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Illinois 1040ez Publication 908 - Introductory Material Table of Contents Future Developments What's New Reminders Introduction Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 908, such as legislation enacted after it was published, go to www. Illinois 1040ez irs. Illinois 1040ez gov/pub908. Illinois 1040ez What's New Expiration of provision for catch-up contributions for IRC section 401(k) participants whose employer filed bankruptcy. Illinois 1040ez The Pension Protection Act of 2006, P. Illinois 1040ez L. Illinois 1040ez 109-280, previously allowed additional contributions of up to $7,000 in a traditional or Roth IRA for employees who participated in an IRC section 401(k) plan of an employer that filed bankruptcy in an earlier year. Illinois 1040ez This provision was not extended for tax years beginning on or after January 1, 2010. Illinois 1040ez Automatic 6-month extension of time to file a bankruptcy estate return now available for individuals in Chapter 7 or 11 bankruptcy. Illinois 1040ez Beginning June 24, 2011, the IRS clarified in T. Illinois 1040ez D. Illinois 1040ez 9531 that there is available an automatic 6-month extension of time to file a bankruptcy estate income tax return for individuals in Chapter 7 or Chapter 11 bankruptcy proceedings upon filing a required application. Illinois 1040ez The previous extension of time to file a bankruptcy estate return was 5 months. Illinois 1040ez Reminders The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005. Illinois 1040ez The changes to the U. Illinois 1040ez S. Illinois 1040ez Bankruptcy Code enacted by BAPCA are incorporated throughout this publication. Illinois 1040ez Debtors filing under chapters 7, 11, 12, and 13 of the Bankruptcy Code must file all applicable federal, state, and local tax returns that become due after a case commences. Illinois 1040ez Failure to file tax returns timely or obtain an extension can cause a bankruptcy case to be converted to another chapter or dismissed. Illinois 1040ez In chapter 13 cases, the debtor must file all required tax returns for tax periods ending within 4 years of the filing of the bankruptcy petition. Illinois 1040ez Photographs of missing children. Illinois 1040ez The IRS is a proud partner with the National Center for Missing and Exploited Children. Illinois 1040ez Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Illinois 1040ez You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Illinois 1040ez Introduction This publication is not intended to cover bankruptcy law in general, or to provide detailed discussions of the tax rules for the more complex corporate bankruptcy reorganizations or other highly technical transactions. Illinois 1040ez Additionally, this publication is not updated on an annual basis and may not reflect recent developments in bankruptcy or tax law. Illinois 1040ez If you need more guidance on the bankruptcy or tax laws applicable to your case, you should seek professional advice. Illinois 1040ez This publication explains the basic federal income tax aspects of bankruptcy. Illinois 1040ez A fundamental goal of the bankruptcy laws enacted by Congress is to give an honest debtor a financial “fresh start”. Illinois 1040ez This is accomplished through the bankruptcy discharge, which is a permanent injunction (court ordered prohibition) against the collection of certain debts as a personal liability of the debtor. Illinois 1040ez Bankruptcy proceedings begin with the filing of either a voluntary petition in the United States Bankruptcy Court, or in certain cases an involuntary petition filed by creditors. Illinois 1040ez This filing creates the bankruptcy estate. Illinois 1040ez The bankruptcy estate generally consists of all of the assets the individual or entity owns on the date the bankruptcy petition was filed. Illinois 1040ez The bankruptcy estate is treated as a separate taxable entity for individuals filing bankruptcy petitions under chapter 7 or 11 of the Bankruptcy Code, discussed later. Illinois 1040ez The tax obligations of taxable bankruptcy estates are discussed later under Individuals in Chapter 7 or 11. Illinois 1040ez Generally, when a debt owed to another person or entity is canceled, the amount canceled or forgiven is considered income that is taxed to the person owing the debt. Illinois 1040ez If a debt is canceled under a bankruptcy proceeding, the amount canceled is not income. Illinois 1040ez However, the canceled debt reduces other tax benefits to which the debtor would otherwise be entitled. Illinois 1040ez See Debt Cancellation, later. Illinois 1040ez Useful Items - You may want to see: Publication 225 Farmer's Tax Guide 525 Taxable and Nontaxable Income 536 Net Operating Losses (NOLs) for Individuals, Estates, and Trusts 538 Accounting Periods and Methods 544 Sales and Other Dispositions of Assets 551 Basis of Assets 4681 Canceled Debts, Foreclosures, Repossessions, and Abandonments Form (and Instructions) SS-4 Application for Employer Identification Number, and separate instructions 982 Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) 1040 U. Illinois 1040ez S. Illinois 1040ez Individual Income Tax Return, and separate instructions Schedule SE (Form 1040) Self-Employment Tax 1040X Amended U. Illinois 1040ez S. Illinois 1040ez Individual Income Tax Return, and separate instructions 1041 U. Illinois 1040ez S. Illinois 1040ez Income Tax Return for Estates and Trusts, and separate instructions 1041-ES Estimated Income Tax for Estates and Trusts 1041-V Payment Voucher 4506 Request for Copy of Tax Return 4506-T Request for Transcript of Tax Return 4852 Substitute for Form W-2, Wage and Tax Statement, or Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Illinois 1040ez 4868 Application for Automatic Extension of Time To File U. Illinois 1040ez S. Illinois 1040ez Individual Income Tax Return 7004 Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns See How To Get Tax Help, later, for information about getting these publications and forms. Illinois 1040ez Prev Up Next Home More Online Publications
Free Tax Return Preparation for Qualifying Taxpayers
The Volunteer Income Tax Assistance (VITA) program offers free tax help to people who generally make $52,000 or less, persons with disabilities, the elderly and limited English speaking taxpayers who need assistance in preparing their own tax returns. IRS-certified volunteers provide free basic income tax return preparation with electronic filing to qualified individuals.
In addition to VITA, the Tax Counseling for the Elderly (TCE) program offers free tax help for all taxpayers, particularly those who are 60 years of age and older, specializing in questions about pensions and retirement-related issues unique to seniors. The IRS-certified volunteers who provide tax counseling are often retired individuals associated with non-profit organizations that receive grants from the IRS.
Find a VITA or TCE Site Near You
|VITA and TCE sites are generally located at community and neighborhood centers, libraries, schools, shopping malls and other convenient locations across the country. To locate the nearest VITA or TCE site near you, use the VITA Locator Tool or call 800-906-9887.
At select tax sites, taxpayers also have an option to prepare their own basic federal and state tax return for free using Web-based tax preparation software with an IRS-certified volunteer to help guide you through the process. This option is only available at locations that list “Self-Prep” in the site listing.
Please note that when using the locator tool, you will exit IRS.gov and open Google Maps if you need directions to a specific location.
Find an AARP TCE Tax-Aide Site Near You
|A majority of the TCE sites are operated by the AARP Foundation’s Tax Aide program. To locate the nearest AARP TCE Tax-Aide site between January and April use the AARP Site Locator Tool or call 888-227-7669.
Before going to a VITA or TCE site, check out the What to Bring page to ensure you have all the required documents and information our volunteers will need to help you.
Page Last Reviewed or Updated: 25-Mar-2014
The Illinois 1040ez
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