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I Need A 1040x Form

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I Need A 1040x Form

I need a 1040x form 9. I need a 1040x form   Dispositions of Property Used in Farming Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Section 1231 Gains and LossesNonrecaptured section 1231 losses. I need a 1040x form Depreciation RecaptureSection 1245 Property Section 1250 Property Installment Sale Other Dispositions Other GainsExceptions. I need a 1040x form Amount to report as ordinary income. I need a 1040x form Applicable percentage. I need a 1040x form Amount to report as ordinary income. I need a 1040x form Applicable percentage. I need a 1040x form Introduction When you dispose of property used in your farm business, your taxable gain or loss is usually treated as ordinary income (which is taxed at the same rates as wages and interest income) or capital gain (which is generally taxed at lower rates) under the rules for section 1231 transactions. I need a 1040x form When you dispose of depreciable property (section 1245 property or section 1250 property) at a gain, you may have to recognize all or part of the gain as ordinary income under the depreciation recapture rules. I need a 1040x form Any gain remaining after applying the depreciation recapture rules is a section 1231 gain, which may be taxed as a capital gain. I need a 1040x form Gains and losses from property used in farming are reported on Form 4797, Sales of Business Property. I need a 1040x form Table 9-1 contains examples of items reported on Form 4797 and refers to the part of that form on which they first should be reported. I need a 1040x form Topics - This chapter discusses: Section 1231 gains and losses Depreciation recapture Other gains Useful Items - You may want to see: Publication 544 Sales and Other Dispositions of Assets Form (and Instructions) 4797 Sales of Business Property See chapter 16 for information about getting publications and forms. I need a 1040x form Section 1231 Gains and Losses Section 1231 gains and losses are the taxable gains and losses from section 1231 transactions (explained below). I need a 1040x form Their treatment as ordinary or capital gains depends on whether you have a net gain or a net loss from all of your section 1231 transactions in the tax year. I need a 1040x form Table 9-1. I need a 1040x form Where to First Report Certain Items on Form 4797 Type of property Held 1 year  or less Held more than  1 year 1 Depreciable trade or business property:       a Sold or exchanged at a gain Part II Part III (1245, 1250)   b Sold or exchanged at a loss Part II Part I 2 Farmland held less than 10 years for which soil, water, or land clearing expenses were deducted:       a Sold at a gain Part II Part III (1252)   b Sold at a loss Part II Part I 3 All other farmland Part II Part I 4 Disposition of cost-sharing payment property described in section 126 Part II Part III (1255) 5 Cattle and horses used in a trade or business for draft, breeding, dairy, or sporting purposes: Held less  than 24 mos. I need a 1040x form Held 24 mos. I need a 1040x form  or more   a Sold at a gain Part II Part III (1245)   b Sold at a loss Part II Part I   c Raised cattle and horses sold at a gain Part II Part I 6 Livestock other than cattle and horses used in a trade or business for draft, breeding, dairy, or sporting purposes: Held less  than 12 mos. I need a 1040x form Held 12 mos. I need a 1040x form   or more   a Sold at a gain Part II Part III (1245)   b Sold at a loss Part II Part I   c Raised livestock sold at a gain Part II Part I If you have a gain from a section 1231 transaction, first determine whether any of the gain is ordinary income under the depreciation recapture rules (explained later). I need a 1040x form Do not take that gain into account as section 1231 gain. I need a 1040x form Section 1231 transactions. I need a 1040x form   Gain or loss on the following transactions is subject to section 1231 treatment. I need a 1040x form Sale or exchange of cattle and horses. I need a 1040x form The cattle and horses must be held for draft, breeding, dairy, or sporting purposes and held for 24 months or longer. I need a 1040x form Sale or exchange of other livestock. I need a 1040x form This livestock must be held for draft, breeding, dairy, or sporting purposes and held for 12 months or longer. I need a 1040x form Other livestock includes hogs, mules, sheep, goats, donkeys, and other fur-bearing animals. I need a 1040x form Other livestock does not include poultry. I need a 1040x form Sale or exchange of depreciable personal property. I need a 1040x form This property must be used in your business and held longer than 1 year. I need a 1040x form Generally, property held for the production of rents or royalties is considered to be used in a trade or business. I need a 1040x form Examples of depreciable personal property include farm machinery and trucks. I need a 1040x form It also includes amortizable section 197 intangibles. I need a 1040x form Sale or exchange of real estate. I need a 1040x form This property must be used in your business and held longer than 1 year. I need a 1040x form Examples are your farm or ranch (including barns and sheds). I need a 1040x form Sale or exchange of unharvested crops. I need a 1040x form The crop and land must be sold, exchanged, or involuntarily converted at the same time and to the same person, and the land must have been held longer than 1 year. I need a 1040x form You cannot keep any right or option to reacquire the land directly or indirectly (other than a right customarily incident to a mortgage or other security transaction). I need a 1040x form Growing crops sold with a leasehold on the land, even if sold to the same person in a single transaction, are not included. I need a 1040x form Distributive share of partnership gains and losses. I need a 1040x form Your distributive share must be from the sale or exchange of property listed above and held longer than 1 year (or for the required period for certain livestock). I need a 1040x form Cutting or disposal of timber. I need a 1040x form Special rules apply if you owned the timber longer than 1 year and elect to treat timber cutting as a sale or exchange, or you enter into a cutting contract, as described in chapter 8 under Timber . I need a 1040x form Condemnation. I need a 1040x form The condemned property (defined in chapter 11) must have been held longer than 1 year. I need a 1040x form It must be business property or a capital asset held in connection with a trade or business or a transaction entered into for profit, such as investment property. I need a 1040x form It cannot be property held for personal use. I need a 1040x form Casualty or theft. I need a 1040x form The casualty or theft must have affected business property, property held for the production of rents or royalties, or investment property (such as notes and bonds). I need a 1040x form You must have held the property longer than 1 year. I need a 1040x form However, if your casualty or theft losses are more than your casualty or theft gains, neither the gains nor the losses are taken into account in the section 1231 computation. I need a 1040x form Section 1231 does not apply to personal casualty gains and losses. I need a 1040x form See chapter 11 for information on how to treat those gains and losses. I need a 1040x form If the property is not held for the required holding period, the transaction is not subject to section 1231 treatment, and any gain or loss is ordinary income reported in Part II of Form 4797. I need a 1040x form See Table 9-1. I need a 1040x form Property for sale to customers. I need a 1040x form   A sale, exchange, or involuntary conversion of property held mainly for sale to customers is not a section 1231 transaction. I need a 1040x form If you will get back all, or nearly all, of your investment in the property by selling it rather than by using it up in your business, it is property held mainly for sale to customers. I need a 1040x form Treatment as ordinary or capital. I need a 1040x form   To determine the treatment of section 1231 gains and losses, combine all of your section 1231 gains and losses for the year. I need a 1040x form If you have a net section 1231 loss, it is an ordinary loss. I need a 1040x form If you have a net section 1231 gain, it is ordinary income up to your nonrecaptured section 1231 losses from previous years, explained next. I need a 1040x form The rest, if any, is long-term capital gain. I need a 1040x form Nonrecaptured section 1231 losses. I need a 1040x form   Your nonrecaptured section 1231 losses are your net section 1231 losses for the previous 5 years that have not been applied against a net section 1231 gain by treating the gain as ordinary income. I need a 1040x form These losses are applied against your net section 1231 gain beginning with the earliest loss in the 5-year period. I need a 1040x form Example. I need a 1040x form In 2013, Ben has a $2,000 net section 1231 gain. I need a 1040x form To figure how much he has to report as ordinary income and long-term capital gain, he must first determine his section 1231 gains and losses from the previous 5-year period. I need a 1040x form From 2008 through 2012 he had the following section 1231 gains and losses. I need a 1040x form Year Amount 2008 -0- 2009 -0- 2010 ($2,500) 2011 -0- 2012 $1,800   Ben uses this information to figure how to report his net section 1231 gain for 2013 as shown below. I need a 1040x form 1) Net section 1231 gain (2013) $2,000 2) Net section 1231 loss (2010) ($2,500)   3) Net section 1231 gain (2012) 1,800   4) Remaining net section 1231 loss from prior 5 years ($700)   5) Gain treated as  ordinary income $700 6) Gain treated as long-term  capital gain $1,300 His remaining net section 1231 loss from 2010 is completely recaptured in 2013. I need a 1040x form Depreciation Recapture If you dispose of depreciable or amortizable property at a gain, you may have to treat all or part of the gain (even if it is otherwise nontaxable) as ordinary income. I need a 1040x form To figure any gain that must be reported as ordinary income, you must keep permanent records of the facts necessary to figure the depreciation or amortization allowed or allowable on your property. I need a 1040x form For more information, see chapter 3 of Publication 544. I need a 1040x form Section 1245 Property A gain on the disposition of section 1245 property is treated as ordinary income to the extent of depreciation allowed or allowable. I need a 1040x form Any recognized gain that is more than the part that is ordinary income is a section 1231 gain. I need a 1040x form See Treatment as ordinary or capital under Section 1231 Gains and Losses , earlier. I need a 1040x form Section 1245 property includes any property that is or has been subject to an allowance for depreciation or amortization and that is any of the following types of property. I need a 1040x form Personal property (either tangible or intangible). I need a 1040x form Other tangible property (except buildings and their structural components) used as any of the following. I need a 1040x form See Buildings and structural components below. I need a 1040x form An integral part of manufacturing, production, or extraction, or of furnishing certain services. I need a 1040x form A research facility in any of the activities in (a). I need a 1040x form A facility in any of the activities in (a) above, for the bulk storage of fungible commodities (discussed later). I need a 1040x form That part of real property (not included in (2)) with an adjusted basis reduced by (but not limited to) the following. I need a 1040x form Amortization of certified pollution control facilities. I need a 1040x form The section 179 expense deduction. I need a 1040x form Deduction for clean-fuel vehicles and certain refueling property. I need a 1040x form Expenditures to remove architectural and transportation barriers to the handicapped and elderly. I need a 1040x form Certain reforestation expenditures (as described under Reforestation Costs in chapter 7. I need a 1040x form Single purpose agricultural (livestock) or horticultural structures. I need a 1040x form Storage facilities (except buildings and their structural components) used in distributing petroleum or any primary product of petroleum. I need a 1040x form Buildings and structural components. I need a 1040x form   Section 1245 property does not include buildings and structural components. I need a 1040x form The term building includes a house, barn, warehouse, or garage. I need a 1040x form The term structural component includes walls, floors, windows, doors, central air conditioning systems, light fixtures, etc. I need a 1040x form   Do not treat a structure that is essentially machinery or equipment as a building or structural component. I need a 1040x form Also, do not treat a structure that houses property used as an integral part of an activity as a building or structural component if the structure's use is so closely related to the property's use that the structure can be expected to be replaced when the property it initially houses is replaced. I need a 1040x form   The fact that the structure is specially designed to withstand the stress and other demands of the property and cannot be used economically for other purposes indicates it is closely related to the use of the property it houses. I need a 1040x form Structures such as oil and gas storage tanks, grain storage bins, and silos are not treated as buildings, but as section 1245 property. I need a 1040x form Facility for bulk storage of fungible commodities. I need a 1040x form   This is a facility used mainly for the bulk storage of fungible commodities. I need a 1040x form Bulk storage means storage of a commodity in a large mass before it is used. I need a 1040x form For example, if a facility is used to store oranges that have been sorted and boxed, it is not used for bulk storage. I need a 1040x form To be fungible, a commodity must be such that one part may be used in place of another. I need a 1040x form Gain Treated as Ordinary Income The gain treated as ordinary income on the sale, exchange, or involuntary conversion of section 1245 property, including a sale and leaseback transaction, is the lesser of the following amounts. I need a 1040x form The depreciation (which includes any section 179 deduction claimed) and amortization allowed or allowable on the property. I need a 1040x form The gain realized on the disposition (the amount realized from the disposition minus the adjusted basis of the property). I need a 1040x form For any other disposition of section 1245 property, ordinary income is the lesser of (1) above or the amount by which its fair market value (FMV) is more than its adjusted basis. I need a 1040x form For details, see chapter 3 of Publication 544. I need a 1040x form Use Part III of Form 4797 to figure the ordinary income part of the gain. I need a 1040x form Depreciation claimed on other property or claimed by other taxpayers. I need a 1040x form   Depreciation and amortization include the amounts you claimed on the section 1245 property as well as the following depreciation and amortization amounts. I need a 1040x form Amounts you claimed on property you exchanged for, or converted to, your section 1245 property in a like-kind exchange or involuntary conversion. I need a 1040x form For details on exchanges of property that are not taxable, see Like-Kind Exchanges in chapter 8. I need a 1040x form Amounts a previous owner of the section 1245 property claimed if your basis is determined with reference to that person's adjusted basis (for example, the donor's depreciation deductions on property you received as a gift and part of the transfer is a sale or exchange). I need a 1040x form Example. I need a 1040x form Jeff Free paid $120,000 for a tractor in 2012. I need a 1040x form On February 23, 2013, he traded it for a chopper and paid an additional $30,000. I need a 1040x form To figure his depreciation deduction on the chopper for the current year, Jeff continues to use the basis of the tractor as he would have before the trade. I need a 1040x form Jeff can also depreciate the additional $30,000 for the chopper. I need a 1040x form Depreciation and amortization. I need a 1040x form   Depreciation and amortization deductions that must be recaptured as ordinary income include (but are not limited to) the following items. I need a 1040x form See Depreciation Recapture in chapter 3 of Publication 544 for more details. I need a 1040x form Ordinary depreciation deductions. I need a 1040x form Section 179 deduction (see chapter 7). I need a 1040x form Any special depreciation allowance. I need a 1040x form Amortization deductions for all the following costs. I need a 1040x form Acquiring a lease. I need a 1040x form Lessee improvements. I need a 1040x form Pollution control facilities. I need a 1040x form Reforestation expenses. I need a 1040x form Section 197 intangibles. I need a 1040x form Qualified disaster expenses. I need a 1040x form Franchises, trademarks, and trade names acquired before August 11, 1993. I need a 1040x form Example. I need a 1040x form You file your returns on a calendar year basis. I need a 1040x form In February 2011, you bought and placed in service for 100% use in your farming business a light-duty truck (5-year property) that cost $10,000. I need a 1040x form You used the half-year convention and your MACRS deductions for the truck were $1,500 in 2011 and $2,550 in 2012. I need a 1040x form You did not claim the section 179 expense deduction for the truck. I need a 1040x form You sold it in May 2013 for $7,000. I need a 1040x form The MACRS deduction in 2013, the year of sale, is $893 (½ of $1,785). I need a 1040x form Figure the gain treated as ordinary income as follows. I need a 1040x form 1) Amount realized $7,000 2) Cost (February 2011) $10,000   3) Depreciation allowed or allowable (MACRS deductions: $1,500 + $2,550 + $893) 4,943   4) Adjusted basis (subtract line 3 from line 2) $5,057 5) Gain realized (subtract line 4 from line 1) 1,943 6) Gain treated as ordinary income (lesser of line 3 or line 5) $1,943 Depreciation allowed or allowable. I need a 1040x form   You generally use the greater of the depreciation allowed or allowable when figuring the part of gain to report as ordinary income. I need a 1040x form If, in prior years, you have consistently taken proper deductions under one method, the amount allowed for your prior years will not be increased even though a greater amount would have been allowed under another proper method. I need a 1040x form If you did not take any deduction at all for depreciation, your adjustments to basis for depreciation allowable are figured by using the straight line method. I need a 1040x form This treatment applies only when figuring what part of the gain is treated as ordinary income under the rules for section 1245 depreciation recapture. I need a 1040x form Disposition of plants and animals. I need a 1040x form   If you elect not to use the uniform capitalization rules (see chapter 6), you must treat any plant you produce as section 1245 property. I need a 1040x form If you have a gain on the property's disposition, you must recapture the pre-productive expenses you would have capitalized if you had not made the election by treating the gain, up to the amount of these expenses, as ordinary income. I need a 1040x form For section 1231 transactions, show these expenses as depreciation on Form 4797, Part III, line 22. I need a 1040x form For plant sales that are reported on Schedule F (1040), Profit or Loss From Farming, this recapture rule does not change the reporting of income because the gain is already ordinary income. I need a 1040x form You can use the farm-price method or the unit-livestock-price method discussed in  chapter 2 to figure these expenses. I need a 1040x form Example. I need a 1040x form Janet Maple sold her apple orchard in 2013 for $80,000. I need a 1040x form Her adjusted basis at the time of sale was $60,000. I need a 1040x form She bought the orchard in 2006, but the trees did not produce a crop until 2009. I need a 1040x form Her pre-productive expenses were $6,000. I need a 1040x form She elected not to use the uniform capitalization rules. I need a 1040x form Janet must treat $6,000 of the gain as ordinary income. I need a 1040x form Section 1250 Property Section 1250 property includes all real property subject to an allowance for depreciation that is not and never has been section 1245 property. I need a 1040x form It includes buildings and structural components that are not section 1245 property (discussed earlier). I need a 1040x form It includes a leasehold of land or section 1250 property subject to an allowance for depreciation. I need a 1040x form A fee simple interest in land is not section 1250 property because, like land, it is not depreciable. I need a 1040x form Gain on the disposition of section 1250 property is treated as ordinary income to the extent of additional depreciation allowed or allowable. I need a 1040x form To determine the additional depreciation on section 1250 property, see Depreciation Recapture in chapter 3 of Publication 544. I need a 1040x form You will not have additional depreciation if any of the following apply to the property disposed of. I need a 1040x form You figured depreciation for the property using the straight line method or any other method that does not result in depreciation that is more than the amount figured by the straight line method and you have held the property longer than 1 year. I need a 1040x form You chose the alternate ACRS (straight line) method for the property, which was a type of 15-, 18-, or 19-year real property covered by the section 1250 rules. I need a 1040x form The property was nonresidential real property placed in service after 1986 (or after July 31, 1986, if the choice to use MACRS was made) and you held it longer than 1 year. I need a 1040x form These properties are depreciated using the straight line method. I need a 1040x form Installment Sale If you report the sale of property under the installment method, any depreciation recapture under section 1245 or 1250 is taxable as ordinary income in the year of sale. I need a 1040x form This applies even if no payments are received in that year. I need a 1040x form If the gain is more than the depreciation recapture income, report the rest of the gain using the rules of the installment method. I need a 1040x form For this purpose, include the recapture income in your installment sale basis to determine your gross profit on the installment sale. I need a 1040x form If you dispose of more than one asset in a single transaction, you must separately figure the gain on each asset so that it may be properly reported. I need a 1040x form To do this, allocate the selling price and the payments you receive in the year of sale to each asset. I need a 1040x form Report any depreciation recapture income in the year of sale before using the installment method for any remaining gain. I need a 1040x form For more information on installment sales, see chapter 10. I need a 1040x form Other Dispositions Chapter 3 of Publication 544 discusses the tax treatment of the following transfers of depreciable property. I need a 1040x form By gift. I need a 1040x form At death. I need a 1040x form In like-kind exchanges. I need a 1040x form In involuntary conversions. I need a 1040x form Publication 544 also explains how to handle a single transaction involving multiple properties. I need a 1040x form Other Gains This section discusses gain on the disposition of farmland for which you were allowed either of the following. I need a 1040x form Deductions for soil and water conservation expenditures (section 1252 property). I need a 1040x form Exclusions from income for certain cost sharing payments (section 1255 property). I need a 1040x form Section 1252 property. I need a 1040x form   If you disposed of farmland you held more than 1 year and less than 10 years at a gain and you were allowed deductions for soil and water conservation expenses for the land, as discussed in chapter 5, you must treat part of the gain as ordinary income and treat the balance as section 1231 gain. I need a 1040x form Exceptions. I need a 1040x form   Do not treat gain on the following transactions as gain on section 1252 property. I need a 1040x form Disposition of farmland by gift. I need a 1040x form Transfer of farm property at death (except for income in respect of a decedent). I need a 1040x form For more information, see Regulations section 1. I need a 1040x form 1252-2. I need a 1040x form Amount to report as ordinary income. I need a 1040x form   You report as ordinary income the lesser of the following amounts. I need a 1040x form Your gain (determined by subtracting the adjusted basis from the amount realized from a sale, exchange, or involuntary conversion, or the FMV for all other dispositions). I need a 1040x form The total deductions allowed for soil and water conservation expenses multiplied by the applicable percentage, discussed next. I need a 1040x form Applicable percentage. I need a 1040x form   The applicable percentage is based on the length of time you held the land. I need a 1040x form If you dispose of your farmland within 5 years after the date you acquired it, the percentage is 100%. I need a 1040x form If you dispose of the land within the 6th through 9th year after you acquired it, the applicable percentage is reduced by 20% a year for each year or part of a year you hold the land after the 5th year. I need a 1040x form If you dispose of the land 10 or more years after you acquired it, the percentage is 0%, and the entire gain is a section 1231 gain. I need a 1040x form Example. I need a 1040x form You acquired farmland on January 19, 2005. I need a 1040x form On October 3, 2013, you sold the land at a $30,000 gain. I need a 1040x form Between January 1 and October 3, 2013, you incur soil and water conservation expenditures of $15,000 for the land that are fully deductible in 2013. I need a 1040x form The applicable percentage is 40% since you sold the land within the 8th year after you acquired it. I need a 1040x form You treat $6,000 (40% of $15,000) of the $30,000 gain as ordinary income and the $24,000 balance as a section 1231 gain. I need a 1040x form Section 1255 property. I need a 1040x form   If you receive certain cost-sharing payments on property and you exclude those payments from income (as discussed in chapter 3), you may have to treat part of any gain as ordinary income and treat the balance as a section 1231 gain. I need a 1040x form If you chose not to exclude these payments, you will not have to recognize ordinary income under this provision. I need a 1040x form Amount to report as ordinary income. I need a 1040x form   You report as ordinary income the lesser of the following amounts. I need a 1040x form The applicable percentage of the total excluded cost-sharing payments. I need a 1040x form The gain on the disposition of the property. I need a 1040x form You do not report ordinary income under this rule to the extent the gain is recognized as ordinary income under sections 1231 through 1254, 1256, and 1257. I need a 1040x form However, if applicable, gain reported under this rule must be reported regardless of any contrary provisions (including nonrecognition provisions) under any other section. I need a 1040x form Applicable percentage. I need a 1040x form   The applicable percentage of the excluded cost-sharing payments to be reported as ordinary income is based on the length of time you hold the property after receiving the payments. I need a 1040x form If the property is held less than 10 years after you receive the payments, the percentage is 100%. I need a 1040x form After 10 years, the percentage is reduced by 10% a year, or part of a year, until the rate is 0%. I need a 1040x form Form 4797, Part III. I need a 1040x form   Use Form 4797, Part III, to figure the ordinary income part of a gain from the sale, exchange, or involuntary conversion of section 1252 property and section 1255 property. I need a 1040x form Prev  Up  Next   Home   More Online Publications
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Beware: Offers to Skip a Payment

If your credit company invites you to skip a monthly payment without a penalty, it is not doing you a favor. You will still owe finance charges on your unpaid balance. And interest could be adding up on any purchases you make after the due date you skipped.

Beware: Teaser Rates

Some cards are advertised with very low introductory interest rates called teasers. The rate is good for a short period of time. If you know you can pay what you owe while the low rate is in effect, it could be a good deal. But if the teaser time runs out and you still owe money, you could end up paying a higher rate than you might have without the special introductory rate. Just one late payment could also cancel the teaser rate.

Beware: Credit Insurance

When you take out a loan for a big purchase, a salesperson may try to sell you credit insurance. Your credit card company may also encourage you to purchase credit insurance. The coverage may be promoted as a way for you to protect yourself if your property is damaged or lost. Other credit insurance offers promises to make loan payments if you are laid off, become disabled or die. It is almost always better to buy regular property, life or disability insurance instead of credit insurance.

Be Alert: 'Credit Repair' Scams

Beware! Before you sign up for fee based credit repair services, beware. Many of the promised services are either illegal or ones you can do for free by yourself. Before you sign up to work with these companies, here are some tidbits to keep in mind:

  • A credit repair company must give you a copy of the "Consumer Credit File Rights under State and Federal Law" before you sign a contract.
  • The company cannot perform any services until you have signed a written contract and completed a three day waiting period, during which time you can cancel the contract without paying any fees.
  • The company cannot charge you until it has completed the promised services, according to the Credit Repair Organizations Act.
  • It is illegal to erase timely and accurate negative information contained in your credit history.
  • Suggestions that you create a new credit history (also called file segregation) by requesting an Employer Identification Number from the IRS are also illegal.
  • You can work to solve your own credit challenges, by requesting a free copy of your credit report, and by working with creditors to dispute incorrect information.

CARD Act Protections for Consumers

The Credit Card Accountability Responsibility & Disclosure (CARD) Act brought about sweeping protections for consumers. Among other things, your credit card company:

Fees

  • Cannot change rates or fees without sending you a notice 45 days in advance in most cases.
  • Must give you the option of rejecting a fee increase, but be aware that the credit card company may close your account if you reject the fee increase and may require a higher monthly payment.
  • Cannot charge you a late payment fee of more than $25, regardless of how much you owe- unless one of your last six payments was late or the credit card company can justify a higher fee based on the cost of late payments.
  • Cannot charge a late payment fee that is greater than your minimum payment.
  • Cannot charge you an inactivity fee for not using your card.
  • Cannot charge you more than one fee for a single late payment or any other violation of your cardholder agreement.
  • Cannot charge you over-the-limit transaction fees unless you opt in, stating that you want to allow transactions that take you over your credit card limit. If the credit card company allows the transaction without your opt-in, it cannot charge you a fee.
  • Can impose only one fee per billing cycle for transactions that take you over your credit limit if you opt in to over-the-limit transactions. You can revoke your opt-in at any time.

Payments

  • Has to tell you how long it will take to pay off your balance if you make only minimum payments.
  • Must mail or deliver your credit card bill at least 21 days before your payment is due.
  • Must apply any payments above the minimum required amount to the balance with the highest interest rate, if you have more than one rate.

Interest Rates

  • Cannot increase your rate for the first 12 months after you open an account unless you have a variable interest rate or an introductory rate; you are more than 60 days late paying your bill; or you are in a workout agreement and don't make payments as arranged.
  • Cannot charge higher rates for purchases made before you receive notice of a new rate.
  • Cannot use the double-cycle billing method when calculating interest; interest can only be charged on balances within the current billing cycle.
  • Cannot increase your Annual Percentage Rate (APR) without explaining why it is doing so. If your credit card company increases your APR, it generally must re-evaluate that rate increase every six months. Under some circumstances, it may have to reduce your rate after the evaluation.

What's more, a credit card company can grant credit cards to consumers under age 21 only if they can show they are able to make payments or have a cosigner for the card. The Federal Reserve has more information about CARD Act protections.

The I Need A 1040x Form

I need a 1040x form 10. I need a 1040x form   Self-Employment (SE) Tax Table of Contents Who Must Pay SE Tax?Special Rules and Exceptions Figuring Earnings Subject to SE Tax Farm Optional Method Using Both Optional Methods Reporting Self-Employment Tax The SE tax rules apply no matter how old you are and even if you are already receiving social security and Medicare benefits. I need a 1040x form Who Must Pay SE Tax? Generally, you must pay SE tax and file Schedule SE (Form 1040) if your net earnings from self-employment were $400 or more. I need a 1040x form Use Schedule SE to figure net earnings from self-employment. I need a 1040x form Sole proprietor or independent contractor. I need a 1040x form   If you are self-employed as a sole proprietor or independent contractor, you generally use Schedule C or C-EZ (Form 1040) to figure your earnings subject to SE tax. I need a 1040x form SE tax rate. I need a 1040x form    For 2013, the SE tax rate on net earnings is 15. I need a 1040x form 3% (12. I need a 1040x form 4% social security tax plus 2. I need a 1040x form 9% Medicare tax). I need a 1040x form Maximum earnings subject to self-employment tax. I need a 1040x form    Only the first $113,700 of your combined wages, tips, and net earnings in 2013 is subject to any combination of the 12. I need a 1040x form 4% social security part of SE tax, social security tax, or railroad retirement (tier 1) tax. I need a 1040x form   All of your combined wages, tips, and net earnings in 2013 are subject to any combination of the 2. I need a 1040x form 9% Medicare part of SE tax, social security tax, or railroad retirement (tier 1) tax. I need a 1040x form   If your wages and tips are subject to either social security or railroad retirement (tier 1) tax, or both, and total at least $113,700, do not pay the 12. I need a 1040x form 4% social security part of the SE tax on any of your net earnings. I need a 1040x form However, you must pay the 2. I need a 1040x form 9% Medicare part of the SE tax on all your net earnings. I need a 1040x form Special Rules and Exceptions Aliens. I need a 1040x form   Generally, resident aliens must pay self-employment tax under the same rules that apply to U. I need a 1040x form S. I need a 1040x form citizens. I need a 1040x form Nonresident aliens are not subject to SE tax unless an international social security agreement in effect determines that they are covered under the U. I need a 1040x form S. I need a 1040x form social security system. I need a 1040x form However, residents of the Virgin Islands, Puerto Rico, Guam, the Commonwealth of the Northern Mariana Islands, or American Samoa are subject to self-employment tax, as they are considered U. I need a 1040x form S. I need a 1040x form residents for self-employment tax purposes. I need a 1040x form For more information on aliens, see Publication 519, U. I need a 1040x form S. I need a 1040x form Tax Guide for Aliens. I need a 1040x form Child employed by parent. I need a 1040x form   You are not subject to SE tax if you are under age 18 and you are working for your father or mother. I need a 1040x form Church employee. I need a 1040x form    If you work for a church or a qualified church-controlled organization (other than as a minister or member of a religious order) that elected an exemption from social security and Medicare taxes, you are subject to SE tax if you receive $108. I need a 1040x form 28 or more in wages from the church or organization. I need a 1040x form For more information, see Publication 517, Social Security and Other Information for Members of the Clergy and Religious Workers. I need a 1040x form Fishing crew member. I need a 1040x form   If you are a member of the crew on a boat that catches fish or other water life, your earnings are subject to SE tax if all the following conditions apply. I need a 1040x form You do not get any pay for the work except your share of the catch or a share of the proceeds from the sale of the catch, unless the pay meets all the following conditions. I need a 1040x form The pay is not more than $100 per trip. I need a 1040x form The pay is received only if there is a minimum catch. I need a 1040x form The pay is solely for additional duties (such as mate, engineer, or cook) for which additional cash pay is traditional in the fishing industry. I need a 1040x form You get a share of the catch or a share of the proceeds from the sale of the catch. I need a 1040x form Your share depends on the amount of the catch. I need a 1040x form The boat's operating crew normally numbers fewer than 10 individuals. I need a 1040x form (An operating crew is considered as normally made up of fewer than 10 if the average size of the crew on trips made during the last four calendar quarters is fewer than 10. I need a 1040x form ) Notary public. I need a 1040x form   Fees you receive for services you perform as a notary public are reported on Schedule C or C-EZ but are not subject to self-employment tax (see the Instructions for Schedule SE (Form 1040)). I need a 1040x form State or local government employee. I need a 1040x form   You are subject to SE tax if you are an employee of a state or local government, are paid solely on a fee basis, and your services are not covered under a federal-state social security agreement. I need a 1040x form Foreign government or international organization employee. I need a 1040x form   You are subject to SE tax if both the following conditions are true. I need a 1040x form You are a U. I need a 1040x form S. I need a 1040x form citizen employed in the United States, Puerto Rico, Guam, American Samoa, the Commonwealth of the Northern Mariana Islands, or the Virgin Islands by: A foreign government, A wholly-owned agency of a foreign government, or An international organization. I need a 1040x form Your employer is not required to withhold social security and Medicare taxes from your wages. I need a 1040x form U. I need a 1040x form S. I need a 1040x form citizen or resident alien residing abroad. I need a 1040x form    If you are a self-employed U. I need a 1040x form S. I need a 1040x form citizen or resident alien living outside the United States, in most cases you must pay SE tax. I need a 1040x form Do not reduce your foreign earnings from self-employment by your foreign earned income exclusion. I need a 1040x form Exception. I need a 1040x form    The United States has social security agreements with many countries to eliminate double taxation under two social security systems. I need a 1040x form Under these agreements, you generally must only pay social security and Medicare taxes to the country in which you live. I need a 1040x form The country to which you must pay the tax will issue a certificate which serves as proof of exemption from social security tax in the other country. I need a 1040x form   For more information, see the Instructions for Schedule SE (Form 1040). I need a 1040x form More Than One Business If you have earnings subject to SE tax from more than one trade, business, or profession, you must combine the net profit (or loss) from each to determine your total earnings subject to SE tax. I need a 1040x form A loss from one business reduces your profit from another business. I need a 1040x form Community Property Income If any of the income from a trade or business, other than a partnership, is community property income under state law, it is included in the earnings subject to SE tax of the spouse carrying on the trade or business. I need a 1040x form Gain or Loss Do not include in earnings subject to SE tax a gain or loss from the disposition of property that is neither stock in trade nor held primarily for sale to customers. I need a 1040x form It does not matter whether the disposition is a sale, exchange, or an involuntary conversion. I need a 1040x form Lost Income Payments If you are self-employed and reduce or stop your business activities, any payment you receive from insurance or other sources for the lost business income is included in earnings subject to SE tax. I need a 1040x form If you are not working when you receive the payment, it still relates to your business and is included in earnings subject to SE tax, even though your business is temporarily inactive. I need a 1040x form Figuring Earnings Subject to SE Tax Methods for Figuring Net Earnings There are three ways to figure your net earnings from self-employment. I need a 1040x form The regular method. I need a 1040x form The nonfarm optional method. I need a 1040x form The farm optional method. I need a 1040x form You must use the regular method unless you are eligible to use one or both of the optional methods. I need a 1040x form Why use an optional method?    You may want to use the optional methods (discussed later) when you have a loss or a small net profit and any one of the following applies. I need a 1040x form You want to receive credit for social security benefit coverage. I need a 1040x form You incurred child or dependent care expenses for which you could claim a credit. I need a 1040x form (An optional method may increase your earned income, which could increase your credit. I need a 1040x form ) You are entitled to the earned income credit. I need a 1040x form (An optional method may increase your earned income, which could increase your credit. I need a 1040x form ) You are entitled to the additional child tax credit. I need a 1040x form (An optional method may increase your earned income, which could increase your credit. I need a 1040x form ) Effects of using an optional method. I need a 1040x form   Using an optional method could increase your SE tax. I need a 1040x form Paying more SE tax could result in your getting higher benefits when you retire. I need a 1040x form   If you use either or both optional methods, you must figure and pay the SE tax due under these methods even if you would have had a smaller tax or no tax using the regular method. I need a 1040x form   The optional methods may be used only to figure your SE tax. I need a 1040x form To figure your income tax, include your actual earnings in gross income, regardless of which method you use to determine SE tax. I need a 1040x form Regular Method Multiply your total earnings subject to SE tax by 92. I need a 1040x form 35% (. I need a 1040x form 9235) to get your net earnings under the regular method. I need a 1040x form See Short Schedule SE, line 4, or Long Schedule SE, line 4a. I need a 1040x form Net earnings figured using the regular method are also called actual net earnings. I need a 1040x form Nonfarm Optional Method Use the nonfarm optional method only for earnings that do not come from farming. I need a 1040x form You may use this method if you meet all the following tests. I need a 1040x form You are self-employed on a regular basis. I need a 1040x form This means that your actual net earnings from self-employment were $400 or more in at least 2 of the 3 tax years before the one for which you use this method. I need a 1040x form The net earnings can be from either farm or nonfarm earnings or both. I need a 1040x form You have used this method less than 5 years. I need a 1040x form (There is a 5-year lifetime limit. I need a 1040x form ) The years do not have to be one after another. I need a 1040x form Your net nonfarm profits were: Less than $5,024, and Less than 72. I need a 1040x form 189% of your gross nonfarm income. I need a 1040x form Net nonfarm profits. I need a 1040x form   Net nonfarm profit generally is the total of the amounts from: Line 31, Schedule C (Form 1040), Line 3, Schedule C-EZ (Form 1040), Box 14, code A, Schedule K-1 (Form 1065) (from nonfarm partnerships), and Box 9, code J1, Schedule K-1 (Form 1065-B). I need a 1040x form   However, you may need to adjust the amount reported on Schedule K-1 if you are a general partner or if it is a loss. I need a 1040x form Gross nonfarm income. I need a 1040x form   Your gross nonfarm income generally is the total of the amounts from: Line 7, Schedule C (Form 1040), Line 1, Schedule C-EZ (Form 1040), Box 14, code C, Schedule K-1 (Form 1065) (from nonfarm partnerships), and Box 9, code J2, Schedule K-1 (Form 1065-B). I need a 1040x form Figuring Nonfarm Net Earnings If you meet the three tests explained earlier, use the following table to figure your net earnings from self-employment under the nonfarm optional method. I need a 1040x form Table 10-1. I need a 1040x form Figuring Nonfarm Net Earnings IF your gross nonfarm income is. I need a 1040x form . I need a 1040x form . I need a 1040x form THEN your net earnings are equal to. I need a 1040x form . I need a 1040x form . I need a 1040x form $6,960 or less Two-thirds of your gross nonfarm income. I need a 1040x form More than $6,960 $4,640 Actual net earnings. I need a 1040x form   Your actual net earnings are 92. I need a 1040x form 35% of your total earnings subject to SE tax (that is, multiply total earnings subject to SE tax by 92. I need a 1040x form 35% (. I need a 1040x form 9235) to get actual net earnings). I need a 1040x form Actual net earnings are equivalent to net earnings figured using the regular method. I need a 1040x form Optional net earnings less than actual net earnings. I need a 1040x form   You cannot use this method to report an amount less than your actual net earnings from self-employment. I need a 1040x form Gross nonfarm income of $6,960 or less. I need a 1040x form   The following examples illustrate how to figure net earnings when gross nonfarm income is $6,960 or less. I need a 1040x form Example 1. I need a 1040x form Net nonfarm profit less than $5,024 and less than 72. I need a 1040x form 189% of gross nonfarm income. I need a 1040x form Ann Green runs a craft business. I need a 1040x form Her actual net earnings from self-employment were $800 in 2011 and $900 in 2012. I need a 1040x form She meets the test for being self-employed on a regular basis. I need a 1040x form She has used the nonfarm optional method less than 5 years. I need a 1040x form Her gross income and net profit in 2013 are as follows: Gross nonfarm income $5,400 Net nonfarm profit $1,200 Ann's actual net earnings for 2013 are $1,108 ($1,200 × . I need a 1040x form 9235). I need a 1040x form Because her net profit is less than $5,024 and less than 72. I need a 1040x form 189% of her gross income, she can use the nonfarm optional method to figure net earnings of $3,600 (2/3 × $5,400). I need a 1040x form Because these net earnings are higher than her actual net earnings, she can report net earnings of $3,600 for 2013. I need a 1040x form Example 2. I need a 1040x form Net nonfarm profit less than $5,024 but not less than 72. I need a 1040x form 189% of gross nonfarm income. I need a 1040x form Assume that in Example 1 Ann's gross income is $1,000 and her net profit is $800. I need a 1040x form She must use the regular method to figure her net earnings. I need a 1040x form She cannot use the nonfarm optional method because her net profit is not less than 72. I need a 1040x form 189% of her gross income. I need a 1040x form Example 3. I need a 1040x form Net loss from a nonfarm business. I need a 1040x form Assume that in Example 1 Ann has a net loss of $700. I need a 1040x form She can use the nonfarm optional method and report $3,600 (2/3 × $5,400) as her net earnings. I need a 1040x form Example 4. I need a 1040x form Nonfarm net earnings less than $400. I need a 1040x form Assume that in Example 1 Ann has gross income of $525 and a net profit of $175. I need a 1040x form In this situation, she would not pay any SE tax under either the regular method or the nonfarm optional method because her net earnings under both methods are less than $400. I need a 1040x form Gross nonfarm income of more than $6,960. I need a 1040x form   The following examples illustrate how to figure net earnings when gross nonfarm income is more than $6,960. I need a 1040x form Example 1. I need a 1040x form Net nonfarm profit less than $5,024 and less than 72. I need a 1040x form 189% of gross nonfarm income. I need a 1040x form John White runs an appliance repair shop. I need a 1040x form His actual net earnings from self-employment were $10,500 in 2011 and $9,500 in 2012. I need a 1040x form He meets the test for being self-employed on a regular basis. I need a 1040x form He has used the nonfarm optional method less than 5 years. I need a 1040x form His gross income and net profit in 2013 are as follows: Gross nonfarm income $12,000 Net nonfarm profit $1,200 John's actual net earnings for 2013 are $1,108 ($1,200 × . I need a 1040x form 9235). I need a 1040x form Because his net profit is less than $5,024 and less than 72. I need a 1040x form 189% of his gross income, he can use the nonfarm optional method to figure net earnings of $4,640. I need a 1040x form Because these net earnings are higher than his actual net earnings, he can report net earnings of $4,640 for 2013. I need a 1040x form Example 2. I need a 1040x form Net nonfarm profit not less than $5,024. I need a 1040x form Assume that in Example 1 John's net profit is $5,400. I need a 1040x form He must use the regular method. I need a 1040x form He cannot use the nonfarm optional method because his net nonfarm profit is not less than $5,024. I need a 1040x form Example 3. I need a 1040x form Net loss from a nonfarm business. I need a 1040x form Assume that in Example 1 John has a net loss of $700. I need a 1040x form He can use the nonfarm optional method and report $4,640 as his net earnings from self-employment. I need a 1040x form Farm Optional Method Use the farm optional method only for earnings from a farming business. I need a 1040x form See Publication 225 for information about this method. I need a 1040x form Using Both Optional Methods If you have both farm and nonfarm earnings, you may be able to use both optional methods to determine your net earnings from self-employment. I need a 1040x form To figure your net earnings using both optional methods, you must: Figure your farm and nonfarm net earnings separately under each method. I need a 1040x form Do not combine farm earnings with nonfarm earnings to figure your net earnings under either method. I need a 1040x form Add the net earnings figured under each method to arrive at your total net earnings from self-employment. I need a 1040x form You can report less than your total actual farm and nonfarm net earnings but not less than actual nonfarm net earnings. I need a 1040x form If you use both optional methods, you can report no more than $4,640 as your combined net earnings from self-employment. I need a 1040x form Example. I need a 1040x form You are a self-employed farmer. I need a 1040x form You also operate a retail grocery store. I need a 1040x form Your gross income, actual net earnings from self-employment, and optional farm and optional nonfarm net earnings from self-employment are shown in Table 10-2. I need a 1040x form Table 10-2. I need a 1040x form Example—Farm and Nonfarm Earnings Income and Earnings Farm Nonfarm Gross income $3,000 $6,000 Actual net earnings $900 $500 Optional net earnings (2/3 of gross income) $2,000 $4,000 Table 10-3 shows four methods or combinations of methods you can use to figure net earnings from self-employment using the farm and nonfarm gross income and actual net earnings shown in Table 10-2. I need a 1040x form Method 1. I need a 1040x form Using the regular method for both farm and nonfarm income. I need a 1040x form Method 2. I need a 1040x form Using the optional method for farm income and the regular method for nonfarm income. I need a 1040x form Method 3. I need a 1040x form Using the regular method for farm income and the optional method for nonfarm income. I need a 1040x form Method 4. I need a 1040x form Using the optional method for both farm and nonfarm income. I need a 1040x form Note. I need a 1040x form Actual net earnings is the same as net earnings figured using the regular method. I need a 1040x form Table 10-3. I need a 1040x form Example—Net Earnings Net Earnings 1 2 3 4 Actual  farm $ 900   $ 900   Optional  farm   $ 2,000   $ 2,000 Actual nonfarm $ 500 $ 500     Optional nonfarm     $4,000 $4,000 Amount you can report: $1,400 $2,500 $4,900 $4,640* *Limited to $4,640 because you used both optional methods. I need a 1040x form Fiscal Year Filer If you use a tax year other than the calendar year, you must use the tax rate and maximum earnings limit in effect at the beginning of your tax year. I need a 1040x form Even if the tax rate or maximum earnings limit changes during your tax year, continue to use the same rate and limit throughout your tax year. I need a 1040x form Reporting Self-Employment Tax Use Schedule SE (Form 1040) to figure and report your SE tax. I need a 1040x form Then enter the SE tax on line 56 of Form 1040 and attach Schedule SE to Form 1040. I need a 1040x form Most taxpayers can use Section A—Short Schedule SE to figure their SE tax. I need a 1040x form However, certain taxpayers must use Section B—Long Schedule SE. I need a 1040x form If you have to pay SE tax, you must file Form 1040 (with Schedule SE attached) even if you do not otherwise have to file a federal income tax return. I need a 1040x form Joint return. I need a 1040x form   Even if you file a joint return, you cannot file a joint Schedule SE. I need a 1040x form This is true whether one spouse or both spouses have earnings subject to SE tax. I need a 1040x form If both of you have earnings subject to SE tax, each of you must complete a separate Schedule SE. I need a 1040x form However, if one spouse uses the Short Schedule SE and the other spouse has to use the Long Schedule SE, both can use the same form. I need a 1040x form Attach both schedules to the joint return. I need a 1040x form More than one business. I need a 1040x form   If you have more than one trade or business, you must combine the net profit (or loss) from each business to figure your SE tax. I need a 1040x form A loss from one business will reduce your profit from another business. I need a 1040x form File one Schedule SE showing the earnings from self-employment, but file a separate Schedule C, C-EZ, or F for each business. I need a 1040x form Example. I need a 1040x form You are the sole proprietor of two separate businesses. I need a 1040x form You operate a restaurant that made a net profit of $25,000. I need a 1040x form You also have a cabinetmaking business that had a net loss of $500. I need a 1040x form You must file a Schedule C for the restaurant showing your net profit of $25,000 and another Schedule C for the cabinetmaking business showing your net loss of $500. I need a 1040x form You file Schedule SE showing total earnings subject to SE tax of $24,500. I need a 1040x form Prev  Up  Next   Home   More Online Publications