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Help filling out 1040x Publication 519 - Additional Material Table of Contents Appendix A—Tax Treaty Exemption Procedure for StudentsBelgium Bulgaria China, People's Republic of Cyprus Czech Republic, Estonia, Latvia, Lithuania, and Slovak Republic Egypt France Germany Iceland Indonesia Israel, Philippines and Thailand Korea, Norway, Poland, and Romania Morocco Netherlands Pakistan Portugal and Spain Slovenia and Venezuela Trinidad and Tobago Tunisia Appendix B—Tax Treaty Exemption Procedure for Teachers and ResearchersBelgium Bulgaria China, People's Republic of Commonwealth of Independent States Czech Republic and Slovak Republic Egypt, Hungary, Korea, Philippines, Poland, and Romania France Germany Greece India Indonesia Israel Italy Jamaica Luxembourg Netherlands Norway Pakistan Portugal Slovenia and Venezuela Thailand Trinidad and Tobago United Kingdom Frequently Asked Questions This section answers tax-related questions commonly asked by aliens. Help filling out 1040x . Help filling out 1040x What is the difference between a resident alien and a nonresident alien for tax purposes? . Help filling out 1040x What is the difference between the taxation of income that is effectively connected with a trade or business in the United States and income that is not effectively connected with a trade or business in the United States? . Help filling out 1040x I am a student with an F-1 Visa. Help filling out 1040x I was told that I was an exempt individual. Help filling out 1040x Does this mean I am exempt from paying U. Help filling out 1040x S. Help filling out 1040x tax? . Help filling out 1040x I am a resident alien. Help filling out 1040x Can I claim any treaty benefits? . Help filling out 1040x I am a nonresident alien with no dependents. Help filling out 1040x I am working temporarily for a U. Help filling out 1040x S. Help filling out 1040x company. Help filling out 1040x What return do I file? . Help filling out 1040x I came to the United States on June 30th of last year. Help filling out 1040x I have an H-1B Visa. Help filling out 1040x What is my tax status, resident alien or nonresident alien? What tax return do I file? . Help filling out 1040x When is my Form 1040NR due? . Help filling out 1040x My spouse is a nonresident alien. Help filling out 1040x Does he need a social security number? . Help filling out 1040x I am a nonresident alien. Help filling out 1040x Can I file a joint return with my spouse? . Help filling out 1040x I have an H-1B Visa and my husband has an F-1 Visa. Help filling out 1040x We both lived in the United States all of last year and had income. Help filling out 1040x What kind of form should we file? Do we file separate returns or a joint return? . Help filling out 1040x Is a dual-resident taxpayer the same as a dual-status taxpayer? . Help filling out 1040x I am a nonresident alien and invested money in the U. Help filling out 1040x S. Help filling out 1040x stock market through a U. Help filling out 1040x S. Help filling out 1040x brokerage company. Help filling out 1040x Are the dividends and the capital gains taxable? If yes, how are they taxed? . Help filling out 1040x I am a nonresident alien. Help filling out 1040x I receive U. Help filling out 1040x S. Help filling out 1040x social security benefits. Help filling out 1040x Are my benefits taxable? . Help filling out 1040x Do I have to pay taxes on my scholarship? . Help filling out 1040x I am a nonresident alien. Help filling out 1040x Can I claim the standard deduction? . Help filling out 1040x I am a dual-status taxpayer. Help filling out 1040x Can I claim the standard deduction? . Help filling out 1040x I am filing Form 1040NR. Help filling out 1040x Can I claim itemized deductions? . Help filling out 1040x I am not a U. Help filling out 1040x S. Help filling out 1040x citizen. Help filling out 1040x What exemptions can I claim? . Help filling out 1040x What exemptions can I claim as a dual-status taxpayer? . Help filling out 1040x I am single with a dependent child. Help filling out 1040x I was a dual-status alien in 2013. Help filling out 1040x Can I claim the earned income credit on my 2013 tax return? . Help filling out 1040x I am a nonresident alien student. Help filling out 1040x Can I claim an education credit on my Form 1040NR? . Help filling out 1040x I am a nonresident alien, temporarily working in the U. Help filling out 1040x S. Help filling out 1040x under a J visa. Help filling out 1040x Am I subject to social security and Medicare taxes? . Help filling out 1040x I am a nonresident alien student. Help filling out 1040x Social security taxes were withheld from my pay in error. Help filling out 1040x How do I get a refund of these taxes? . Help filling out 1040x I am an alien who will be leaving the United States. Help filling out 1040x What forms do I have to file before I leave? . Help filling out 1040x I filed a Form 1040-C when I left the United States. Help filling out 1040x Do I still have to file an annual U. Help filling out 1040x S. Help filling out 1040x tax return? . Help filling out 1040x What is the difference between a resident alien and a nonresident alien for tax purposes? For tax purposes, an alien is an individual who is not a U. Help filling out 1040x S. Help filling out 1040x citizen. Help filling out 1040x Aliens are classified as resident aliens and nonresident aliens. Help filling out 1040x Resident aliens are taxed on their worldwide income, the same as U. Help filling out 1040x S. Help filling out 1040x citizens. Help filling out 1040x Nonresident aliens are taxed only on their U. Help filling out 1040x S. Help filling out 1040x source income and certain foreign source income that is effectively connected with a U. Help filling out 1040x S. Help filling out 1040x trade or business. Help filling out 1040x The difference between these two categories is that effectively connected income, after allowable deductions, is taxed at graduated rates. Help filling out 1040x These are the same rates that apply to U. Help filling out 1040x S. Help filling out 1040x citizens and residents. Help filling out 1040x Income that is not effectively connected is taxed at a flat 30% (or lower treaty) rate. Help filling out 1040x The term “exempt individual” does not refer to someone exempt from U. Help filling out 1040x S. Help filling out 1040x tax. Help filling out 1040x You were referred to as an exempt individual because as a student temporarily in the United States on an F Visa, you do not have to count the days you were present in the United States as a student during the first 5 years in determining if you are a resident alien under the substantial presence test. Help filling out 1040x See chapter 1 . Help filling out 1040x Generally, you cannot claim tax treaty benefits as a resident alien. Help filling out 1040x However, there are exceptions. Help filling out 1040x See Effect of Tax Treaties in chapter 1. Help filling out 1040x See also Resident Aliens under Some Typical Tax Treaty Benefits in chapter 9. Help filling out 1040x You must file Form 1040NR if you are engaged in a trade or business in the United States, or have any other U. Help filling out 1040x S. Help filling out 1040x source income on which tax was not fully paid by the amount withheld. Help filling out 1040x You can use Form 1040NR-EZ instead of Form 1040NR if you meet all 11 conditions listed under Form 1040NR-EZ in chapter 7. Help filling out 1040x You were a dual-status alien last year. Help filling out 1040x As a general rule, because you were in the United States for 183 days or more, you have met the substantial presence test and you are taxed as a resident. Help filling out 1040x However, for the part of the year that you were not present in the United States, you are a nonresident. Help filling out 1040x File Form 1040. Help filling out 1040x Print “Dual-Status Return” across the top. Help filling out 1040x Attach a statement showing your U. Help filling out 1040x S. Help filling out 1040x source income for the part of the year you were a nonresident. Help filling out 1040x You may use Form 1040NR as the statement. Help filling out 1040x Print “Dual-Status Statement” across the top. Help filling out 1040x See First Year of Residency in chapter 1 for rules on determining your residency starting date. Help filling out 1040x If you are an employee and you receive wages subject to U. Help filling out 1040x S. Help filling out 1040x income tax withholding, you must generally file by the 15th day of the 4th month after your tax year ends. Help filling out 1040x If you file for the 2013 calendar year, your return is due April 15, 2014. Help filling out 1040x If you are not an employee who receives wages subject to U. Help filling out 1040x S. Help filling out 1040x income tax withholding, you must file by the 15th day of the 6th month after your tax year ends. Help filling out 1040x For the 2013 calendar year, file your return by June 16, 2014. Help filling out 1040x For more information on when and where to file, see chapter 7 . Help filling out 1040x A social security number (SSN) must be furnished on returns, statements, and other tax-related documents. Help filling out 1040x If your spouse does not have and is not eligible to get an SSN, he must apply for an individual taxpayer identification number (ITIN). Help filling out 1040x If you are a U. Help filling out 1040x S. Help filling out 1040x citizen or resident and you choose to treat your nonresident spouse as a resident and file a joint tax return, your nonresident spouse needs an SSN or an ITIN. Help filling out 1040x Alien spouses who are claimed as exemptions or dependents are also required to furnish an SSN or an ITIN. Help filling out 1040x See Identification Number in chapter 5 for more information. Help filling out 1040x Generally, you cannot file as married filing jointly if either spouse was a nonresident alien at any time during the tax year. Help filling out 1040x However, nonresident aliens married to U. Help filling out 1040x S. Help filling out 1040x citizens or residents can choose to be treated as U. Help filling out 1040x S. Help filling out 1040x residents and file joint returns. Help filling out 1040x For more information on this choice, see Nonresident Spouse Treated as a Resident in chapter 1. Help filling out 1040x Assuming both of you had these visas for all of last year, you are a resident alien. Help filling out 1040x Your husband is a nonresident alien if he has not been in the United States as a student for more than 5 years. Help filling out 1040x You and your husband can file a joint tax return on Form 1040, 1040A, or 1040EZ if he makes the choice to be treated as a resident for the entire year. Help filling out 1040x See Nonresident Spouse Treated as a Resident in chapter 1. Help filling out 1040x If your husband does not make this choice, you must file a separate return on Form 1040 or Form 1040A. Help filling out 1040x Your husband must file Form 1040NR or 1040NR-EZ. Help filling out 1040x No. Help filling out 1040x A dual-resident taxpayer is one who is a resident of both the United States and another country under each country's tax laws. Help filling out 1040x See Effect of Tax Treaties in chapter 1. Help filling out 1040x You are a dual-status taxpayer when you are both a resident alien and a nonresident alien in the same year. Help filling out 1040x See chapter 6 . Help filling out 1040x The following rules apply if the dividends and capital gains are not effectively connected with a U. Help filling out 1040x S. Help filling out 1040x trade or business. Help filling out 1040x Capital gains are generally not taxable if you were in the United States for less than 183 days during the year. Help filling out 1040x See Sales or Exchanges of Capital Assets in chapter 4 for more information and exceptions. Help filling out 1040x Dividends are generally taxed at a 30% (or lower treaty) rate. Help filling out 1040x The brokerage company or payor of the dividends should withhold this tax at source. Help filling out 1040x If tax is not withheld at the correct rate, you must file Form 1040NR to receive a refund or pay any additional tax due. Help filling out 1040x If the capital gains and dividends are effectively connected with a U. Help filling out 1040x S. Help filling out 1040x trade or business, they are taxed according to the same rules and at the same rates that apply to U. Help filling out 1040x S. Help filling out 1040x citizens and residents. Help filling out 1040x If you are a nonresident alien, 85% of any U. Help filling out 1040x S. Help filling out 1040x social security benefits (and the equivalent portion of tier 1 railroad retirement benefits) you receive is subject to the flat 30% tax, unless exempt, or subject to a lower treaty rate. Help filling out 1040x See The 30% Tax in chapter 4. Help filling out 1040x If you are a nonresident alien and the scholarship is not from U. Help filling out 1040x S. Help filling out 1040x sources, it is not subject to U. Help filling out 1040x S. Help filling out 1040x tax. Help filling out 1040x See Scholarships, Grants, Prizes, and Awards in chapter 2 to determine whether your scholarship is from U. Help filling out 1040x S. Help filling out 1040x sources. Help filling out 1040x If your scholarship is from U. Help filling out 1040x S. Help filling out 1040x sources or you are a resident alien, your scholarship is subject to U. Help filling out 1040x S. Help filling out 1040x tax according to the following rules. Help filling out 1040x If you are a candidate for a degree, you may be able to exclude from your income the part of the scholarship you use to pay for tuition, fees, books, supplies, and equipment required by the educational institution. Help filling out 1040x However, the part of the scholarship you use to pay for other expenses, such as room and board, is taxable. Help filling out 1040x See Scholarships and Fellowship Grants in chapter 3 for more information. Help filling out 1040x If you are not a candidate for a degree, your scholarship is taxable. Help filling out 1040x Nonresident aliens cannot claim the standard deduction. Help filling out 1040x However, see Students and business apprentices from India , under Itemized Deductions in chapter 5 for an exception. Help filling out 1040x You cannot claim the standard deduction allowed on Form 1040. Help filling out 1040x However, you can itemize any allowable deductions. Help filling out 1040x Nonresident aliens can claim some of the same itemized deductions that resident aliens can claim. Help filling out 1040x However, nonresident aliens can claim itemized deductions only if they have income effectively connected with their U. Help filling out 1040x S. Help filling out 1040x trade or business. Help filling out 1040x See Itemized Deductions in chapter 5. Help filling out 1040x Resident aliens can claim personal exemptions and exemptions for dependents in the same way as U. Help filling out 1040x S. Help filling out 1040x citizens. Help filling out 1040x However, nonresident aliens generally can claim only a personal exemption for themselves on their U. Help filling out 1040x S. Help filling out 1040x tax return. Help filling out 1040x There are special rules for residents of Mexico, Canada, and South Korea; for U. Help filling out 1040x S. Help filling out 1040x nationals; and for students and business apprentices from India. Help filling out 1040x See Exemptions in chapter 5. Help filling out 1040x As a dual-status taxpayer, you usually will be able to claim your own personal exemption. Help filling out 1040x Subject to the general rules for qualification, you can claim exemptions for your spouse and dependents when you figure taxable income for the part of the year you are a resident alien. Help filling out 1040x The amount you can claim for these exemptions is limited to your taxable income (figured before subtracting exemptions) for the part of the year you are a resident alien. Help filling out 1040x You cannot use exemptions (other than your own) to reduce taxable income to less than zero for that period. Help filling out 1040x If you are a nonresident alien for any part of the year, you cannot claim the earned income credit. Help filling out 1040x See chapter 6 for more information on dual-status aliens. Help filling out 1040x If you are a nonresident alien for any part of the year, you generally cannot claim the education credits. Help filling out 1040x However, if you are married and choose to file a joint return with a U. Help filling out 1040x S. Help filling out 1040x citizen or resident spouse, you may be eligible for these credits. Help filling out 1040x See Nonresident Spouse Treated as a Resident in chapter 1. Help filling out 1040x Generally, services you perform as a nonresident alien temporarily in the United States as a nonimmigrant under subparagraph (F), (J), (M), or (Q) of section 101(a)(15) of the Immigration and Nationality Act are not covered under the social security program if you perform the services to carry out the purpose for which you were admitted to the United States. Help filling out 1040x See Social Security and Medicare Taxes in chapter 8. Help filling out 1040x If social security or Medicare taxes were withheld in error from pay that is not subject to these taxes, contact the employer who withheld the taxes for a refund. Help filling out 1040x If you are unable to get a full refund of the amount from your employer, file a claim for refund with the Internal Revenue Service on Form 843, Claim for Refund and Request for Abatement. Help filling out 1040x Do not use Form 843 to request a refund of Additional Medicare Tax. Help filling out 1040x See Refund of Taxes Withheld in Error in chapter 8. Help filling out 1040x Before leaving the United States, aliens generally must obtain a certificate of compliance. Help filling out 1040x This document, also popularly known as the sailing permit or departure permit, is part of the income tax form you must file before leaving. Help filling out 1040x You will receive a sailing or departure permit after filing a Form 1040-C or Form 2063. Help filling out 1040x These forms are discussed in chapter 11. Help filling out 1040x Form 1040-C is not an annual U. Help filling out 1040x S. Help filling out 1040x income tax return. Help filling out 1040x If an income tax return is required by law, you must file that return even though you already filed a Form 1040-C. Help filling out 1040x Chapters 5 and 7 discuss filing an annual U. Help filling out 1040x S. Help filling out 1040x income tax return. Help filling out 1040x . Help filling out 1040x What is the difference between the taxation of income that is effectively connected with a trade or business in the United States and income that is not effectively connected with a trade or business in the United States? The difference between these two categories is that effectively connected income, after allowable deductions, is taxed at graduated rates. Help filling out 1040x These are the same rates that apply to U. Help filling out 1040x S. Help filling out 1040x citizens and residents. Help filling out 1040x Income that is not effectively connected is taxed at a flat 30% (or lower treaty) rate. Help filling out 1040x The term “exempt individual” does not refer to someone exempt from U. Help filling out 1040x S. Help filling out 1040x tax. Help filling out 1040x You were referred to as an exempt individual because as a student temporarily in the United States on an F Visa, you do not have to count the days you were present in the United States as a student during the first 5 years in determining if you are a resident alien under the substantial presence test. Help filling out 1040x See chapter 1 . Help filling out 1040x Generally, you cannot claim tax treaty benefits as a resident alien. Help filling out 1040x However, there are exceptions. Help filling out 1040x See Effect of Tax Treaties in chapter 1. Help filling out 1040x See also Resident Aliens under Some Typical Tax Treaty Benefits in chapter 9. Help filling out 1040x You must file Form 1040NR if you are engaged in a trade or business in the United States, or have any other U. Help filling out 1040x S. Help filling out 1040x source income on which tax was not fully paid by the amount withheld. Help filling out 1040x You can use Form 1040NR-EZ instead of Form 1040NR if you meet all 11 conditions listed under Form 1040NR-EZ in chapter 7. Help filling out 1040x You were a dual-status alien last year. Help filling out 1040x As a general rule, because you were in the United States for 183 days or more, you have met the substantial presence test and you are taxed as a resident. Help filling out 1040x However, for the part of the year that you were not present in the United States, you are a nonresident. Help filling out 1040x File Form 1040. Help filling out 1040x Print “Dual-Status Return” across the top. Help filling out 1040x Attach a statement showing your U. Help filling out 1040x S. Help filling out 1040x source income for the part of the year you were a nonresident. Help filling out 1040x You may use Form 1040NR as the statement. Help filling out 1040x Print “Dual-Status Statement” across the top. Help filling out 1040x See First Year of Residency in chapter 1 for rules on determining your residency starting date. Help filling out 1040x If you are an employee and you receive wages subject to U. Help filling out 1040x S. Help filling out 1040x income tax withholding, you must generally file by the 15th day of the 4th month after your tax year ends. Help filling out 1040x If you file for the 2013 calendar year, your return is due April 15, 2014. Help filling out 1040x If you are not an employee who receives wages subject to U. Help filling out 1040x S. Help filling out 1040x income tax withholding, you must file by the 15th day of the 6th month after your tax year ends. Help filling out 1040x For the 2013 calendar year, file your return by June 16, 2014. Help filling out 1040x For more information on when and where to file, see chapter 7 . Help filling out 1040x A social security number (SSN) must be furnished on returns, statements, and other tax-related documents. Help filling out 1040x If your spouse does not have and is not eligible to get an SSN, he must apply for an individual taxpayer identification number (ITIN). Help filling out 1040x If you are a U. Help filling out 1040x S. Help filling out 1040x citizen or resident and you choose to treat your nonresident spouse as a resident and file a joint tax return, your nonresident spouse needs an SSN or an ITIN. Help filling out 1040x Alien spouses who are claimed as exemptions or dependents are also required to furnish an SSN or an ITIN. Help filling out 1040x See Identification Number in chapter 5 for more information. Help filling out 1040x Generally, you cannot file as married filing jointly if either spouse was a nonresident alien at any time during the tax year. Help filling out 1040x However, nonresident aliens married to U. Help filling out 1040x S. Help filling out 1040x citizens or residents can choose to be treated as U. Help filling out 1040x S. Help filling out 1040x residents and file joint returns. Help filling out 1040x For more information on this choice, see Nonresident Spouse Treated as a Resident in chapter 1. Help filling out 1040x Assuming both of you had these visas for all of last year, you are a resident alien. Help filling out 1040x Your husband is a nonresident alien if he has not been in the United States as a student for more than 5 years. Help filling out 1040x You and your husband can file a joint tax return on Form 1040, 1040A, or 1040EZ if he makes the choice to be treated as a resident for the entire year. Help filling out 1040x See Nonresident Spouse Treated as a Resident in chapter 1. Help filling out 1040x If your husband does not make this choice, you must file a separate return on Form 1040 or Form 1040A. Help filling out 1040x Your husband must file Form 1040NR or 1040NR-EZ. Help filling out 1040x No. Help filling out 1040x A dual-resident taxpayer is one who is a resident of both the United States and another country under each country's tax laws. Help filling out 1040x See Effect of Tax Treaties in chapter 1. Help filling out 1040x You are a dual-status taxpayer when you are both a resident alien and a nonresident alien in the same year. Help filling out 1040x See chapter 6 . Help filling out 1040x The following rules apply if the dividends and capital gains are not effectively connected with a U. Help filling out 1040x S. Help filling out 1040x trade or business. Help filling out 1040x Capital gains are generally not taxable if you were in the United States for less than 183 days during the year. Help filling out 1040x See Sales or Exchanges of Capital Assets in chapter 4 for more information and exceptions. Help filling out 1040x Dividends are generally taxed at a 30% (or lower treaty) rate. Help filling out 1040x The brokerage company or payor of the dividends should withhold this tax at source. Help filling out 1040x If tax is not withheld at the correct rate, you must file Form 1040NR to receive a refund or pay any additional tax due. Help filling out 1040x If the capital gains and dividends are effectively connected with a U. Help filling out 1040x S. Help filling out 1040x trade or business, they are taxed according to the same rules and at the same rates that apply to U. Help filling out 1040x S. Help filling out 1040x citizens and residents. Help filling out 1040x If you are a nonresident alien, 85% of any U. Help filling out 1040x S. Help filling out 1040x social security benefits (and the equivalent portion of tier 1 railroad retirement benefits) you receive is subject to the flat 30% tax, unless exempt, or subject to a lower treaty rate. Help filling out 1040x See The 30% Tax in chapter 4. Help filling out 1040x If you are a nonresident alien and the scholarship is not from U. Help filling out 1040x S. Help filling out 1040x sources, it is not subject to U. Help filling out 1040x S. Help filling out 1040x tax. Help filling out 1040x See Scholarships, Grants, Prizes, and Awards in chapter 2 to determine whether your scholarship is from U. Help filling out 1040x S. Help filling out 1040x sources. Help filling out 1040x If your scholarship is from U. Help filling out 1040x S. Help filling out 1040x sources or you are a resident alien, your scholarship is subject to U. Help filling out 1040x S. Help filling out 1040x tax according to the following rules. Help filling out 1040x If you are a candidate for a degree, you may be able to exclude from your income the part of the scholarship you use to pay for tuition, fees, books, supplies, and equipment required by the educational institution. Help filling out 1040x However, the part of the scholarship you use to pay for other expenses, such as room and board, is taxable. Help filling out 1040x See Scholarships and Fellowship Grants in chapter 3 for more information. Help filling out 1040x If you are not a candidate for a degree, your scholarship is taxable. Help filling out 1040x Nonresident aliens cannot claim the standard deduction. Help filling out 1040x However, see Students and business apprentices from India , under Itemized Deductions in chapter 5 for an exception. Help filling out 1040x You cannot claim the standard deduction allowed on Form 1040. Help filling out 1040x However, you can itemize any allowable deductions. Help filling out 1040x Nonresident aliens can claim some of the same itemized deductions that resident aliens can claim. Help filling out 1040x However, nonresident aliens can claim itemized deductions only if they have income effectively connected with their U. Help filling out 1040x S. Help filling out 1040x trade or business. Help filling out 1040x See Itemized Deductions in chapter 5. Help filling out 1040x Resident aliens can claim personal exemptions and exemptions for dependents in the same way as U. Help filling out 1040x S. Help filling out 1040x citizens. Help filling out 1040x However, nonresident aliens generally can claim only a personal exemption for themselves on their U. Help filling out 1040x S. Help filling out 1040x tax return. Help filling out 1040x There are special rules for residents of Mexico, Canada, and South Korea; for U. Help filling out 1040x S. Help filling out 1040x nationals; and for students and business apprentices from India. Help filling out 1040x See Exemptions in chapter 5. Help filling out 1040x As a dual-status taxpayer, you usually will be able to claim your own personal exemption. Help filling out 1040x Subject to the general rules for qualification, you can claim exemptions for your spouse and dependents when you figure taxable income for the part of the year you are a resident alien. Help filling out 1040x The amount you can claim for these exemptions is limited to your taxable income (figured before subtracting exemptions) for the part of the year you are a resident alien. Help filling out 1040x You cannot use exemptions (other than your own) to reduce taxable income to less than zero for that period. Help filling out 1040x If you are a nonresident alien for any part of the year, you cannot claim the earned income credit. Help filling out 1040x See chapter 6 for more information on dual-status aliens. Help filling out 1040x If you are a nonresident alien for any part of the year, you generally cannot claim the education credits. Help filling out 1040x However, if you are married and choose to file a joint return with a U. Help filling out 1040x S. Help filling out 1040x citizen or resident spouse, you may be eligible for these credits. Help filling out 1040x See Nonresident Spouse Treated as a Resident in chapter 1. Help filling out 1040x Generally, services you perform as a nonresident alien temporarily in the United States as a nonimmigrant under subparagraph (F), (J), (M), or (Q) of section 101(a)(15) of the Immigration and Nationality Act are not covered under the social security program if you perform the services to carry out the purpose for which you were admitted to the United States. Help filling out 1040x See Social Security and Medicare Taxes in chapter 8. Help filling out 1040x If social security or Medicare taxes were withheld in error from pay that is not subject to these taxes, contact the employer who withheld the taxes for a refund. Help filling out 1040x If you are unable to get a full refund of the amount from your employer, file a claim for refund with the Internal Revenue Service on Form 843, Claim for Refund and Request for Abatement. Help filling out 1040x Do not use Form 843 to request a refund of Additional Medicare Tax. Help filling out 1040x See Refund of Taxes Withheld in Error in chapter 8. Help filling out 1040x Before leaving the United States, aliens generally must obtain a certificate of compliance. Help filling out 1040x This document, also popularly known as the sailing permit or departure permit, is part of the income tax form you must file before leaving. Help filling out 1040x You will receive a sailing or departure permit after filing a Form 1040-C or Form 2063. Help filling out 1040x These forms are discussed in chapter 11. Help filling out 1040x Form 1040-C is not an annual U. Help filling out 1040x S. Help filling out 1040x income tax return. Help filling out 1040x If an income tax return is required by law, you must file that return even though you already filed a Form 1040-C. Help filling out 1040x Chapters 5 and 7 discuss filing an annual U. Help filling out 1040x S. Help filling out 1040x income tax return. Help filling out 1040x . Help filling out 1040x I am a student with an F-1 Visa. Help filling out 1040x I was told that I was an exempt individual. Help filling out 1040x Does this mean I am exempt from paying U. Help filling out 1040x S. Help filling out 1040x tax? The term “exempt individual” does not refer to someone exempt from U. Help filling out 1040x S. Help filling out 1040x tax. Help filling out 1040x You were referred to as an exempt individual because as a student temporarily in the United States on an F Visa, you do not have to count the days you were present in the United States as a student during the first 5 years in determining if you are a resident alien under the substantial presence test. Help filling out 1040x See chapter 1 . Help filling out 1040x Generally, you cannot claim tax treaty benefits as a resident alien. Help filling out 1040x However, there are exceptions. Help filling out 1040x See Effect of Tax Treaties in chapter 1. Help filling out 1040x See also Resident Aliens under Some Typical Tax Treaty Benefits in chapter 9. Help filling out 1040x You must file Form 1040NR if you are engaged in a trade or business in the United States, or have any other U. Help filling out 1040x S. Help filling out 1040x source income on which tax was not fully paid by the amount withheld. Help filling out 1040x You can use Form 1040NR-EZ instead of Form 1040NR if you meet all 11 conditions listed under Form 1040NR-EZ in chapter 7. Help filling out 1040x You were a dual-status alien last year. Help filling out 1040x As a general rule, because you were in the United States for 183 days or more, you have met the substantial presence test and you are taxed as a resident. Help filling out 1040x However, for the part of the year that you were not present in the United States, you are a nonresident. Help filling out 1040x File Form 1040. Help filling out 1040x Print “Dual-Status Return” across the top. Help filling out 1040x Attach a statement showing your U. Help filling out 1040x S. Help filling out 1040x source income for the part of the year you were a nonresident. Help filling out 1040x You may use Form 1040NR as the statement. Help filling out 1040x Print “Dual-Status Statement” across the top. Help filling out 1040x See First Year of Residency in chapter 1 for rules on determining your residency starting date. Help filling out 1040x If you are an employee and you receive wages subject to U. Help filling out 1040x S. Help filling out 1040x income tax withholding, you must generally file by the 15th day of the 4th month after your tax year ends. Help filling out 1040x If you file for the 2013 calendar year, your return is due April 15, 2014. Help filling out 1040x If you are not an employee who receives wages subject to U. Help filling out 1040x S. Help filling out 1040x income tax withholding, you must file by the 15th day of the 6th month after your tax year ends. Help filling out 1040x For the 2013 calendar year, file your return by June 16, 2014. Help filling out 1040x For more information on when and where to file, see chapter 7 . Help filling out 1040x A social security number (SSN) must be furnished on returns, statements, and other tax-related documents. Help filling out 1040x If your spouse does not have and is not eligible to get an SSN, he must apply for an individual taxpayer identification number (ITIN). Help filling out 1040x If you are a U. Help filling out 1040x S. Help filling out 1040x citizen or resident and you choose to treat your nonresident spouse as a resident and file a joint tax return, your nonresident spouse needs an SSN or an ITIN. Help filling out 1040x Alien spouses who are claimed as exemptions or dependents are also required to furnish an SSN or an ITIN. Help filling out 1040x See Identification Number in chapter 5 for more information. Help filling out 1040x Generally, you cannot file as married filing jointly if either spouse was a nonresident alien at any time during the tax year. Help filling out 1040x However, nonresident aliens married to U. Help filling out 1040x S. Help filling out 1040x citizens or residents can choose to be treated as U. Help filling out 1040x S. Help filling out 1040x residents and file joint returns. Help filling out 1040x For more information on this choice, see Nonresident Spouse Treated as a Resident in chapter 1. Help filling out 1040x Assuming both of you had these visas for all of last year, you are a resident alien. Help filling out 1040x Your husband is a nonresident alien if he has not been in the United States as a student for more than 5 years. Help filling out 1040x You and your husband can file a joint tax return on Form 1040, 1040A, or 1040EZ if he makes the choice to be treated as a resident for the entire year. Help filling out 1040x See Nonresident Spouse Treated as a Resident in chapter 1. Help filling out 1040x If your husband does not make this choice, you must file a separate return on Form 1040 or Form 1040A. Help filling out 1040x Your husband must file Form 1040NR or 1040NR-EZ. Help filling out 1040x No. Help filling out 1040x A dual-resident taxpayer is one who is a resident of both the United States and another country under each country's tax laws. Help filling out 1040x See Effect of Tax Treaties in chapter 1. Help filling out 1040x You are a dual-status taxpayer when you are both a resident alien and a nonresident alien in the same year. Help filling out 1040x See chapter 6 . Help filling out 1040x The following rules apply if the dividends and capital gains are not effectively connected with a U. Help filling out 1040x S. Help filling out 1040x trade or business. Help filling out 1040x Capital gains are generally not taxable if you were in the United States for less than 183 days during the year. Help filling out 1040x See Sales or Exchanges of Capital Assets in chapter 4 for more information and exceptions. Help filling out 1040x Dividends are generally taxed at a 30% (or lower treaty) rate. Help filling out 1040x The brokerage company or payor of the dividends should withhold this tax at source. Help filling out 1040x If tax is not withheld at the correct rate, you must file Form 1040NR to receive a refund or pay any additional tax due. Help filling out 1040x If the capital gains and dividends are effectively connected with a U. Help filling out 1040x S. Help filling out 1040x trade or business, they are taxed according to the same rules and at the same rates that apply to U. Help filling out 1040x S. Help filling out 1040x citizens and residents. Help filling out 1040x If you are a nonresident alien, 85% of any U. Help filling out 1040x S. Help filling out 1040x social security benefits (and the equivalent portion of tier 1 railroad retirement benefits) you receive is subject to the flat 30% tax, unless exempt, or subject to a lower treaty rate. Help filling out 1040x See The 30% Tax in chapter 4. Help filling out 1040x If you are a nonresident alien and the scholarship is not from U. Help filling out 1040x S. Help filling out 1040x sources, it is not subject to U. Help filling out 1040x S. Help filling out 1040x tax. Help filling out 1040x See Scholarships, Grants, Prizes, and Awards in chapter 2 to determine whether your scholarship is from U. Help filling out 1040x S. Help filling out 1040x sources. Help filling out 1040x If your scholarship is from U. Help filling out 1040x S. Help filling out 1040x sources or you are a resident alien, your scholarship is subject to U. Help filling out 1040x S. Help filling out 1040x tax according to the following rules. Help filling out 1040x If you are a candidate for a degree, you may be able to exclude from your income the part of the scholarship you use to pay for tuition, fees, books, supplies, and equipment required by the educational institution. Help filling out 1040x However, the part of the scholarship you use to pay for other expenses, such as room and board, is taxable. Help filling out 1040x See Scholarships and Fellowship Grants in chapter 3 for more information. Help filling out 1040x If you are not a candidate for a degree, your scholarship is taxable. Help filling out 1040x Nonresident aliens cannot claim the standard deduction. Help filling out 1040x However, see Students and business apprentices from India , under Itemized Deductions in chapter 5 for an exception. Help filling out 1040x You cannot claim the standard deduction allowed on Form 1040. Help filling out 1040x However, you can itemize any allowable deductions. Help filling out 1040x Nonresident aliens can claim some of the same itemized deductions that resident aliens can claim. Help filling out 1040x However, nonresident aliens can claim itemized deductions only if they have income effectively connected with their U. Help filling out 1040x S. Help filling out 1040x trade or business. Help filling out 1040x See Itemized Deductions in chapter 5. Help filling out 1040x Resident aliens can claim personal exemptions and exemptions for dependents in the same way as U. Help filling out 1040x S. Help filling out 1040x citizens. Help filling out 1040x However, nonresident aliens generally can claim only a personal exemption for themselves on their U. Help filling out 1040x S. Help filling out 1040x tax return. Help filling out 1040x There are special rules for residents of Mexico, Canada, and South Korea; for U. Help filling out 1040x S. Help filling out 1040x nationals; and for students and business apprentices from India. Help filling out 1040x See Exemptions in chapter 5. Help filling out 1040x As a dual-status taxpayer, you usually will be able to claim your own personal exemption. Help filling out 1040x Subject to the general rules for qualification, you can claim exemptions for your spouse and dependents when you figure taxable income for the part of the year you are a resident alien. Help filling out 1040x The amount you can claim for these exemptions is limited to your taxable income (figured before subtracting exemptions) for the part of the year you are a resident alien. Help filling out 1040x You cannot use exemptions (other than your own) to reduce taxable income to less than zero for that period. Help filling out 1040x If you are a nonresident alien for any part of the year, you cannot claim the earned income credit. Help filling out 1040x See chapter 6 for more information on dual-status aliens. Help filling out 1040x If you are a nonresident alien for any part of the year, you generally cannot claim the education credits. Help filling out 1040x However, if you are married and choose to file a joint return with a U. Help filling out 1040x S. Help filling out 1040x citizen or resident spouse, you may be eligible for these credits. Help filling out 1040x See Nonresident Spouse Treated as a Resident in chapter 1. Help filling out 1040x Generally, services you perform as a nonresident alien temporarily in the United States as a nonimmigrant under subparagraph (F), (J), (M), or (Q) of section 101(a)(15) of the Immigration and Nationality Act are not covered under the social security program if you perform the services to carry out the purpose for which you were admitted to the United States. Help filling out 1040x See Social Security and Medicare Taxes in chapter 8. Help filling out 1040x If social security or Medicare taxes were withheld in error from pay that is not subject to these taxes, contact the employer who withheld the taxes for a refund. Help filling out 1040x If you are unable to get a full refund of the amount from your employer, file a claim for refund with the Internal Revenue Service on Form 843, Claim for Refund and Request for Abatement. Help filling out 1040x Do not use Form 843 to request a refund of Additional Medicare Tax. Help filling out 1040x See Refund of Taxes Withheld in Error in chapter 8. Help filling out 1040x Before leaving the United States, aliens generally must obtain a certificate of compliance. Help filling out 1040x This document, also popularly known as the sailing permit or departure permit, is part of the income tax form you must file before leaving. Help filling out 1040x You will receive a sailing or departure permit after filing a Form 1040-C or Form 2063. Help filling out 1040x These forms are discussed in chapter 11. Help filling out 1040x Form 1040-C is not an annual U. Help filling out 1040x S. Help filling out 1040x income tax return. Help filling out 1040x If an income tax return is required by law, you must file that return even though you already filed a Form 1040-C. Help filling out 1040x Chapters 5 and 7 discuss filing an annual U. Help filling out 1040x S. Help filling out 1040x income tax return. Help filling out 1040x . Help filling out 1040x I am a resident alien. Help filling out 1040x Can I claim any treaty benefits? Generally, you cannot claim tax treaty benefits as a resident alien. Help filling out 1040x However, there are exceptions. Help filling out 1040x See Effect of Tax Treaties in chapter 1. Help filling out 1040x See also Resident Aliens under Some Typical Tax Treaty Benefits in chapter 9. Help filling out 1040x You must file Form 1040NR if you are engaged in a trade or business in the United States, or have any other U. Help filling out 1040x S. Help filling out 1040x source income on which tax was not fully paid by the amount withheld. Help filling out 1040x You can use Form 1040NR-EZ instead of Form 1040NR if you meet all 11 conditions listed under Form 1040NR-EZ in chapter 7. Help filling out 1040x You were a dual-status alien last year. Help filling out 1040x As a general rule, because you were in the United States for 183 days or more, you have met the substantial presence test and you are taxed as a resident. Help filling out 1040x However, for the part of the year that you were not present in the United States, you are a nonresident. Help filling out 1040x File Form 1040. Help filling out 1040x Print “Dual-Status Return” across the top. Help filling out 1040x Attach a statement showing your U. Help filling out 1040x S. Help filling out 1040x source income for the part of the year you were a nonresident. Help filling out 1040x You may use Form 1040NR as the statement. Help filling out 1040x Print “Dual-Status Statement” across the top. Help filling out 1040x See First Year of Residency in chapter 1 for rules on determining your residency starting date. Help filling out 1040x If you are an employee and you receive wages subject to U. Help filling out 1040x S. Help filling out 1040x income tax withholding, you must generally file by the 15th day of the 4th month after your tax year ends. Help filling out 1040x If you file for the 2013 calendar year, your return is due April 15, 2014. Help filling out 1040x If you are not an employee who receives wages subject to U. Help filling out 1040x S. Help filling out 1040x income tax withholding, you must file by the 15th day of the 6th month after your tax year ends. Help filling out 1040x For the 2013 calendar year, file your return by June 16, 2014. Help filling out 1040x For more information on when and where to file, see chapter 7 . Help filling out 1040x A social security number (SSN) must be furnished on returns, statements, and other tax-related documents. Help filling out 1040x If your spouse does not have and is not eligible to get an SSN, he must apply for an individual taxpayer identification number (ITIN). Help filling out 1040x If you are a U. Help filling out 1040x S. Help filling out 1040x citizen or resident and you choose to treat your nonresident spouse as a resident and file a joint tax return, your nonresident spouse needs an SSN or an ITIN. Help filling out 1040x Alien spouses who are claimed as exemptions or dependents are also required to furnish an SSN or an ITIN. Help filling out 1040x See Identification Number in chapter 5 for more information. Help filling out 1040x Generally, you cannot file as married filing jointly if either spouse was a nonresident alien at any time during the tax year. Help filling out 1040x However, nonresident aliens married to U. Help filling out 1040x S. Help filling out 1040x citizens or residents can choose to be treated as U. Help filling out 1040x S. Help filling out 1040x residents and file joint returns. Help filling out 1040x For more information on this choice, see Nonresident Spouse Treated as a Resident in chapter 1. Help filling out 1040x Assuming both of you had these visas for all of last year, you are a resident alien. Help filling out 1040x Your husband is a nonresident alien if he has not been in the United States as a student for more than 5 years. Help filling out 1040x You and your husband can file a joint tax return on Form 1040, 1040A, or 1040EZ if he makes the choice to be treated as a resident for the entire year. Help filling out 1040x See Nonresident Spouse Treated as a Resident in chapter 1. Help filling out 1040x If your husband does not make this choice, you must file a separate return on Form 1040 or Form 1040A. Help filling out 1040x Your husband must file Form 1040NR or 1040NR-EZ. Help filling out 1040x No. Help filling out 1040x A dual-resident taxpayer is one who is a resident of both the United States and another country under each country's tax laws. Help filling out 1040x See Effect of Tax Treaties in chapter 1. Help filling out 1040x You are a dual-status taxpayer when you are both a resident alien and a nonresident alien in the same year. Help filling out 1040x See chapter 6 . Help filling out 1040x The following rules apply if the dividends and capital gains are not effectively connected with a U. Help filling out 1040x S. Help filling out 1040x trade or business. Help filling out 1040x Capital gains are generally not taxable if you were in the United States for less than 183 days during the year. Help filling out 1040x See Sales or Exchanges of Capital Assets in chapter 4 for more information and exceptions. Help filling out 1040x Dividends are generally taxed at a 30% (or lower treaty) rate. Help filling out 1040x The brokerage company or payor of the dividends should withhold this tax at source. Help filling out 1040x If tax is not withheld at the correct rate, you must file Form 1040NR to receive a refund or pay any additional tax due. Help filling out 1040x If the capital gains and dividends are effectively connected with a U. Help filling out 1040x S. Help filling out 1040x trade or business, they are taxed according to the same rules and at the same rates that apply to U. Help filling out 1040x S. Help filling out 1040x citizens and residents. Help filling out 1040x If you are a nonresident alien, 85% of any U. Help filling out 1040x S. Help filling out 1040x social security benefits (and the equivalent portion of tier 1 railroad retirement benefits) you receive is subject to the flat 30% tax, unless exempt, or subject to a lower treaty rate. Help filling out 1040x See The 30% Tax in chapter 4. Help filling out 1040x If you are a nonresident alien and the scholarship is not from U. Help filling out 1040x S. Help filling out 1040x sources, it is not subject to U. Help filling out 1040x S. Help filling out 1040x tax. Help filling out 1040x See Scholarships, Grants, Prizes, and Awards in chapter 2 to determine whether your scholarship is from U. Help filling out 1040x S. Help filling out 1040x sources. Help filling out 1040x If your scholarship is from U. Help filling out 1040x S. Help filling out 1040x sources or you are a resident alien, your scholarship is subject to U. Help filling out 1040x S. Help filling out 1040x tax according to the following rules. Help filling out 1040x If you are a candidate for a degree, you may be able to exclude from your income the part of the scholarship you use to pay for tuition, fees, books, supplies, and equipment required by the educational institution. Help filling out 1040x However, the part of the scholarship you use to pay for other expenses, such as room and board, is taxable. Help filling out 1040x See Scholarships and Fellowship Grants in chapter 3 for more information. Help filling out 1040x If you are not a candidate for a degree, your scholarship is taxable. Help filling out 1040x Nonresident aliens cannot claim the standard deduction. Help filling out 1040x However, see Students and business apprentices from India , under Itemized Deductions in chapter 5 for an exception. Help filling out 1040x You cannot claim the standard deduction allowed on Form 1040. Help filling out 1040x However, you can itemize any allowable deductions. Help filling out 1040x Nonresident aliens can claim some of the same itemized deductions that resident aliens can claim. Help filling out 1040x However, nonresident aliens can claim itemized deductions only if they have income effectively connected with their U. Help filling out 1040x S. Help filling out 1040x trade or business. Help filling out 1040x See Itemized Deductions in chapter 5. Help filling out 1040x Resident aliens can claim personal exemptions and exemptions for dependents in the same way as U. Help filling out 1040x S. Help filling out 1040x citizens. Help filling out 1040x However, nonresident aliens generally can claim only a personal exemption for themselves on their U. Help filling out 1040x S. Help filling out 1040x tax return. Help filling out 1040x There are special rules for residents of Mexico, Canada, and South Korea; for U. Help filling out 1040x S. Help filling out 1040x nationals; and for students and business apprentices from India. Help filling out 1040x See Exemptions in chapter 5. Help filling out 1040x As a dual-status taxpayer, you usually will be able to claim your own personal exemption. Help filling out 1040x Subject to the general rules for qualification, you can claim exemptions for your spouse and dependents when you figure taxable income for the part of the year you are a resident alien. Help filling out 1040x The amount you can claim for these exemptions is limited to your taxable income (figured before subtracting exemptions) for the part of the year you are a resident alien. Help filling out 1040x You cannot use exemptions (other than your own) to reduce taxable income to less than zero for that period. Help filling out 1040x If you are a nonresident alien for any part of the year, you cannot claim the earned income credit. Help filling out 1040x See chapter 6 for more information on dual-status aliens. Help filling out 1040x If you are a nonresident alien for any part of the year, you generally cannot claim the education credits. Help filling out 1040x However, if you are married and choose to file a joint return with a U. Help filling out 1040x S. Help filling out 1040x citizen or resident spouse, you may be eligible for these credits. Help filling out 1040x See Nonresident Spouse Treated as a Resident in chapter 1. Help filling out 1040x Generally, services you perform as a nonresident alien temporarily in the United States as a nonimmigrant under subparagraph (F), (J), (M), or (Q) of section 101(a)(15) of the Immigration and Nationality Act are not covered under the social security program if you perform the services to carry out the purpose for which you were admitted to the United States. Help filling out 1040x See Social Security and Medicare Taxes in chapter 8. Help filling out 1040x If social security or Medicare taxes were withheld in error from pay that is not subject to these taxes, contact the employer who withheld the taxes for a refund. Help filling out 1040x If you are unable to get a full refund of the amount from your employer, file a claim for refund with the Internal Revenue Service on Form 843, Claim for Refund and Request for Abatement. Help filling out 1040x Do not use Form 843 to request a refund of Additional Medicare Tax. Help filling out 1040x See Refund of Taxes Withheld in Error in chapter 8. Help filling out 1040x Before leaving the United States, aliens generally must obtain a certificate of compliance. Help filling out 1040x This document, also popularly known as the sailing permit or departure permit, is part of the income tax form you must file before leaving. Help filling out 1040x You will receive a sailing or departure permit after filing a Form 1040-C or Form 2063. Help filling out 1040x These forms are discussed in chapter 11. Help filling out 1040x Form 1040-C is not an annual U. Help filling out 1040x S. Help filling out 1040x income tax return. Help filling out 1040x If an income tax return is required by law, you must file that return even though you already filed a Form 1040-C. Help filling out 1040x Chapters 5 and 7 discuss filing an annual U. Help filling out 1040x S. Help filling out 1040x income tax return. Help filling out 1040x . Help filling out 1040x I am a nonresident alien with no dependents. Help filling out 1040x I am working temporarily for a U. Help filling out 1040x S. Help filling out 1040x company. Help filling out 1040x What return do I file? You must file Form 1040NR if you are engaged in a trade or business in the United States, or have any other U. Help filling out 1040x S. Help filling out 1040x source income on which tax was not fully paid by the amount withheld. Help filling out 1040x You can use Form 1040NR-EZ instead of Form 1040NR if you meet all 11 conditions listed under Form 1040NR-EZ in chapter 7. Help filling out 1040x You were a dual-status alien last year. Help filling out 1040x As a general rule, because you were in the United States for 183 days or more, you have met the substantial presence test and you are taxed as a resident. Help filling out 1040x However, for the part of the year that you were not present in the United States, you are a nonresident. Help filling out 1040x File Form 1040. Help filling out 1040x Print “Dual-Status Return” across the top. Help filling out 1040x Attach a statement showing your U. Help filling out 1040x S. Help filling out 1040x source income for the part of the year you were a nonresident. Help filling out 1040x You may use Form 1040NR as the statement. Help filling out 1040x Print “Dual-Status Statement” across the top. Help filling out 1040x See First Year of Residency in chapter 1 for rules on determining your residency starting date. Help filling out 1040x If you are an employee and you receive wages subject to U. Help filling out 1040x S. Help filling out 1040x income tax withholding, you must generally file by the 15th day of the 4th month after your tax year ends. Help filling out 1040x If you file for the 2013 calendar year, your return is due April 15, 2014. Help filling out 1040x If you are not an employee who receives wages subject to U. Help filling out 1040x S. Help filling out 1040x income tax withholding, you must file by the 15th day of the 6th month after your tax year ends. Help filling out 1040x For the 2013 calendar year, file your return by June 16, 2014. Help filling out 1040x For more information on when and where to file, see chapter 7 . Help filling out 1040x A social security number (SSN) must be furnished on returns, statements, and other tax-related documents. Help filling out 1040x If your spouse does not have and is not eligible to get an SSN, he must apply for an individual taxpayer identification number (ITIN). Help filling out 1040x If you are a U. Help filling out 1040x S. Help filling out 1040x citizen or resident and you choose to treat your nonresident spouse as a resident and file a joint tax return, your nonresident spouse needs an SSN or an ITIN. Help filling out 1040x Alien spouses who are claimed as exemptions or dependents are also required to furnish an SSN or an ITIN. Help filling out 1040x See Identification Number in chapter 5 for more information. Help filling out 1040x Generally, you cannot file as married filing jointly if either spouse was a nonresident alien at any time during the tax year. Help filling out 1040x However, nonresident aliens married to U. Help filling out 1040x S. Help filling out 1040x citizens or residents can choose to be treated as U. Help filling out 1040x S. Help filling out 1040x residents and file joint returns. Help filling out 1040x For more information on this choice, see Nonresident Spouse Treated as a Resident in chapter 1. Help filling out 1040x Assuming both of you had these visas for all of last year, you are a resident alien. Help filling out 1040x Your husband is a nonresident alien if he has not been in the United States as a student for more than 5 years. Help filling out 1040x You and your husband can file a joint tax return on Form 1040, 1040A, or 1040EZ if he makes the choice to be treated as a resident for the entire year. Help filling out 1040x See Nonresident Spouse Treated as a Resident in chapter 1. Help filling out 1040x If your husband does not make this choice, you must file a separate return on Form 1040 or Form 1040A. Help filling out 1040x Your husband must file Form 1040NR or 1040NR-EZ. Help filling out 1040x No. Help filling out 1040x A dual-resident taxpayer is one who is a resident of both the United States and another country under each country's tax laws. Help filling out 1040x See Effect of Tax Treaties in chapter 1. Help filling out 1040x You are a dual-status taxpayer when you are both a resident alien and a nonresident alien in the same year. Help filling out 1040x See chapter 6 . Help filling out 1040x The following rules apply if the dividends and capital gains are not effectively connected with a U. Help filling out 1040x S. Help filling out 1040x trade or business. Help filling out 1040x Capital gains are generally not taxable if you were in the United States for less than 183 days during the year. Help filling out 1040x See Sales or Exchanges of Capital Assets in chapter 4 for more information and exceptions. Help filling out 1040x Dividends are generally taxed at a 30% (or lower treaty) rate. Help filling out 1040x The brokerage company or payor of the dividends should withhold this tax at source. Help filling out 1040x If tax is not withheld at the correct rate, you must file Form 1040NR to receive a refund or pay any additional tax due. Help filling out 1040x If the capital gains and dividends are effectively connected with a U. Help filling out 1040x S. Help filling out 1040x trade or business, they are taxed according to the same rules and at the same rates that apply to U. Help filling out 1040x S. Help filling out 1040x citizens and residents. Help filling out 1040x If you are a nonresident alien, 85% of any U. Help filling out 1040x S. Help filling out 1040x social security benefits (and the equivalent portion of tier 1 railroad retirement benefits) you receive is subject to the flat 30% tax, unless exempt, or subject to a lower treaty rate. Help filling out 1040x See The 30% Tax in chapter 4. Help filling out 1040x If you are a nonresident alien and the scholarship is not from U. Help filling out 1040x S. Help filling out 1040x sources, it is not subject to U. Help filling out 1040x S. Help filling out 1040x tax. Help filling out 1040x See Scholarships, Grants, Prizes, and Awards in chapter 2 to determine whether your scholarship is from U. Help filling out 1040x S. Help filling out 1040x sources. Help filling out 1040x If your scholarship is from U. Help filling out 1040x S. Help filling out 1040x sources or you are a resident alien, your scholarship is subject to U. Help filling out 1040x S. Help filling out 1040x tax according to the following rules. Help filling out 1040x If you are a candidate for a degree, you may be able to exclude from your income the part of the scholarship you use to pay for tuition, fees, books, supplies, and equipment required by the educational institution. Help filling out 1040x However, the part of the scholarship you use to pay for other expenses, such as room and board, is taxable. Help filling out 1040x See Scholarships and Fellowship Grants in chapter 3 for more information. Help filling out 1040x If you are not a candidate for a degree, your scholarship is taxable. Help filling out 1040x Nonresident aliens cannot claim the standard deduction. Help filling out 1040x However, see Students and business apprentices from India , under Itemized Deductions in chapter 5 for an exception. Help filling out 1040x You cannot claim the standard deduction allowed on Form 1040. Help filling out 1040x However, you can itemize any allowable deductions. Help filling out 1040x Nonresident aliens can claim some of the same itemized deductions that resident aliens can claim. Help filling out 1040x However, nonresident aliens can claim itemized deductions only if they have income effectively connected with their U. Help filling out 1040x S. Help filling out 1040x trade or business. Help filling out 1040x See Itemized Deductions in chapter 5. Help filling out 1040x Resident aliens can claim personal exemptions and exemptions for dependents in the same way as U. Help filling out 1040x S. Help filling out 1040x citizens. Help filling out 1040x However, nonresident aliens generally can claim only a personal exemption for themselves on their U. Help filling out 1040x S. Help filling out 1040x tax return. Help filling out 1040x There are special rules for residents of Mexico, Canada, and South Korea; for U. Help filling out 1040x S. Help filling out 1040x nationals; and for students and business apprentices from India. Help filling out 1040x See Exemptions in chapter 5. Help filling out 1040x As a dual-status taxpayer, you usually will be able to claim your own personal exemption. Help filling out 1040x Subject to the general rules for qualification, you can claim exemptions for your spouse and dependents when you figure taxable income for the part of the year you are a resident alien. Help filling out 1040x The amount you can claim for these exemptions is limited to your taxable income (figured before subtracting exemptions) for the part of the year you are a resident alien. Help filling out 1040x You cannot use exemptions (other than your own) to reduce taxable income to less than zero for that period. Help filling out 1040x If you are a nonresident alien for any part of the year, you cannot claim the earned income credit. Help filling out 1040x See chapter 6 for more information on dual-status aliens. Help filling out 1040x If you are a nonresident alien for any part of the year, you generally cannot claim the education credits. Help filling out 1040x However, if you are married and choose to file a joint return with a U. Help filling out 1040x S. Help filling out 1040x citizen or resident spouse, you may be eligible for these credits. Help filling out 1040x See Nonresident Spouse Treated as a Resident in chapter 1. Help filling out 1040x Generally, services you perform as a nonresident alien temporarily in the United States as a nonimmigrant under subparagraph (F), (J), (M), or (Q) of section 101(a)(15) of the Immigration and Nationality Act are not covered under the social security program if you perform the services to carry out the purpose for which you were admitted to the United States. Help filling out 1040x See Social Security and Medicare Taxes in chapter 8. Help filling out 1040x If social security or Medicare taxes were withheld in error from pay that is not subject to these taxes, contact the employer who withheld the taxes for a refund. Help filling out 1040x If you are unable to get a full refund of the amount from your employer, file a claim for refund with the Internal Revenue Service on Form 843, Claim for Refund and Request for Abatement. Help filling out 1040x Do not use Form 843 to request a refund of Additional Medicare Tax. Help filling out 1040x See Refund of Taxes Withheld in Error in chapter 8. Help filling out 1040x Before leaving the United States, aliens generally must obtain a certificate of compliance. Help filling out 1040x This document, also popularly known as the sailing permit or departure permit, is part of the income tax form you must file before leaving. Help filling out 1040x You will receive a sailing or departure permit after filing a Form 1040-C or Form 2063. Help filling out 1040x These forms are discussed in chapter 11. Help filling out 1040x Form 1040-C is not an annual U. Help filling out 1040x S. Help filling out 1040x income tax return. Help filling out 1040x If an income tax return is required by law, you must file that return even though you already filed a Form 1040-C. Help filling out 1040x Chapters 5 and 7 discuss filing an annual U. Help filling out 1040x S. Help filling out 1040x income tax return. Help filling out 1040x . Help filling out 1040x I came to the United States on June 30th of last year. Help filling out 1040x I have an H-1B Visa. Help filling out 1040x What is my tax status, resident alien or nonresident alien? What tax return do I file? You were a dual-status alien last year. Help filling out 1040x As a general rule, because you were in the United States for 183 days or more, you have met the substantial presence test and you are taxed as a resident. Help filling out 1040x However, for the part of the year that you were not present in the United States, you are a nonresident. Help filling out 1040x File Form 1040. Help filling out 1040x Print “Dual-Status Return” across the top. Help filling out 1040x Attach a statement showing your U. Help filling out 1040x S. Help filling out 1040x source income for the part of the year you were a nonresident. Help filling out 1040x You may use Form 1040NR as the statement. Help filling out 1040x Print “Dual-Status Statement” across the top. Help filling out 1040x See First Year of Residency in chapter 1 for rules on determining your residency starting date. Help filling out 1040x If you are an employee and you receive wages subject to U. Help filling out 1040x S. Help filling out 1040x income tax withholding, you must generally file by the 15th day of the 4th month after your tax year ends. Help filling out 1040x If you file for the 2013 calendar year, your return is due April 15, 2014. Help filling out 1040x If you are not an employee who receives wages subject to U. Help filling out 1040x S. Help filling out 1040x income tax withholding, you must file by the 15th day of the 6th month after your tax year ends. Help filling out 1040x For the 2013 calendar year, file your return by June 16, 2014. Help filling out 1040x For more information on when and where to file, see chapter 7 . Help filling out 1040x A social security number (SSN) must be furnished on returns, statements, and other tax-related documents. Help filling out 1040x If your spouse does not have and is not eligible to get an SSN, he must apply for an individual taxpayer identification number (ITIN). Help filling out 1040x If you are a U. Help filling out 1040x S. Help filling out 1040x citizen or resident and you choose to treat your nonresident spouse as a resident and file a joint tax return, your nonresident spouse needs an SSN or an ITIN. Help filling out 1040x Alien spouses who are claimed as exemptions or dependents are also required to furnish an SSN or an ITIN. Help filling out 1040x See Identification Number in chapter 5 for more information. Help filling out 1040x Generally, you cannot file as married filing jointly if either spouse was a nonresident alien at any time during the tax year. Help filling out 1040x However, nonresident aliens married to U. Help filling out 1040x S. Help filling out 1040x citizens or residents can choose to be treated as U. Help filling out 1040x S. Help filling out 1040x residents and file joint returns. Help filling out 1040x For more information on this choice, see Nonresident Spouse Treated as a Resident in chapter 1. Help filling out 1040x Assuming both of you had these visas for all of last year, you are a resident alien. Help filling out 1040x Your husband is a nonresident alien if he has not been in the United States as a student for more than 5 years. Help filling out 1040x You and your husband can file a joint tax return on Form 1040, 1040A, or 1040EZ if he makes the choice to be treated as a resident for the entire year. Help filling out 1040x See Nonresident Spouse Treated as a Resident in chapter 1. Help filling out 1040x If your husband does not make this choice, you must file a separate return on Form 1040 or Form 1040A. Help filling out 1040x Your husband must file Form 1040NR or 1040NR-EZ. Help filling out 1040x No. Help filling out 1040x A dual-resident taxpayer is one who is a resident of both the United States and another country under each country's tax laws. Help filling out 1040x See Effect of Tax Treaties in chapter 1. Help filling out 1040x You are a dual-status taxpayer when you are both a resident alien and a nonresident alien in the same year. Help filling out 1040x See chapter 6 . Help filling out 1040x The following rules apply if the dividends and capital gains are not effectively connected with a U. Help filling out 1040x S. Help filling out 1040x trade or business. Help filling out 1040x Capital gains are generally not taxable if you were in the United States for less than 183 days during the year. Help filling out 1040x See Sales or Exchanges of Capital Assets in chapter 4 for more information and exceptions. Help filling out 1040x Dividends are generally taxed at a 30% (or lower treaty) rate. Help filling out 1040x The brokerage company or payor of the dividends should withhold this tax at source. Help filling out 1040x If tax is not withheld at the correct rate, you must file Form 1040NR to receive a refund or pay any additional tax due. Help filling out 1040x If the capital gains and dividends are effectively connected with a U. Help filling out 1040x S. Help filling out 1040x trade or business, they are taxed according to the same rules and at the same rates that apply to U. Help filling out 1040x S. Help filling out 1040x citizens and residents. Help filling out 1040x If you are a nonresident alien, 85% of any U. Help filling out 1040x S. Help filling out 1040x social security benefits (and the equivalent portion of tier 1 railroad retirement benefits) you receive is subject to the flat 30% tax, unless exempt, or subject to a lower treaty rate. Help filling out 1040x See The 30% Tax in chapter 4. Help filling out 1040x If you are a nonresident alien and the scholarship is not from U. Help filling out 1040x S. Help filling out 1040x sources, it is not subject to U. Help filling out 1040x S. Help filling out 1040x tax. Help filling out 1040x See Scholarships, Grants, Prizes, and Awards in chapter 2 to determine whether your scholarship is from U. Help filling out 1040x S. Help filling out 1040x sources. Help filling out 1040x If your scholarship is from U. Help filling out 1040x S. Help filling out 1040x sources or you are a resident alien, your scholarship is subject to U. Help filling out 1040x S. Help filling out 1040x tax according to the following rules. Help filling out 1040x If you are a candidate for a degree, you may be able to exclude from your income the part of the scholarship you use to pay for tuition, fees, books, supplies, and equipment required by the educational institution. Help filling out 1040x However, the part of the scholarship you use to pay for other expenses, such as room and board, is taxable. Help filling out 1040x See Scholarships and Fellowship Grants in chapter 3 for more information. Help filling out 1040x If you are not a candidate for a degree, your scholarship is taxable. Help filling out 1040x Nonresident aliens cannot claim the standard deduction. Help filling out 1040x However, see Students and business apprentices from India , under Itemized Deductions in chapter 5 for an exception. Help filling out 1040x You cannot claim the standard deduction allowed on Form 1040. Help filling out 1040x However, you can itemize any allowable deductions. Help filling out 1040x Nonresident aliens can claim some of the same itemized deductions that resident aliens can claim. Help filling out 1040x However, nonresident aliens can claim itemized deductions only if they have income effectively connected with their U. Help filling out 1040x S. Help filling out 1040x trade or business. Help filling out 1040x See Itemized Deductions in chapter 5. Help filling out 1040x Resident aliens can claim personal exemptions and exemptions for dependents in the same way as U. Help filling out 1040x S. Help filling out 1040x citizens. Help filling out 1040x However, nonresident aliens generally can claim only a personal exemption for themselves on their U. Help filling out 1040x S. Help filling out 1040x tax return. Help filling out 1040x There are special rules for residents of Mexico, Canada, and South Korea; for U. Help filling out 1040x S. Help filling out 1040x nationals; and for students and business apprentices from India. Help filling out 1040x See Exemptions in chapter 5. Help filling out 1040x As a dual-status taxpayer, you usually will be able to claim your own personal exemption. Help filling out 1040x Subject to the general rules for qualification, you can claim exemptions for your spouse and dependents when you figure taxable income for the part of the year you are a resident alien. Help filling out 1040x The amount you can claim for these exemptions is limited to your taxable income (figured before subtracting exemptions) for the part of the year you are a resident alien. Help filling out 1040x You cannot use exemptions (other than your own) to reduce taxable income to less than zero for that period. Help filling out 1040x If you are a nonresident alien for any part of the year, you cannot claim the earned income credit. Help filling out 1040x See chapter 6 for more information on dual-status aliens. Help filling out 1040x If you are a nonresident alien for any part of the year, you generally cannot claim the education credits. Help filling out 1040x However, if you are married and choose to file a joint return with a U. Help filling out 1040x S. Help filling out 1040x citizen or resident spouse, you may be eligible for these credits. Help filling out 1040x See Nonresident Spouse Treated as a Resident in chapter 1. Help filling out 1040x Generally, services you perform as a nonresident alien temporarily in the United States as a nonimmigrant under subparagraph (F), (J), (M), or (Q) of section 101(a)(15) of the Immigration and Nationality Act are not covered under the social security program if you perform the services to carry out the purpose for which you were admitted to the United States. Help filling out 1040x See Social Security and Medicare Taxes in chapter 8. Help filling out 1040x If social security or Medicare taxes were withheld in error from pay that is not subject to these taxes, contact the employer who withheld the taxes for a refund. Help filling out 1040x If you are unable to get a full refund of the amount from your employer, file a claim for refund with the Internal Revenue Service on Form 843, Claim for Refund and Request for Abatement. Help filling out 1040x Do not use Form 843 to request a refund of Additional Medicare Tax. Help filling out 1040x See Refund of Taxes Withheld in Error in chapter 8. Help filling out 1040x Before leaving the United States, aliens generally must obtain a certificate of compliance. Help filling out 1040x This document, also popularly known as the sailing permit or departure permit, is part of the income tax form you must file before leaving. Help filling out 1040x You will receive a sailing or departure permit after filing a Form 1040-C or Form 2063. Help filling out 1040x These forms are discussed in chapter 11. Help filling out 1040x Form 1040-C is not an annual U. Help filling out 1040x S. Help filling out 1040x income tax return. Help filling out 1040x If an income tax return is required by law, you must file that return even though you already filed a Form 1040-C. Help filling out 1040x Chapters 5 and 7 discuss filing an annual U. Help filling out 1040x S. Help filling out 1040x income tax return. Help filling out 1040x . Help filling out 1040x When is my Form 1040NR due? If you are an employee and you receive wages subject to U. Help filling out 1040x S. Help filling out 1040x income tax withholding, you must generally file by the 15th day of the 4th month after your tax year ends. Help filling out 1040x If you file for the 2013 calendar year, your return is due April 15, 2014. Help filling out 1040x If you are not an employee who receives wages subject to U. Help filling out 1040x S. Help filling out 1040x income tax withholding, you must file by the 15th day of the 6th month after your tax year ends. Help filling out 1040x For the 2013 calendar year, file your return by June 16, 2014. Help filling out 1040x For more information on when and where to file, see chapter 7 . Help filling out 1040x A social security number (SSN) must be furnished on returns, statements, and other tax-related documents. Help filling out 1040x If your spouse does not have and is not eligible to get an SSN, he must apply for an individual taxpayer identification number (ITIN). Help filling out 1040x If you are a U. Help filling out 1040x S. Help filling out 1040x citizen or resident and you choose to treat your nonresident spouse as a resident and file a joint tax return, your nonresident spouse needs an SSN or an ITIN. Help filling out 1040x Alien spouses who are claimed as exemptions or dependents are also required to furnish an SSN or an ITIN. Help filling out 1040x See Identification Number in chapter 5 for more information. Help filling out 1040x Generally, you cannot file as married filing jointly if either spouse was a nonresident alien at any time during the tax year. Help filling out 1040x However, nonresident aliens married to U. Help filling out 1040x S. Help filling out 1040x citizens or residents can choose to be treated as U. Help filling out 1040x S. Help filling out 1040x residents and file joint returns. Help filling out 1040x For more information on this choice, see Nonresident Spouse Treated as a Resident in chapter 1. Help filling out 1040x Assuming both of you had these visas for all of last year, you are a resident alien. Help filling out 1040x Your husband is a nonresident alien if he has not been in the United States as a student for more than 5 years. Help filling out 1040x You and your husband can file a joint tax return on Form 1040, 1040A, or 1040EZ if he makes the choice to be treated as a resident for the entire year. Help filling out 1040x See Nonresident Spouse Treated as a Resident in chapter 1. Help filling out 1040x If your husband does not make this choice, you must file a separate return on Form 1040 or Form 1040A. Help filling out 1040x Your husband must file Form 1040NR or 1040NR-EZ. Help filling out 1040x No. Help filling out 1040x A dual-resident taxpayer is one who is a resident of both the United States and another country under each country's tax laws. Help filling out 1040x See Effect of Tax Treaties in chapter 1. Help filling out 1040x You are a dual-status taxpayer when you are both a resident alien and a nonresident alien in the same year. Help filling out 1040x See chapter 6 . Help filling out 1040x The following rules apply if the dividends and capital gains are not effectively connected with a U. Help filling out 1040x S. Help filling out 1040x trade or business. Help filling out 1040x Capital gains are generally not taxable if you were in the United States for less than 183 days during the year. Help filling out 1040x See Sales or Exchanges of Capital Assets in chapter 4 for more information and exceptions. Help filling out 1040x Dividends are generally taxed at a 30% (or lower treaty) rate. Help filling out 1040x The brokerage company or payor of the dividends should withhold this tax at source. Help filling out 1040x If tax is not withheld at the correct rate, you must file Form 1040NR to receive a refund or pay any additional tax due. Help filling out 1040x If the capital gains and dividends are effectively connected with a U. Help filling out 1040x S. Help filling out 1040x trade or business, they are taxed according to the same rules and at the same rates that apply to U. Help filling out 1040x S. Help filling out 1040x citizens and residents. Help filling out 1040x If you are a nonresident alien, 85% of any U. Help filling out 1040x S. Help filling out 1040x social security benefits (and the equivalent portion of tier 1 railroad retirement benefits) you receive is subject to the flat 30% tax, unless exempt, or subject to a lower treaty rate. Help filling out 1040x See The 30% Tax in chapter 4. Help filling out 1040x If you are a nonresident alien and the scholarship is not from U. Help filling out 1040x S. Help filling out 1040x sources, it is not subject to U. Help filling out 1040x S. Help filling out 1040x tax. Help filling out 1040x See Scholarships, Grants, Prizes, and Awards in chapter 2 to determine whether your scholarship is from U. Help filling out 1040x S. Help filling out 1040x sources. Help filling out 1040x If your scholarship is from U. Help filling out 1040x S. Help filling out 1040x sources or you are a resident alien, your scholarship is subject to U. Help filling out 1040x S. Help filling out 1040x tax according to the following rules. Help filling out 1040x If you are a candidate for a degree, you may be able to exclude from your income the part of the scholarship you use to pay for tuition, fees, books, supplies, and equipment required by the educational institution. Help filling out 1040x However, the part of the scholarship you use to pay for other expenses, such as room and board, is taxable. Help filling out 1040x See Scholarships and Fellowship Grants in chapter 3 for more information. Help filling out 1040x If you are not a candidate for a degree, your scholarship is taxable. Help filling out 1040x Nonresident aliens cannot claim the standard deduction. Help filling out 1040x However, see Students and business apprentices from India , under Itemized Deductions in chapter 5 for an exception. Help filling out 1040x You cannot claim the standard deduction allowed on Form 1040. Help filling out 1040x However, you can itemize any allowable deductions. Help filling out 1040x Nonresident aliens can claim some of the same itemized deductions that resident aliens can claim. Help filling out 1040x However, nonresident aliens can claim itemized deductions only if they have income effectively connected with their U. Help filling out 1040x S. Help filling out 1040x trade or business. Help filling out 1040x See Itemized Deductions in chapter 5. Help filling out 1040x Resident aliens can claim personal exemptions and exemptions for dependents in the same way as U. Help filling out 1040x S. Help filling out 1040x citizens. Help filling out 1040x However, nonresident aliens generally can claim only a personal exemption for themselves on their U. Help filling out 1040x S. Help filling out 1040x tax return. Help filling out 1040x There are special rules for residents of Mexico, Canada, and South Korea; for U. Help filling out 1040x S. Help filling out 1040x nationals; and for students and business apprentices from India. Help filling out 1040x See Exemptions in chapter 5. Help filling out 1040x As a dual-status taxpayer, you usually will be able to claim your own personal exemption. Help filling out 1040x Subject to the general rules for qualification, you can claim exemptions for your spouse and dependents when you figure taxable income for the part of the year you are a resident alien. Help filling out 1040x The amount you can claim for these exemptions is limited to your taxable income (figured before subtracting exemptions) for the part of the year you are a resident alien. Help filling out 1040x You cannot use exemptions (other than your own) to reduce taxable income to less than zero for that period. Help filling out 1040x If you are a nonresident alien for any part of the year, you cannot claim the earned income credit. Help filling out 1040x See chapter 6 for more information on dual-status aliens. Help filling out 1040x If you are a nonresident alien for any part of the year, you generally cannot claim the education credits. Help filling out 1040x However, if you are married and choose to file a joint return with a U. Help filling out 1040x S. Help filling out 1040x citizen or resident spouse, you may be eligible for these credits. Help filling out 1040x See Nonresident Spouse Treated as a Resident in chapter 1. Help filling out 1040x Generally, services you perform as a nonresident alien temporarily in the United States as a nonimmigrant under subparagraph (F), (J), (M), or (Q) of section 101(a)(15) of the Immigration and Nationality Act are not covered under the social security program if you perform the services to carry out the purpose
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The Help Filling Out 1040x

Help filling out 1040x 4. Help filling out 1040x   Detailed Examples Table of Contents These examples use actual forms to help you prepare your income tax return. Help filling out 1040x However, the information shown on the filled-in forms is not from any actual person or scenario. Help filling out 1040x Example 1—Mortgage loan modification. Help filling out 1040x    In 2007, Nancy Oak bought a main home for $435,000. Help filling out 1040x Nancy took out a $420,000 mortgage loan to buy the home and made a down payment of $15,000. Help filling out 1040x The loan was secured by the home. Help filling out 1040x The mortgage loan was a recourse debt, meaning that Nancy was personally liable for the debt. Help filling out 1040x In 2008, Nancy took out a second mortgage loan (also a recourse debt) in the amount of $30,000 that was used to substantially improve her kitchen. Help filling out 1040x    In 2011, when the outstanding principal of the first and second mortgage loans was $440,000, Nancy refinanced the two recourse loans into one recourse loan in the amount of $475,000. Help filling out 1040x The FMV of Nancy's home at the time of the refinancing was $500,000. Help filling out 1040x Nancy used the additional $35,000 debt ($475,000 new mortgage loan minus $440,000 outstanding principal of Nancy's first and second mortgage loans immediately before the refinancing) to pay off personal credit cards and to pay college tuition for her son. Help filling out 1040x After the refinancing, Nancy has qualified principal residence indebtedness in the amount of $440,000 because the refinanced debt is qualified principal residence indebtedness only to the extent the amount of debt is not more than the old mortgage principal just before the refinancing. Help filling out 1040x   In 2013, Nancy was unable to make her mortgage loan payments. Help filling out 1040x On August 31, 2013, when the outstanding balance of her refinanced mortgage loan was still $475,000 and the FMV of the property was $425,000, Nancy's bank agreed to a loan modification (a “workout”) that resulted in a $40,000 reduction in the principal balance of her loan. Help filling out 1040x Nancy was neither insolvent nor in bankruptcy at the time of the loan modification. Help filling out 1040x   Nancy received a 2013 Form 1099-C from her bank in January 2014 showing canceled debt of $40,000 in box 2. Help filling out 1040x Identifiable event code "F" appears in box 6. Help filling out 1040x This box shows the reason the creditor has filed Form 1099-C. Help filling out 1040x To determine if she must include the canceled debt in her income, Nancy must determine whether she meets any of the exceptions or exclusions that apply to canceled debts. Help filling out 1040x Nancy determines that the only exception or exclusion that applies to her is the qualified principal residence indebtedness exclusion. Help filling out 1040x   Next, Nancy determines the amount, if any, of the $40,000 of canceled debt that was qualified principal residence indebtedness. Help filling out 1040x Although Nancy has $440,000 of qualified principal residence indebtedness, part of her loan ($35,000) was not qualified principal residence indebtedness because it was used to pay off personal credit cards and college tuition for her son. Help filling out 1040x Applying the ordering rule, the qualified principal residence indebtedness exclusion applies only to the extent the amount canceled is more than the amount of the debt (immediately before the cancellation) that is not qualified principal residence indebtedness. Help filling out 1040x Thus, Nancy can exclude only $5,000 of the canceled debt as qualified principal residence indebtedness ($40,000 amount canceled minus $35,000 nonqualified debt). Help filling out 1040x   Because Nancy does not meet any other exception or exclusion, she checks only the box on line 1e of Form 982 and enters $5,000 on line 2. Help filling out 1040x Nancy must also enter $5,000 on line 10b and reduce the basis of her main home by the $5,000 she excluded from income, bringing the adjusted basis in her home to $460,000 ($435,000 purchase price plus $30,000 substantial improvement minus $5,000). Help filling out 1040x Nancy must also include the $35,000 nonqualified debt portion in income on Form 1040, line 21. Help filling out 1040x You can see Nancy's Form 1099-C and a portion of her Form 1040 below. Help filling out 1040x Nancy's 2013 Form 1099-C, Cancellation of Debt This image is too large to be displayed in the current screen. Help filling out 1040x Please click the link to view the image. Help filling out 1040x Form 1099-C, Cancellation of Debt Nancy's 2013 Form 1040 This image is too large to be displayed in the current screen. Help filling out 1040x Please click the link to view the image. Help filling out 1040x Form 1040, U. Help filling out 1040x S. Help filling out 1040x Individual Income Tax Nancy's Form 982 This image is too large to be displayed in the current screen. Help filling out 1040x Please click the link to view the image. Help filling out 1040x Form 982 Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)              Example 2—Mortgage loan foreclosure. Help filling out 1040x    In 2005, John and Mary Elm bought a main home for $335,000. Help filling out 1040x John and Mary took out a $320,000 mortgage loan to buy the home and made a down payment of $15,000. Help filling out 1040x The loan was secured by the home and is a recourse debt, meaning John and Mary are personally liable for the debt. Help filling out 1040x   John and Mary became unable to make their mortgage loan payments and on March 1, 2013, when the outstanding balance of the mortgage loan was $315,000 and the FMV of the property was $290,000, the bank foreclosed on the property and simultaneously canceled the remaining mortgage debt. Help filling out 1040x Immediately before the foreclosure, John and Mary's only other assets and liabilities were a checking account with a balance of $6,000, retirement savings of $13,000, and credit card debt of $5,500. Help filling out 1040x   John and Mary received a 2013 Form 1099-C showing canceled debt of $25,000 in box 2 ($315,000 outstanding balance minus $290,000 FMV) and an FMV of $290,000 in box 7. Help filling out 1040x Identifiable event code "D" appears in box 6. Help filling out 1040x This box shows the reason the creditor has filed Form 1099-C. Help filling out 1040x In order to determine if John and Mary must include the canceled debt in income, they must first determine whether they meet any of the exceptions or exclusions that apply to canceled debts. Help filling out 1040x In this example, John and Mary meet both the insolvency and qualified principal residence indebtedness exclusions. Help filling out 1040x Their sample Form 1099-C is shown on this page. Help filling out 1040x   John and Mary complete the insolvency worksheet and determine that they were insolvent immediately before the cancellation because at that time their liabilities exceeded the FMV of their assets by $11,500 ($320,500 total liabilities minus $309,000 FMV of total assets). Help filling out 1040x However, because the entire debt canceled is qualified principal residence indebtedness, the insolvency exclusion only applies if John and Mary elect to apply the insolvency exclusion instead of the qualified principal residence exclusion. Help filling out 1040x   John and Mary do not elect to apply the insolvency exclusion instead of the qualified principal residence exclusion because under the insolvency exclusion their exclusion would be limited to the amount by which they were insolvent ($11,500). Help filling out 1040x Instead, John and Mary check box 1e of Form 982 to exclude the canceled debt under the qualified principal residence exclusion. Help filling out 1040x Under the qualified principal residence exclusion, the amount that John and Mary can exclude is not limited because their qualified principal residence indebtedness is not more than $2 million and no portion of the loan was nonqualified debt. Help filling out 1040x As a result, John and Mary enter the full $25,000 of canceled debt on line 2 of Form 982. Help filling out 1040x Because John and Mary no longer own the home due to the foreclosure, John and Mary have no remaining basis in the home at the time of the debt cancellation. Help filling out 1040x Thus, John and Mary leave line 10b of Form 982 blank. Help filling out 1040x   John and Mary must also determine whether they have a gain or loss from the foreclosure. Help filling out 1040x John and Mary complete Table 1-1 (shown below) and find that they have a $45,000 loss from the foreclosure. Help filling out 1040x Because this loss relates to their home, it is a nondeductible loss. Help filling out 1040x   John and Mary's Form 1099-C, Insolvency Worksheet, and Form 982 follow. Help filling out 1040x John and Mary's 2013 Form 1099-C, Cancellation of Debt This image is too large to be displayed in the current screen. Help filling out 1040x Please click the link to view the image. Help filling out 1040x Form 1099-C, Cancellation of Debt Table 1-1. Help filling out 1040x Worksheet for Foreclosures and Repossessions (for John and Mary Elm) Part 1. Help filling out 1040x Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). Help filling out 1040x Otherwise, go to Part 2. Help filling out 1040x 1. Help filling out 1040x Enter the amount of outstanding debt immediately before the transfer of property reduced by any amount for which you remain personally liable immediately after the transfer of property $315,000. Help filling out 1040x 00 2. Help filling out 1040x Enter the fair market value of the transferred property $290,000. Help filling out 1040x 00 3. Help filling out 1040x Ordinary income from the cancellation of debt upon foreclosure or repossession. Help filling out 1040x * Subtract line 2 from line 1. Help filling out 1040x If less than zero, enter zero. Help filling out 1040x Next, go to Part 2 $ 25,000. Help filling out 1040x 00 Part 2. Help filling out 1040x Gain or loss from foreclosure or repossession. Help filling out 1040x   4. Help filling out 1040x Enter the smaller of line 1 or line 2. Help filling out 1040x If you did not complete Part 1 (because you were not personally liable for the debt), enter the amount of outstanding debt immediately before the transfer of property $290,000. Help filling out 1040x 00 5. Help filling out 1040x Enter any proceeds you received from the foreclosure sale   6. Help filling out 1040x Add line 4 and line 5 $290,000. Help filling out 1040x 00 7. Help filling out 1040x Enter the adjusted basis of the transferred property $335,000. Help filling out 1040x 00 8. Help filling out 1040x Gain or loss from foreclosure or repossession. Help filling out 1040x Subtract line 7 from line 6 ($ 45,000. Help filling out 1040x 00) * The income may not be taxable. Help filling out 1040x See chapter 1 for more details. Help filling out 1040x Insolvency Worksheet—John and Mary Elm Date debt was canceled (mm/dd/yy) 03/01/13 Part I. Help filling out 1040x Total liabilities immediately before the cancellation (do not include the same liability in more than one category) Liabilities (debts) Amount Owed Immediately Before the Cancellation 1. Help filling out 1040x Credit card debt $ 5,500 2. Help filling out 1040x Mortgage(s) on real property (including first and second mortgages and home equity loans) (mortgage(s) can be on personal residence, any additional residence, or property held for investment or used in a trade or business) $ 315,000 3. Help filling out 1040x Car and other vehicle loans $ 4. Help filling out 1040x Medical bills owed $ 5. Help filling out 1040x Student loans $ 6. Help filling out 1040x Accrued or past-due mortgage interest $ 7. Help filling out 1040x Accrued or past-due real estate taxes $ 8. Help filling out 1040x Accrued or past-due utilities (water, gas, electric) $ 9. Help filling out 1040x Accrued or past-due child care costs $ 10. Help filling out 1040x Federal or state income taxes remaining due (for prior tax years) $ 11. Help filling out 1040x Judgments $ 12. Help filling out 1040x Business debts (including those owed as a sole proprietor or partner) $ 13. Help filling out 1040x Margin debt on stocks and other debt to purchase or secured by investment assets other than real property $ 14. Help filling out 1040x Other liabilities (debts) not included above $ 15. Help filling out 1040x Total liabilities immediately before the cancellation. Help filling out 1040x Add lines 1 through 14. Help filling out 1040x $ 320,500 Part II. Help filling out 1040x Fair market value (FMV) of assets owned immediately before the cancellation (do not include the FMV of the same asset in more than one category) Assets FMV Immediately Before  the Cancellation 16. Help filling out 1040x Cash and bank account balances $ 6,000 17. Help filling out 1040x Real property, including the value of land (can be main home, any additional home, or property held for investment or used in a trade or business) $ 290,000 18. Help filling out 1040x Cars and other vehicles $ 19. Help filling out 1040x Computers $ 20. Help filling out 1040x Household goods and furnishings (for example, appliances, electronics, furniture, etc. Help filling out 1040x ) $ 21. Help filling out 1040x Tools $ 22. Help filling out 1040x Jewelry $ 23. Help filling out 1040x Clothing $ 24. Help filling out 1040x Books $ 25. Help filling out 1040x Stocks and bonds $ 26. Help filling out 1040x Investments in coins, stamps, paintings, or other collectibles $ 27. Help filling out 1040x Firearms, sports, photographic, and other hobby equipment $ 28. Help filling out 1040x Interest in retirement accounts (IRA accounts, 401(k) accounts, and other retirement accounts) $ 13,000 29. Help filling out 1040x Interest in a pension plan $ 30. Help filling out 1040x Interest in education accounts $ 31. Help filling out 1040x Cash value of life insurance $ 32. Help filling out 1040x Security deposits with landlords, utilities, and others $ 33. Help filling out 1040x Interests in partnerships $ 34. Help filling out 1040x Value of investment in a business $ 35. Help filling out 1040x Other investments (for example, annuity contracts, guaranteed investment contracts, mutual funds, commodity accounts, interests in hedge funds, and options) $ 36. Help filling out 1040x Other assets not included above $ 37. Help filling out 1040x FMV of total assets immediately before the cancellation. Help filling out 1040x Add lines 16 through 36. Help filling out 1040x $ 309,000 Part III. Help filling out 1040x Insolvency 38. Help filling out 1040x Amount of Insolvency. Help filling out 1040x Subtract line 37 from line 15. Help filling out 1040x If zero or less, you are not insolvent. Help filling out 1040x $ 11,500 John and Mary's Form 982 This image is too large to be displayed in the current screen. Help filling out 1040x Please click the link to view the image. Help filling out 1040x Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)          Example 3—Mortgage loan foreclosure with debt exceeding $2 million limit. Help filling out 1040x    In 2011, Kathy and Frank Willow got married and entered into a contract with Hive Construction Corporation to build a house for $3,000,000 to be used as their main home. Help filling out 1040x Kathy and Frank made a $400,000 down payment and took out a $2,600,000 mortgage to finance the remaining cost of the house. Help filling out 1040x Kathy and Frank are personally liable for the mortgage loan, which is secured by the home. Help filling out 1040x   In November 2013, when the outstanding principal balance on the mortgage loan was $2,500,000, the FMV of the property fell to $1,750,000 and Kathy and Frank abandoned the property by permanently moving out. Help filling out 1040x The lender foreclosed on the property and, on December 5, 2013, sold the property to another buyer for $1,750,000. Help filling out 1040x On December 26, 2013, the lender canceled the remaining debt. Help filling out 1040x Kathy and Frank have no tax attributes other than basis of personal-use property. Help filling out 1040x   The lender issued a 2013 Form 1099-C to Kathy and Frank showing canceled debt of $750,000 in box 2 (the remaining balance on the $2,500,000 mortgage debt after application of the foreclosure sale proceeds) and $1,750,000 in box 7 (FMV of the property). Help filling out 1040x Identifiable event code "D" appears in box 6. Help filling out 1040x This box shows the reason the creditor has filed Form 1099-C. Help filling out 1040x Although Kathy and Frank abandoned the property, the lender did not need to also file a Form 1099-A because the lender canceled the debt in connection with the foreclosure in the same calendar year. Help filling out 1040x Kathy and Frank are filing a joint return for 2013. Help filling out 1040x   Because the foreclosure occurred prior to the debt cancellation, Kathy and Frank first calculate their gain or loss from the foreclosure using Table 1-1. Help filling out 1040x Because Kathy and Frank remained personally liable for the $750,000 debt remaining after the foreclosure ($2,500,000 outstanding debt immediately before the foreclosure minus $1,750,000 satisfied through the sale of the home), Kathy and Frank enter $1,750,000 on line 1 of Table 1-1 ($2,500,000 outstanding debt immediately before the foreclosure minus the $750,000 for which they remained liable). Help filling out 1040x Completing Table 1-1, Kathy and Frank find that they have no ordinary income from the cancellation of debt upon foreclosure and that they have a $1,250,000 loss. Help filling out 1040x Because this loss relates to their home, it is a nondeductible loss. Help filling out 1040x   Because the lender later canceled the remaining amount of the debt, Kathy and Frank must also determine whether that canceled debt is taxable. Help filling out 1040x Immediately before the cancellation, Kathy and Frank had $15,000 in a savings account, household furnishings with an FMV of $17,000, a car with an FMV of $10,000, and $18,000 in credit card debt. Help filling out 1040x Kathy and Frank also had the $750,000 remaining balance on the mortgage loan at that time. Help filling out 1040x The household furnishings originally cost $30,000. Help filling out 1040x The car had been fully paid off (so there was no related outstanding debt) and was originally purchased for $16,000. Help filling out 1040x Kathy and Frank had no adjustments to the cost basis of the car. Help filling out 1040x Kathy and Frank had no other assets or liabilities at the time of the cancellation. Help filling out 1040x Kathy and Frank complete the insolvency worksheet to calculate that they were insolvent to the extent of $726,000 immediately before the cancellation ($768,000 of total liabilities minus $42,000 FMV of total assets). Help filling out 1040x   At the beginning of 2014, Kathy and Frank had $9,000 in their savings account and $15,000 in credit card debt. Help filling out 1040x Kathy and Frank also owned the same car at that time (still with an FMV of $10,000 and basis of $16,000) and the same household furnishings (still with an FMV of $17,000 and a basis of $30,000). Help filling out 1040x Kathy and Frank had no other assets or liabilities at that time. Help filling out 1040x Kathy and Frank no longer own the home because the lender foreclosed on it in 2013. Help filling out 1040x   Because the canceled debt is qualified principal residence indebtedness, the insolvency exclusion does not apply unless Kathy and Frank elect to apply the insolvency exclusion instead of the qualified principal residence indebtedness exclusion. Help filling out 1040x The maximum amount that Kathy and Frank can treat as qualified principal residence indebtedness is $2,000,000. Help filling out 1040x The remaining $500,000 ($2,500,000 outstanding mortgage loan minus $2,000,000 limit on qualified principal residence indebtedness) is not qualified principal residence indebtedness. Help filling out 1040x Because only a part of the loan is qualified principal residence indebtedness, Kathy and Frank must apply the ordering rule to the canceled debt. Help filling out 1040x Under the ordering rule, the qualified principal residence indebtedness exclusion applies only to the extent that the amount canceled ($750,000) exceeds the amount of the loan (immediately before the cancellation) that is not qualified principal residence indebtedness ($500,000). Help filling out 1040x This means that Kathy and Frank can only exclude $250,000 ($750,000 amount canceled minus $500,000 nonqualified debt) under the qualified principal residence indebtedness exclusion. Help filling out 1040x   Kathy and Frank do not elect to have the insolvency exclusion apply instead of the qualified principal residence exclusion. Help filling out 1040x Nonetheless, they can still apply the insolvency exclusion to the $500,000 nonqualified debt because it is not qualified principal residence indebtedness. Help filling out 1040x Kathy and Frank can exclude the remaining $500,000 canceled debt under the insolvency exclusion because they were insolvent immediately before the cancellation to the extent of $726,000. Help filling out 1040x Thus, Kathy and Frank check the boxes on lines 1b and 1e of Form 982 and enter $750,000 on line 2 ($250,000 excluded under the qualified principal residence indebtedness exclusion plus $500,000 excluded under the insolvency exclusion). Help filling out 1040x   Next, Kathy and Frank reduce their tax attributes using Part II of Form 982. Help filling out 1040x Because Kathy and Frank no longer own the home due to the foreclosure, Kathy and Frank have no remaining basis in the home at the time of the debt cancellation. Help filling out 1040x Thus, Kathy and Frank leave line 10b of Form 982 blank. Help filling out 1040x However, Kathy and Frank are also excluding nonqualified debt under the insolvency exclusion. Help filling out 1040x As a result, Kathy and Frank must reduce the basis of property they own based on the amount of canceled debt they are excluding from income under the insolvency rules. Help filling out 1040x Because Kathy and Frank have no tax attributes other than basis of personal-use property to reduce, Kathy and Frank figure the amount they must include on line 10a of Form 982 by taking the smallest of: The $46,000 bases of their personal-use property held at the beginning of 2014 ($16,000 basis in the car plus $30,000 basis in household furnishings), The $500,000 of the nonbusiness debt (other than qualified principal residence indebtedness) that they are excluding from income on line 2 of Form 982, or The $43,000 excess of the total bases of the property and the amount of money they held immediately after the cancellation over their total liabilities immediately after the cancellation ($15,000 in savings account plus $30,000 basis in household furnishings plus $16,000 adjusted basis in car minus $18,000 credit card debt). Help filling out 1040x Kathy and Frank enter $43,000 on Form 982, line 10a and reduce their bases in the car and the household furnishings in proportion to the total adjusted bases in all their property. Help filling out 1040x Kathy and Frank reduce the basis in the car by $14,956. Help filling out 1040x 52 ($43,000 x $16,000/$46,000). Help filling out 1040x And they reduce the basis in the household furnishings by $28,043. Help filling out 1040x 48 ($43,000 x $30,000/$46,000). Help filling out 1040x   Following are Kathy and Frank's sample forms and worksheets. Help filling out 1040x Frank and Kathy's 2013 Form 1099-C, Cancellation of Debt This image is too large to be displayed in the current screen. Help filling out 1040x Please click the link to view the image. Help filling out 1040x Form 1099-C, Cancellation of Debt Table 1-1. Help filling out 1040x Worksheet for Foreclosures and Repossessions (for Frank and Kathy Willow) Part 1. Help filling out 1040x Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). Help filling out 1040x Otherwise, go to Part 2. Help filling out 1040x 1. Help filling out 1040x Enter the amount of outstanding debt immediately before the transfer of property reduced by any amount for which you remain personally liable immediately after the transfer of property $1,750,000. Help filling out 1040x 00 2. Help filling out 1040x Enter the fair market value of the transferred property $1,750,000. Help filling out 1040x 00 3. Help filling out 1040x Ordinary income from the cancellation of debt upon foreclosure or repossession. Help filling out 1040x * Subtract line 2 from line 1. Help filling out 1040x If less than zero, enter zero. Help filling out 1040x Next, go to Part 2 $0. Help filling out 1040x 00 Part 2. Help filling out 1040x Gain or loss from foreclosure or repossession. Help filling out 1040x   4. Help filling out 1040x Enter the smaller of line 1 or line 2. Help filling out 1040x If you did not complete Part 1 (because you were not personally liable for the debt), enter the amount of outstanding debt immediately before the transfer of property. Help filling out 1040x $1,750,000. Help filling out 1040x 00 5. Help filling out 1040x Enter any proceeds you received from the foreclosure sale   6. Help filling out 1040x Add line 4 and line 5 $1,750,000. Help filling out 1040x 00 7. Help filling out 1040x Enter the adjusted basis of the transferred property $3,000,000. Help filling out 1040x 00 8. Help filling out 1040x Gain or loss from foreclosure or repossession. Help filling out 1040x Subtract line 7 from line 6 ($1,250,000. Help filling out 1040x 00) * The income may not be taxable. Help filling out 1040x See chapter 1 for more details. Help filling out 1040x    Insolvency Worksheet—Frank and Kathy Willow Date debt was canceled (mm/dd/yy) 12/26/13 Part I. Help filling out 1040x Total liabilities immediately before the cancellation (do not include the same liability in more than one category) Liabilities (debts) Amount Owed Immediately Before the Cancellation 1. Help filling out 1040x Credit card debt $ 18,000 2. Help filling out 1040x Mortgage(s) on real property (including first and second mortgages and home equity loans) (mortgage(s) can be on personal residence, any additional residence, or property held for investment or used in a trade or business) $ 750,000 3. Help filling out 1040x Car and other vehicle loans $ 4. Help filling out 1040x Medical bills owed $ 5. Help filling out 1040x Student loans $ 6. Help filling out 1040x Accrued or past-due mortgage interest $ 7. Help filling out 1040x Accrued or past-due real estate taxes $ 8. Help filling out 1040x Accrued or past-due utilities (water, gas, electric) $ 9. Help filling out 1040x Accrued or past-due child care costs $ 10. Help filling out 1040x Federal or state income taxes remaining due (for prior tax years) $ 11. Help filling out 1040x Judgments $ 12. Help filling out 1040x Business debts (including those owed as a sole proprietor or partner) $ 13. Help filling out 1040x Margin debt on stocks and other debt to purchase or secured by investment assets other than real property $ 14. Help filling out 1040x Other liabilities (debts) not included above $ 15. Help filling out 1040x Total liabilities immediately before the cancellation. Help filling out 1040x Add lines 1 through 14. Help filling out 1040x $ 768,000 Part II. Help filling out 1040x Fair market value (FMV) of assets owned immediately before the cancellation (do not include the FMV of the same asset in more than one category) Assets FMV Immediately Before  the Cancellation 16. Help filling out 1040x Cash and bank account balances $ 15,000 17. Help filling out 1040x Real property, including the value of land (can be main home, any additional home, or property held for investment or used in a trade or business) $ 18. Help filling out 1040x Cars and other vehicles $ 10,000 19. Help filling out 1040x Computers $ 20. Help filling out 1040x Household goods and furnishings (for example, appliances, electronics, furniture, etc. Help filling out 1040x ) $ 17,000 21. Help filling out 1040x Tools $ 22. Help filling out 1040x Jewelry $ 23. Help filling out 1040x Clothing $ 24. Help filling out 1040x Books $ 25. Help filling out 1040x Stocks and bonds $ 26. Help filling out 1040x Investments in coins, stamps, paintings, or other collectibles $ 27. Help filling out 1040x Firearms, sports, photographic, and other hobby equipment $ 28. Help filling out 1040x Interest in retirement accounts (IRA accounts, 401(k) accounts, and other retirement accounts) $ 29. Help filling out 1040x Interest in a pension plan $ 30. Help filling out 1040x Interest in education accounts $ 31. Help filling out 1040x Cash value of life insurance $ 32. Help filling out 1040x Security deposits with landlords, utilities, and others $ 33. Help filling out 1040x Interests in partnerships $ 34. Help filling out 1040x Value of investment in a business $ 35. Help filling out 1040x Other investments (for example, annuity contracts, guaranteed investment contracts, mutual funds, commodity accounts, interests in hedge funds, and options) $ 36. Help filling out 1040x Other assets not included above $ 37. Help filling out 1040x FMV of total assets immediately before the cancellation. Help filling out 1040x Add lines 16 through 36. Help filling out 1040x $ 42,000 Part III. Help filling out 1040x Insolvency 38. Help filling out 1040x Amount of Insolvency. Help filling out 1040x Subtract line 37 from line 15. Help filling out 1040x If zero or less, you are not insolvent. Help filling out 1040x $ 726,000    Frank and Kathy's Form 982 This image is too large to be displayed in the current screen. Help filling out 1040x Please click the link to view the image. Help filling out 1040x Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) Prev  Up  Next   Home   More Online Publications