Filing Your Taxes Online is Fast, Easy and Secure.
Start now and receive your tax refund in as little as 7 days.

1. Get Answers

Your online questions are customized to your unique tax situation.

2. Maximize your Refund

Find tax credits for everything from school tuition to buying a hybri

3. E-File for FREE

E-file free with direct deposit to get your refund in as few as 7 days.

Filing your taxes with paper mail can be difficult and it could take weeks for your refund to arrive. IRS e-file is easy, fast and secure. There is no paperwork going to the IRS so tax refunds can be processed in as little as 7 days with direct deposit. As you prepare your taxes online, you can see your tax refund in real time.

FREE audit support and representation from an enrolled agent – NEW and only from H&R Block

How To Complete A 1040x

Federal Tax Amendment FormHow To Amend Taxes OnlineMilitary Turbo TaxFederal Tax Forms 2011Printable 1040ez Tax Form2011 Turbo Tax SoftwareFiling My State Taxes FreeFile Amended ReturnPenalty For Filing Taxes LateH And R Block Free TaxIrs Forms 1040Free Federal And State Tax ReturnsIrs Form 1040a 2012H&rblock ComIrs Forms 2009 Form 10402010 Form 1040ez InstructionsFiling 2011 Taxes LateFederal Tax Forms 2012Tax Amendment Form 1040x2012 Tax Return Online FreeTurbotax 1040x Form1040nr Ez InstructionsIncome Tax SoftwareTax Forms For 2012Can I File 2011 Taxes OnlineSearch Irs2010incometax Forms2011 Ez 1040 Form2010 1040 Tax FormFree Tax FormsAmended Tax Return2010 Form 1040xHow Do I Amend My 2011 Tax ReturnState Tax Forms 2012Irs Extension FormHow To File 1040x OnlineFile An Extension For 2012 TaxesFiling Taxes When Unemployed1040nr 2012Free Income Tax Filing

How To Complete A 1040x

How to complete a 1040x Publication 15 - Additional Material Prev  Up  Next   Home   More Online Publications
Español

Corporation for National and Community Service

The Corporation for National and Community Service encourages and provides community service opportunities, including AmeriCorps and Senior Corps.

Contact the Agency or Department

Website: Corporation for National and Community Service

E-mail:

Address: 1201 New York Avenue, NW
Washington, DC 20525

Phone Number: (202) 606-5000

TTY: (800) 833-3722

Related Agencies

The How To Complete A 1040x

How to complete a 1040x Car Expenses Table of Contents Introduction Depreciation of CarSpecial Depreciation Allowance Depreciation Limit Amended Return Election Not To Claim Special Allowance If you purchased a car after September 10, 2001, for use in your business (or as an employee) and figure your deductible expenses using the actual car expense method, new law contains provisions that may affect your depreciation deduction for that car. How to complete a 1040x Publication 463, Travel, Entertainment, Gift, and Car Expenses, contains information on figuring depreciation on your car. How to complete a 1040x However, Publication 463 does not contain the new provisions because it was printed before the law was enacted. How to complete a 1040x The new provisions are in the Supplement to Publication 463, which is reprinted below. How to complete a 1040x Supplement to Publication 463 Travel, Entertainment, Gift, and Car Expenses   Introduction This supplemental publication is for taxpayers who purchased a car for business purposes after September 10, 2001, and figure their deductible expenses, including a deduction for depreciation, using the actual car expense method. How to complete a 1040x After Publication 463 was printed, the Job Creation and Worker Assistance Act of 2002 was signed into law by the President. How to complete a 1040x Certain provisions of this new law may reduce your taxes for 2001. How to complete a 1040x The new law contains the following provisions. How to complete a 1040x A new depreciation deduction, the special depreciation allowance. How to complete a 1040x An increase in the limit on depreciation for any car for which you claim the new special depreciation allowance. How to complete a 1040x If you have already filed your 2001 return, you may wish to file an amended return to claim any of these benefits. How to complete a 1040x See Amended Return, later. How to complete a 1040x Depreciation of Car If you used the actual car expense method to figure your deduction for a car you own and use in your business (or as an employee), you generally can claim a depreciation deduction. How to complete a 1040x However, there is a limit on the depreciation deduction you can take for your car each year. How to complete a 1040x See Depreciation Limit later. How to complete a 1040x Special Depreciation Allowance The new law allows you to claim a special depreciation allowance. How to complete a 1040x This special allowance is a deduction equal to 30% of the depreciable basis of qualified property. How to complete a 1040x You figure the amount of the special depreciation allowance after any section 179 deduction you choose to claim, but before figuring your regular depreciation deduction under the Modified Accelerated Cost Recovery System (MACRS). How to complete a 1040x See Depreciation Deduction under Actual Car Expenses in chapter 4 of Publication 463 for information about MACRS. How to complete a 1040x You can claim the special depreciation allowance only for the year the qualified property is placed in service. How to complete a 1040x Qualified property. How to complete a 1040x   Qualified property includes a car (any four-wheeled vehicle, including a truck or van not more than 6,000 pounds, that is made primarily for use on public streets, roads, and highways) that meets all of the following requirements. How to complete a 1040x You bought it new. How to complete a 1040x You bought it after September 10, 2001. How to complete a 1040x (But a car is not qualified property if a binding written contract for you to buy the car was in effect before September 11, 2001. How to complete a 1040x ) You began using it for business after September 10, 2001, and used it more than 50% in a qualified business use. How to complete a 1040x Example. How to complete a 1040x Bob bought a new car on October 15, 2001, for $20,000 and placed it in service immediately, using it 75% for business. How to complete a 1040x Bob's car is qualified property. How to complete a 1040x Bob chooses not to take a section 179 deduction for the car. How to complete a 1040x He does claim the new special depreciation allowance. How to complete a 1040x Bob first must figure the car's depreciable basis, which is $15,000 ($20,000 × . How to complete a 1040x 75). How to complete a 1040x He then figures the special depreciation allowance of $4,500 ($15,000 × . How to complete a 1040x 30). How to complete a 1040x The remaining depreciable basis of $10,500 ($15,000 - $4,500) is depreciated using MACRS (200% declining balance method, half-year convention) and results in a deduction of $2,100 ($10,500 × . How to complete a 1040x 20), for a total depreciation deduction for 2001 of $6,600 ($4,500 + $2,100). How to complete a 1040x However, Bob's depreciation deduction is limited to $5,745 ($7,660 × . How to complete a 1040x 75), as discussed next. How to complete a 1040x Depreciation Limit The limit on your depreciation deduction for 2001 is increased to $7,660 for a car that is qualified property (defined above) and for which you claim the special depreciation allowance. How to complete a 1040x The limit is increased to $23,080 if the car is an electric car. How to complete a 1040x The section 179 deduction is treated as depreciation for purposes of this limit. How to complete a 1040x If you use a car less than 100% in your business or work, the limit is $7,660 (or $23,080 for an electric car) multiplied by the percentage of business and investment use during the year. How to complete a 1040x For cars that do not qualify for (or for which you choose not to claim) the special depreciation allowance, the limit remains $3,060 ($9,280 for electric cars). How to complete a 1040x Amended Return If you filed your 2001 calendar year return before June 1, 2002, and did not claim the new special depreciation allowance for a qualified car, you can claim it by filing an amended return on Form 1040X, Amended U. How to complete a 1040x S. How to complete a 1040x Individual Income Tax Return, by April 15, 2003. How to complete a 1040x At the top of the Form 1040X, print “Filed pursuant to Revenue Procedure 2002–33. How to complete a 1040x ” If you are an employee, attach Form 2106, Employee Business Expenses (revised March 2002). How to complete a 1040x If you are self-employed, attach Form 4562, Depreciation and Amortization (revised March 2002). How to complete a 1040x Or, you can claim the special depreciation allowance by filing Form 3115, Application for Change in Accounting Method, with your 2002 return. How to complete a 1040x For details, see Revenue Procedure 2002–33. How to complete a 1040x (But, filing Form 1040X for 2001 enables you to claim the special allowance earlier than attaching Form 3115 to your 2002 return. How to complete a 1040x ) You cannot claim the special depreciation allowance on an amended return (or by using Form 3115) if you made, or are treated as having made, the election not to claim it described later. How to complete a 1040x Example. How to complete a 1040x The facts are the same as in the previous example except that Bob filed his original 2001 income tax return on April 15, 2002, and claimed a $3,000 ($20,000 x . How to complete a 1040x 75 x . How to complete a 1040x 20) depreciation deduction for his new car using MACRS. How to complete a 1040x Bob now wishes to claim the special depreciation allowance for his new car on an amended 2001 return. How to complete a 1040x Bob, who is an employee, files Form 1040X, by April 15, 2003, with an updated Form 2106 (revised March 2002) attached, increasing his total depreciation deduction to $5,745, as figured in the earlier example. How to complete a 1040x Bob's new filled-in Form 2106 is shown later. How to complete a 1040x Election Not To Claim Special Allowance You can elect not to claim the special depreciation allowance for a car by making a statement attached to, or written on, your return indicating that you are electing not to claim the special depreciation allowance for 5-year property. How to complete a 1040x As a general rule, you must make this election by the due date (including extensions) of your return. How to complete a 1040x You can have an automatic extension of 6 months from the due date of your return (excluding extensions) to make the election with an amended return. How to complete a 1040x To get this extension, you must have filed your original return by the due date (including extensions). How to complete a 1040x At the top of the statement, print “Filed pursuant to section 301. How to complete a 1040x 9100–2. How to complete a 1040x ” If you elect not to claim the special depreciation allowance for a car, you cannot claim it for any other 5-year property placed in service during the same year. How to complete a 1040x Unless you elect (or are treated as electing) not to claim the special depreciation allowance, you must reduce the car's adjusted basis by the amount of the allowance, even if the allowance was not claimed. How to complete a 1040x Deemed election for return filed before June 1, 2002. How to complete a 1040x   If you did not make the election not to claim the special depreciation allowance in the time and manner described above, you will still be treated as electing not to claim it if all of the following apply. How to complete a 1040x You filed your 2001 return before June 1, 2002. How to complete a 1040x You claimed depreciation on your return but did not claim the special depreciation allowance. How to complete a 1040x You did not file an amended 2001 return by April 15, 2003, or a Form 3115 with your 2002 return, to claim the special depreciation allowance. How to complete a 1040x Form 2106, Page 1, for Bob Smith Form 2106, Page 2, for Bob Smith Prev  Up  Next   Home   More Online Publications