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Need To Amend 2010 Tax Return

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Need To Amend 2010 Tax Return

Need to amend 2010 tax return 2. Need to amend 2010 tax return   Entertainment Table of Contents Directly-Related Test Associated TestMeetings at conventions. Need to amend 2010 tax return 50% LimitExceptions to the 50% Limit What Entertainment Expenses Are Deductible?A meal as a form of entertainment. Need to amend 2010 tax return Deduction may depend on your type of business. Need to amend 2010 tax return Exception for events that benefit charitable organizations. Need to amend 2010 tax return Food and beverages in skybox seats. Need to amend 2010 tax return What Entertainment Expenses Are Not Deductible?Out-of-pocket expenses. Need to amend 2010 tax return You may be able to deduct business-related entertainment expenses you have for entertaining a client, customer, or employee. Need to amend 2010 tax return The rules and definitions are summarized in Table 2-1 . Need to amend 2010 tax return You can deduct entertainment expenses only if they are both ordinary and necessary and meet one of the following tests. Need to amend 2010 tax return Directly-related test. Need to amend 2010 tax return Associated test. Need to amend 2010 tax return Both of these tests are explained later. Need to amend 2010 tax return An ordinary expense is one that is common and accepted in your trade or business. Need to amend 2010 tax return A necessary expense is one that is helpful and appropriate for your business. Need to amend 2010 tax return An expense does not have to be required to be considered necessary. Need to amend 2010 tax return The amount you can deduct for entertainment expenses may be limited. Need to amend 2010 tax return Generally, you can deduct only 50% of your unreimbursed entertainment expenses. Need to amend 2010 tax return This limit is discussed later under 50% Limit. Need to amend 2010 tax return Directly-Related Test To meet the directly-related test for entertainment expenses (including entertainment-related meals), you must show that: The main purpose of the combined business and entertainment was the active conduct of business, You did engage in business with the person during the entertainment period, and You had more than a general expectation of getting income or some other specific business benefit at some future time. Need to amend 2010 tax return Business is generally not considered to be the main purpose when business and entertainment are combined on hunting or fishing trips, or on yachts or other pleasure boats. Need to amend 2010 tax return Even if you show that business was the main purpose, you generally cannot deduct the expenses for the use of an entertainment facility. Need to amend 2010 tax return See Entertainment facilities under What Entertainment Expenses Are Not Deductible? later in this chapter. Need to amend 2010 tax return You must consider all the facts, including the nature of the business transacted and the reasons for conducting business during the entertainment. Need to amend 2010 tax return It is not necessary to devote more time to business than to entertainment. Need to amend 2010 tax return However, if the business discussion is only incidental to the entertainment, the entertainment expenses do not meet the directly-related test. Need to amend 2010 tax return Table 2-1. Need to amend 2010 tax return When Are Entertainment Expenses Deductible? General rule You can deduct ordinary and necessary expenses to entertain a client, customer, or employee if the expenses meet the directly-related test or the associated test. Need to amend 2010 tax return Definitions Entertainment includes any activity generally considered to provide entertainment, amusement, or recreation, and includes meals provided to a customer or client. Need to amend 2010 tax return An ordinary expense is one that is common and accepted in your trade or business. Need to amend 2010 tax return A necessary expense is one that is helpful and appropriate. Need to amend 2010 tax return Tests to be met Directly-related test Entertainment took place in a clear business setting, or Main purpose of entertainment was the active conduct of business, and You did engage in business with the person during the entertainment period, and You had more than a general expectation of getting income or some other specific business benefit. Need to amend 2010 tax return   Associated test Entertainment is associated with your trade or business, and Entertainment is directly before or after a substantial business discussion. Need to amend 2010 tax return Other rules You cannot deduct the cost of your meal as an entertainment expense if you are claiming the meal as a travel expense. Need to amend 2010 tax return You cannot deduct expenses that are lavish or extravagant under the circumstances. Need to amend 2010 tax return You generally can deduct only 50% of your unreimbursed entertainment expenses (see 50% Limit ). Need to amend 2010 tax return You do not have to show that business income or other business benefit actually resulted from each entertainment expense. Need to amend 2010 tax return Clear business setting. Need to amend 2010 tax return   If the entertainment takes place in a clear business setting and is for your business or work, the expenses are considered directly related to your business or work. Need to amend 2010 tax return The following situations are examples of entertainment in a clear business setting. Need to amend 2010 tax return Entertainment in a hospitality room at a convention where business goodwill is created through the display or discussion of business products. Need to amend 2010 tax return Entertainment that is mainly a price rebate on the sale of your products (such as a restaurant owner providing an occasional free meal to a loyal customer). Need to amend 2010 tax return Entertainment of a clear business nature occurring under circumstances where there is no meaningful personal or social relationship between you and the persons entertained. Need to amend 2010 tax return An example is entertainment of business and civic leaders at the opening of a new hotel or play when the purpose is to get business publicity rather than to create or maintain the goodwill of the persons entertained. Need to amend 2010 tax return Expenses not considered directly related. Need to amend 2010 tax return   Entertainment expenses generally are not considered directly related if you are not there or in situations where there are substantial distractions that generally prevent you from actively conducting business. Need to amend 2010 tax return The following are examples of situations where there are substantial distractions. Need to amend 2010 tax return A meeting or discussion at a nightclub, theater, or sporting event. Need to amend 2010 tax return A meeting or discussion during what is essentially a social gathering, such as a cocktail party. Need to amend 2010 tax return A meeting with a group that includes persons who are not business associates at places such as cocktail lounges, country clubs, golf clubs, athletic clubs, or vacation resorts. Need to amend 2010 tax return Associated Test Even if your expenses do not meet the directly-related test, they may meet the associated test. Need to amend 2010 tax return To meet the associated test for entertainment expenses (including entertainment-related meals), you must show that the entertainment is: Associated with the active conduct of your trade or business, and Directly before or after a substantial business discussion (defined later). Need to amend 2010 tax return Associated with trade or business. Need to amend 2010 tax return   Generally, an expense is associated with the active conduct of your trade or business if you can show that you had a clear business purpose for having the expense. Need to amend 2010 tax return The purpose may be to get new business or to encourage the continuation of an existing business relationship. Need to amend 2010 tax return Substantial business discussion. Need to amend 2010 tax return   Whether a business discussion is substantial depends on the facts of each case. Need to amend 2010 tax return A business discussion will not be considered substantial unless you can show that you actively engaged in the discussion, meeting, negotiation, or other business transaction to get income or some other specific business benefit. Need to amend 2010 tax return   The meeting does not have to be for any specified length of time, but you must show that the business discussion was substantial in relation to the meal or entertainment. Need to amend 2010 tax return It is not necessary that you devote more time to business than to entertainment. Need to amend 2010 tax return You do not have to discuss business during the meal or entertainment. Need to amend 2010 tax return Meetings at conventions. Need to amend 2010 tax return   You are considered to have a substantial business discussion if you attend meetings at a convention or similar event, or at a trade or business meeting sponsored and conducted by a business or professional organization. Need to amend 2010 tax return However, your reason for attending the convention or meeting must be to further your trade or business. Need to amend 2010 tax return The organization that sponsors the convention or meeting must schedule a program of business activities that is the main activity of the convention or meeting. Need to amend 2010 tax return Directly before or after business discussion. Need to amend 2010 tax return   If the entertainment is held on the same day as the business discussion, it is considered to be held directly before or after the business discussion. Need to amend 2010 tax return   If the entertainment and the business discussion are not held on the same day, you must consider the facts of each case to see if the associated test is met. Need to amend 2010 tax return Among the facts to consider are the place, date, and duration of the business discussion. Need to amend 2010 tax return If you or your business associates are from out of town, you must also consider the dates of arrival and departure, and the reasons the entertainment and the discussion did not take place on the same day. Need to amend 2010 tax return Example. Need to amend 2010 tax return A group of business associates comes from out of town to your place of business to hold a substantial business discussion. Need to amend 2010 tax return If you entertain those business guests on the evening before the business discussion, or on the evening of the day following the business discussion, the entertainment generally is considered to be held directly before or after the discussion. Need to amend 2010 tax return The expense meets the associated test. Need to amend 2010 tax return 50% Limit In general, you can deduct only 50% of your business-related meal and entertainment expenses. Need to amend 2010 tax return (If you are subject to the Department of Transportation's “hours of service” limits, you can deduct 80% of your business-related meal and entertainment expenses. Need to amend 2010 tax return See Individuals subject to “hours of service” limits , later. Need to amend 2010 tax return ) The 50% limit applies to employees or their employers, and to self-employed persons (including independent contractors) or their clients, depending on whether the expenses are reimbursed. Need to amend 2010 tax return Figure A summarizes the general rules explained in this section. Need to amend 2010 tax return The 50% limit applies to business meals or entertainment expenses you have while: Traveling away from home (whether eating alone or with others) on business, Entertaining customers at your place of business, a restaurant, or other location, or Attending a business convention or reception, business meeting, or business luncheon at a club. Need to amend 2010 tax return Included expenses. Need to amend 2010 tax return   Expenses subject to the 50% limit include: Taxes and tips relating to a business meal or entertainment activity, Cover charges for admission to a nightclub, Rent paid for a room in which you hold a dinner or cocktail party, and Amounts paid for parking at a sports arena. Need to amend 2010 tax return However, the cost of transportation to and from a business meal or a business-related entertainment activity is not subject to the 50% limit. Need to amend 2010 tax return Figure A. Need to amend 2010 tax return Does the 50% Limit Apply to Your Expenses? There are exceptions to these rules. Need to amend 2010 tax return See Exceptions to the 50% Limit . Need to amend 2010 tax return Please click here for the text description of the image. Need to amend 2010 tax return Figure A. Need to amend 2010 tax return Does the 50% limit apply to Your Expenses?TAs for Figure A are: Notice 87-23; Form 2106 instructions Application of 50% limit. Need to amend 2010 tax return   The 50% limit on meal and entertainment expenses applies if the expense is otherwise deductible and is not covered by one of the exceptions discussed later. Need to amend 2010 tax return   The 50% limit also applies to certain meal and entertainment expenses that are not business related. Need to amend 2010 tax return It applies to meal and entertainment expenses you have for the production of income, including rental or royalty income. Need to amend 2010 tax return It also applies to the cost of meals included in deductible educational expenses. Need to amend 2010 tax return When to apply the 50% limit. Need to amend 2010 tax return   You apply the 50% limit after determining the amount that would otherwise qualify for a deduction. Need to amend 2010 tax return You first have to determine the amount of meal and entertainment expenses that would be deductible under the other rules discussed in this publication. Need to amend 2010 tax return Example 1. Need to amend 2010 tax return You spend $200 for a business-related meal. Need to amend 2010 tax return If $110 of that amount is not allowable because it is lavish and extravagant, the remaining $90 is subject to the 50% limit. Need to amend 2010 tax return Your deduction cannot be more than $45 (50% × $90). Need to amend 2010 tax return Example 2. Need to amend 2010 tax return You purchase two tickets to a concert and give them to a client. Need to amend 2010 tax return You purchased the tickets through a ticket agent. Need to amend 2010 tax return You paid $200 for the two tickets, which had a face value of $80 each ($160 total). Need to amend 2010 tax return Your deduction cannot be more than $80 (50% × $160). Need to amend 2010 tax return Exceptions to the 50% Limit Generally, business-related meal and entertainment expenses are subject to the 50% limit. Need to amend 2010 tax return Figure A can help you determine if the 50% limit applies to you. Need to amend 2010 tax return Expenses not subject to 50% limit. Need to amend 2010 tax return   Your meal or entertainment expense is not subject to the 50% limit if the expense meets one of the following exceptions. Need to amend 2010 tax return 1 - Employee's reimbursed expenses. Need to amend 2010 tax return   If you are an employee, you are not subject to the 50% limit on expenses for which your employer reimburses you under an accountable plan. Need to amend 2010 tax return Accountable plans are discussed in chapter 6. Need to amend 2010 tax return 2 - Self-employed. Need to amend 2010 tax return   If you are self-employed, your deductible meal and entertainment expenses are not subject to the 50% limit if all of the following requirements are met. Need to amend 2010 tax return You have these expenses as an independent contractor. Need to amend 2010 tax return Your customer or client reimburses you or gives you an allowance for these expenses in connection with services you perform. Need to amend 2010 tax return You provide adequate records of these expenses to your customer or client. Need to amend 2010 tax return (See chapter 5 . Need to amend 2010 tax return )   In this case, your client or customer is subject to the 50% limit on the expenses. Need to amend 2010 tax return Example. Need to amend 2010 tax return You are a self-employed attorney who adequately accounts for meal and entertainment expenses to a client who reimburses you for these expenses. Need to amend 2010 tax return You are not subject to the directly-related or associated test, nor are you subject to the 50% limit. Need to amend 2010 tax return If the client can deduct the expenses, the client is subject to the 50% limit. Need to amend 2010 tax return If you (as an independent contractor) have expenses for meals and entertainment related to providing services for a client but do not adequately account for and seek reimbursement from the client for those expenses, you are subject to the directly-related or associated test and to the 50% limit. Need to amend 2010 tax return 3 - Advertising expenses. Need to amend 2010 tax return   You are not subject to the 50% limit if you provide meals, entertainment, or recreational facilities to the general public as a means of advertising or promoting goodwill in the community. Need to amend 2010 tax return For example, neither the expense of sponsoring a television or radio show nor the expense of distributing free food and beverages to the general public is subject to the 50% limit. Need to amend 2010 tax return 4 - Sale of meals or entertainment. Need to amend 2010 tax return   You are not subject to the 50% limit if you actually sell meals, entertainment, goods and services, or use of facilities to the public. Need to amend 2010 tax return For example, if you run a nightclub, your expense for the entertainment you furnish to your customers, such as a floor show, is not subject to the 50% limit. Need to amend 2010 tax return 5 - Charitable sports event. Need to amend 2010 tax return   You are not subject to the 50% limit if you pay for a package deal that includes a ticket to a qualified charitable sports event. Need to amend 2010 tax return For the conditions the sports event must meet, see Exception for events that benefit charitable organizations under What Entertainment Expenses Are Deductible?, later. Need to amend 2010 tax return Individuals subject to “hours of service” limits. Need to amend 2010 tax return   You can deduct a higher percentage of your meal expenses while traveling away from your tax home if the meals take place during or incident to any period subject to the Department of Transportation's “hours of service” limits. Need to amend 2010 tax return The percentage is 80%. Need to amend 2010 tax return   Individuals subject to the Department of Transportation's “hours of service” limits include the following persons. Need to amend 2010 tax return Certain air transportation workers (such as pilots, crew, dispatchers, mechanics, and control tower operators) who are under Federal Aviation Administration regulations. Need to amend 2010 tax return Interstate truck operators and bus drivers who are under Department of Transportation regulations. Need to amend 2010 tax return Certain railroad employees (such as engineers, conductors, train crews, dispatchers, and control operations personnel) who are under Federal Railroad Administration regulations. Need to amend 2010 tax return Certain merchant mariners who are under Coast Guard regulations. Need to amend 2010 tax return What Entertainment Expenses Are Deductible? This section explains different types of entertainment expenses you may be able to deduct. Need to amend 2010 tax return Entertainment. Need to amend 2010 tax return   Entertainment includes any activity generally considered to provide entertainment, amusement, or recreation. Need to amend 2010 tax return Examples include entertaining guests at nightclubs; at social, athletic, and sporting clubs; at theaters; at sporting events; on yachts; or on hunting, fishing, vacation, and similar trips. Need to amend 2010 tax return   Entertainment also may include meeting personal, living, or family needs of individuals, such as providing meals, a hotel suite, or a car to customers or their families. Need to amend 2010 tax return A meal as a form of entertainment. Need to amend 2010 tax return   Entertainment includes the cost of a meal you provide to a customer or client, whether the meal is a part of other entertainment or by itself. Need to amend 2010 tax return A meal expense includes the cost of food, beverages, taxes, and tips for the meal. Need to amend 2010 tax return To deduct an entertainment-related meal, you or your employee must be present when the food or beverages are provided. Need to amend 2010 tax return    You cannot claim the cost of your meal both as an entertainment expense and as a travel expense. Need to amend 2010 tax return    Meals sold in the normal course of your business are not considered entertainment. Need to amend 2010 tax return Deduction may depend on your type of business. Need to amend 2010 tax return   Your kind of business may determine if a particular activity is considered entertainment. Need to amend 2010 tax return For example, if you are a dress designer and have a fashion show to introduce your new designs to store buyers, the show generally is not considered entertainment. Need to amend 2010 tax return This is because fashion shows are typical in your business. Need to amend 2010 tax return But, if you are an appliance distributor and hold a fashion show for the spouses of your retailers, the show generally is considered entertainment. Need to amend 2010 tax return Separating costs. Need to amend 2010 tax return   If you have one expense that includes the costs of entertainment and other services (such as lodging or transportation), you must allocate that expense between the cost of entertainment and the cost of other services. Need to amend 2010 tax return You must have a reasonable basis for making this allocation. Need to amend 2010 tax return For example, you must allocate your expenses if a hotel includes entertainment in its lounge on the same bill with your room charge. Need to amend 2010 tax return Taking turns paying for meals or entertainment. Need to amend 2010 tax return   If a group of business acquaintances takes turns picking up each others' meal or entertainment checks primarily for personal reasons, without regard to whether any business purposes are served, no member of the group can deduct any part of the expense. Need to amend 2010 tax return Lavish or extravagant expenses. Need to amend 2010 tax return   You cannot deduct expenses for entertainment that are lavish or extravagant. Need to amend 2010 tax return An expense is not considered lavish or extravagant if it is reasonable considering the facts and circumstances. Need to amend 2010 tax return Expenses will not be disallowed just because they are more than a fixed dollar amount or take place at deluxe restaurants, hotels, nightclubs, or resorts. Need to amend 2010 tax return Allocating between business and nonbusiness. Need to amend 2010 tax return   If you entertain business and nonbusiness individuals at the same event, you must divide your entertainment expenses between business and nonbusiness. Need to amend 2010 tax return You can deduct only the business part. Need to amend 2010 tax return If you cannot establish the part of the expense for each person participating, allocate the expense to each participant on a pro rata basis. Need to amend 2010 tax return Example. Need to amend 2010 tax return You entertain a group of individuals that includes yourself, three business prospects, and seven social guests. Need to amend 2010 tax return Only 4/11 of the expense qualifies as a business entertainment expense. Need to amend 2010 tax return You cannot deduct the expenses for the seven social guests because those costs are nonbusiness expenses. Need to amend 2010 tax return Trade association meetings. Need to amend 2010 tax return   You can deduct entertainment expenses that are directly related to and necessary for attending business meetings or conventions of certain exempt organizations if the expenses of your attendance are related to your active trade or business. Need to amend 2010 tax return These organizations include business leagues, chambers of commerce, real estate boards, trade associations, and professional associations. Need to amend 2010 tax return Entertainment tickets. Need to amend 2010 tax return   Generally, you cannot deduct more than the face value of an entertainment ticket, even if you paid a higher price. Need to amend 2010 tax return For example, you cannot deduct service fees you pay to ticket agencies or brokers or any amount over the face value of the tickets you pay to scalpers. Need to amend 2010 tax return Exception for events that benefit charitable organizations. Need to amend 2010 tax return   Different rules apply when the cost of a ticket to a sports event benefits a charitable organization. Need to amend 2010 tax return You can take into account the full cost you pay for the ticket, even if it is more than the face value, if all of the following conditions apply. Need to amend 2010 tax return The event's main purpose is to benefit a qualified charitable organization. Need to amend 2010 tax return The entire net proceeds go to the charity. Need to amend 2010 tax return The event uses volunteers to perform substantially all the event's work. Need to amend 2010 tax return    The 50% limit on entertainment does not apply to any expense for a package deal that includes a ticket to such a charitable sports event. Need to amend 2010 tax return Example 1. Need to amend 2010 tax return You purchase tickets to a golf tournament organized by the local volunteer fire company. Need to amend 2010 tax return All net proceeds will be used to buy new fire equipment. Need to amend 2010 tax return The volunteers will run the tournament. Need to amend 2010 tax return You can deduct the entire cost of the tickets as a business expense if they otherwise qualify as an entertainment expense. Need to amend 2010 tax return Example 2. Need to amend 2010 tax return You purchase tickets to a college football game through a ticket broker. Need to amend 2010 tax return After having a business discussion, you take a client to the game. Need to amend 2010 tax return Net proceeds from the game go to colleges that qualify as charitable organizations. Need to amend 2010 tax return However, since the colleges also pay individuals to perform services, such as coaching and recruiting, you can only use the face value of the tickets in determining your business deduction. Need to amend 2010 tax return Skyboxes and other private luxury boxes. Need to amend 2010 tax return   If you rent a skybox or other private luxury box for more than one event at the same sports arena, you generally cannot deduct more than the price of a nonluxury box seat ticket. Need to amend 2010 tax return   To determine whether a skybox has been rented for more than one event, count each game or other performance as one event. Need to amend 2010 tax return For example, renting a skybox for a series of playoff games is considered renting it for more than one event. Need to amend 2010 tax return All skyboxes you rent in the same arena, along with any rentals by related parties, are considered in making this determination. Need to amend 2010 tax return   Related parties include: Family members (spouses, ancestors, and lineal descendants), Parties who have made a reciprocal arrangement involving the sharing of skyboxes, Related corporations, A partnership and its principal partners, and A corporation and a partnership with common ownership. Need to amend 2010 tax return Example. Need to amend 2010 tax return You pay $3,000 to rent a 10-seat skybox at Team Stadium for three baseball games. Need to amend 2010 tax return The cost of regular nonluxury box seats at each event is $30 a seat. Need to amend 2010 tax return You can deduct (subject to the 50% limit) $900 ((10 seats × $30 each) × 3 events). Need to amend 2010 tax return Food and beverages in skybox seats. Need to amend 2010 tax return   If expenses for food and beverages are separately stated, you can deduct these expenses in addition to the amounts allowable for the skybox, subject to the requirements and limits that apply. Need to amend 2010 tax return The amounts separately stated for food and beverages must be reasonable. Need to amend 2010 tax return You cannot inflate the charges for food and beverages to avoid the limited deduction for skybox rentals. Need to amend 2010 tax return What Entertainment Expenses Are Not Deductible? This section explains different types of entertainment expenses you generally may not be able to deduct. Need to amend 2010 tax return Club dues and membership fees. Need to amend 2010 tax return   You cannot deduct dues (including initiation fees) for membership in any club organized for: Business, Pleasure, Recreation, or Other social purpose. Need to amend 2010 tax return This rule applies to any membership organization if one of its principal purposes is either: To conduct entertainment activities for members or their guests, or To provide members or their guests with access to entertainment facilities, discussed later. Need to amend 2010 tax return   The purposes and activities of a club, not its name, will determine whether or not you can deduct the dues. Need to amend 2010 tax return You cannot deduct dues paid to: Country clubs, Golf and athletic clubs, Airline clubs, Hotel clubs, and Clubs operated to provide meals under circumstances generally considered to be conducive to business discussions. Need to amend 2010 tax return Entertainment facilities. Need to amend 2010 tax return   Generally, you cannot deduct any expense for the use of an entertainment facility. Need to amend 2010 tax return This includes expenses for depreciation and operating costs such as rent, utilities, maintenance, and protection. Need to amend 2010 tax return   An entertainment facility is any property you own, rent, or use for entertainment. Need to amend 2010 tax return Examples include a yacht, hunting lodge, fishing camp, swimming pool, tennis court, bowling alley, car, airplane, apartment, hotel suite, or home in a vacation resort. Need to amend 2010 tax return Out-of-pocket expenses. Need to amend 2010 tax return   You can deduct out-of-pocket expenses, such as for food and beverages, catering, gas, and fishing bait, that you provided during entertainment at a facility. Need to amend 2010 tax return These are not expenses for the use of an entertainment facility. Need to amend 2010 tax return However, these expenses are subject to the directly-related and associated tests and to the 50% limit , all discussed earlier. Need to amend 2010 tax return Expenses for spouses. Need to amend 2010 tax return   You generally cannot deduct the cost of entertainment for your spouse or for the spouse of a customer. Need to amend 2010 tax return However, you can deduct these costs if you can show you had a clear business purpose, rather than a personal or social purpose, for providing the entertainment. Need to amend 2010 tax return Example. Need to amend 2010 tax return You entertain a customer. Need to amend 2010 tax return The cost is an ordinary and necessary business expense and is allowed under the entertainment rules. Need to amend 2010 tax return The customer's spouse joins you because it is impractical to entertain the customer without the spouse. Need to amend 2010 tax return You can deduct the cost of entertaining the customer's spouse. Need to amend 2010 tax return If your spouse joins the party because the customer's spouse is present, the cost of the entertainment for your spouse is also deductible. Need to amend 2010 tax return Gift or entertainment. Need to amend 2010 tax return   Any item that might be considered either a gift or entertainment generally will be considered entertainment. Need to amend 2010 tax return However, if you give a customer packaged food or beverages that you intend the customer to use at a later date, treat it as a gift. Need to amend 2010 tax return   If you give a customer tickets to a theater performance or sporting event and you do not go with the customer to the performance or event, you have a choice. Need to amend 2010 tax return You can treat the tickets as either a gift or entertainment, whichever is to your advantage. Need to amend 2010 tax return   You can change your treatment of the tickets at a later date by filing an amended return. Need to amend 2010 tax return Generally, an amended return must be filed within 3 years from the date the original return was filed or within 2 years from the time the tax was paid, whichever is later. Need to amend 2010 tax return   If you go with the customer to the event, you must treat the cost of the tickets as an entertainment expense. Need to amend 2010 tax return You cannot choose, in this case, to treat the tickets as a gift. Need to amend 2010 tax return Prev  Up  Next   Home   More Online Publications
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The Need To Amend 2010 Tax Return

Need to amend 2010 tax return Publication 590 - Introductory Material Table of Contents What's New for 2013 What's New for 2014 Reminders IntroductionOrdering forms and publications. Need to amend 2010 tax return Tax questions. Need to amend 2010 tax return Useful Items - You may want to see: Note. Need to amend 2010 tax return After 2013, Publication 590 will be split into two separate publications as follows. Need to amend 2010 tax return Publication 590-A, will focus on contributions to traditional IRAs as well as Roth IRAs. Need to amend 2010 tax return This publication will include the rules for rollover and conversion contributions. Need to amend 2010 tax return Publication 590-B, will focus on distributions from traditional IRAs as well as Roth IRAs. Need to amend 2010 tax return This publication will include the rules for required minimum distributions and IRA beneficiaries. Need to amend 2010 tax return What's New for 2013 Traditional IRA contribution and deduction limit. Need to amend 2010 tax return  The contribution limit to your traditional IRA for 2013 will be increased to the smaller of the following amounts: $5,500, or Your taxable compensation for the year. Need to amend 2010 tax return If you were age 50 or older before 2014, the most that can be contributed to your traditional IRA for 2013 will be the smaller of the following amounts: $6,500, or Your taxable compensation for the year. Need to amend 2010 tax return For more information, see How Much Can Be Contributed? in chapter 1. Need to amend 2010 tax return Roth IRA contribution limit. Need to amend 2010 tax return  If contributions on your behalf are made only to Roth IRAs, your contribution limit for 2013 will generally be the lesser of: $5,500, or Your taxable compensation for the year. Need to amend 2010 tax return If you were age 50 or older before 2014 and contributions on your behalf were made only to Roth IRAs, your contribution limit for 2013 will generally be the lesser of: $6,500, or Your taxable compensation for the year. Need to amend 2010 tax return However, if your modified adjusted gross income (AGI) is above a certain amount, your contribution limit may be reduced. Need to amend 2010 tax return For more information, see How Much Can Be Contributed? under Can You Contribute to a Roth IRA? in chapter 2. Need to amend 2010 tax return Modified AGI limit for traditional IRA contributions increased. Need to amend 2010 tax return  For 2013, if you were covered by a retirement plan at work, your deduction for contributions to a traditional IRA is reduced (phased out) if your modified AGI is: More than $95,000 but less than $115,000 for a married couple filing a joint return or a qualifying widow(er), More than $59,000 but less than $69,000 for a single individual or head of household, or Less than $10,000 for a married individual filing a separate return. Need to amend 2010 tax return If you either lived with your spouse or file a joint return, and your spouse was covered by a retirement plan at work, but you were not, your deduction is phased out if your modified AGI is more than $178,000 but less than $188,000. Need to amend 2010 tax return If your modified AGI is $188,000 or more, you cannot take a deduction for contributions to a traditional IRA. Need to amend 2010 tax return See How Much Can You Deduct? in chapter 1. Need to amend 2010 tax return Modified AGI limit for Roth IRA contributions increased. Need to amend 2010 tax return  For 2013, your Roth IRA contribution limit is reduced (phased out) in the following situations. Need to amend 2010 tax return Your filing status is married filing jointly or qualifying widow(er) and your modified AGI is at least $178,000. Need to amend 2010 tax return You cannot make a Roth IRA contribution if your modified AGI is $188,000 or more. Need to amend 2010 tax return Your filing status is single, head of household, or married filing separately and you did not live with your spouse at any time in 2013 and your modified AGI is at least $112,000. Need to amend 2010 tax return You cannot make a Roth IRA contribution if your modified AGI is $127,000 or more. Need to amend 2010 tax return Your filing status is married filing separately, you lived with your spouse at any time during the year, and your modified AGI is more than -0-. Need to amend 2010 tax return You cannot make a Roth IRA contribution if your modified AGI is $10,000 or more. Need to amend 2010 tax return See Can You Contribute to a Roth IRA? in chapter 2. Need to amend 2010 tax return Net Investment Income Tax. Need to amend 2010 tax return  For purposes of the Net Investment Income Tax (NIIT), net investment income does not include distributions from a qualified retirement plan (for example, 401(a), 403(a), 403(b), 457(b) plans, and IRAs). Need to amend 2010 tax return However, these distributions are taken into account when determining the modified adjusted gross income threshold. Need to amend 2010 tax return Distributions from a nonqualified retirement plan are included in net investment income. Need to amend 2010 tax return See Form 8960, Net Investment Income Tax—Individuals, Estates, and Trusts, and its instructions for more information. Need to amend 2010 tax return Kay Bailey Hutchison Spousal IRA. Need to amend 2010 tax return . Need to amend 2010 tax return  In 2013, spousal IRAs were renamed to Kay Bailey Hutchison Spousal IRAs. Need to amend 2010 tax return There are no changes to the rules regarding these IRAs. Need to amend 2010 tax return See Kay Bailey Hutchison Spousal IRA Limit in chapter 1 for more information. Need to amend 2010 tax return What's New for 2014 Modified AGI limit for traditional IRA contributions increased. Need to amend 2010 tax return  For 2014, if you are covered by a retirement plan at work, your deduction for contributions to a traditional IRA is reduced (phased out) if your modified AGI is: More than $96,000 but less than $116,000 for a married couple filing a joint return or a qualifying widow(er), More than $60,000 but less than $70,000 for a single individual or head of household, or Less than $10,000 for a married individual filing a separate return. Need to amend 2010 tax return If you either live with your spouse or file a joint return, and your spouse is covered by a retirement plan at work, but you are not, your deduction is phased out if your modified AGI is more than $181,000 but less than $191,000. Need to amend 2010 tax return If your modified AGI is $191,000 or more, you cannot take a deduction for contributions to a traditional IRA. Need to amend 2010 tax return Modified AGI limit for Roth IRA contributions increased. Need to amend 2010 tax return  For 2014, your Roth IRA contribution limit is reduced (phased out) in the following situations. Need to amend 2010 tax return Your filing status is married filing jointly or qualifying widow(er) and your modified AGI is at least $181,000. Need to amend 2010 tax return You cannot make a Roth IRA contribution if your modified AGI is $191,000 or more. Need to amend 2010 tax return Your filing status is single, head of household, or married filing separately and you did not live with your spouse at any time in 2014 and your modified AGI is at least $114,000. Need to amend 2010 tax return You cannot make a Roth IRA contribution if your modified AGI is $129,000 or more. Need to amend 2010 tax return Your filing status is married filing separately, you lived with your spouse at any time during the year, and your modified AGI is more than -0-. Need to amend 2010 tax return You cannot make a Roth IRA contribution if your modified AGI is $10,000 or more. Need to amend 2010 tax return Reminders Future developments. Need to amend 2010 tax return  For the latest information about developments related to Publication 590, such as legislation enacted after it was published, go to www. Need to amend 2010 tax return irs. Need to amend 2010 tax return gov/pub590. Need to amend 2010 tax return Simplified employee pension (SEP). Need to amend 2010 tax return  SEP IRAs are not covered in this publication. Need to amend 2010 tax return They are covered in Publication 560, Retirement Plans for Small Business. Need to amend 2010 tax return Deemed IRAs. Need to amend 2010 tax return  A qualified employer plan (retirement plan) can maintain a separate account or annuity under the plan (a deemed IRA) to receive voluntary employee contributions. Need to amend 2010 tax return If the separate account or annuity otherwise meets the requirements of an IRA, it will be subject only to IRA rules. Need to amend 2010 tax return An employee's account can be treated as a traditional IRA or a Roth IRA. Need to amend 2010 tax return For this purpose, a “qualified employer plan” includes: A qualified pension, profit-sharing, or stock bonus plan (section 401(a) plan), A qualified employee annuity plan (section 403(a) plan), A tax-sheltered annuity plan (section 403(b) plan), and A deferred compensation plan (section 457 plan) maintained by a state, a political subdivision of a state, or an agency or instrumentality of a state or political subdivision of a state. Need to amend 2010 tax return Contributions to both traditional and Roth IRAs. Need to amend 2010 tax return  For information on your combined contribution limit if you contribute to both traditional and Roth IRAs, see Roth IRAs and traditional IRAs under How Much Can Be Contributed? in chapter 2. Need to amend 2010 tax return Statement of required minimum distribution (RMD). Need to amend 2010 tax return  If an RMD is required from your IRA, the trustee, custodian, or issuer that held the IRA at the end of the preceding year must either report the amount of the RMD to you, or offer to calculate it for you. Need to amend 2010 tax return The report or offer must include the date by which the amount must be distributed. Need to amend 2010 tax return The report is due January 31 of the year in which the minimum distribution is required. Need to amend 2010 tax return It can be provided with the year-end fair market value statement that you normally get each year. Need to amend 2010 tax return No report is required for section 403(b) contracts (generally tax-sheltered annuities) or for IRAs of owners who have died. Need to amend 2010 tax return IRA interest. Need to amend 2010 tax return  Although interest earned from your IRA is generally not taxed in the year earned, it is not tax-exempt interest. Need to amend 2010 tax return Tax on your traditional IRA is generally deferred until you take a distribution. Need to amend 2010 tax return Do not report this interest on your return as tax-exempt interest. Need to amend 2010 tax return For more information on tax-exempt interest, see the instructions for your tax return. Need to amend 2010 tax return Photographs of missing children. Need to amend 2010 tax return  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Need to amend 2010 tax return Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Need to amend 2010 tax return You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Need to amend 2010 tax return Introduction This publication discusses individual retirement arrangements (IRAs). Need to amend 2010 tax return An IRA is a personal savings plan that gives you tax advantages for setting aside money for retirement. Need to amend 2010 tax return What are some tax advantages of an IRA?   Two tax advantages of an IRA are that: Contributions you make to an IRA may be fully or partially deductible, depending on which type of IRA you have and on your circumstances, and Generally, amounts in your IRA (including earnings and gains) are not taxed until distributed. Need to amend 2010 tax return In some cases, amounts are not taxed at all if distributed according to the rules. Need to amend 2010 tax return What's in this publication?   This publication discusses traditional, Roth, and SIMPLE IRAs. Need to amend 2010 tax return It explains the rules for: Setting up an IRA, Contributing to an IRA, Transferring money or property to and from an IRA, Handling an inherited IRA, Receiving distributions (making withdrawals) from an IRA, and Taking a credit for contributions to an IRA. Need to amend 2010 tax return   It also explains the penalties and additional taxes that apply when the rules are not followed. Need to amend 2010 tax return To assist you in complying with the tax rules for IRAs, this publication contains worksheets, sample forms, and tables, which can be found throughout the publication and in the appendices at the back of the publication. Need to amend 2010 tax return How to use this publication. Need to amend 2010 tax return   The rules that you must follow depend on which type of IRA you have. Need to amend 2010 tax return Use Table I-1 to help you determine which parts of this publication to read. Need to amend 2010 tax return Also use Table I-1 if you were referred to this publication from instructions to a form. Need to amend 2010 tax return Comments and suggestions. Need to amend 2010 tax return   We welcome your comments about this publication and your suggestions for future editions. Need to amend 2010 tax return   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Need to amend 2010 tax return NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Need to amend 2010 tax return Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Need to amend 2010 tax return   You can send your comments from www. Need to amend 2010 tax return irs. Need to amend 2010 tax return gov/formspubs/. Need to amend 2010 tax return Click on “More Information” and then on “Comment on Tax Forms and Publications”. Need to amend 2010 tax return   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Need to amend 2010 tax return Ordering forms and publications. Need to amend 2010 tax return   Visit www. Need to amend 2010 tax return irs. Need to amend 2010 tax return gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Need to amend 2010 tax return Internal Revenue Service 1201 N. Need to amend 2010 tax return Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Need to amend 2010 tax return   If you have a tax question, check the information available on IRS. Need to amend 2010 tax return gov or call 1-800-829-1040. Need to amend 2010 tax return We cannot answer tax questions sent to either of the above addresses. Need to amend 2010 tax return Useful Items - You may want to see: Publications 560 Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans) 571 Tax-Sheltered Annuity Plans (403(b) Plans) 575 Pension and Annuity Income 939 General Rule for Pensions and Annuities Forms (and instructions) W-4P Withholding Certificate for Pension or Annuity Payments 1099-R Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Need to amend 2010 tax return 5304-SIMPLE Savings Incentive Match Plan for Employees of Small Employers (SIMPLE)–Not for Use With a Designated Financial Institution 5305-S SIMPLE Individual Retirement Trust Account 5305-SA SIMPLE Individual Retirement Custodial Account 5305-SIMPLE Savings Incentive Match Plan for Employees of Small Employers (SIMPLE)–for Use With a Designated Financial Institution 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts 5498 IRA Contribution Information 8606 Nondeductible IRAs 8815 Exclusion of Interest From Series EE and I U. Need to amend 2010 tax return S. Need to amend 2010 tax return Savings Bonds Issued After 1989 8839 Qualified Adoption Expenses 8880 Credit for Qualified Retirement Savings Contributions See chapter 5 for information about getting these publications and forms. Need to amend 2010 tax return Table I-1. Need to amend 2010 tax return Using This Publication IF you need information on . Need to amend 2010 tax return . Need to amend 2010 tax return . Need to amend 2010 tax return THEN see . Need to amend 2010 tax return . Need to amend 2010 tax return . Need to amend 2010 tax return traditional IRAs chapter 1. Need to amend 2010 tax return Roth IRAs chapter 2, and parts of  chapter 1. Need to amend 2010 tax return SIMPLE IRAs chapter 3. Need to amend 2010 tax return the credit for qualified retirement savings contributions (the saver's credit) chapter 4. Need to amend 2010 tax return how to keep a record of your contributions to, and distributions from, your traditional IRA(s) appendix A. Need to amend 2010 tax return SEP IRAs and 401(k) plans Publication 560. Need to amend 2010 tax return Coverdell education savings accounts (formerly called education IRAs) Publication 970. Need to amend 2010 tax return IF for 2013, you received social security benefits, had taxable compensation, contributed to a traditional IRA, and you or your spouse was covered by an employer retirement plan, and you want to. Need to amend 2010 tax return . Need to amend 2010 tax return . Need to amend 2010 tax return THEN see . Need to amend 2010 tax return . Need to amend 2010 tax return . Need to amend 2010 tax return first figure your modified adjusted gross income (AGI) appendix B, worksheet 1. Need to amend 2010 tax return then figure how much of your traditional IRA contribution you can deduct appendix B, worksheet 2. Need to amend 2010 tax return and finally figure how much of your social security is taxable appendix B, worksheet 3. Need to amend 2010 tax return Table I-2. Need to amend 2010 tax return How Are a Traditional IRA and a Roth IRA Different? This table shows the differences between traditional and Roth IRAs. Need to amend 2010 tax return Answers in the middle column apply to traditional IRAs. Need to amend 2010 tax return Answers in the right column apply to Roth IRAs. Need to amend 2010 tax return Question Answer   Traditional IRA? Roth IRA? Is there an age limit on when I can open and contribute to a Yes. Need to amend 2010 tax return You must not have reached age  70½ by the end of the year. Need to amend 2010 tax return See Who Can Open a Traditional IRA? in chapter 1. Need to amend 2010 tax return No. Need to amend 2010 tax return You can be any age. Need to amend 2010 tax return See Can You Contribute to a Roth IRA? in chapter 2. Need to amend 2010 tax return If I earned more than $5,500 in 2013 ($6,500 if I was 50 or older by the end of 2013), is there a limit on how much I can contribute to a Yes. Need to amend 2010 tax return For 2013, you can contribute to a traditional IRA up to: $5,500, or $6,500 if you were age 50 or older by the end of 2013. Need to amend 2010 tax return  There is no upper limit on how much you can earn and still contribute. Need to amend 2010 tax return See How Much Can Be Contributed? in chapter 1. Need to amend 2010 tax return Yes. Need to amend 2010 tax return For 2013, you may be able to contribute to a Roth IRA up to: $5,500, or $6,500 if you were age 50 or older by the end of 2013,  but the amount you can contribute may be less than that depending on your income, filing status, and if you contribute to another IRA. Need to amend 2010 tax return See How Much Can Be Contributed? and Table 2-1 in chapter 2. Need to amend 2010 tax return Can I deduct contributions to a Yes. Need to amend 2010 tax return You may be able to deduct your contributions to a traditional IRA depending on your income, filing status, whether you are covered by a retirement plan at work, and whether you receive social security benefits. Need to amend 2010 tax return See How Much Can You Deduct? in chapter 1. Need to amend 2010 tax return No. Need to amend 2010 tax return You can never deduct contributions to a Roth IRA. Need to amend 2010 tax return See What Is a Roth IRA? in chapter 2. Need to amend 2010 tax return Do I have to file a form just because I contribute to a Not unless you make nondeductible contributions to your traditional IRA. Need to amend 2010 tax return In that case, you must file Form 8606. Need to amend 2010 tax return See Nondeductible Contributions in chapter 1. Need to amend 2010 tax return No. Need to amend 2010 tax return You do not have to file a form if you contribute to a Roth IRA. Need to amend 2010 tax return See Contributions not reported in chapter 2. Need to amend 2010 tax return Do I have to start taking distributions when I reach a certain age from a Yes. Need to amend 2010 tax return You must begin receiving required minimum distributions by April 1 of the year following the year you reach age 70½. Need to amend 2010 tax return See When Must You Withdraw Assets? (Required Minimum Distributions) in chapter 1. Need to amend 2010 tax return No. Need to amend 2010 tax return If you are the original owner of a Roth IRA, you do not have to take distributions regardless of your age. Need to amend 2010 tax return See Are Distributions Taxable? in chapter 2. Need to amend 2010 tax return However, if you are the beneficiary of a Roth IRA, you may have to take distributions. Need to amend 2010 tax return See Distributions After Owner's Death in chapter 2. Need to amend 2010 tax return How are distributions taxed from a Distributions from a traditional IRA are taxed as ordinary income, but if you made nondeductible contributions, not all of the distribution is taxable. Need to amend 2010 tax return See Are Distributions Taxable? in chapter 1. Need to amend 2010 tax return Distributions from a Roth IRA are not taxed as long as you meet certain criteria. Need to amend 2010 tax return See Are Distributions Taxable? in chapter 2. Need to amend 2010 tax return Do I have to file a form just because I receive distributions from a Not unless you have ever made a nondeductible contribution to a traditional IRA. Need to amend 2010 tax return If you have, file Form 8606. Need to amend 2010 tax return See Nondeductible Contributions in chapter 1. Need to amend 2010 tax return Yes. Need to amend 2010 tax return File Form 8606 if you received distributions from a Roth IRA (other than a rollover, qualified charitable distribution, one-time distribution to fund an HSA, recharacterization, certain qualified distributions, or a return of certain contributions). Need to amend 2010 tax return Prev  Up  Next   Home   More Online Publications