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Irs 1040x Form

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Irs 1040x Form

Irs 1040x form Publication 557 - Introductory Material Table of Contents What's New Reminders Introduction What's New Proposed regulations on “good faith determinations”. Irs 1040x form  Proposed regulations modify standards for making a good faith determination that a foreign organization is a charitable organization, grants to which may be qualifying distributions and not taxable expenditures. Irs 1040x form The proposed regulations identify a broader class of tax practitioners upon whose written advice a private foundation may base a “good faith determination. Irs 1040x form ” See, Proposed Regulations: Reliance Standards for Making Good Faith Determinations, REG-134974-12, 2012-47 I. Irs 1040x form R. Irs 1040x form B. Irs 1040x form 553. Irs 1040x form Prop. Irs 1040x form Regs. Irs 1040x form on Good Faith Determinations. Irs 1040x form New Requirements for section 501(c)(3) Hospitals Under the Affordable Care Act. Irs 1040x form  The Affordable Care Act (ACA), enacted March 23, 2010, added new requirements that hospital organizations must satisfy in order to be described in section 501(c)(3), as well as new reporting requirements and excise taxes. Irs 1040x form On June 22, 2012, the Service issued a notice of proposed rulemaking that addresses the new requirements enacted by the ACA applicable to section 501(c)(3) hospital organizations. Irs 1040x form See, Proposed Regulations: Additional Requirements for Charitable Hospitals, REG-13026-11, 77 Fed. Irs 1040x form Reg. Irs 1040x form 38148. Irs 1040x form On April 3, 2013, the Service issued proposed regulations on the ACA's community health needs assessment (CHNA) requirements. Irs 1040x form The proposed regulations also discuss the related reporting and excise tax requirements for charitable hospitals and the consequences for failure to satisfy the section 501(r) requirements. Irs 1040x form See, Proposed Regulations: Community Health Needs Assessments for Charitable Hospitals, REG-106499-12, 78 Fed. Irs 1040x form Reg. Irs 1040x form 20,523. Irs 1040x form Timing of when an Organization is exempt for Federal Tax Purposes. Irs 1040x form  As noted in section 2. Irs 1040x form 03(4) of Revenue Procedure 2013-9, 2013-2 I. Irs 1040x form R. Irs 1040x form B. Irs 1040x form 267, the provisions in section 11. Irs 1040x form 01 regarding the effect of determination letters or rulings recognizing exempt status of organizations described in section 501(c), other than sections 501(c)(3), (9), (17), and (29), have been revised. Irs 1040x form Prior to this year, and back to 1962, when such organizations applied for recognition, the IRS would usually recognize the organizations as tax exempt from the date of formation, no matter how long the interval between the date of formation and the date of application. Irs 1040x form In addition to the practical difficulties of ascertaining an organization's purposes and activities for this period, such recognition is now potentially inconsistent with the provisions of section 6033(j), which automatically revokes the exempt status of an organization that fails to file required Form 990 series returns or notices for three consecutive years. Irs 1040x form The new procedure adopts a practice similar to the rule for section 501(c)(3) organizations for these organizations, generally permitting recognition from the date of formation if the organization has: always met the requirements for exemption, has applied within 27 months from the end of the month in which it was organized, and has not failed to file required Form 990 series returns or notices for three consecutive years. Irs 1040x form Section 11. Irs 1040x form 01(3) notes: an organization that otherwise meets the requirements for tax-exempt status and the issuance of a determination letter or ruling that does not meet the requirements for recognition from date of formation will generally be recognized from the postmark date of its application. Irs 1040x form Exempt Organizations Select Check. Irs 1040x form  The IRS has developed an on-line search tool, Exempt Organizations Select Check, that allows users to select an exempt organization and check certain information about its federal tax status and filings. Irs 1040x form It consolidates three former search sites into one, providing expanded search capability and a more efficient way to search for organizations that: Are eligible to receive tax-deductible charitable contributions (Publication 78 data). Irs 1040x form Users may rely on this list in determining deductibility of contributions, just as they did when Publication 78 was a separate electronic publication rather than part of Select Check. Irs 1040x form Have had their tax-exempt status automatically revoked under the law because they have not filed Form 990 series returns or notices annually as required for three consecutive years (Auto-Revocation List). Irs 1040x form Have filed a Form 990-N (e-Postcard) annual electronic notice. Irs 1040x form  In addition to searching for a particular organization, users may download a complete list of each of the three types of organizations through Exempt Organizations Select Check. Irs 1040x form See also Revenue Procedure 2011-33, 2011-25 I. Irs 1040x form R. Irs 1040x form B. Irs 1040x form 887. Irs 1040x form Future developments. Irs 1040x form . Irs 1040x form  The IRS has created a page on IRS. Irs 1040x form gov for information about Publication 557, at www. Irs 1040x form irs. Irs 1040x form gov/pub557. Irs 1040x form Information about any future developments affecting Publication 557 (such as legislation enacted after we release it) will be posted on that page. Irs 1040x form Reminders The Patient Protection and Affordable Care Act (ACA). Irs 1040x form   The ACA added several new laws. Irs 1040x form This includes a new excise tax on indoor tanning services, a small business health care tax credit, additional requirements for tax-exempt hospitals, and the section 501(c)(29) CO-OP program. Irs 1040x form For more information, go to IRS. Irs 1040x form gov and select Affordable Care Act Tax Provisions. Irs 1040x form Electronic filing requirement for large organizations. Irs 1040x form  For tax years ending on or after December 31, 2006, only organizations that file 250 returns during the calendar year and that have total assets of $10 million or more are required to file Form 990 electronically. Irs 1040x form For more information, go to e-file for Charities and Non-Profits. Irs 1040x form Section 501(c)(15) gross receipts. Irs 1040x form   The definition of gross receipts for purposes of determining whether small insurance companies qualify as tax-exempt under section 501(c)(15) has changed. Irs 1040x form See Notice 2006-42, 2006-19 I. Irs 1040x form R. Irs 1040x form B. Irs 1040x form 878, Notice 2006-42. Irs 1040x form Prohibited tax shelter transactions. Irs 1040x form  New excise taxes are imposed under section 4965 on certain tax-exempt organizations entering into prohibited tax shelter transactions. Irs 1040x form See T. Irs 1040x form D. Irs 1040x form 9492, Excise Taxes on Prohibited Tax Shelter Transactions and Related Disclosure Requirements, 2010-33 I. Irs 1040x form R. Irs 1040x form B. Irs 1040x form 242. Irs 1040x form See IRS Issues Final Regulations Regarding Excise Taxes on Prohibited Tax Shelter Transactions and Related Disclosure Requirement. Irs 1040x form Pension Protection Act of 2006 tax changes. Irs 1040x form  The Pension Protection Act of 2006 made numerous changes to the tax law provisions affecting tax-exempt organizations. Irs 1040x form Unless otherwise noted, most of the changes became effective on August 17, 2006. Irs 1040x form For key provisions, go to The Pension Protection Act of 2006. Irs 1040x form Section 501(c)(3) organizations must make their Form 990-T, Exempt Organization Business Tax Return (and proxy tax under section 6033(e)), open for public inspection for a period of 3 years from the date the Form 990-T is required to be filed (determined with regard to any extension of time for filing) or is actually filed, whichever is later. Irs 1040x form There is an increase in excise taxes relating to public charities, social welfare organizations, and private foundations. Irs 1040x form There are additional standards for credit counseling organizations. Irs 1040x form The definition of convention or association of churches has been modified. Irs 1040x form Entities that are not required to file Form 990 or 990-EZ must file new Form 990-N, Electronic Notice (e-Postcard) for Tax-Exempt Organizations Not Required to File Form 990 or 990-EZ. Irs 1040x form The requirements of disclosure to state officials relating to exempt organizations has been modified. Irs 1040x form There are excise taxes imposed on excess benefit transactions involving donor advised funds and sponsoring organizations. Irs 1040x form There are new excise taxes on prohibited tax shelter transactions. Irs 1040x form There is a modification of recordkeeping requirements for certain charitable contributions. Irs 1040x form Introduction This publication discusses the rules and procedures for organizations that seek recognition of exemption from federal income tax under section 501(a) of the Internal Revenue Code (the Code). Irs 1040x form It explains the procedures you must follow to obtain an appropriate ruling or determination letter recognizing your organization's exemption, as well as certain other information that applies generally to all exempt organizations. Irs 1040x form To qualify for exemption under the Code, your organization must be organized for one or more of the purposes specifically designated in the Code. Irs 1040x form Organizations that are exempt under section 501(a) include those organizations described in section 501(c). Irs 1040x form Section 501(c) organizations are covered in this publication. Irs 1040x form Chapter 1, Application, Approval, and Appeal Procedures, provides general information about the procedures for obtaining recognition of tax-exempt status. Irs 1040x form Chapter 2, Filing Requirements and Required Disclosures, contains information about annual filing requirements and other matters that may affect your organization's tax-exempt status. Irs 1040x form Chapter 3, Section 501(c)(3) Organizations, contains detailed information on various matters affecting section 501(c)(3) organizations, including a section on the determination of private foundation status. Irs 1040x form Chapter 4, Other Section 501(c) Organizations, includes separate sections for specific types of organizations described in section 501(c). Irs 1040x form Chapter 5, Excise Taxes, provides information on when excise taxes may be imposed. Irs 1040x form Organizations not discussed in this publication. Irs 1040x form   Certain organizations that may qualify for exemption are not discussed in this publication, although they are included in the Organization Reference Chart. Irs 1040x form These organizations (and the Code sections that apply to them) are as follows. Irs 1040x form Corporations organized under Acts of Congress 501(c)(1) Teachers' retirement fund associations 501(c)(11) Mutual insurance companies 501(c)(15) Corporations organized to finance crop operations 501(c)(16) Employee funded pension trusts (created before June 25, 1959) 501(c)(18) Withdrawal liability payment fund 501(c)(22) Veterans' organizations (created before 1880) 501(c)(23) National Railroad Retirement Investment Trust 501(c)(28) Religious and apostolic associations 501(d) Cooperative hospital service organizations 501(e) Cooperative service organizations of operating educational organizations 501(f)   Section 501(c)(24) organizations (section 4049 ERISA trusts) are neither discussed in the text nor listed in the Organization Reference Chart. Irs 1040x form   Similarly, farmers' cooperative associations that qualify for exemption under section 521, qualified state tuition programs described in section 529, and pension, profit-sharing, and stock bonus plans described in section 401(a) are not discussed in this publication. Irs 1040x form If you think your organization falls within one of these categories, contact the IRS for any additional information you need. Irs 1040x form For telephone assistance, call 1-877-829-5500. Irs 1040x form   Check the Table of Contents at the beginning of this publication to determine whether your organization is described in this publication. Irs 1040x form If it is, read the chapter (or section) that applies to your type of organization for the specific information you must give when applying for recognition of exemption. Irs 1040x form Organization Reference Chart. Irs 1040x form   The Organization Reference Chart enables you to locate at a glance the section of the Code under which your organization might qualify for exemption. Irs 1040x form It also shows the required application form and, if your organization meets the exemption requirements, the annual return to be filed (if any), and whether or not a contribution to your organization will be deductible by a donor. Irs 1040x form It also describes each type of qualifying organization and the general nature of its activities. Irs 1040x form   You may use the Organization Reference Chart to determine the Code section that you think applies to your organization. Irs 1040x form Any correspondence with the IRS (in requesting forms or otherwise) will be expedited if you indicate in your correspondence the appropriate Code section. Irs 1040x form Check the IRS website, IRS. Irs 1040x form gov, for the latest updates, Tax Information for Charities & Other Non-Profits, www. Irs 1040x form irs. Irs 1040x form gov/charities/index. Irs 1040x form html. Irs 1040x form Comments and suggestions. Irs 1040x form   We welcome your comments about this publication and your suggestions for future editions. Irs 1040x form   You can e-mail us while visiting our website at IRS. Irs 1040x form gov. Irs 1040x form   You can send your comments to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Irs 1040x form NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Irs 1040x form Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Irs 1040x form   If you wish telephone assistance, please call 1-877-829-5500. Irs 1040x form This toll-free telephone service is available Monday through Friday. Irs 1040x form Prev  Up  Next   Home   More Online Publications
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Tax Relief for Victims of Severe Storms, Tornadoes, Straight-line Winds and Flooding in Kentucky

Updated 3/13/2012 to include Grayson, Larue, Ohio, Russell and Trimble counties.
Updated 3/12/2012 to include Magoffin and Wolfe counties.
Updated 3/9/2012 to include Bath, Campbell, Carroll, Grant, Martin, Montgomery and Rowan counties.

KY-2012-08, March 7, 2012

DETROIT — Victims of the severe storms, tornadoes, straight-line winds and flooding that started on Feb. 29, 2012 in parts of Kentucky may qualify for tax relief from the Internal Revenue Service.

The President has declared Bath, Campbell, Carroll, Grant, Grayson, Johnson, Kenton, Larue, Laurel, Lawrence, Magoffin, Martin, Menifee, Montgomery, Morgan, Ohio, Pendleton, Rowan, Russell, Trimble and Wolfe counties a federal disaster area. Individuals who reside or have a business in these counties may qualify for tax relief.

The declaration permits the IRS to postpone certain deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after Feb. 29, and on or before May 31, have been postponed to May 31, 2012. This includes the April 17 deadline for filing 2011 individual income tax returns, making income tax payments and making 2011 contributions to an individual retirement account (IRA).  

In addition, the IRS is waiving the failure-to-deposit penalties for employment and excise tax deposits due on or after Feb. 29, and on or before March 15, as long as the deposits are made by March 15, 2012.

If an affected taxpayer receives a penalty notice from the IRS, the taxpayer should call the telephone number on the notice to have the IRS abate any interest and any late filing or late payment penalties that would otherwise apply. Penalties or interest will be abated only for taxpayers who have an original or extended filing, payment or deposit due date, including an extended filing or payment due date, that falls within the postponement period.

The IRS automatically identifies taxpayers located in the covered disaster area and applies automatic filing and payment relief. But affected taxpayers who reside or have a business located outside the covered disaster area must call the IRS disaster hotline at 1-866-562-5227 to request this tax relief.

Covered Disaster Area

The counties listed above constitute a covered disaster area for purposes of Treas. Reg. § 301.7508A-1(d)(2) and are entitled to the relief detailed below.

Affected Taxpayers

Taxpayers considered to be affected taxpayers eligible for the postponement of time to file returns, pay taxes and perform other time-sensitive acts are those taxpayers listed in Treas. Reg. § 301.7508A-1(d)(1), and include individuals who live, and businesses whose principal place of business is located, in the covered disaster area. Taxpayers not in the covered disaster area, but whose records necessary to meet a deadline listed in Treas. Reg. § 301.7508A-1(c) are in the covered disaster area, are also entitled to relief. In addition, all relief workers affiliated with a recognized government or philanthropic organization assisting in the relief activities in the covered disaster area and any individual visiting the covered disaster area who was killed or injured as a result of the disaster are entitled to relief.

Grant of Relief

Under section 7508A, the IRS gives affected taxpayers until May 31 to file most tax returns (including individual, corporate, and estate and trust income tax returns; partnership returns, S corporation returns, and trust returns; estate, gift, and generation-skipping transfer tax returns; and employment and certain excise tax returns), or to make tax payments, including estimated tax payments, that have either an original or extended due date occurring on or after Feb. 29 and on or before May 31.

The IRS also gives affected taxpayers until May 31 to perform other time-sensitive actions described in Treas. Reg. § 301.7508A-1(c)(1) and Rev. Proc. 2007-56, 2007-34 I.R.B. 388 (Aug. 20, 2007), that are due to be performed on or after Feb. 29 and on or before May 31.

This relief also includes the filing of Form 5500 series returns, in the manner described in section 8 of Rev. Proc. 2007-56. The relief described in section 17 of Rev. Proc. 2007-56, pertaining to like-kind exchanges of property, also applies to certain taxpayers who are not otherwise affected taxpayers and may include acts required to be performed before or after the period above.

The postponement of time to file and pay does not apply to information returns in the W-2, 1098, 1099 series, or to Forms 1042-S or 8027. Penalties for failure to timely file information returns can be waived under existing procedures for reasonable cause. Likewise, the postponement does not apply to employment and excise tax deposits. The IRS, however, will abate penalties for failure to make timely employment and excise tax deposits due on or after Feb. 29 and on or before March 15 provided the taxpayer makes these deposits by March 15.

Casualty Losses

Affected taxpayers in a federally declared disaster area have the option of claiming disaster-related casualty losses on their federal income tax return for either this year or last year. Claiming the loss on an original or amended return for last year will get the taxpayer an earlier refund, but waiting to claim the loss on this year’s return could result in a greater tax saving, depending on other income factors.

Individuals may deduct personal property losses that are not covered by insurance or other reimbursements. For details, see Form 4684 and its instructions.

Affected taxpayers claiming the disaster loss on last year’s return should put the Disaster Designation “Kentucky, Severe Storms, Tornadoes, Straight-line Winds, and Flooding” at the top of the form so that the IRS can expedite the processing of the refund.

Other Relief

The IRS will waive the usual fees and expedite requests for copies of previously filed tax returns for affected taxpayers. Taxpayers should put the assigned Disaster Designation in red ink at the top of Form 4506, Request for Copy of Tax Return, or Form 4506-T, Request for Transcript of Tax Return, as appropriate, and submit it to the IRS.

Affected taxpayers who are contacted by the IRS on a collection or examination matter should explain how the disaster impacts them so that the IRS can provide appropriate consideration to their case.

Taxpayers may download forms and publications from the official IRS website, irs.gov, or order them by calling 800-TAX-FORM (800-829-3676). The IRS toll-free number for general tax questions is 800-829-1040.

Related Information

Page Last Reviewed or Updated: 30-Jan-2014

The Irs 1040x Form

Irs 1040x form Internal Revenue Bulletin:  2009-17  April 27, 2009  Rev. Irs 1040x form Proc. Irs 1040x form 2009-24 Table of Contents SECTION 1. Irs 1040x form PURPOSE SECTION 2. Irs 1040x form BACKGROUND SECTION 3. Irs 1040x form SCOPE SECTION 4. Irs 1040x form APPLICATION. Irs 1040x form 01 In General. Irs 1040x form . Irs 1040x form 02 Limitations on Depreciation Deductions for Certain Automobiles. Irs 1040x form . Irs 1040x form 03 Inclusions in Income of Lessees of Passenger Automobiles. Irs 1040x form SECTION 5. Irs 1040x form EFFECTIVE DATE SECTION 6. Irs 1040x form DRAFTING INFORMATION SECTION 1. Irs 1040x form PURPOSE . Irs 1040x form 01 This revenue procedure provides: (1) limitations on depreciation deductions for owners of passenger automobiles first placed in service by the taxpayer during calendar year 2009, including a separate table of limitations on depreciation deductions for trucks and vans; and (2) the amounts to be included in income by lessees of passenger automobiles first leased by the taxpayer during calendar year 2009, including a separate table of inclusion amounts for lessees of trucks and vans. Irs 1040x form . Irs 1040x form 02 The tables detailing these depreciation limitations and lessee inclusion amounts reflect the automobile price inflation adjustments required by § 280F(d)(7) of the Internal Revenue Code. Irs 1040x form SECTION 2. Irs 1040x form BACKGROUND . Irs 1040x form 01 For owners of passenger automobiles, § 280F(a) imposes dollar limitations on the depreciation deduction for the year that the passenger automobile is placed in service by the taxpayer and each succeeding year. Irs 1040x form Section 280F(d)(7) requires the amounts allowable as depreciation deductions to be increased by a price inflation adjustment amount for passenger automobiles placed in service after 1988. Irs 1040x form The method of calculating this price inflation amount for trucks and vans placed in service in or after calendar year 2003 uses a different CPI “automobile component” (the “new trucks” component) than that used in the price inflation amount calculation for other passenger automobiles (the “new cars” component), resulting in somewhat higher depreciation deductions for trucks and vans. Irs 1040x form This change reflects the higher rate of price inflation that trucks and vans have been subject to since 1988. Irs 1040x form . Irs 1040x form 02 Section 168(k)(1)(A) provides a 50 percent additional first year depreciation deduction for certain new property acquired by a taxpayer after December 31, 2007, and before January 1, 2010, if no written binding contract for the acquisition of the property existed before January 1, 2008. Irs 1040x form Section 168(k)(2)(F)(i) increases the first year depreciation allowed under § 280F(a)(1)(A) by $8,000 for passenger automobiles to which the 50 percent additional first year depreciation deduction applies. Irs 1040x form . Irs 1040x form 03 Section 168(k)(2)(D)(i) provides that the 50 percent additional first year depreciation deduction does not apply to any property required to be depreciated under the alternative depreciation system of § 168(g), including property described in § 280F(b)(1). Irs 1040x form Section 168(k)(2)(D)(iii) permits a taxpayer to elect to not claim the 50 percent additional first year depreciation deduction for any class of property. Irs 1040x form Section 168(k)(4) permits a corporation to elect to not claim the 50 percent additional first year depreciation deduction for all eligible qualified property (that is extension property or that is not extension property, as applicable) and instead to increase the business credit limitation under § 38(c) or the alternative minimum tax credit limitation under § 53(c). Irs 1040x form Accordingly, this revenue procedure provides tables for passenger automobiles for which the 50 percent additional depreciation deduction applies and tables for passenger automobiles for which the 50 percent additional first year depreciation deduction does not apply, including passenger automobiles in a class of property for which the taxpayer “elects out” of the 50 percent additional first year depreciation deduction or passenger automobiles that are eligible qualified property to which the § 168(k)(4) election applies. Irs 1040x form . Irs 1040x form 04 For leased passenger automobiles, § 280F(c) requires a reduction in the deduction allowed to the lessee of the passenger automobile. Irs 1040x form The reduction must be substantially equivalent to the limitations on the depreciation deductions imposed on owners of passenger automobiles. Irs 1040x form Under § 1. Irs 1040x form 280F-7(a) of the Income Tax Regulations, this reduction requires a lessee to include in gross income an inclusion amount determined by applying a formula to the amount obtained from a table. Irs 1040x form One table applies to lessees of trucks and vans and another table applies to all other passenger automobiles. Irs 1040x form Each table shows inclusion amounts for a range of fair market values for each taxable year after the passenger automobile is first leased. Irs 1040x form SECTION 3. Irs 1040x form SCOPE . Irs 1040x form 01 The limitations on depreciation deductions in section 4. Irs 1040x form 02(2) of this revenue procedure apply to passenger automobiles (other than leased passenger automobiles) that are placed in service by the taxpayer in calendar year 2009, and continue to apply for each taxable year that the passenger automobile remains in service. Irs 1040x form . Irs 1040x form 02 The tables in section 4. Irs 1040x form 03 of this revenue procedure apply to leased passenger automobiles for which the lease term begins during calendar year 2009. Irs 1040x form Lessees of these passenger automobiles must use these tables to determine the inclusion amount for each taxable year during which the passenger automobile is leased. Irs 1040x form See Rev. Irs 1040x form Proc. Irs 1040x form 2002-14, 2002-1 C. Irs 1040x form B. Irs 1040x form 450, for passenger automobiles first leased before January 1, 2003, Rev. Irs 1040x form Proc. Irs 1040x form 2003-75, 2003-2 C. Irs 1040x form B. Irs 1040x form 1018, for passenger automobiles first leased during calendar year 2003, Rev. Irs 1040x form Proc. Irs 1040x form 2004-20, 2004-1 C. Irs 1040x form B. Irs 1040x form 642, for passenger automobiles first leased during calendar year 2004, Rev. Irs 1040x form Proc. Irs 1040x form 2005-13, 2005-1 C. Irs 1040x form B. Irs 1040x form 759, for passenger automobiles first leased during calendar year 2005, Rev. Irs 1040x form Proc. Irs 1040x form 2006-18, 2006-1 C. Irs 1040x form B. Irs 1040x form 645, for passenger automobiles first leased during calendar year 2006, Rev. Irs 1040x form Proc. Irs 1040x form 2007-30, 2007-1 C. Irs 1040x form B. Irs 1040x form 1104, for passenger automobiles first leased during calendar year 2007, and Rev. Irs 1040x form Proc. Irs 1040x form 2008-22, 2008-12 I. Irs 1040x form R. Irs 1040x form B. Irs 1040x form 658, for passenger automobiles first leased during calendar year 2008. Irs 1040x form SECTION 4. Irs 1040x form APPLICATION . Irs 1040x form 01 In General. Irs 1040x form (1) Limitations on depreciation deductions for certain automobiles. Irs 1040x form The limitations on depreciation deductions for passenger automobiles placed in service by the taxpayer for the first time during calendar year 2009 are in Tables 1 through 4 in section 4. Irs 1040x form 02(2) of this revenue procedure. Irs 1040x form (2) Inclusions in income of lessees of passenger automobiles. Irs 1040x form A taxpayer first leasing a passenger automobile during calendar year 2009 must determine the inclusion amount that is added to gross income using Tables 5 and 6 in section 4. Irs 1040x form 03 of this revenue procedure. Irs 1040x form In addition, the taxpayer must follow the procedures of § 1. Irs 1040x form 280F-7(a). Irs 1040x form . Irs 1040x form 02 Limitations on Depreciation Deductions for Certain Automobiles. Irs 1040x form (1) Amount of the inflation adjustment. Irs 1040x form (a) Passenger automobiles (other than trucks or vans). Irs 1040x form Under § 280F(d)(7)(B)(i), the automobile price inflation adjustment for any calendar year is the percentage (if any) by which the CPI automobile component for October of the preceding calendar year exceeds the CPI automobile component for October 1987. Irs 1040x form The term “CPI automobile component” is defined in § 280F(d)(7)(B)(ii) as the “automobile component” of the Consumer Price Index for all Urban Consumers published by the Department of Labor. Irs 1040x form The new car component of the CPI was 115. Irs 1040x form 2 for October 1987 and 134. Irs 1040x form 837 for October 2008. Irs 1040x form The October 2008 index exceeded the October 1987 index by 19. Irs 1040x form 637. Irs 1040x form The Internal Revenue Service has, therefore, determined that the automobile price inflation adjustment for 2009 for passenger automobiles (other than trucks and vans) is 17. Irs 1040x form 05 percent (19. Irs 1040x form 637/115. Irs 1040x form 2 x 100%). Irs 1040x form This adjustment is applicable to all passenger automobiles (other than trucks and vans) that are first placed in service in calendar year 2009. Irs 1040x form The dollar limitations in § 280F(a) therefore must be multiplied by a factor of 0. Irs 1040x form 1705, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations applicable to passenger automobiles (other than trucks and vans) for calendar year 2009. Irs 1040x form (b) Trucks and vans. Irs 1040x form To determine the dollar limitations applicable to trucks and vans first placed in service during calendar year 2009, the new truck component of the CPI is used instead of the new car component. Irs 1040x form The new truck component of the CPI was 112. Irs 1040x form 4 for October 1987 and 133. Irs 1040x form 640 for October 2008. Irs 1040x form The October 2008 index exceeded the October 1987 index by 21. Irs 1040x form 24. Irs 1040x form The Service has, therefore, determined that the automobile price inflation adjustment for 2009 for trucks and vans is 18. Irs 1040x form 90 percent (21. Irs 1040x form 24/112. Irs 1040x form 4 x 100%). Irs 1040x form This adjustment is applicable to all trucks and vans that are first placed in service in calendar year 2009. Irs 1040x form The dollar limitations in § 280F(a) therefore must be multiplied by a factor of 0. Irs 1040x form 1890, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations applicable to trucks and vans. Irs 1040x form (2) Amount of the limitation. Irs 1040x form For passenger automobiles placed in service by the taxpayer in calendar year 2009, Tables 1 through 4 contain the dollar amount of the depreciation limitation for each taxable year. Irs 1040x form Use Table 1 for a passenger automobile (other than a truck or van) placed in service by the taxpayer in calendar year 2009, for which the 50 percent additional first year depreciation deduction does not apply, including a passenger automobile (other than a truck or van) in a class of property for which the taxpayer elects out of the 50 percent additional first year depreciation deduction or a passenger automobile that is eligible qualified property to which the § 168(k)(4) election applies. Irs 1040x form Use Table 2 for a passenger automobile (other than a truck or van) placed in service by the taxpayer in calendar year 2009, for which the 50 percent additional first year depreciation deduction applies. Irs 1040x form Use Table 3 for a truck or van placed in service by the taxpayer in calendar year 2009, for which the 50 percent additional first year depreciation deduction does not apply, including a truck or van in a class of property for which the taxpayer elects out of the 50 percent additional first year depreciation deduction or a truck or van that is eligible qualified property to which the § 168(k)(4) election applies. Irs 1040x form Use Table 4 for a truck or van placed in service by the taxpayer in calendar year 2009, for which the 50 percent additional first year depreciation deduction applies. Irs 1040x form REV. Irs 1040x form PROC. Irs 1040x form 2009-24 TABLE 1 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE BY THE TAXPAYER IN CALENDAR YEAR 2009, FOR WHICH THE 50 PERCENT ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION DOES NOT APPLY Tax Year Amount 1st Tax Year $2,960 2nd Tax Year $4,800 3rd Tax Year $2,850 Each Succeeding Year $1,775 REV. Irs 1040x form PROC. Irs 1040x form 2009-24 TABLE 2 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE BY THE TAXPAYER IN CALENDAR YEAR 2009, FOR WHICH THE 50 PERCENT ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $10,960 2nd Tax Year $4,800 3rd Tax Year $2,850 Each Succeeding Year $1,775 REV. Irs 1040x form PROC. Irs 1040x form 2009-24 TABLE 3 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE BY THE TAXPAYER IN CALENDAR YEAR 2009, FOR WHICH THE 50 PERCENT ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION DOES NOT APPLY Tax Year Amount 1st Tax Year $3,060 2nd Tax Year $4,900 3rd Tax Year $2,950 Each Succeeding Year $1,775 REV. Irs 1040x form PROC. Irs 1040x form 2009-24 TABLE 4 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE BY THE TAXPAYER IN CALENDAR YEAR 2009, FOR WHICH THE 50 PERCENT ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $11,060 2nd Tax Year $4,900 3rd Tax Year $2,950 Each Succeeding Year $1,775 . Irs 1040x form 03 Inclusions in Income of Lessees of Passenger Automobiles. Irs 1040x form The inclusion amounts for passenger automobiles first leased in calendar year 2009 are calculated under the procedures described in § 1. Irs 1040x form 280F-7(a). Irs 1040x form Lessees of passenger automobiles other than trucks and vans should use Table 5 of this revenue procedure in applying these procedures, while lessees of trucks and vans should use Table 6 of this revenue procedure. Irs 1040x form REV. Irs 1040x form PROC. Irs 1040x form 2009-24 TABLE 5 DOLLAR AMOUNTS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2009 Fair Market Value of Passenger Automobile Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th & Later $18,500 $19,000 9 19 28 34 38 19,000 19,500 10 21 32 38 43 19,500 20,000 11 24 36 42 48 20,000 20,500 12 27 39 46 54 20,500 21,000 13 29 43 51 58 21,000 21,500 15 31 47 55 64 21,500 22,000 16 34 50 60 68 22,000 23,000 17 38 56 66 76 23,000 24,000 20 42 64 75 86 24,000 25,000 22 47 71 84 96 25,000 26,000 24 52 78 93 107 26,000 27,000 26 58 85 101 117 27,000 28,000 29 62 93 110 127 28,000 29,000 31 67 100 119 138 29,000 30,000 33 72 108 128 147 30,000 31,000 35 77 115 137 157 31,000 32,000 38 82 122 146 167 32,000 33,000 40 87 129 155 178 33,000 34,000 42 92 137 163 188 34,000 35,000 44 97 144 172 199 35,000 36,000 47 102 151 181 208 36,000 37,000 49 107 159 189 219 37,000 38,000 51 112 166 199 228 38,000 39,000 53 117 173 208 239 39,000 40,000 56 122 180 216 250 40,000 41,000 58 127 188 225 259 41,000 42,000 60 132 195 234 269 42,000 43,000 62 137 203 242 280 43,000 44,000 65 141 210 252 290 44,000 45,000 67 146 218 260 300 45,000 46,000 69 151 225 269 311 46,000 47,000 71 157 232 278 320 47,000 48,000 74 161 240 286 331 48,000 49,000 76 166 247 296 340 49,000 50,000 78 171 255 304 351 50,000 51,000 80 176 262 313 361 51,000 52,000 83 181 269 322 371 52,000 53,000 85 186 276 331 381 53,000 54,000 87 191 284 339 392 54,000 55,000 89 196 291 349 401 55,000 56,000 92 201 298 357 412 56,000 57,000 94 206 306 365 423 57,000 58,000 96 211 313 375 432 58,000 59,000 98 216 320 384 442 59,000 60,000 101 221 327 393 452 60,000 62,000 104 228 339 406 467 62,000 64,000 109 238 353 424 488 64,000 66,000 113 248 368 441 509 66,000 68,000 118 258 382 459 529 68,000 70,000 122 268 397 476 550 70,000 72,000 127 277 413 493 570 72,000 74,000 131 288 427 511 590 74,000 76,000 136 297 442 529 610 76,000 78,000 140 307 457 546 631 78,000 80,000 145 317 471 564 651 80,000 85,000 152 335 497 595 686 85,000 90,000 164 359 534 639 737 90,000 95,000 175 384 570 683 789 95,000 100,000 186 409 607 727 839 100,000 110,000 203 446 662 793 916 110,000 120,000 226 495 736 881 1,018 120,000 130,000 248 545 809 970 1,119 130,000 140,000 271 594 883 1,058 1,220 140,000 150,000 293 644 956 1,146 1,322 150,000 160,000 316 693 1,030 1,234 1,424 160,000 170,000 338 743 1,103 1,322 1,526 170,000 180,000 361 792 1,177 1,410 1,628 180,000 190,000 383 842 1,250 1,498 1,730 190,000 200,000 406 891 1,324 1,586 1,831 200,000 210,000 428 941 1,397 1,675 1,932 210,000 220,000 451 990 1,471 1,762 2,035 220,000 230,000 473 1,040 1,544 1,851 2,136 230,000 240,000 496 1,089 1,618 1,939 2,238 240,000 And up 518 1,139 1,691 2,027 2,340 REV. Irs 1040x form PROC. Irs 1040x form 2009-24 TABLE 6 DOLLAR AMOUNTS FOR TRUCKS AND VANS WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2009 Fair Market Value of Electric Automobile Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th and Later $18,500 $19,000 8 17 25 30 35 19,000 19,500 9 19 29 35 40 19,500 20,000 10 22 33 38 45 20,000 20,500 11 25 36 43 50 20,500 21,000 12 27 40 48 55 21,000 21,500 13 30 43 52 60 21,500 22,000 15 32 47 56 66 22,000 23,000 16 36 52 64 72 23,000 24,000 18 41 60 72 83 24,000 25,000 21 45 68 81 93 25,000 26,000 23 50 75 90 103 26,000 27,000 25 56 82 98 114 27,000 28,000 27 61 89 107 124 28,000 29,000 30 65 97 116 134 29,000 30,000 32 70 104 125 144 30,000 31,000 34 75 112 134 154 31,000 32,000 36 80 119 143 164 32,000 33,000 39 85 126 151 175 33,000 34,000 41 90 134 160 184 34,000 35,000 43 95 141 169 195 35,000 36,000 45 100 148 178 205 36,000 37,000 48 105 155 187 215 37,000 38,000 50 110 163 195 226 38,000 39,000 52 115 170 204 236 39,000 40,000 55 120 177 213 246 40,000 41,000 57 125 185 221 256 41,000 42,000 59 130 192 231 266 42,000 43,000 61 135 199 240 276 43,000 44,000 64 139 207 249 286 44,000 45,000 66 144 215 257 296 45,000 46,000 68 149 222 266 307 46,000 47,000 70 155 229 274 317 47,000 48,000 73 159 237 283 327 48,000 49,000 75 164 244 292 338 49,000 50,000 77 169 251 301 348 50,000 51,000 79 174 259 310 357 51,000 52,000 82 179 266 318 368 52,000 53,000 84 184 273 328 378 53,000 54,000 86 189 281 336 388 54,000 55,000 88 194 288 345 399 55,000 56,000 91 199 295 354 408 56,000 57,000 93 204 302 363 419 57,000 58,000 95 209 310 371 429 58,000 59,000 97 214 317 381 439 59,000 60,000 100 219 324 389 450 60,000 62,000 103 226 336 402 465 62,000 64,000 107 236 351 420 485 64,000 66,000 112 246 365 438 505 66,000 68,000 116 256 380 455 526 68,000 70,000 121 266 394 473 546 70,000 72,000 125 276 409 491 566 72,000 74,000 130 286 423 509 586 74,000 76,000 134 296 438 526 607 76,000 78,000 139 305 454 543 627 78,000 80,000 143 316 467 561 648 80,000 85,000 151 333 493 592 684 85,000 90,000 163 357 531 635 735 90,000 95,000 174 382 567 680 785 95,000 100,000 185 407 604 724 836 100,000 110,000 202 444 659 790 912 110,000 120,000 225 493 733 878 1,014 120,000 130,000 247 543 806 966 1,116 130,000 140,000 270 592 880 1,054 1,218 140,000 150,000 292 642 953 1,143 1,319 150,000 160,000 315 691 1,027 1,230 1,421 160,000 170,000 337 741 1,100 1,319 1,522 170,000 180,000 360 790 1,174 1,407 1,624 180,000 190,000 382 840 1,247 1,495 1,726 190,000 200,000 405 889 1,321 1,583 1,828 200,000 210,000 427 939 1,394 1,671 1,930 210,000 220,000 450 988 1,468 1,759 2,031 220,000 230,000 472 1,038 1,541 1,847 2,134 230,000 240,000 495 1,087 1,615 1,935 2,235 240,000 and up 517 1,137 1,688 2,024 2,336 SECTION 5. Irs 1040x form EFFECTIVE DATE This revenue procedure applies to passenger automobiles (other than leased passenger automobiles) that are first placed in service by a taxpayer during calendar year 2009, and to leased passenger automobiles that are first leased by a taxpayer during calendar year 2009. Irs 1040x form SECTION 6. Irs 1040x form DRAFTING INFORMATION The principal author of this revenue procedure is Bernard P. Irs 1040x form Harvey of the Office of Associate Chief Counsel (Income Tax & Accounting). Irs 1040x form For further information regarding this revenue procedure, contact Mr. Irs 1040x form Harvey at (202) 622-4930 (not a toll-free call). Irs 1040x form Prev  Up  Next   Home   More Internal Revenue Bulletins