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I Need To Amend My 2012 Tax Return

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I Need To Amend My 2012 Tax Return

I need to amend my 2012 tax return Internal Revenue Bulletin:  2009-36  September 8, 2009  Rev. I need to amend my 2012 tax return Proc. I need to amend my 2012 tax return 2009-37 Table of Contents SECTION 1. I need to amend my 2012 tax return PURPOSE SECTION 2. I need to amend my 2012 tax return BACKGROUND SECTION 3. I need to amend my 2012 tax return SCOPE SECTION 4. I need to amend my 2012 tax return ELECTION PROCEDURES SECTION 5. I need to amend my 2012 tax return REQUIRED INFORMATION STATEMENT SECTION 6. I need to amend my 2012 tax return EFFECTIVE DATE SECTION 7. I need to amend my 2012 tax return TRANSITION RULE SECTION 8. I need to amend my 2012 tax return PAPERWORK REDUCTION ACT DRAFTING INFORMATION SECTION 1. I need to amend my 2012 tax return PURPOSE . I need to amend my 2012 tax return 01 This revenue procedure provides the exclusive procedures for taxpayers to make an election to defer recognizing discharge of indebtedness income (“COD income”) under § 108(i) of the Internal Revenue Code. I need to amend my 2012 tax return . I need to amend my 2012 tax return 02 This revenue procedure also requires taxpayers making the § 108(i) election to provide additional information on returns beginning with the taxable year following the taxable year for which the taxpayer makes the election. I need to amend my 2012 tax return This revenue procedure describes the time and manner of providing this additional information. I need to amend my 2012 tax return . I need to amend my 2012 tax return 03 The Internal Revenue Service and Treasury Department intend to issue additional guidance under § 108(i) that may include regulations addressing matters in this revenue procedure. I need to amend my 2012 tax return Taxpayers should be aware that these regulations may be retroactive. I need to amend my 2012 tax return See § 7805(b)(2). I need to amend my 2012 tax return This revenue procedure may be modified to provide procedures consistent with additional guidance. I need to amend my 2012 tax return SECTION 2. I need to amend my 2012 tax return BACKGROUND . I need to amend my 2012 tax return 01 Section 108(i), Generally. I need to amend my 2012 tax return Section 108(i) was added to the Code by § 1231 of the American Recovery and Reinvestment Tax Act of 2009, Pub. I need to amend my 2012 tax return L. I need to amend my 2012 tax return No. I need to amend my 2012 tax return 111-5, 123 Stat. I need to amend my 2012 tax return 338. I need to amend my 2012 tax return In general, § 108(i) provides that, at the election of a taxpayer, COD income realized in connection with a reacquisition after December 31, 2008, and before January 1, 2011, of an applicable debt instrument is includible in gross income ratably over a 5-taxable-year inclusion period, beginning with the taxpayer’s fourth or fifth taxable year following the taxable year of the reacquisition. I need to amend my 2012 tax return Generally, if a taxpayer makes a § 108(i) election and reacquires (or is treated as reacquiring) the applicable debt instrument generating the COD income for a new debt instrument with original issue discount (“OID”), then interest deductions for this OID also are deferred, as provided in § 108(i)(2). I need to amend my 2012 tax return The OID deferral rule, however, does not apply if the amount of OID is less than a de minimis amount, as determined under § 1273(a)(3) and § 1. I need to amend my 2012 tax return 1273-1(d) of the Income Tax Regulations. I need to amend my 2012 tax return The OID deferral rule in § 108(i)(2) applies at the entity level for a pass-through entity. I need to amend my 2012 tax return For example, a partnership (and therefore its partners) may not deduct currently the OID described in § 108(i)(2)(A)(i). I need to amend my 2012 tax return A taxpayer must take into account any item of income or deduction deferred under § 108(i), and not previously taken into account, in the taxable year in which certain events occur (such as the liquidation of the taxpayer and upon other events specified in administrative guidance). I need to amend my 2012 tax return See § 108(i)(5)(D). I need to amend my 2012 tax return The rule regarding acceleration of deferred COD income and OID deductions also applies in the case of certain dispositions by persons holding ownership interests in pass-through entities. I need to amend my 2012 tax return Section 108(i)(5)(D)(ii). I need to amend my 2012 tax return For purposes of § 108(i), regulated investment companies (as defined in § 851(a)) and real estate investment trusts (as defined in § 856(a)) are not pass-through entities. I need to amend my 2012 tax return . I need to amend my 2012 tax return 02 Applicable Debt Instrument. I need to amend my 2012 tax return Section 108(i)(3)(A) defines the term “applicable debt instrument” to mean any debt instrument issued by a C corporation or by any other person in connection with the conduct of a trade or business by that person. I need to amend my 2012 tax return The term “debt instrument” means any bond, debenture, note, certificate, or any other instrument or contractual arrangement constituting indebtedness within the meaning of § 1275(a)(1). I need to amend my 2012 tax return Section 108(i)(3)(B). I need to amend my 2012 tax return For purposes of § 108(i), in the case of an intercompany obligation (as defined in § 1. I need to amend my 2012 tax return 1502-13(g)(2)(ii)), an applicable debt instrument includes only an instrument for which COD income is realized upon the instrument’s deemed satisfaction under § 1. I need to amend my 2012 tax return 1502-13(g)(5). I need to amend my 2012 tax return . I need to amend my 2012 tax return 03 Reacquisition. I need to amend my 2012 tax return Section 108(i)(4)(A) defines the term “reacquisition” to mean, with respect to any applicable debt instrument, any acquisition of the debt instrument by the debtor that issued (or is otherwise the obligor under) the debt instrument, or a person related to the debtor under § 108(e)(4). I need to amend my 2012 tax return The term “acquisition” includes an acquisition of the debt instrument for cash or other property, the exchange of the debt instrument for another debt instrument (including an exchange resulting from a modification of the debt instrument), the exchange of the debt instrument for corporate stock or a partnership interest, the contribution of the debt instrument to capital, and the complete forgiveness of the indebtedness by the holder of the debt instrument. I need to amend my 2012 tax return See § 108(i)(4)(B). I need to amend my 2012 tax return The term “acquisition” also includes an indirect acquisition within the meaning of § 1. I need to amend my 2012 tax return 108-2(c) if a direct acquisition of the debt instrument would qualify for an election under § 108(i). I need to amend my 2012 tax return For example, if a corporation acquires debt of a partnership that the partnership issued in connection with its trade or business, and the partnership and corporation become related within six months of the corporation’s acquisition of the debt, the indirect acquisition is an acquisition for which an election under § 108(i) may be made. I need to amend my 2012 tax return . I need to amend my 2012 tax return 04 General Requirements for the Section 108(i) Election. I need to amend my 2012 tax return Section 108(i)(5)(B) provides, in general, that a taxpayer makes the § 108(i) election by including a statement that clearly identifies the applicable debt instrument with the return of tax imposed for the taxable year in which the reacquisition of the instrument occurs. I need to amend my 2012 tax return (For purposes of this revenue procedure, a return of tax or income tax return includes an information return, and a taxpayer includes a person that files an information return. I need to amend my 2012 tax return ) The statement must include the amount of income to which § 108(i)(1) applies and other information the Service may prescribe. I need to amend my 2012 tax return Once made, a § 108(i) election is irrevocable and, except as provided in section 7 of this revenue procedure, may not be modified. I need to amend my 2012 tax return . I need to amend my 2012 tax return 05 Section 108(i) Elections Made by Pass-through Entities. I need to amend my 2012 tax return In the case of COD income realized by a pass-through entity from the reacquisition of an applicable debt instrument, the pass-through entity makes the § 108(i) election. I need to amend my 2012 tax return Section 108(i)(5)(B)(iii). I need to amend my 2012 tax return . I need to amend my 2012 tax return 06 Additional Information on Subsequent Years’ Returns. I need to amend my 2012 tax return Section 108(i)(7) authorizes the Service to issue guidance necessary or appropriate for applying § 108(i), including requiring reporting the election and other information on returns of tax for subsequent taxable years. I need to amend my 2012 tax return . I need to amend my 2012 tax return 07 Exclusivity. I need to amend my 2012 tax return Section 108(i)(5)(C) provides that if a taxpayer elects to apply § 108(i) to an applicable debt instrument, § 108(a)(1)(A), (B), (C), and (D) do not apply to COD income deferred under § 108(i). I need to amend my 2012 tax return . I need to amend my 2012 tax return 08 Allocation of Deferred COD Income on Partnership Indebtedness. I need to amend my 2012 tax return Section 4. I need to amend my 2012 tax return 04(3) of this revenue procedure describes how a partnership may elect under § 108(i) to defer a portion of the COD income realized from the reacquisition of an applicable debt instrument. I need to amend my 2012 tax return If a partnership elects to defer all or any portion of COD income realized from the reacquisition of an applicable debt instrument, all of the COD income with respect to that debt instrument, without regard to § 108(i), is allocated to the partners in the partnership immediately before the reacquisition in the manner in which the income would be included in the distributive shares of these partners under § 704 and the regulations thereunder, including § 1. I need to amend my 2012 tax return 704-1(b)(2)(iii). I need to amend my 2012 tax return Each partner’s share of this COD income is the partner’s COD income amount (“COD income amount”). I need to amend my 2012 tax return The partner’s COD income amount that is deferred under § 108(i) is the partner’s deferred amount (“deferred amount”). I need to amend my 2012 tax return The partner’s COD income amount that is not deferred and is included in the partner’s distributive share of partnership income for the taxable year of the partnership in which the reacquisition occurs is the partner’s included amount (“included amount”). I need to amend my 2012 tax return . I need to amend my 2012 tax return 09 Partner’s Deferred § 752 Amount. I need to amend my 2012 tax return A decrease in a partner’s share of a partnership liability resulting from the reacquisition of an applicable debt instrument that is not treated as a current distribution of money to the partner under § 752 by reason of § 108(i)(6) is the partner’s deferred § 752 amount (“deferred § 752 amount”). I need to amend my 2012 tax return A partner’s deferred § 752 amount may not exceed the lesser of (i) the partner’s deferred amount or (ii) gain that the partner would recognize in the year of reacquisition under § 731 as a result of the reacquisition absent § 108(i)(6). I need to amend my 2012 tax return To determine the amount of gain the partner would recognize under clause (ii) of the preceding sentence, the amount of any deemed distribution of money under § 752(b) resulting from the decrease in the partner’s share of a reacquired applicable debt instrument that is treated as an advance or draw of money under § 1. I need to amend my 2012 tax return 731-1(a)(1)(ii) is determined as if no COD income resulting from the reacquisition of the applicable debt instrument is deferred under § 108(i). I need to amend my 2012 tax return See Rev. I need to amend my 2012 tax return Rul. I need to amend my 2012 tax return 92-97, 1992-2 C. I need to amend my 2012 tax return B. I need to amend my 2012 tax return 124, and Rev. I need to amend my 2012 tax return Rul. I need to amend my 2012 tax return 94-4, 1994-1 C. I need to amend my 2012 tax return B. I need to amend my 2012 tax return 195. I need to amend my 2012 tax return A partner’s deferred § 752 amount is treated as a distribution of money to the partner under § 752 at the same time, and to the extent remaining in the same amount, as the partner recognizes the COD income deferred under § 108(i). I need to amend my 2012 tax return . I need to amend my 2012 tax return 10 Allocation of Deferred COD Income on S Corporation Indebtedness. I need to amend my 2012 tax return For purposes of § 108(i), an S corporation’s COD income deferred under § 108(i) is shared pro rata only among those shareholders that are shareholders of the S corporation immediately before the reacquisition transaction. I need to amend my 2012 tax return . I need to amend my 2012 tax return 11 Deferred COD Income, Earnings and Profits, and Alternative Minimum Taxable Income. I need to amend my 2012 tax return (1) In general. I need to amend my 2012 tax return The Service and Treasury Department intend to issue regulations regarding the computation of a corporation’s earnings and profits with respect to COD income and OID deductions that are deferred under § 108(i). I need to amend my 2012 tax return These regulations generally will provide that deferred COD income increases earnings and profits in the taxable year that it is realized and not in the taxable year or years that the deferred COD income is includible in gross income. I need to amend my 2012 tax return OID deductions deferred under § 108(i) generally will decrease earnings and profits in the taxable year or years in which the deduction would be allowed without regard to § 108(i). I need to amend my 2012 tax return COD income and OID deductions that are deferred increase or decrease adjusted current earnings under § 56(g)(4) in the taxable year or years that the income or deduction is includible or deductible in determining taxable income. I need to amend my 2012 tax return See § 1. I need to amend my 2012 tax return 56(g)-1(c)(1). I need to amend my 2012 tax return (2) Exceptions for certain special status corporations. I need to amend my 2012 tax return The Service and Treasury Department intend to issue regulations providing that in the case of regulated investment companies and real estate investment trusts, COD income deferred under § 108(i) generally increases earnings and profits in the taxable year or years in which the deferred COD income is includible in gross income and not in the year that the deferred COD income is realized. I need to amend my 2012 tax return OID deductions deferred under § 108(i) generally decrease earnings and profits in the taxable year or years that the deferred OID deductions are deductible. I need to amend my 2012 tax return . I need to amend my 2012 tax return 12 Extension of Time to Make Election. I need to amend my 2012 tax return Under § 301. I need to amend my 2012 tax return 9100-1 of the Procedure and Administration Regulations, the Service may grant an extension of time to make a regulatory election. I need to amend my 2012 tax return An election is a regulatory election if the due date is prescribed by regulation or other published guidance of general applicability. I need to amend my 2012 tax return Section 301. I need to amend my 2012 tax return 9100-2(a) provides an automatic 12-month extension from the due date for making certain regulatory elections. I need to amend my 2012 tax return SECTION 3. I need to amend my 2012 tax return SCOPE This revenue procedure applies to taxpayers that realize COD income from a reacquisition after December 31, 2008, and before January 1, 2011, of an applicable debt instrument, as provided in § 108(i). I need to amend my 2012 tax return SECTION 4. I need to amend my 2012 tax return ELECTION PROCEDURES . I need to amend my 2012 tax return 01 In General. I need to amend my 2012 tax return (1) A taxpayer within the scope of this revenue procedure makes the § 108(i) election by— (a) Attaching a statement meeting the requirements of section 4. I need to amend my 2012 tax return 05 of this revenue procedure to the taxpayer’s timely filed (including extensions) original federal income tax return for the taxable year in which the reacquisition of the applicable debt instrument occurs, and (b) If applicable, satisfying the additional requirements of section 4. I need to amend my 2012 tax return 07, 4. I need to amend my 2012 tax return 08, 4. I need to amend my 2012 tax return 09, or 4. I need to amend my 2012 tax return 10 of this revenue procedure. I need to amend my 2012 tax return (2) The Service grants an automatic extension of 12 months from the due date prescribed in section 4. I need to amend my 2012 tax return 01(1)(a) of this revenue procedure for making the § 108(i) election. I need to amend my 2012 tax return The rules that apply to an automatic extension under § 301. I need to amend my 2012 tax return 9100-2(a) apply to this automatic extension. I need to amend my 2012 tax return . I need to amend my 2012 tax return 02 Section 108(i) Elections Made by Members of Consolidated Groups. I need to amend my 2012 tax return The common parent of a consolidated group makes the § 108(i) election on behalf of all members of the group. I need to amend my 2012 tax return See § 1. I need to amend my 2012 tax return 1502-77(a). I need to amend my 2012 tax return . I need to amend my 2012 tax return 03 Aggregation Rule. I need to amend my 2012 tax return A taxpayer within the scope of this revenue procedure may treat two or more applicable debt instruments that are part of the same issue and that are reacquired during the same taxable year as one applicable debt instrument for purposes of this revenue procedure. I need to amend my 2012 tax return A pass-through entity may not treat two or more applicable debt instruments as one applicable debt instrument under this section 4. I need to amend my 2012 tax return 03 if the owners and their ownership interests in the pass-through entity immediately prior to the reacquisition of each applicable debt instrument are not identical. I need to amend my 2012 tax return . I need to amend my 2012 tax return 04 Partial Elections. I need to amend my 2012 tax return (1) A taxpayer within the scope of this revenue procedure may make an election for any portion of COD income realized from the reacquisition of any applicable debt instrument. I need to amend my 2012 tax return Thus, for example, if a taxpayer realizes $100 of COD income from the reacquisition of an applicable debt instrument, the taxpayer may elect under § 108(i)(1) to defer only $40 of the $100 of COD income. I need to amend my 2012 tax return The taxpayer may exclude from income the portion of COD income that the taxpayer does not elect to defer under § 108(i) ($60 in this example) under § 108(a)(1)(A), (B), (C), or (D), if applicable. I need to amend my 2012 tax return (2) A taxpayer is not required to make an election for the same portion of COD income arising from each applicable debt instrument that it reacquires, but may make an election for different portions of COD income arising from different applicable debt instruments (whether or not part of the same issue). I need to amend my 2012 tax return Thus, for example, if a taxpayer realizes $100 of COD income from the reacquisition of an applicable debt instrument (Instrument A) and $100 of COD income from the reacquisition of a different applicable debt instrument (Instrument B), the taxpayer may elect to defer all or a portion of the COD income associated with Instrument A and none or a different portion of the COD income associated with Instrument B. I need to amend my 2012 tax return (3) A partnership that elects to defer less than all of the COD income realized from the reacquisition of an applicable debt instrument may determine, in any manner, the portion, if any, of a partner’s COD income amount that is the partner’s deferred amount and the portion, if any, of a partner’s COD income amount that is the partner’s included amount. I need to amend my 2012 tax return Thus, for example, one partner’s deferred amount may be zero while another partner’s deferred amount may equal that partner’s COD income amount (or any portion thereof). I need to amend my 2012 tax return A partner may exclude from income the partner’s included amount under § 108(a)(1)(A), (B), (C), or (D), if applicable. I need to amend my 2012 tax return The provisions of this section 4. I need to amend my 2012 tax return 04(3) apply for purposes of § 108(i) only and are not intended as an interpretation of or a change to existing law under § 704. I need to amend my 2012 tax return . I need to amend my 2012 tax return 05 Contents of Election Statement. I need to amend my 2012 tax return A statement meets the requirements of this section 4. I need to amend my 2012 tax return 05 if the statement— (1) Label. I need to amend my 2012 tax return States “Section 108(i) Election” across the top. I need to amend my 2012 tax return (2) Required information. I need to amend my 2012 tax return Provides, for each applicable debt instrument the reacquisition of which generates COD income that the taxpayer is electing to defer under § 108(i)— (a) The name and taxpayer identification numbers, if any, of the issuer or issuers of the applicable debt instrument; (b) A general description of the applicable debt instrument (including the issue and maturity dates) and, in the case of any person other than a C corporation, a general description of the person’s trade or business to which the applicable debt instrument is connected; (c) A general description of the reacquisition transaction or transactions generating the COD income (including the date(s) of the transaction(s)); (d) The total amount of COD income for the applicable debt instrument that results from the reacquisition (in the case of a partnership, the aggregate of the partners’ COD income amounts) and a general description of the manner in which this amount is calculated; (e) The amount of COD income for the applicable debt instrument that the taxpayer is electing to defer under § 108(i); (f) In the case of a partnership, a list of partners that have a deferred amount, their identifying information and each partner’s deferred amount; and in the case of an S corporation, a list of shareholders with COD income deferred under § 108(i), their identifying information and each shareholder’s share of the S corporation’s deferred COD income; and (g) In cases in which a new debt instrument is issued or deemed issued in exchange for the applicable debt instrument (including exchanges under § 108(e)(4), § 108(i)(2)(B), and § 1. I need to amend my 2012 tax return 1001-3), the issuer’s name, the issuer’s taxpayer identification number, if any, a general description of the new debt instrument and whether the new debt instrument has OID, and if the new debt instrument has OID, a schedule of the OID that the issuer expects to accrue each taxable year on the instrument and the amount of OID that the issuer expects to defer under § 108(i)(2) each taxable year. I need to amend my 2012 tax return . I need to amend my 2012 tax return 06 Supplemental information. I need to amend my 2012 tax return The statement described in section 4. I need to amend my 2012 tax return 05 of this revenue procedure may specify for each applicable debt instrument an amount greater than the amount identified in section 4. I need to amend my 2012 tax return 05(2)(e) of this revenue procedure that the taxpayer elects to defer under § 108(i) in the event the Service subsequently concludes that the taxpayer understated the amount of COD income described in section 4. I need to amend my 2012 tax return 05(2)(d) of this revenue procedure. I need to amend my 2012 tax return This additional amount of COD income the taxpayer elects to defer may be described as the entire additional COD income, or as a percentage of any additional COD income. I need to amend my 2012 tax return If the taxpayer is a partnership, the partnership must specify each partner’s share of the partnership’s additional COD income that would be deferred (the partner’s additional deferred amount), which the partnership may describe for each partner as the partner’s entire share of the partnership’s additional COD income or as a percentage of the partner’s share of the partnership’s additional COD income. I need to amend my 2012 tax return If the taxpayer is an S corporation, the S corporation must specify each shareholder’s share of the S corporation’s additional COD income that would be deferred, which the S corporation may describe for each shareholder as the shareholder’s entire share of the S corporation’s additional COD income or as a percentage of the shareholder’s share of the S corporation’s additional COD income. I need to amend my 2012 tax return In the case of partnerships and S corporations, the additional COD income and the portion of additional COD income that would be deferred are allocated or determined as provided in sections 2. I need to amend my 2012 tax return 08, 2. I need to amend my 2012 tax return 10 and, if applicable, 4. I need to amend my 2012 tax return 04(3) of this revenue procedure, respectively, as if the additional COD income was realized. I need to amend my 2012 tax return . I need to amend my 2012 tax return 07 Additional Requirements for Certain Partnerships Making a § 108(i) Election. I need to amend my 2012 tax return The rules of this section 4. I need to amend my 2012 tax return 07 apply to partnerships other than partnerships described in section 4. I need to amend my 2012 tax return 10 of this revenue procedure. I need to amend my 2012 tax return (1) Information filing on Schedule K-1 (Form 1065 and Form 1065-B). I need to amend my 2012 tax return For the taxable year in which the § 108(i) election is made, the partnership must report on the Schedule K-1 (Form 1065 or Form 1065-B), Partner’s Share of Income, Deductions, Credits, etc. I need to amend my 2012 tax return , in the manner specified in the instructions to the forms, for each partner § 108(i) information on an aggregate basis for all applicable debt instruments for which a § 108(i) election is made. I need to amend my 2012 tax return Partnerships reporting § 108(i) information on the 2008 Schedule K-1 (Form 1065 or Form 1065-B) must report for each partner on an aggregate basis for all applicable debt instruments for which a § 108(i) election is made: (a) The partner’s deferred amount that the partner must include in income in the current taxable year under § 108(i)(1) or § 108(i)(5)(D)(i) or (ii), in box 11 (“other income”) using code F for Schedule K-1 (Form 1065) or in box 9 (“other”) using code U for Schedule K-1 (Form 1065-B); (b) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(2)(A)(ii) or § 108(i)(5)(D)(i) or (ii), in box 13 (“other deductions”) using code W for Schedule K-1 (Form 1065) or in box 9 (“other”) using code U for Schedule K-1 (Form 1065-B); (c) The partner’s deferred amount that has not been included in income in the current or prior taxable years, in box 20 (“other information”) using code X for Schedule K-1 (Form 1065) or in box 9 (“other”) using code U for Schedule K-1 (Form 1065-B); (d) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) that has not been deducted in the current or prior taxable years, in box 20 (“other information”) using code X for Schedule K-1 (Form 1065) or in box 9 (“other”) using code U for Schedule K-1 (Form 1065-B); (e) The partner’s deferred § 752 amount that is treated as a distribution of money to the partner under § 752 in the current taxable year, in box 20 (“other information”) using code X for Schedule K-1 (Form 1065) or in box 9 (“other”) using code U for Schedule K-1 (Form 1065-B); and (f) The partner’s deferred § 752 amount remaining as of the end of the current taxable year, in box 20 (“other information”) using code X for Schedule K-1 (Form 1065) or in box 9 (“other”) using code U for Schedule K-1 (Form 1065-B). I need to amend my 2012 tax return (2) Election information statement provided to partners. I need to amend my 2012 tax return The partnership must attach to the Schedule K-1 (Form 1065 or Form 1065-B) provided to each partner for the taxable year in which the § 108(i) election is made a statement satisfying the requirements of this section 4. I need to amend my 2012 tax return 07(2). I need to amend my 2012 tax return The partnership should not attach these statements to the Schedules K-1 that are filed with the Service, but must retain these statements, and each partner must retain that partner’s statement, in their respective books and records. I need to amend my 2012 tax return A statement meets the requirements of this section 4. I need to amend my 2012 tax return 07(2) if the statement— (a) Label. I need to amend my 2012 tax return States “Section 108(i) Election Information Statement for Partners” across the top. I need to amend my 2012 tax return (b) Required information. I need to amend my 2012 tax return Clearly identifies for each applicable debt instrument to which an election under § 108(i) applies— (i) The partner’s COD income amount, the partner’s deferred amount, and the partner’s included amount; (ii) The partner’s deferred amount that the partner must include in income in the current taxable year under § 108(i)(5)(D)(i) or (ii); (iii) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) in the current taxable year; (iv) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(5)(D)(i) or (ii); (v) The partner’s share of each liability of the partnership described in section 4. I need to amend my 2012 tax return 05(2)(g) of this revenue procedure; (vi) The partner’s share of the decrease in the partnership liability that results from the reacquisition of the applicable debt instrument; (vii) The partner’s share of the decrease in the partnership liability that results from the reacquisition of the applicable debt instrument that is treated as a distribution of money to the partner under § 752 in the current taxable year; (viii) The partner’s deferred § 752 amount as described in section 2. I need to amend my 2012 tax return 09 of this revenue procedure; (ix) The partner’s additional deferred amount as described in section 4. I need to amend my 2012 tax return 06 of this revenue procedure; and (x) The date of the reacquisition transaction generating the COD income. I need to amend my 2012 tax return (c) If a partner fails to provide the written statement required by section 4. I need to amend my 2012 tax return 07(3) of this revenue procedure, the partnership must indicate that the amounts described in section 4. I need to amend my 2012 tax return 07(2)(b)(vii) and (viii) of this revenue procedure cannot be calculated because the partner did not provide the information necessary to report these amounts. I need to amend my 2012 tax return (3) Partner reporting requirements. I need to amend my 2012 tax return The partnership must make reasonable efforts prior to making a § 108(i) election to secure from each partner with a deferred amount for which it does not have the information necessary to compute the partner’s basis in its partnership interest (and its deferred § 752 amount as described in section 2. I need to amend my 2012 tax return 09 of this revenue procedure) a written statement signed under penalties of perjury that includes this information. I need to amend my 2012 tax return Each partner with a deferred amount must provide this written statement to the partnership within 30 days of the date of request by the partnership. I need to amend my 2012 tax return A partner’s failure to comply with this reporting requirement does not invalidate the partnership’s election under § 108(i) for an applicable debt instrument only if the partnership makes reasonable efforts before making the § 108(i) election to obtain the written statement from the partner and otherwise complies with the requirements of section 4 of this revenue procedure. I need to amend my 2012 tax return If a partner provides its written statement under this section 4. I need to amend my 2012 tax return 07(3) after the partnership has provided to the partner the Section 108(i) Election Information Statement for Partners, the partnership must provide to the partner a revised Section 108(i) Election Information Statement for Partners reporting the information required under section 4. I need to amend my 2012 tax return 07(2)(b)(vii) and (viii) of this revenue procedure and report the partner’s deferred § 752 amount on the partner’s Schedule K-1 (Form 1065 or Form 1065-B) in subsequent taxable years. I need to amend my 2012 tax return . I need to amend my 2012 tax return 08 Additional Requirements for an S Corporation Making a § 108(i) Election. I need to amend my 2012 tax return (1) Information filing on Schedule K-1 (Form 1120S). I need to amend my 2012 tax return For the taxable year in which the § 108(i) election is made, the S corporation must report on the Schedule K-1 (Form 1120S), Shareholder’s Share of Income, Deductions, Credits, etc. I need to amend my 2012 tax return , in the manner specified in the instructions to the forms, for each shareholder § 108(i) information on an aggregate basis for all applicable debt instruments for which a § 108(i) election is made. I need to amend my 2012 tax return S corporations reporting § 108(i) information on the 2008 Schedule K-1 (Form 1120S) must report for each shareholder, on an aggregate basis for all applicable debt instruments for which a § 108(i) election is made, the shareholder’s share of the S corporation’s: (a) COD income deferred under § 108(i) that the shareholder must include in income in the current taxable year under § 108(i)(1) or § 108(i)(5)(D)(i) or (ii), in box 10 (“other income”) using code E; (b) OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(2)(A)(ii), or § 108(i)(5)(D)(i) or (ii), in box 12 (“other deductions”) using code S; (c) COD income deferred under § 108(i) that has not been included in income in the current or prior taxable years, in box 17 (“other information”) using code T; and (d) OID deduction deferred under § 108(i)(2)(A)(i) that has not been deducted in the current or prior taxable years, in box 17 (“other information”) using code T. I need to amend my 2012 tax return (2) Election information statement provided to shareholders. I need to amend my 2012 tax return The S corporation must attach to the Schedule K-1 (Form 1120S) provided to each shareholder for the taxable year in which the § 108(i) election is made, a statement satisfying the requirements of this section 4. I need to amend my 2012 tax return 08(2). I need to amend my 2012 tax return The S corporation should not attach these statements to the Schedules K-1 that are filed with the Service, but must retain these statements, and each shareholder must retain that shareholder’s statement, in their respective books and records. I need to amend my 2012 tax return A statement meets the requirements of this section 4. I need to amend my 2012 tax return 08(2) if the statement— (a) Label. I need to amend my 2012 tax return States “Section 108(i) Election Information Statement for Shareholders” across the top. I need to amend my 2012 tax return (b) Required information. I need to amend my 2012 tax return Clearly identifies for each applicable debt instrument to which an election under § 108(i) applies, the shareholder’s share of the S corporation’s— (i) COD income that the S corporation elects to defer under § 108(i); (ii) COD income deferred under § 108(i) that the shareholder must include in income in the current taxable year under § 108(i)(5)(D)(i) or (ii); (iii) OID deduction deferred under § 108(i)(2)(A)(i) in the current taxable year; (iv) OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(5)(D)(i) or (ii); and (v) Additional COD income that would be deferred as described in section 4. I need to amend my 2012 tax return 06 of this revenue procedure. I need to amend my 2012 tax return . I need to amend my 2012 tax return 09 Section 108(i) Elections Made on Behalf of Certain Foreign Corporations. I need to amend my 2012 tax return The controlling domestic shareholder(s) (or common parent of the controlling domestic shareholder(s), if applicable) of a controlled foreign corporation or a noncontrolled § 902 corporation not otherwise required to file a return of tax may make the § 108(i) election on behalf of the foreign corporation by satisfying the requirements of § 1. I need to amend my 2012 tax return 964-1(c)(3). I need to amend my 2012 tax return Each controlling domestic shareholder must attach a statement identifying the foreign corporation and satisfying the requirements of section 4. I need to amend my 2012 tax return 05 of this revenue procedure and, if applicable, section 4. I need to amend my 2012 tax return 06 of this revenue procedure, to its federal income tax return for the taxable year ending within or with the taxable year of the foreign corporation for which the § 108(i) election is made. I need to amend my 2012 tax return . I need to amend my 2012 tax return 10 Section 108(i) Elections Made By Certain Foreign Partnerships. I need to amend my 2012 tax return The rules of this section 4. I need to amend my 2012 tax return 10 apply to a foreign partnership making a § 108(i) election that is not otherwise required to file a federal partnership return (“nonfiling foreign partnership”). I need to amend my 2012 tax return See § 1. I need to amend my 2012 tax return 6031(a)-1(b). I need to amend my 2012 tax return (1) A nonfiling foreign partnership making the election must attach a statement satisfying the requirements of section 4. I need to amend my 2012 tax return 05 of this revenue procedure and, if applicable, section 4. I need to amend my 2012 tax return 06 of this revenue procedure, to a partnership return satisfying the requirements of § 1. I need to amend my 2012 tax return 6031(a)-1(b)(5) it files with the Service. I need to amend my 2012 tax return In addition, a nonfiling foreign partnership must include in the information required in section 4. I need to amend my 2012 tax return 05(2)(d) and (e) of this revenue procedure the aggregate amounts for all partners as well as the aggregate amounts for all U. I need to amend my 2012 tax return S. I need to amend my 2012 tax return persons (as defined in § 7701(a)(30)) and controlled foreign corporation(s) that are partners with deferred amounts in the nonfiling foreign partnership (“affected partners”). I need to amend my 2012 tax return (2) The nonfiling foreign partnership must make the election, in accordance with § 1. I need to amend my 2012 tax return 6031(a)-1(b)(5), by the date provided in section 4. I need to amend my 2012 tax return 01(1)(a) of this revenue procedure, as if it had a filing obligation for the taxable year in which the reacquisition of the applicable debt instrument occurs. I need to amend my 2012 tax return (3) For each affected partner, the partnership must file with the Service a Schedule K-1 (Form 1065) and report on the Schedule K-1 (Form 1065) for the affected partner as provided in section 4. I need to amend my 2012 tax return 07(1) of this revenue procedure. I need to amend my 2012 tax return Except for this § 108(i) information, the partnership need not complete Part III of the Schedule K-1 (Form 1065). I need to amend my 2012 tax return The partnership must provide a copy of the respective Schedule K-1 (Form 1065) to each affected partner and must also attach to the Schedule K-1 (Form 1065) provided to each affected partner a statement satisfying the requirements of section 4. I need to amend my 2012 tax return 07(2) of this revenue procedure by the date provided in section 4. I need to amend my 2012 tax return 01(1)(a) of this revenue procedure. I need to amend my 2012 tax return The partnership should not attach any statement described in section 4. I need to amend my 2012 tax return 07(2) of this revenue procedure to the Schedules K-1 that are filed with the Service. I need to amend my 2012 tax return However, the partnership must retain the statements provided to the affected partners, and each affected partner must retain that partner’s statement, in their respective books and records. I need to amend my 2012 tax return (4) The partnership and each affected partner must satisfy the requirements of section 4. I need to amend my 2012 tax return 07(3) of this revenue procedure. I need to amend my 2012 tax return . I need to amend my 2012 tax return 11 Protective § 108(i) Election. I need to amend my 2012 tax return (1) In general. I need to amend my 2012 tax return A taxpayer may make a protective election under § 108(i) for an applicable debt instrument if the taxpayer concludes that a particular transaction does not result in the realization of COD income, reports the transaction on its federal income tax return in a manner consistent with the taxpayer’s conclusion, and would be within the scope of this revenue procedure if the taxpayer’s conclusion were incorrect. I need to amend my 2012 tax return If the Service at any time determines the taxpayer’s conclusion that the particular transaction does not result in the realization of COD income is incorrect, the taxpayer’s protective election is treated as a valid, irrevocable election under § 108(i). I need to amend my 2012 tax return Thus, if a taxpayer makes a protective election, the Service subsequently may require the taxpayer to report COD income deferred pursuant to the valid and irrevocable protective election even if the statute of limitations has expired for the year in which the COD income was realized and the protective election was made. I need to amend my 2012 tax return A taxpayer makes a protective election by attaching a statement satisfying the requirements of this section 4. I need to amend my 2012 tax return 11(1) to the taxpayer’s original federal income tax return within the period described in section 4. I need to amend my 2012 tax return 01(1)(a) of this revenue procedure. I need to amend my 2012 tax return The taxpayer also must attach the election to its federal income tax return in each of the 8 or 9 taxable years, as applicable, following the taxable year of the election. I need to amend my 2012 tax return A statement meets the requirements of this section 4. I need to amend my 2012 tax return 11(1) if the statement— (a) States “Section 108(i) Protective Election” across the top; (b) Provides the information required under section 4. I need to amend my 2012 tax return 05(2)(a), (b), and (c) of this revenue procedure; (c) Provides that the amounts described in sections 4. I need to amend my 2012 tax return 05(2)(d) and (e) of this revenue procedure are zero; and (d) Provides the information described in section 4. I need to amend my 2012 tax return 06 of this revenue procedure. I need to amend my 2012 tax return (2) Statements provided to shareholders and partners. I need to amend my 2012 tax return (a) For each applicable debt instrument, a partnership or S corporation that makes a protective election must attach to the Schedule K-1 (Form 1065, Form 1065-B, or Form 1120S) it provides each of its partners or shareholders, as the case may be, for the taxable year in which the protective election is made a statement containing the information described in section 4. I need to amend my 2012 tax return 11(1)(b) of this revenue procedure (an S corporation need not provide its shareholders with the date(s) of the transaction(s) that would constitute the reacquisition transaction or transactions) and the partner’s or shareholder’s share of the additional COD income that would be deferred as described in section 4. I need to amend my 2012 tax return 11(1)(d) of this revenue procedure. I need to amend my 2012 tax return (b) The partnership or S corporation should not attach the statements described in this section 4. I need to amend my 2012 tax return 11(2) to the Schedules K-1 that are filed with the Service but must retain these statements, and each partner and shareholder must retain that partner’s or shareholder’s statement, in their respective books and records. I need to amend my 2012 tax return . I need to amend my 2012 tax return 12 Election-Year Reporting by Tiered Pass-Through Entities. I need to amend my 2012 tax return (1) A partnership required to file a U. I need to amend my 2012 tax return S. I need to amend my 2012 tax return partnership return other than under § 1. I need to amend my 2012 tax return 6031(a)-1(b)(5), or an S corporation, that receives a Schedule K-1 (Form 1065 or Form 1065-B) reflecting its share of any items listed in section 4. I need to amend my 2012 tax return 07(1) of this revenue procedure, must report on the Schedules K-1 (Form 1065, Form 1065-B, or Form 1120S) to its partners or shareholders, as the case may be, each partner’s or shareholder’s share of those items (an S corporation only reports to its shareholders the items described in section 4. I need to amend my 2012 tax return 07(1)(a) through (d) of this revenue procedure). I need to amend my 2012 tax return (2) If a partnership described in section 4. I need to amend my 2012 tax return 12(1) of this revenue procedure receives a statement described in sections 4. I need to amend my 2012 tax return 07(2) or 4. I need to amend my 2012 tax return 10(3) of this revenue procedure or this section 4. I need to amend my 2012 tax return 12(2), it must provide each of its partners a statement containing the partner’s share of each of the items listed on each statement received by the partnership, including the information described in section 4. I need to amend my 2012 tax return 07(2)(b)(x) of this revenue procedure. I need to amend my 2012 tax return If an S corporation receives a statement described in sections 4. I need to amend my 2012 tax return 07(2) or 4. I need to amend my 2012 tax return 10(3) of this revenue procedure or this section 4. I need to amend my 2012 tax return 12(2), it must provide each of its shareholders a statement containing the shareholder’s share of each of the items listed on each statement received by the S corporation that are described in section 4. I need to amend my 2012 tax return 07(2)(b)(i), (ii), (iii), (iv) and (ix) of this revenue procedure. I need to amend my 2012 tax return The partnership or S corporation must attach this statement or statements to the Schedule K-1 (Form 1065, Form 1065-B, or Form 1120S) that it provides to each of its partners or shareholders, as the case may be, for the taxable year of the partnership or S corporation. I need to amend my 2012 tax return The partnership or S corporation should not attach these statements to the Schedules K-1 that are filed with the Service but must retain these statements, and each partner and shareholder must retain that partner’s or shareholder’s statement, in their respective books and records. I need to amend my 2012 tax return (3) A partnership that receives a statement described in this section 4 identifying its COD income amount with respect to an applicable debt instrument must allocate its COD income amount, without regard to § 108(i), to the partners in the partnership immediately before the reacquisition transaction in the manner in which the income would be included in the distributive shares of these partners under § 704 and the regulations thereunder, including § 1. I need to amend my 2012 tax return 704-1(b)(2)(iii). I need to amend my 2012 tax return The partnership may determine in any manner the portion, if any, of a partner’s COD income amount that is the partner’s deferred amount and the portion, if any, of a partner’s COD income amount that is the partner’s included amount. I need to amend my 2012 tax return No partner’s deferred amount with respect to an applicable debt instrument may exceed its COD income amount with respect to the applicable debt instrument, and the aggregate of deferred amounts of its partners with respect to an applicable debt instrument must equal the partnership’s deferred amount with respect to the applicable debt instrument. I need to amend my 2012 tax return The partnership allocates amounts described in section 4. I need to amend my 2012 tax return 06 of this revenue procedure under this section 4. I need to amend my 2012 tax return 12(3) as if the additional COD income was realized. I need to amend my 2012 tax return (4) The deferred § 752 amount for partners in a partnership making a § 108(i) election is calculated only for the partnership’s direct partners. I need to amend my 2012 tax return No further adjustment to the deferred § 752 amount is made to reflect the basis or other attributes of partners that are indirect partners in the partnership. I need to amend my 2012 tax return (5) If an S corporation receives a statement described in this section 4 identifying its COD income amount, deferred amount, included amount or additional COD income that would be deferred with respect to an applicable debt instrument, these amounts are shared pro rata only among those shareholders that are shareholders in the S corporation immediately before the reacquisition transaction. I need to amend my 2012 tax return (6) This paragraph 4. I need to amend my 2012 tax return 12(6) provides the rules for Category 1 and Category 2 filers of Form 8865, Return of U. I need to amend my 2012 tax return S. I need to amend my 2012 tax return Persons With Respect to Certain Foreign Partnerships, as defined in the instructions for Form 8865, if the foreign partnership, for which the Category 1 or Category 2 filer has a filing requirement, receives a Schedule K-1 (Form 1065 or Form 1065-B) reflecting the partnership’s share of any items listed in section 4. I need to amend my 2012 tax return 07(1) of this revenue procedure, or a statement described in sections 4. I need to amend my 2012 tax return 07(2) or 4. I need to amend my 2012 tax return 10(3) of this revenue procedure (because the foreign partnership owns an interest directly or indirectly in another partnership in which an election was made under § 108(i) with respect to that foreign partnership’s distributive share from the other entity). I need to amend my 2012 tax return (a) For each partner for whom the Category 1 filer is required to complete a Schedule K-1 (Form 8865) (which includes the Category 1 filer itself), the Category 1 filer must: (i) Include the information described in section 4. I need to amend my 2012 tax return 07(1) of this revenue procedure in the Schedule K-1 (Form 8865) that the Category 1 filer files with the Service and completes for the partner; (ii) Produce a statement containing the partner’s share of the items listed on each statement received by the partnership; and (iii) Attach the statement described in section 4. I need to amend my 2012 tax return 12(6)(a)(ii) of this revenue procedure to each Schedule K-1 (Form 8865) that it is required to provide to a partner of the foreign partnership. I need to amend my 2012 tax return (b) A Category 2 filer must include its share of the information described in section 4. I need to amend my 2012 tax return 07(1) on the Schedule K-1 (Form 8865) that it is required to complete. I need to amend my 2012 tax return Category 2 filers also must complete a statement containing their share of the items listed on each statement received by the partnership. I need to amend my 2012 tax return (c) The Category 1 and Category 2 filers should not attach the statements described in sections 4. I need to amend my 2012 tax return 12(6)(a)(ii) and 4. I need to amend my 2012 tax return 12(6)(b) of this revenue procedure, respectively, to the Schedules K-1 that are filed with the Service. I need to amend my 2012 tax return However, Category 1 filers must retain the statements they complete and each partner must retain its own statement, in their respective books and records. I need to amend my 2012 tax return (7) If as a result of § 108(i)(5)(D)(ii), a partner of a partnership described in section 4. I need to amend my 2012 tax return 12(1) of this revenue procedure or a shareholder of an S corporation described in section 4. I need to amend my 2012 tax return 12(1) of this revenue procedure must recognize items deferred under § 108(i), the partnership or S corporation must report these items on the Schedule K-1 (Form 1065, Form 1065-B, or Form 1120S) and statements provided to the partner or shareholder pursuant to section 4. I need to amend my 2012 tax return 12(1) and (2) of this revenue procedure. I need to amend my 2012 tax return Similar rules apply to Category 1 and Category 2 filers (Form 8865) described in section 4. I need to amend my 2012 tax return 12(6) of this revenue procedure. I need to amend my 2012 tax return (8) The provisions of section 4. I need to amend my 2012 tax return 12(2), (3), (5) and (6) of this revenue procedure also apply to a statement received that is described in section 4. I need to amend my 2012 tax return 11(2) of this revenue procedure, except that the information that must be provided are those items described in section 4. I need to amend my 2012 tax return 11(1)(b) of this revenue procedure (an S corporation need not provide its shareholders with the date(s) of the transaction(s) that would constitute the reacquisition transaction or transactions) and the share of the partner or shareholder in the amounts described in section 4. I need to amend my 2012 tax return 11(1)(d) of this revenue procedure. I need to amend my 2012 tax return SECTION 5. I need to amend my 2012 tax return REQUIRED INFORMATION STATEMENT . I need to amend my 2012 tax return 01 Annual Information Statements. I need to amend my 2012 tax return Pursuant to § 108(i)(7)(B), a taxpayer that makes an election under § 108(i) (except for a protective election under section 4. I need to amend my 2012 tax return 11(1) of this revenue procedure) must attach a statement meeting the requirements of section 5. I need to amend my 2012 tax return 02 of this revenue procedure to its federal income tax return for each taxable year beginning with the taxable year following the taxable year for which the taxpayer makes the election and ending with the first taxable year in which all items deferred under § 108(i) have been recognized. I need to amend my 2012 tax return . I need to amend my 2012 tax return 02 Contents of Statement. I need to amend my 2012 tax return A statement meets the requirements of this section 5. I need to amend my 2012 tax return 02 if the statement— (1) Label. I need to amend my 2012 tax return States “Section 108(i) Information Statement” across the top; (2) Required information. I need to amend my 2012 tax return Clearly identifies for each applicable debt instrument to which an election under § 108(i) applies— (a) COD income deferred under § 108(i) that is included in income in the current taxable year under § 108(i)(1); (b) COD income deferred under § 108(i) that is included in income in the current taxable year under § 108(i)(5)(D), including a description and date of the acceleration event described in § 108(i)(5)(D); (c) COD income deferred under § 108(i) that has not been included in income in the current or prior taxable years (in the case of a partnership, the aggregate of the partners’ deferred amounts that have not been included in income in the current or prior taxable years, and in the case of an S corporation, the S corporation’s COD income deferred under § 108(i) that has not been included in income in the current or prior taxable years); (d) OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(2)(A)(ii); (e) OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(5)(D); and (f) OID deduction deferred under § 108(i)(2)(A)(i) that has not been deducted in the current or prior taxable years. I need to amend my 2012 tax return (3) Election attached. I need to amend my 2012 tax return Includes a copy of the election statement described in section 4. I need to amend my 2012 tax return 05 of this revenue procedure. I need to amend my 2012 tax return . I need to amend my 2012 tax return 03 Additional Annual Reporting Requirements for Certain Partnerships. I need to amend my 2012 tax return The rules of this section 5. I need to amend my 2012 tax return 03 apply to partnerships other than partnerships described in section 5. I need to amend my 2012 tax return 05 of this revenue procedure. I need to amend my 2012 tax return (1) In general. I need to amend my 2012 tax return A partnership that makes an election under § 108(i) (except for a protective election under section 4. I need to amend my 2012 tax return 11(1) of this revenue procedure) must attach to its federal income tax returns the statements required under section 5. I need to amend my 2012 tax return 01 of this revenue procedure. I need to amend my 2012 tax return In addition, for each taxable year in which a statement is required under section 5. I need to amend my 2012 tax return 01 of this revenue procedure, the partnership must report on the Schedule K-1 (Form 1065 or Form 1065-B) for each partner § 108(i) information in the manner described in section 4. I need to amend my 2012 tax return 07(1) of this revenue procedure. I need to amend my 2012 tax return (2) Annual information statements provided to partners. I need to amend my 2012 tax return The partnership must attach to the Schedule K-1 (Form 1065) provided to each partner for each taxable year in which a statement is required under section 5. I need to amend my 2012 tax return 01 of this revenue procedure, a statement meeting the requirements of this section 5. I need to amend my 2012 tax return 03(2). I need to amend my 2012 tax return The partnership should not attach these statements to the Schedules K-1 that are filed with the Service, but must retain these statements, and each partner must retain that partner’s statement, in their respective books and records. I need to amend my 2012 tax return A statement meets the requirements of this section 5. I need to amend my 2012 tax return 03(2) if the statement— (a) Label. I need to amend my 2012 tax return States “Section 108(i) Annual Information Statement for Partners” across the top of the statement. I need to amend my 2012 tax return (b) Required information. I need to amend my 2012 tax return Clearly identifies for each applicable debt instrument to which a § 108(i) election applies— (i) The partner’s deferred amount that has not been included in income as of the end of the prior taxable year; (ii) The partner’s deferred amount that the partner must include in income in the current taxable year under § 108(i)(1); (iii) The partner’s deferred amount that the partner must include in income in the current taxable year under § 108(i)(5)(D)(i) or (ii); (iv) The partner’s deferred amount that has not been included in income in the current or prior taxable years; (v) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) in the current taxable year; (vi) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(2)(A)(ii); (vii) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(5)(D)(i) or (ii); (viii) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) that has not been deducted in the current or prior taxable years; and (ix) The partner’s deferred § 752 amount that is treated as a distribution of money to the partner under § 752 in the current taxable year and any remaining deferred § 752 amount. I need to amend my 2012 tax return If a partner fails to provide the written statement required by section 4. I need to amend my 2012 tax return 07(3) of this revenue procedure, the partnership must indicate that the amounts described in this section 5. I need to amend my 2012 tax return 03(2)(b)(ix) cannot be calculated because the partner did not provide the information necessary to report these amounts. I need to amend my 2012 tax return . I need to amend my 2012 tax return 04 Additional Annual Reporting Requirements for an S Corporation. I need to amend my 2012 tax return (1) In general. I need to amend my 2012 tax return An S corporation that makes an election under § 108(i) (except for a protective election under section 4. I need to amend my 2012 tax return 11(1) of this revenue procedure) must attach to its federal income tax returns the statements required under section 5. I need to amend my 2012 tax return 01 of this revenue procedure. I need to amend my 2012 tax return In addition, for each taxable year in which a statement is required under section 5. I need to amend my 2012 tax return 01 of this revenue procedure, the S corporation must report on the Schedule K-1 (Form 1120S) for each shareholder § 108(i) information in the manner described in section 4. I need to amend my 2012 tax return 08(1) of this revenue procedure. I need to amend my 2012 tax return (2) Annual information statements provided to shareholders. I need to amend my 2012 tax return The S corporation must attach to the Schedule K-1 (Form 1120S) provided to each shareholder for each taxable year in which a statement is required under section 5. I need to amend my 2012 tax return 01 of this revenue procedure a statement meeting the requirements of this section 5. I need to amend my 2012 tax return 04(2). I need to amend my 2012 tax return The S corporation should not attach these statements to the Schedules K-1 that are filed with the Service, but must retain these statements, and each shareholder must retain that shareholder’s statement, in their respective books and records. I need to amend my 2012 tax return A statement meets the requirements of this section 5. I need to amend my 2012 tax return 04(2) if the statement— (a) Label. I need to amend my 2012 tax return States “Section 108(i) Annual Information Statement for Shareholders” across the top; (b) Required information. I need to amend my 2012 tax return Clearly identifies for each applicable debt instrument to which an election under § 108(i) applies, the shareholder’s share of the S corporation’s— (i) COD income deferred under § 108(i) that has not been included in income as of the end of the prior taxable year; (ii) COD income deferred under § 108(i) that the shareholder must include in income in the current taxable year under § 108(i)(1); (iii) COD income deferred under § 108(i) that the shareholder must include in income in the current taxable year under § 108(i)(5)(D)(i) or (ii); (iv) COD income deferred under § 108(i) that has not been included in income in the current or prior taxable years; (v) OID deduction deferred under § 108(i)(2)(A)(i) in the current taxable year; (vi) OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(2)(A)(ii); (vii) OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(5)(D)(i) or (ii); and (viii) OID deduction deferred under § 108(i)(2)(A)(i) that has not been deducted in the current or prior taxable years. I need to amend my 2012 tax return . I need to amend my 2012 tax return 05 Additional Annual Reporting Requirements for Certain Foreign Partnerships. I need to amend my 2012 tax return (1) The rules of this section 5. I need to amend my 2012 tax return 05 apply to nonfiling foreign partnerships. I need to amend my 2012 tax return (2) A nonfiling foreign partnership that makes an election under § 108(i) (except for a protective election under section 4. I need to amend my 2012 tax return 11(1) of this revenue procedure) must file federal income tax returns with the Service containing the information under § 1. I need to amend my 2012 tax return 6031(a)-1(b)(5) for each taxable year in which a statement is required by section 5. I need to amend my 2012 tax return 01 of this revenue procedure. I need to amend my 2012 tax return (3) The nonfiling foreign partnership must attach to its federal income tax returns the statements required under section 5. I need to amend my 2012 tax return 01 of this revenue procedure, but only for that portion of the COD income allocated to affected partners. I need to amend my 2012 tax return (4) For each taxable year in which a statement is required under section 5. I need to amend my 2012 tax return 01 of this revenue procedure, the nonfiling foreign partnership must provide each affected partner a Schedule K-1 (Form 1065) reporting § 108(i) information in the manner described in section 4. I need to amend my 2012 tax return 07(1) of this revenue procedure. I need to amend my 2012 tax return Except for this § 108(i) information, the partnership need not complete Part III of the Schedule K-1 (Form 1065). I need to amend my 2012 tax return The partnership must provide each affected partner with a copy of the Schedule K-1 (Form 1065) by the date provided in § 1. I need to amend my 2012 tax return 6031(b)-1T(b). I need to amend my 2012 tax return The partnership must attach the Schedules K-1 (Form 1065) to the federal income tax returns filed with the Service pursuant to section 5. I need to amend my 2012 tax return 05(2) of this revenue procedure. I need to amend my 2012 tax return (5) For each taxable year for which a statement is required under section 5. I need to amend my 2012 tax return 01 of this revenue procedure, the nonfiling foreign partnership must attach to each affected partner’s Schedule K-1 (Form 1065) a statement meeting the requirements of section 5. I need to amend my 2012 tax return 03(2) of this revenue procedure. I need to amend my 2012 tax return The partnership should not attach these statements to the Schedules K-1 that are filed with the Service, but must retain the statements, and each partner must retain that partner’s statement, in their respective books and records. I need to amend my 2012 tax return . I need to amend my 2012 tax return 06 Information Statements Made on Behalf of Certain Foreign Corporations. I need to amend my 2012 tax return Each controlling domestic shareholder must attach a statement identifying the foreign corporation and meeting the requirements of section 5. I need to amend my 2012 tax return 02 of this revenue procedure to the shareholder’s federal income tax return for each taxable year for which a statement is required under section 5. I need to amend my 2012 tax return 01 of this revenue procedure. I need to amend my 2012 tax return . I need to amend my 2012 tax return 07 Additional Annual Reporting Requirements for Tiered Pass-Through Entities. I need to amend my 2012 tax return (1) A partnership required to file a U. I need to amend my 2012 tax return S. I need to amend my 2012 tax return partnership return other than under § 1. I need to amend my 2012 tax return 6031(a)-1(b)(5), or an S corporation, that receives a Schedule K-1 (Form 1065 or Form 1065-B) described in the second sentence of section 5. I need to amend my 2012 tax return 03(1) of this revenue procedure reflecting its share of any § 108(i) information must report on the Schedules K-1 (Form 1065, Form 1065-B, or Form 1120S) to its partners or shareholders, as the case may be, each partner’s or shareholder’s share of those items (an S corporation only reports to its shareholders the items described in section 4. I need to amend my 2012 tax return 07(1)(a) through (d) of this revenue procedure). I need to amend my 2012 tax return (2) If a partnership described in section 5. I need to amend my 2012 tax return 07(1) of this revenue procedure receives a statement described in sections 5. I need to amend my 2012 tax return 03(2) or 5. I need to amend my 2012 tax return 05(5) of this revenue procedure or this section 5. I need to amend my 2012 tax return 07(2), it must provide each of its partners a statement containing the partner’s share of each of the items listed on each statement received by the partnership. I need to amend my 2012 tax return If an S corporation receives a statement described in sections 5. I need to amend my 2012 tax return 03(2) or 5. I need to amend my 2012 tax return 05(5) of this revenue procedure or this section 5. I need to amend my 2012 tax return 07(2), it must provide each of its shareholders a statement containing the shareholder’s share of each of the items listed on each statement received by the S corporation that are described in section 5. I need to amend my 2012 tax return 03(2)(b)(i) through (viii) of this revenue procedure. I need to amend my 2012 tax return The partnership or S corporation must attach the statement or statements to the Schedule K-1 (Form 1065 or Form 1065-B) or Schedule K-1 (Form 1120S) that is provided to each of its partners or shareholders, as the case may be, for the taxable year of the partnership or S corporation. I need to amend my 2012 tax return The partnership or S corporation should not attach these statements to the Schedules K-1 that are filed with the Service, but must retain these statements, and each partner and shareholder must retain that partner’s or shareholder’s statement, in their respective books and records. I need to amend my 2012 tax return (3) This paragraph 5. I need to amend my 2012 tax return 07(3) provides the rules for persons described in section 4. I need to amend my 2012 tax return 12(6) of this revenue procedure if the foreign partnership, for which the Category 1 or 2 filer has a filing requirement, receives a Schedule K-1 (Form 1065 or Form 1065-B) reflecting the partnership’s share of any items described in the second sentence of section 5. I need to amend my 2012 tax return 03(1) of this revenue procedure, or a statement described in sections 5. I need to amend my 2012 tax return 03(2) or 5. I need to amend my 2012 tax return 05(5) of this revenue procedure (because the foreign partnership owns an interest directly or indirectly in another partnership in which an election was made under § 108(i) with respect to that foreign partnership’s distributive share from the other entity). I need to amend my 2012 tax return (a) For each partner for whom the Category 1 filer is required to complete a Schedule K-1 (Form 8865) (which includes the Category 1 filer itself), the Category 1 filer must: (i) Include the information described in section 4. I need to amend my 2012 tax return 07(1) of this revenue procedure in the Schedule K-1 (Form 8865) that the Category 1 filer files with the Service and completes for the partner; (ii) Produce a statement containing the partner’s share of the items listed on each statement received by the partnership; and (iii) Attach the statement described in section 5. I need to amend my 2012 tax return 07(3)(a)(ii) of this revenue procedure to each Schedule K-1 (Form 8865) that it is required to provide to a partner of the foreign partnership. I need to amend my 2012 tax return (b) A Category 2 filer must include its share of the information described in section 4. I need to amend my 2012 tax return 07(1) on the Schedule K-1 (Form 8865) that it is required to complete. I need to amend my 2012 tax return Category 2 filers also must complete a statement containing their share of the items listed on each statement received by the partnership. I need to amend my 2012 tax return (c) The Category 1 and Category 2 filers should not attach the statements described in sections 5. I need to amend my 2012 tax return 07(3)(a)(ii) and 5. I need to amend my 2012 tax return 07(3)(b) of this revenue procedure, respectively, to the Schedules K-1 that are filed with the Service. I need to amend my 2012 tax return However, Category 1 filers must retain the statements they complete and each partner must retain its own statement, in their respective books and records. I need to amend my 2012 tax return (4) If as a result of § 108(i)(5)(D)(ii), a partner of a partnership described in section 5. I need to amend my 2012 tax return 07(1) of this revenue procedure or a shareholder of an S corporation described in section 5. I need to amend my 2012 tax return 07(1) of this revenue procedure must recognize items deferred under § 108(i), the partnership or S corporation must report these items on the Schedule K-1 (Form 1065, Form 1065-B, or Form 1120S) and statements provided to the partner or shareholder pursuant to section 5. I need to amend my 2012 tax return 07(1) and (2) of this revenue procedure. I need to amend my 2012 tax return Similar rules apply to Category 1 and Category 2 filers (Form 8865) described in section 4. I need to amend my 2012 tax return 12(6) of this revenue procedure. I need to amend my 2012 tax return SECTION 6. I need to amend my 2012 tax return EFFECTIVE DATE This revenue procedure is effective for reacquisitions of applicable debt instruments in taxable years ending after December 31, 2008. I need to amend my 2012 tax return SECTION 7. I need to amend my 2012 tax return TRANSITION RULE . I need to amend my 2012 tax return 01 Noncomplying Election. I need to amend my 2012 tax return Except as otherwise provided in this section 7. I need to amend my 2012 tax return 01, the Service will treat a § 108(i) election as effective if a taxpayer files an election with the taxpayer’s federal income tax return filed on or before September 16, 2009, using any reasonable procedure to make the election. I need to amend my 2012 tax return However, an election that does not comply with section 4 of this revenue procedure will not be effective unless the taxpayer on or before November 16, 2009, files an amended return for the taxable year of the election and complies with the requirements of section 4 of this revenue procedure. I need to amend my 2012 tax return . I need to amend my 2012 tax return 02 Modification of Election. I need to amend my 2012 tax return A taxpayer that files a § 108(i) election on or before September 16, 2009, may modify that election by filing an amended return on or before November 16, 2009 (for example, to modify the amount of COD income the taxpayer elects to defer). I need to amend my 2012 tax return To be effective, a modification of an election described in the preceding sentence must satisfy the requirements for an election described in section 4 of this revenue procedure. I need to amend my 2012 tax return . I need to amend my 2012 tax return 03 Notations. I need to amend my 2012 tax return A taxpayer that files the amended return on paper must write “Section 108(i) Election” on the top of the first page. I need to amend my 2012 tax return A taxpayer that files the amended return electronically should indicate “Section 108(i) Election” on the return. I need to amend my 2012 tax return See Publication 4163, Modernized e-File (MeF) Information for Authorized IRS e-file Providers for Business Returns Tax Year 2008 for more details. I need to amend my 2012 tax return SECTION 8. I need to amend my 2012 tax return PAPERWORK REDUCTION ACT The collection of information contained in this revenue procedure has been reviewed and approved by the Office of Management and Budget in accordance with the Paperwork Reduction Act (44 U. I need to amend my 2012 tax return S. I need to amend my 2012 tax return C. I need to amend my 2012 tax return 3507) under control number 1545-2147. I need to amend my 2012 tax return An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid OMB control number. I need to amend my 2012 tax return The collection of information in this revenue procedure is in sections 4, 5 and 7. I need to amend my 2012 tax return This information is required to determine the amount of income and deductions a taxpayer elects to defer and to track those amounts until the taxpayer has reported all deferred income and deductions on the taxpayer’s tax return. I need to amend my 2012 tax return This information will be used during examination to verify that a taxpayer has correctly deferred income and deductions. I need to amend my 2012 tax return The collection of information is required to obtain a benefit. I need to amend my 2012 tax return The likely respondents are C corporations, shareholders of S corporations, partners of partnerships, and other individuals engaged in a trade or business, that reacquire applicable debt instruments in 2009 or 2010. I need to amend my 2012 tax return The estimated total annual reporting burden is 300,000 hours. I need to amend my 2012 tax return The estimated annual burden per respondent varies from 1 to 8 hours, depending on individual circumstances, with an estimated average of 6 hours. I need to amend my 2012 tax return The estimated number of respondents is 50,000. I need to amend my 2012 tax return Books or records relating to a collection of information must be retained as long as their contents may become material in the administration of any internal revenue law. I need to amend my 2012 tax return Generally, tax returns and return information are confidential, as required by § 6103. I need to amend my 2012 tax return DRAFTING INFORMATION The principal authors of this revenue procedure are Megan A. I need to amend my 2012 tax return Stoner of the Office of Associate Chief Counsel (Passthroughs & Special Industries) and Craig Wojay of the Office of Associate Chief Counsel (Income Tax & Accounting). I need to amend my 2012 tax return For further information regarding this revenue procedure, contact Megan A. I need to amend my 2012 tax return Stoner at (202) 622-3070 for questions involving partnerships and S corporations, William E. I need to amend my 2012 tax return Blanchard at (202) 622-3950 for questions involving OID, Ronald M. I need to amend my 2012 tax return Gootzeit at (202) 622-3860 for questions involving foreign entities, Robert Rhyne at (202) 622-7790 for questions involving earnings and profits and consolidated groups, and Craig Wojay at (202) 622-4920 for questions on § 108(i) generally (not toll-free calls). I need to amend my 2012 tax return Prev  Up  Next   Home   More Internal Revenue Bulletins
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I need to amend my 2012 tax return 3. I need to amend my 2012 tax return   Credit for Withholding and Estimated Tax for 2013 Table of Contents Introduction Topics - This chapter discusses: WithholdingForm W-2 Form W-2G The 1099 Series Form Not Correct Form Received After Filing Separate Returns Fiscal Years (FY) Estimated TaxSeparate Returns Divorced Taxpayers Excess Social Security or Railroad Retirement Tax WithholdingJoint returns. I need to amend my 2012 tax return Worksheet for Nonrailroad Employees Worksheets for Railroad Employees Introduction When you file your 2013 income tax return, take credit for all the income tax and excess social security or railroad retirement tax withheld from your salary, wages, pensions, etc. I need to amend my 2012 tax return Also take credit for the estimated tax you paid for 2013. I need to amend my 2012 tax return These credits are subtracted from your total tax. I need to amend my 2012 tax return Because these credits are refundable, you should file a return and claim these credits, even if you do not owe tax. I need to amend my 2012 tax return If the total of your withholding and your estimated tax payments for any payment period is less than the amount you needed to pay by the due date for that period, you may be charged a penalty, even if the total of these credits is more than your tax for the year. I need to amend my 2012 tax return Topics - This chapter discusses: How to take credit for withholding, How to take credit for estimated taxes you paid, and How to take credit for excess social security, Medicare, or railroad retirement tax withholding. I need to amend my 2012 tax return Withholding If you had income tax withheld during 2013, you generally should be sent a statement by January 31, 2014, showing your income and the tax withheld. I need to amend my 2012 tax return Depending on the source of your income, you will receive: Form W-2, Wage and Tax Statement, Form W-2G, Certain Gambling Winnings, or A form in the 1099 series. I need to amend my 2012 tax return Form W-2 Your employer is required to provide or send Form W-2 to you no later than January 31, 2014. I need to amend my 2012 tax return You should receive a separate Form W-2 from each employer you worked for. I need to amend my 2012 tax return If you stopped working before the end of 2013, your employer could have given you your Form W-2 at any time after you stopped working. I need to amend my 2012 tax return However, your employer must provide or send it to you by January 31, 2014. I need to amend my 2012 tax return If you ask for the form, your employer must send it to you within 30 days after receiving your written request or within 30 days after your final wage payment, whichever is later. I need to amend my 2012 tax return If you have not received your Form W-2 by January 31, contact your employer or payer to request a copy. I need to amend my 2012 tax return If you still do not get the form by February 15, the IRS can help you by requesting the form from your employer. I need to amend my 2012 tax return The phone number for the IRS is listed in chapter 5. I need to amend my 2012 tax return You will be asked for the following information. I need to amend my 2012 tax return Your name, address, city and state, zip code, and social security number. I need to amend my 2012 tax return Your employer's name, address, city, state, zip code, and the employer's identification number (if known). I need to amend my 2012 tax return An estimate of the wages you earned, the federal income tax withheld, and the period you worked for that employer. I need to amend my 2012 tax return The estimate should be based on year-to-date information from your final pay stub or leave-and-earnings statement, if possible. I need to amend my 2012 tax return Form W-2 shows your total pay and other compensation and the income tax, social security tax, and Medicare tax that was withheld during the year. I need to amend my 2012 tax return Total the federal income tax withheld (shown in box 2 of all Forms W-2 received) and enter that amount on the appropriate line of your tax return. I need to amend my 2012 tax return In addition, Form W-2 is used to report any taxable sick pay you received and any income tax withheld from your sick pay. I need to amend my 2012 tax return Your sick pay may be combined with other wages in one Form W-2 or you may receive a separate Form W-2 for sick pay. I need to amend my 2012 tax return If you file a paper tax return, attach Copy B of Form W-2 to your return. I need to amend my 2012 tax return Form W-2G If you had gambling winnings in 2013, the payer may have withheld income tax. I need to amend my 2012 tax return If tax was withheld, the payer will give you a Form W-2G showing the amount you won and the amount of tax withheld. I need to amend my 2012 tax return Report the amounts you won on line 21 of Form 1040. I need to amend my 2012 tax return Take credit for the tax withheld on line 62 of Form 1040. I need to amend my 2012 tax return If you had gambling winnings, you must use Form 1040; you cannot use Form 1040A or Form 1040EZ. I need to amend my 2012 tax return Gambling losses can be deducted on Schedule A (Form 1040) as a miscellaneous itemized deduction. I need to amend my 2012 tax return However, you cannot deduct more than the gambling winnings you report on Form 1040. I need to amend my 2012 tax return File Form W-2G with your income tax return only if it shows any federal income tax withheld in box 2. I need to amend my 2012 tax return The 1099 Series Most forms in the 1099 series are not filed with your return. I need to amend my 2012 tax return In general, these forms should be furnished to you by January 31, 2014. I need to amend my 2012 tax return Unless instructed to file any of these forms with your return, keep them for your records. I need to amend my 2012 tax return There are several different forms in this series, including: Form 1099-B, Proceeds From Broker and Barter Exchange Transactions; Form 1099-C, Cancellation of Debt; Form 1099-DIV, Dividends and Distributions; Form 1099-G, Certain Government Payments; Form 1099-INT, Interest Income; Form 1099-K, Payment Card and Third-Party Network Transactions; Form 1099-MISC, Miscellaneous Income; Form 1099-OID, Original Issue Discount; Form 1099-PATR, Taxable Distributions Received From Cooperatives; Form 1099-Q, Payments From Qualified Education Programs (Under Sections 529 and 530); Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. I need to amend my 2012 tax return ; Form SSA-1099, Social Security Benefit Statement; and Form RRB-1099, Payments by the Railroad Retirement Board. I need to amend my 2012 tax return If you received the types of income reported on some forms in the 1099 series, you may not be able to use Form 1040A or Form 1040EZ. I need to amend my 2012 tax return See the instructions to these forms for details. I need to amend my 2012 tax return Reporting your withholding. I need to amend my 2012 tax return   Report on your tax return all federal income tax withholding shown on your Form 1099, Form SSA-1099, and/or Form RRB-1099. I need to amend my 2012 tax return Include the amount withheld in the total on line 62 of Form 1040, line 36 of Form 1040A, or line 7 of Form 1040EZ. I need to amend my 2012 tax return Form 1099-R. I need to amend my 2012 tax return   Attach Form 1099-R to your paper return if federal income tax withholding is shown in box 4. I need to amend my 2012 tax return Do not attach any other Form 1099. I need to amend my 2012 tax return Form Not Correct If you receive a form with incorrect information, you should ask the payer for a corrected form. I need to amend my 2012 tax return Call the telephone number or write to the address given for the payer on the form. I need to amend my 2012 tax return The corrected Form W-2G or Form 1099 you receive will have an “X” in the “CORRECTED” box at the top of the form. I need to amend my 2012 tax return A special form, Form W-2c, Corrected Wage and Tax Statement, is used to correct a Form W-2. I need to amend my 2012 tax return In certain situations, you will receive two forms in place of the original incorrect form. I need to amend my 2012 tax return This will happen when your taxpayer identification number is wrong or missing, your name and address are wrong, or you received the wrong type of form (for example, a Form 1099-DIV instead of a Form 1099-INT). I need to amend my 2012 tax return One new form you receive will be the same incorrect form or have the same incorrect information, but all money amounts will be zero. I need to amend my 2012 tax return This form will have an “X” in the “CORRECTED” box at the top of the form. I need to amend my 2012 tax return The second new form should have all the correct information, prepared as though it is the original (the “CORRECTED” box will not be checked). I need to amend my 2012 tax return Form Received After Filing If you file your return and you later receive a form for income that you did not include on your return, report the income and take credit for any income tax withheld by filing Form 1040X, Amended U. I need to amend my 2012 tax return S. I need to amend my 2012 tax return Individual Income Tax Return. I need to amend my 2012 tax return Separate Returns If you are married but file a separate return, you can take credit only for the tax withheld from your own income. I need to amend my 2012 tax return Do not include any amount withheld from your spouse's income. I need to amend my 2012 tax return However, different rules may apply if you live in a community property state. I need to amend my 2012 tax return Community property states. I need to amend my 2012 tax return   The following are community property states. I need to amend my 2012 tax return Arizona. I need to amend my 2012 tax return California. I need to amend my 2012 tax return Idaho. I need to amend my 2012 tax return Louisiana. I need to amend my 2012 tax return Nevada. I need to amend my 2012 tax return New Mexico. I need to amend my 2012 tax return Texas. I need to amend my 2012 tax return Washington. I need to amend my 2012 tax return Wisconsin. I need to amend my 2012 tax return Generally, if you live in a community property state and file a separate return, you and your spouse each must report half of all community income in addition to your own separate income. I need to amend my 2012 tax return If you are required to report half of all community income, you are entitled to take credit for half of all taxes withheld on the community income. I need to amend my 2012 tax return If you were divorced during the year, each of you generally must report half the community income and can take credit for half the withholding on that community income for the period before the divorce. I need to amend my 2012 tax return   For more information on these rules, and some exceptions, see Publication 555, Community Property. I need to amend my 2012 tax return Fiscal Years (FY) If you file your tax return on the basis of a fiscal year (a 12-month period ending on the last day of any month except December), you must follow special rules, described below, to determine your credit for federal income tax withholding. I need to amend my 2012 tax return Fiscal year withholding. I need to amend my 2012 tax return    You can claim credit on your tax return only for the tax withheld during the calendar year (CY) ending within your fiscal year. I need to amend my 2012 tax return You cannot claim credit for any of the tax withheld during the calendar year beginning in your fiscal year. I need to amend my 2012 tax return You will be able to claim credit for that withholding on your return for your next fiscal year. I need to amend my 2012 tax return   The Form W-2 or 1099 you receive for the calendar year that ends during your fiscal year will show the tax withheld and the income you received during that calendar year. I need to amend my 2012 tax return   Although you take credit for all the withheld tax shown on the form, report only the part of the income shown on the form that you received during your fiscal year. I need to amend my 2012 tax return Add to that the income you received during the rest of your fiscal year. I need to amend my 2012 tax return Example. I need to amend my 2012 tax return Miles Hanson files his return for a fiscal year ending June 30, 2013. I need to amend my 2012 tax return In January 2013, he received a Form W-2 that showed that his wages for 2012 were $31,200 and that his income tax withheld was $3,380. I need to amend my 2012 tax return His records show that he had received $15,000 of the wages by June 30, 2012, and $16,200 from July 1 through December 31, 2012. I need to amend my 2012 tax return See Table 3-1 . I need to amend my 2012 tax return On his return for the fiscal year ending June 30, 2013, Miles will report the $16,200 he was paid in July through December of 2012, plus the $18,850 he was paid during the rest of the fiscal year, January 1, 2013, through June 30, 2013. I need to amend my 2012 tax return However, he takes credit for all $3,380 that was withheld during 2012. I need to amend my 2012 tax return On his return for the fiscal year ending June 30, 2012, he reported the $15,000 he was paid in January through June 2012, but took no credit for the tax withheld during that time. I need to amend my 2012 tax return On his return for the fiscal year ending June 30, 2014, he will take the credit for any tax withheld during 2013 but not for any tax withheld during 2014. I need to amend my 2012 tax return Table 3-1. I need to amend my 2012 tax return Example for Fiscal Year Ending June 30, 2013—Miles Hanson Date Form W-2 Miles' records Tax return for FY ending 6/30/20121 Tax return for FY ending 6/30/2013 Wages With- holding Wages With- holding Wages With- holding Wages With- holding CY 20122 $31,200 $3,380             1/1/2012 –  6/30/2012     $15,000 $1,600 $15,000       7/1/2012 –  12/31/2012     $16,200 $1,780     $16,200 $3,380 CY 2013 $37,700 $4,316 3             1/1/2013 –  6/30/2013     $18,850 $2,158     $18,850   7/1/2013 –  12/31/2013     $18,850 4 $2,158         1Miles' tax return for FY ending 6/30/2012 also included his wages for 7/1–12/31/2011 and the withholding shown on his 2011 Form W-2. I need to amend my 2012 tax return  2Calendar year (January 1 – December 31). I need to amend my 2012 tax return   3Withholding shown on 2013 Form W-2 ($4,316) will be included in Miles' tax return for FY ending 6/30/2014, the fiscal year in which calendar year 2013 ends. I need to amend my 2012 tax return   4Wages for 7/1–12/31/2013 ($18,850) will be included in Miles' tax return for FY ending 6/30/2014, the fiscal year in which the wages were received. I need to amend my 2012 tax return Backup withholding. I need to amend my 2012 tax return   If income tax has been withheld under the backup withholding rule, take credit for it on your tax return for the fiscal year in which you received the income. I need to amend my 2012 tax return Example. I need to amend my 2012 tax return Emily Smith's records show that she received income in November 2013 and February 2014 from which there was backup withholding ($100 and $50, respectively). I need to amend my 2012 tax return Emily takes credit for the entire $150 of backup withholding on her tax return for the fiscal year ending September 30, 2014. I need to amend my 2012 tax return Estimated Tax Take credit for all your estimated tax payments for 2013 on line 63 of Form 1040 or line 37 of Form 1040A. I need to amend my 2012 tax return Include any overpayment from 2012 that you had credited to your 2013 estimated tax. I need to amend my 2012 tax return You must use Form 1040 or Form 1040A if you paid estimated tax. I need to amend my 2012 tax return You cannot file Form 1040EZ. I need to amend my 2012 tax return If you were a beneficiary of an estate or trust, you should receive a Schedule K-1 (Form 1041), Beneficiary's Share of Income, Deductions, Credits, etc. I need to amend my 2012 tax return , from the fiduciary. I need to amend my 2012 tax return If you have estimated taxes credited to you from the estate or trust (from Schedule K-1 (Form 1041)), you must report the estimated taxes on Schedule E (Form 1040). I need to amend my 2012 tax return On the dotted line next to the entry space for line 37 of Schedule E (Form 1040), enter “ES payment claimed” and the amount. I need to amend my 2012 tax return However, do not include this amount in the total on line 37. I need to amend my 2012 tax return Instead, enter the amount on Form 1040, line 63. I need to amend my 2012 tax return This estimated tax payment for 2013 is treated as being made by you on January 15, 2014. I need to amend my 2012 tax return Name changed. I need to amend my 2012 tax return   If you changed your name, and you made estimated tax payments using your former name, attach a statement to the front of your paper tax return indicating: When you made the payments, The amount of each payment, Your name when you made the payments, and The social security number under which you made the payments. I need to amend my 2012 tax return  The statement should cover payments you made jointly with your spouse as well as any you made separately. I need to amend my 2012 tax return   Be sure to report the change to your local Social Security Administration office before filing your 2014 tax return. I need to amend my 2012 tax return This prevents delays in processing your return and issuing refunds. I need to amend my 2012 tax return It also safeguards your future social security benefits. I need to amend my 2012 tax return For more information, call the Social Security Administration at 1-800-772-1213. I need to amend my 2012 tax return Separate Returns If you and your spouse made separate estimated tax payments for 2013 and you file separate returns, you can take credit only for your own payments. I need to amend my 2012 tax return If you made joint estimated tax payments, you must decide how to divide the payments between your returns. I need to amend my 2012 tax return One of you can claim all of the estimated tax paid and the other none, or you can divide it in any other way you agree on. I need to amend my 2012 tax return If you cannot agree, you must divide the payments in proportion to each spouse's individual tax as shown on your separate returns for 2013. I need to amend my 2012 tax return Example. I need to amend my 2012 tax return James and Evelyn Brown made joint estimated tax payments for 2013 totaling $3,000. I need to amend my 2012 tax return They file separate 2013 Forms 1040. I need to amend my 2012 tax return James' tax is $4,000 and Evelyn's is $1,000. I need to amend my 2012 tax return If they do not agree on how to divide the $3,000, they must divide it proportionately between their returns. I need to amend my 2012 tax return Because James' tax ($4,000) is 80% of the total tax ($5,000), his share of the estimated tax is $2,400 (80% of $3,000). I need to amend my 2012 tax return The balance, $600 (20% of $3,000), is Evelyn's share. I need to amend my 2012 tax return Divorced Taxpayers If you made joint estimated tax payments for 2013 and you were divorced during the year, either you or your former spouse can claim all of the joint payments, or you each can claim part of them. I need to amend my 2012 tax return If you cannot agree on how to divide the payments, you must divide them in proportion to each spouse's individual tax as shown on your separate returns for 2013. I need to amend my 2012 tax return See Example earlier under Separate Returns. I need to amend my 2012 tax return If you claim any of the joint payments on your tax return, enter your former spouse's social security number (SSN) in the space provided at the top of page 1 of Form 1040 or Form 1040A. I need to amend my 2012 tax return If you divorced and remarried in 2013, enter your present spouse's SSN in that space. I need to amend my 2012 tax return Enter your former spouse's SSN, followed by “DIV,” under Payments to the left of Form 1040, line 63, or in the blank space to the left of Form 1040A, line 37. I need to amend my 2012 tax return Excess Social Security or Railroad Retirement Tax Withholding Most employers must withhold social security tax from your wages. I need to amend my 2012 tax return In some cases, however, the federal government and state and local governments do not have to withhold social security tax from their employees' wages. I need to amend my 2012 tax return If you work for a railroad employer, that employer must withhold tier 1 railroad retirement (RRTA) tax and tier 2 RRTA tax. I need to amend my 2012 tax return Two or more employers. I need to amend my 2012 tax return   If you worked for two or more employers in 2013, too much social security tax or tier 1 RRTA tax may have been withheld from your pay. I need to amend my 2012 tax return You may be able to claim the excess as a credit against your income tax when you file your return. I need to amend my 2012 tax return Table 3-2 shows the maximum amount that should have been withheld for any of these taxes for 2013. I need to amend my 2012 tax return Figure the excess withholding on the appropriate worksheet. I need to amend my 2012 tax return    Table 3-2. I need to amend my 2012 tax return Maximum Social Security and RRTA Withholding for 2013 Type of tax Maximum wages subject to tax Tax rate Maximum tax to be withheld Social security $113,700 6. I need to amend my 2012 tax return 2% $7,049. I need to amend my 2012 tax return 40 Tier 1 RRTA $113,700 6. I need to amend my 2012 tax return 2% $7,049. I need to amend my 2012 tax return 40 Tier 2 RRTA $84,300 4. I need to amend my 2012 tax return 4% $3,709. I need to amend my 2012 tax return 20 Joint returns. I need to amend my 2012 tax return   If you are filing a joint return, you and your spouse must figure any excess social security or tier 1 RRTA separately. I need to amend my 2012 tax return Note. I need to amend my 2012 tax return All wages are subject to Medicare tax withholding. I need to amend my 2012 tax return Employer's error. I need to amend my 2012 tax return   If you had only one employer and he or she withheld too much social security, Medicare, or tier 1 RRTA tax, ask the employer to refund the excess amount to you. I need to amend my 2012 tax return If the employer refuses to refund the overcollection, ask for a statement indicating the amount of the overcollection to support your claim. I need to amend my 2012 tax return File a claim for refund using Form 843, Claim for Refund and Request for Abatement. I need to amend my 2012 tax return Worksheet for Nonrailroad Employees If you did not work for a railroad during 2013, figure the excess social security withholding on Worksheet 3-1. I need to amend my 2012 tax return Note. I need to amend my 2012 tax return If you worked for both a railroad employer and a nonrailroad employer, use Worksheet 3-2, to figure excess social security and tier 1 RRTA tax. I need to amend my 2012 tax return Where to claim credit for excess social security withholding. I need to amend my 2012 tax return   If you file Form 1040, enter the excess on line 69. I need to amend my 2012 tax return   If you file Form 1040A, include the excess in the total on line 41. I need to amend my 2012 tax return Write “Excess SST” and show the amount of the credit in the space to the left of the line. I need to amend my 2012 tax return   You cannot claim excess social security tax withholding on Form 1040EZ. I need to amend my 2012 tax return Worksheets for Railroad Employees If you worked for a railroad during 2013, figure your excess withholding on Worksheet 3-2 and 3-3, as appropriate. I need to amend my 2012 tax return Where to claim credit for excess tier 1 RRTA withholding. I need to amend my 2012 tax return   If you file Form 1040, enter the excess on line 69. I need to amend my 2012 tax return   If you file Form 1040A, include the excess in the total on line 41. I need to amend my 2012 tax return Write “Excess SST” and show the amount of the credit in the space to the left of the line. I need to amend my 2012 tax return   You cannot claim excess tier 1 RRTA withholding on Form 1040EZ. I need to amend my 2012 tax return How to claim refund of excess tier 2 RRTA. I need to amend my 2012 tax return   To claim a refund of tier 2 tax, use Form 843. I need to amend my 2012 tax return Be sure to attach a copy of all of your Forms W-2. I need to amend my 2012 tax return   See Worksheet 3-3 and the Instructions for Form 843, for more details. I need to amend my 2012 tax return Worksheet 3-1. I need to amend my 2012 tax return Excess Social Security—Nonrailroad Employees 1. I need to amend my 2012 tax return Add all social security tax withheld (but not more than  $7,049. I need to amend my 2012 tax return 40 for each employer). I need to amend my 2012 tax return This tax should be shown  in box 4 of your Forms W-2. I need to amend my 2012 tax return Enter the total here 1. I need to amend my 2012 tax return   2. I need to amend my 2012 tax return Enter any uncollected social security tax on tips or group-term life insurance on Form 1040, line 60, identified by “UT” 2. I need to amend my 2012 tax return   3. I need to amend my 2012 tax return Add lines 1 and 2. I need to amend my 2012 tax return If $7,049. I need to amend my 2012 tax return 40 or less, stop here. I need to amend my 2012 tax return You cannot claim the credit 3. I need to amend my 2012 tax return   4. I need to amend my 2012 tax return Social security limit 4. I need to amend my 2012 tax return $7,049. I need to amend my 2012 tax return 40 5. I need to amend my 2012 tax return Excess. I need to amend my 2012 tax return Subtract line 4 from line 3 5. I need to amend my 2012 tax return   Worksheet 3-2. I need to amend my 2012 tax return Excess Social Security and Tier 1 RRTA—Railroad Employees 1. I need to amend my 2012 tax return Add all social security and tier 1 RRTA tax withheld (but not more than $7,049. I need to amend my 2012 tax return 40 for each employer). I need to amend my 2012 tax return Social security tax should be shown in box 4 and tier 1 RRTA should be shown  in box 14 of your Forms W-2. I need to amend my 2012 tax return Enter the total here 1. I need to amend my 2012 tax return   2. I need to amend my 2012 tax return Enter any uncollected social security and tier 1 RRTA tax on tips or group-term life insurance on Form 1040, line 60, identified by “UT” 2. I need to amend my 2012 tax return   3. I need to amend my 2012 tax return Add lines 1 and 2. I need to amend my 2012 tax return If $7,049. I need to amend my 2012 tax return 40 or less, stop here. I need to amend my 2012 tax return You cannot claim the credit 3. I need to amend my 2012 tax return   4. I need to amend my 2012 tax return Social security and tier 1 RRTA tax limit 4. I need to amend my 2012 tax return $7,049. I need to amend my 2012 tax return 40 5. I need to amend my 2012 tax return Excess. I need to amend my 2012 tax return Subtract line 4 from line 3 5. I need to amend my 2012 tax return   Worksheet 3-3. I need to amend my 2012 tax return Excess Tier 2 RRTA—Railroad Employees 1. I need to amend my 2012 tax return Add all tier 2 RRTA tax withheld (but not more than $3,709. I need to amend my 2012 tax return 20 for each employer). I need to amend my 2012 tax return Box 14 of your Forms W-2 should show tier 2 RRTA tax. I need to amend my 2012 tax return Enter the total here 1. I need to amend my 2012 tax return   2. I need to amend my 2012 tax return Enter any uncollected tier 2 RRTA tax on tips or group-term life insurance on Form 1040, line 60, identified by “UT” 2. I need to amend my 2012 tax return   3. I need to amend my 2012 tax return Add lines 1 and 2. I need to amend my 2012 tax return If $3,709. I need to amend my 2012 tax return 20 or less, stop here. I need to amend my 2012 tax return You cannot claim the credit. I need to amend my 2012 tax return 3. I need to amend my 2012 tax return   4. I need to amend my 2012 tax return Tier 2 RRTA tax limit 4. I need to amend my 2012 tax return $3,709. I need to amend my 2012 tax return 20 5. I need to amend my 2012 tax return Excess. I need to amend my 2012 tax return Subtract line 4 from line 3. I need to amend my 2012 tax return 5. I need to amend my 2012 tax return   Prev  Up  Next   Home   More Online Publications