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How To File My 2012 Taxes

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How To File My 2012 Taxes

How to file my 2012 taxes 22. How to file my 2012 taxes   Taxes Table of Contents IntroductionIndian tribal government. How to file my 2012 taxes Useful Items - You may want to see: Tests To Deduct Any Tax Income TaxesState and Local Income Taxes Foreign Income Taxes General Sales TaxesMotor vehicles. How to file my 2012 taxes Real Estate TaxesReal estate taxes for prior years. How to file my 2012 taxes Examples. How to file my 2012 taxes Form 1099-S. How to file my 2012 taxes Real Estate-Related Items You Cannot Deduct Personal Property Taxes Taxes and Fees You Cannot Deduct Where To Deduct Introduction This chapter discusses which taxes you can deduct if you itemize deductions on Schedule A (Form 1040). How to file my 2012 taxes It also explains which taxes you can deduct on other schedules or forms and which taxes you cannot deduct. How to file my 2012 taxes This chapter covers the following topics. How to file my 2012 taxes Income taxes (federal, state, local, and foreign). How to file my 2012 taxes General sales taxes (state and local). How to file my 2012 taxes Real estate taxes (state, local, and foreign). How to file my 2012 taxes Personal property taxes (state and local). How to file my 2012 taxes Taxes and fees you cannot deduct. How to file my 2012 taxes Use Table 22-1 as a guide to determine which taxes you can deduct. How to file my 2012 taxes The end of the chapter contains a section that explains which forms you use to deduct different types of taxes. How to file my 2012 taxes Business taxes. How to file my 2012 taxes   You can deduct certain taxes only if they are ordinary and necessary expenses of your trade or business or of producing income. How to file my 2012 taxes For information on these taxes, see Publication 535, Business Expenses. How to file my 2012 taxes State or local taxes. How to file my 2012 taxes   These are taxes imposed by the 50 states, U. How to file my 2012 taxes S. How to file my 2012 taxes possessions, or any of their political subdivisions (such as a county or city), or by the District of Columbia. How to file my 2012 taxes Indian tribal government. How to file my 2012 taxes   An Indian tribal government recognized by the Secretary of the Treasury as performing substantial government functions will be treated as a state for purposes of claiming a deduction for taxes. How to file my 2012 taxes Income taxes, real estate taxes, and personal property taxes imposed by that Indian tribal government (or by any of its subdivisions that are treated as political subdivisions of a state) are deductible. How to file my 2012 taxes General sales taxes. How to file my 2012 taxes   These are taxes imposed at one rate on retail sales of a broad range of classes of items. How to file my 2012 taxes Foreign taxes. How to file my 2012 taxes   These are taxes imposed by a foreign country or any of its political subdivisions. How to file my 2012 taxes Useful Items - You may want to see: Publication 514 Foreign Tax Credit for Individuals 530 Tax Information for Homeowners Form (and Instructions) Schedule A (Form 1040) Itemized Deductions Schedule E (Form 1040) Supplemental Income and Loss 1116 Foreign Tax Credit Tests To Deduct Any Tax The following two tests must be met for you to deduct any tax. How to file my 2012 taxes The tax must be imposed on you. How to file my 2012 taxes You must pay the tax during your tax year. How to file my 2012 taxes The tax must be imposed on you. How to file my 2012 taxes   In general, you can deduct only taxes imposed on you. How to file my 2012 taxes   Generally, you can deduct property taxes only if you are an owner of the property. How to file my 2012 taxes If your spouse owns the property and pays the real estate taxes, the taxes are deductible on your spouse's separate return or on your joint return. How to file my 2012 taxes You must pay the tax during your tax year. How to file my 2012 taxes   If you are a cash basis taxpayer, you can deduct only those taxes you actually paid during your tax year. How to file my 2012 taxes If you pay your taxes by check, the day you mail or deliver the check is the date of payment, provided the check is honored by the financial institution. How to file my 2012 taxes If you use a pay-by-phone account (such as a credit card or electronic funds withdrawal), the date reported on the statement of the financial institution showing when payment was made is the date of payment. How to file my 2012 taxes If you contest a tax liability and are a cash basis taxpayer, you can deduct the tax only in the year you actually pay it (or transfer money or other property to provide for satisfaction of the contested liability). How to file my 2012 taxes See Publication 538, Accounting Periods and Methods, for details. How to file my 2012 taxes    If you use an accrual method of accounting, see Publication 538 for more information. How to file my 2012 taxes Income Taxes This section discusses the deductibility of state and local income taxes (including employee contributions to state benefit funds) and foreign income taxes. How to file my 2012 taxes State and Local Income Taxes You can deduct state and local income taxes. How to file my 2012 taxes However, you can elect to deduct state and local general sales taxes instead of state and local income taxes. How to file my 2012 taxes See General Sales Taxes , later. How to file my 2012 taxes Exception. How to file my 2012 taxes    You cannot deduct state and local income taxes you pay on income that is exempt from federal income tax, unless the exempt income is interest income. How to file my 2012 taxes For example, you cannot deduct the part of a state's income tax that is on a cost-of-living allowance exempt from federal income tax. How to file my 2012 taxes What To Deduct Your deduction may be for withheld taxes, estimated tax payments, or other tax payments as follows. How to file my 2012 taxes Withheld taxes. How to file my 2012 taxes   You can deduct state and local income taxes withheld from your salary in the year they are withheld. How to file my 2012 taxes Your Form(s) W-2 will show these amounts. How to file my 2012 taxes Forms W-2G, 1099-G, 1099-R, and 1099-MISC may also show state and local income taxes withheld. How to file my 2012 taxes Estimated tax payments. How to file my 2012 taxes   You can deduct estimated tax payments you made during the year to a state or local government. How to file my 2012 taxes However, you must have a reasonable basis for making the estimated tax payments. How to file my 2012 taxes Any estimated state or local tax payments that are not made in good faith at the time of payment are not deductible. How to file my 2012 taxes For example, you made an estimated state income tax payment. How to file my 2012 taxes However, the estimate of your state tax liability shows that you will get a refund of the full amount of your estimated payment. How to file my 2012 taxes You had no reasonable basis to believe you had any additional liability for state income taxes and you cannot deduct the estimated tax payment. How to file my 2012 taxes Refund applied to taxes. How to file my 2012 taxes   You can deduct any part of a refund of prior-year state or local income taxes that you chose to have credited to your 2013 estimated state or local income taxes. How to file my 2012 taxes    Do not reduce your deduction by either of the following items. How to file my 2012 taxes Any state or local income tax refund (or credit) you expect to receive for 2013. How to file my 2012 taxes Any refund of (or credit for) prior-year state and local income taxes you actually received in 2013. How to file my 2012 taxes   However, part or all of this refund (or credit) may be taxable. How to file my 2012 taxes See Refund (or credit) of state or local income taxes , later. How to file my 2012 taxes Separate federal returns. How to file my 2012 taxes   If you and your spouse file separate state, local, and federal income tax returns, you each can deduct on your federal return only the amount of your own state and local income tax that you paid during the tax year. How to file my 2012 taxes Joint state and local returns. How to file my 2012 taxes   If you and your spouse file joint state and local returns and separate federal returns, each of you can deduct on your separate federal return a part of the total state and local income taxes paid during the tax year. How to file my 2012 taxes You can deduct only the amount of the total taxes that is proportionate to your gross income compared to the combined gross income of you and your spouse. How to file my 2012 taxes However, you cannot deduct more than the amount you actually paid during the year. How to file my 2012 taxes You can avoid this calculation if you and your spouse are jointly and individually liable for the full amount of the state and local income taxes. How to file my 2012 taxes If so, you and your spouse can deduct on your separate federal returns the amount you each actually paid. How to file my 2012 taxes Joint federal return. How to file my 2012 taxes   If you file a joint federal return, you can deduct the total of the state and local income taxes both of you paid. How to file my 2012 taxes Contributions to state benefit funds. How to file my 2012 taxes    As an employee, you can deduct mandatory contributions to state benefit funds withheld from your wages that provide protection against loss of wages. How to file my 2012 taxes For example, certain states require employees to make contributions to state funds providing disability or unemployment insurance benefits. How to file my 2012 taxes Mandatory payments made to the following state benefit funds are deductible as state income taxes on Schedule A (Form 1040), line 5. How to file my 2012 taxes Alaska Unemployment Compensation Fund. How to file my 2012 taxes California Nonoccupational Disability Benefit Fund. How to file my 2012 taxes New Jersey Nonoccupational Disability Benefit Fund. How to file my 2012 taxes New Jersey Unemployment Compensation Fund. How to file my 2012 taxes New York Nonoccupational Disability Benefit Fund. How to file my 2012 taxes Pennsylvania Unemployment Compensation Fund. How to file my 2012 taxes Rhode Island Temporary Disability Benefit Fund. How to file my 2012 taxes Washington State Supplemental Workmen's Compensation Fund. How to file my 2012 taxes    Employee contributions to private or voluntary disability plans are not deductible. How to file my 2012 taxes Refund (or credit) of state or local income taxes. How to file my 2012 taxes   If you receive a refund of (or credit for) state or local income taxes in a year after the year in which you paid them, you may have to include the refund in income on Form 1040, line 10, in the year you receive it. How to file my 2012 taxes This includes refunds resulting from taxes that were overwithheld, applied from a prior year return, not figured correctly, or figured again because of an amended return. How to file my 2012 taxes If you did not itemize your deductions in the previous year, do not include the refund in income. How to file my 2012 taxes If you deducted the taxes in the previous year, include all or part of the refund on Form 1040, line 10, in the year you receive the refund. How to file my 2012 taxes For a discussion of how much to include, see Recoveries in chapter 12. How to file my 2012 taxes Foreign Income Taxes Generally, you can take either a deduction or a credit for income taxes imposed on you by a foreign country or a U. How to file my 2012 taxes S. How to file my 2012 taxes possession. How to file my 2012 taxes However, you cannot take a deduction or credit for foreign income taxes paid on income that is exempt from U. How to file my 2012 taxes S. How to file my 2012 taxes tax under the foreign earned income exclusion or the foreign housing exclusion. How to file my 2012 taxes For information on these exclusions, see Publication 54, Tax Guide for U. How to file my 2012 taxes S. How to file my 2012 taxes Citizens and Resident Aliens Abroad. How to file my 2012 taxes For information on the foreign tax credit, see Publication 514. How to file my 2012 taxes General Sales Taxes You can elect to deduct state and local general sales taxes, instead of state and local income taxes, as an itemized deduction on Schedule A (Form 1040), line 5b. How to file my 2012 taxes You can use either your actual expenses or the state and local sales tax tables to figure your sales tax deduction. How to file my 2012 taxes Actual expenses. How to file my 2012 taxes   Generally, you can deduct the actual state and local general sales taxes (including compensating use taxes) if the tax rate was the same as the general sales tax rate. How to file my 2012 taxes However, sales taxes on food, clothing, medical supplies, and motor vehicles are deductible as a general sales tax even if the tax rate was less than the general sales tax rate. How to file my 2012 taxes If you paid sales tax on a motor vehicle at a rate higher than the general sales tax rate, you can deduct only the amount of tax that you would have paid at the general sales tax rate on that vehicle. How to file my 2012 taxes If you use the actual expenses method, you must have receipts to show the general sales taxes paid. How to file my 2012 taxes Do not include sales taxes paid on items used in your trade or business. How to file my 2012 taxes Motor vehicles. How to file my 2012 taxes   For purposes of this section, motor vehicles include cars, motorcycles, motor homes, recreational vehicles, sport utility vehicles, trucks, vans, and off-road vehicles. How to file my 2012 taxes This also includes sales taxes on a leased motor vehicle, but not on vehicles used in your trade or business. How to file my 2012 taxes Optional sales tax tables. How to file my 2012 taxes   Instead of using your actual expenses, you can figure your state and local general sales tax deduction using the state and local sales tax tables in the Instructions for Schedule A (Form 1040). How to file my 2012 taxes You may also be able to add the state and local general sales taxes paid on certain specified items. How to file my 2012 taxes   Your applicable table amount is based on the state where you live, your income, and the number of exemptions claimed on your tax return. How to file my 2012 taxes Your income is your adjusted gross income plus any nontaxable items such as the following. How to file my 2012 taxes Tax-exempt interest. How to file my 2012 taxes Veterans' benefits. How to file my 2012 taxes Nontaxable combat pay. How to file my 2012 taxes Workers' compensation. How to file my 2012 taxes Nontaxable part of social security and railroad retirement benefits. How to file my 2012 taxes Nontaxable part of IRA, pension, or annuity distributions, excluding rollovers. How to file my 2012 taxes Public assistance payments. How to file my 2012 taxes If you lived in different states during the same tax year, you must prorate your applicable table amount for each state based on the days you lived in each state. How to file my 2012 taxes See the Instructions for Schedule A (Form 1040), line 5, for details. How to file my 2012 taxes Real Estate Taxes Deductible real estate taxes are any state, local, or foreign taxes on real property levied for the general public welfare. How to file my 2012 taxes You can deduct these taxes only if they are based on the assessed value of the real property and charged uniformly against all property under the jurisdiction of the taxing authority. How to file my 2012 taxes Deductible real estate taxes generally do not include taxes charged for local benefits and improvements that increase the value of the property. How to file my 2012 taxes They also do not include itemized charges for services (such as trash collection) assessed against specific property or certain people, even if the charge is paid to the taxing authority. How to file my 2012 taxes For more information about taxes and charges that are not deductible, see Real Estate-Related Items You Cannot Deduct , later. How to file my 2012 taxes Tenant-shareholders in a cooperative housing corporation. How to file my 2012 taxes   Generally, if you are a tenant-stockholder in a cooperative housing corporation, you can deduct the amount paid to the corporation that represents your share of the real estate taxes the corporation paid or incurred for your dwelling unit. How to file my 2012 taxes The corporation should provide you with a statement showing your share of the taxes. How to file my 2012 taxes For more information, see Special Rules for Cooperatives in Publication 530. How to file my 2012 taxes Division of real estate taxes between buyers and sellers. How to file my 2012 taxes   If you bought or sold real estate during the year, the real estate taxes must be divided between the buyer and the seller. How to file my 2012 taxes   The buyer and the seller must divide the real estate taxes according to the number of days in the real property tax year (the period to which the tax is imposed relates) that each owned the property. How to file my 2012 taxes The seller is treated as paying the taxes up to, but not including, the date of sale. How to file my 2012 taxes The buyer is treated as paying the taxes beginning with the date of sale. How to file my 2012 taxes This applies regardless of the lien dates under local law. How to file my 2012 taxes Generally, this information is included on the settlement statement provided at the closing. How to file my 2012 taxes    If you (the seller) cannot deduct taxes until they are paid because you use the cash method of accounting, and the buyer of your property is personally liable for the tax, you are considered to have paid your part of the tax at the time of the sale. How to file my 2012 taxes This lets you deduct the part of the tax to the date of sale even though you did not actually pay it. How to file my 2012 taxes However, you must also include the amount of that tax in the selling price of the property. How to file my 2012 taxes The buyer must include the same amount in his or her cost of the property. How to file my 2012 taxes   You figure your deduction for taxes on each property bought or sold during the real property tax year as follows. How to file my 2012 taxes Worksheet 22-1. How to file my 2012 taxes Figuring Your Real Estate Tax Deduction 1. How to file my 2012 taxes Enter the total real estate taxes for the real property tax year   2. How to file my 2012 taxes Enter the number of days in the real property tax year that you owned the property   3. How to file my 2012 taxes Divide line 2 by 365 (for leap years, divide line 2 by 366) . How to file my 2012 taxes 4. How to file my 2012 taxes Multiply line 1 by line 3. How to file my 2012 taxes This is your deduction. How to file my 2012 taxes Enter it on Schedule A (Form 1040), line 6   Note. How to file my 2012 taxes Repeat steps 1 through 4 for each property you bought or sold during the real property tax year. How to file my 2012 taxes Your total deduction is the sum of the line 4 amounts for all of the properties. How to file my 2012 taxes Real estate taxes for prior years. How to file my 2012 taxes   Do not divide delinquent taxes between the buyer and seller if the taxes are for any real property tax year before the one in which the property is sold. How to file my 2012 taxes Even if the buyer agrees to pay the delinquent taxes, the buyer cannot deduct them. How to file my 2012 taxes The buyer must add them to the cost of the property. How to file my 2012 taxes The seller can deduct these taxes paid by the buyer. How to file my 2012 taxes However, the seller must include them in the selling price. How to file my 2012 taxes Examples. How to file my 2012 taxes   The following examples illustrate how real estate taxes are divided between buyer and seller. How to file my 2012 taxes Example 1. How to file my 2012 taxes Dennis and Beth White's real property tax year for both their old home and their new home is the calendar year, with payment due August 1. How to file my 2012 taxes The tax on their old home, sold on May 7, was $620. How to file my 2012 taxes The tax on their new home, bought on May 3, was $732. How to file my 2012 taxes Dennis and Beth are considered to have paid a proportionate share of the real estate taxes on the old home even though they did not actually pay them to the taxing authority. How to file my 2012 taxes On the other hand, they can claim only a proportionate share of the taxes they paid on their new property even though they paid the entire amount. How to file my 2012 taxes Dennis and Beth owned their old home during the real property tax year for 126 days (January 1 to May 6, the day before the sale). How to file my 2012 taxes They figure their deduction for taxes on their old home as follows. How to file my 2012 taxes Worksheet 22-1. How to file my 2012 taxes Figuring Your Real Estate Tax Deduction — Taxes on Old Home 1. How to file my 2012 taxes Enter the total real estate taxes for the real property tax year $620 2. How to file my 2012 taxes Enter the number of days in the real property tax year that you owned the property 126 3. How to file my 2012 taxes Divide line 2 by 365 (for leap years, divide line 2 by 366) . How to file my 2012 taxes 3452 4. How to file my 2012 taxes Multiply line 1 by line 3. How to file my 2012 taxes This is your deduction. How to file my 2012 taxes Enter it on Schedule A (Form 1040), line 6 $214 Since the buyers of their old home paid all of the taxes, Dennis and Beth also include the $214 in the selling price of the old home. How to file my 2012 taxes (The buyers add the $214 to their cost of the home. How to file my 2012 taxes ) Dennis and Beth owned their new home during the real property tax year for 243 days (May 3 to December 31, including their date of purchase). How to file my 2012 taxes They figure their deduction for taxes on their new home as follows. How to file my 2012 taxes Worksheet 22-1. How to file my 2012 taxes Figuring Your Real Estate Tax Deduction — Taxes on New Home 1. How to file my 2012 taxes Enter the total real estate taxes for the real property tax year $732 2. How to file my 2012 taxes Enter the number of days in the real property tax year that you owned the property 243 3. How to file my 2012 taxes Divide line 2 by 365 (for leap years, divide line 2 by 366) . How to file my 2012 taxes 6658 4. How to file my 2012 taxes Multiply line 1 by line 3. How to file my 2012 taxes This is your deduction. How to file my 2012 taxes Enter it on Schedule A (Form 1040), line 6 $487 Since Dennis and Beth paid all of the taxes on the new home, they add $245 ($732 paid less $487 deduction) to their cost of the new home. How to file my 2012 taxes (The sellers add this $245 to their selling price and deduct the $245 as a real estate tax. How to file my 2012 taxes ) Dennis and Beth's real estate tax deduction for their old and new homes is the sum of $214 and $487, or $701. How to file my 2012 taxes They will enter this amount on Schedule A (Form 1040), line 6. How to file my 2012 taxes Example 2. How to file my 2012 taxes George and Helen Brown bought a new home on May 3, 2013. How to file my 2012 taxes Their real property tax year for the new home is the calendar year. How to file my 2012 taxes Real estate taxes for 2012 were assessed in their state on January 1, 2013. How to file my 2012 taxes The taxes became due on May 31, 2013, and October 31, 2013. How to file my 2012 taxes The Browns agreed to pay all taxes due after the date of purchase. How to file my 2012 taxes Real estate taxes for 2012 were $680. How to file my 2012 taxes They paid $340 on May 31, 2013, and $340 on October 31, 2013. How to file my 2012 taxes These taxes were for the 2012 real property tax year. How to file my 2012 taxes The Browns cannot deduct them since they did not own the property until 2013. How to file my 2012 taxes Instead, they must add $680 to the cost of their new home. How to file my 2012 taxes In January 2014, the Browns receive their 2013 property tax statement for $752, which they will pay in 2014. How to file my 2012 taxes The Browns owned their new home during the 2013 real property tax year for 243 days (May 3 to December 31). How to file my 2012 taxes They will figure their 2014 deduction for taxes as follows. How to file my 2012 taxes Worksheet 22-1. How to file my 2012 taxes Figuring Your Real Estate Tax Deduction — Taxes on New Home 1. How to file my 2012 taxes Enter the total real estate taxes for the real property tax year $752 2. How to file my 2012 taxes Enter the number of days in the real property tax year that you owned the property 243 3. How to file my 2012 taxes Divide line 2 by 365 (for leap years, divide line 2 by 366) . How to file my 2012 taxes 6658 4. How to file my 2012 taxes Multiply line 1 by line 3. How to file my 2012 taxes This is your deduction. How to file my 2012 taxes Claim it on Schedule A (Form 1040), line 6 $501 The remaining $251 ($752 paid less $501 deduction) of taxes paid in 2014, along with the $680 paid in 2013, is added to the cost of their new home. How to file my 2012 taxes Because the taxes up to the date of sale are considered paid by the seller on the date of sale, the seller is entitled to a 2013 tax deduction of $931. How to file my 2012 taxes This is the sum of the $680 for 2012 and the $251 for the 122 days the seller owned the home in 2013. How to file my 2012 taxes The seller must also include the $931 in the selling price when he or she figures the gain or loss on the sale. How to file my 2012 taxes The seller should contact the Browns in January 2014 to find out how much real estate tax is due for 2013. How to file my 2012 taxes Form 1099-S. How to file my 2012 taxes   For certain sales or exchanges of real estate, the person responsible for closing the sale (generally the settlement agent) prepares Form 1099-S, Proceeds From Real Estate Transactions, to report certain information to the IRS and to the seller of the property. How to file my 2012 taxes Box 2 of Form 1099-S is for the gross proceeds from the sale and should include the portion of the seller's real estate tax liability that the buyer will pay after the date of sale. How to file my 2012 taxes The buyer includes these taxes in the cost basis of the property, and the seller both deducts this amount as a tax paid and includes it in the sales price of the property. How to file my 2012 taxes   For a real estate transaction that involves a home, any real estate tax the seller paid in advance but that is the liability of the buyer appears on Form 1099-S, box 5. How to file my 2012 taxes The buyer deducts this amount as a real estate tax, and the seller reduces his or her real estate tax deduction (or includes it in income) by the same amount. How to file my 2012 taxes See Refund (or rebate) , later. How to file my 2012 taxes Taxes placed in escrow. How to file my 2012 taxes   If your monthly mortgage payment includes an amount placed in escrow (put in the care of a third party) for real estate taxes, you may not be able to deduct the total amount placed in escrow. How to file my 2012 taxes You can deduct only the real estate tax that the third party actually paid to the taxing authority. How to file my 2012 taxes If the third party does not notify you of the amount of real estate tax that was paid for you, contact the third party or the taxing authority to find the proper amount to show on your return. How to file my 2012 taxes Tenants by the entirety. How to file my 2012 taxes   If you and your spouse held property as tenants by the entirety and you file separate federal returns, each of you can deduct only the taxes each of you paid on the property. How to file my 2012 taxes Divorced individuals. How to file my 2012 taxes   If your divorce or separation agreement states that you must pay the real estate taxes for a home owned by you and your spouse, part of your payments may be deductible as alimony and part as real estate taxes. How to file my 2012 taxes See Taxes and insurance in chapter 18 for more information. How to file my 2012 taxes Ministers' and military housing allowances. How to file my 2012 taxes   If you are a minister or a member of the uniformed services and receive a housing allowance that you can exclude from income, you still can deduct all of the real estate taxes you pay on your home. How to file my 2012 taxes Refund (or rebate). How to file my 2012 taxes   If you received a refund or rebate in 2013 of real estate taxes you paid in 2013, you must reduce your deduction by the amount refunded to you. How to file my 2012 taxes If you received a refund or rebate in 2013 of real estate taxes you deducted in an earlier year (either as an itemized deduction or an increase to your standard deduction), you generally must include the refund or rebate in income in the year you receive it. How to file my 2012 taxes However, the amount you include in income is limited to the amount of the deduction that reduced your tax in the earlier year. How to file my 2012 taxes For more information, see Recoveries in chapter 12. How to file my 2012 taxes Table 22-1. How to file my 2012 taxes Which Taxes Can You Deduct? Type of Tax You Can Deduct You Cannot Deduct Fees and Charges Fees and charges that are expenses of your trade or business or of producing income. How to file my 2012 taxes Fees and charges that are not expenses of your trade or business or of producing income, such as fees for driver's licenses, car inspections, parking, or charges for water bills (see Taxes and Fees You Cannot Deduct ). How to file my 2012 taxes     Fines and penalties. How to file my 2012 taxes Income Taxes State and local income taxes. How to file my 2012 taxes Federal income taxes. How to file my 2012 taxes   Foreign income taxes. How to file my 2012 taxes     Employee contributions to state funds listed under Contributions to state benefit funds . How to file my 2012 taxes Employee contributions to private or voluntary disability plans. How to file my 2012 taxes     State and local general sales taxes if you choose to deduct state and local income taxes. How to file my 2012 taxes General Sales Taxes State and local general sales taxes, including compensating use taxes. How to file my 2012 taxes State and local income taxes if you choose to deduct state and local general sales taxes. How to file my 2012 taxes Other Taxes Taxes that are expenses of your trade or business. How to file my 2012 taxes Federal excise taxes, such as tax on gasoline, that are not expenses of your trade or business or of producing income. How to file my 2012 taxes   Taxes on property producing rent or royalty income. How to file my 2012 taxes Per capita taxes. How to file my 2012 taxes   Occupational taxes. How to file my 2012 taxes See chapter 28. How to file my 2012 taxes     One-half of self-employment tax paid. How to file my 2012 taxes   Personal Property Taxes State and local personal property taxes. How to file my 2012 taxes Customs duties that are not expenses of your trade or business or of producing income. How to file my 2012 taxes Real Estate Taxes State and local real estate taxes. How to file my 2012 taxes Real estate taxes that are treated as imposed on someone else (see Division of real estate taxes between buyers and sellers ). How to file my 2012 taxes   Foreign real estate taxes. How to file my 2012 taxes Taxes for local benefits (with exceptions). How to file my 2012 taxes See Real Estate-Related Items You Cannot Deduct . How to file my 2012 taxes   Tenant's share of real estate taxes paid by  cooperative housing corporation. How to file my 2012 taxes Trash and garbage pickup fees (with exceptions). How to file my 2012 taxes See Real Estate-Related Items You Cannot Deduct . How to file my 2012 taxes     Rent increase due to higher real estate taxes. How to file my 2012 taxes     Homeowners' association charges. How to file my 2012 taxes Real Estate-Related Items You Cannot Deduct Payments for the following items generally are not deductible as real estate taxes. How to file my 2012 taxes Taxes for local benefits. How to file my 2012 taxes Itemized charges for services (such as trash and garbage pickup fees). How to file my 2012 taxes Transfer taxes (or stamp taxes). How to file my 2012 taxes Rent increases due to higher real estate taxes. How to file my 2012 taxes Homeowners' association charges. How to file my 2012 taxes Taxes for local benefits. How to file my 2012 taxes   Deductible real estate taxes generally do not include taxes charged for local benefits and improvements tending to increase the value of your property. How to file my 2012 taxes These include assessments for streets, sidewalks, water mains, sewer lines, public parking facilities, and similar improvements. How to file my 2012 taxes You should increase the basis of your property by the amount of the assessment. How to file my 2012 taxes   Local benefit taxes are deductible only if they are for maintenance, repair, or interest charges related to those benefits. How to file my 2012 taxes If only a part of the taxes is for maintenance, repair, or interest, you must be able to show the amount of that part to claim the deduction. How to file my 2012 taxes If you cannot determine what part of the tax is for maintenance, repair, or interest, none of it is deductible. How to file my 2012 taxes    Taxes for local benefits may be included in your real estate tax bill. How to file my 2012 taxes If your taxing authority (or mortgage lender) does not furnish you a copy of your real estate tax bill, ask for it. How to file my 2012 taxes You should use the rules above to determine if the local benefit tax is deductible. How to file my 2012 taxes Contact the taxing authority if you need additional information about a specific charge on your real estate tax bill. How to file my 2012 taxes Itemized charges for services. How to file my 2012 taxes    An itemized charge for services assessed against specific property or certain people is not a tax, even if the charge is paid to the taxing authority. How to file my 2012 taxes For example, you cannot deduct the charge as a real estate tax if it is: A unit fee for the delivery of a service (such as a $5 fee charged for every 1,000 gallons of water you use), A periodic charge for a residential service (such as a $20 per month or $240 annual fee charged to each homeowner for trash collection), or A flat fee charged for a single service provided by your government (such as a $30 charge for mowing your lawn because it was allowed to grow higher than permitted under your local ordinance). How to file my 2012 taxes    You must look at your real estate tax bill to determine if any nondeductible itemized charges, such as those listed above, are included in the bill. How to file my 2012 taxes If your taxing authority (or mortgage lender) does not furnish you a copy of your real estate tax bill, ask for it. How to file my 2012 taxes Exception. How to file my 2012 taxes   Service charges used to maintain or improve services (such as trash collection or police and fire protection) are deductible as real estate taxes if: The fees or charges are imposed at a like rate against all property in the taxing jurisdiction, The funds collected are not earmarked; instead, they are commingled with general revenue funds, and Funds used to maintain or improve services are not limited to or determined by the amount of these fees or charges collected. How to file my 2012 taxes Transfer taxes (or stamp taxes). How to file my 2012 taxes   Transfer taxes and similar taxes and charges on the sale of a personal home are not deductible. How to file my 2012 taxes If they are paid by the seller, they are expenses of the sale and reduce the amount realized on the sale. How to file my 2012 taxes If paid by the buyer, they are included in the cost basis of the property. How to file my 2012 taxes Rent increase due to higher real estate taxes. How to file my 2012 taxes   If your landlord increases your rent in the form of a tax surcharge because of increased real estate taxes, you cannot deduct the increase as taxes. How to file my 2012 taxes Homeowners' association charges. How to file my 2012 taxes   These charges are not deductible because they are imposed by the homeowners' association, rather than the state or local government. How to file my 2012 taxes Personal Property Taxes Personal property tax is deductible if it is a state or local tax that is: Charged on personal property, Based only on the value of the personal property, and Charged on a yearly basis, even if it is collected more or less than once a year. How to file my 2012 taxes A tax that meets the above requirements can be considered charged on personal property even if it is for the exercise of a privilege. How to file my 2012 taxes For example, a yearly tax based on value qualifies as a personal property tax even if it is called a registration fee and is for the privilege of registering motor vehicles or using them on the highways. How to file my 2012 taxes If the tax is partly based on value and partly based on other criteria, it may qualify in part. How to file my 2012 taxes Example. How to file my 2012 taxes Your state charges a yearly motor vehicle registration tax of 1% of value plus 50 cents per hundredweight. How to file my 2012 taxes You paid $32 based on the value ($1,500) and weight (3,400 lbs. How to file my 2012 taxes ) of your car. How to file my 2012 taxes You can deduct $15 (1% × $1,500) as a personal property tax because it is based on the value. How to file my 2012 taxes The remaining $17 ($. How to file my 2012 taxes 50 × 34), based on the weight, is not deductible. How to file my 2012 taxes Taxes and Fees You Cannot Deduct Many federal, state, and local government taxes are not deductible because they do not fall within the categories discussed earlier. How to file my 2012 taxes Other taxes and fees, such as federal income taxes, are not deductible because the tax law specifically prohibits a deduction for them. How to file my 2012 taxes See Table 22-1. How to file my 2012 taxes Taxes and fees that are generally not deductible include the following items. How to file my 2012 taxes Employment taxes. How to file my 2012 taxes This includes social security, Medicare, and railroad retirement taxes withheld from your pay. How to file my 2012 taxes However, one-half of self-employment tax you pay is deductible. How to file my 2012 taxes In addition, the social security and other employment taxes you pay on the wages of a household worker may be included in medical expenses that you can deduct or child care expenses that allow you to claim the child and dependent care credit. How to file my 2012 taxes For more information, see chapters 21 and 32. How to file my 2012 taxes Estate, inheritance, legacy, or succession taxes. How to file my 2012 taxes However, you can deduct the estate tax attributable to income in respect of a decedent if you, as a beneficiary, must include that income in your gross income. How to file my 2012 taxes In that case, deduct the estate tax as a miscellaneous deduction that is not subject to the 2%-of-adjusted-gross-income limit. How to file my 2012 taxes For more information, see Publication 559, Survivors, Executors, and Administrators. How to file my 2012 taxes Federal income taxes. How to file my 2012 taxes This includes income taxes withheld from your pay. How to file my 2012 taxes Fines and penalties. How to file my 2012 taxes You cannot deduct fines and penalties paid to a government for violation of any law, including related amounts forfeited as collateral deposits. How to file my 2012 taxes Gift taxes. How to file my 2012 taxes License fees. How to file my 2012 taxes You cannot deduct license fees for personal purposes (such as marriage, driver's, and dog license fees). How to file my 2012 taxes Per capita taxes. How to file my 2012 taxes You cannot deduct state or local per capita taxes. How to file my 2012 taxes Many taxes and fees other than those listed above are also nondeductible, unless they are ordinary and necessary expenses of a business or income producing activity. How to file my 2012 taxes For other nondeductible items, see Real Estate-Related Items You Cannot Deduct , earlier. How to file my 2012 taxes Where To Deduct You deduct taxes on the following schedules. How to file my 2012 taxes State and local income taxes. How to file my 2012 taxes    These taxes are deducted on Schedule A (Form 1040), line 5, even if your only source of income is from business, rents, or royalties. How to file my 2012 taxes Check box a on line 5. How to file my 2012 taxes General sales taxes. How to file my 2012 taxes   Sales taxes are deducted on Schedule A (Form 1040), line 5. How to file my 2012 taxes You must check box b on line 5. How to file my 2012 taxes If you elect to deduct sales taxes, you cannot deduct state and local income taxes on Schedule A (Form 1040), line 5, box a. How to file my 2012 taxes Foreign income taxes. How to file my 2012 taxes   Generally, income taxes you pay to a foreign country or U. How to file my 2012 taxes S. How to file my 2012 taxes possession can be claimed as an itemized deduction on Schedule A (Form 1040), line 8, or as a credit against your U. How to file my 2012 taxes S. How to file my 2012 taxes income tax on Form 1040, line 47. How to file my 2012 taxes To claim the credit, you may have to complete and attach Form 1116. How to file my 2012 taxes For more information, see chapter 37, the Form 1040 instructions, or Publication 514. How to file my 2012 taxes Real estate taxes and personal property taxes. How to file my 2012 taxes    Real estate and personal property taxes are deducted on Schedule A (Form 1040), lines 6 and 7, respectively, unless they are paid on property used in your business, in which case they are deducted on Schedule C, Schedule C-EZ, or Schedule F (Form 1040). How to file my 2012 taxes Taxes on property that produces rent or royalty income are deducted on Schedule E (Form 1040). How to file my 2012 taxes Self-employment tax. How to file my 2012 taxes    Deduct one-half of your self-employment tax on Form 1040, line 27. How to file my 2012 taxes Other taxes. How to file my 2012 taxes    All other deductible taxes are deducted on Schedule A (Form 1040), line 8. 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The How To File My 2012 Taxes

How to file my 2012 taxes Publication 595 - Main Contents Table of Contents Capital Construction FundCCF Accounts Types of Accounts You Must Maintain Within a CCF Tax Treatment of CCF Deposits Tax Treatment of CCF Earnings Tax Treatment of CCF Withdrawals More Information How To Get Tax Help Capital Construction Fund The following sections discuss CCF accounts and the types of bookkeeping accounts you must maintain when you invest in a CCF account. How to file my 2012 taxes They also discuss the income tax treatment of CCF deposits, earnings, and withdrawals. How to file my 2012 taxes CCF Accounts This section explains who can open a CCF account and how to use the account to defer income tax. How to file my 2012 taxes Opening a CCF account. How to file my 2012 taxes   If you are a U. How to file my 2012 taxes S. How to file my 2012 taxes citizen and you own or lease one or more eligible vessels (defined later), you can open a CCF account. How to file my 2012 taxes However, before you open your CCF account, you must enter into an agreement with the Secretary of Commerce through the NMFS. How to file my 2012 taxes This agreement will establish the following. How to file my 2012 taxes Agreement vessels. How to file my 2012 taxes Eligible vessels named in the agreement that will be the basis for the deferral of income tax. How to file my 2012 taxes Planned use of withdrawals. How to file my 2012 taxes Use of CCF funds to acquire, build, or rebuild a vessel. How to file my 2012 taxes CCF depository. How to file my 2012 taxes Where your CCF funds will be held. How to file my 2012 taxes    You can request an application kit or get additional information from NMFS at the following address. How to file my 2012 taxes NOAA/NMFS, Financial Services Division, F/MB5 Capital Construction Fund Program 1315 East-West Highway Silver Spring, MD 20910-3282    You can obtain information on the Capital Construction Fund Program at the following website: www. How to file my 2012 taxes nmfs. How to file my 2012 taxes noaa. How to file my 2012 taxes gov/mb/financial_services/ccf. How to file my 2012 taxes htm. How to file my 2012 taxes    You can call NMFS to request an application kit or get additional information at (301) 713-2393 (ext. How to file my 2012 taxes 204). How to file my 2012 taxes Their fax number is (301) 713-1939. How to file my 2012 taxes Eligible vessels. How to file my 2012 taxes   There are two types of vessels that may be considered eligible, those weighing 5 tons or more and those weighing less than 5 tons. How to file my 2012 taxes For each type, certain requirements must be met. How to file my 2012 taxes Vessel weighing 5 tons or more. How to file my 2012 taxes   To be considered eligible, the vessel must meet all the following requirements. How to file my 2012 taxes Be built or rebuilt in the United States. How to file my 2012 taxes Be documented under the laws of the United States. How to file my 2012 taxes Be used commercially in the fisheries of the United States. How to file my 2012 taxes Be operated in the foreign or domestic commerce of the United States. How to file my 2012 taxes Vessel weighing less than 5 tons. How to file my 2012 taxes   A small vessel, weighing at least 2 net tons but less than 5 net tons, must meet all the following requirements to be considered eligible. How to file my 2012 taxes Be built or rebuilt in the United States. How to file my 2012 taxes Be owned by a U. How to file my 2012 taxes S. How to file my 2012 taxes citizen. How to file my 2012 taxes Have a home port in the United States. How to file my 2012 taxes Be used commercially in the fisheries of the United States. How to file my 2012 taxes Deferring tax on CCF deposits and earnings. How to file my 2012 taxes   You can use a CCF account to defer income tax by taking the following actions. How to file my 2012 taxes Making deposits to your CCF account from taxable income. How to file my 2012 taxes Excluding from income deposits assigned to certain accounts (discussed later). How to file my 2012 taxes Making withdrawals from your CCF account when you acquire, build, or rebuild fishing vessels. How to file my 2012 taxes Reducing the basis of fishing vessels you acquire, build, or rebuild to recapture amounts previously excluded from tax. How to file my 2012 taxes    Reporting requirements. How to file my 2012 taxes Beginning with the tax year in which you establish your agreement, you must report annual deposit and withdrawal activity to the NMFS on NOAA Form 34-82. How to file my 2012 taxes This form is due within 30 days after you file your federal income tax return even if no deposits or withdrawals are made. How to file my 2012 taxes For more information, contact the NMFS at the address or phone number given earlier. How to file my 2012 taxes Types of Accounts You Must Maintain Within a CCF This section discusses the three types of bookkeeping accounts you must maintain when you invest in a CCF account. How to file my 2012 taxes Your total CCF deposits and earnings for any given year are limited to the amount attributed to these three accounts for that year. How to file my 2012 taxes Capital account. How to file my 2012 taxes   The capital account consists primarily of amounts attributable to the following items. How to file my 2012 taxes Allowable depreciation deductions for agreement vessels. How to file my 2012 taxes Any nontaxable return of capital from either (a) or (b), below. How to file my 2012 taxes The sale or other disposition of agreement vessels. How to file my 2012 taxes Insurance or indemnity proceeds attributable to agreement vessels. How to file my 2012 taxes Any tax-exempt interest earned on state or local bonds in your CCF account. How to file my 2012 taxes Capital gain account. How to file my 2012 taxes   The capital gain account consists of amounts attributable to the following items reduced by any capital losses from assets held in your CCF account for more than 6 months. How to file my 2012 taxes Any capital gain from either of the following sources. How to file my 2012 taxes The sale or other disposition of agreement vessels held for more than 6 months. How to file my 2012 taxes Insurance or indemnity proceeds attributable to agreement vessels held for more than 6 months. How to file my 2012 taxes Any capital gain from assets held in your CCF account for more than 6 months. How to file my 2012 taxes Ordinary income account. How to file my 2012 taxes   The ordinary income account consists of amounts attributable to the following items. How to file my 2012 taxes Any earnings (without regard to the carryback of any net operating or net capital loss) from the operation of agreement vessels in the fisheries of the United States or in the foreign or domestic commerce of the United States. How to file my 2012 taxes Any capital gain from the following sources reduced by any capital losses from assets held in your CCF account for 6 months or less. How to file my 2012 taxes The sale or other disposition of agreement vessels held for 6 months or less. How to file my 2012 taxes Insurance or indemnity proceeds attributable to agreement vessels held for 6 months or less. How to file my 2012 taxes Any capital gain from assets held in your CCF account for 6 months or less. How to file my 2012 taxes Any ordinary income (such as depreciation recapture) from either of the following sources. How to file my 2012 taxes The sale or other disposition of agreement vessels. How to file my 2012 taxes Insurance or indemnity proceeds attributable to agreement vessels. How to file my 2012 taxes Any interest (not including tax-exempt interest from state and local bonds), most dividends, and other ordinary income earned on the assets in your CCF account. How to file my 2012 taxes Tax Treatment of CCF Deposits This section explains the tax treatment of income used as the basis for CCF deposits. How to file my 2012 taxes Capital gains. How to file my 2012 taxes   Do not report any transaction that produces a capital gain if you deposit the net proceeds into your CCF account. How to file my 2012 taxes This treatment applies to either of the following transactions. How to file my 2012 taxes The sale or other disposition of an agreement vessel. How to file my 2012 taxes The receipt of insurance or indemnity proceeds attributable to an agreement vessel. How to file my 2012 taxes Depreciation recapture. How to file my 2012 taxes   Do not report any transaction that produces depreciation recapture if you deposit the net proceeds into your CCF account. How to file my 2012 taxes This treatment applies to either of the following transactions. How to file my 2012 taxes The sale or other disposition of an agreement vessel. How to file my 2012 taxes The receipt of insurance or indemnity proceeds attributable to an agreement vessel. How to file my 2012 taxes Earnings from operations. How to file my 2012 taxes   Report earnings from the operation of agreement vessels on your Schedule C or C-EZ (Form 1040) even if you deposit part of these earnings into your CCF account. How to file my 2012 taxes You subtract any part of the earnings you deposited into your CCF account from the amount you would otherwise enter as taxable income on Form 1040, line 43 (for 2005). How to file my 2012 taxes Next to line 43, write “CCF” and the amount of the deposits. How to file my 2012 taxes Do not deduct these CCF deposits on Schedule C or C-EZ (Form 1040). How to file my 2012 taxes If you deposit earnings from operations into your CCF account and you must complete other forms such as Form 6251, Alternative Minimum Tax (Individuals), or a worksheet for Schedule D (Form 1040), you will need to make an extra computation. How to file my 2012 taxes When the other form instructs you to use the amount from Form 1040, line 41 (for 2005), do not use that amount. How to file my 2012 taxes Instead, add Form 1040, lines 42 and 43 (for 2005), and use that amount. How to file my 2012 taxes Self-employment tax. How to file my 2012 taxes   You must use your net profit or loss from your fishing business to figure your self-employment tax. How to file my 2012 taxes Do not reduce your net profit or loss by any earnings from operations you deposit into your CCF account. How to file my 2012 taxes    Partnerships and S corporations. How to file my 2012 taxes The deduction for partnership earnings from operations deposited into a CCF account is separately stated on Schedule K (Form 1065), line 13d, and allocated to the partners on Schedule K-1 (Form 1065), box 13 (for 2005). How to file my 2012 taxes   The deduction for S corporation earnings deposited into a CCF account is separately stated on Schedule K (Form 1120S), line 12d, and allocated to the shareholders on Schedule K-1 (Form 1120S), box 12 (for 2005). How to file my 2012 taxes Tax Treatment of CCF Earnings This section explains the tax treatment of the earnings from the assets in your CCF account when the earnings are redeposited or left in your account. How to file my 2012 taxes However, if you choose to withdraw the earnings in the year earned, you must generally pay income tax on them. How to file my 2012 taxes Capital gains. How to file my 2012 taxes   Do not report any capital gains from the sale of capital assets held in your CCF account. How to file my 2012 taxes This includes capital gain distributions reported to you on Form 1099-DIV or a substitute statement. How to file my 2012 taxes However, you should attach a statement to your tax return to list the payers and the amounts and to identify the capital gains as “CCF account earnings. How to file my 2012 taxes ” Interest and dividends. How to file my 2012 taxes   Do not report any ordinary income (such as interest and dividends) you earn on the assets in your CCF account. How to file my 2012 taxes However, you should attach a statement to your return to list the payers and the amounts and to identify them as “CCF account earnings. How to file my 2012 taxes ”   If you are required to file Schedule B (Form 1040), you can add these earnings to the list of payers and amounts on line 1 or line 5 and identify them as “CCF earnings. How to file my 2012 taxes ” Then, subtract the same amounts from the list and identify them as “CCF deposits. How to file my 2012 taxes ” Tax-exempt interest. How to file my 2012 taxes   Do not report tax-exempt interest from state or local bonds you held in your CCF account. How to file my 2012 taxes You are not required to report this interest on Form 1040, line 8b. How to file my 2012 taxes Tax Treatment of CCF Withdrawals This section discusses the tax treatment of amounts you withdraw from your CCF account during the year. How to file my 2012 taxes Qualified Withdrawals A qualified withdrawal from a CCF account is one that is approved by NMFS for either of the following uses. How to file my 2012 taxes Acquiring, building, or rebuilding qualified vessels (defined next). How to file my 2012 taxes Making principal payments on the mortgage of a qualified vessel. How to file my 2012 taxes NMFS will not approve amounts withdrawn to purchase nets not continuously attached to the vessel, such as seine nets, gill set-nets, and gill drift-nets. How to file my 2012 taxes NMFS will approve amounts withdrawn to purchase trawl nets. How to file my 2012 taxes Qualified vessel. How to file my 2012 taxes   This is any vessel that meets all of the following requirements. How to file my 2012 taxes The vessel was built or rebuilt in the United States. How to file my 2012 taxes The vessel is documented under the laws of the United States. How to file my 2012 taxes The person maintaining the CCF account agrees with the Secretary of Commerce that the vessel will be operated in United States foreign trade, Great Lakes trade, noncontiguous domestic trade, or the fisheries of the United States. How to file my 2012 taxes How to determine the source of qualified withdrawals. How to file my 2012 taxes   When you make a qualified withdrawal, the amount is treated as being withdrawn in the following order from the accounts listed below. How to file my 2012 taxes The capital account. How to file my 2012 taxes The capital gain account. How to file my 2012 taxes The ordinary income account. How to file my 2012 taxes Excluding qualified withdrawals from tax. How to file my 2012 taxes   Do not report on your income tax return any qualified withdrawals from your CCF account. How to file my 2012 taxes Reduce the depreciable basis of fishing vessels you acquire, build, or rebuild when you make a qualified withdrawal from either the capital gain or the ordinary income account. How to file my 2012 taxes Nonqualified Withdrawals A nonqualified withdrawal from a CCF account is generally any withdrawal that is not a qualified withdrawal. How to file my 2012 taxes Qualified withdrawals are defined under Qualified Withdrawals, earlier. How to file my 2012 taxes Examples. How to file my 2012 taxes   Examples of nonqualified withdrawals include the following amounts from either the ordinary income account or the capital gain account. How to file my 2012 taxes Amounts remaining in a CCF account upon termination of your agreement with NMFS. How to file my 2012 taxes Amounts you withdraw and use to make principal payments on the mortgage of a vessel if the basis of that vessel and the bases of other vessels you own have already been reduced to zero. How to file my 2012 taxes Amounts determined by the IRS to cause your CCF account balance to exceed the amount appropriate to meet your planned use of withdrawals. How to file my 2012 taxes You will generally be given 3 years to revise your plans to cover this excess balance. How to file my 2012 taxes Amounts you leave in your account for more than 25 years. How to file my 2012 taxes There is a graduated schedule under which the percentage applied to determine the amount of the nonqualified withdrawal increases from 20% in the 26th year to 100% in the 30th year. How to file my 2012 taxes How to determine the source of nonqualified withdrawals. How to file my 2012 taxes    When you make a nonqualified withdrawal from your CCF account, the amount is treated as being withdrawn in the following order from the accounts listed below. How to file my 2012 taxes The ordinary income account. How to file my 2012 taxes The capital gain account. How to file my 2012 taxes The capital account. How to file my 2012 taxes Paying tax on nonqualified withdrawals. How to file my 2012 taxes   In general, nonqualified withdrawals are taxed separately from your other gross income and at the highest marginal tax rate in effect for the year of withdrawal. How to file my 2012 taxes However, nonqualified withdrawals treated as made from the capital gain account are taxed at a rate that cannot exceed 15% for individuals and 34% for corporations. How to file my 2012 taxes    Partnerships and S corporations. How to file my 2012 taxes Taxable nonqualified partnership withdrawals are separately stated on Schedule K (Form 1065), line 20c, and allocated to the partners on Schedule K-1 (Form 1065), box 20 (for 2005). How to file my 2012 taxes Taxable nonqualified withdrawals by an S corporation are separately stated on Schedule K (Form 1120S), line 17d, and allocated to the shareholders on Schedule K-1 (Form 1120S), box 17. How to file my 2012 taxes Interest. How to file my 2012 taxes   You must pay interest on the additional tax due to nonqualified withdrawals that are treated as made from either the ordinary income or the capital gain account. How to file my 2012 taxes The interest period begins on the last date for paying tax for the year for which you deposited the amount you withdrew from your CCF account. How to file my 2012 taxes The period ends on the last date for paying tax for the year in which you make the nonqualified withdrawal. How to file my 2012 taxes The interest rate on the nonqualified withdrawal is simple interest. How to file my 2012 taxes The rate is subject to change annually and is published in the Federal Register. How to file my 2012 taxes    You also can call NMFS at (301) 713-2393 (ext. How to file my 2012 taxes 204) to get the current interest rate. How to file my 2012 taxes Interest deduction. How to file my 2012 taxes   You can deduct the interest you pay on a nonqualified withdrawal as a trade or business expense. How to file my 2012 taxes Reporting the additional tax and interest. How to file my 2012 taxes   Attach a statement to your income tax return showing your computation of the tax and the interest on a nonqualified withdrawal. How to file my 2012 taxes Include the tax and interest on Form 1040, line 63 (for 2005). How to file my 2012 taxes To the left of line 63, write in the amount of tax and interest and “CCF. How to file my 2012 taxes ” Tax benefit rule. How to file my 2012 taxes   If any portion of your nonqualified withdrawal is properly attributable to contributions (not earnings on the contributions) you made to the CCF account that did not reduce your tax liability for any tax year prior to the withdrawal year, the following tax treatment applies. How to file my 2012 taxes The part that did not reduce your tax liability for any year prior to the withdrawal year is not taxed. How to file my 2012 taxes That part is allowed as a net operating loss deduction. How to file my 2012 taxes More Information This section briefly discussed the CCF program. How to file my 2012 taxes For more detailed information, see the following legislative authorities. How to file my 2012 taxes Section 607 of the Merchant Marine Act of 1936, as amended (46 U. How to file my 2012 taxes S. How to file my 2012 taxes C. How to file my 2012 taxes 1177). How to file my 2012 taxes Chapter 2, Part 259 of title 50 of the Code of Federal Regulations (50 C. How to file my 2012 taxes F. How to file my 2012 taxes R. How to file my 2012 taxes , Part 259). How to file my 2012 taxes Subchapter A, Part 3 of title 26 of the Code of Federal Regulations (26 C. How to file my 2012 taxes F. How to file my 2012 taxes R. How to file my 2012 taxes , Part 3). How to file my 2012 taxes Section 7518 of the Internal Revenue Code (IRC 7518). How to file my 2012 taxes The application kit you can obtain from NMFS at the address or phone number given earlier may contain copies of some of these sources of additional information. How to file my 2012 taxes Also, see their web page at www. How to file my 2012 taxes nmfs. How to file my 2012 taxes noaa. How to file my 2012 taxes gov/mb/financial_services/ccf. How to file my 2012 taxes htm. How to file my 2012 taxes How To Get Tax Help You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get information from the IRS in several ways. How to file my 2012 taxes By selecting the method that is best for you, you will have quick and easy access to tax help. How to file my 2012 taxes Contacting your Taxpayer Advocate. How to file my 2012 taxes   If you have attempted to deal with an IRS problem unsuccessfully, you should contact your Taxpayer Advocate. How to file my 2012 taxes   The Taxpayer Advocate independently represents your interests and concerns within the IRS by protecting your rights and resolving problems that have not been fixed through normal channels. How to file my 2012 taxes While Taxpayer Advocates cannot change the tax law or make a technical tax decision, they can clear up problems that resulted from previous contacts and ensure that your case is given a complete and impartial review. How to file my 2012 taxes   To contact your Taxpayer Advocate: Call the Taxpayer Advocate toll free at 1-877-777-4778, Call, write, or fax the Taxpayer Advocate office in your area, Call 1-800-829-4059 if you are a TTY/TDD user, or Visit www. How to file my 2012 taxes irs. How to file my 2012 taxes gov/advocate. How to file my 2012 taxes   For more information, see Publication 1546, How To Get Help With Unresolved Tax Problems (now available in Chinese, Korean, Russian, and Vietnamese, in addition to English and Spanish). How to file my 2012 taxes Free tax services. How to file my 2012 taxes   To find out what services are available, get Publication 910, IRS Guide to Free Tax Services. How to file my 2012 taxes It contains a list of free tax publications and an index of tax topics. How to file my 2012 taxes It also describes other free tax information services, including tax education and assistance programs and a list of TeleTax topics. How to file my 2012 taxes Internet. How to file my 2012 taxes You can access the IRS website 24 hours a day, 7 days a week, at www. How to file my 2012 taxes irs. How to file my 2012 taxes gov to: E-file your return. How to file my 2012 taxes Find out about commercial tax preparation and e-file services available free to eligible taxpayers. How to file my 2012 taxes Check the status of your refund. How to file my 2012 taxes Click on Where's My Refund. How to file my 2012 taxes Be sure to wait at least 6 weeks from the date you filed your return (3 weeks if you filed electronically). How to file my 2012 taxes Have your tax return available because you will need to know your social security number, your filing status, and the exact whole dollar amount of your refund. How to file my 2012 taxes Download forms, instructions, and publications. How to file my 2012 taxes Order IRS products online. How to file my 2012 taxes Research your tax questions online. How to file my 2012 taxes Search publications online by topic or keyword. How to file my 2012 taxes View Internal Revenue Bulletins (IRBs) published in the last few years. How to file my 2012 taxes Figure your withholding allowances using our Form W-4 calculator. How to file my 2012 taxes Sign up to receive local and national tax news by email. How to file my 2012 taxes Get information on starting and operating a small business. How to file my 2012 taxes Phone. How to file my 2012 taxes Many services are available by phone. How to file my 2012 taxes Ordering forms, instructions, and publications. How to file my 2012 taxes Call 1-800-829-3676 to order current-year forms, instructions, and publications and prior-year forms and instructions. How to file my 2012 taxes You should receive your order within 10 days. How to file my 2012 taxes Asking tax questions. How to file my 2012 taxes Call the IRS with your tax questions at 1-800-829-1040. How to file my 2012 taxes Solving problems. How to file my 2012 taxes You can get face-to-face help solving tax problems every business day in IRS Taxpayer Assistance Centers. How to file my 2012 taxes An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. How to file my 2012 taxes Call your local Taxpayer Assistance Center for an appointment. How to file my 2012 taxes To find the number, go to www. How to file my 2012 taxes irs. How to file my 2012 taxes gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. How to file my 2012 taxes TTY/TDD equipment. How to file my 2012 taxes If you have access to TTY/TDD equipment, call 1-800-829-4059 to ask tax questions or to order forms and publications. How to file my 2012 taxes TeleTax topics. How to file my 2012 taxes Call 1-800-829-4477 and press 2 to listen to pre-recorded messages covering various tax topics. How to file my 2012 taxes Refund information. How to file my 2012 taxes If you would like to check the status of your refund, call 1-800-829-4477 and press 1 for automated refund information and follow the recorded instructions or call 1-800-829-1954. How to file my 2012 taxes Be sure to wait at least 6 weeks from the date you filed your return (3 weeks if you filed electronically). How to file my 2012 taxes Have your tax return available because you will need to know your social security number, your filing status, and the exact whole dollar amount of your refund. How to file my 2012 taxes Evaluating the quality of our telephone services. How to file my 2012 taxes To ensure that IRS representatives give accurate, courteous, and professional answers, we use several methods to evaluate the quality of our telephone services. How to file my 2012 taxes One method is for a second IRS representative to sometimes listen in on or record telephone calls. How to file my 2012 taxes Another is to ask some callers to complete a short survey at the end of the call. How to file my 2012 taxes Walk-in. How to file my 2012 taxes Many products and services are available on a walk-in basis. How to file my 2012 taxes Products. How to file my 2012 taxes You can walk in to many post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. How to file my 2012 taxes Some IRS offices, libraries, grocery stores, copy centers, city and county government offices, credit unions, and office supply stores have a collection of products available to print from a CD-ROM or photocopy from reproducible proofs. How to file my 2012 taxes Also, some IRS offices and libraries have the Internal Revenue Code, regulations, Internal Revenue Bulletins, and Cumulative Bulletins available for research purposes. How to file my 2012 taxes Services. How to file my 2012 taxes You can walk in to your local Taxpayer Assistance Center every business day for personal, face-to-face tax help. How to file my 2012 taxes An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. How to file my 2012 taxes If you need to resolve a tax problem, have questions about how the tax law applies to your individual tax return, or you're more comfortable talking with someone in person, visit your local Taxpayer Assistance Center where you can spread out your records and talk with an IRS representative face-to-face. How to file my 2012 taxes No appointment is necessary, but if you prefer, you can call your local Center and leave a message requesting an appointment to resolve a tax account issue. How to file my 2012 taxes A representative will call you back within 2 business days to schedule an in-person appointment at your convenience. How to file my 2012 taxes To find the number, go to www. How to file my 2012 taxes irs. How to file my 2012 taxes gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. How to file my 2012 taxes Mail. How to file my 2012 taxes You can send your order for forms, instructions, and publications to the address below and receive a response within 10 business days after your request is received. How to file my 2012 taxes National Distribution Center P. How to file my 2012 taxes O. How to file my 2012 taxes Box 8903 Bloomington, IL 61702-8903 CD-ROM for tax products. How to file my 2012 taxes You can order Publication 1796, IRS Tax Products on CD-ROM, and obtain: A CD that is released twice so you have the latest products. How to file my 2012 taxes The first release ships in late December and the final release ships in late February. How to file my 2012 taxes Current-year forms, instructions, and publications. How to file my 2012 taxes Prior-year forms, instructions, and publications. How to file my 2012 taxes Tax Map: an electronic research tool and finding aid. How to file my 2012 taxes Tax law frequently asked questions (FAQs). How to file my 2012 taxes Tax Topics from the IRS telephone response system. How to file my 2012 taxes Fill-in, print, and save features for most tax forms. How to file my 2012 taxes Internal Revenue Bulletins. How to file my 2012 taxes Toll-free and email technical support. How to file my 2012 taxes Buy the CD-ROM from National Technical Information Service (NTIS) at www. How to file my 2012 taxes irs. How to file my 2012 taxes gov/cdorders for $25 (no handling fee) or call 1-877-233-6767 toll free to buy the CD-ROM for $25 (plus a $5 handling fee). How to file my 2012 taxes CD-ROM for small businesses. How to file my 2012 taxes Publication 3207, Small Business Resource Guide CD-ROM, has a new look and enhanced navigation features. How to file my 2012 taxes This CD includes: Helpful information, such as how to prepare a business plan, find financing for your business, and much more. How to file my 2012 taxes All the business tax forms, instructions, and publications needed to successfully manage a business. How to file my 2012 taxes Tax law changes. How to file my 2012 taxes IRS Tax Map to help you find forms, instructions, and publications by searching on a keyword or topic. How to file my 2012 taxes Web links to various government agencies, business associations, and IRS organizations. How to file my 2012 taxes “Rate the Product” survey—your opportunity to suggest changes for future editions. How to file my 2012 taxes An updated version of this CD is available each year in early April. How to file my 2012 taxes You can get a free copy by calling 1-800-829-3676 or by visiting www. How to file my 2012 taxes irs. How to file my 2012 taxes gov/smallbiz. How to file my 2012 taxes Prev  Up  Next   Home   More Online Publications