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Filing 2011 Taxes

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Filing 2011 Taxes

Filing 2011 taxes Publication 550 - Introductory Material Table of Contents Future Developments What's New Reminders IntroductionOrdering forms and publications. Filing 2011 taxes Tax questions. Filing 2011 taxes Future Developments For the latest information about developments related to Publication 550, such as legislation enacted after it was published, go to www. Filing 2011 taxes irs. Filing 2011 taxes gov/pub550. Filing 2011 taxes What's New Net investment income tax (NIIT). Filing 2011 taxes  Beginning in 2013, you may be subject to the NIIT. Filing 2011 taxes The NIIT applies at a rate of 3. Filing 2011 taxes 8% to certain net investment income of individuals, estates, and trusts that have income above statutory threshold amounts. Filing 2011 taxes See Net investment income tax (NIIT) , later. Filing 2011 taxes Maximum capital gain rates. Filing 2011 taxes  For 2013, the maximum capital gain rates are 0%, 15%, 20%, 25%, and 28%. Filing 2011 taxes See Capital Gain Tax Rates , later, for more information. Filing 2011 taxes Gift tax exclusion amount increased. Filing 2011 taxes  For calendar year 2013, the first $14,000 of gifts to any person (other than gifts of future interests in property) are not included in the total amount of taxable gifts. Filing 2011 taxes See Property Received as a Gift , later. Filing 2011 taxes Reminders Mutual fund distributions. Filing 2011 taxes  Publication 564, Mutual Fund Distributions, has been incorporated into this publication. Filing 2011 taxes Foreign source income. Filing 2011 taxes  If you are a U. Filing 2011 taxes S. Filing 2011 taxes citizen with investment income from sources outside the United States (foreign income), you must report that income on your tax return unless it is exempt by U. Filing 2011 taxes S. Filing 2011 taxes law. Filing 2011 taxes This is true whether you reside inside or outside the United States and whether or not you receive a Form 1099 from the foreign payer. Filing 2011 taxes Employee stock options. Filing 2011 taxes  If you received an option to buy or sell stock or other property as payment for your services, see Publication 525, Taxable and Nontaxable Income, for the special tax rules that apply. Filing 2011 taxes Photographs of missing children. Filing 2011 taxes  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Filing 2011 taxes Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Filing 2011 taxes You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Filing 2011 taxes Introduction This publication provides information on the tax treatment of investment income and expenses. Filing 2011 taxes It includes information on the tax treatment of investment income and expenses for individual shareholders of mutual funds or other regulated investment companies, such as money market funds. Filing 2011 taxes It explains what investment income is taxable and what investment expenses are deductible. Filing 2011 taxes It explains when and how to show these items on your tax return. Filing 2011 taxes It also explains how to determine and report gains and losses on the disposition of investment property and provides information on property trades and tax shelters. Filing 2011 taxes The glossary at the end of this publication defines many of the terms used. Filing 2011 taxes Investment income. Filing 2011 taxes   This generally includes interest, dividends, capital gains, and other types of distributions including mutual fund distributions. Filing 2011 taxes Investment expenses. Filing 2011 taxes   These include interest paid or incurred to acquire investment property and expenses to manage or collect income from investment property. Filing 2011 taxes Qualified retirement plans and IRAs. Filing 2011 taxes   The rules in this publication do not apply to mutual fund shares held in individual retirement arrangements (IRAs), section 401(k) plans, and other qualified retirement plans. Filing 2011 taxes The value of the mutual fund shares and earnings allocated to you are included in your retirement plan assets and stay tax free generally until the plan distributes them to you. Filing 2011 taxes The tax rules that apply to retirement plan distributions are explained in the following publications. Filing 2011 taxes Publication 560, Retirement Plans for Small Business. Filing 2011 taxes Publication 571, Tax-Sheltered Annuity Plans. Filing 2011 taxes Publication 575, Pension and Annuity Income. Filing 2011 taxes Publication 590, Individual Retirement Arrangements (IRAs). Filing 2011 taxes Publication 721, Tax Guide to U. Filing 2011 taxes S. Filing 2011 taxes Civil Service Retirement Benefits. Filing 2011 taxes    Comments and suggestions. Filing 2011 taxes   We welcome your comments about this publication and your suggestions for future editions. Filing 2011 taxes   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Filing 2011 taxes NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Filing 2011 taxes Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Filing 2011 taxes   You can send your comments from www. Filing 2011 taxes irs. Filing 2011 taxes gov/formspubs/. Filing 2011 taxes Click on “More Information” and then on “Comment on Tax Forms and Publications. Filing 2011 taxes ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Filing 2011 taxes Ordering forms and publications. Filing 2011 taxes   Visit www. Filing 2011 taxes irs. Filing 2011 taxes gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Filing 2011 taxes Internal Revenue Service 1201 N. Filing 2011 taxes Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Filing 2011 taxes   If you have a tax question, check the information available on IRS. Filing 2011 taxes gov or call 1-800-829-1040. Filing 2011 taxes We cannot answer tax questions sent to either of the above addresses. Filing 2011 taxes Prev  Up  Next   Home   More Online Publications
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Tax Relief for Victims of Severe Storms, Tornadoes, Flooding, Mudslides and Landslides in West Virginia

Updated 4/19/2012 to include Harrison, Preston and Wayne counties

WVA-2012-1, March 19, 2012

CHARLESTON — Victims of the severe storms, tornadoes, flooding, mudslides and landslides that began on Feb. 29, 2012 in parts of West Virginia may qualify for tax relief from the Internal Revenue Service.

The President has declared Harrison, Lincoln, Marion, Preston, Taylor and Wayne counties a federal disaster area. Individuals who reside or have a business in these counties may qualify for tax relief.

The declaration permits the IRS to postpone certain deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after Feb. 29, and on or before May 31, have been postponed to May 31, 2012. This includes the April 17 deadline for filing 2011 individual income tax returns, making income tax payments and making 2011 contributions to an individual retirement account (IRA).  

In addition, the IRS is waiving the failure-to-deposit penalties for employment and excise tax deposits due on or after Feb. 29, and on or before March 15, as long as the deposits are made by March 15, 2012.

If an affected taxpayer receives a penalty notice from the IRS, the taxpayer should call the telephone number on the notice to have the IRS abate any interest and any late filing or late payment penalties that would otherwise apply. Penalties or interest will be abated only for taxpayers who have an original or extended filing, payment or deposit due date, including an extended filing or payment due date, that falls within the postponement period.

The IRS automatically identifies taxpayers located in the covered disaster area and applies automatic filing and payment relief. But affected taxpayers who reside or have a business located outside the covered disaster area must call the IRS disaster hotline at 866-562-5227 to request this tax relief.

Covered Disaster Area

The counties listed above constitute a covered disaster area for purposes of Treas. Reg. § 301.7508A-1(d)(2) and are entitled to the relief detailed below.

Affected Taxpayers

Taxpayers considered to be affected taxpayers eligible for the postponement of time to file returns, pay taxes and perform other time-sensitive acts are those taxpayers listed in Treas. Reg. § 301.7508A-1(d)(1), and include individuals who live, and businesses whose principal place of business is located, in the covered disaster area. Taxpayers not in the covered disaster area, but whose records necessary to meet a deadline listed in Treas. Reg. § 301.7508A-1(c) are in the covered disaster area, are also entitled to relief. In addition, all relief workers affiliated with a recognized government or philanthropic organization assisting in the relief activities in the covered disaster area and any individual visiting the covered disaster area who was killed or injured as a result of the disaster are entitled to relief.

Grant of Relief

Under section 7508A, the IRS gives affected taxpayers until May 31 to file most tax returns (including individual, corporate, and estate and trust income tax returns; partnership returns, S corporation returns, and trust returns; estate, gift, and generation-skipping transfer tax returns; and employment and certain excise tax returns), or to make tax payments, including estimated tax payments, that have either an original or extended due date occurring on or after Feb. 29 and on or before May 31.

The IRS also gives affected taxpayers until May 31 to perform other time-sensitive actions described in Treas. Reg. § 301.7508A-1(c)(1) and Rev. Proc. 2007-56, 2007-34 I.R.B. 388 (Aug. 20, 2007), that are due to be performed on or after Feb. 29 and on or before May 31.

This relief also includes the filing of Form 5500 series returns, in the manner described in section 8 of Rev. Proc. 2007-56. The relief described in section 17 of Rev. Proc. 2007-56, pertaining to like-kind exchanges of property, also applies to certain taxpayers who are not otherwise affected taxpayers and may include acts required to be performed before or after the period above.

The postponement of time to file and pay does not apply to information returns in the W-2, 1098, 1099 series, or to Forms 1042-S or 8027. Penalties for failure to timely file information returns can be waived under existing procedures for reasonable cause. Likewise, the postponement does not apply to employment and excise tax deposits. The IRS, however, will abate penalties for failure to make timely employment and excise tax deposits due on or after Feb. 29 and on or before March 15 provided the taxpayer makes these deposits by March 15.

Casualty Losses

Affected taxpayers in a federally declared disaster area have the option of claiming disaster-related casualty losses on their federal income tax return for either this year or last year. Claiming the loss on an original or amended return for last year will get the taxpayer an earlier refund, but waiting to claim the loss on this year’s return could result in a greater tax saving, depending on other income factors.

Individuals may deduct personal property losses that are not covered by insurance or other reimbursements. For details, see Form 4684 and its instructions.

Affected taxpayers claiming the disaster loss on last year’s return should put the Disaster Designation “West Virginia/Severe Storms, Tornadoes, Flooding, Mudslides, and Landslides” at the top of the form so that the IRS can expedite the processing of the refund.

Other Relief

The IRS will waive the usual fees and expedite requests for copies of previously filed tax returns for affected taxpayers. Taxpayers should put the assigned Disaster Designation in red ink at the top of Form 4506, Request for Copy of Tax Return, or Form 4506-T, Request for Transcript of Tax Return, as appropriate, and submit it to the IRS.

Affected taxpayers who are contacted by the IRS on a collection or examination matter should explain how the disaster impacts them so that the IRS can provide appropriate consideration to their case.

Taxpayers may download forms and publications from the official IRS website, irs.gov, or order them by calling 800-TAX-FORM (800-829-3676). The IRS toll-free number for general tax questions is 800-829-1040.

Related Information

Page Last Reviewed or Updated: 06-Mar-2014

The Filing 2011 Taxes

Filing 2011 taxes 11. Filing 2011 taxes   Patient-Centered Outcomes Research Fee Table of Contents The patient-centered outcomes research fee is imposed on issuers of specified health insurance policies (section 4375) and plan sponsors of applicable self-insured health plans (section 4376) for policy and plan years ending on or after October 1, 2012. Filing 2011 taxes Generally, references to taxes on Form 720 include this fee. Filing 2011 taxes Specified health insurance policies. Filing 2011 taxes   For issuers of specified health insurance policies, the fee for a policy year ending before October 1, 2013, is $1. Filing 2011 taxes 00, multiplied by the average number of lives covered under the policy for that policy year. Filing 2011 taxes Generally, issuers of specified health insurance polices must use one of the following four alternative methods to determine the average number of lives covered under a policy for the policy year. Filing 2011 taxes The actual count method. Filing 2011 taxes For policy years that end on or after October 1, 2012, issuers using the actual count method may begin counting lives covered under a policy as of May 14, 2012, rather than the first day of the policy year, and divide by the appropriate number of days remaining in the policy year. Filing 2011 taxes The snapshot method. Filing 2011 taxes For policy years that end on or after October 1, 2012, but that began before May 14, 2012, issuers using the snapshot method may use counts from quarters beginning on or after May 14, 2012, to determine the average number of lives covered under the policy. Filing 2011 taxes The member months method. Filing 2011 taxes And, 4. Filing 2011 taxes The state form method. Filing 2011 taxes The member months data and the data reported on state forms are based on the calendar year. Filing 2011 taxes To adjust for 2012, issuers will use a pro rata approach for calculating the average number of lives covered using the member months method or the state form method for 2012. Filing 2011 taxes For example, issuers using the member months number for 2012 will divide the member months number by 12 and multiply the resulting number by one quarter to arrive at the average number of lives covered for October through December 2012. Filing 2011 taxes Applicable self-insured health plans. Filing 2011 taxes   For plan sponsors of applicable self-insured health plans, the fee for a plan year ending on or after October 1, 2012, and ending before October 1, 2013 is $1. Filing 2011 taxes 00, multiplied by the average number of lives covered under the plan for that plan year. Filing 2011 taxes Generally, plan sponsors of applicable self-insured health plans must use one of the following three alternative methods to determine the average number of lives covered under a plan for the plan year. Filing 2011 taxes Actual count method. Filing 2011 taxes Snapshot method. Filing 2011 taxes Form 5500 method. Filing 2011 taxes However, for plan years beginning before July 11, 2012, and ending on or after October 1, 2012, plan sponsors may determine the average number of lives covered under the plan for the plan year using any reasonable method. Filing 2011 taxes Reporting and paying the fee. Filing 2011 taxes   File Form 720 annually to report and pay the fee on the second quarter Form 720, no later than July 31 of the calendar year immediately following the last day of the policy year or plan year to which the fee applies. Filing 2011 taxes If you file Form 720 only to report the fee, do not file Form 720 for the 1st, 3rd, or 4th quarters of the year. Filing 2011 taxes If you file Form 720 to report quarterly excise tax liability for the 1st, 3rd, or 4th quarter of the year (for example, filers reporting the foreign insurance tax (IRS No. Filing 2011 taxes 30)), do not make an entry on the line for IRS No. Filing 2011 taxes 133 on those filings. Filing 2011 taxes   Deposits are not required for this fee, so issuers and plan sponsors are not required to pay the fee using Electronic Federal Tax Payment System (EFTPS). Filing 2011 taxes   However, if the fee is paid using EFTPS, the payment should be applied to the second quarter. Filing 2011 taxes See Electronic deposit requirement under How To Make Deposits in chapter 13, later. Filing 2011 taxes More information. Filing 2011 taxes   For more information, including methods for calculating the average number of lives covered, see sections 4375, 4376, and 4377; also see T. Filing 2011 taxes D. Filing 2011 taxes 9602, which is on page 746 of I. Filing 2011 taxes R. Filing 2011 taxes B. Filing 2011 taxes 2012-52 at www. Filing 2011 taxes irs. Filing 2011 taxes gov/pub/irs-irbs/irb12-52. Filing 2011 taxes pdf. Filing 2011 taxes Prev  Up  Next   Home   More Online Publications