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Myfreetaxes com baltimorecash 7. Myfreetaxes com baltimorecash   Excess Contributions Table of Contents How Do I Know If I Have Excess Contributions? What Happens If I Have Excess Contributions?Excess Annual Addition Excess Elective Deferral If your actual contributions are greater than your MAC, you have an excess contribution. Myfreetaxes com baltimorecash Excess contributions can result in income tax, additional taxes, and penalties. Myfreetaxes com baltimorecash The effect of excess contributions depends on the type of excess contribution. Myfreetaxes com baltimorecash This chapter discusses excess contributions to your 403(b) account. Myfreetaxes com baltimorecash How Do I Know If I Have Excess Contributions? At the end of the year or the beginning of the next year, you should refigure your MAC based on your actual compensation and actual contributions made to your account. Myfreetaxes com baltimorecash If the actual contributions to your account are greater than your MAC, you have excess contributions. Myfreetaxes com baltimorecash If, at any time during the year, your employment status or your compensation changes, you should refigure your MAC using a revised estimate of compensation to prevent excess contributions. Myfreetaxes com baltimorecash What Happens If I Have Excess Contributions? Certain excess contributions in a 403(b) account can be corrected. Myfreetaxes com baltimorecash The effect of an excess 403(b) contribution will depend on the type of excess contribution. Myfreetaxes com baltimorecash Types of excess contributions. Myfreetaxes com baltimorecash   If, after checking your actual contributions, you determine that you have an excess, the first thing is to identify the type of excess that you have. Myfreetaxes com baltimorecash Excess contributions to a 403(b) account are categorized as either an: Excess annual addition, or Excess elective deferral. Myfreetaxes com baltimorecash Excess Annual Addition An excess annual addition is a contribution that is more than your limit on annual additions. Myfreetaxes com baltimorecash To determine your limit on annual additions, see chapter 3 (chapter 5 for ministers or church employees). Myfreetaxes com baltimorecash In the year that your contributions are more than your limit on annual additions, the excess amount will be included in your income. Myfreetaxes com baltimorecash Excise Tax If your 403(b) account invests in mutual funds, and you exceed your limit on annual additions, you may be subject to a 6% excise tax on the excess contribution. Myfreetaxes com baltimorecash The excise tax does not apply to funds in an annuity account or to excess deferrals. Myfreetaxes com baltimorecash You must pay the excise tax each year in which there are excess contributions in your account. Myfreetaxes com baltimorecash Excess contributions can be corrected by contributing less than the applicable limit in later years or by making permissible distributions. Myfreetaxes com baltimorecash See chapter 8 for a discussion on permissible distributions. Myfreetaxes com baltimorecash You cannot deduct the excise tax. Myfreetaxes com baltimorecash Reporting requirement. Myfreetaxes com baltimorecash   You must file Form 5330 if there has been an excess contribution to a custodial account and that excess has not been corrected. Myfreetaxes com baltimorecash Excess Elective Deferral An excess elective deferral is the amount that is more than your limit on elective deferrals. Myfreetaxes com baltimorecash To determine your limit on elective deferrals, see chapter 4. Myfreetaxes com baltimorecash Your employer's 403(b) plan may contain language permitting it to distribute excess deferrals. Myfreetaxes com baltimorecash If so, it may require that in order to get a distribution of excess deferrals, you either notify the plan of the amount of excess deferrals or designate a distribution as an excess deferral. Myfreetaxes com baltimorecash The plan may require that the notification or designation be in writing and may require that you certify or otherwise establish that the designated amount is an excess deferral. Myfreetaxes com baltimorecash A plan is not required to permit distribution of excess deferrals. Myfreetaxes com baltimorecash Correction of excess deferrals during year. Myfreetaxes com baltimorecash   If you have excess deferrals for a year, a corrective distribution may be made only if both of the following conditions are satisfied. Myfreetaxes com baltimorecash The plan and either you or your employer designate the distribution as an excess deferral to the extent you have excess deferrals for the year. Myfreetaxes com baltimorecash The correcting distribution is made after the date on which the excess deferral was made. Myfreetaxes com baltimorecash Correction of excess deferrals after the year. Myfreetaxes com baltimorecash   If you have excess deferrals for a year, you may receive a correcting distribution of the excess deferral no later than April 15 of the following year. Myfreetaxes com baltimorecash The plan can distribute the excess deferral (and any income allocable to the excess) no later than April 15 of the year following the year the excess deferral was made. Myfreetaxes com baltimorecash Tax treatment of excess deferrals not attributable to Roth contributions. Myfreetaxes com baltimorecash   If the excess deferral is distributed by April 15, it is included in your income in the year contributed and the earnings on the excess deferral will be taxed in the year distributed. Myfreetaxes com baltimorecash Tax treatment of excess deferrals attributable to Roth contributions. Myfreetaxes com baltimorecash   For these rules, see Regulations section 1. Myfreetaxes com baltimorecash 402(g)-1(e). Myfreetaxes com baltimorecash Prev  Up  Next   Home   More Online Publications
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Myfreetaxes com baltimorecash 1. Myfreetaxes com baltimorecash   Filing Information Table of Contents Topics - This chapter discusses: Useful Items - You may want to see: Filing RequirementsWhen To File and Pay Foreign Currency Does My Return Have To Be On Paper? Where To File Nonresident Alien Spouse Treated as a ResidentSocial Security Number (SSN) How To Make the Choice Suspending the Choice Ending the Choice Estimated Tax Other Forms You May Have To File Topics - This chapter discusses: Whether you have to file a return, When to file your return and pay any tax due, How to treat foreign currency, How to file electronically, Where to file your return, When you can treat your nonresident alien spouse as a resident, and When you may have to make estimated tax payments. Myfreetaxes com baltimorecash Useful Items - You may want to see: Publication 3 Armed Forces' Tax Guide 501 Exemptions, Standard Deduction, and Filing Information 505 Tax Withholding and Estimated Tax 519 U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash Tax Guide for Aliens 970 Tax Benefits for Education Form (and Instructions) 1040-ES Estimated Tax for Individuals 1040X Amended U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash Individual Income Tax Return 2350 Application for Extension of Time To File U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash Income Tax Return 2555 Foreign Earned Income 2555-EZ Foreign Earned Income Exclusion 4868 Application for Automatic Extension of Time To File U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash Individual Income Tax Return 8822 Change of Address See chapter 7 for information about getting these publications and forms. Myfreetaxes com baltimorecash Filing Requirements If you are a U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash citizen or resident alien, the rules for filing income, estate, and gift tax returns and for paying estimated tax are generally the same whether you are in the United States or abroad. Myfreetaxes com baltimorecash Your income, filing status, and age generally determine whether you must file an income tax return. Myfreetaxes com baltimorecash Generally, you must file a return for 2013 if your gross income from worldwide sources is at least the amount shown for your filing status in the following table. Myfreetaxes com baltimorecash Filing Status*   Amount Single $10,000 65 or older $11,500 Head of household $12,850 65 or older $14,350 Qualifying widow(er) $16,100 65 or older $17,300 Married filing jointly $20,000 Not living with spouse at end of year $3,900 One spouse 65 or older $21,200 Both spouses 65 or older $22,400 Married filing separately $3,900 *If you are the dependent of another taxpayer, see the instructions for Form 1040 for more information on whether you must file a return. Myfreetaxes com baltimorecash Gross income. Myfreetaxes com baltimorecash   This includes all income you receive in the form of money, goods, property, and services that is not exempt from tax. Myfreetaxes com baltimorecash   For purposes of determining whether you must file a return, gross income includes any income that you can exclude as foreign earned income or as a foreign housing amount. Myfreetaxes com baltimorecash If you are self-employed, your gross income includes the amount on Part I, line 7 of Schedule C (Form 1040), Profit or Loss From Business, or line 1 of Schedule C-EZ (Form 1040), Net Profit From Business. Myfreetaxes com baltimorecash Self-employed individuals. Myfreetaxes com baltimorecash   If your net earnings from self-employment are $400 or more, you must file a return even if your gross income is below the amount listed for your filing status in the table shown earlier. Myfreetaxes com baltimorecash Net earnings from self-employment are defined in Publication 334, Tax Guide for Small Business. Myfreetaxes com baltimorecash 65 or older. Myfreetaxes com baltimorecash   You are considered to be age 65 on the day before your 65th birthday. Myfreetaxes com baltimorecash For example, if your 65th birthday is on January 1, 2014, you are considered 65 for 2013. Myfreetaxes com baltimorecash Residents of U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash possessions. Myfreetaxes com baltimorecash   If you are (or were) a bona fide resident of a U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash possession, you may be required to file Form 8898, Statement for Individuals Who Begin or End Bona Fide Residence in a U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash Possession. Myfreetaxes com baltimorecash See the instructions for the form for more information. Myfreetaxes com baltimorecash When To File and Pay If you file on a calendar year basis, the due date for filing your return is April 15 of the following year. Myfreetaxes com baltimorecash If you file on a fiscal year basis (a year ending on the last day of any month except December), the due date is 3 months and 15 days after the close of your fiscal year. Myfreetaxes com baltimorecash In general, the tax shown on your return should be paid by the due date of the return, without regard to any extension of time for filing the return. Myfreetaxes com baltimorecash When the due date for doing any act for tax purposes—filing a return, paying taxes, etc. Myfreetaxes com baltimorecash — falls on a Saturday, Sunday, or legal holiday, the due date is delayed until the next business day. Myfreetaxes com baltimorecash A tax return delivered by the U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash mail or a designated delivery service that is postmarked or dated by the delivery service on or before the due date is considered to have been filed on or before that date. Myfreetaxes com baltimorecash See your Form 1040 or Form 1040A instructions for a list of designated delivery services. Myfreetaxes com baltimorecash Foreign wire transfers. Myfreetaxes com baltimorecash   If you have a U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash bank account, you can use: EFTPS (Electronic Federal Tax Payment System), or Federal Tax Application (same-day wire transfer). Myfreetaxes com baltimorecash If you do not have a U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash bank account, ask if your financial institution has a U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash affiliate that can help you make same-day wire transfers. Myfreetaxes com baltimorecash   For more information, visit www. Myfreetaxes com baltimorecash eftps. Myfreetaxes com baltimorecash gov. Myfreetaxes com baltimorecash Extensions You can get an extension of time to file your return. Myfreetaxes com baltimorecash In some circumstances, you also can get an extension of time to file and pay any tax due. Myfreetaxes com baltimorecash However, if you pay the tax due after the regular due date, interest will be charged from the regular due date until the date the tax is paid. Myfreetaxes com baltimorecash This publication discusses four extensions: an automatic 2-month extension, an automatic 6-month extension, an additional extension for taxpayers out of the country, and an extension of time to meet tests. Myfreetaxes com baltimorecash If you served in a combat zone or qualified hazardous duty area, see Publication 3 for a discussion of extensions of deadlines. Myfreetaxes com baltimorecash Automatic 2-month extension. Myfreetaxes com baltimorecash   You are allowed an automatic 2-month extension to file your return and pay federal income tax if you are a U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash citizen or resident alien, and on the regular due date of your return: You are living outside the United States and Puerto Rico and your main place of business or post of duty is outside the United States and Puerto Rico, or You are in military or naval service on duty outside the United States and Puerto Rico. Myfreetaxes com baltimorecash   If you use a calendar year, the regular due date of your return is April 15. Myfreetaxes com baltimorecash Even if you are allowed an extension, you will have to pay interest on any tax not paid by the regular due date of your return. Myfreetaxes com baltimorecash Married taxpayers. Myfreetaxes com baltimorecash   If you file a joint return, either you or your spouse can qualify for the automatic extension. Myfreetaxes com baltimorecash If you and your spouse file separate returns, this automatic extension applies only to the spouse who qualifies for it. Myfreetaxes com baltimorecash How to get the extension. Myfreetaxes com baltimorecash   To use this automatic 2-month extension, you must attach a statement to your return explaining which of the two situations listed earlier qualified you for the extension. Myfreetaxes com baltimorecash Automatic 6-month extension. Myfreetaxes com baltimorecash   If you are not able to file your return by the due date, you generally can get an automatic 6-month extension of time to file (but not of time to pay). Myfreetaxes com baltimorecash To get this automatic extension, you must file a paper Form 4868 or use IRS e-file (electronic filing). Myfreetaxes com baltimorecash For more information about filing electronically, see E-file options , later. Myfreetaxes com baltimorecash   The form must show your properly estimated tax liability based on the information available to you. Myfreetaxes com baltimorecash    You may not be eligible. Myfreetaxes com baltimorecash You cannot use the automatic 6-month extension of time to file if: You want the IRS to figure your tax, or You are under a court order to file by the regular due date. Myfreetaxes com baltimorecash E-file options. Myfreetaxes com baltimorecash    You can use e-file to get an extension of time to file. Myfreetaxes com baltimorecash You can either file Form 4868 electronically or you can pay part or all of your estimate of tax due using a credit or debit card. Myfreetaxes com baltimorecash   First, complete Form 4868 to use as a worksheet. Myfreetaxes com baltimorecash If you think you may owe tax when you file your return, use Part II of the form to estimate your balance due. Myfreetaxes com baltimorecash    Then, do one of the following. Myfreetaxes com baltimorecash E-file Form 4868. Myfreetaxes com baltimorecash You can use a tax software package with your personal computer or a tax professional to file Form 4868 electronically. Myfreetaxes com baltimorecash You will need to provide certain information from your tax return for 2012. Myfreetaxes com baltimorecash If you wish to make a payment by electronic funds withdrawal, see the instructions for Form 4868. Myfreetaxes com baltimorecash If you e-file Form 4868, do not also send a paper Form 4868. Myfreetaxes com baltimorecash E-file and pay by credit or debit card. Myfreetaxes com baltimorecash You can get an extension by paying part or all of your estimate of tax due by using a credit or debit card. Myfreetaxes com baltimorecash You can do this by phone or over the Internet. Myfreetaxes com baltimorecash If you do this, you do not file Form 4868. Myfreetaxes com baltimorecash For more information, see the instructions for your tax return. Myfreetaxes com baltimorecash When to file. Myfreetaxes com baltimorecash   Generally, you must request the 6-month extension by the regular due date of your return. Myfreetaxes com baltimorecash Previous 2-month extension. Myfreetaxes com baltimorecash   If you cannot file your return within the automatic 2-month extension period, you generally can get an additional 4 months to file your return, for a total of 6 months. Myfreetaxes com baltimorecash The 2-month period and the 6-month period start at the same time. Myfreetaxes com baltimorecash You have to request the additional 4 months by the new due date allowed by the 2-month extension. Myfreetaxes com baltimorecash   The additional 4 months of time to file (unlike the original 2-month extension) is not an extension of time to pay. Myfreetaxes com baltimorecash You must make an accurate estimate of your tax based on the information available to you. Myfreetaxes com baltimorecash If you find you cannot pay the full amount due with Form 4868, you can still get the extension. Myfreetaxes com baltimorecash You will owe interest on the unpaid amount from the original due date of the return. Myfreetaxes com baltimorecash   You also may be charged a penalty for paying the tax late unless you have reasonable cause for not paying your tax when due. Myfreetaxes com baltimorecash Penalties for paying the tax late are assessed from the original due date of your return, unless you qualify for the automatic 2-month extension. Myfreetaxes com baltimorecash In that situation, penalties for paying late are assessed from the extended due date of the payment (June 15 for calendar year taxpayers). Myfreetaxes com baltimorecash Additional extension of time for taxpayers out of the country. Myfreetaxes com baltimorecash   In addition to the 6-month extension, taxpayers who are out of the country can request a discretionary 2-month additional extension of time to file their returns (to December 15 for calendar year taxpayers). Myfreetaxes com baltimorecash   To request this extension, you must send the Internal Revenue Service a letter explaining the reasons why you need the additional 2 months. Myfreetaxes com baltimorecash Send the letter by the extended due date (October 15 for calendar year taxpayers) to the following address: Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0045   You will not receive any notification from the Internal Revenue Service unless your request is denied. Myfreetaxes com baltimorecash   The discretionary 2-month additional extension is not available to taxpayers who have an approved extension of time to file on Form 2350, discussed next. Myfreetaxes com baltimorecash Extension of time to meet tests. Myfreetaxes com baltimorecash   You generally cannot get an extension of more than 6 months. Myfreetaxes com baltimorecash However, if you are outside the United States and meet certain requirements, you may be able to get a longer extension. Myfreetaxes com baltimorecash   You can get an extension of more than 6 months to file your tax return if you need the time to meet either the bona fide residence test or the physical presence test to qualify for either the foreign earned income exclusion or the foreign housing exclusion or deduction. Myfreetaxes com baltimorecash The tests, the exclusions, and the deduction are explained in chapter 4. Myfreetaxes com baltimorecash   You should request an extension if all three of the following apply. Myfreetaxes com baltimorecash You are a U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash citizen or resident alien. Myfreetaxes com baltimorecash You expect to meet either the bona fide residence test or the physical presence test, but not until after your tax return is due. Myfreetaxes com baltimorecash Your tax home is in a foreign country (or countries) throughout your period of bona fide residence or physical presence, whichever applies. Myfreetaxes com baltimorecash   If you are granted an extension, it generally will be to 30 days beyond the date on which you can reasonably expect to qualify for an exclusion or deduction under either the bona fide residence test or the physical presence test. Myfreetaxes com baltimorecash However, if you have moving expenses that are for services performed in 2 years, you may be granted an extension until after the end of the second year. Myfreetaxes com baltimorecash How to get an extension. Myfreetaxes com baltimorecash   To obtain an extension, file Form 2350 either by giving it to a local IRS representative or other IRS employee or by mailing it to the: Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0045   You must file Form 2350 by the due date for filing your return. Myfreetaxes com baltimorecash Generally, if both your tax home and your abode are outside the United States and Puerto Rico on the regular due date of your return and you file on a calendar year basis, the due date for filing your return is June 15. Myfreetaxes com baltimorecash What if tests are not met. Myfreetaxes com baltimorecash   If you obtain an extension and unforeseen events make it impossible for you to meet either the bona fide residence test or the physical presence test, you should file your income tax return as soon as possible because you must pay interest on any tax due after the regular due date of the return (even though an extension was granted). Myfreetaxes com baltimorecash    You should make any request for an extension early, so that if it is denied you still can file your return on time. Myfreetaxes com baltimorecash Otherwise, if you file late and additional tax is due, you may be subject to a penalty. Myfreetaxes com baltimorecash Return filed before test is met. Myfreetaxes com baltimorecash   If you file a return before you meet the bona fide residence test or the physical presence test, you must include all income from both U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash and foreign sources and pay the tax on that income. Myfreetaxes com baltimorecash If you later meet either of the tests, you can claim the foreign earned income exclusion, the foreign housing exclusion, or the foreign housing deduction on Form 1040X. Myfreetaxes com baltimorecash Foreign Currency You must express the amounts you report on your U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash tax return in U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash dollars. Myfreetaxes com baltimorecash If you receive all or part of your income or pay some or all of your expenses in foreign currency, you must translate the foreign currency into U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash dollars. Myfreetaxes com baltimorecash How you do this depends on your functional currency. Myfreetaxes com baltimorecash Your functional currency generally is the U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash dollar unless you are required to use the currency of a foreign country. Myfreetaxes com baltimorecash You must make all federal income tax determinations in your functional currency. Myfreetaxes com baltimorecash The U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash dollar is the functional currency for all taxpayers except some qualified business units (QBUs). Myfreetaxes com baltimorecash A QBU is a separate and clearly identified unit of a trade or business that maintains separate books and records. Myfreetaxes com baltimorecash Even if you have a QBU, your functional currency is the dollar if any of the following apply. Myfreetaxes com baltimorecash You conduct the business in U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash dollars. Myfreetaxes com baltimorecash The principal place of business is located in the United States. Myfreetaxes com baltimorecash You choose to or are required to use the U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash dollar as your functional currency. Myfreetaxes com baltimorecash The business books and records are not kept in the currency of the economic environment in which a significant part of the business activities is conducted. Myfreetaxes com baltimorecash Make all income tax determinations in your functional currency. Myfreetaxes com baltimorecash If your functional currency is the U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash dollar, you must immediately translate into U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash dollars all items of income, expense, etc. Myfreetaxes com baltimorecash (including taxes), that you receive, pay, or accrue in a foreign currency and that will affect computation of your income tax. Myfreetaxes com baltimorecash Use the exchange rate prevailing when you receive, pay, or accrue the item. Myfreetaxes com baltimorecash If there is more than one exchange rate, use the one that most properly reflects your income. Myfreetaxes com baltimorecash You can generally get exchange rates from banks and U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash Embassies. Myfreetaxes com baltimorecash If your functional currency is not the U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash dollar, make all income tax determinations in your functional currency. Myfreetaxes com baltimorecash At the end of the year, translate the results, such as income or loss, into U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash dollars to report on your income tax return. Myfreetaxes com baltimorecash Blocked Income You generally must report your foreign income in terms of U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash dollars and, with one exception (see Fulbright Grant, later), you must pay taxes due on it in U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash dollars. Myfreetaxes com baltimorecash If, because of restrictions in a foreign country, your income is not readily convertible into U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash dollars or into other money or property that is readily convertible into U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash dollars, your income is “blocked” or “deferrable” income. Myfreetaxes com baltimorecash You can report this income in one of two ways: Report the income and pay your federal income tax with U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash dollars that you have in the United States or in some other country, or Postpone the reporting of the income until it becomes unblocked. Myfreetaxes com baltimorecash If you choose to postpone the reporting of the income, you must file an information return with your tax return. Myfreetaxes com baltimorecash For this information return, you should use another Form 1040 labeled “Report of Deferrable Foreign Income, pursuant to Rev. Myfreetaxes com baltimorecash Rul. Myfreetaxes com baltimorecash 74-351. Myfreetaxes com baltimorecash ” You must declare on the information return that you will include the deferrable income in your taxable income for the year that it becomes unblocked. Myfreetaxes com baltimorecash You also must state that you waive any right to claim that the deferrable income was includible in your income for any earlier year. Myfreetaxes com baltimorecash You must report your income on your information return using the foreign currency in which you received that income. Myfreetaxes com baltimorecash If you have blocked income from more than one foreign country, include a separate information return for each country. Myfreetaxes com baltimorecash Income becomes unblocked and reportable for tax purposes when it becomes convertible, or when it is converted, into U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash dollars or into other money or property that is convertible into U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash currency. Myfreetaxes com baltimorecash Also, if you use blocked income for your personal expenses or dispose of it by gift, bequest, or devise, you must treat it as unblocked and reportable. Myfreetaxes com baltimorecash If you have received blocked income on which you have not paid tax, you should check to see whether that income is still blocked. Myfreetaxes com baltimorecash If it is not, you should take immediate steps to pay tax on it, file a declaration or amended declaration of estimated tax, and include the income on your tax return for the year in which the income became unblocked. Myfreetaxes com baltimorecash If you choose to postpone reporting blocked income and in a later tax year you wish to begin including it in gross income although it is still blocked, you must obtain the permission of the IRS to do so. Myfreetaxes com baltimorecash To apply for permission, file Form 3115, Application for Change in Accounting Method. Myfreetaxes com baltimorecash You also must request permission from the IRS on Form 3115 if you have not chosen to defer the reporting of blocked income in the past, but now wish to begin reporting blocked income under the deferred method. Myfreetaxes com baltimorecash See the instructions for Form 3115 for information on changing your accounting method. Myfreetaxes com baltimorecash Fulbright Grant All income must be reported in U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash dollars. Myfreetaxes com baltimorecash In most cases, the tax also must be paid in U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash dollars. Myfreetaxes com baltimorecash If, however, at least 70% of your Fulbright grant has been paid in nonconvertible foreign currency (blocked income), you can use the currency of the host country to pay the part of the U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash tax that is based on the blocked income. Myfreetaxes com baltimorecash Paying U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash tax in foreign currency. Myfreetaxes com baltimorecash   To qualify for this method of payment, you must prepare a statement that shows the following information. Myfreetaxes com baltimorecash You were a Fulbright grantee and were paid in nonconvertible foreign currency. Myfreetaxes com baltimorecash The total grant you received during the year and the amount you received in nonconvertible foreign currency. Myfreetaxes com baltimorecash At least 70% of the grant was paid in nonconvertible foreign currency. Myfreetaxes com baltimorecash The statement must be certified by the U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash educational foundation or commission paying the grant or other person having control of grant payments to you. Myfreetaxes com baltimorecash   You should prepare at least two copies of this statement. Myfreetaxes com baltimorecash Attach one copy to your Form 1040 and keep the other copy for identification purposes when you make a tax deposit of nonconvertible foreign currency. Myfreetaxes com baltimorecash Figuring actual tax. Myfreetaxes com baltimorecash   When you prepare your income tax return, you may owe tax or the entire liability may have been satisfied with your estimated tax payments. Myfreetaxes com baltimorecash If you owe tax, figure the part due to (and payable in) the nonconvertible foreign currency by using the following formula. Myfreetaxes com baltimorecash   Adjusted gross income that is blocked income × Total U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash tax = Tax on blocked income     Total adjusted  gross income     You must attach all of the following to the return. Myfreetaxes com baltimorecash A copy of the certified statement discussed earlier. Myfreetaxes com baltimorecash A detailed statement showing the allocation of tax attributable to amounts received in foreign currency and the rates of exchange used in determining your tax liability in U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash dollars. Myfreetaxes com baltimorecash The original deposit receipt for any balance of tax due that you paid in nonconvertible foreign currency. Myfreetaxes com baltimorecash Figuring estimated tax on nonconvertible foreign currency. Myfreetaxes com baltimorecash   If you are liable for estimated tax (discussed later), figure the amount you can pay to the IRS in nonconvertible foreign currency using the following formula. Myfreetaxes com baltimorecash   Adjusted gross income that is blocked income × Total estimated U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash tax = Estimated tax on blocked income     Total adjusted  gross income     If you must pay your host country income tax on your grant, subtract any estimated foreign tax credit that applies to your grant from the estimated tax on the blocked income. Myfreetaxes com baltimorecash Deposit of foreign currency with disbursing officer. Myfreetaxes com baltimorecash   Once you have determined the amount of the actual tax or estimated tax that you can pay in nonconvertible foreign currency, deposit that amount with the disbursing officer of the Department of State in the foreign country in which the foundation or commission paying the grant is located. Myfreetaxes com baltimorecash Estimated tax installments. Myfreetaxes com baltimorecash   You can either deposit the full estimated tax amount before the first installment due date or make four equal payments before the installment due dates. Myfreetaxes com baltimorecash See Estimated Tax , later. Myfreetaxes com baltimorecash Deposit receipt. Myfreetaxes com baltimorecash   Upon accepting the foreign currency, the disbursing officer will give you a receipt in duplicate. Myfreetaxes com baltimorecash The original of this receipt (showing the amount of foreign currency deposited and its equivalent in U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash dollars) should be attached to your Form 1040 or payment voucher from Form 1040-ES. Myfreetaxes com baltimorecash Keep the copy for your records. Myfreetaxes com baltimorecash Does My Return Have To Be On Paper? IRS e-file (electronic filing) is the fastest, easiest, and most convenient way to file your income tax return electronically. Myfreetaxes com baltimorecash IRS e-file offers accurate, safe, and fast alternatives to filing on paper. Myfreetaxes com baltimorecash IRS computers quickly and automatically check for errors or other missing information. Myfreetaxes com baltimorecash Even returns with a foreign address can be e-filed! How to e-file. Myfreetaxes com baltimorecash   There are three ways you can e-file. Myfreetaxes com baltimorecash Use your personal computer. Myfreetaxes com baltimorecash Use a volunteer. Myfreetaxes com baltimorecash Many programs offering free tax help can e-file your return. Myfreetaxes com baltimorecash Use a tax professional. Myfreetaxes com baltimorecash Most tax professionals can e-file your return. Myfreetaxes com baltimorecash These methods are explained in detail in the instructions for your tax return. Myfreetaxes com baltimorecash Where To File If any of the following situations apply to you, do not file your return with the service center listed for your home state. Myfreetaxes com baltimorecash You claim the foreign earned income exclusion. Myfreetaxes com baltimorecash You claim the foreign housing exclusion or deduction. Myfreetaxes com baltimorecash You live in a foreign country. Myfreetaxes com baltimorecash Instead, use one of the following special addresses. Myfreetaxes com baltimorecash If you are not enclosing a check or money order, file your return with the: Department of the Treasury Internal Revenue Service Center Austin, TX 73301-0215 USA If you are enclosing a check or money order, file your return with: Internal Revenue Service Center P. Myfreetaxes com baltimorecash O. Myfreetaxes com baltimorecash Box 1303 Charlotte, NC 28201-1303 USA If you do not know where your legal residence is and you do not have a principal place of business in the United States, you can file with the appropriate address listed above. Myfreetaxes com baltimorecash However, you should not file with the addresses listed above if you are a bona fide resident of the U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash Virgin Islands, Guam, or the Commonwealth of the Northern Mariana Islands during your entire tax year. Myfreetaxes com baltimorecash Resident of U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash Virgin Islands (USVI). Myfreetaxes com baltimorecash   If you are a bona fide resident of the USVI during your entire tax year, you generally are not required to file a U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash return. Myfreetaxes com baltimorecash However, you must file a return with the USVI. Myfreetaxes com baltimorecash    Send your return to the:     Virgin Islands Bureau of Internal Revenue 6115 Estate Smith Bay Suite 225 St. Myfreetaxes com baltimorecash Thomas, Virgin Islands 00802 Non-USVI resident with USVI income. Myfreetaxes com baltimorecash   If you are a U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash citizen or resident alien and you have income from sources in the USVI or income effectively connected with the conduct of a trade or business in the USVI, and you are not a bona fide resident of the USVI during your entire tax year, you must file identical tax returns with the United States and the USVI. Myfreetaxes com baltimorecash File the original return with the United States and file a signed copy of the U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash return (including all attachments, forms, and schedules) with the Virgin Islands Bureau of Internal Revenue. Myfreetaxes com baltimorecash   You must complete Form 8689, Allocation of Individual Income Tax to the U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash Virgin Islands, and attach a copy to both your U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash return and your USVI return. Myfreetaxes com baltimorecash You should file your U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash return with the address listed under Where To File. Myfreetaxes com baltimorecash   See Publication 570, Tax Guide for Individuals With Income From U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash Possessions, for information about filing Virgin Islands returns. Myfreetaxes com baltimorecash Resident of Guam. Myfreetaxes com baltimorecash   If you are a bona fide resident of Guam during your entire tax year, you should file a return with Guam. Myfreetaxes com baltimorecash    Send your return to the:     Department of Revenue and Taxation Government of Guam P. Myfreetaxes com baltimorecash O. Myfreetaxes com baltimorecash Box 23607 GMF, GU 96921   However, if you have income from sources within Guam and you are a U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash citizen or resident alien, but not a bona fide resident of Guam during the entire tax year, you should file a return with the United States. Myfreetaxes com baltimorecash Send your return to the address listed under Where To File. Myfreetaxes com baltimorecash   See Publication 570 for information about filing Guam returns. Myfreetaxes com baltimorecash Resident of the Commonwealth of the Northern Mariana Islands. Myfreetaxes com baltimorecash   If you are a bona fide resident of the Commonwealth of the Northern Mariana Islands (CNMI) during your entire tax year, you should file a return with the Northern Mariana Islands. Myfreetaxes com baltimorecash    Send your return to the:      Division of Revenue and Taxation Commonwealth of the Northern Mariana Islands P. Myfreetaxes com baltimorecash O. Myfreetaxes com baltimorecash Box 5234, CHRB Saipan, MP 96950   However, if you have income from sources within the CNMI and you are a U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash citizen or resident alien, but not a bona fide resident of the CNMI during the entire tax year, you should file a return with the United States. Myfreetaxes com baltimorecash Send your return to the address listed under Where To File. Myfreetaxes com baltimorecash   See Publication 570 for information about filing Northern Mariana Islands returns. Myfreetaxes com baltimorecash Nonresident Alien Spouse Treated as a Resident If, at the end of your tax year, you are married and one spouse is a U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash citizen or a resident alien and the other is a nonresident alien, you can choose to treat the nonresident as a U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash resident. Myfreetaxes com baltimorecash This includes situations in which one of you is a nonresident alien at the beginning of the tax year and a resident alien at the end of the year and the other is a nonresident alien at the end of the year. Myfreetaxes com baltimorecash If you make this choice, the following two rules apply. Myfreetaxes com baltimorecash You and your spouse are treated, for income tax purposes, as residents for all tax years that the choice is in effect. Myfreetaxes com baltimorecash You must file a joint income tax return for the year you make the choice. Myfreetaxes com baltimorecash This means that neither of you can claim under any tax treaty not to be a U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash resident for a tax year for which the choice is in effect. Myfreetaxes com baltimorecash You can file joint or separate returns in years after the year in which you make the choice. Myfreetaxes com baltimorecash Example 1. Myfreetaxes com baltimorecash Pat Smith, a U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash citizen, is married to Norman, a nonresident alien. Myfreetaxes com baltimorecash Pat and Norman make the choice to treat Norman as a resident alien by attaching a statement to their joint return. Myfreetaxes com baltimorecash Pat and Norman must report their worldwide income for the year they make the choice and for all later years unless the choice is ended or suspended. Myfreetaxes com baltimorecash Although Pat and Norman must file a joint return for the year they make the choice, they can file either joint or separate returns for later years. Myfreetaxes com baltimorecash Example 2. Myfreetaxes com baltimorecash When Bob and Sharon Williams got married, both were nonresident aliens. Myfreetaxes com baltimorecash In June of last year, Bob became a resident alien and remained a resident for the rest of the year. Myfreetaxes com baltimorecash Bob and Sharon both choose to be treated as resident aliens by attaching a statement to their joint return for last year. Myfreetaxes com baltimorecash Bob and Sharon must report their worldwide income for last year and all later years unless the choice is ended or suspended. Myfreetaxes com baltimorecash Bob and Sharon must file a joint return for last year, but they can file either joint or separate returns for later years. Myfreetaxes com baltimorecash If you do not choose to treat your nonresident alien spouse as a U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash resident, you may be able to use head of household filing status. Myfreetaxes com baltimorecash To use this status, you must pay more than half the cost of maintaining a household for certain dependents or relatives other than your nonresident alien spouse. Myfreetaxes com baltimorecash For more information, see Publication 501. Myfreetaxes com baltimorecash Social Security Number (SSN) If you choose to treat your nonresident alien spouse as a U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash resident, your spouse must have either an SSN or an individual taxpayer identification number (ITIN). Myfreetaxes com baltimorecash To get an SSN for a nonresident alien spouse, apply at an office of the U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash Social Security Administration (SSA) or U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash consulate. Myfreetaxes com baltimorecash You must complete Form SS-5, Application for a Social Security Card, available at www. Myfreetaxes com baltimorecash socialsecurity. Myfreetaxes com baltimorecash gov or by calling 1-800-772-1213. Myfreetaxes com baltimorecash You must also provide original or certified copies of documents to verify that spouse's age, identity, and citizenship. Myfreetaxes com baltimorecash If the nonresident alien spouse is not eligible to get an SSN, he or she can file Form W-7, Application for IRS Individual Taxpayer Identification Number, with the IRS to apply for an ITIN. Myfreetaxes com baltimorecash How To Make the Choice Attach a statement, signed by both spouses, to your joint return for the first tax year for which the choice applies. Myfreetaxes com baltimorecash It should contain the following: A declaration that one spouse was a nonresident alien and the other spouse a U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash citizen or resident alien on the last day of your tax year and that you choose to be treated as U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash residents for the entire tax year, and The name, address, and social security number (or individual taxpayer identification number) of each spouse. Myfreetaxes com baltimorecash (If one spouse died, include the name and address of the person making the choice for the deceased spouse. Myfreetaxes com baltimorecash ) You generally make this choice when you file your joint return. Myfreetaxes com baltimorecash However, you also can make the choice by filing a joint amended return on Form 1040X. Myfreetaxes com baltimorecash Attach Form 1040, 1040A, or 1040EZ and print “Amended” across the top of the amended return. Myfreetaxes com baltimorecash If you make the choice with an amended return, you and your spouse also must amend any returns that you may have filed after the year for which you made the choice. Myfreetaxes com baltimorecash You generally must file the amended joint return within 3 years from the date you filed your original U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash income tax return or 2 years from the date you paid your income tax for that year, whichever is later. Myfreetaxes com baltimorecash Table 1–1. Myfreetaxes com baltimorecash Ending the Choice To Treat Nonresident Alien Spouse as a Resident Revocation   Either spouse can revoke the choice for any tax year. Myfreetaxes com baltimorecash   • The revocation must be made by the due date for filing the tax return for that tax year. Myfreetaxes com baltimorecash   • The spouse who revokes the choice must attach a signed statement declaring that the choice is being revoked. Myfreetaxes com baltimorecash The statement revoking the choice must include the following:     • The name, address, and social security number (or taxpayer identification number) of each spouse. Myfreetaxes com baltimorecash     • The name and address of any person who is revoking the choice for a deceased spouse. Myfreetaxes com baltimorecash     • A list of any states, foreign countries, and possessions that have community property laws in which either spouse is domiciled or where real property is located from which either spouse receives income. Myfreetaxes com baltimorecash   • If the spouse revoking the choice does not have to file a return and does not file a claim for refund, send the statement to the Internal Revenue Service Center where the last joint return was filed. Myfreetaxes com baltimorecash Death   The death of either spouse ends the choice, beginning with the first tax year following the year in which the spouse died. Myfreetaxes com baltimorecash   • If the surviving spouse is a U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash citizen or resident alien and is entitled to the joint tax rates as a surviving spouse, the choice will not end until the close of the last year for which these joint rates may be used. Myfreetaxes com baltimorecash   • If both spouses die in the same tax year, the choice ends on the first day after the close of the tax year in which the spouses died. Myfreetaxes com baltimorecash Divorce or  Legal separation   A divorce or legal separation ends the choice as of the beginning of the tax year in which the legal separation occurs. Myfreetaxes com baltimorecash Inadequate records   The Internal Revenue Service can end the choice for any tax year that either spouse has failed to keep adequate books, records, and other information necessary to determine the correct income tax liability, or to provide adequate access to those records. Myfreetaxes com baltimorecash Suspending the Choice The choice to be treated as a resident alien does not apply to any later tax year if neither of you is a U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash citizen or resident alien at any time during the later tax year. Myfreetaxes com baltimorecash Example. Myfreetaxes com baltimorecash Dick Brown was a resident alien on December 31, 2010, and married to Judy, a nonresident alien. Myfreetaxes com baltimorecash They chose to treat Judy as a resident alien and filed a joint 2010 income tax return. Myfreetaxes com baltimorecash On January 10, 2012, Dick became a nonresident alien. Myfreetaxes com baltimorecash Judy had remained a nonresident alien. Myfreetaxes com baltimorecash Because Dick was a resident alien during part of 2012, Dick and Judy can file joint or separate returns for that year. Myfreetaxes com baltimorecash Neither Dick nor Judy was a resident alien at any time during 2013 and their choice is suspended for that year. Myfreetaxes com baltimorecash For 2013, both are treated as nonresident aliens. Myfreetaxes com baltimorecash If Dick becomes a resident alien again in 2014, their choice is no longer suspended and both are treated as resident aliens. Myfreetaxes com baltimorecash Ending the Choice Once made, the choice to be treated as a resident applies to all later years unless suspended (as explained earlier) or ended in one of the ways shown in Table 1-1. Myfreetaxes com baltimorecash If the choice is ended for any of the reasons listed in Table 1-1, neither spouse can make a choice in any later tax year. Myfreetaxes com baltimorecash Estimated Tax The requirements for determining who must pay estimated tax are the same for a U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash citizen or resident abroad as for a taxpayer in the United States. Myfreetaxes com baltimorecash For current instructions on making estimated tax payments, see Form 1040-ES. Myfreetaxes com baltimorecash If you had a tax liability for 2013, you may have to pay estimated tax for 2014. Myfreetaxes com baltimorecash Generally, you must make estimated tax payments for 2014 if you expect to owe at least $1,000 in tax for 2014 after subtracting your withholding and credits and you expect your withholding and credits to be less than the smaller of: 90% of the tax to be shown on your 2014 tax return, or 100% of the tax shown on your 2013 tax return. Myfreetaxes com baltimorecash (The return must cover all 12 months. Myfreetaxes com baltimorecash ) If less than two-thirds of your gross income for 2013 and 2014 is from farming or fishing and your adjusted gross income for 2013 is more than $150,000 ($75,000 if you are married and file separately), substitute 110% for 100% in (2). Myfreetaxes com baltimorecash See Publication 505 for more information. Myfreetaxes com baltimorecash The first installment of estimated tax is due on April 15, 2014. Myfreetaxes com baltimorecash Foreign earned income exclusion. Myfreetaxes com baltimorecash   When figuring your estimated gross income, subtract amounts you expect to exclude under the foreign earned income exclusion and the foreign housing exclusion. Myfreetaxes com baltimorecash In addition, you can reduce your income by your estimated foreign housing deduction. Myfreetaxes com baltimorecash However, you must estimate tax on your nonexcluded income using the tax rates that will apply had you not excluded the income. Myfreetaxes com baltimorecash If the actual amount of the exclusion or deduction is less than you estimate, you may have to pay a penalty for underpayment of estimated tax. Myfreetaxes com baltimorecash   For more information about figuring your estimated tax, see Publication 505. Myfreetaxes com baltimorecash Other Forms You May Have To File FinCEN Form 114 (replaces Form TD F 90-22. Myfreetaxes com baltimorecash 1). Myfreetaxes com baltimorecash   Beginning October 1, 2013, Form 114, Report of Foreign Bank and Financial Accounts (FBAR), must be filed instead of Form TD F 90-22. Myfreetaxes com baltimorecash 1. Myfreetaxes com baltimorecash Form 114 is filed electronically with the Financial Crimes Enforcement Network (FinCEN). Myfreetaxes com baltimorecash See the filing instructions at www. Myfreetaxes com baltimorecash bsaefiling. Myfreetaxes com baltimorecash fincen. Myfreetaxes com baltimorecash treas. Myfreetaxes com baltimorecash gov/main. Myfreetaxes com baltimorecash html. Myfreetaxes com baltimorecash   You must file Form 114 if you had any financial interest in, or signature or other authority over a bank, securities, or other financial account in a foreign country. Myfreetaxes com baltimorecash You do not need to file the report if the assets are with a U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash military banking facility operated by a financial institution or if the combined assets in the account(s) are $10,000 or less during the entire year. Myfreetaxes com baltimorecash   More information about the filing of Form 114 can be found in the instructions for the form. Myfreetaxes com baltimorecash FinCEN Form 105. Myfreetaxes com baltimorecash   You must file Form 105, Report of International Transportation of Currency or Monetary Instruments, if you physically transport, mail, ship, or cause to be physically transported, mailed, or shipped into or out of the United States, currency or other monetary instruments totaling more than $10,000 at one time. Myfreetaxes com baltimorecash Certain recipients of currency or monetary instruments also must file Form 105. Myfreetaxes com baltimorecash   More information about the filing of Form 105 can be found in the instructions on the back of the form. Myfreetaxes com baltimorecash Form 8938. Myfreetaxes com baltimorecash   You must file Form 8938 to report the ownership of specified foreign financial assets if the total value of those assets exceeds an applicable threshold amount (the “reporting threshold ”). Myfreetaxes com baltimorecash The reporting threshold varies depending on whether you live in the United States, are married, or file a joint income tax return with your spouse. Myfreetaxes com baltimorecash Specified foreign financial assets include any financial account maintained by a foreign financial institution and, to the extent held for investment, any stock, securities, or any other interest in a foreign entity and any financial instrument or contract with an issuer or counterparty that is not a U. Myfreetaxes com baltimorecash S. Myfreetaxes com baltimorecash person. Myfreetaxes com baltimorecash   You may have to pay penalties if you are required to file Form 8938 and fail to do so, or if you have an understatement of tax due to any transaction involving an undisclosed foreign financial asset. Myfreetaxes com baltimorecash   More information about the filing of Form 8938 can be found in the separate instructions for Form 8938. Myfreetaxes com baltimorecash Prev  Up  Next   Home   More Online Publications