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How To Fill Out A 1040x Tax Amendment Form

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How To Fill Out A 1040x Tax Amendment Form

How to fill out a 1040x tax amendment form Publication 946 - Introductory Material Table of Contents What's New for 2013 What's New for 2014 Reminders IntroductionOrdering forms and publications. How to fill out a 1040x tax amendment form Tax questions. How to fill out a 1040x tax amendment form What's New for 2013 Increased section 179 deduction dollar limits. How to fill out a 1040x tax amendment form  The maximum amount you can elect to deduct for most section 179 property you placed in service in 2013 is $500,000 ($535,000 for qualified enterprise zone property). How to fill out a 1040x tax amendment form This limit is reduced by the amount by which the cost of the property placed in service during the tax year exceeds $2,000,000. How to fill out a 1040x tax amendment form See Dollar Limits under How Much Can You Deduct in chapter 2. How to fill out a 1040x tax amendment form Depreciation limits on business vehicles. How to fill out a 1040x tax amendment form  The total section 179 deduction and depreciation you can deduct for a passenger automobile (that is not a truck or van) you use in your business and first placed in service in 2013 is $3,160, if the special depreciation allowance does not apply. How to fill out a 1040x tax amendment form The maximum deduction you can take for a truck or van you use in your business and first placed in service in 2013 is $3,360, if the special depreciation allowance does not apply. How to fill out a 1040x tax amendment form See Maximum Depreciation Deduction in chapter 5. How to fill out a 1040x tax amendment form Special allowance for qualified second generation biofuel plant property. How to fill out a 1040x tax amendment form . How to fill out a 1040x tax amendment form  For tax years ending after December 31, 2012, you may be able to take a 50% special depreciation allowance for qualified second generation biofuel plant property placed in service after January 2, 2013, and before January 1, 2014. How to fill out a 1040x tax amendment form Election to accelerate minimum tax credits for round 3 extension property. How to fill out a 1040x tax amendment form . How to fill out a 1040x tax amendment form  For tax years ending after December 31, 2012, a corporation can elect to claim pre-2006 unused minimum tax credits in lieu of the special depreciation allowance for round 3 extension property. How to fill out a 1040x tax amendment form What's New for 2014 Expiration of the increased section 179 deduction limits and expanded definition of section 179 property. How to fill out a 1040x tax amendment form  For tax years beginning after 2013, the increased section 179 expense deduction limit and threshold amount before reduction in limitation will no longer apply. How to fill out a 1040x tax amendment form Also, the definition of section 179 property will no longer include certain qualified real property. How to fill out a 1040x tax amendment form Expiration of the 7-year recovery period for motor sports entertainment complexes. How to fill out a 1040x tax amendment form  Qualified motor sports entertainment complex property placed in service after December 31, 2013, will not be treated as 7-year property under MACRS. How to fill out a 1040x tax amendment form Expiration of the 15-year recovery period for qualified leasehold improvement, restaurant, and retail improvement properties. How to fill out a 1040x tax amendment form  Qualified leasehold improvement property, qualified restaurant property, and qualified retail improvement property placed in service after December 31, 2013, will not be treated as 15-year property under MACRS. How to fill out a 1040x tax amendment form Expiration of the accelerated depreciation for qualified Indian reservation property. How to fill out a 1040x tax amendment form  The accelerated depreciation of property on an Indian Reservation will not apply to property placed in service after December 31, 2013. How to fill out a 1040x tax amendment form Expiration of the 3-year recovery period for certain race horses. How to fill out a 1040x tax amendment form  The 3-year recovery period for race horses two years old or younger will expire for such horses placed in service after December 31, 2013. How to fill out a 1040x tax amendment form Reminders Photographs of missing children. How to fill out a 1040x tax amendment form  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. How to fill out a 1040x tax amendment form Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. How to fill out a 1040x tax amendment form You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. How to fill out a 1040x tax amendment form Introduction Future developments. How to fill out a 1040x tax amendment form   For the latest information about developments related to Publication 946 such as legislation enacted after this publication was published, go to www. How to fill out a 1040x tax amendment form irs. How to fill out a 1040x tax amendment form gov/pub946. How to fill out a 1040x tax amendment form This publication explains how you can recover the cost of business or income-producing property through deductions for depreciation (for example, the special depreciation allowance and deductions under the Modified Accelerated Cost Recovery System (MACRS)). How to fill out a 1040x tax amendment form It also explains how you can elect to take a section 179 deduction, instead of depreciation deductions, for certain property, and the additional rules for listed property. How to fill out a 1040x tax amendment form The depreciation methods discussed in this publication generally do not apply to property placed in service before 1987. How to fill out a 1040x tax amendment form For more information, see Publication 534, Depreciating Property Placed in Service Before 1987. How to fill out a 1040x tax amendment form Definitions. How to fill out a 1040x tax amendment form   Many of the terms used in this publication are defined in the Glossary near the end of the publication. How to fill out a 1040x tax amendment form Glossary terms used in each discussion under the major headings are listed before the beginning of each discussion throughout the publication. How to fill out a 1040x tax amendment form Do you need a different publication?   The following table shows where you can get more detailed information when depreciating certain types of property. How to fill out a 1040x tax amendment form For information on depreciating: See Publication: A car 463, Travel, Entertainment, Gift, and Car Expenses Residential rental property 527, Residential Rental Property (Including Rental of Vacation Home) Office space in your home 587, Business Use of Your Home (Including Use by Daycare Providers) Farm property 225, Farmer's Tax Guide Comments and suggestions. How to fill out a 1040x tax amendment form   We welcome your comments about this publication and your suggestions for future editions. How to fill out a 1040x tax amendment form   You can write to us at the following address: Internal Revenue Service Business, Exempt Organizations and International Forms and Publications Branch SE:W:CAR:MP:T:B 1111 Constitution Ave. How to fill out a 1040x tax amendment form NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. How to fill out a 1040x tax amendment form Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. How to fill out a 1040x tax amendment form   You can send us comments from www. How to fill out a 1040x tax amendment form irs. How to fill out a 1040x tax amendment form gov/formspubs/. How to fill out a 1040x tax amendment form Select “Comment on Tax Forms and Publications” under “More Information. How to fill out a 1040x tax amendment form ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. How to fill out a 1040x tax amendment form Ordering forms and publications. How to fill out a 1040x tax amendment form   Visit www. How to fill out a 1040x tax amendment form irs. How to fill out a 1040x tax amendment form gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. How to fill out a 1040x tax amendment form Internal Revenue Service 1201 N. How to fill out a 1040x tax amendment form Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. How to fill out a 1040x tax amendment form   If you have a tax question, check the information available on IRS. How to fill out a 1040x tax amendment form gov or call 1-800-829-1040. 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The How To Fill Out A 1040x Tax Amendment Form

How to fill out a 1040x tax amendment form Internal Revenue Bulletin:  2013-7  February 11, 2013  Rev. How to fill out a 1040x tax amendment form Proc. How to fill out a 1040x tax amendment form 2013-16 Table of Contents SECTION 1. How to fill out a 1040x tax amendment form PURPOSE SECTION 2. How to fill out a 1040x tax amendment form BACKGROUND—HAMP AND THE HAMP PRINCIPAL REDUCTION ALTERNATIVE SECTION 3. How to fill out a 1040x tax amendment form BACKGROUND—APPLICABLE PROVISIONS OF LAW SECTION 4. How to fill out a 1040x tax amendment form FEDERAL INCOME TAX TREATMENT SECTION 5. How to fill out a 1040x tax amendment form INFORMATION-REPORTING OBLIGATIONS SECTION 6. How to fill out a 1040x tax amendment form HAMP-PRA BORROWERS’ REPORTING OF DISCHARGES OF INDEBTEDNESS UNDER HAMP-PRA SECTION 7. How to fill out a 1040x tax amendment form PENALTY RELIEF FOR 2012 SECTION 8. How to fill out a 1040x tax amendment form SCOPE AND EFFECTIVE DATE SECTION 9. How to fill out a 1040x tax amendment form DRAFTING INFORMATION SECTION 1. How to fill out a 1040x tax amendment form PURPOSE This revenue procedure provides guidance to mortgage loan holders, loan servicers, and borrowers who are participating in the Department of the Treasury’s (Treasury) and Department of Housing and Urban Development’s (HUD) Home Affordable Modification Program® (HAMP®). How to fill out a 1040x tax amendment form Under HAMP, a borrower may be eligible for principal reduction of the outstanding balance of a qualifying mortgage pursuant to the program’s Principal Reduction AlternativeSM (PRA). How to fill out a 1040x tax amendment form In appropriate cases, HAMP has been offering the PRA as part of a HAMP loan modification since the last quarter of 2010. How to fill out a 1040x tax amendment form Current plans call for HAMP to continue accepting new borrowers through the end of 2013. How to fill out a 1040x tax amendment form The Internal Revenue Service (Service) is providing this guidance to address the tax consequences for borrowers (HAMP-PRA borrowers) who are participating in the PRA and the reporting obligations for participating mortgage loan holders and servicers. How to fill out a 1040x tax amendment form SECTION 2. How to fill out a 1040x tax amendment form BACKGROUND—HAMP AND THE HAMP PRINCIPAL REDUCTION ALTERNATIVE . How to fill out a 1040x tax amendment form 01 To help distressed borrowers lower their monthly mortgage payments, Treasury and HUD established HAMP for mortgage loans that are not owned or guaranteed by the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac). How to fill out a 1040x tax amendment form A description of the program can be found at www. How to fill out a 1040x tax amendment form makinghomeaffordable. How to fill out a 1040x tax amendment form gov. How to fill out a 1040x tax amendment form . How to fill out a 1040x tax amendment form 02 Under HAMP, a participating loan servicer, acting on behalf of the mortgage loan holder, must consider a sequence of modification steps for each eligible borrower’s mortgage loan until the borrower’s monthly payment is reduced to a monthly payment amount determined under the HAMP guidelines. How to fill out a 1040x tax amendment form These steps include a reduction in the mortgage loan’s interest rate, an extension of the mortgage loan’s term, and a reduction in the mortgage loan’s principal balance. How to fill out a 1040x tax amendment form . How to fill out a 1040x tax amendment form 03 In some cases, the unpaid principal balance of the modified mortgage loan is divided into (1) an amount that bears stated interest and that is used to calculate the borrower’s new monthly mortgage payment (the “Non-forbearance Portion”), and (2) a forbearance amount, which does not bear stated interest and on which periodic payments of stated principal are not required. How to fill out a 1040x tax amendment form The stated principal of the forbearance amount is due upon the earliest of the borrower’s transfer of the property, payoff of the balance on the Non-forbearance Portion of the mortgage loan, or maturity of the mortgage loan. How to fill out a 1040x tax amendment form However, as noted in section 2. How to fill out a 1040x tax amendment form 06 of this revenue procedure, a HAMP-PRA borrower sometimes may not have to pay all or a portion of the forbearance amount. How to fill out a 1040x tax amendment form (The forbearance amount associated with a HAMP-PRA principal reduction is called the “PRA Forbearance Amount. How to fill out a 1040x tax amendment form ”) . How to fill out a 1040x tax amendment form 04 If a mortgage loan is being considered for a HAMP modification and the amount owed on the mortgage loan is greater than 115 percent of the value of the property, then the servicer must consider whether principal reduction under PRA should be used as part of the HAMP modification. How to fill out a 1040x tax amendment form . How to fill out a 1040x tax amendment form 05 The first step toward a HAMP modification is a trial period plan, in which the borrower’s monthly mortgage payment is set at a monthly payment amount determined under the HAMP guidelines. How to fill out a 1040x tax amendment form The trial period plan effective date is the due date for the first of the reduced payments that are to be made under the trial period plan. How to fill out a 1040x tax amendment form (It is the first day of either the first or the second month after the servicer transmits the trial period notice to the borrower. How to fill out a 1040x tax amendment form ) In general, the trial period is three months, and, during this period, the borrower must satisfy certain conditions before the changes to the terms of the mortgage loan become permanent (the “Trial Period Conditions”). How to fill out a 1040x tax amendment form Specifically, depending on the borrower’s trial period payment history, the borrower’s compliance with HAMP and servicer guidelines, and his or her satisfaction of all other Trial Period Conditions, the borrower will be offered a permanent modification of the terms of the mortgage loan, including monthly mortgage payments that are lower than those under the old mortgage loan. How to fill out a 1040x tax amendment form Until the effective date of a permanent modification, the terms of the existing mortgage loan continue to apply. How to fill out a 1040x tax amendment form . How to fill out a 1040x tax amendment form 06 After the mortgage loan is permanently modified under HAMP, if the modified mortgage loan is in good standing on the first, second, or third annual anniversary of the trial period plan effective date (the “Three-year Period”), the servicer must reduce the unpaid principal balance of the mortgage loan on the respective anniversary date by one-third of the initial PRA Forbearance Amount. How to fill out a 1040x tax amendment form (The servicer allocates the entire reduction to the remaining PRA Forbearance Amount. How to fill out a 1040x tax amendment form ) In general, if a HAMP-PRA borrower’s mortgage loan is in good standing and if the HAMP-PRA borrower pays in full the Non-forbearance Portion of the mortgage loan prior to the reduction of the entire PRA Forbearance Amount, the servicer must reduce the remaining outstanding principal balance of the mortgage loan by the remaining PRA Forbearance Amount. How to fill out a 1040x tax amendment form . How to fill out a 1040x tax amendment form 07 In connection with every HAMP loan modification, the HAMP program administrator (acting on behalf of the federal government) provides incentives to the borrower, the servicer, and the investor (that is, the holder of the mortgage loan). How to fill out a 1040x tax amendment form If a HAMP loan modification includes a PRA principal reduction, the HAMP program administrator makes additional incentive payments to the investor. How to fill out a 1040x tax amendment form These additional incentives are called “PRA Investor Incentive Payments” and are generally spread over three years. How to fill out a 1040x tax amendment form The size of the PRA Investor Incentive Payments depends on the amount of principal reduced, the loan-to-value ratio at the time of the HAMP modification, and the loan’s payment history before the modification. How to fill out a 1040x tax amendment form The PRA Investor Incentive Payments range from 18 to 63 percent of the principal amounts reduced. How to fill out a 1040x tax amendment form For purposes of this revenue procedure, the excess of the initial PRA Forbearance Amount of a mortgage loan over the aggregate PRA Investor Incentive Payments scheduled to be paid with respect to that loan is called the “PRA Adjusted Forbearance Amount. How to fill out a 1040x tax amendment form ” . How to fill out a 1040x tax amendment form 08 A PRA Investor Incentive Payment is earned by the investor on each date on which the servicer reduces the unpaid principal balance of the mortgage loan by a portion of the PRA Forbearance Amount (generally, on the first three annual anniversaries of the trial period plan effective date). How to fill out a 1040x tax amendment form . How to fill out a 1040x tax amendment form 09 If a HAMP-PRA borrower’s early payment in full of the Non-forbearance Portion of the mortgage loan accelerates the reduction of the remaining PRA Forbearance Amount (described above in section 2. How to fill out a 1040x tax amendment form 06 of this revenue procedure), the remaining PRA Investor Incentive Payments from the HAMP program administrator are also accelerated. How to fill out a 1040x tax amendment form . How to fill out a 1040x tax amendment form 10 If, prior to completion of the Three-year Period, a mortgage loan ceases to be in good standing because of the HAMP-PRA borrower’s payment history, then the remaining PRA Forbearance Amount is not further reduced and is due when the HAMP-PRA borrower transfers the property, the HAMP-PRA borrower refinances, or otherwise pays off the Non-forbearance Portion of the mortgage loan, or the mortgage loan matures. How to fill out a 1040x tax amendment form SECTION 3. How to fill out a 1040x tax amendment form BACKGROUND—APPLICABLE PROVISIONS OF LAW . How to fill out a 1040x tax amendment form 01 Under § 61 of the Internal Revenue Code, except as otherwise provided in subtitle A, gross income means all income from whatever source derived, including income from discharge of indebtedness. How to fill out a 1040x tax amendment form See § 61(a)(12). How to fill out a 1040x tax amendment form . How to fill out a 1040x tax amendment form 02 Under § 1. How to fill out a 1040x tax amendment form 1001-3 of the Income Tax Regulations, if a debt instrument undergoes a significant modification, then the modification results in an exchange of the original debt instrument for the modified debt instrument. How to fill out a 1040x tax amendment form In general, an agreement to change a term of a debt instrument is a modification at the time the borrower and holder enter into the agreement, even if the change in term is not immediately effective. How to fill out a 1040x tax amendment form However, if the change is conditioned on reasonable closing conditions, a modification occurs on the closing date of the agreement. How to fill out a 1040x tax amendment form See § 1. How to fill out a 1040x tax amendment form 1001-3(c)(6). How to fill out a 1040x tax amendment form . How to fill out a 1040x tax amendment form 03 Under § 108(e)(10), in the case of a debt-for-debt exchange (including a deemed exchange under § 1. How to fill out a 1040x tax amendment form 1001-3), the borrower is treated as having satisfied the original debt instrument with an amount of money equal to the issue price of the new debt instrument. How to fill out a 1040x tax amendment form If the amount of debt satisfied in this manner exceeds that issue price, the borrower realizes discharge of indebtedness income on the exchange. How to fill out a 1040x tax amendment form See also § 1. How to fill out a 1040x tax amendment form 61-12(c). How to fill out a 1040x tax amendment form . How to fill out a 1040x tax amendment form 04 The issue price of a non-publicly traded debt instrument issued for non-publicly traded property generally reflects the amount of principal that the borrower is required to pay to the holder of the instrument. How to fill out a 1040x tax amendment form If a borrower has the ability to avoid paying certain amounts (including principal) without violating the terms of the instrument, the payment schedule for the instrument is generally determined based on an assumption that the borrower will avoid any requirement to make those payments. How to fill out a 1040x tax amendment form See, e. How to fill out a 1040x tax amendment form g. How to fill out a 1040x tax amendment form , §§ 1. How to fill out a 1040x tax amendment form 1272-1(c)(5) and 1. How to fill out a 1040x tax amendment form 1274-2(d). How to fill out a 1040x tax amendment form . How to fill out a 1040x tax amendment form 05 Under § 108(a), gross income does not include any amount that but for § 108(a) would be includible in gross income by reason of the discharge (in whole or in part) of a taxpayer’s indebtedness if (1) the indebtedness discharged is qualified principal residence indebtedness that is discharged before January 1, 2014, or (2) the discharge occurs when the taxpayer is insolvent. How to fill out a 1040x tax amendment form Section 108(a)(1)(E) and 108(a)(1)(B). How to fill out a 1040x tax amendment form (Although § 108 contains other exclusions as well, this revenue procedure focuses on these two exclusions because they are the most likely to apply to the greatest number of HAMP-PRA borrowers. How to fill out a 1040x tax amendment form ) . How to fill out a 1040x tax amendment form 06 Under §§ 108(h) and 163(h)(3)(B), qualified principal residence indebtedness is any indebtedness that is incurred by a borrower to buy, build, or substantially improve the borrower’s principal residence and is secured by that residence. How to fill out a 1040x tax amendment form . How to fill out a 1040x tax amendment form 07 Qualified principal residence indebtedness also includes a loan secured by the borrower’s principal residence that refinances qualified principal residence indebtedness, but only to the extent of the amount of the refinanced indebtedness. How to fill out a 1040x tax amendment form See §§ 108(h) and 163(h)(3)(B)(i). How to fill out a 1040x tax amendment form . How to fill out a 1040x tax amendment form 08 The maximum amount of discharged indebtedness that a borrower may exclude from gross income under the qualified principal residence indebtedness exclusion is $2,000,000 ($1,000,000 for a married individual filing a separate return). How to fill out a 1040x tax amendment form Under § 108(h)(4), if only part of the discharged indebtedness is qualified principal residence indebtedness, then the exclusion applies only to the amount of the discharged indebtedness that exceeds the amount of the loan (determined immediately before the discharge) that is not qualified principal residence indebtedness. How to fill out a 1040x tax amendment form . How to fill out a 1040x tax amendment form 09 Under § 108(a)(3), the insolvency exclusion applies to the lesser of the amount of the debt discharged or the amount by which the taxpayer is insolvent immediately before the discharge. How to fill out a 1040x tax amendment form . How to fill out a 1040x tax amendment form 10 Section 108(d)(3) provides that, for purposes of the insolvency exclusion, a taxpayer is insolvent to the extent that the taxpayer’s total liabilities exceed the fair market value of all of the taxpayer’s assets immediately before the discharge of indebtedness. How to fill out a 1040x tax amendment form Under § 108(a)(2)(C), the qualified principal residence indebtedness exclusion takes precedence over the insolvency exclusion when both exclusions apply to discharged indebtedness, unless the taxpayer elects to apply the insolvency exclusion. How to fill out a 1040x tax amendment form . How to fill out a 1040x tax amendment form 11 If an amount is excluded from gross income as a discharge of qualified principal residence indebtedness, the taxpayer must reduce the basis of the taxpayer’s principal residence. How to fill out a 1040x tax amendment form See § 108(h)(1). How to fill out a 1040x tax amendment form If a discharged amount is excluded from gross income because the taxpayer was insolvent when the discharge occurred, the taxpayer must reduce certain tax attributes (possibly including basis). How to fill out a 1040x tax amendment form See § 108(b). How to fill out a 1040x tax amendment form For further discussion of income from the discharge of indebtedness, the qualified principal residence indebtedness exclusion, the insolvency exclusion, and other exclusions from gross income that may apply, see Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments (for Individuals). How to fill out a 1040x tax amendment form . How to fill out a 1040x tax amendment form 12 Taxpayers who exclude any discharged amounts from gross income report both the exclusion and the resulting reduction in basis or other tax attributes on Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment). How to fill out a 1040x tax amendment form See Form 982 instructions and Publication 4681. How to fill out a 1040x tax amendment form This form is to be filed with the tax return for the taxable year in which the amount is discharged but is excluded from gross income. How to fill out a 1040x tax amendment form . How to fill out a 1040x tax amendment form 13 Governmental payments made to or on behalf of individuals or other persons are included within the broad definition of gross income under § 61 unless an exception applies. How to fill out a 1040x tax amendment form See Notice 2003-18, 2003-1 C. How to fill out a 1040x tax amendment form B. How to fill out a 1040x tax amendment form 699, and Rev. How to fill out a 1040x tax amendment form Rul. How to fill out a 1040x tax amendment form 79-356, 1979-2 C. How to fill out a 1040x tax amendment form B. How to fill out a 1040x tax amendment form 28. How to fill out a 1040x tax amendment form However, if disbursements are made by a governmental unit to individuals in the interest of the general welfare (that is, are generally based on individual or family need) and the disbursements do not represent compensation for services, then the amounts disbursed are excluded from the income of the recipient (general welfare exclusion). How to fill out a 1040x tax amendment form See Rev. How to fill out a 1040x tax amendment form Rul. How to fill out a 1040x tax amendment form 2005-46, 2005-2 C. How to fill out a 1040x tax amendment form B. How to fill out a 1040x tax amendment form 120, and Rev. How to fill out a 1040x tax amendment form Rul. How to fill out a 1040x tax amendment form 75-246, 1975-1 C. How to fill out a 1040x tax amendment form B. How to fill out a 1040x tax amendment form 24. How to fill out a 1040x tax amendment form . How to fill out a 1040x tax amendment form 14 Under § 451 and § 1. How to fill out a 1040x tax amendment form 451-1(a), a taxpayer that uses the cash receipts and disbursements method of accounting includes income in gross income when the taxpayer actually or constructively receives the income. How to fill out a 1040x tax amendment form . How to fill out a 1040x tax amendment form 15 Section 6041 requires every person engaged in a trade or business (including the United States and its agencies) to (1) file an information return (Form 1099-MISC, Miscellaneous Income, is used for this purpose) for each calendar year in which the person makes, in the course of its trade or business, payments to another person of fixed or determinable income aggregating $600 or more, and (2) furnish a copy of the information return to that other person. How to fill out a 1040x tax amendment form See § 6041(a) and (d) and § 1. How to fill out a 1040x tax amendment form 6041-1(a)(1) and (b). How to fill out a 1040x tax amendment form . How to fill out a 1040x tax amendment form 16 Section 6050P requires applicable entities (including the United States and its agencies, financial entities, and any organization a significant trade or business of which is the lending of money) to (1) file an information return (Form 1099-C, Cancellation of Debt, is used for this purpose) for each calendar year in which it discharges indebtedness of another person of $600 or more, and (2) furnish a copy of the information return to that other person. How to fill out a 1040x tax amendment form See § 6050P(a)-(c) and §§ 1. How to fill out a 1040x tax amendment form 6050P-1(a) and 1. How to fill out a 1040x tax amendment form 6050P-2(a) and (d). How to fill out a 1040x tax amendment form . How to fill out a 1040x tax amendment form 17 Section 6721 imposes penalties with respect to information returns required to be filed with the Service. How to fill out a 1040x tax amendment form These penalties apply in the case of a failure to timely file an information return, a failure to include all required information on the return, or the inclusion of incorrect information on the return. How to fill out a 1040x tax amendment form Section 6724(d)(1) includes Forms 1099-MISC and 1099-C in the term “information return. How to fill out a 1040x tax amendment form ” . How to fill out a 1040x tax amendment form 18 Section 6722 imposes penalties with respect to payee statements required to be furnished to payees. How to fill out a 1040x tax amendment form These penalties apply in the case of a failure to timely furnish a payee statement, a failure to include all required information on the statement, or the inclusion of incorrect information on the payee statement. How to fill out a 1040x tax amendment form Section 6724(d)(2) includes in the term “payee statement” copies of Forms 1099-MISC and 1099-C that are required to be furnished to taxpayers. How to fill out a 1040x tax amendment form SECTION 4. How to fill out a 1040x tax amendment form FEDERAL INCOME TAX TREATMENT . How to fill out a 1040x tax amendment form 01 Because a HAMP modification with a PRA principal reduction is a significant modification, it results in a deemed debt-for-debt exchange in which the HAMP-PRA borrower satisfies the old mortgage loan by issuing a new one. How to fill out a 1040x tax amendment form See § 1. How to fill out a 1040x tax amendment form 1001-3. How to fill out a 1040x tax amendment form At the time of the modification, therefore, under § 108 and this revenue procedure, the HAMP-PRA borrower realizes discharge of indebtedness income equal to any excess of the adjusted issue price of the old mortgage loan (which was satisfied in the deemed exchange) over the issue price of the new (post-modification) mortgage loan. How to fill out a 1040x tax amendment form See also § 61(a)(12) and § 1. How to fill out a 1040x tax amendment form 61-12(c). How to fill out a 1040x tax amendment form . How to fill out a 1040x tax amendment form 02 A HAMP-PRA borrower has the ability to avoid payment of the PRA Adjusted Forbearance Amount. How to fill out a 1040x tax amendment form Because the HAMP-PRA borrower has this ability, that amount should not be taken into account in determining the issue price of the new mortgage loan. How to fill out a 1040x tax amendment form Because the issue price of the new mortgage loan does not include the PRA Adjusted Forbearance Amount, the PRA Adjusted Forbearance Amount contributes to the excess of the adjusted issue price of the old mortgage loan (which was satisfied in the deemed exchange) over the issue price of the new mortgage loan. How to fill out a 1040x tax amendment form . How to fill out a 1040x tax amendment form 03 On the other hand, the investor has not given up its right to receive the remainder of the PRA Forbearance Amount, because the HAMP program administrator is expected to make those payments on the HAMP-PRA borrower’s behalf by making the PRA Investor Incentive Payments. How to fill out a 1040x tax amendment form Because the remainder of the PRA Forbearance Amount is payable in this manner, that remainder is included in the issue price of the new mortgage loan. How to fill out a 1040x tax amendment form . How to fill out a 1040x tax amendment form 04 The Trial Period Conditions are reasonable closing conditions that must be satisfied before the changes to the terms of the mortgage loan become permanent. How to fill out a 1040x tax amendment form Therefore, for purposes of § 1. How to fill out a 1040x tax amendment form 1001-3, the date of the modification is the date of the permanent modification. How to fill out a 1040x tax amendment form . How to fill out a 1040x tax amendment form 05 Unless an exclusion applies, the HAMP-PRA borrower includes in gross income the discharge of indebtedness income described in section 4. How to fill out a 1040x tax amendment form 01 of this revenue procedure for the taxable year in which the permanent modification occurs. How to fill out a 1040x tax amendment form Under certain conditions, however, section 6 of this revenue procedure permits a borrower to report the discharge of indebtedness under HAMP-PRA over the Three-year Period. How to fill out a 1040x tax amendment form The qualified principal residence indebtedness exclusion under § 108(a)(1)(E) and the insolvency exclusion under § 108(a)(1)(B) are two exclusions that may apply to the discharge. How to fill out a 1040x tax amendment form . How to fill out a 1040x tax amendment form 06 The PRA Investor Incentive Payment is treated as a payment on the mortgage loan by the HAMP program administrator on behalf of the HAMP-PRA borrower. How to fill out a 1040x tax amendment form . How to fill out a 1040x tax amendment form 07 To the extent that the HAMP-PRA borrower uses the property as the HAMP-PRA borrower’s principal residence or the property is occupied by the HAMP-PRA borrower’s legal dependent, parent, or grandparent without rent being charged or collected, the HAMP-PRA borrower excludes from his or her gross income under the general welfare exclusion the PRA Investor Incentive Payments that the HAMP program administrator makes to the investor in the mortgage loan. How to fill out a 1040x tax amendment form This is consistent with Rev. How to fill out a 1040x tax amendment form Rul. How to fill out a 1040x tax amendment form 2009-19, 2009-28 I. How to fill out a 1040x tax amendment form R. How to fill out a 1040x tax amendment form B. How to fill out a 1040x tax amendment form 111, which addressed the treatment of Pay-for-Performance Success Payments. How to fill out a 1040x tax amendment form . How to fill out a 1040x tax amendment form 08 To the extent that the HAMP-PRA borrower uses the property as a rental property or holds the property vacant and available for rent, the HAMP-PRA borrower includes PRA Investor Incentive Payments in gross income. How to fill out a 1040x tax amendment form If the HAMP-PRA borrower uses the cash receipts and disbursements method of accounting, then the HAMP-PRA borrower includes a PRA Investor Incentive Payment in gross income in the taxable year in which it is applied as a payment on the HAMP-PRA borrower’s mortgage loan. How to fill out a 1040x tax amendment form . How to fill out a 1040x tax amendment form 09 As described in section 2. How to fill out a 1040x tax amendment form 09 of this revenue procedure, if a HAMP-PRA borrower pays in full the Non-forbearance Portion of the mortgage loan while the loan is in good standing and prior to completion of the Three-year Period, that payment accelerates both the reduction in the remaining PRA Forbearance Amount and the PRA Investor Incentive Payments from the HAMP program administrator. How to fill out a 1040x tax amendment form To the extent that the HAMP-PRA borrower is described in section 4. How to fill out a 1040x tax amendment form 07 of this revenue procedure, the HAMP-PRA borrower excludes from his or her gross income under the general welfare exclusion the accelerated PRA Investor Incentive Payments. How to fill out a 1040x tax amendment form To the extent that the HAMP-PRA borrower is described in section 4. How to fill out a 1040x tax amendment form 08 of this revenue procedure, the HAMP-PRA borrower includes in income in the year of the acceleration the remaining amount of the PRA Investor Incentive Payment. How to fill out a 1040x tax amendment form SECTION 5. How to fill out a 1040x tax amendment form INFORMATION-REPORTING OBLIGATIONS . How to fill out a 1040x tax amendment form 01 Under § 6050P, the investor is required to file a Form 1099-C with respect to a borrower who realizes discharge of indebtedness of $600 or more. How to fill out a 1040x tax amendment form A copy of this form is required to be furnished to the borrower. How to fill out a 1040x tax amendment form . How to fill out a 1040x tax amendment form 02 As stated in sections 4. How to fill out a 1040x tax amendment form 01 and 4. How to fill out a 1040x tax amendment form 04 of this revenue procedure, the HAMP-PRA discharge of indebtedness is realized at the time of the permanent modification of the mortgage loan. How to fill out a 1040x tax amendment form . How to fill out a 1040x tax amendment form 03 An investor is an applicable entity that is required under § 1. How to fill out a 1040x tax amendment form 6050P-1 and this revenue procedure to issue a Form 1099-C for discharge of indebtedness. How to fill out a 1040x tax amendment form Under § 1. How to fill out a 1040x tax amendment form 6050P-1(b)(2)(F), the permanent modification of a mortgage loan is an identifiable event. How to fill out a 1040x tax amendment form Identifiable events determine when Forms 1099-C have to be issued. How to fill out a 1040x tax amendment form Thus, the Form 1099-C is issued for the calendar year in which the permanent mortgage loan modification occurs. How to fill out a 1040x tax amendment form This rule under § 1. How to fill out a 1040x tax amendment form 6050P-1(b)(2)(F) applies even if, under section 6 of this revenue procedure, the HAMP-PRA borrower chooses to treat the HAMP-PRA discharge as being realized at the times when the unpaid principal balance of the new mortgage loan is reduced. How to fill out a 1040x tax amendment form . How to fill out a 1040x tax amendment form 04 The investor (or the loan servicer acting on behalf of the investor) reports the full amount of the discharge on the Form 1099-C regardless of whether some or all of the amount is excludible from income under the qualified principal residence indebtedness exclusion, the insolvency exclusion, or any other exclusion that may apply. How to fill out a 1040x tax amendment form That discharged amount will generally be the PRA Adjusted Forbearance Amount (which does not include the amounts expected to be satisfied by PRA Investor Incentive Payments). How to fill out a 1040x tax amendment form . How to fill out a 1040x tax amendment form 05 To the extent that PRA Investor Incentive Payments are made on behalf of a HAMP-PRA borrower who is described in section 4. How to fill out a 1040x tax amendment form 07 of this revenue procedure, the PRA Investor Incentive Payments are excluded from the gross income of the HAMP-PRA borrower, and thus they are not fixed or determinable income to the HAMP-PRA borrower. How to fill out a 1040x tax amendment form Under § 6041, these payments are not subject to information reporting. How to fill out a 1040x tax amendment form See Notice 2011-14, 2011-11 I. How to fill out a 1040x tax amendment form R. How to fill out a 1040x tax amendment form B. How to fill out a 1040x tax amendment form 544, 546. How to fill out a 1040x tax amendment form . How to fill out a 1040x tax amendment form 06 To the extent that PRA Investor Incentive Payments are made on behalf of a HAMP-PRA borrower who is described in section 4. How to fill out a 1040x tax amendment form 08 of this revenue procedure, the PRA Investor Incentive Payments are includible in gross income as fixed or determinable income in the taxable year required by the HAMP-PRA borrower’s method of accounting. How to fill out a 1040x tax amendment form The payment is subject to the information reporting requirements of § 6041, as described in section 3. How to fill out a 1040x tax amendment form 15 of this revenue procedure. How to fill out a 1040x tax amendment form Accordingly, the HAMP program administrator is required to issue a Form 1099-MISC reporting the PRA Investor Incentive Payment. How to fill out a 1040x tax amendment form SECTION 6. How to fill out a 1040x tax amendment form HAMP-PRA BORROWERS’ REPORTING OF DISCHARGES OF INDEBTEDNESS UNDER HAMP-PRA . How to fill out a 1040x tax amendment form 01 In general. How to fill out a 1040x tax amendment form The HAMP-PRA program began in the last quarter of 2010, and since that time there has been uncertainty about whether the amount of the discharge of indebtedness should be reported in the year of the permanent modification or over the Three-year Period (when the unpaid principal balance on the new mortgage loan is reduced). How to fill out a 1040x tax amendment form As a result, some HAMP-PRA borrowers have been reporting the discharge of indebtedness under HAMP-PRA over the Three-year Period. How to fill out a 1040x tax amendment form Given the temporary nature of the program and the issuance of this guidance after participation in the program has begun, in the interests of equitable and sound tax administration, HAMP-PRA borrowers may report discharges of indebtedness under HAMP-PRA under the rules in this section 6. How to fill out a 1040x tax amendment form A HAMP-PRA borrower may choose to report discharges of indebtedness under HAMP-PRA pursuant to the rules in this section 6 only if the borrower applies the same borrower option under section 6. How to fill out a 1040x tax amendment form 02 of this revenue procedure consistently to the taxable year of the permanent modification and to all subsequent taxable years. How to fill out a 1040x tax amendment form Thus, a HAMP-PRA borrower may not choose a borrower option under section 6. How to fill out a 1040x tax amendment form 02 of this revenue procedure if a statute of limitations has expired for any of the taxable years that are necessary for consistent application of that option. How to fill out a 1040x tax amendment form . How to fill out a 1040x tax amendment form 02 HAMP-PRA borrower options. How to fill out a 1040x tax amendment form A HAMP-PRA borrower may treat the HAMP-PRA discharge as being realized in either of the following ways— (1) One hundred percent of the PRA Adjusted Forbearance Amount at the time of the permanent modification; or (2) One third of the PRA Adjusted Forbearance Amount on each of the first three annual anniversaries of the trial period plan effective date (described in section 2. How to fill out a 1040x tax amendment form 06 of this revenue procedure), when, as required by the terms of the new mortgage loan, the servicer reduces the unpaid principal balance of the new mortgage loan. How to fill out a 1040x tax amendment form If some or all of the reduction in the unpaid principal balance is accelerated (as described in section 2. How to fill out a 1040x tax amendment form 06 of this revenue procedure) because the HAMP-PRA borrower prepays the Non-forbearance Portion of the mortgage loan, then the HAMP-PRA discharge represented by the amount of the reduction that was accelerated is treated as being realized at the time of the accelerated reduction. How to fill out a 1040x tax amendment form . How to fill out a 1040x tax amendment form 03 HAMP-PRA borrowers who choose to realize the HAMP-PRA discharge at the time of the permanent modification. How to fill out a 1040x tax amendment form (1) If a HAMP-PRA borrower chooses to treat the HAMP-PRA discharge as being realized at the time of the permanent modification, then for the taxable year in which the permanent modification occurs, the HAMP-PRA borrower reports on Form 982 the amount, if any, of the discharge that is excluded from gross income and includes in gross income any remaining discharge. How to fill out a 1040x tax amendment form (2) If a HAMP-PRA borrower’s mortgage loan was permanently modified under HAMP in 2010 or 2011, and if the borrower was reporting the discharge of indebtedness using the method described in section 6. How to fill out a 1040x tax amendment form 02(2) of this revenue procedure, then the borrower may change to reporting the discharge of indebtedness using the method described in section 6. How to fill out a 1040x tax amendment form 02(1) of this revenue procedure by filing a 2012 Form 982 with the borrower’s timely filed (with extensions) 2012 income tax return. How to fill out a 1040x tax amendment form This section 6. How to fill out a 1040x tax amendment form 03(2) applies only if the change to reporting the discharge using the method described in section 6. How to fill out a 1040x tax amendment form 02(1) of this revenue procedure does not change the borrower’s federal income tax liability (including any change in federal income tax liability due to a change in basis or tax attributes (under § 108(h)(1) or § 108(b))) for any taxable year prior to the borrower’s 2012 taxable year. How to fill out a 1040x tax amendment form To make this change, the borrower must— (i) Compute the amount of discharge of indebtedness that would be included in income under § 61(a)(12) or excluded from gross income under § 108, basing the computation of the discharge on the facts as of the year of the permanent modification; and (ii) Report on a 2012 Form 982 the reduction in basis or tax attributes (under § 108(h)(1) or § 108(b)) due to the permanent modification that the borrower would have reported on the Form 982 for the taxable year of the permanent modification, minus any reductions due to the permanent modification that the borrower actually reported on Forms 982 for taxable years prior to 2012. How to fill out a 1040x tax amendment form (3) Example. How to fill out a 1040x tax amendment form The following example illustrates the application of section 6. How to fill out a 1040x tax amendment form 03(2) of this revenue procedure. How to fill out a 1040x tax amendment form In 2010, B’s basis in B’s principal residence was $330,000. How to fill out a 1040x tax amendment form In 2010, B’s mortgage loan on the principal residence is permanently modified under HAMP-PRA. How to fill out a 1040x tax amendment form B realized $30,000 of cancellation of indebtedness from the permanent modification, all of which qualifies for the exclusion from income for qualified principal residence indebtedness under § 108(a)(1)(E). How to fill out a 1040x tax amendment form The trial period plan effective date also fell in 2010. How to fill out a 1040x tax amendment form B’s federal income tax return for 2010 was consistent with B’s reporting this discharge of indebtedness using the method described in section 6. How to fill out a 1040x tax amendment form 02(2) of this revenue procedure. How to fill out a 1040x tax amendment form That is, B’s 2010 return did not include income from discharge of indebtedness under HAMP-PRA, nor did the return contain a Form 982 reporting exclusion of any such discharge of indebtedness. How to fill out a 1040x tax amendment form The next year, B reported on line 10(b) of the 2011 Form 982 that B filed with B’s 2011 federal income tax return a $10,000 reduction in basis in the principal residence. How to fill out a 1040x tax amendment form For 2012, B chooses to change to reporting the discharge of indebtedness using the method described in section 6. How to fill out a 1040x tax amendment form 02(1) of this revenue procedure. How to fill out a 1040x tax amendment form Thus, B files a 2012 Form 982 with B’s timely filed (including extensions) 2012 federal income tax return, and on line 10(b) of that form, B reports a $20,000 basis reduction in the principal residence ($30,000 basis reduction that B would have excluded from income in 2010 using the method described in section 6. How to fill out a 1040x tax amendment form 02(1) of this revenue procedure, minus the $10,000 basis reduction that B reported on B’s 2011 Form 982). How to fill out a 1040x tax amendment form (4) If a HAMP-PRA borrower reports the entire HAMP-PRA discharge using the method described in section 6. How to fill out a 1040x tax amendment form 02(1) of this revenue procedure, and if that HAMP-PRA borrower’s mortgage loan ceases to be in good standing during the Three-year Period as described in section 2. How to fill out a 1040x tax amendment form 10 of this revenue procedure, then some or all of the anticipated reductions in the PRA Adjusted Forbearance Amount will not take place. How to fill out a 1040x tax amendment form Because the amount of these anticipated reductions was not included in determining the issue price of the new mortgage loan that, pursuant to § 1. How to fill out a 1040x tax amendment form 1001-3, the HAMP-PRA borrower is deemed to issue in satisfaction of the old mortgage loan, the issue price of the new mortgage loan was understated. How to fill out a 1040x tax amendment form Under these circumstances, the discharge of indebtedness income determined as of the date of the permanent modification will have been overstated. How to fill out a 1040x tax amendment form (5) The Service will not challenge a HAMP-PRA borrower who is described in section 6. How to fill out a 1040x tax amendment form 03(4) of this revenue procedure and who takes the following corrective measures: (i) If a HAMP-PRA borrower included any of the discharge of indebtedness in gross income, the HAMP-PRA borrower may file an amended return that does not include the amount of the discharge of indebtedness that was previously reported as gross income but that, because of the HAMP-PRA borrower’s failure to keep the new mortgage loan in good standing, was not ultimately discharged. How to fill out a 1040x tax amendment form The amended return should be for the taxable year in which the income was included (that is, the year of the permanent modification), provided the applicable statute of limitations remains open for that taxable year. How to fill out a 1040x tax amendment form (ii) If the HAMP-PRA borrower did not include any of the discharge of indebtedness in gross income (that is, if the HAMP-PRA borrower excluded all of it), the HAMP-PRA borrower may file a new Form 982 that the Service will treat as superseding the earlier Form 982. How to fill out a 1040x tax amendment form The new Form 982 will reflect the revised reduction in basis or in tax attributes (under § 108(h)(1) or § 108(b)). How to fill out a 1040x tax amendment form The new Form 982 should be the Form 982 for the year of the permanent modification and should be filed with the return for the taxable year in which the HAMP-PRA borrower’s mortgage loan ceased to be in good standing. How to fill out a 1040x tax amendment form . How to fill out a 1040x tax amendment form 04 HAMP-PRA borrowers who choose to treat the HAMP-PRA discharge as being realized on the dates on which the unpaid principal balance of the mortgage loan is reduced. How to fill out a 1040x tax amendment form (1) If a HAMP-PRA borrower chooses to realize the HAMP-PRA discharge at the times that the unpaid principal balance on the new mortgage loan is reduced, instead of at the time of the permanent modification, then the HAMP-PRA borrower’s federal income tax returns for the taxable year that contains the permanent modification and for the subsequent taxable years must not treat any of the discharge as being realized at the time of the permanent modification and must treat the entire HAMP-PRA discharge as being realized in the amounts—and at the times—of the reductions in the unpaid principal balance. How to fill out a 1040x tax amendment form Except as described in the last sentence of this paragraph, therefore, the income tax return for the year of the permanent modification must include no gross income from—nor report on Form 982 an exclusion of—any amount of the HAMP-PRA discharge. How to fill out a 1040x tax amendment form Instead, the HAMP-PRA discharge is included in gross income (or is reported on Form 982 as excluded from gross income) in the subsequent years in which the unpaid principal balance is reduced. How to fill out a 1040x tax amendment form If the first such reduction occurs in the year of the permanent modification, however, then the amount of any such reduction is reflected as an inclusion or exclusion on the federal income tax return for that year. How to fill out a 1040x tax amendment form (2) A HAMP-PRA borrower who has been using the method described in section 6. How to fill out a 1040x tax amendment form 02(1) of this revenue procedure may change to the method described in section 6. How to fill out a 1040x tax amendment form 02(2) but must comply with the consistency and open-year requirements described in section 6. How to fill out a 1040x tax amendment form 01 of this revenue procedure. How to fill out a 1040x tax amendment form SECTION 7. How to fill out a 1040x tax amendment form PENALTY RELIEF FOR 2012 . How to fill out a 1040x tax amendment form 01 The Service will not assert penalties under § 6721 or § 6722 against an investor for failing to timely file and furnish a 2012 Form 1099-C as required by section 5. How to fill out a 1040x tax amendment form 03 through 5. How to fill out a 1040x tax amendment form 04 and section 8. How to fill out a 1040x tax amendment form 02 of this revenue procedure with respect to discharge of indebtedness resulting from HAMP-PRA permanent modifications that take place during calendar year 2012 if the following requirements are satisfied: (1) Not later than February 28, 2013, a statement is sent to the HAMP-PRA borrower containing the following: (a) The HAMP-PRA borrower’s name, address, and taxpayer identification number; and (b) The date and amount of the discharge of indebtedness (as described in sections 4. How to fill out a 1040x tax amendment form 01 through 4. How to fill out a 1040x tax amendment form 04 of this revenue procedure) that is required to be reported for 2012. How to fill out a 1040x tax amendment form (2) Not later than March 28, 2013, a statement is sent to the Service. How to fill out a 1040x tax amendment form It must be in the form of a single statement that separately lists for each HAMP-PRA borrower the information specified in section 7. How to fill out a 1040x tax amendment form 01(1) of this revenue procedure. How to fill out a 1040x tax amendment form The statement should be sent to the Service at the following address: Internal Revenue Service Center Stop 6728AUSC Austin, TX 73301 . How to fill out a 1040x tax amendment form 02 The Service will not assert penalties under § 6721 or § 6722 with respect to any Forms 1099-MISC for 2012 that sections 5. How to fill out a 1040x tax amendment form 06 and 8. How to fill out a 1040x tax amendment form 02 of this revenue procedure require to be filed with the Service and furnished to taxpayers. How to fill out a 1040x tax amendment form . How to fill out a 1040x tax amendment form 03 Section 8. How to fill out a 1040x tax amendment form 03 and 8. How to fill out a 1040x tax amendment form 04 of this revenue procedure, below, describes penalty relief regarding Forms 1099-C and 1099-MISC for 2010 and 2011. How to fill out a 1040x tax amendment form SECTION 8. How to fill out a 1040x tax amendment form SCOPE AND EFFECTIVE DATE . How to fill out a 1040x tax amendment form 01 This revenue procedure applies to all borrowers, investors, and servicers who participate, or have participated, in the HAMP-PRA, regardless of when the permanent modification occurs. How to fill out a 1040x tax amendment form . How to fill out a 1040x tax amendment form 02 Section 5 of this revenue procedure is effective for Forms 1099-C and 1099-MISC due or filed after January 24, 2013. How to fill out a 1040x tax amendment form . How to fill out a 1040x tax amendment form 03 Because of the effective date in section 8. How to fill out a 1040x tax amendment form 02 of this revenue procedure, an investor is not subject to penalties under § 6721 or § 6722 on the grounds that the investor failed to timely file and furnish a 2010 or 2011 Form 1099-C as described in section 5. How to fill out a 1040x tax amendment form 03 through 5. How to fill out a 1040x tax amendment form 04 of this revenue procedure (or on the grounds that the investor filed or furnished a 2010 or 2011 Form 1099-C that is inconsistent with section 5. How to fill out a 1040x tax amendment form 03 through 5. How to fill out a 1040x tax amendment form 04 of this revenue procedure), provided that the investor demonstrates a good faith attempt to comply with the requirements of § 6050P and that the failure was not due to willful neglect. How to fill out a 1040x tax amendment form . How to fill out a 1040x tax amendment form 04 Because of the effective date in section 8. How to fill out a 1040x tax amendment form 02 of this revenue procedure, the Service will not assert penalties under § 6721 or § 6722 on the grounds of a failure to timely file and furnish a 2010 or 2011 Form 1099-MISC, as described in section 5. How to fill out a 1040x tax amendment form 06 of this revenue procedure. How to fill out a 1040x tax amendment form SECTION 9. How to fill out a 1040x tax amendment form DRAFTING INFORMATION The principal authors of this revenue procedure are Ronald J. How to fill out a 1040x tax amendment form Goldstein of the Office of Chief Counsel (Procedure and Administration); Shareen S. How to fill out a 1040x tax amendment form Pflanz and Sheldon A. How to fill out a 1040x tax amendment form Iskow of the Office of Chief Counsel (Income Tax and Accounting); and Andrea M. How to fill out a 1040x tax amendment form Hoffenson of the Office of Chief Counsel (Financial Institutions and Products). How to fill out a 1040x tax amendment form For further information regarding this revenue procedure, contact Procedure and Administration branch 1 at (202) 622-4910, Income Tax and Accounting branch 4 at (202) 622-4920, or Financial Institutions and Products branch 1 at (202) 622-3920 (not toll-free calls). How to fill out a 1040x tax amendment form Prev  Up  Next   Home   More Internal Revenue Bulletins