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Go 2007 Taxes

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Go 2007 Taxes

Go 2007 taxes 4. Go 2007 taxes   Filing U. Go 2007 taxes S. Go 2007 taxes Tax Returns Table of Contents Who Must FileFiling Requirement if Possession Income Is Excluded When To FileExtension of Time To File Where To File Special Rules for Completing Your U. Go 2007 taxes S. Go 2007 taxes Tax ReturnU. Go 2007 taxes S. Go 2007 taxes Armed Forces. Go 2007 taxes Deductions if Possession Income Is Excluded Foreign Tax Credit if Possession Income Is Excluded Self-Employment Tax Additional Medicare Tax Net Investment Income Tax Paying Your TaxesEstimated Tax Double TaxationCompetent Authority Assistance The information in chapter 3 will tell you if a U. Go 2007 taxes S. Go 2007 taxes income tax return is required for your situation. Go 2007 taxes If a U. Go 2007 taxes S. Go 2007 taxes return is required, your next step is to see if you meet the filing requirements. Go 2007 taxes If you do meet the filing requirements, the information presented in this chapter will help you understand the special procedures involved. Go 2007 taxes This chapter discusses: Filing requirements, When to file your return, Where to send your return, How to adjust your deductions and credits if you are excluding income from American Samoa or Puerto Rico, How to make estimated tax payments and pay self-employment tax, and How to request assistance in resolving instances of double taxation. Go 2007 taxes Who Must File If you are not required to file a possession tax return that includes your worldwide income, you must generally file a U. Go 2007 taxes S. Go 2007 taxes income tax return if your gross income is at least the amount shown in Table 4-1, later, for your filing status and age. Go 2007 taxes If you were a bona fide resident of American Samoa or Puerto Rico and are able to exclude your possession income from your U. Go 2007 taxes S. Go 2007 taxes tax return, your filing requirement may be less than the amount in Table 4-1. Go 2007 taxes For details, see the information under Filing Requirement if Possession Income Is Excluded , later. Go 2007 taxes Some individuals (such as those who can be claimed as a dependent on another person's return or who owe certain taxes, such as self-employment tax) must file a tax return even though the gross income is less than the amount shown in Table 4-1 for their filing status and age. Go 2007 taxes For more information, see the Form 1040 instructions. Go 2007 taxes Filing Requirement if Possession Income Is Excluded If you were a bona fide resident of American Samoa or Puerto Rico and qualify to exclude possession income on your U. Go 2007 taxes S. Go 2007 taxes tax return, you must determine your adjusted filing requirement. Go 2007 taxes Generally, your filing requirement is based on the total of your (and your spouse's if filing a joint return) personal exemption(s) plus your standard deduction. Go 2007 taxes Personal exemption. Go 2007 taxes   When figuring your filing requirement, your personal exemption is allowed in full. Go 2007 taxes Do not reduce it for this purpose. Go 2007 taxes Do not include exemptions for your dependents. Go 2007 taxes Allowable standard deduction. Go 2007 taxes   Unless your filing status is married filing separately, the minimum income level at which you must file a return is based, in part, on the standard deduction for your filing status and age. Go 2007 taxes Because the standard deduction applies to all types of income, it must be divided between your excluded income and income from other sources. Go 2007 taxes Multiply the regular standard deduction for your filing status and age (this is zero if you are married filing a separate return; all others, see Form 1040 instructions) by the following fraction:      Gross income subject to U. Go 2007 taxes S. Go 2007 taxes income tax     Gross income from all sources (including excluded possession income)   Example. Go 2007 taxes Barbara Spruce, a U. Go 2007 taxes S. Go 2007 taxes citizen, is single, under 65, and a bona fide resident of American Samoa. Go 2007 taxes During 2013, she received $20,000 of income from American Samoa sources (qualifies for exclusion) and $8,000 of income from sources outside the possession (subject to U. Go 2007 taxes S. Go 2007 taxes income tax). Go 2007 taxes Her allowable standard deduction for 2013 is figured as follows:   $8,000 $28,000 × $6,100 (regular standard deduction) = $1,743   Adjusted filing requirement. Go 2007 taxes   Figure your adjusted filing requirement by adding the amount of your allowable standard deduction to the amount of your personal exemption. Go 2007 taxes You must file a U. Go 2007 taxes S. Go 2007 taxes income tax return if your gross income is at least the amount shown on line 3 of the following worksheet. Go 2007 taxes    1. Go 2007 taxes Enter the allowable standard deduction you figured earlier under Allowable standard deduction . Go 2007 taxes If your filing status is married filing separately, enter -0-   2. Go 2007 taxes Personal exemption. Go 2007 taxes If your filing status is married filing jointly, enter $7,800; if someone can claim you as a dependent, enter -0-; otherwise, enter $3,900   3. Go 2007 taxes Add lines 1 and 2. Go 2007 taxes You must file a U. Go 2007 taxes S. Go 2007 taxes income tax return if your gross income from sources outside the relevant possession is at least this amount   Table 4-1. Go 2007 taxes 2013 Filing Requirements Chart for Most Taxpayers IF your filing status is. Go 2007 taxes . Go 2007 taxes . Go 2007 taxes AND at the end of 2013 you were*. Go 2007 taxes . Go 2007 taxes . Go 2007 taxes THEN file a return if your gross income** was at least. Go 2007 taxes . Go 2007 taxes . Go 2007 taxes single under 65 $10,000 65 or older $11,500 married filing jointly*** under 65 (both spouses) $20,000 65 or older (one spouse) $21,200 65 or older (both spouses) $22,400 married filing separately any age $3,900 head of household under 65 $12,850 65 or older $14,350 qualifying widow(er)  with dependent child under 65 $16,100 65 or older $17,300 * If you were born on January 1, 1949, you are considered to be age 65 at the end of 2013. Go 2007 taxes ** Gross income means all income you received in the form of money, goods, property, and services that is not exempt from tax, including any income from sources outside the United States (even if you can exclude part or all of it). Go 2007 taxes Do not include social security benefits unless (a) you are married filing a separate return and you lived with your spouse at any time during 2013, or (b) one-half of your social security benefits plus your other gross income is more than $25,000 ($32,000 if married filing jointly). Go 2007 taxes If (a) or (b) applies, see the instructions for Form 1040 or Publication 915, Social Security and Equivalent Railroad Retirement Benefits, to figure the taxable part of social security benefits you must include in gross income. Go 2007 taxes *** If you did not live with your spouse at the end of 2013 (or on the date your spouse died) and your gross income was at least $3,900 you must file a return regardless of your age. Go 2007 taxes Example 1. Go 2007 taxes James and Joan Thompson, one over 65, are U. Go 2007 taxes S. Go 2007 taxes citizens and bona fide residents of Puerto Rico during the entire tax year. Go 2007 taxes They file a joint income tax return. Go 2007 taxes During 2013, they received $35,000 of income from Puerto Rico sources (qualifies for exclusion) and $6,000 of income from sources outside Puerto Rico (subject to U. Go 2007 taxes S. Go 2007 taxes income tax). Go 2007 taxes Their allowable standard deduction for 2013 is figured as follows:   $6,000 $41,000 × $13,400 ( standard deduction for 65 or older (one spouse) ) = $1,961   The Thompsons do not have to file a U. Go 2007 taxes S. Go 2007 taxes income tax return because their gross income subject to U. Go 2007 taxes S. Go 2007 taxes tax ($6,000) is less than their allowable standard deduction plus their personal exemptions ($1,961+ $7,800= $9,761). Go 2007 taxes Example 2. Go 2007 taxes Barbara Spruce (see Example under Allowable standard deduction, earlier), however, must file a U. Go 2007 taxes S. Go 2007 taxes income tax return because her gross income subject to U. Go 2007 taxes S. Go 2007 taxes tax ($8,000) is more than her allowable standard deduction plus her personal exemption ($1,743 + $3,900 = $5,643). Go 2007 taxes If you must file a U. Go 2007 taxes S. Go 2007 taxes income tax return, you may be able to file a paperless return using IRS e-file. Go 2007 taxes See your form instructions or visit our website at IRS. Go 2007 taxes gov. Go 2007 taxes When To File If you file on a calendar year basis, the due date for filing your U. Go 2007 taxes S. Go 2007 taxes income tax return is April 15 following the end of your tax year. Go 2007 taxes If you use a fiscal year (a year ending on the last day of a month other than December), the due date is the 15th day of the 4th month after the end of your fiscal year. Go 2007 taxes If any due date falls on a Saturday, Sunday, or legal holiday, your tax return is due on the next business day. Go 2007 taxes For your 2013 tax return, the due date is April 15, 2014. Go 2007 taxes If you mail your federal tax return, it is considered timely if it bears an official postmark dated on or before the due date, including any extensions. Go 2007 taxes If you use a private delivery service designated by the IRS, generally the postmark date is the date the private delivery service records in its database or marks on the mailing label. Go 2007 taxes See your form instructions for a list of designated private delivery services. Go 2007 taxes Extension of Time To File You can get an extension of time to file your U. Go 2007 taxes S. Go 2007 taxes income tax return. Go 2007 taxes Special rules apply for those living outside the United States. Go 2007 taxes Automatic 6-Month Extension If you cannot file your 2013 return by the due date, you can get an automatic 6-month extension of time to file. Go 2007 taxes Example. Go 2007 taxes If your return must be filed by April 15, 2014, you will have until October 15, 2014, to file. Go 2007 taxes Although you are not required to make a payment of the tax you estimate as due, Form 4868 does not extend the time to pay taxes. Go 2007 taxes If you do not pay the amount due by the regular due date (generally April 15), you will owe interest on any unpaid tax from the original due date to the date you pay the tax. Go 2007 taxes You may also be charged penalties (see the Instructions for Form 4868). Go 2007 taxes How to get the automatic extension. Go 2007 taxes   You can get the automatic 6-month extension if you do one of the following by the due date for filing your return. Go 2007 taxes E-file Form 4868 using your personal computer or a tax professional. Go 2007 taxes E-file and pay by credit or debit card. Go 2007 taxes Your payment must be at least $1. Go 2007 taxes You may pay by phone or over the Internet. Go 2007 taxes Do not file Form 4868. Go 2007 taxes File a paper Form 4868. Go 2007 taxes If you are a fiscal year taxpayer, you must file a paper Form 4868. Go 2007 taxes See Form 4868 for information on getting an extension using these options. Go 2007 taxes When to file. Go 2007 taxes   You must request the automatic extension by the due date for your return. Go 2007 taxes You can file your return any time before the 6-month extension period ends. Go 2007 taxes When you file your return. Go 2007 taxes   Enter any payment you made related to the extension of time to file on Form 1040, line 68. Go 2007 taxes If you file Form 1040A, U. Go 2007 taxes S. Go 2007 taxes Individual Income Tax Return, or Form 1040EZ, Income Tax Return for Single and Joint Filers With No Dependents, include that payment in your total payments on Form 1040A, line 41, or Form 1040EZ, line 9. Go 2007 taxes Also enter “Form 4868” and the amount paid in the space to the left of the entry space for line 41 or line 9. Go 2007 taxes You cannot ask the Internal Revenue Service to figure your tax if you use the extension of time to file. Go 2007 taxes Individuals Outside the United States and Puerto Rico You are allowed an automatic 2-month extension (until June 16, 2014, if you use the calendar year) to file your 2013 return and pay any federal income tax due if: You are a U. Go 2007 taxes S. Go 2007 taxes citizen or resident, and On the due date of your return: You are living outside of the United States and Puerto Rico, and your main place of business or post of duty is outside the United States and Puerto Rico, or You are in military or naval service on duty outside the United States and Puerto Rico. Go 2007 taxes However, if you pay the tax due after the regular due date (generally April 15), interest will be charged from April 15 until the date the tax is paid. Go 2007 taxes If you serve in a combat zone or qualified hazardous duty area, you may be eligible for a longer extension of time to file. Go 2007 taxes For more information, see Publication 3, Armed Forces' Tax Guide. Go 2007 taxes Married taxpayers. Go 2007 taxes   If you file a joint return, only one spouse has to qualify for this automatic extension. Go 2007 taxes However, if you and your spouse file separate returns, this automatic extension applies only to the spouse who qualifies. Go 2007 taxes How to get the extension. Go 2007 taxes   To use this special automatic extension, you must attach a statement to your return explaining what situation qualified you for the extension. Go 2007 taxes (See the situations listed under (2), earlier. Go 2007 taxes ) Extension beyond 2 months. Go 2007 taxes   If you cannot file your 2013 return within the automatic 2-month extension period, you can get an additional 4-month extension, for a total of 6 months. Go 2007 taxes File Form 4868 by the end of the automatic extension period (June 16, 2014 for calendar year taxpayers). Go 2007 taxes Be sure to check the box on Form 4868, line 8, if appropriate. Go 2007 taxes   In addition to this 6-month extension, taxpayers who are out of the country (as defined under (2) earlier) can request a discretionary 2-month additional extension of time to file their returns (to December 15 for calendar year taxpayers). Go 2007 taxes   To request this extension, you must send the IRS a letter explaining the reasons why you need the additional 2 months. Go 2007 taxes Send the letter by the extended due date (October 15 for calendar year taxpayers) to:  Department of the Treasury Internal Revenue Service Austin, TX 73301-0215 USA   You will not receive any notification from the IRS unless your request is denied for being untimely. Go 2007 taxes Where To File Use the addresses listed below if you have to file Form 1040 with the United States and you are excluding possession income from American Samoa or Puerto Rico. Go 2007 taxes If you are not including a check or a money order, send your U. Go 2007 taxes S. Go 2007 taxes tax return and all attachments to:   Department of the Treasury Internal Revenue Service Austin, TX 73301-0215 USA If you are including a check or a money order, send your U. Go 2007 taxes S. Go 2007 taxes tax return and all attachments to:  Internal Revenue Service P. Go 2007 taxes O. Go 2007 taxes Box 1303 Charlotte, NC 28201-1303 USA Also send your U. Go 2007 taxes S. Go 2007 taxes return to these addresses if you are attaching Form 5074 or Form 8689. Go 2007 taxes If you are not in either of the above categories, send your return to the address shown in the Form 1040 instructions for the possession or state in which you reside. Go 2007 taxes Special Rules for Completing Your U. Go 2007 taxes S. Go 2007 taxes Tax Return If you are not excluding possession income from your U. Go 2007 taxes S. Go 2007 taxes tax return, follow the instructions for the specific forms you file. Go 2007 taxes However, you may not qualify to claim the earned income credit (EIC). Go 2007 taxes Earned income credit. Go 2007 taxes   Even if you maintain a household in one of the possessions discussed in this publication that is your main home and the home of your qualifying child, you cannot claim the earned income credit on your U. Go 2007 taxes S. Go 2007 taxes tax return. Go 2007 taxes This credit is available only if you maintain the household in the United States or you are serving on extended active duty in the U. Go 2007 taxes S. Go 2007 taxes Armed Forces. Go 2007 taxes U. Go 2007 taxes S. Go 2007 taxes Armed Forces. Go 2007 taxes   U. Go 2007 taxes S. Go 2007 taxes military personnel stationed outside the United States on extended active duty are considered to live in the United States during that duty period for purposes of the EIC. Go 2007 taxes Extended active duty means you are called or ordered to duty for an indefinite period or for a period of more than 90 days. Go 2007 taxes Once you begin serving your extended active duty, you are still considered to have been on extended active duty even if you do not serve more than 90 days. Go 2007 taxes Income from American Samoa or Puerto Rico excluded. Go 2007 taxes   You will not be allowed to take deductions and credits that apply to the excluded income. Go 2007 taxes The additional information you need follows. Go 2007 taxes Deductions if Possession Income Is Excluded Deductions that specifically apply to your excluded possession income, such as employee business expenses, are not allowable on your U. Go 2007 taxes S. Go 2007 taxes income tax return. Go 2007 taxes Deductions that do not specifically apply to any particular type of income must be divided between your excluded income from sources in the relevant possession and income from all other sources to find the part that you can deduct on your U. Go 2007 taxes S. Go 2007 taxes tax return. Go 2007 taxes Examples of such deductions are alimony payments, the standard deduction, and certain itemized deductions (such as medical expenses, charitable contributions, real estate taxes, and mortgage interest on your home). Go 2007 taxes Figuring the deduction. Go 2007 taxes   To find the part of a deduction that is allowable, multiply the deduction by the following fraction. Go 2007 taxes   Gross income subject to U. Go 2007 taxes S. Go 2007 taxes income tax     Gross income from all sources (including excluded possession income)   Adjustments to Income Your adjusted gross income equals your gross income minus certain deductions (adjustments). Go 2007 taxes Moving expense deduction. Go 2007 taxes   Generally, expenses of a move to a possession are directly attributable to wages, salaries, and other earned income from that possession. Go 2007 taxes Likewise, the expenses of a move back to the United States are generally attributable to U. Go 2007 taxes S. Go 2007 taxes earned income. Go 2007 taxes   If you are claiming expenses for a move to a relevant possession, how and where you will deduct the expenses depends on your status as a bona fide resident and if any of your possession income is excluded on your U. Go 2007 taxes S. Go 2007 taxes tax return. Go 2007 taxes For more information, see Moving expense deduction in chapter 3 under the name of the relevant possession. Go 2007 taxes   If you are claiming expenses for a move from a U. Go 2007 taxes S. Go 2007 taxes possession to the United States, use Form 3903 to figure your deductible expenses and enter the amount on Form 1040, line 26. Go 2007 taxes For purposes of deducting moving expenses, the possessions are considered part of the United States. Go 2007 taxes See Publication 521, Moving Expenses, for information about what expenses are deductible. Go 2007 taxes Self-employment tax deduction. Go 2007 taxes   Generally, if you are reporting self-employment income on your U. Go 2007 taxes S. Go 2007 taxes return, you can include the deductible part of your self-employment tax on Form 1040, line 27. Go 2007 taxes This is an income tax deduction only; it is not a deduction in figuring net earnings from self-employment (for self-employment tax). Go 2007 taxes   However, if you are a bona fide resident of American Samoa or Puerto Rico and you exclude all of your self-employment income from gross income, you cannot take the deduction on Form 1040, line 27, because the deduction is related to excluded income. Go 2007 taxes   If only part of your self-employment income is excluded, the part of the deduction that is based on the nonexcluded income is allowed. Go 2007 taxes This would happen if, for instance, you have two businesses and only the income from one of them is excludable. Go 2007 taxes   For purposes of the deduction only, figure the self-employment tax on the nonexcluded income by multiplying your total self-employment tax (from Schedule SE (Form 1040)), Self-Employment Tax) by the following fraction. Go 2007 taxes   Self-employment income subject to U. Go 2007 taxes S. Go 2007 taxes income tax     Total self-employment income (including excluded possession income)   The result is your self-employment tax on nonexcluded income. Go 2007 taxes Include the deductible part of this amount on Form 1040, line 27. Go 2007 taxes Individual retirement arrangement (IRA) deduction. Go 2007 taxes   Do not take excluded income into account when figuring your deductible IRA contribution. Go 2007 taxes Standard Deduction The standard deduction is composed of the regular standard deduction amount and the additional standard deduction for taxpayers who are blind or age 65 or over. Go 2007 taxes To find the amount you can claim on Form 1040, line 40, first figure your full standard deduction according to the Instructions for Form 1040. Go 2007 taxes Then multiply your full standard deduction by the following fraction. Go 2007 taxes   Gross income subject to U. Go 2007 taxes S. Go 2007 taxes income tax     Gross income from all sources (including excluded possession income)   In the space above line 40, enter “Standard deduction modified due to income excluded under section 931 (if American Samoa) or section 933 (if Puerto Rico). Go 2007 taxes ” This calculation may not be the same as the one you used to determine if you need to file a U. Go 2007 taxes S. Go 2007 taxes tax return. Go 2007 taxes Itemized Deductions Most itemized deductions do not apply to a particular type of income. Go 2007 taxes However, itemized deductions can be divided into three categories. Go 2007 taxes Those that apply specifically to excluded income, such as employee business expenses, are not deductible. Go 2007 taxes Those that apply specifically to income subject to U. Go 2007 taxes S. Go 2007 taxes income tax, which might also be employee business expenses, are fully allowable under the Instructions for Schedule A (Form 1040), Itemized Deductions. Go 2007 taxes Those that do not apply to specific income must be allocated between your gross income subject to U. Go 2007 taxes S. Go 2007 taxes income tax and your total gross income from all sources. Go 2007 taxes The example given later shows how to figure the deductible part of each type of expense that is not related to specific income. Go 2007 taxes Example. Go 2007 taxes In 2013, you and your spouse are both under 65 and U. Go 2007 taxes S. Go 2007 taxes citizens who are bona fide residents of Puerto Rico during the entire tax year. Go 2007 taxes You file a joint income tax return. Go 2007 taxes During 2013, you earned $20,000 from Puerto Rican sources (excluded from U. Go 2007 taxes S. Go 2007 taxes gross income) and your spouse earned $60,000 from the U. Go 2007 taxes S. Go 2007 taxes Government. Go 2007 taxes You have $16,000 of itemized deductions that do not apply to any specific type of income. Go 2007 taxes These are medical expenses of $4,000, real estate taxes of $5,000, home mortgage interest of $6,000, and charitable contributions of $1,000 (cash contributions). Go 2007 taxes You determine the amount of each deduction that you can claim on your Schedule A (Form 1040), Itemized Deductions, by multiplying the deduction by the fraction shown under Figuring the deduction , earlier under Deductions if Possession Income is Excluded. Go 2007 taxes   Medical Expenses   $60,000$80,000 × $4,000 = $3,000  (enter on line 1  of Schedule A)     Real Estate Taxes   $60,000$80,000 × $5,000 = $3,750  (enter on line 6  of Schedule A)     Home Mortgage Interest   $60,000$80,000 × $6,000 = $4,500  (enter on line 10 or 11 of  Schedule A)     Charitable Contributions (cash contributions)   $60,000$80,000 × $1,000 = $750  (enter on line 16 of Schedule A)   Enter on Schedule A (Form 1040) only the allowable portion of each deduction. Go 2007 taxes Overall limitation on itemized deductions. Go 2007 taxes   If your adjusted gross income (discussed earlier) is over $300,000 if married filing jointly or qualifying widow(er); $275,000 if head of household; $250,000 if single; or $150,000 if married filing separately; see the Itemized Deductions Worksheet in the Instructions for Schedule A (Form 1040), to figure your itemized deductions. Go 2007 taxes Personal Exemptions Personal exemptions are allowed in full even if excluding possession income. Go 2007 taxes However, depending upon your adjusted gross income and filing status, the amount you can deduct may be reduced. Go 2007 taxes See the Deduction for Exemptions Worksheet—Line 42 in the instructions for Form 1040. Go 2007 taxes Foreign Tax Credit if Possession Income Is Excluded If you must report American Samoa or Puerto Rico source income on your U. Go 2007 taxes S. Go 2007 taxes tax return, you can claim a foreign tax credit for income taxes paid to the possession on that income. Go 2007 taxes However, you cannot claim a foreign tax credit for taxes paid on possession income that is excluded on your U. Go 2007 taxes S. Go 2007 taxes tax return. Go 2007 taxes The foreign tax credit is generally figured on Form 1116. Go 2007 taxes If you have income, such as U. Go 2007 taxes S. Go 2007 taxes Government wages, that is not excludable, and you also have possession source income that is excludable, you must figure the credit by reducing your foreign taxes paid or accrued by the taxes based on the excluded income. Go 2007 taxes You make this reduction for each separate income category. Go 2007 taxes To find the amount of this reduction, use the following formula for each income category. Go 2007 taxes Excluded income from possession sources less deductible expenses based on that income x Tax paid or accrued to the possession = Reduction in foreign taxes Total income subject to possession tax less deductible expenses based on that income Enter the amount of the reduction on Form 1116, line 12. Go 2007 taxes For more information on the foreign tax credit, see Publication 514. Go 2007 taxes Example. Go 2007 taxes Jason and Lynn Reddy are U. Go 2007 taxes S. Go 2007 taxes citizens who were bona fide residents of Puerto Rico during all of 2013. Go 2007 taxes They file a joint tax return. Go 2007 taxes The following table shows their excludable and taxable income for U. Go 2007 taxes S. Go 2007 taxes federal income tax purposes. Go 2007 taxes   Taxable   Excludable Jason's wages from  U. Go 2007 taxes S. Go 2007 taxes Government $25,000     Lynn's wages from Puerto Rico  corp. Go 2007 taxes     $15,000 Dividend from Puerto Rico corp. Go 2007 taxes doing business in Puerto Rico     200 Dividend from U. Go 2007 taxes S. Go 2007 taxes  corp. Go 2007 taxes doing business  in U. Go 2007 taxes S. Go 2007 taxes * 1,000     Totals $26,000   $15,200 * Income from sources outside Puerto Rico is taxable. Go 2007 taxes   Jason and Lynn must file 2013 income tax returns with both Puerto Rico and the United States. Go 2007 taxes They have gross income of $26,000 for U. Go 2007 taxes S. Go 2007 taxes tax purposes. Go 2007 taxes They paid taxes to Puerto Rico of $4,000 ($3,980 on their wages and $20 on the dividend from the Puerto Rico corporation). Go 2007 taxes They figure their foreign tax credit on two Forms 1116, which they must attach to their U. Go 2007 taxes S. Go 2007 taxes return. Go 2007 taxes They fill out one Form 1116 for wages and one Form 1116 for the dividend. Go 2007 taxes Jason and Lynn figure the Puerto Rico taxes on excluded income as follows. Go 2007 taxes   Wages: ($15,000 ÷ $40,000) × $3,980 = $1,493   Dividend: ($200 ÷ $200) × $20 = $20 They enter $1,493 on Form 1116, line 12, for wages and $20 on the second Form 1116, line 12, for the dividend. Go 2007 taxes Self-Employment Tax Self-employment tax includes both social security and Medicare taxes for individuals who are self-employed. Go 2007 taxes A U. Go 2007 taxes S. Go 2007 taxes citizen or resident alien who is self-employed must pay self-employment tax on net self-employment earnings of $400 or more. Go 2007 taxes This rule applies whether or not the earnings are excludable from gross income (or whether or not a U. Go 2007 taxes S. Go 2007 taxes income tax return must otherwise be filed). Go 2007 taxes Bona fide residents of the possessions discussed in this publication are considered U. Go 2007 taxes S. Go 2007 taxes residents for this purpose and are subject to the self-employment tax. Go 2007 taxes Forms to file. Go 2007 taxes   If you have net self-employment income and are subject to self-employment tax, file one of the following with the United States. Go 2007 taxes If you are required to file Form 1040 with the United States, complete Schedule SE (Form 1040) and attach it to your Form 1040. Go 2007 taxes If you are not required to file Form 1040 with the United States and you are a bona fide resident of American Samoa, the CNMI, Guam, Puerto Rico, or the USVI, file Form 1040-SS. Go 2007 taxes If you are a resident of Puerto Rico, you can file the Spanish-language Form 1040-PR instead. Go 2007 taxes Do not file forms 1040-SS or 1040-PR with Form 1040. Go 2007 taxes If you are required to pay Additional Medicare Tax (discussed later) on your self-employment income, attach Form 8959, Additional Medicare Tax to Form 1040, Form 1040-SS, or Form 1040-PR, as applicable. Go 2007 taxes Chapter 11 Bankruptcy cases. Go 2007 taxes   While you are a debtor in a chapter 11 bankruptcy case, your net profit or loss from self-employment will be included on the income tax return (Form 1041, U. Go 2007 taxes S. Go 2007 taxes Income Tax Return for Estates and Trusts) of the bankruptcy estate. Go 2007 taxes However, you—not the bankruptcy estate—are responsible for paying self-employment tax on your net earnings from self-employment. Go 2007 taxes   Use Schedule SE (Form 1040), Form 1040-SS, or Form 1040-PR, as determined above, to figure your correct amount of self-employment tax. Go 2007 taxes   For other reporting requirements, see Chapter 11 Bankruptcy Cases in the Instructions for Form 1040. Go 2007 taxes Additional Medicare Tax Beginning in 2013, a 0. Go 2007 taxes 9% Additional Medicare Tax applies to Medicare wages, railroad retirement (RRTA) compensation, and self-employment income that are more than: $125,000 if married filing separately, $250,000 if married filing jointly, or $200,000 if single, head of household, or qualifying widow(er). Go 2007 taxes Medicare wages and self-employment income are combined to determine if income exceeds the threshold. Go 2007 taxes A self-employment loss should not be considered for purposes of this tax. Go 2007 taxes RRTA compensation should be separately compared to the threshold. Go 2007 taxes Your employer is responsible for withholding the 0. Go 2007 taxes 9% Additional Medicare Tax on Medicare wages or RRTA compensation it pays to you in excess of $200,000. Go 2007 taxes You should consider this withholding, if applicable, in determining whether you need to make estimated tax payments. Go 2007 taxes There are no special rules for U. Go 2007 taxes S. Go 2007 taxes citizens and nonresident aliens living abroad for purposes of this provision. Go 2007 taxes Wages, RRTA compensation, and self-employment income that are subject to Medicare tax will also be subject to Additional Medicare Tax if in excess of the applicable threshold. Go 2007 taxes For more information, see Form 8959, Additional Medicare Tax, and its instructions or visit www. Go 2007 taxes irs. Go 2007 taxes gov and enter the following words in the search box: Additional Medicare Tax. Go 2007 taxes You cannot include the Additional Medicare Tax as a deductible part of your self-employment tax. Go 2007 taxes Net Investment Income Tax Beginning in 2013, the Net Investment Income Tax (NIIT) imposes a 3. Go 2007 taxes 8% tax on the lesser of an individual’s net investment income or the excess of the individual’s modified adjusted gross income over a specified threshold amount. Go 2007 taxes Bona fide residents of Puerto Rico and American Samoa who may have a federal income tax return filing obligation may be liable for the NIIT if the taxpayer’s modified adjusted gross income from non-territory sources exceeds a specified threshold amount. Go 2007 taxes The NIIT does not apply to any individual who is a nonresident alien with respect to the United States. Go 2007 taxes Bona fide residents must take into account any additional tax liability associated with the NIIT when calculating your estimated tax payments. Go 2007 taxes Forms to file. Go 2007 taxes   If you are a bona fide resident of American Samoa and Puerto Rico and you are required to pay the NIIT, you must file Form 1040 with the United States and attach Form 8960, Net Investment Income Tax—Individuals, Estates, and Trusts. Go 2007 taxes For more information, see Form 8960 and its instructions. Go 2007 taxes Paying Your Taxes You may find that not all of your income tax has been paid through withholding by either the United States or the possession. Go 2007 taxes This is often true if you have income that is not subject to withholding, such as self-employment, interest, or rental income. Go 2007 taxes In this situation, you may need to make estimated tax payments. Go 2007 taxes Estimated Tax If your estimated income tax obligation is to the United States, use the worksheet in the Form 1040-ES package to figure your estimated tax, including self-employment tax. Go 2007 taxes Include the Additional Medicare Tax and Net Investment Income Tax if applicable. Go 2007 taxes If you are paying by check or money order, use the payment vouchers in the Form 1040-ES package. Go 2007 taxes Or, you can make your payments electronically and not have to file any paper forms. Go 2007 taxes See the Form 1040-ES instructions for information on making payments. Go 2007 taxes Double Taxation Mutual agreement procedures exist to settle issues where there is inconsistent tax treatment between the IRS and the taxing authorities of the following possessions. Go 2007 taxes American Samoa. Go 2007 taxes The Commonwealth of Puerto Rico. Go 2007 taxes The Commonwealth of the Northern Mariana Islands. Go 2007 taxes Guam. Go 2007 taxes The U. Go 2007 taxes S. Go 2007 taxes Virgin Islands. Go 2007 taxes These issues usually involve allocations of income, deductions, credits, or allowances between related persons; determinations of residency; and determinations of the source of income and related expenses. Go 2007 taxes Competent Authority Assistance The tax coordination agreements between the United States and the possession tax departments contain provisions allowing the competent authorities of the United States and the relevant possession to resolve, by mutual agreement, inconsistent tax treatment by the two jurisdictions. Go 2007 taxes How to make your request. Go 2007 taxes   Your request for competent authority assistance must include all the information listed in Revenue Procedure 2006-23, 2006-20 I. Go 2007 taxes R. Go 2007 taxes B. Go 2007 taxes 900 available at www. Go 2007 taxes irs. Go 2007 taxes gov/pub/irs-irbs/irb06-49. Go 2007 taxes pdf. Go 2007 taxes    Also, see Notice 2013-78, which provides proposed updates to the procedures for requesting U. Go 2007 taxes S. Go 2007 taxes competent authority assistance under tax treaties. Go 2007 taxes As noted, an update to Revenue Procedure 2006-23 will be published in the future. Go 2007 taxes   Your request must be in the form of a letter addressed to the Deputy Commissioner (International) LB&I. Go 2007 taxes It must contain a statement that competent authority assistance is requested under the mutual agreement procedure with the possession. Go 2007 taxes You (or a person having authority to sign your federal return) must sign and date the request. Go 2007 taxes    Send your written request for U. Go 2007 taxes S. Go 2007 taxes assistance under this procedure to:   Deputy Commissioner (International) Large Business and International Division Internal Revenue Service 1111 Constitution Avenue, N. Go 2007 taxes W. Go 2007 taxes  Routing: M4-365 Washington, DC 20224 (Attention: TAIT) Nonresident aliens generally must present their initial request for assistance to the relevant possession tax agency. Go 2007 taxes Credit or Refund In addition to the tax assistance request, if you seek a credit or refund of any overpayment of U. Go 2007 taxes S. Go 2007 taxes tax paid on the income in question, you should file a claim on Form 1040X, Amended U. Go 2007 taxes S. Go 2007 taxes Individual Income Tax Return. Go 2007 taxes Indicate on the form that a request for assistance under the mutual agreement procedure with the possession has been filed. Go 2007 taxes Attach a copy of the request to the form. Go 2007 taxes Also, you should take whatever steps must be taken under the possession tax code to prevent the expiration of the statutory period for filing a claim for credit or refund of a possession tax. Go 2007 taxes See Revenue Procedure 2006-54 (or its successor), section 9, for complete information. Go 2007 taxes Prev  Up  Next   Home   More Online Publications
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SOI Tax Stats - International Individual Tax Statistics

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Here you will find links to the Statistics of Income studies relating to individual taxpayers in an international context. For each of these areas, there are text articles and/or statistical tables that include both recent and historical data.

International Business Tax Statistics

Overview of U.S. Taxes on International Income

Foreign Recipients of U.S. Income Provides data on income paid to nonresident aliens and the amount of tax withheld by the U.S. Government.  Data are taken from Form 1042-S.
Foreign Recipients of U.S. Partnership Income Provides data on the taxable income allocated by U.S. partnerships to foreign partners and the U.S. tax withheld on this income. This study is conducted anually. Data are taken from Forms 8805.
Foreign Trusts Provides data on foreign trusts that have U.S. "persons" as grantors, transferors, or beneficiaries.  This study is conducted every 4 years.  Data are taken from Forms 3520 and 3520-A.
Individual Foreign Earned Income/Foreign Tax Credit Provides data on foreign-source income, deductions, taxes, and foreign tax credit reported on individual income tax returns.  This study is conducted every 5 years.  Data are taken from Forms 2555 and 1116.
International Boycotts Provides data on the business operations of U.S. entities that participate in international economic boycotts not sanctioned by the U.S. Government.  Data are taken from Form 5713.
Nonresident Alien Estate Tax Returns Provides data on estate tax returns filed for non-U.S. citizens residing abroad who owned at least $60,000 worth of property within the U.S. at time of death. This study is conducted every 2 years.  Data are taken from Form 706-NA.
Page Last Reviewed or Updated: 10-Feb-2014

The Go 2007 Taxes

Go 2007 taxes Publication 515 - Introductory Material Table of Contents Future Developments What's New Reminders IntroductionOrdering forms and publications. Go 2007 taxes Tax questions. Go 2007 taxes Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 515, such as legislation enacted after it was published, go to www. Go 2007 taxes irs. Go 2007 taxes gov/pub515. Go 2007 taxes What's New Deposit interest paid to certain nonresident alien individuals. Go 2007 taxes  New rules apply to reporting of deposit interest paid to certain nonresident alien individuals on or after January 1, 2013. Go 2007 taxes Deposit interest of $10 or more paid to certain nonresident alien individuals must be reported on Form 1042–S. Go 2007 taxes See Deposit interest paid to certain nonresident alien individuals in 2013. Go 2007 taxes Portfolio interest. Go 2007 taxes . Go 2007 taxes  The rules determining whether interest is considered portfolio interest changed for obligations issued after March 18, 2012. Go 2007 taxes Generally, interest paid on nonregistered (bearer) bonds will not be treated as portfolio interest. Go 2007 taxes See Portfolio interest. Go 2007 taxes U. Go 2007 taxes S. Go 2007 taxes real property interest. Go 2007 taxes  Generally, the treatment of a regulated investment company (RIC) as a qualified investment entity (QIE) was scheduled to expire at the end of 2011. Go 2007 taxes The provision has been extended through 2013. Go 2007 taxes The special rules that apply to distributions from a QIE attributable to the gain from the sale or exchange of a U. Go 2007 taxes S. Go 2007 taxes real property interest will continue to apply to any distribution from a RIC. Go 2007 taxes See Qualified investment entities under U. Go 2007 taxes S. Go 2007 taxes Real Property Interest. Go 2007 taxes Interest-related dividends and short-term capital gain dividends received from mutual funds. Go 2007 taxes  The exemption from withholding on certain interest-related dividends and short-term capital gain dividends paid by a mutual fund or other regulated investment company was scheduled to expire at the end of 2011. Go 2007 taxes These provisions have been extended through 2013. Go 2007 taxes Partnership withholding rate on effectively connected income. Go 2007 taxes  For 2013, the rate for withholding on noncorporate partners has increased to 39. Go 2007 taxes 6%. Go 2007 taxes The rate for corporate partners remains 35%. Go 2007 taxes Reminders Exemption from requirement to withhold for certain payments to qualified securities lenders. Go 2007 taxes  If you made U. Go 2007 taxes S. Go 2007 taxes -source substitute dividend payments to qualified securities lenders, and these payments are part of a chain of substitute dividend payments, you may be exempt from withholding tax on the payments. Go 2007 taxes See Amounts paid to qualified securities lenders . Go 2007 taxes Electronic deposits. Go 2007 taxes  You must make all deposits of taxes electronically. Go 2007 taxes Substitute forms. Go 2007 taxes  Any substitute forms you use must comply with the requirements in Publication 1179, General Rules and Specifications for Substitute Forms 1096, 1098, 1099, 5498, and Certain Other Information Returns. Go 2007 taxes If they do not, the forms may be rejected as incorrect and the IRS may impose penalties. Go 2007 taxes See Penalties. Go 2007 taxes Filing electronically. Go 2007 taxes  If you file Form 1042-S electronically, you will use the Filing Information Returns Electronically (FIRE) system. Go 2007 taxes You get to the system through the Internet at fire. Go 2007 taxes irs. Go 2007 taxes gov. Go 2007 taxes For files submitted on the FIRE system, it is the responsibility of the filer to verify the results of the transmission within 5 business days. Go 2007 taxes The IRS will not mail error reports for files that are bad. Go 2007 taxes Qualified intermediaries. Go 2007 taxes  A branch of a financial institution may not act as a qualified intermediary in a country that does not have approved know-your-customer rules. Go 2007 taxes See Qualified intermediary under Foreign Intermediaries. Go 2007 taxes Requests for extensions on Form 8809 must be filed electronically. Go 2007 taxes  Requests on Form 8809 for an extension of time to file Form 1042–S must be made electronically if the request is for more than one payer. Go 2007 taxes See Extension to file Form 1042-S with the IRS. Go 2007 taxes Photographs of missing children. Go 2007 taxes  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Go 2007 taxes Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Go 2007 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. Go 2007 taxes Introduction This publication is for withholding agents who pay income to foreign persons, including nonresident aliens, foreign corporations, foreign partnerships, foreign trusts, foreign estates, foreign governments, and international organizations. Go 2007 taxes Specifically, it describes the persons responsible for withholding (withholding agents), the types of income subject to withholding, and the information return and tax return filing obligations of withholding agents. Go 2007 taxes In addition to discussing the rules that apply generally to payments of U. Go 2007 taxes S. Go 2007 taxes source income to foreign persons, it also contains sections on the withholding that applies to the disposition of U. Go 2007 taxes S. Go 2007 taxes real property interests and the withholding by partnerships on income effectively connected with the active conduct of a U. Go 2007 taxes S. Go 2007 taxes trade or business. Go 2007 taxes Beginning in 2014, additional withholding rules become effective under Chapter 4 of the Internal Revenue Code as added by the Foreign Account Tax Compliance Act (FATCA). Go 2007 taxes U. Go 2007 taxes S. Go 2007 taxes withholding agents will be required to withhold on certain types of payments made to foreign financial institutions that do not enter into an agreement with the IRS. Go 2007 taxes For information on these provisions, go to www. Go 2007 taxes irs. Go 2007 taxes gov/fatca. Go 2007 taxes Comments and suggestions. Go 2007 taxes   We welcome your comments about this publication and your suggestions for future editions. Go 2007 taxes   You can write to us at the following address: Internal Revenue Service Business Forms and Publications Branch SE:W:CAR:MP:T:B 1111 Constitution Ave. Go 2007 taxes NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Go 2007 taxes Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Go 2007 taxes   You can email us at taxforms@irs. Go 2007 taxes gov. Go 2007 taxes Please put “Publications Comment” on the subject line. Go 2007 taxes You can also send us comments from www. Go 2007 taxes irs. Go 2007 taxes gov/formspubs/. Go 2007 taxes Select “Comment on Tax Forms and Publications” under “Information About. Go 2007 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. Go 2007 taxes Ordering forms and publications. Go 2007 taxes   Visit www. Go 2007 taxes irs. Go 2007 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. Go 2007 taxes Internal Revenue Service 1201 N. Go 2007 taxes Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Go 2007 taxes   If you have a tax question, check the information available on IRS. Go 2007 taxes gov or call 1-800-829-1040. Go 2007 taxes We cannot answer tax questions sent to either of the above addresses. Go 2007 taxes Useful Items - You may want to see: Publication 15 (Circular E), Employer's Tax Guide 15-A Employer's Supplemental Tax Guide 15-B Employer's Tax Guide to Fringe Benefits 51 (Circular A), Agricultural Employer's Tax Guide 519 U. Go 2007 taxes S. Go 2007 taxes Tax Guide for Aliens 901 U. Go 2007 taxes S. Go 2007 taxes Tax Treaties Form (and Instructions) SS-4 Application for Employer Identification Number W-2 Wage and Tax Statement W-4 Employee's Withholding Allowance Certificate W-4P Withholding Certificate for Pension or Annuity Payments W-7 Application for IRS Individual Taxpayer Identification Number W-8BEN Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding W-8ECI Certificate of Foreign Person's Claim That Income Is Effectively Connected With the Conduct of a Trade or Business in the United States W-8EXP Certificate of Foreign Government or Other Foreign Organization for United States Tax Withholding W-8IMY Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U. Go 2007 taxes S. Go 2007 taxes Branches for United States Tax Withholding 941 Employer's QUARTERLY Federal Tax Return 1042 Annual Withholding Tax Return for U. Go 2007 taxes S. Go 2007 taxes Source Income of Foreign Persons 1042-S Foreign Person's U. Go 2007 taxes S. Go 2007 taxes Source Income Subject to Withholding 1042-T Annual Summary and Transmittal of Forms 1042-S See How To Get Tax Help at the end of this publication, for information about getting publications and forms. Go 2007 taxes Prev  Up  Next   Home   More Online Publications