 1099-S with the IRS. Amend my taxes Form 1099-CAP, Form 1099-CAP transactions. Amend my taxes Form 1099-DIV, General Information, Form 1099-DIV. Amend my taxes , Form 1099-DIV. Amend my taxes , File Form 1099-DIV with the IRS. Amend my taxes Form 1099-INT, General Information, Form 1099-INT. Amend my taxes , Form 1099-INT for U. Amend my taxes S. Amend my taxes savings bond interest. Amend my taxes , Form 1099-INT. Amend my taxes , File Form 1099-INT with the IRS. Amend my taxes , Forms 1099-INT and 1099-OID. Amend my taxes , Forms 1099-INT and 1099-OID. Amend my taxes Form 1099-MISC, Form 1099-MISC. Amend my taxes , Reporting Substitute Payments Form 1099-OID, Form 1099-OID. Amend my taxes , Form 1099-OID, Form 1099-OID. Amend my taxes , Forms 1099-INT and 1099-OID. Amend my taxes , Forms 1099-INT and 1099-OID. Amend my taxes Form 1099-S, Form 1099-S transactions. Amend my taxes , File Form 1099-B or Form 1099-S with the IRS. Amend my taxes Form 1120, Filing requirement. Amend my taxes Form 2439, Undistributed capital gains of mutual funds and REITs. Amend my taxes Form 3115, Change from method 2. Amend my taxes , Choosing To Amortize, How To Make the Mark-to-Market Election Form 4684, Ordinary loss or casualty loss. Amend my taxes Form 4797, How to report. Amend my taxes , Losses on Section 1244 (Small Business) Stock, How to report. Amend my taxes Form 4952, Form 4952 Form 6198, At-risk rules. Amend my taxes Form 6781, Form 6781. Amend my taxes , How to report. Amend my taxes , How To Report Gains and Losses (Form 6781), Section 1256 contracts and straddles. Amend my taxes Form 8275, Negligence or disregard of rules or regulations. Amend my taxes Form 8275-R, Negligence or disregard of rules or regulations. Amend my taxes Form 8582, Form 8582. Amend my taxes Form 8615, Tax on unearned income of certain children. Amend my taxes Form 8815, Form 8815. Amend my taxes , Figuring the interest part of the proceeds (Form 8815, line 6). Amend my taxes , Interest excluded under the Education Savings Bond Program. Amend my taxes Form 8824, How to report. Amend my taxes Form 8832, Clubs formed before 1997. Amend my taxes Form 8886, Reportable Transaction Disclosure Statement, Negligence or disregard of rules or regulations. Amend my taxes Form 8949 Bad debts, How to report bad debts. Amend my taxes Basis adjustment, Basis adjustment. Amend my taxes Capital Gains, Reporting Capital Gains and Losses Capital Losses, Reporting Capital Gains and Losses Cooperative, sale to certain, Sales of Stock to ESOPs or Certain Cooperatives Copyrights in musical works, Capital asset treatment for self-created musical works. Amend my taxes Employee stock ownership plan, sale to, Sales of Stock to ESOPs or Certain Cooperatives Empowerment Zone Assets, Exclusion of Gain From DC Zone Assets Exempt-interest dividends, Exempt-interest dividends on mutual fund stock. Amend my taxes Form 1099-B, Form 1099-B. Amend my taxes , Form 1099-B transactions. Amend my taxes Form 1099-CAP, Form 1099-CAP transactions. Amend my taxes Form 1099-S, Form 1099-S transactions. Amend my taxes Fractional shares, Fractional shares. Amend my taxes Gain, qualified small business stock, How to report gain. Amend my taxes How to fill in, generally, Reporting Capital Gains and Losses Long-term gains and losses, Long-term gains and losses. Amend my taxes Marked-to-market election, Mark-to-market election made. Amend my taxes Market discount bonds, Market discount bonds. Amend my taxes , Market discount bonds. Amend my taxes Musical compositions, Capital asset treatment for self-created musical works. Amend my taxes Nominees, Nominees. Amend my taxes Nonbusiness bad debt, Nonbusiness bad debt. Amend my taxes Nondividend distributions, Nondividend distributions. Amend my taxes Option, How to report. Amend my taxes Property bought at various times, Sale of property bought at various times. Amend my taxes Rollover, publicly traded securities, Rollover of Gain From Publicly Traded Securities Rollover, qualified small business stock, How to report gain. Amend my taxes Sale expenses, Sale expenses. Amend my taxes Short-term gains and losses, Short-term gains and losses. Amend my taxes Software, Stocks and Bonds Worthless securities, How to report loss. Amend my taxes Form SS-4, Identifying number. Amend my taxes Form W-8BEN, Nonresident aliens. Amend my taxes Form W-9, Certification. Amend my taxes Fractional shares, Fractional shares. Amend my taxes , Automatic investment service. Amend my taxes Free tax services, Free help with your tax return. Amend my taxes Frozen deposits, Interest income on frozen deposits. Amend my taxes , Frozen deposits. Amend my taxes Futures contracts Regulated, Regulated futures contract. Amend my taxes Securities, Securities futures contract. Amend my taxes , Securities futures contract to sell. Amend my taxes , Securities Futures Contracts Futures, commodity, Commodity Futures, Commodity futures. Amend my taxes Wash sales, Options and futures contracts. Amend my taxes G Gains on qualified small business stock, Gains on Qualified Small Business Stock Gains on sales or trades, How To Figure Gain or Loss, Gain on Sale or Trade of Depreciable Property, Property received from a related party. Amend my taxes (see also Capital gains and losses) Gifts, What's New, Income from property given to a child. Amend my taxes , Property Received as a Gift, Property received as a gift. Amend my taxes Gifts of shares, Shares received as gift. Amend my taxes Government obligations, Government obligations. Amend my taxes H Hedging transactions, Hedging exception. Amend my taxes , Hedging Transactions, Hedging transaction. Amend my taxes Help (see Tax help) Holding period Investment property, Holding Period Replacement stock, Holding period of replacement stock. Amend my taxes Shares acquired by reinvestment, Reinvested distributions. Amend my taxes Straddles, Holding Period and Loss Treatment Rules I Income from sources outside U. Amend my taxes S. Amend my taxes , Reminders Income tax treaties (Table 1-3), Qualified Dividends Indian tribal government, Indian tribal government. Amend my taxes Individual retirement arrangements (IRAs) Interest income, Individual retirement arrangements (IRAs). Amend my taxes Inflation-indexed debt instruments, Inflation-Indexed Debt Instruments, Stripped inflation-indexed debt instruments. Amend my taxes Inherited property Basis, Property Received as Inheritance Holding period, Inherited property. Amend my taxes Transfer by inheritance, Transfer by inheritance. Amend my taxes Insolvency of contractors, Insolvency of contractor. Amend my taxes Installment sales, Installment sales. Amend my taxes Insurance Borrowing on, Borrowing on insurance. Amend my taxes Dividends, interest on, Interest on insurance dividends. Amend my taxes , Dividends on insurance policies. Amend my taxes Interest option on, Interest option on insurance. Amend my taxes Life insurance companies, demutualization, Demutualization of Life Insurance Companies Life, paid to beneficiary, Insurance Prepaid premiums, Prepaid insurance premiums. Amend my taxes Single-premium life, Single-premium life insurance, endowment, and annuity contracts. Amend my taxes Trades, Insurance Policies and Annuities Veterans' dividends, interest on, Interest on VA dividends. Amend my taxes , Dividends on veterans' insurance. Amend my taxes Interest expenses Allocation of, Allocation of Interest Expense Investment interest, Investment Interest Limit on, Limit on interest deduction for market discount bonds. Amend my taxes , Limit on Deduction When to deduct, When To Deduct Investment Interest Margin accounts, Interest on margin accounts. Amend my taxes Paid in advance, Interest paid in advance. Amend my taxes Straddles, Interest expense and carrying charges on straddles. Amend my taxes Interest income, Interest Income Annuity contracts, Interest on annuity contract. Amend my taxes Bonds traded flat, Bonds traded flat. Amend my taxes Certificates of deposits, Certificates of deposit and other deferred interest accounts. Amend my taxes Condemnation awards, Interest on condemnation award. Amend my taxes Deferred interest accounts, Certificates of deposit and other deferred interest accounts. Amend my taxes Dividends on deposit or share accounts, Dividends that are actually interest. Amend my taxes Frozen deposits, Interest income on frozen deposits. Amend my taxes , Frozen deposits. Amend my taxes Gift for opening account, Gift for opening account. Amend my taxes Individual retirement arrangements (IRAs), Individual retirement arrangements (IRAs). Amend my taxes Installment sale payments, Installment sale payments. Amend my taxes Insurance dividends, Interest on insurance dividends. Amend my taxes Money market funds, Money market funds. Amend my taxes Nominee distributions, Nominees. Amend my taxes Prepaid insurance premiums, Prepaid insurance premiums. Amend my taxes Reporting, When To Report Interest Income, Penalty on early withdrawal of savings. Amend my taxes Seller-financed mortgage, Form 1040A. Amend my taxes , Interest on seller-financed mortgage. Amend my taxes Tax refunds, Interest on tax refunds. Amend my taxes Tax-exempt, Tax-Exempt Interest, Reporting tax-exempt interest. Amend my taxes Taxable, Taxable Interest — General, Bonds traded flat. Amend my taxes , Taxation of interest. Amend my taxes , Taxable Interest U. Amend my taxes S. Amend my taxes savings bonds, person responsible for tax (Table 1-2), Table 1-2. Amend my taxes Who Pays the Tax on U. Amend my taxes S. Amend my taxes Savings Bond Interest Underreported, Underreported interest and dividends. Amend my taxes Unstated, Unstated interest. Amend my taxes Usurious interest, Usurious interest. Amend my taxes VA insurance dividends, Interest on VA dividends. Amend my taxes Investment clubs, Investment Clubs, Filing requirement. Amend my taxes Investment counsel and advice, Investment counsel and advice. Amend my taxes Investment expenses, Investment Expenses Allocated, Allocated investment expenses. Amend my taxes At-risk rules, At-risk rules. Amend my taxes Deductible, Expenses of Producing Income Interest, Investment interest deducted. Amend my taxes Limits on deductions, Limits on Deductions Nondeductible, Nondeductible Expenses Pass-through entities, Investment expenses from pass-through entities. Amend my taxes Reporting requirements, How To Report Investment Expenses Investment income, Investment Income Children, Tax on unearned income of certain children. Amend my taxes , Investment income of child reported on parent's return. Amend my taxes General Information, General Information Net income, Net Investment Income Records to keep, General Information Reporting of (Table 1-1), Table 1-1. Amend my taxes Where To Report Common Types of Investment Income Investment property, Investment property. Amend my taxes Basis, Basis of Investment Property Definition, Investment property. Amend my taxes Gain or loss treatment, Investment property. Amend my taxes Gift, received as, Property Received as a Gift Holding period, Holding Period Liquidation, received in, Investment property received in liquidation. Amend my taxes Nontaxable trades, received in, Property Received in Nontaxable Trades Sales and trades, Sales and Trades of Investment Property Services, received for, Property Received for Services Spouse, received from, Property Received From Your Spouse Taxable trades, received in, Property Received in Taxable Trades J Joint accounts, Joint accounts. Amend my taxes Joint and separate returns, Joint return. Amend my taxes , Joint and separate returns. Amend my taxes L Life insurance companies demutualization, Demutualization of Life Insurance Companies Like-kind exchanges, Like-Kind Exchanges, Like-Kind Exchanges Basis of property received, Basis of property received. Amend my taxes Reporting requirements, How to report. Amend my taxes Liquidating distributions, Liquidating Distributions, Investment property received in liquidation. Amend my taxes Listed options, Listed option. Amend my taxes Load charges, Commissions and load charges. Amend my taxes Loans Below-market, Below-Market Loans, Effective dates. Amend my taxes Gift and demand, Gift and demand loans. Amend my taxes Guarantees, Loan guarantees. Amend my taxes Term, Term loans. Amend my taxes Local government obligations (see State or local government obligations) Long-term capital gains and losses, Short-Term or Long-Term Capital Gain or Loss, Long-term gains and losses. Amend my taxes Long-term debt instruments, Long-term debt instruments issued after 1954 and before May 28, 1969 (or before July 2, 1982, if a government instrument). Amend my taxes Losses on sales or trades, Property received from a related party. Amend my taxes (see also Capital gains and losses) Amount calculation, How To Figure Gain or Loss Carryback election, Loss carryback election. Amend my taxes , Loss carryback election. Amend my taxes Mutual fund or REIT stock held 6 months or less, Loss on mutual fund or REIT stock held 6 months or less. Amend my taxes Passive activities, Passive activity losses. Amend my taxes , Passive activity losses. Amend my taxes , Passive activity losses and credits. Amend my taxes , Losses from passive activities. Amend my taxes Related parties, Losses on Sales or Trades of Property Section 1244 (small business) stock, Losses on Section 1244 (Small Business) Stock Small business investment company stock, Losses on Small Business Investment Company Stock Wash sales, Coordination of Loss Deferral Rules and Wash Sale Rules M Mark-to-market election, Mark-to-market election made. Amend my taxes Marked-to-market rules, Marked-to-Market Rules, Mark-to-market election made. Amend my taxes Market discount bonds, Market discount. Amend my taxes , Market Discount Bonds, Partial principal payments. Amend my taxes , Limit on interest deduction for market discount bonds. Amend my taxes , Market discount on bonds. Amend my taxes , Market discount bonds. Amend my taxes , Market discount bonds. Amend my taxes Accrued market discount, Accrued market discount. Amend my taxes Maximum rate of capital gains (Table 4-4), Table 4-4. Amend my taxes What Is Your Maximum Capital Gain Rate? Mechanics' and suppliers' liens, Mechanics' and suppliers' liens. Amend my taxes Meetings, expenses of attending, Stockholders' meetings. Amend my taxes Missing children, photographs of, Reminders Mixed straddles, Mixed straddles. Amend my taxes , Mixed straddles. Amend my taxes Money market funds, Money Market Funds Interest income, Money market funds. Amend my taxes Mortgages Revenue bonds, Mortgage revenue bonds. Amend my taxes Secondary liability on home, Secondary liability on home mortgage. Amend my taxes Seller-financed, Interest on seller-financed mortgage. Amend my taxes Municipal bonds, State or Local Government Obligations, Reporting tax-exempt interest. Amend my taxes , Tax-exempt state and local government bonds. Amend my taxes (see also State or local government obligations) Mutual funds, Capital Gain Distributions, Other income (nonpassive income). Amend my taxes , Choosing to include net capital gain. Amend my taxes , Including mutual fund or REMIC expenses in income. Amend my taxes , Shares in a mutual fund or REIT. Amend my taxes , Special Rules for Mutual Funds, Loss on mutual fund or REIT stock held 6 months or less. Amend my taxes Individual retirement arrangements (IRAs), Qualified retirement plans and IRAs. Amend my taxes publicly offered, Publicly-offered mutual funds. Amend my taxes N Net Investment Income Tax, What's New, Net investment income tax (NIIT). Amend my taxes New York Liberty bonds, New York Liberty bonds. Amend my taxes NIIT, What's New, Net investment income tax (NIIT). Amend my taxes Nominee distributions Dividends, Nominees. Amend my taxes , Nominees. Amend my taxes Interest income, Nominees. Amend my taxes , Nominee distributions. Amend my taxes Original issue discount, Nominee. Amend my taxes Nonbusiness bad debts, Nonbusiness bad debt. Amend my taxes , Nonbusiness Bad Debts Noncapital assets, Capital Assets and Noncapital Assets Nondeductible investment expenses, Nondeductible Expenses Nondividend distributions, Nondividend Distributions Nonequity options, Nonequity option. Amend my taxes Nonqualified preferred stock, Nonqualified preferred stock. Amend my taxes Nonresident aliens Backup withholding, Nonresident aliens. Amend my taxes Nontaxable return of capital, Basis adjustment. Amend my taxes Nontaxable stock rights, Nontaxable stock rights. Amend my taxes Nontaxable trades, Nontaxable Trades, Nontaxable trades. Amend my taxes Notes Individuals, bought at discount, Notes of individuals. Amend my taxes U. Amend my taxes S. Amend my taxes Treasury (see U. Amend my taxes S. Amend my taxes Treasury bills, notes, and bonds) O Office expenses, Clerical help and office rent. Amend my taxes Options, Options Calls and puts, Puts and Calls Cash settlement, Cash-settled options. Amend my taxes , Cash settlement option. Amend my taxes Dealer equity, Dealer equity option. Amend my taxes Deep-in-the-money, Qualified covered call options and optioned stock. Amend my taxes Employee stock, Reminders Equity, Equity option. Amend my taxes Gain or loss, Options, Qualified covered call options and optioned stock. Amend my taxes Holding period, Option exercised. Amend my taxes Listed, Listed option. Amend my taxes Nonequity, Nonequity option. Amend my taxes Qualified covered call, Qualified covered call options and optioned stock. Amend my taxes Reporting requirements, How to report. Amend my taxes Section 1256 contracts, Section 1256 Contracts Marked to Market, Section 1256 contract options. Amend my taxes Wash sales, Options and futures contracts. Amend my taxes Ordinary gains and losses, Capital or Ordinary Gain or Loss, Ordinary loss or casualty loss. Amend my taxes Original issue discount (OID), Original issue discount. Amend my taxes , Original Issue Discount (OID), Stripped tax-exempt obligations. Amend my taxes , Original issue discount (OID) on debt instruments. Amend my taxes Adjustment to, Original issue discount (OID) adjustment. Amend my taxes Reporting requirements, Exceptions to reporting OID. Amend my taxes , Form 1099-OID Rules, Applying the OID Rules P Pass-through entities Rollover of gain, Pass-through entity. Amend my taxes Passive activities Gains and losses, Passive activity losses. Amend my taxes , Passive activity losses. Amend my taxes , Passive activity losses and credits. Amend my taxes , Losses from passive activities. Amend my taxes , Passive activity gains and losses. Amend my taxes Patronage dividends, Patronage dividends. Amend my taxes Penalties Accuracy-related, Accuracy-related penalty. Amend my taxes , Accuracy-related penalties. Amend my taxes Backup withholding, Penalties. Amend my taxes Civil fraud, Civil fraud penalty. Amend my taxes Early withdrawal, Interest subject to penalty for early withdrawal. Amend my taxes , Penalty on early withdrawal of savings. Amend my taxes Failure to pay tax, Failure to pay tax. Amend my taxes Failure to supply SSN, Penalty for failure to supply SSN. Amend my taxes Substantial understatement, Substantial understatement of tax. Amend my taxes Valuation misstatement, Substantial valuation misstatement. Amend my taxes Political parties Debts owed by, Debts owed by political parties. Amend my taxes Preferred stock Nonqualified, Nonqualified preferred stock. Amend my taxes Redeemable at a premium, Preferred stock redeemable at a premium. Amend my taxes Stripped, Stripped Preferred Stock Premiums on bonds, Bond premium. Amend my taxes , Premiums on bonds. Amend my taxes Private activity bonds, Private activity bonds. Amend my taxes Public utility stock reinvestment, Public utilities. Amend my taxes Publications (see Tax help) Puts and calls, Puts and Calls Table 4-3, Table 4-3. Amend my taxes Puts and Calls Q Qualified dividends, Qualified dividends. Amend my taxes Qualified small business stock, Qualified small business stock. Amend my taxes , Qualified small business stock. Amend my taxes , Gains on Qualified Small Business Stock Gains on, Gains on Qualified Small Business Stock R Real estate investment trusts (REITs), Undistributed capital gains of mutual funds and REITs. Amend my taxes , Shares in a mutual fund or REIT. Amend my taxes , Loss on mutual fund or REIT stock held 6 months or less. Amend my taxes Real estate mortgage investment conduits (REMICs), REMICs, Expenses. Amend my taxes , Including mutual fund or REMIC expenses in income. Amend my taxes Regular interest, Regular Interest Residual interest, Residual Interest, Residual interests in a REMIC. Amend my taxes Recordkeeping requirements Education Savings Bond Program, Education Savings Bond Program Investment income, General Information Small business stock, Losses on Section 1244 (Small Business) Stock Redemption of stock, Redemption of stock. Amend my taxes Redemption or retirement of bonds, Redemption or retirement of bonds. Amend my taxes Regulated futures contract, Regulated futures contract. Amend my taxes Reinvestment rights, Commissions and load charges. Amend my taxes REITs (see Real estate investment trusts (REITs)) Related party transactions, Unpaid expenses owed to related party. Amend my taxes , Related Party Transactions, Property received from a related party. Amend my taxes Related persons, Related persons. Amend my taxes REMICs (see Real estate mortgage investment conduits (REMICs)) Reorganizations, corporate, Corporate reorganizations. Amend my taxes Reporting requirements Bad debts, How to report bad debts. Amend my taxes Bond premium amortization, How To Report Amortization Capital gains and losses, How To Report Gains and Losses (Form 6781), How to report gain. Amend my taxes , Reporting Capital Gains and Losses Dividend income, How To Report Dividend Income Exempt-interest dividends, Information reporting requirement. Amend my taxes Interest on U. Amend my taxes S. Amend my taxes savings bonds, Reporting options for cash method taxpayers. Amend my taxes , Choice to report interest each year. Amend my taxes Investment expenses, How To Report Investment Expenses Like-kind exchanges, How to report. Amend my taxes Options, How to report. Amend my taxes Original issue discount, Form 1099-OID S corporation income, deductions, and credits, Reporting S corporation income, deductions, and credits. Amend my taxes Section 1256 contracts, How To Report State or local government obligations, Information reporting requirement. Amend my taxes Straddles, Section 1256 contracts and straddles. Amend my taxes Substitute payments, Reporting Substitute Payments Tax-exempt interest income, Reporting tax-exempt interest. Amend my taxes Trades, How To Report Repossession of real property, Real property repossessed. Amend my taxes Restricted property, Restricted property. Amend my taxes Restricted stock, Dividends received on restricted stock. Amend my taxes Retirement of debt instrument, Retirement of debt instrument. Amend my taxes Return of capital (see Nondividend distributions) Revocable trust, trustee's commissions for, Trustee's commissions for revocable trust. Amend my taxes Rollover of gain from sale Securities, Rollover of Gain From Publicly Traded Securities, Rollover of Gain S S corporations, S Corporations, S corporation stock. Amend my taxes Safe deposit box, Safe deposit box rent. Amend my taxes Sales and trades of investment property, Sales and Trades of Investment Property Definition, What Is a Sale or Trade? Savings bonds (see U. Amend my taxes S. Amend my taxes savings bonds) SBIC stock (see Small business investment company stock) Scrip dividends, Scrip dividends. Amend my taxes Section 1202 gain, Section 1202 Exclusion, Gain on qualified small business stock. Amend my taxes Section 1244 stock, Losses on Section 1244 (Small Business) Stock Section 1250 gain, Unrecaptured section 1250 gain. Amend my taxes Section 1256 contracts, Section 1256 Contracts Marked to Market, Section 1256 contracts. Amend my taxes , Section 1256 contract options. Amend my taxes , Section 1256 contracts and straddles. Amend my taxes Net gain on, Net section 1256 contracts gain. Amend my taxes Net loss on, Net section 1256 contracts loss. Amend my taxes Reporting requirements, How To Report Securities Holding period, Holding Period Installment sales, Installment sales. Amend my taxes Lost, stolen, etc. Amend my taxes , cost of replacing, Cost of replacing missing securities. Amend my taxes Rollover of gain from sale, Rollover of Gain From Publicly Traded Securities, Rollover of Gain Traders in, Special Rules for Traders in Securities Worthless, Worthless Securities, Worthless securities. Amend my taxes Securities futures contracts, Dealer securities futures contract. Amend my taxes , Securities futures contract. Amend my taxes , Securities Futures Contracts Self-employment income, Self-Employment Income Self-employment tax, Self-employment tax. Amend my taxes Seller-financed mortgages, Interest on seller-financed mortgage. Amend my taxes Short sales, Short Sales, Extraordinary dividends. Amend my taxes Adjusted basis, Short sales. Amend my taxes Expenses of, Short-sale expenses. Amend my taxes Extraordinary dividends, Extraordinary dividends. Amend my taxes Puts, Put option as short sale. Amend my taxes Small business investment company stock, Short sale. Amend my taxes Short-term capital gains and losses, Short-Term or Long-Term Capital Gain or Loss, Short-term gains and losses. Amend my taxes Short-term obligations, Discount on Short-Term Obligations, Choosing to include accrued discount and other interest in current income. Amend my taxes , Acquisition discount on short-term obligations. Amend my taxes , Short-term government obligations. Amend my taxes Interest deduction, limit on, Limit on interest deduction for short-term obligations. Amend my taxes Sixty/forty (60/40) rule, 60/40 rule. Amend my taxes Small business investment company stock, Losses on Small Business Investment Company Stock, SSBIC stock. Amend my taxes Reporting requirements, How to report. Amend my taxes Small business stock, Qualified small business stock. Amend my taxes , Losses on Section 1244 (Small Business) Stock, Qualified small business stock. Amend my taxes , Gains on Qualified Small Business Stock Social security number (SSN) Custodial accounts, Custodian account for your child. Amend my taxes Joint accounts, SSN for joint account. Amend my taxes Requirement to give, Social security number (SSN). Amend my taxes Specialized small business investment company stock, Specialized small business investment company stock or partnership interest. Amend my taxes , SSBIC stock. Amend my taxes Spouses Transfers between, Property Received From Your Spouse, Transfers Between Spouses (see also Related party transactions) State or local government obligations, State or Local Government Obligations, Taxable Interest Market discount bonds (see Market discount bonds) Private activity bonds, Private activity bonds. Amend my taxes Registration requirement, Registration requirement. Amend my taxes Tax-exempt interest, Tax-Exempt Interest Taxable interest, Taxable Interest Stock Basis, Basis adjustment. Amend my taxes , Basis adjustment. Amend my taxes , Basis. Amend my taxes , Stocks and Bonds, Basis of replacement stock. Amend my taxes Capital asset, Stocks, stock rights, and bonds. Amend my taxes Constructive ownership, Constructive ownership of stock. Amend my taxes Convertible, Convertible stocks and bonds. Amend my taxes Corporate, Corporate Stocks Dividends (see Dividends) Fractional shares, Fractional shares. Amend my taxes , Automatic investment service. Amend my taxes Identification, Identifying stock or bonds sold. Amend my taxes Installment sales, Installment sales. Amend my taxes Nonqualified preferred stock, Nonqualified preferred stock. Amend my taxes Options for employees, Reminders Public utility, reinvestment, Public utilities. Amend my taxes Redemption of, Redemption of stock. Amend my taxes Replacement stock, Basis of replacement stock. Amend my taxes Restricted stock, Dividends received on restricted stock. Amend my taxes Rights, Distributions of Stock and Stock Rights, Stock rights. Amend my taxes , Nontaxable stock rights. Amend my taxes S corporations, S corporation stock. Amend my taxes Sales to ESOPs or cooperatives, Sales of Stock to ESOPs or Certain Cooperatives Small business, Qualified small business stock. Amend my taxes , Qualified small business stock. Amend my taxes Specialized small business investment company, Specialized small business investment company stock or partnership interest. Amend my taxes Splits, Stock splits. Amend my taxes Straddles (see Straddles) Stripped preferred stock, Stripped Preferred Stock Surrender of, Surrender of stock. Amend my taxes Trades, Stock for stock of the same corporation. Amend my taxes Trust instruments treated as, Certain trust instruments treated as stock. Amend my taxes Straddles, Straddles, Interest expense and carrying charges relating to mixed straddle account positions. Amend my taxes Holding period, Holding Period and Loss Treatment Rules Interest expense and carrying charges, Interest expense and carrying charges on straddles. Amend my taxes Loss deferral rules, Loss Deferral Rules Mixed, Mixed straddles. Amend my taxes , Mixed straddles. Amend my taxes , Mixed Straddle Elections Reporting requirements, Section 1256 contracts and straddles. Amend my taxes Stripped bonds and coupons, Stripped bonds or coupons. Amend my taxes , Stripped Bonds and Coupons, Stripped tax-exempt obligation. Amend my taxes Stripped preferred stock, Stripped Preferred Stock Substitute payments, Reporting Substitute Payments T Tables Capital gains maximum rate (Table 4-4), Table 4-4. Amend my taxes What Is Your Maximum Capital Gain Rate? Income tax treaties (Table 1-3), Qualified Dividends Investment income, reporting of (Table 1-1), Table 1-1. Amend my taxes Where To Report Common Types of Investment Income Puts and calls (Table 4-3), Table 4-3. Amend my taxes Puts and Calls U. Amend my taxes S. Amend my taxes savings bonds, person responsible for tax (Table 1-2), Table 1-2. Amend my taxes Who Pays the Tax on U. Amend my taxes S. Amend my taxes Savings Bond Interest Tax credit bonds, Tax credit bonds. Amend my taxes Tax help, How To Get Tax Help Tax rates, What's New Capital gain and losses, Capital Gain Tax Rates Tax refunds Interest on, Interest on tax refunds. Amend my taxes Tax shelters, Tax Shelters and Other Reportable Transactions, Whether To Invest Penalties, Penalties Reporting requirements, Investor Reporting Rules to curb abuse, Rules To Curb Abusive Tax Shelters Tax-exempt bonds, Tax-exempt state and local government bonds. Amend my taxes Tax-exempt income Expenses of, Tax-exempt income. Amend my taxes Interest, Tax-Exempt Interest, Reporting tax-exempt interest. Amend my taxes Tax-exempt obligations, Tax-Exempt Interest, Stripped tax-exempt obligations. Amend my taxes , Discounted tax-exempt obligations. Amend my taxes Taxable income, expenses of, Expenses for both tax-exempt and taxable income. Amend my taxes Taxes State and local transfer, State and local transfer taxes. Amend my taxes State income, State income taxes. Amend my taxes Term loans, Term loans. Amend my taxes Trade or business, Passive activity. Amend my taxes Traders in securities, Special Rules for Traders in Securities Trades Insurance, Insurance Policies and Annuities Investment property, Sales and Trades of Investment Property Like-kind, Like-Kind Exchanges, Like-Kind Exchanges Nontaxable, Property Received in Nontaxable Trades, Nontaxable Trades, Nontaxable trades. Amend my taxes Reporting requirements, How To Report Stock, Stock for stock of the same corporation. Amend my taxes Taxable, Property Received in Taxable Trades U. Amend my taxes S. Amend my taxes Treasury notes or bonds, U. Amend my taxes S. Amend my taxes Treasury Notes or Bonds Treasury bills, notes, and bonds (see U. Amend my taxes S. Amend my taxes Treasury bills, notes, and bonds) Treasury inflation-indexed securities, Inflation-Indexed Debt Instruments Treasury inflation-protected securities (TIPS), Treasury inflation-protected securities (TIPS). Amend my taxes , Inflation-Indexed Debt Instruments Treaties, income tax (Table 1-3), Qualified Dividends Trust income received by beneficiary, Beneficiary of an estate or trust. Amend my taxes Trustee's commission for revocable trust, Trustee's commissions for revocable trust. Amend my taxes U U. Amend my taxes S. Amend my taxes savings bonds, U. Amend my taxes S. Amend my taxes obligations. Amend my taxes , U. Amend my taxes S. Amend my taxes Savings Bonds Reporting interest on, U. Amend my taxes S. Amend my taxes obligations. Amend my taxes , U. Amend my taxes S. Amend my taxes Savings Bonds Retirement or profit-sharing plan, distributed from, Savings bonds distributed from a retirement or profit-sharing plan. Amend my taxes Worksheet, Worksheet for savings bonds distributed from a retirement or profit-sharing plan. Amend my taxes Tax, responsible person (Table 1-2), Table 1-2. Amend my taxes Who Pays the Tax on U. Amend my taxes S. Amend my taxes Savings Bond Interest U. Amend my taxes S. Amend my taxes Treasury bills, notes, and bonds, U. Amend my taxes S. Amend my taxes obligations. Amend my taxes , U. Amend my taxes S. Amend my taxes Treasury Bills, Notes, and Bonds, U. Amend my taxes S. Amend my taxes Treasury Notes or Bonds, U. Amend my taxes S. Amend my taxes Treasury notes and bonds. Amend my taxes Undistributed capital gains, Undistributed capital gains. Amend my taxes Usurious interest, Usurious interest. Amend my taxes V Veterans' insurance Dividends on, Dividends on veterans' insurance. Amend my taxes W Warrants, Warrants. Amend my taxes Wash sales, Wash Sales, Securities Futures Contracts Holding period, Wash sales. Amend my taxes Loss deferral rules, straddles, Coordination of Loss Deferral Rules and Wash Sale Rules Withholding, backup, Backup withholding. Amend my taxes Worksheets Capital loss carryover, Worksheet 4-1. Amend my taxes Capital Loss Carryover Worksheet Worthless securities, Worthless Securities, Worthless securities. Amend my taxes Prev  Up     Home   More Online Publications