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Clues Fill 1040x Form

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Clues Fill 1040x Form

Clues fill 1040x form Internal Revenue Bulletin:  2013-12  March 18, 2013  Rev. Clues fill 1040x form Proc. Clues fill 1040x form 2013-21 Table of Contents SECTION 1. Clues fill 1040x form PURPOSE SECTION 2. Clues fill 1040x form BACKGROUND SECTION 3. Clues fill 1040x form SCOPE SECTION 4. Clues fill 1040x form APPLICATION. Clues fill 1040x form 01 Limitations on Depreciation Deductions for Certain Automobiles. Clues fill 1040x form . Clues fill 1040x form 02 Inclusions in Income of Lessees of Passenger Automobiles. Clues fill 1040x form SECTION 5. Clues fill 1040x form EFFECTIVE DATE SECTION 6. Clues fill 1040x form DRAFTING INFORMATION SECTION 1. Clues fill 1040x form PURPOSE This revenue procedure provides: (1) limitations on depreciation deductions for owners of passenger automobiles first placed in service by the taxpayer during calendar year 2013, including separate tables of limitations on depreciation deductions for trucks and vans; and (2) the amounts that must be included in income by lessees of passenger automobiles first leased by the taxpayer during calendar year 2013, including a separate table of inclusion amounts for lessees of trucks and vans. Clues fill 1040x form The tables detailing these depreciation limitations and lessee inclusion amounts reflect the automobile price inflation adjustments required by § 280F(d)(7) of the Internal Revenue Code. Clues fill 1040x form SECTION 2. Clues fill 1040x form BACKGROUND . Clues fill 1040x form 01 For owners of passenger automobiles, § 280F(a) imposes dollar limitations on the depreciation deduction for the year the taxpayer places the passenger automobile in service and for each succeeding year. Clues fill 1040x form For passenger automobiles placed in service after 1988, § 280F(d)(7) requires the Internal Revenue Service to increase the amounts allowable as depreciation deductions by a price inflation adjustment amount. Clues fill 1040x form The method of calculating this price inflation amount for trucks and vans placed in service in or after calendar year 2003 uses a different CPI “automobile component” (the “new trucks” component) than that used in the price inflation amount calculation for other passenger automobiles (the “new cars” component), resulting in somewhat higher depreciation deductions for trucks and vans. Clues fill 1040x form This change reflects the higher rate of price inflation for trucks and vans since 1988. Clues fill 1040x form . Clues fill 1040x form 02 Section 331(a) of the American Taxpayer Relief Act of 2012, Pub. Clues fill 1040x form L. Clues fill 1040x form No. Clues fill 1040x form 112-240, 126 Stat. Clues fill 1040x form 2313 (Jan. Clues fill 1040x form 2, 2013) (the “Act”) extended the 50 percent additional first year depreciation deduction under § 168(k) to qualified property acquired by the taxpayer after December 31, 2007, and before January 1, 2014, if no written binding contract for the acquisition of the property existed before January 1, 2008, and if the taxpayer places the property in service generally before January 1, 2014. Clues fill 1040x form Section 168(k)(2)(F)(i) increases the first year depreciation allowed under § 280F(a)(1)(A)(i) by $8,000 for passenger automobiles to which the additional first year depreciation deduction under § 168(k) (hereinafter, referred to as “§ 168(k) additional first year depreciation deduction”) applies. Clues fill 1040x form . Clues fill 1040x form 03 Section 168(k)(2)(D)(i) provides that the § 168(k) additional first year depreciation deduction does not apply to any property required to be depreciated under the alternative depreciation system of § 168(g), including property described in § 280F(b)(1). Clues fill 1040x form Section 168(k)(2)(D)(iii) permits a taxpayer to elect out of the § 168(k) additional first year depreciation deduction for any class of property. Clues fill 1040x form Section 168(k)(4), as amended by the Act, permits a corporation to elect to increase the alternative minimum tax (“AMT”) credit limitation under § 53(c), instead of claiming the § 168(k) additional first year depreciation deduction for all eligible qualified property placed in service after December 31, 2012, that is round 3 extension property (as defined in § 168(k)(4)(J)(iv)). Clues fill 1040x form Accordingly, this revenue procedure provides tables for passenger automobiles for which the § 168(k) additional first year depreciation deduction applies. Clues fill 1040x form This revenue procedure also provides tables for passenger automobiles for which the § 168(k) additional first year depreciation deduction does not apply, either because taxpayer: (1) purchased the passenger automobile used; (2) did not use the passenger automobile during 2013 more than 50 percent for business purposes; (3) elected out of the § 168(k) additional first year depreciation deduction pursuant to § 168(k)(2)(D)(iii); or (4) elected to increase the § 53 AMT credit limitation in lieu of claiming § 168(k) additional first year depreciation. Clues fill 1040x form . Clues fill 1040x form 04 Section 280F(c) requires a reduction in the deduction allowed to the lessee of a leased passenger automobile. Clues fill 1040x form The reduction must be substantially equivalent to the limitations on the depreciation deductions imposed on owners of passenger automobiles. Clues fill 1040x form Under § 1. Clues fill 1040x form 280F-7(a) of the Income Tax Regulations, this reduction requires a lessee to include in gross income an amount determined by applying a formula to the amount obtained from a table. Clues fill 1040x form One table applies to lessees of trucks and vans and another table applies to all other passenger automobiles. Clues fill 1040x form Each table shows inclusion amounts for a range of fair market values for each taxable year after the passenger automobile is first leased. Clues fill 1040x form SECTION 3. Clues fill 1040x form SCOPE . Clues fill 1040x form 01 The limitations on depreciation deductions in section 4. Clues fill 1040x form 01(2) of this revenue procedure apply to passenger automobiles (other than leased passenger automobiles) that are placed in service by the taxpayer in calendar year 2013, and continue to apply for each taxable year that the passenger automobile remains in service. Clues fill 1040x form . Clues fill 1040x form 02 The tables in section 4. Clues fill 1040x form 02 of this revenue procedure apply to leased passenger automobiles for which the lease term begins during calendar year 2013. Clues fill 1040x form Lessees of these passenger automobiles must use these tables to determine the inclusion amount for each taxable year during which the passenger automobile is leased. Clues fill 1040x form See Rev. Clues fill 1040x form Proc. Clues fill 1040x form 2008-22, 2008-1 C. Clues fill 1040x form B. Clues fill 1040x form 658, for passenger automobiles first leased during calendar year 2008; Rev. Clues fill 1040x form Proc. Clues fill 1040x form 2009-24, 2009-17 I. Clues fill 1040x form R. Clues fill 1040x form B. Clues fill 1040x form 885, for passenger automobiles first leased during calendar year 2009; Rev. Clues fill 1040x form Proc. Clues fill 1040x form 2010-18, 2010-09 I. Clues fill 1040x form R. Clues fill 1040x form B. Clues fill 1040x form 427, as amplified and modified by section 4. Clues fill 1040x form 03 of Rev. Clues fill 1040x form Proc. Clues fill 1040x form 2011-21, 2011-12 I. Clues fill 1040x form R. Clues fill 1040x form B. Clues fill 1040x form 560, for passenger automobiles first leased during calendar year 2010; Rev. Clues fill 1040x form Proc. Clues fill 1040x form 2011-21, for passenger automobiles first leased during calendar year 2011; and Rev. Clues fill 1040x form Proc. Clues fill 1040x form 2012-23, 2012-14 I. Clues fill 1040x form R. Clues fill 1040x form B. Clues fill 1040x form 712, for passenger automobiles first leased during calendar year 2012. Clues fill 1040x form SECTION 4. Clues fill 1040x form APPLICATION . Clues fill 1040x form 01 Limitations on Depreciation Deductions for Certain Automobiles. Clues fill 1040x form (1) Amount of the inflation adjustment. Clues fill 1040x form (a) Passenger automobiles (other than trucks or vans). Clues fill 1040x form Under § 280F(d)(7)(B)(i), the automobile price inflation adjustment for any calendar year is the percentage (if any) by which the CPI automobile component for October of the preceding calendar year exceeds the CPI automobile component for October 1987. Clues fill 1040x form Section 280F(d)(7)(B)(ii) defines the term “CPI automobile component” as the automobile component of the Consumer Price Index for all Urban Consumers published by the Department of Labor. Clues fill 1040x form The new car component of the CPI was 115. Clues fill 1040x form 2 for October 1987 and 143. Clues fill 1040x form 787 for October 2012. Clues fill 1040x form The October 2012 index exceeded the October 1987 index by 28. Clues fill 1040x form 587. Clues fill 1040x form Therefore, the automobile price inflation adjustment for 2013 for passenger automobiles (other than trucks and vans) is 24. Clues fill 1040x form 8 percent (28. Clues fill 1040x form 587/115. Clues fill 1040x form 2 x 100%). Clues fill 1040x form The dollar limitations in § 280F(a) are multiplied by a factor of 0. Clues fill 1040x form 248, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations applicable to passenger automobiles (other than trucks and vans) for calendar year 2013. Clues fill 1040x form This adjustment applies to all passenger automobiles (other than trucks and vans) that are first placed in service in calendar year 2013. Clues fill 1040x form (b) Trucks and vans. Clues fill 1040x form To determine the dollar limitations for trucks and vans first placed in service during calendar year 2013, the Service uses the new truck component of the CPI instead of the new car component. Clues fill 1040x form The new truck component of the CPI was 112. Clues fill 1040x form 4 for October 1987 and 149. Clues fill 1040x form 386 for October 2012. Clues fill 1040x form The October 2012 index exceeded the October 1987 index by 36. Clues fill 1040x form 986. Clues fill 1040x form Therefore, the automobile price inflation adjustment for 2013 for trucks and vans is 32. Clues fill 1040x form 9 percent (36. Clues fill 1040x form 986/112. Clues fill 1040x form 4 x 100%). Clues fill 1040x form The dollar limitations in § 280F(a) are multiplied by a factor of 0. Clues fill 1040x form 329, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations for trucks and vans. Clues fill 1040x form This adjustment applies to all trucks and vans that are first placed in service in calendar year 2013. Clues fill 1040x form (2) Amount of the limitation. Clues fill 1040x form Tables 1 through 4 contain the dollar amount of the depreciation limitation for each taxable year for passenger automobiles a taxpayer places in service in calendar year 2013. Clues fill 1040x form Use Table 1 for a passenger automobile (other than a truck or van), and Table 2 for a truck or van, placed in service in calendar year 2013 for which the § 168(k) additional first year depreciation deduction applies. Clues fill 1040x form Use Table 3 for a passenger automobile (other than a truck or van), and Table 4 for a truck or van, placed in service in calendar year 2013 for which the § 168(k) additional first year depreciation deduction does not apply. Clues fill 1040x form REV. Clues fill 1040x form PROC. Clues fill 1040x form 2013-21 TABLE 1 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE IN CALENDAR YEAR 2013 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $11,160 2nd Tax Year $5,100 3rd Tax Year $3,050 Each Succeeding Year $1,875 REV. Clues fill 1040x form PROC. Clues fill 1040x form 2013-21 TABLE 2 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE IN CALENDAR YEAR 2013 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $11,360 2nd Tax Year $5,400 3rd Tax Year $3,250 Each Succeeding Year $1,975 REV. Clues fill 1040x form PROC. Clues fill 1040x form 2013-21 TABLE 3 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE IN CALENDAR YEAR 2013 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION DOES NOT APPLY Tax Year Amount 1st Tax Year $3,160 2nd Tax Year $5,100 3rd Tax Year $3,050 Each Succeeding Year $1,875 REV. Clues fill 1040x form PROC. Clues fill 1040x form 2013-21 TABLE 4 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE IN CALENDAR YEAR 2013 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION DOES NOT APPLY Tax Year Amount 1st Tax Year $3,360 2nd Tax Year $5,400 3rd Tax Year $3,250 Each Succeeding Year $1,975 . Clues fill 1040x form 02 Inclusions in Income of Lessees of Passenger Automobiles. Clues fill 1040x form A taxpayer must follow the procedures in § 1. Clues fill 1040x form 280F-7(a) for determining the inclusion amounts for passenger automobiles first leased in calendar year 2013. Clues fill 1040x form In applying these procedures, lessees of passenger automobiles other than trucks and vans should use Table 5 of this revenue procedure, while lessees of trucks and vans should use Table 6 of this revenue procedure. Clues fill 1040x form REV. Clues fill 1040x form PROC. Clues fill 1040x form 2013-21 TABLE 5 DOLLAR AMOUNTS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2013 Fair Market Value of Passenger Automobile Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th & later $19,000 $19,500 2 4 6 7 8 19,500 20,000 2 5 6 9 9 20,000 20,500 2 5 8 9 11 20,500 21,000 3 6 8 10 12 21,000 21,500 3 6 10 11 13 21,500 22,000 3 7 10 13 14 22,000 23,000 4 8 11 14 16 23,000 24,000 4 9 14 16 18 24,000 25,000 5 10 15 18 21 25,000 26,000 5 12 16 21 23 26,000 27,000 6 12 19 23 25 27,000 28,000 6 14 20 25 28 28,000 29,000 7 15 22 27 30 29,000 30,000 7 16 24 29 33 30,000 31,000 8 17 26 31 35 31,000 32,000 8 19 27 33 38 32,000 33,000 9 20 29 35 40 33,000 34,000 10 21 31 37 43 34,000 35,000 10 22 33 39 45 35,000 36,000 11 23 35 41 48 36,000 37,000 11 25 36 43 50 37,000 38,000 12 26 38 45 53 38,000 39,000 12 27 40 47 55 39,000 40,000 13 28 42 49 58 40,000 41,000 13 29 44 52 59 41,000 42,000 14 30 45 54 63 42,000 43,000 14 32 47 56 64 43,000 44,000 15 33 48 59 67 44,000 45,000 15 34 51 60 69 45,000 46,000 16 35 52 63 72 46,000 47,000 17 36 54 65 74 47,000 48,000 17 38 55 67 77 48,000 49,000 18 39 57 69 79 49,000 50,000 18 40 59 71 82 50,000 51,000 19 41 61 73 84 51,000 52,000 19 42 63 75 87 52,000 53,000 20 43 65 77 89 53,000 54,000 20 45 66 79 92 54,000 55,000 21 46 68 81 94 55,000 56,000 21 47 70 84 96 56,000 57,000 22 48 72 85 99 57,000 58,000 22 50 73 88 101 58,000 59,000 23 51 75 90 103 59,000 60,000 24 52 76 92 106 60,000 62,000 24 54 79 95 110 62,000 64,000 25 56 83 99 115 64,000 66,000 27 58 87 103 120 66,000 68,000 28 60 90 108 125 68,000 70,000 29 63 93 112 130 70,000 72,000 30 65 97 117 134 72,000 74,000 31 68 100 121 139 74,000 76,000 32 70 104 125 144 76,000 78,000 33 73 107 129 149 78,000 80,000 34 75 111 133 154 80,000 85,000 36 79 117 141 162 85,000 90,000 39 85 126 151 174 90,000 95,000 41 91 135 162 186 95,000 100,000 44 97 144 172 199 100,000 110,000 48 106 157 188 217 110,000 120,000 53 118 174 210 241 120,000 130,000 59 129 193 230 266 130,000 140,000 64 141 210 252 290 140,000 150,000 70 153 227 273 315 150,000 160,000 75 165 245 294 339 160,000 170,000 80 177 263 315 363 170,000 180,000 86 189 280 336 388 180,000 190,000 91 201 298 357 412 190,000 200,000 97 212 316 378 436 200,000 210,000 102 224 333 400 461 210,000 220,000 107 236 351 420 486 220,000 230,000 113 248 368 442 509 230,000 240,000 118 260 386 463 534 240,000 And up 124 272 403 484 558 REV. Clues fill 1040x form PROC. Clues fill 1040x form 2013-21 TABLE 6 DOLLAR AMOUNTS FOR TRUCKS AND VANS WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2013 Fair Market Value of Truck or Van Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th & later $19,000 $19,500 1 3 4 5 6 19,500 20,000 2 3 5 6 7 20,000 20,500 2 4 6 7 8 20,500 21,000 2 5 7 8 9 21,000 21,500 2 5 8 9 11 21,500 22,000 3 6 8 10 12 22,000 23,000 3 7 10 11 14 23,000 24,000 4 8 11 14 16 24,000 25,000 4 9 14 16 18 25,000 26,000 5 10 15 18 21 26,000 27,000 5 12 17 20 23 27,000 28,000 6 13 18 23 25 28,000 29,000 6 14 20 25 28 29,000 30,000 7 15 22 27 30 30,000 31,000 7 16 24 29 33 31,000 32,000 8 17 26 31 35 32,000 33,000 8 19 27 33 38 33,000 34,000 9 20 29 35 41 34,000 35,000 10 21 31 37 43 35,000 36,000 10 22 33 39 46 36,000 37,000 11 23 35 41 48 37,000 38,000 11 25 36 43 51 38,000 39,000 12 26 38 45 53 39,000 40,000 12 27 40 48 55 40,000 41,000 13 28 42 49 58 41,000 42,000 13 29 44 52 60 42,000 43,000 14 30 46 54 62 43,000 44,000 14 32 47 56 65 44,000 45,000 15 33 48 59 67 45,000 46,000 15 34 51 60 70 46,000 47,000 16 35 52 63 72 47,000 48,000 17 36 54 65 74 48,000 49,000 17 38 55 67 77 49,000 50,000 18 39 57 69 79 50,000 51,000 18 40 59 71 82 51,000 52,000 19 41 61 73 84 52,000 53,000 19 42 63 75 87 53,000 54,000 20 43 65 77 89 54,000 55,000 20 45 66 80 91 55,000 56,000 21 46 68 81 94 56,000 57,000 21 47 70 84 96 57,000 58,000 22 48 72 86 98 58,000 59,000 22 50 73 88 101 59,000 60,000 23 51 75 90 103 60,000 62,000 24 52 78 93 108 62,000 64,000 25 55 81 97 113 64,000 66,000 26 57 85 101 118 66,000 68,000 27 60 88 106 122 68,000 70,000 28 62 92 110 127 70,000 72,000 29 64 96 114 132 72,000 74,000 30 67 99 118 137 74,000 76,000 31 69 103 122 142 76,000 78,000 32 72 105 127 147 78,000 80,000 34 73 110 131 151 80,000 85,000 35 78 116 138 160 85,000 90,000 38 84 124 149 172 90,000 95,000 41 90 133 160 184 95,000 100,000 44 95 142 171 196 100,000 110,000 48 104 156 186 214 110,000 120,000 53 116 173 207 240 120,000 130,000 58 128 191 228 264 130,000 140,000 64 140 208 249 288 140,000 150,000 69 152 226 270 313 150,000 160,000 75 164 243 292 336 160,000 170,000 80 176 261 312 361 170,000 180,000 85 188 278 334 386 180,000 190,000 91 199 296 355 410 190,000 200,000 96 211 314 376 434 200,000 210,000 101 223 332 397 459 210,000 220,000 107 235 349 418 483 220,000 230,000 112 247 367 439 507 230,000 240,000 118 259 384 460 532 240,000 And up 123 271 401 482 556 SECTION 5. Clues fill 1040x form EFFECTIVE DATE This revenue procedure applies to passenger automobiles that a taxpayer first places in service or first leases during calendar year 2013. Clues fill 1040x form SECTION 6. Clues fill 1040x form DRAFTING INFORMATION The principal author of this revenue procedure is Bernard P. Clues fill 1040x form Harvey of the Office of Associate Chief Counsel (Income Tax & Accounting). Clues fill 1040x form For further information regarding this revenue procedure, contact Mr. Clues fill 1040x form Harvey at (202) 622-4930 (not a toll-free call). Clues fill 1040x form Prev  Up  Next   Home   More Internal Revenue Bulletins
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Updated IRS Smartphone App IRS2Go Version 4.0 Now Available

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IR-2014-11, Feb. 4, 2014

WASHINGTON — The Internal Revenue Service today announced the release of IRS2Go 4.0, an update to its smartphone application featuring new added features available in both English and Spanish.

The redesigned IRS2Go provides new features for taxpayers to access the latest information to help them in the preparation of their tax returns. In this version, IRS2Go highlights the addition of an innovative new refund status tracker, providing taxpayers an easy-to-use feature to follow their tax return throughout the process.

 “The new version of IRS2Go provides taxpayers another way to quickly get information and help around the clock,” said IRS Commissioner John Koskinen. “The IRS is focused on providing taxpayers with convenient self-service tools like IRS2Go, which provides details on everything from tax refunds to free tax assistance.”

There have been about 3.5 million downloads of IRS2Go since its inception in 2011. iPhone and iPod Touch users can update or download the free IRS2Go application by visiting the iTunes App Store. Android users can visit Google Play to download the free IRS2Go app.

The newest version of the free mobile app offers a number of safe and secure ways for taxpayers to access other popular tools and the most up-to-date tax information, including:

  • Refund Status. Taxpayers can check the status of their federal tax refund through IRS2Go. People simply enter their Social Security number, which will be masked and encrypted for security purposes, then select their filing status and enter the amount of their anticipated refund for their 2013 tax return. A new refund status tracker has been added so that taxpayers can follow their tax return throughout the process. Users can check their refund status 24 hours after the IRS acknowledges receipt of an e-filed return, or four weeks after mailing a paper return. The IRS reminds taxpayers the tool is updated just once a day, usually overnight, so there is no reason to check more than once a day.

  • Free Tax Prep Providers. The IRS Volunteer Income Tax Assistance (VITA) and the Tax Counseling for the Elderly (TCE) Programs offer free tax help for taxpayers who qualify. This brand new tool on IRS2Go will help taxpayers find the nearest VITA site to their home by simply entering their zip code and selecting a mileage range. By clicking on the directions button within the results, the maps application on the device will load with the address, making it easy to navigate to your desired location.

  • Tax Records. Taxpayers can request their tax account or tax return transcript from IRS2Go. The transcript will be delivered via the U.S. Postal Service to their address of record.

  • Stay Connected. Taxpayers can interact with the IRS by following the IRS on Twitter, @IRSnews or @IRSenEspanol, watching helpful videos on YouTube, signing up for email updates or by using the Contact Us feature.

For more information on IRS2Go, products and services through social media channels and other media products, visit www.IRS.gov.

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Page Last Reviewed or Updated: 04-Feb-2014

The Clues Fill 1040x Form

Clues fill 1040x form Internal Revenue Bulletin:  2010-9  March 1, 2010  Rev. Clues fill 1040x form Proc. Clues fill 1040x form 2010-18 Table of Contents SECTION 1. Clues fill 1040x form PURPOSE SECTION 2. Clues fill 1040x form BACKGROUND SECTION 3. Clues fill 1040x form SCOPE SECTION 4. Clues fill 1040x form APPLICATION SECTION 5. Clues fill 1040x form EFFECTIVE DATE SECTION 6. Clues fill 1040x form DRAFTING INFORMATION SECTION 1. Clues fill 1040x form PURPOSE This revenue procedure provides: (1) limitations on depreciation deductions for owners of passenger automobiles first placed in service by the taxpayer during calendar year 2010, including a separate table of limitations on depreciation deductions for trucks and vans; and (2) the amounts to be included in income by lessees of passenger automobiles first leased by the taxpayer during calendar year 2010, including a separate table of inclusion amounts for lessees of trucks and vans. Clues fill 1040x form The tables detailing these depreciation limitations and lessee inclusion amounts reflect the automobile price inflation adjustments required by § 280F(d)(7) of the Internal Revenue Code. Clues fill 1040x form SECTION 2. Clues fill 1040x form BACKGROUND . Clues fill 1040x form 01 For owners of passenger automobiles, § 280F(a) imposes dollar limitations on the depreciation deduction for the year the taxpayer places the passenger automobile in service and for each succeeding year. Clues fill 1040x form Section 280F(d)(7) requires the amounts allowable as depreciation deductions to be increased by a price inflation adjustment amount for passenger automobiles placed in service after 1988. Clues fill 1040x form The method of calculating this price inflation amount for trucks and vans placed in service in or after calendar year 2003 uses a different CPI “automobile component” (the “new trucks” component) than that used in the price inflation amount calculation for other passenger automobiles (the “new cars” component), resulting in somewhat higher depreciation deductions for trucks and vans. Clues fill 1040x form This change reflects the higher rate of price inflation for trucks and vans since 1988. Clues fill 1040x form . Clues fill 1040x form 02 Section 280F(c) requires a reduction in the deduction allowed to the lessee of a leased passenger automobile. Clues fill 1040x form The reduction must be substantially equivalent to the limitations on the depreciation deductions imposed on owners of passenger automobiles. Clues fill 1040x form Under § 1. Clues fill 1040x form 280F-7(a) of the Income Tax Regulations, this reduction requires a lessee to include in gross income an inclusion amount determined by applying a formula to the amount obtained from a table. Clues fill 1040x form One table applies to lessees of trucks and vans and another table applies to all other passenger automobiles. Clues fill 1040x form Each table shows inclusion amounts for a range of fair market values for each taxable year after the passenger automobile is first leased. Clues fill 1040x form SECTION 3. Clues fill 1040x form SCOPE . Clues fill 1040x form 01 The limitations on depreciation deductions in section 4. Clues fill 1040x form 01(2) of this revenue procedure apply to passenger automobiles (other than leased passenger automobiles) that are placed in service by the taxpayer in calendar year 2010, and continue to apply for each taxable year that the passenger automobile remains in service. Clues fill 1040x form . Clues fill 1040x form 02 The tables in section 4. Clues fill 1040x form 02 of this revenue procedure apply to leased passenger automobiles for which the lease term begins during calendar year 2010. Clues fill 1040x form Lessees of these passenger automobiles must use these tables to determine the inclusion amount for each taxable year during which the passenger automobile is leased. Clues fill 1040x form See Rev. Clues fill 1040x form Proc. Clues fill 1040x form 2005-13, 2005-1 C. Clues fill 1040x form B. Clues fill 1040x form 759, for passenger automobiles first leased before calendar year 2006; Rev. Clues fill 1040x form Proc. Clues fill 1040x form 2006-18, 2006-1 C. Clues fill 1040x form B. Clues fill 1040x form 645, for passenger automobiles first leased during calendar year 2006; Rev. Clues fill 1040x form Proc. Clues fill 1040x form 2007-30, 2007-1 C. Clues fill 1040x form B. Clues fill 1040x form 1104, for passenger automobiles first leased during calendar year 2007; Rev. Clues fill 1040x form Proc. Clues fill 1040x form 2008-22, 2008-12 I. Clues fill 1040x form R. Clues fill 1040x form B. Clues fill 1040x form 658, for passenger automobiles first leased during calendar year 2008; and Rev. Clues fill 1040x form Proc. Clues fill 1040x form 2009-24, 2009-17 I. Clues fill 1040x form R. Clues fill 1040x form B. Clues fill 1040x form 885, for passenger automobiles first leased during calendar year 2009. Clues fill 1040x form SECTION 4. Clues fill 1040x form APPLICATION . Clues fill 1040x form 01 Limitations on Depreciation Deductions for Certain Automobiles. Clues fill 1040x form (1) Amount of the inflation adjustment. Clues fill 1040x form (a) Passenger automobiles (other than trucks or vans). Clues fill 1040x form Under § 280F(d)(7)(B)(i), the automobile price inflation adjustment for any calendar year is the percentage (if any) by which the CPI automobile component for October of the preceding calendar year exceeds the CPI automobile component for October 1987. Clues fill 1040x form The term “CPI automobile component” is defined in § 280F(d)(7)(B)(ii) as the “automobile component” of the Consumer Price Index for all Urban Consumers published by the Department of Labor. Clues fill 1040x form The new car component of the CPI was 115. Clues fill 1040x form 2 for October 1987 and 137. Clues fill 1040x form 851 for October 2009. Clues fill 1040x form The October 2009 index exceeded the October 1987 index by 22. Clues fill 1040x form 651. Clues fill 1040x form Therefore, the automobile price inflation adjustment for 2010 for passenger automobiles (other than trucks and vans) is 19. Clues fill 1040x form 66 percent (22. Clues fill 1040x form 651/115. Clues fill 1040x form 2 x 100%). Clues fill 1040x form The dollar limitations in § 280F(a) are multiplied by a factor of 0. Clues fill 1040x form 1966, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations applicable to passenger automobiles (other than trucks and vans) for calendar year 2010. Clues fill 1040x form This adjustment applies to all passenger automobiles (other than trucks and vans) that are first placed in service in calendar year 2010. Clues fill 1040x form (b) Trucks and vans. Clues fill 1040x form To determine the dollar limitations for trucks and vans first placed in service during calendar year 2010, the new truck component of the CPI is used instead of the new car component. Clues fill 1040x form The new truck component of the CPI was 112. Clues fill 1040x form 4 for October 1987 and 140. Clues fill 1040x form 897 for October 2009. Clues fill 1040x form The October 2009 index exceeded the October 1987 index by 28. Clues fill 1040x form 497. Clues fill 1040x form Therefore, the automobile price inflation adjustment for 2010 for trucks and vans is 25. Clues fill 1040x form 35 percent (28. Clues fill 1040x form 497/112. Clues fill 1040x form 4 x 100%). Clues fill 1040x form The dollar limitations in § 280F(a) are multiplied by a factor of 0. Clues fill 1040x form 2535, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations for trucks and vans. Clues fill 1040x form This adjustment applies to all trucks and vans that are first placed in service in calendar year 2010. Clues fill 1040x form (2) Amount of the limitation. Clues fill 1040x form Tables 1 and 2 contain the dollar amount of the depreciation limitation for each taxable year for passenger automobiles a taxpayer places in service in calendar year 2010. Clues fill 1040x form Use Table 1 for a passenger automobile (other than a truck or van) and Table 2 for a truck or van placed in service in calendar year 2010. Clues fill 1040x form REV. Clues fill 1040x form PROC. Clues fill 1040x form 2010-18 TABLE 1 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE IN CALENDAR YEAR 2010 Tax Year Amount 1st Tax Year $3,060 2nd Tax Year $4,900 3rd Tax Year $2,950 Each Succeeding Year $1,775 REV. Clues fill 1040x form PROC. Clues fill 1040x form 2010-18 TABLE 2 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE IN CALENDAR YEAR 2010 Tax Year Amount 1st Tax Year $3,160 2nd Tax Year $5,100 3rd Tax Year $3,050 Each Succeeding Year $1,875 . Clues fill 1040x form 02 Inclusions in Income of Lessees of Passenger Automobiles. Clues fill 1040x form A taxpayer must follow the procedures in § 1. Clues fill 1040x form 280F-7(a) for determining the inclusion amounts for passenger automobiles first leased in calendar year 2010. Clues fill 1040x form In applying these procedures, lessees of passenger automobiles other than trucks and vans should use Table 3 of this revenue procedure, while lessees of trucks and vans should use Table 4 of this revenue procedure. Clues fill 1040x form REV. Clues fill 1040x form PROC. Clues fill 1040x form 2010-18 TABLE 3 DOLLAR AMOUNTS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2010 Fair Market Value of Passenger Automobile Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th & Later $16,700 $17,000 3 7 10 11 14 17,000 17,500 4 8 13 15 16 17,500 18,000 5 10 16 19 21 18,000 18,500 6 13 18 23 26 18,500 19,000 7 15 22 26 31 19,000 19,500 8 17 25 30 35 19,500 20,000 9 19 29 34 39 20,000 20,500 10 21 32 38 44 20,500 21,000 11 23 35 42 48 21,000 21,500 12 26 38 45 53 21,500 22,000 13 28 41 50 57 22,000 23,000 14 31 46 56 63 23,000 24,000 16 36 52 63 73 24,000 25,000 18 40 59 71 81 25,000 26,000 20 44 66 78 90 26,000 27,000 22 49 71 86 100 27,000 28,000 24 53 78 94 108 28,000 29,000 26 57 85 101 118 29,000 30,000 28 61 92 109 126 30,000 31,000 30 66 97 117 135 31,000 32,000 32 70 104 125 144 32,000 33,000 34 74 111 132 153 33,000 34,000 36 79 117 140 161 34,000 35,000 38 83 123 148 171 35,000 36,000 40 87 130 156 179 36,000 37,000 42 92 136 163 188 37,000 38,000 44 96 143 170 198 38,000 39,000 46 100 149 179 206 39,000 40,000 48 105 155 186 215 40,000 41,000 50 109 162 194 224 41,000 42,000 52 113 169 201 233 42,000 43,000 54 118 174 210 241 43,000 44,000 56 122 181 217 251 44,000 45,000 58 126 188 225 259 45,000 46,000 60 131 194 232 269 46,000 47,000 61 135 201 240 277 47,000 48,000 63 140 207 248 286 48,000 49,000 65 144 213 256 295 49,000 50,000 67 148 220 263 304 50,000 51,000 69 153 226 271 313 51,000 52,000 71 157 232 279 322 52,000 53,000 73 161 239 287 331 53,000 54,000 75 166 245 294 340 54,000 55,000 77 170 252 302 348 55,000 56,000 79 174 258 310 358 56,000 57,000 81 178 265 318 366 57,000 58,000 83 183 271 325 375 58,000 59,000 85 187 278 333 384 59,000 60,000 87 191 284 341 393 60,000 62,000 90 198 294 352 406 62,000 64,000 94 207 306 368 424 64,000 66,000 98 215 320 382 443 66,000 68,000 102 224 332 398 460 68,000 70,000 106 232 346 413 478 70,000 72,000 110 241 358 429 496 72,000 74,000 114 250 371 444 513 74,000 76,000 118 258 384 460 531 76,000 78,000 122 267 396 476 549 78,000 80,000 126 276 409 491 566 80,000 85,000 132 291 432 518 598 85,000 90,000 142 313 464 556 643 90,000 95,000 152 334 497 594 687 95,000 100,000 162 356 528 634 731 100,000 110,000 177 388 577 691 798 110,000 120,000 196 432 641 768 887 120,000 130,000 216 475 705 846 976 130,000 140,000 236 518 770 922 1,065 140,000 150,000 256 561 834 1,000 1,154 150,000 160,000 275 605 898 1,077 1,243 160,000 170,000 295 648 963 1,153 1,333 170,000 180,000 315 691 1,027 1,231 1,421 180,000 190,000 334 735 1,091 1,308 1,510 190,000 200,000 354 778 1,155 1,386 1,599 200,000 210,000 374 821 1,220 1,462 1,688 210,000 220,000 393 865 1,284 1,539 1,777 220,000 230,000 413 908 1,348 1,617 1,866 230,000 240,000 433 951 1,413 1,693 1,956 240,000 and up 453 995 1,476 1,771 2,044 REV. Clues fill 1040x form PROC. Clues fill 1040x form 2010-18 TABLE 4 DOLLAR AMOUNTS FOR TRUCKS AND VANS WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2010 Fair Market Value of Passenger Automobile Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th & Later 17,000 17,500 3 6 9 10 11 17,500 18,000 4 8 12 14 16 18,000 18,500 5 10 15 18 21 18,500 19,000 6 12 19 22 24 19,000 19,500 7 15 21 26 29 19,500 20,000 8 17 25 29 34 20,000 20,500 9 19 28 33 38 20,500 21,000 10 21 31 37 43 21,000 21,500 11 23 35 41 47 21,500 22,000 12 25 38 45 51 22,000 23,000 13 29 42 51 58 23,000 24,000 15 33 49 58 67 24,000 25,000 17 37 56 66 76 25,000 26,000 19 42 62 73 85 26,000 27,000 21 46 68 82 93 27,000 28,000 23 50 75 89 103 28,000 29,000 25 55 81 97 111 29,000 30,000 27 59 88 104 121 30,000 31,000 29 63 94 113 129 31,000 32,000 31 68 100 120 138 32,000 33,000 33 72 107 127 148 33,000 34,000 35 76 114 135 156 34,000 35,000 37 81 119 143 165 35,000 36,000 39 85 126 151 174 36,000 37,000 41 89 133 158 183 37,000 38,000 43 94 139 166 191 38,000 39,000 45 98 145 174 201 39,000 40,000 47 102 152 182 209 40,000 41,000 49 106 159 189 218 41,000 42,000 51 111 164 198 227 42,000 43,000 53 115 171 205 236 43,000 44,000 55 119 178 213 245 44,000 45,000 57 124 184 220 254 45,000 46,000 59 128 190 228 263 46,000 47,000 60 133 197 235 272 47,000 48,000 62 137 203 244 280 48,000 49,000 64 142 209 251 290 49,000 50,000 66 146 216 259 298 50,000 51,000 68 150 223 266 308 51,000 52,000 70 154 229 275 316 52,000 53,000 72 159 235 282 325 53,000 54,000 74 163 242 290 334 54,000 55,000 76 167 249 297 343 55,000 56,000 78 172 254 305 352 56,000 57,000 80 176 261 313 361 57,000 58,000 82 180 268 320 370 58,000 59,000 84 185 274 328 378 59,000 60,000 86 189 280 336 388 60,000 62,000 89 195 291 347 401 62,000 64,000 93 204 303 363 418 64,000 66,000 97 213 315 379 436 66,000 68,000 101 221 329 394 454 68,000 70,000 105 230 341 410 472 70,000 72,000 109 239 354 424 490 72,000 74,000 113 247 367 440 508 74,000 76,000 117 256 380 455 526 76,000 78,000 121 264 393 471 543 78,000 80,000 125 273 406 486 561 80,000 85,000 131 289 428 513 592 85,000 90,000 141 310 461 552 636 90,000 95,000 151 332 492 591 681 95,000 100,000 161 353 525 629 726 100,000 110,000 176 386 573 686 793 110,000 120,000 195 430 637 763 882 120,000 130,000 215 473 701 841 971 130,000 140,000 235 516 766 918 1,059 140,000 150,000 255 559 830 995 1,149 150,000 160,000 274 603 894 1,072 1,238 160,000 170,000 294 646 958 1,150 1,326 170,000 180,000 314 689 1,023 1,226 1,416 180,000 190,000 333 733 1,087 1,303 1,505 190,000 200,000 353 776 1,151 1,381 1,594 200,000 210,000 373 819 1,216 1,457 1,683 210,000 220,000 392 863 1,280 1,534 1,772 220,000 230,000 412 906 1,344 1,612 1,861 230,000 240,000 432 949 1,409 1,689 1,949 240,000 and up 452 992 1,473 1,766 2,039 SECTION 5. Clues fill 1040x form EFFECTIVE DATE This revenue procedure applies to passenger automobiles that a taxpayer first places in service or first leases during calendar year 2010. Clues fill 1040x form SECTION 6. Clues fill 1040x form DRAFTING INFORMATION The principal author of this revenue procedure is Bernard P. Clues fill 1040x form Harvey of the Office of Associate Chief Counsel (Income Tax & Accounting). Clues fill 1040x form For further information regarding this revenue procedure, contact Mr. Clues fill 1040x form Harvey at (202) 622-4930 (not a toll-free call). Clues fill 1040x form Prev  Up  Next   Home   More Internal Revenue Bulletins