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Ez Tax Form

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Ez Tax Form

Ez tax form 1. Ez tax form   Canceled Debts Table of Contents General RulesForm 1099-C Discounts and loan modifications Sales or other dispositions (such as foreclosures and repossessions) Abandonments Stockholder debt This chapter discusses the tax treatment of canceled debts. Ez tax form General Rules Generally, if a debt for which you are personally liable is forgiven or discharged for less than the full amount owed, the debt is considered canceled in whatever amount it remained unpaid. Ez tax form There are exceptions to this rule, discussed under Exceptions , later. Ez tax form Generally, you must include the canceled debt in your income. Ez tax form However, you may be able to exclude the canceled debt. Ez tax form See Exclusions , later. Ez tax form Example. Ez tax form John owed $1,000 to Mary. Ez tax form Mary agreed to accept and John paid $400 in satisfaction of the entire debt. Ez tax form John has canceled debt of $600. Ez tax form Example. Ez tax form Margaret owed $1,000 to Henry. Ez tax form Henry and Margaret agreed that Margaret would provide Henry with services (instead of money) in full satisfaction of the debt. Ez tax form Margaret does not have canceled debt. Ez tax form Instead, she has income from services. Ez tax form A debt includes any indebtedness: For which you are liable, or Subject to which you hold property. Ez tax form Debt for which you are personally liable is recourse debt. Ez tax form All other debt is nonrecourse debt. Ez tax form If you are not personally liable for the debt, you do not have ordinary income from the cancellation of debt unless you retain the collateral and either: The lender offers a discount for the early payment of the debt, or The lender agrees to a loan modification that results in the reduction of the principal balance of the debt. Ez tax form See Discounts and loan modifications , later. Ez tax form However, upon the disposition of the property securing a nonrecourse debt, the amount realized includes the entire unpaid amount of the debt, not just the FMV of the property. Ez tax form As a result, you may realize a gain or loss if the outstanding debt immediately before the disposition is more or less than your adjusted basis in the property. Ez tax form For more details on figuring your gain or loss, see chapter 2 of this publication or see Publication 544. Ez tax form There are several exceptions and exclusions that may result in part or all of a canceled debt being nontaxable. Ez tax form See Exceptions and Exclusions, later. Ez tax form You must report any taxable canceled debt as ordinary income on: Form 1040 or Form 1040NR, line 21, if the debt is a nonbusiness debt; Schedule C (Form 1040), line 6 (or Schedule C-EZ (Form 1040), line 1), if the debt is related to a nonfarm sole proprietorship; Schedule E (Form 1040), line 3, if the debt is related to nonfarm rental of real property; Form 4835, line 6, if the debt is related to a farm rental activity for which you use Form 4835 to report farm rental income based on crops or livestock produced by a tenant; or Schedule F (Form 1040), line 8, if the debt is farm debt and you are a farmer. Ez tax form Form 1099-C If you receive a Form 1099-C, that means an applicable entity has reported an identifiable event to the IRS regarding a debt you owe. Ez tax form The identifiable event may be an actual cancellation of the debt or it may be an event the applicable entity is required, solely for purposes of reporting to the IRS, to treat as a cancellation of debt. Ez tax form For information on the reasons an applicable entity files Form 1099-C, see Identifiable event codes, later. Ez tax form Unless you meet one of the exceptions or exclusions discussed later, this canceled debt is ordinary income and must be reported on the appropriate form discussed above. Ez tax form An applicable entity includes: A federal government agency, A financial institution, A credit union, and Any organization a significant trade or business of which is lending money. Ez tax form Identifiable event codes. Ez tax form    Box 6 of Form 1099-C should indicate the reason the creditor filed this form. Ez tax form The codes shown in box 6 are explained below. Ez tax form Also see the chart after the explanation for a quick reference guide for the codes used in Box 6. Ez tax form Note. Ez tax form Codes A through G and I identify specific occurrences resulting from an actual discharge of indebtedness. Ez tax form However, Code H, Expiration of nonpayment testing period, does not necessarily identify an actual discharge of indebtedness. Ez tax form Code A — Bankruptcy. Ez tax form Code A is used to identify cancellation of debt as a result of a title 11 bankruptcy case. Ez tax form See Bankruptcy , later. Ez tax form Code B — Other judicial debt relief. Ez tax form Code B is used to identify cancellation of debt as a result of a receivership, foreclosure, or similar federal or state court proceeding other than bankruptcy. Ez tax form Code C — Statute of limitations or expiration of deficiency period. Ez tax form Code C is used to identify cancellation of debt either when the statute of limitations for collecting the debt expires or when the statutory period for filing a claim or beginning a deficiency judgment proceeding expires. Ez tax form In the case of the expiration of a statute of limitations, an identifiable event occurs only if and when your affirmative defense of the statute of limitations is upheld in a final judgment or decision in a judicial proceeding, and the period for appealing the judgment or decision has expired. Ez tax form Code D — Foreclosure election. Ez tax form Code D is used to identify cancellation of debt when the creditor elects foreclosure remedies that statutorily end or bar the creditor's right to pursue collection of the debt. Ez tax form This event applies to a mortgage lender or holder who is barred from pursuing debt collection after a power of sale in the mortgage or deed of trust is exercised. Ez tax form Code E — Debt relief from probate or similar proceeding. Ez tax form Code E is used to identify cancellation of debt as a result of a probate court or similar legal proceeding. Ez tax form Code F — By agreement. Ez tax form Code F is used to identify cancellation of debt as a result of an agreement between the creditor and the debtor to cancel the debt at less than full consideration. Ez tax form Code G — Decision or policy to discontinue collection. Ez tax form Code G is used to identify cancellation of debt as a result of a decision or a defined policy of the creditor to discontinue collection activity and cancel the debt. Ez tax form For purposes of this identifiable event, a defined policy includes both a written policy and the creditor's established business practice. Ez tax form Code H — Expiration of nonpayment testing period. Ez tax form Code H is used to indicate that the creditor has not received a payment on the debt during a testing period ending on December 31, 2013. Ez tax form The testing period is a 36-month period increased by the number of months the creditor was prevented from engaging in collection activity by a stay in bankruptcy or similar bar under state or local law. Ez tax form This identifiable event applies only for a creditor that is a financial institution or credit union (and certain of their subsidiaries), the Federal Deposit Insurance Corporation (FDIC), Resolution Trust Corporation (RTC), National Credit Union Administration (NCUA), and other Federal executive agencies. Ez tax form Expiration of the nonpayment testing period does not necessarily result from an actual discharge of indebtedness. Ez tax form Code I — Other actual discharge before identifiable event. Ez tax form Code I is used to identify an actual cancellation of debt that occurs before any of the identifiable events described in codes A through H. Ez tax form Form 1099-C Reference Guide for Box 6 Identifiable Event Codes A Bankruptcy B Other judicial debt relief C Statute of limitations or expiration of deficiency period D Foreclosure election E Debt relief from probate or similar proceeding F By agreement G Decision or policy to discontinue collection H Expiration of nonpayment testing period I Other actual discharge before identifiable event Even if you did not receive a Form 1099-C, you must report canceled debt as gross income on your tax return unless one of the exceptions or exclusions described later applies. Ez tax form Amount of canceled debt. Ez tax form    The amount in box 2 of Form 1099-C may represent some or all of the debt that has been canceled or treated as canceled. Ez tax form The amount in box 2 will include principal and may include interest and other nonprincipal amounts (such as fees or penalties). Ez tax form Unless you meet one of the exceptions or exclusions discussed later, the amount of the debt that has been canceled is ordinary income and must be reported on the appropriate form as discussed earlier. Ez tax form Interest included in canceled debt. Ez tax form    If any interest is included in the amount of canceled debt in box 2, it will be shown in box 3. Ez tax form Whether the interest portion of the canceled debt must be included in your income depends on whether the interest would be deductible if you paid it. Ez tax form See Deductible Debt under Exceptions, later. Ez tax form Persons who each receive a Form 1099-C showing the full amount of debt. Ez tax form    If you and another person were jointly and severally liable for a canceled debt, each of you may get a Form 1099-C showing the entire amount of the canceled debt. Ez tax form However, you may not have to report that entire amount as income. Ez tax form The amount, if any, you must report depends on all the facts and circumstances, including: State law, The amount of debt proceeds each person received, How much of any interest deduction from the debt was claimed by each person, How much of the basis of any co-owned property bought with the debt proceeds was allocated to each co-owner, and Whether the canceled debt qualifies for any of the exceptions or exclusions described in this publication. Ez tax form See Example 3 under Insolvency, later. Ez tax form Discounts and loan modifications If a lender discounts (reduces) the principal balance of a loan because you pay it off early, or agrees to a loan modification (a “workout”) that includes a reduction in the principal balance of a loan, the amount of the discount or the amount of principal reduction is canceled debt. Ez tax form However, if the debt is nonrecourse and you did not retain the collateral, you do not have cancellation of the debt income. Ez tax form The amount of the canceled debt must be included in income unless one of the exceptions or exclusions described later applies. Ez tax form For more details, see Exceptions and Exclusions, later. Ez tax form Sales or other dispositions (such as foreclosures and repossessions) Recourse debt. Ez tax form   If you owned property that was subject to a recourse debt in excess of the FMV of the property, the lender's foreclosure or repossession of the property is treated as a sale or disposition of the property by you and may result in your realization of gain or loss. Ez tax form The gain or loss on the disposition of the property is measured by the difference between the FMV of the property at the time of the disposition and your adjusted basis (usually your cost) in the property. Ez tax form The character of the gain or loss (such as ordinary or capital) is determined by the character of the property. Ez tax form If the lender forgives all or part of the amount of the debt in excess of the FMV of the property, the cancellation of the excess debt may result in ordinary income. Ez tax form The ordinary income from the cancellation of debt (the excess of the canceled debt over the FMV of the property) must be included in your gross income reported on your tax return unless one of the exceptions or exclusions described later applies. Ez tax form For more details, see Exceptions and Exclusions, later. Ez tax form Nonrecourse debt. Ez tax form   If you owned property that was subject to a nonrecourse debt in excess of the FMV of the property, the lender's foreclosure on the property does not result in ordinary income from the cancellation of debt. Ez tax form The entire amount of the nonrecourse debt is treated as an amount realized on the disposition of the property. Ez tax form The gain or loss on the disposition of the property is measured by the difference between the total amount realized (the entire amount of the nonrecourse debt plus the amount of cash and the FMV of any property received) and your adjusted basis in the property. Ez tax form The character of the gain or loss is determined by the character of the property. Ez tax form More information. Ez tax form    See Publications 523, 544, and 551, and chapter 2 of this publication for more details. Ez tax form Abandonments Recourse debt. Ez tax form   If you abandon property that secures a debt for which you are personally liable (recourse debt) and the debt is canceled, you will realize ordinary income equal to the canceled debt. Ez tax form You must report this income on your tax return unless one of the exceptions or exclusions described later applies. Ez tax form For more details, see Exceptions and Exclusions, later. Ez tax form This income is separate from any amount realized from the abandonment of the property. Ez tax form For more details, see chapter 3. Ez tax form Nonrecourse debt. Ez tax form   If you abandon property that secures a debt for which you are not personally liable (nonrecourse debt), you may realize gain or loss but will not have cancellation of indebtedness income. Ez tax form Stockholder debt If you are a stockholder in a corporation and the corporation cancels or forgives your debt to it, the canceled debt is a constructive distribution. Ez tax form For more information, see Publication 542, Corporations. Ez tax form Prev  Up  Next   Home   More Online Publications
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CP 91 - Final Notice Before Levy on Social Security Benefits

Details About This Notice:
Sample Content: Page 1, Page 2
Purpose:   We send CP 91 to inform the recipient of our intent to levy on their Social Security Benefits.
Reason for Issuance:   The recipient has a balance due on their account that we've previously sent a notice about. That balance due is still unpaid. We send a CP 91 to inform the recipient that the amount is still due, that we intend to take up to 15% of their their Social Security Benefits to pay it, and what steps they need to take within 30 days to prevent us from taking this action.
Account Balance:   Balance Due
     

Frequently Asked Questions About This Notice

Page Last Reviewed or Updated: 25-Feb-2014

The Ez Tax Form

Ez tax form 34. Ez tax form   Child Tax Credit Table of Contents Introduction Useful Items - You may want to see: Qualifying Child Amount of CreditLimits on the Credit Claiming the Credit Additional Child Tax Credit Completing Schedule 8812 (Form 1040A or 1040)Part I Parts II–IV Introduction The child tax credit is a credit that may reduce your tax by as much as $1,000 for each of your qualifying children. Ez tax form The additional child tax credit is a credit you may be able to take if you are not able to claim the full amount of the child tax credit. Ez tax form This chapter explains the following. Ez tax form Who is a qualifying child. Ez tax form The amount of the credit. Ez tax form How to claim the credit. Ez tax form The child tax credit and the additional child tax credit should not be confused with the child and dependent care credit discussed in chapter 32. Ez tax form If you have no tax. Ez tax form   Credits, such as the child tax credit or the credit for child and dependent care expenses, are used to reduce tax. Ez tax form If your tax on Form 1040, line 46, or Form 1040A, line 28, is zero, do not figure the child tax credit because there is no tax to reduce. Ez tax form However, you may qualify for the additional child tax credit on line 65 (Form 1040) or line 39 (Form 1040A). Ez tax form Useful Items - You may want to see: Publication 972 Child Tax Credit Form (and Instructions) Schedule 8812 (Form 1040A or 1040) Child Tax Credit W-4 Employee's Withholding Allowance Certificate Qualifying Child A qualifying child for purposes of the child tax credit is a child who: Is your son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister, or a descendant of any of them (for example, your grandchild, niece, or nephew), Was under age 17 at the end of 2013, Did not provide over half of his or her own support for 2013, Lived with you for more than half of 2013 (see Exceptions to time lived with you , later), Is claimed as a dependent on your return, Does not file a joint return for the year (or files it only as a claim for refund), and Was a U. Ez tax form S. Ez tax form citizen, a U. Ez tax form S. Ez tax form national, or a resident of the United States. Ez tax form If the child was adopted, see Adopted child , later. Ez tax form For each qualifying child you must check the box on Form 1040 or Form 1040A, line 6c. Ez tax form Example 1. Ez tax form Your son turned 17 on December 30, 2013. Ez tax form He is a citizen of the United States and you claimed him as a dependent on your return. Ez tax form He is not a qualifying child for the child tax credit because he was not under age 17 at the end of 2013. Ez tax form Example 2. Ez tax form Your daughter turned 8 years old in 2013. Ez tax form She is not a citizen of the United States, has an ITIN, and lived in Mexico all of 2013. Ez tax form She is not a qualifying child for the child tax credit because she was not a resident of the United States for 2013. Ez tax form Filers who have certain child dependents with an Individual Taxpayer Identification Number (ITIN). Ez tax form   If you are claiming a child tax credit or additional child tax credit for a child you identified on your tax return with an ITIN instead of an SSN, you must complete Part I of Schedule 8812 (Form 1040A or 1040). Ez tax form   Although a child may be your dependent, you may only claim a child tax credit or additional child tax credit for a dependent who is a citizen, national, or resident of the United States. Ez tax form To be treated as a resident of the United States, a child generally will need to meet the requirements of the substantial presence test. Ez tax form For more information about the substantial presence test, see Publication 519, U. Ez tax form S. Ez tax form Tax Guide for Aliens. Ez tax form Adopted child. Ez tax form   An adopted child is always treated as your own child. Ez tax form An adopted child includes a child lawfully placed with you for legal adoption. Ez tax form   If you are a U. Ez tax form S. Ez tax form citizen or U. Ez tax form S. Ez tax form national and your adopted child lived with you all year as a member of your household in 2013, that child meets condition (7) above to be a qualifying child for the child tax credit. Ez tax form Exceptions to time lived with you. Ez tax form   A child is considered to have lived with you for more than half of 2013 if the child was born or died in 2013 and your home was this child's home for more than half the time he or she was alive. Ez tax form Temporary absences by you or the child for special circumstances, such as for school, vacation, business, medical care, military service, or detention in a juvenile facility, count as time the child lived with you. Ez tax form   There are also exceptions for kidnapped children and children of divorced or separated parents. Ez tax form For details, see Residency Test in chapter 3. Ez tax form Qualifying child of more than one person. Ez tax form   A special rule applies if your qualifying child is the qualifying child of more than one person. Ez tax form For details, see Special Rule for Qualifying Child of More Than One Person in chapter 3. Ez tax form Amount of Credit The maximum amount you can claim for the credit is $1,000 for each qualifying child. Ez tax form Limits on the Credit You must reduce your child tax credit if either (1) or (2) applies. Ez tax form The amount on Form 1040, line 46, or Form 1040A, line 28, is less than the credit. Ez tax form If this amount is zero, you cannot take this credit because there is no tax to reduce. Ez tax form But you may be able to take the additional child tax credit. Ez tax form See Additional Child Tax Credit , later. Ez tax form Your modified adjusted gross income (AGI) is more than the amount shown below for your filing status. Ez tax form Married filing jointly - $110,000. Ez tax form Single, head of household, or qualifying widow(er) - $75,000. Ez tax form Married filing separately - $55,000. Ez tax form Modified AGI. Ez tax form   For purposes of the child tax credit, your modified AGI is your AGI plus the following amounts that may apply to you. Ez tax form Any amount excluded from income because of the exclusion of income from  Puerto Rico. Ez tax form On the dotted line next to Form 1040, line 38, enter the amount excluded and identify it as “EPRI. Ez tax form ” Also attach a copy of any Form(s) 499R-2/W-2PR to your return. Ez tax form Any amount on line 45 or line 50 of Form 2555, Foreign Earned Income. Ez tax form Any amount on line 18 of Form 2555-EZ, Foreign Earned Income Exclusion. Ez tax form Any amount on line 15 of Form 4563, Exclusion of Income for Bona Fide Residents of American Samoa. Ez tax form   If you do not have any of the above, your modified AGI is the same as your AGI. Ez tax form AGI. Ez tax form   Your AGI is the amount on Form 1040, line 38, or Form 1040A, line 22. Ez tax form Claiming the Credit To claim the child tax credit, you must file Form 1040 or Form 1040A. Ez tax form You cannot claim the child tax credit on Form 1040EZ. Ez tax form You must provide the name and identification number (usually a social security number) on your tax return for each qualifying child. Ez tax form If you claim the child tax credit with a child identified by an ITIN, you must also file Schedule 8812. Ez tax form To figure your credit, first review the Child Tax Credit Worksheet in your Form 1040 or 1040A instructions. Ez tax form If you are instructed to use Publication 972, you may not use the worksheet in your tax return instructions; instead, you must use Publication 972 to figure the credit. Ez tax form If you are not instructed to use Publication 972, you may use the Child Tax Credit Worksheet in your Form 1040 or 1040A instructions or Publication 972 to figure the credit. Ez tax form Additional Child Tax Credit This credit is for certain individuals who get less than the full amount of the child tax credit. Ez tax form The additional child tax credit may give you a refund even if you do not owe any tax. Ez tax form How to claim the additional child tax credit. Ez tax form   To claim the additional child tax credit, follow the steps below. Ez tax form Make sure you figured the amount, if any, of your child tax credit. Ez tax form See Claiming the Credit , earlier. Ez tax form If you answered “Yes” on line 9 or line 10 of the Child Tax Credit Worksheet in the Form 1040 or Form 1040A instructions, or line 13 of the Child Tax Credit Worksheet in Publication 972, use Parts II through IV of Schedule 8812 to see if you can take the additional child tax credit. Ez tax form If you have an additional child tax credit on line 13 of Schedule 8812, carry it to Form 1040, line 65, or Form 1040A, line 39. Ez tax form Completing Schedule 8812 (Form 1040A or 1040) Schedule 8812 contains four parts, but can really be thought of as two sections. Ez tax form Part I is distinct and separate from Parts II–IV. Ez tax form If all your children are identified by social security numbers or IRS adoption taxpayer identification numbers and you are not claiming the additional child tax credit, you do not need to complete or attach Schedule 8812 to your tax return. Ez tax form Part I You only need to complete Part I if you are claiming the child tax credit for a child identified by an IRS individual taxpayer identification number (ITIN). Ez tax form When completing Part I, only answer the questions with regard to children identified by an ITIN; you do not need to complete Part I of Schedule 8812 for any child that is identified by a social security number (SSN) or an IRS adoption taxpayer identification number (ATIN). Ez tax form If all the children for whom you checked the box in column 4 of line 6c on your Form 1040 or Form 1040A are identified by an SSN or an ATIN, you do not need to complete Part I of Schedule 8812. Ez tax form Parts II–IV Parts II–IV help you figure your additional child tax credit. Ez tax form Generally, you should only complete Parts II–IV if you are instructed to do so after completing the Child Tax Credit Worksheet in your tax return instructions or Publication 972. Ez tax form See How to claim the additional child tax credit , earlier. Ez tax form Prev  Up  Next   Home   More Online Publications