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Powered by jforum tax help free Publication 4492 - Main Contents Table of Contents DefinitionsHurricane Katrina Disaster Area Katrina Covered Disaster Area Gulf Opportunity (GO) Zone (Core Disaster Area) Hurricane Rita Disaster Area (Rita Covered Disaster Area) Rita GO Zone Hurricane Wilma Disaster Area Wilma Covered Disaster Area Wilma GO Zone Extended Tax Deadlines Charitable Giving IncentivesTemporary Suspension of Limits on Charitable Contributions Standard Mileage Rate for Charitable Use of Vehicles Mileage Reimbursements to Charitable Volunteers Charitable Deduction for Contributions of Food Inventory Charitable Deduction for Contributions of Book Inventories to Public Schools Casualty and Theft LossesTime limit for making election. Powered by jforum tax help free Replacement Period for Nonrecognition of Gain Net Operating Losses IRAs and Other Retirement PlansDefinitions Taxation of Qualified Hurricane Distributions Repayment of Qualified Hurricane Distributions Repayment of Qualified Distributions for the Purchase or Construction of a Main Home Loans From Qualified Plans Additional Tax Relief for IndividualsEarned Income Credit and Child Tax Credit Additional Exemption for Housing Individuals Displaced by Hurricane Katrina Education Credits Recapture of Federal Mortgage Subsidy Exclusion of Certain Cancellations of Indebtedness by Reason of Hurricane Katrina Tax Relief for Temporary Relocation Additional Tax Relief for BusinessesSpecial Depreciation Allowance Increased Section 179 Deduction Work Opportunity Credit Employee Retention Credit Hurricane Katrina Housing Credit Reforestation Costs Demolition and Clean-up Costs Increase in Rehabilitation Tax Credit Request for Copy or Transcript of Tax Return How To Get Tax Help Definitions The following definitions are used throughout this publication. Powered by jforum tax help free Hurricane Katrina Disaster Area The Hurricane Katrina disaster area covers the area for which the President declared a major disaster before September 14, 2005, because of Hurricane Katrina. Powered by jforum tax help free The Hurricane Katrina disaster area covers the entire states of Alabama, Florida, Louisiana, and Mississippi. Powered by jforum tax help free Katrina Covered Disaster Area A portion of the Hurricane Katrina disaster area has been designated by the IRS as a covered disaster area. Powered by jforum tax help free The Katrina covered disaster area covers the following areas in four states. Powered by jforum tax help free Alabama. Powered by jforum tax help free   The counties of Baldwin, Bibb, Choctaw, Clarke, Colbert, Cullman, Greene, Hale, Jefferson, Lamar, Lauderdale, Marengo, Marion, Mobile, Monroe, Perry, Pickens, Sumter, Tuscaloosa, Washington, Wilcox, and Winston. Powered by jforum tax help free Florida. Powered by jforum tax help free   The counties of Bay, Broward, Collier, Escambia, Franklin, Gulf, Miami-Dade, Monroe, Okaloosa, Santa Rosa, and Walton. Powered by jforum tax help free Louisiana. Powered by jforum tax help free   All parishes. Powered by jforum tax help free Mississippi. Powered by jforum tax help free   All counties. Powered by jforum tax help free Gulf Opportunity (GO) Zone (Core Disaster Area) The GO Zone (also called the core disaster area) covers the portion of the Hurricane Katrina disaster area determined by the Federal Emergency Management Agency (FEMA) to be eligible for either individual only or both individual and public assistance from the Federal Government. Powered by jforum tax help free The GO Zone covers the following areas in three states. Powered by jforum tax help free Alabama. Powered by jforum tax help free   The counties of Baldwin, Choctaw, Clarke, Greene, Hale, Marengo, Mobile, Pickens, Sumter, Tuscaloosa, and Washington. Powered by jforum tax help free Louisiana. Powered by jforum tax help free   The parishes of Acadia, Ascension, Assumption, Calcasieu, Cameron, East Baton Rouge, East Feliciana, Iberia, Iberville, Jefferson, Jefferson Davis, Lafayette, Lafourche, Livingston, Orleans, Plaquemines, Pointe Coupee, St. Powered by jforum tax help free Bernard, St. Powered by jforum tax help free Charles, St. Powered by jforum tax help free Helena, St. Powered by jforum tax help free James, St. Powered by jforum tax help free John the Baptist, St. Powered by jforum tax help free Martin, St. Powered by jforum tax help free Mary, St. Powered by jforum tax help free Tammany, Tangipahoa, Terrebonne, Vermilion, Washington, West Baton Rouge, and West Feliciana. Powered by jforum tax help free Mississippi. Powered by jforum tax help free   The counties of Adams, Amite, Attala, Choctaw, Claiborne, Clarke, Copiah, Covington, Forrest, Franklin, George, Greene, Hancock, Harrison, Hinds, Holmes, Humphreys, Jackson, Jasper, Jefferson, Jefferson Davis, Jones, Kemper, Lamar, Lauderdale, Lawrence, Leake, Lincoln, Lowndes, Madison, Marion, Neshoba, Newton, Noxubee, Oktibbeha, Pearl River, Perry, Pike, Rankin, Scott, Simpson, Smith, Stone, Walthall, Warren, Wayne, Wilkinson, Winston, and Yazoo. Powered by jforum tax help free Hurricane Rita Disaster Area (Rita Covered Disaster Area) The Hurricane Rita disaster area (also designated by the IRS as the Rita covered disaster area) covers the area for which the President declared a major disaster before October 6, 2005, because of Hurricane Rita. Powered by jforum tax help free This area covers the entire states of Louisiana and Texas. Powered by jforum tax help free Rita GO Zone The Rita GO Zone covers the portion of the Hurricane Rita disaster area determined by FEMA to be eligible for either individual only or both individual and public assistance from the Federal Government. Powered by jforum tax help free The Rita GO Zone covers the following areas in two states. Powered by jforum tax help free Louisiana. Powered by jforum tax help free   The parishes of Acadia, Allen, Ascension, Beauregard, Calcasieu, Cameron, Evangeline, Iberia, Jefferson, Jefferson Davis, Lafayette, Lafourche, Livingston, Plaquemines, Sabine, St. Powered by jforum tax help free Landry, St. Powered by jforum tax help free Martin, St. Powered by jforum tax help free Mary, St. Powered by jforum tax help free Tammany, Terrebonne, Vermilion, Vernon, and West Baton Rouge. Powered by jforum tax help free Texas. Powered by jforum tax help free   The counties of Angelina, Brazoria, Chambers, Fort Bend, Galveston, Hardin, Harris, Jasper, Jefferson, Liberty, Montgomery, Nacogdoches, Newton, Orange, Polk, Sabine, San Augustine, San Jacinto, Shelby, Trinity, Tyler, and Walker. Powered by jforum tax help free Hurricane Wilma Disaster Area The Hurricane Wilma disaster area covers the area for which the President declared a major disaster before November 14, 2005, because of Hurricane Wilma. Powered by jforum tax help free The Hurricane Wilma disaster area covers the entire state of Florida. Powered by jforum tax help free Wilma Covered Disaster Area A portion of the Hurricane Wilma disaster area has been designated by the IRS as a covered disaster area. Powered by jforum tax help free The Wilma covered disaster area covers the following counties. Powered by jforum tax help free Florida. Powered by jforum tax help free   Brevard, Broward, Charlotte, Collier, DeSoto, Glades, Hardee, Hendry, Highlands, Indian River, Lee, Martin, Miami-Dade, Monroe, Okeechobee, Osceola, Palm Beach, Polk, St. Powered by jforum tax help free Lucie, and Sarasota. Powered by jforum tax help free Wilma GO Zone The Wilma GO Zone covers the portion of the Hurricane Wilma disaster area determined by FEMA to be eligible for either individual only or both individual and public assistance from the Federal Government. Powered by jforum tax help free The Wilma GO Zone covers the following counties. Powered by jforum tax help free Florida. Powered by jforum tax help free   Brevard, Broward, Collier, Glades, Hendry, Indian River, Lee, Martin, Miami-Dade, Monroe, Okeechobee, Palm Beach, and St. Powered by jforum tax help free Lucie. Powered by jforum tax help free Extended Tax Deadlines The IRS has extended deadlines that apply to filing returns, paying taxes, and performing certain other time-sensitive acts for certain taxpayers affected by Hurricane Katrina, Rita, or Wilma, until February 28, 2006. Powered by jforum tax help free The extension applies to deadlines (either an original or extended due date) that occur during the following periods. Powered by jforum tax help free After August 28, 2005 (August 23, 2005, for Florida affected taxpayers), and before February 28, 2006, for taxpayers affected by Hurricane Katrina. Powered by jforum tax help free After September 22, 2005, and before February 28, 2006, for taxpayers affected by Hurricane Rita. Powered by jforum tax help free After October 22, 2005, and before February 28, 2006, for taxpayers affected by Hurricane Wilma. Powered by jforum tax help free Affected taxpayer. Powered by jforum tax help free   The following taxpayers are eligible for the extension. Powered by jforum tax help free Any individual whose main home is located in a covered disaster area. Powered by jforum tax help free Any business entity or sole proprietor whose principal place of business is located in a covered disaster area. Powered by jforum tax help free Any individual, business entity, or sole proprietor whose records needed to meet a postponed deadline are maintained or whose tax professional's office is in a covered disaster area. Powered by jforum tax help free The main home or principal place of business does not have to be located in the covered area. Powered by jforum tax help free Any individual visiting a county or parish in the Hurricane Katrina or Hurricane Rita covered disaster area that was injured or killed (and the estate of an individual killed) as a result of the hurricane or its aftermath. Powered by jforum tax help free Any estate or trust whose tax records needed to meet a filing or payment deadline are maintained in a covered disaster area. Powered by jforum tax help free Generally, any individual who is a worker assisting in the relief activities in a covered disaster area. Powered by jforum tax help free However, a relief worker assisting in the Wilma covered disaster area is not an affected taxpayer unless the worker is affiliated with a recognized government or philanthropic organization assisting in the relief activities. Powered by jforum tax help free The spouse of an affected taxpayer, solely with regard to a joint income tax return with that taxpayer. Powered by jforum tax help free   To ensure correct processing, affected taxpayers should write the assigned disaster designation (for example, “Hurricane Katrina”) in red ink at the top of any forms or documents filed with the IRS. Powered by jforum tax help free Affected taxpayers can also identify themselves to the IRS or ask hurricane-related questions by calling the special IRS disaster hotline at 1-866-562-5227. Powered by jforum tax help free Acts extended. Powered by jforum tax help free   Deadlines for performing the following acts are extended. Powered by jforum tax help free Filing any return of income, estate, gift, generation-skipping transfer, excise, or employment tax. Powered by jforum tax help free Paying any income, estate, gift, generation-skipping transfer, excise, or employment tax. Powered by jforum tax help free This includes making estimated tax payments. Powered by jforum tax help free Making certain contributions, distributions, recharacterizing contributions, or making a rollover to or from a qualified retirement plan. Powered by jforum tax help free Filing certain petitions with the Tax Court. Powered by jforum tax help free Filing a claim for credit or refund of any tax. Powered by jforum tax help free Bringing suit upon a claim for credit or refund. Powered by jforum tax help free Certain other acts described in Revenue Procedure 2005-27. Powered by jforum tax help free You can find Revenue Procedure 2005-27 on page 1050 of Internal Revenue Bulletin 2005-20 at www. Powered by jforum tax help free irs. Powered by jforum tax help free gov/pub/irs-irbs/irb05-20. Powered by jforum tax help free pdf. Powered by jforum tax help free Forgiveness of interest and penalties. Powered by jforum tax help free   The IRS may forgive the interest and penalties on any underpaid income, estate, gift, employment, or excise tax for the length of any extension. Powered by jforum tax help free Charitable Giving Incentives Temporary Suspension of Limits on Charitable Contributions Individuals. Powered by jforum tax help free   Qualified contributions are not subject to the overall limit on itemized deductions or the 50% adjusted gross income (AGI) limit. Powered by jforum tax help free A qualified contribution is a charitable contribution paid in cash or by check after August 27, 2005, and before January 1, 2006, to a 50% limit organization (other than certain private foundations described in section 509(a)(3)) if you make an election to have the 50% limit not apply to these contributions. Powered by jforum tax help free   Your deduction for qualified contributions is limited to your AGI minus your deduction for all other charitable contributions. Powered by jforum tax help free You can carry over any contributions you are not able to deduct for 2005 because of this limit. Powered by jforum tax help free In 2006, treat the carryover of your unused qualified contributions as a carryover of contributions subject to the 50% limit. Powered by jforum tax help free Exception. Powered by jforum tax help free   Qualified contributions do not include a contribution to a segregated fund or account for which you (or any person you appoint or designate) have or expect to have advisory privileges with respect to distributions or investments based on your contribution. Powered by jforum tax help free Corporations. Powered by jforum tax help free   A corporation may elect to deduct qualified cash contributions without regard to the 10% taxable income limit if the contributions were made after August 27, 2005, and before January 1, 2006, to a qualified charitable organization (other than certain private foundations described in section 509(a)(3)), for Hurricane Katrina, Rita, or Wilma relief efforts. Powered by jforum tax help free The corporation's deduction for these qualified contributions is limited to 100% of taxable income (as modified for the 10% limit) minus the corporation's deduction for all other charitable contributions. Powered by jforum tax help free Any qualified contributions over this limit can be carried over to the next 5 years, subject to the 10% limit. Powered by jforum tax help free Partners and shareholders. Powered by jforum tax help free   Each partner in a partnership and each shareholder in an S corporation makes a separate election to have the appropriate limit not apply. Powered by jforum tax help free More information. Powered by jforum tax help free   For more information, see Publication 526 or Publication 542, Corporations. Powered by jforum tax help free Publication 526 includes a worksheet you can use to figure your deduction if any limits apply to your charitable contributions. Powered by jforum tax help free Standard Mileage Rate for Charitable Use of Vehicles The following are special standard mileage rates in effect in 2005 and 2006 for the cost of operating your automobile for providing charitable services solely related to Hurricane Katrina. Powered by jforum tax help free 29 cents per mile for the period August 25 through August 31, 2005. Powered by jforum tax help free 34 cents per mile for the period September 1 through December 31, 2005. Powered by jforum tax help free 32 cents per mile for the period January 1 through December 31, 2006. Powered by jforum tax help free Mileage Reimbursements to Charitable Volunteers You can exclude from income amounts you receive as mileage reimbursements for the use of a private passenger automobile for the benefit of a qualified charitable organization in providing relief related to Hurricane Katrina during the period beginning on August 25, 2005, and ending on December 31, 2006. Powered by jforum tax help free You cannot claim a deduction or credit for amounts you receive as a mileage reimbursement. Powered by jforum tax help free You must keep records of miles driven, time, place (or use), and purpose of the mileage. Powered by jforum tax help free The amount you can exclude from income cannot exceed the standard business mileage rate (shown below) for expenses incurred during the following periods. Powered by jforum tax help free 40. Powered by jforum tax help free 5 cents per mile for the period August 25 through August 31, 2005. Powered by jforum tax help free 48. Powered by jforum tax help free 5 cents per mile for the period September 1 through December 31, 2005. Powered by jforum tax help free 44. Powered by jforum tax help free 5 cents per mile for the period January 1 through December 31, 2006. Powered by jforum tax help free Charitable Deduction for Contributions of Food Inventory Any taxpayer engaged in a trade or business is eligible to claim a deduction for a contribution of “apparently wholesome food” inventory to a qualified charitable organization described in section 501(c)(3) (except for private nonoperating foundations) after August 27, 2005, and before January 1, 2006. Powered by jforum tax help free “Apparently wholesome food” is food that meets all quality and labeling standards imposed by federal, state, and local laws and regulations even though the food may not be readily marketable due to appearance, age, freshness, grade, size, surplus, or other conditions. Powered by jforum tax help free The deduction is equal to the lesser of: The basis of the donated food plus one-half of the gain that would have been realized if the donated food had been sold at fair market value on the date of the donation, or Two times the basis of the donated food. Powered by jforum tax help free The taxpayer must receive written certification from the donee stating: The donated food is related to the purpose or function of the donee's basis for exemption under section 501(c)(3) and is to be used solely for the care of the ill, the needy, or infants; and The food was not given in exchange for money, other property, or services. Powered by jforum tax help free For a taxpayer other than a C corporation, the deduction is limited to 10% of the taxpayer's total net income from all trades or businesses from which the food contributions were made (figured without regard to the deduction for charitable contributions). Powered by jforum tax help free For example, if a taxpayer is a sole proprietor, a shareholder in an S corporation, and a partner in a partnership, and each made a contribution of apparently wholesome food inventory, the taxpayer's deduction is limited to 10% of the taxpayer's total net income from the sole proprietorship, S corporation, and partnership (figured without regard to the deduction for charitable contributions). Powered by jforum tax help free Charitable Deduction for Contributions of Book Inventories to Public Schools A corporation (other than an S corporation) may be allowed a charitable deduction for a qualified book contribution made after August 27, 2005, and before January 1, 2006, to a public school that: Provides elementary or secondary education (kindergarten through grade 12), and Normally maintains a regular faculty and curriculum and has a regular enrolled body of pupils or students in attendance at the place where its educational activities are regularly carried on. Powered by jforum tax help free . Powered by jforum tax help free The deduction is equal to the lesser of: The basis of the donated books plus one-half of the gain that would have been realized if the donated books had been sold at fair market value on the date of the donation, or Two times the basis of the donated books. Powered by jforum tax help free The corporation must receive written certification from the school stating that the donated books are suitable for the organization's educational programs and will be used for such programs. Powered by jforum tax help free Casualty and Theft Losses The following paragraphs explain changes to casualty and theft losses that were caused by Hurricane Katrina, Rita, or Wilma. Powered by jforum tax help free For more information, see Publication 547. Powered by jforum tax help free Limits on personal casualty or theft losses caused by Hurricane Katrina, Rita, or Wilma. Powered by jforum tax help free   The following losses to personal use property are not subject to the $100 or 10% of adjusted gross income limits. Powered by jforum tax help free Losses that arose in the Hurricane Katrina disaster area after August 24, 2005, and that were caused by Hurricane Katrina. Powered by jforum tax help free Losses that arose in the Hurricane Rita disaster area after September 22, 2005, and that were caused by Hurricane Rita. Powered by jforum tax help free Losses that arose in the Hurricane Wilma disaster area after October 22, 2005, and that were caused by Hurricane Wilma. Powered by jforum tax help free Qualifying losses include losses from flooding or other casualty, and from theft, that arose in the hurricane disaster area and that were caused by the hurricane. Powered by jforum tax help free Special instructions for individuals who elect to claim a Hurricane Katrina, Rita, or Wilma casualty or theft loss for 2004. Powered by jforum tax help free   Casualty and theft losses are generally deductible only in the year the casualty occurred or theft was discovered. Powered by jforum tax help free However, Hurricane Katrina, Rita, and Wilma are Presidentially declared disasters. Powered by jforum tax help free Therefore, you can elect to deduct losses from these hurricanes on your tax return for the previous year. Powered by jforum tax help free If you make this election, use the following additional instructions to complete your forms. Powered by jforum tax help free   Individuals filing or amending their 2004 tax return whose only casualty or theft losses to personal use property claimed on that return were caused by Hurricane Katrina, Rita, or Wilma should write “Hurricane Katrina,” “Hurricane Rita,” or “Hurricane Wilma” at the top of Form 1040 or 1040X. Powered by jforum tax help free They must also complete and attach the 2004 Form 4684 and write “Hurricane Katrina,”“Hurricane Rita,” or “Hurricane Wilma” on the dotted line next to line 11 and enter -0- on lines 11 and 17. Powered by jforum tax help free   Individuals filing or amending their 2004 tax return who also have casualty or theft losses to personal use property not related to Hurricane Katrina, Rita, or Wilma should disregard the caution directing taxpayers to use only one Form 4684, located above line 13, and complete lines 13 through 18 on two Forms 4684. Powered by jforum tax help free The Form 1040 or 1040X and the first Form 4684 should be prepared as explained above for Hurricane Katrina, Rita, or Wilma losses only. Powered by jforum tax help free The second Form 4684 should be prepared in the normal manner for all gains and non-Hurricane Katrina, Rita or Wilma losses. Powered by jforum tax help free If both Forms 4684 have a loss on line 18, they should carry the combined losses from that line to Schedule A (Form 1040), line 19. Powered by jforum tax help free If there is a gain on line 15 of the second Form 4684, disregard the instruction to enter it on Schedule D (Form 1040), and instead enter on Schedule A (Form 1040), line 19, the excess of the loss from the first Form 4684 over the gain on line 15 of the second Form 4684. Powered by jforum tax help free , Time limit for making election. Powered by jforum tax help free   You must make this election to claim your casualty or theft loss in 2004 by the later of the following dates. Powered by jforum tax help free The due date (without extensions) for filing your 2005 income tax return. Powered by jforum tax help free The due date (with extensions) for filing your 2004 income tax return. Powered by jforum tax help free Example. Powered by jforum tax help free If you are a calendar year individual taxpayer, you have until April 17, 2006, to amend your 2004 tax return to claim a casualty or theft loss that occurred during 2005. Powered by jforum tax help free Replacement Period for Nonrecognition of Gain Generally, an involuntary conversion occurs when property is damaged, destroyed, stolen, seized, requisitioned, or condemned, and you receive other property or money in payment, such as insurance or a condemnation award. Powered by jforum tax help free Generally, you do not have to report a gain (if any) if you replace the property within 2 years (4 years for a main home in a Presidentially declared disaster area). Powered by jforum tax help free However, for property that was involuntarily converted after August 24, 2005, as a result of Hurricane Katrina, a 5-year replacement period applies if substantially all of the use of the replacement property is in the Hurricane Katrina disaster area. Powered by jforum tax help free For more information, see the Instructions for Form 4684. Powered by jforum tax help free Net Operating Losses Qualified GO Zone loss. Powered by jforum tax help free   Generally, you can carry a net operating loss (NOL) back to the 2 tax years before the NOL year. Powered by jforum tax help free However, the portion of an NOL that is a qualified GO Zone loss can be carried back to the 5 tax years before the NOL year. Powered by jforum tax help free In addition, the 90% limit on the alternative tax NOL deduction (ATNOLD) does not apply to such portion of the ATNOLD. Powered by jforum tax help free   A qualified GO Zone loss is the smaller of: The excess of the NOL for the year over the specified liability loss for the year to which a 10-year carryback applies, or The total of the following deductions (to the extent they are taken into account in computing the NOL for the tax year): Qualified GO Zone casualty loss (as defined below), Moving expenses paid or incurred after August 27, 2005, and before January 1, 2008, for the employment of an individual whose main home was in the GO Zone before August 28, 2005, who was unable to remain in that home because of Hurricane Katrina, and whose main job location (after the move) is in the GO Zone, Temporary housing expenses paid or incurred after August 27, 2005, and before January 1, 2008, to house employees of the taxpayer whose main job location is in the GO Zone, Depreciation or amortization allowable for any qualified GO Zone property (even if you elected not to claim the special GO Zone depreciation allowance for such property) for the year placed in service, and Repair expenses (including expenses for the removal of debris) paid or incurred after August 27, 2005, and before January 1, 2008, for any damage from Hurricane Katrina to property located in the GO Zone. Powered by jforum tax help free Qualified GO Zone casualty loss. Powered by jforum tax help free   A qualified GO Zone casualty loss is any deductible section 1231 loss of property located in the GO Zone if the loss was caused by Hurricane Katrina. Powered by jforum tax help free For this purpose, the amount of the loss is reduced by any recognized gain from an involuntary conversion caused by Hurricane Katrina of property located in the GO Zone. Powered by jforum tax help free Any such loss taken into account in figuring your qualified GO Zone loss is not eligible for the election to be treated as having occurred in the previous tax year. Powered by jforum tax help free 5-year NOL carryback of certain timber losses. Powered by jforum tax help free   Generally, you can carry the portion of an NOL due to income and deductions attributable to a farming business back to the 5 tax years before the NOL year. Powered by jforum tax help free You can treat income and deductions attributable to qualified timber property as attributable to a farming business if any portion of the property is located in the GO Zone, Rita GO Zone, or Wilma GO Zone, and the income and deductions are allocable to the part of your tax year which is after the applicable date below. Powered by jforum tax help free August 27, 2005, if any portion of the property is located in the GO Zone. Powered by jforum tax help free September 22, 2005, if any portion of the property is located in the Rita GO Zone (but not in the GO Zone). Powered by jforum tax help free October 22, 2005, if any portion of the property is located in the Wilma GO Zone (but not in the GO Zone or the RITA GO Zone). Powered by jforum tax help free   These rules will not apply after 2006. Powered by jforum tax help free   However, these rules apply only to a timber producer who: Held qualified timber property (defined in Publication 535, Business Expenses) on the applicable date below: August 28, 2005, if any portion of the property is located in the GO Zone, September 23, 2005, if any portion of the property is located in the Rita GO Zone (but not in the GO Zone), or October 23, 2005, if any portion of the property is located in the Wilma GO Zone (but not in the GO Zone or the Rita GO Zone); Is not a corporation with stock publicly traded on an established securities market; Is not a real estate investment trust; and Did not hold more than 500 acres of qualified timber property on the applicable date above. Powered by jforum tax help free More information. Powered by jforum tax help free   For more information on NOLs, see Publication 536 or Publication 542, Corporations. Powered by jforum tax help free IRAs and Other Retirement Plans New rules provide for tax-favored withdrawals, repayments, and loans from certain retirement plans for taxpayers who suffered economic losses as a result of Hurricane Katrina, Rita, or Wilma. Powered by jforum tax help free Definitions Qualified hurricane distribution. Powered by jforum tax help free   A qualified hurricane distribution is any distribution you received from an eligible retirement plan if all of the following apply. Powered by jforum tax help free The distribution was made: After August 24, 2005, and before January 1, 2007, for Hurricane Katrina; After September 22, 2005, and before January 1, 2007, for Hurricane Rita; or After October 22, 2005, and before January 1, 2007, for Hurricane Wilma. Powered by jforum tax help free Your main home was located in a hurricane disaster area listed below on the date shown for that area. Powered by jforum tax help free August 28, 2005, for the Hurricane Katrina disaster area. Powered by jforum tax help free September 23, 2005, for the Hurricane Rita disaster area. Powered by jforum tax help free October 23, 2005, for the Hurricane Wilma disaster area. Powered by jforum tax help free You sustained an economic loss because of Hurricane Katrina, Rita, or Wilma and your main home was in that hurricane disaster area on the date shown in (2) above for that hurricane. Powered by jforum tax help free Examples of an economic loss include, but are not limited to: Loss, damage to, or destruction of real or personal property from fire, flooding, looting, vandalism, theft, wind, or other cause; Loss related to displacement from your home; or Loss of livelihood due to temporary or permanent layoffs. Powered by jforum tax help free   If (1) through (3) above apply, you can generally designate any distribution (including periodic payments and required minimum distributions) from an eligible retirement plan as a qualified hurricane distribution, regardless of whether the distribution was made on account of Hurricane Katrina, Rita, or Wilma. Powered by jforum tax help free Qualified hurricane distributions are permitted without regard to your need or the actual amount of your economic loss. Powered by jforum tax help free   The total of your qualified hurricane distributions from all plans is limited to $100,000. Powered by jforum tax help free If you have distributions in excess of $100,000 from more than one type of plan, such as a 401(k) plan and an IRA, you may allocate the $100,000 limit among the plans any way you choose. Powered by jforum tax help free   A reduction or offset (after August 24, 2005, for Katrina; after September 22, 2005, for Rita; or after October 22, 2005, for Wilma) of your account balance in an eligible retirement plan in order to repay a loan can also be designated as a qualified hurricane distribution. Powered by jforum tax help free Eligible retirement plan. Powered by jforum tax help free   An eligible retirement plan can be any of the following. Powered by jforum tax help free A qualified pension, profit-sharing, or stock bonus plan (including a 401(k) plan). Powered by jforum tax help free A qualified annuity plan. Powered by jforum tax help free A tax-sheltered annuity contract. Powered by jforum tax help free A governmental section 457 deferred compensation plan. Powered by jforum tax help free A traditional, SEP, SIMPLE, or Roth IRA. Powered by jforum tax help free Main home. Powered by jforum tax help free   Generally, your main home is the home where you live most of the time. Powered by jforum tax help free A temporary absence due to special circumstances, such as illness, education, business, military service, evacuation, or vacation, will not change your main home. Powered by jforum tax help free Taxation of Qualified Hurricane Distributions Qualified hurricane distributions are included in income in equal amounts over three years. Powered by jforum tax help free However, if you elect, you can include the entire distribution in your income in the year it was received. Powered by jforum tax help free Qualified hurricane distributions are not subject to the additional 10% tax (or the additional 25% tax for certain distributions from SIMPLE IRAs) on early distributions from qualified retirement plans (including IRAs). Powered by jforum tax help free However, any distributions you receive in excess of the $100,000 qualified hurricane distribution limit may be subject to the additional tax on early distributions. Powered by jforum tax help free For more information, see Form 8915. Powered by jforum tax help free Repayment of Qualified Hurricane Distributions If you choose, you generally can repay any portion of a qualified hurricane distribution that is eligible for tax-free rollover treatment to an eligible retirement plan. Powered by jforum tax help free Also, you can repay a qualified hurricane distribution made on account of a hardship from a retirement plan. Powered by jforum tax help free However, see Exceptions below for qualified hurricane distributions you cannot repay. Powered by jforum tax help free You have three years from the day after the date you received the distribution to make a repayment. Powered by jforum tax help free Amounts that are repaid are treated as a qualified rollover and are not included in income. Powered by jforum tax help free Also, for purposes of the one-rollover-per-year limitation for IRAs, a repayment to an IRA is not considered a qualified rollover. Powered by jforum tax help free See Form 8915 for more information on how to report repayments. Powered by jforum tax help free Exceptions. Powered by jforum tax help free   You cannot repay the following types of distributions. Powered by jforum tax help free Qualified hurricane distributions received as a beneficiary (other than a surviving spouse). Powered by jforum tax help free Required minimum distributions. Powered by jforum tax help free Periodic payments (other than from an IRA) that are for: A period of 10 years or more, Your life or life expectancy, or The joint lives or joint life expectancies of you and your beneficiary. Powered by jforum tax help free Repayment of Qualified Distributions for the Purchase or Construction of a Main Home If you received a qualified distribution to purchase or construct a main home in the Hurricane Katrina, Rita, or Wilma disaster area, you can repay that distribution before March 1, 2006, to an eligible retirement plan after August 24, 2005 (Katrina); after September 22, 2005 (Rita); or after October 22, 2005 (Wilma). Powered by jforum tax help free For this purpose, an eligible retirement plan is any plan, annuity, or IRA to which a qualified rollover can be made. Powered by jforum tax help free To be a qualified distribution, the distribution must meet all of the following requirements. Powered by jforum tax help free The distribution is a hardship distribution from a 401(k) plan, a hardship distribution from a tax-sheltered annuity contract, or a qualified first-time homebuyer distribution from an IRA. Powered by jforum tax help free The distribution was received in 2005 after February 28 and before: August 29 for Hurricane Katrina; September 24 for Hurricane Rita; or October 24 for Hurricane Wilma. Powered by jforum tax help free The distribution was to be used to purchase or construct a main home in the Hurricane Katrina, Rita, or Wilma disaster area that was not purchased or constructed because of Hurricane Katrina, Rita, or Wilma. Powered by jforum tax help free Amounts that are repaid before March 1, 2006, are treated as a qualified rollover and are not included in income. Powered by jforum tax help free Also, for purposes of the one-rollover-per-year limitation for IRAs, a repayment to an IRA is not considered a qualified rollover. Powered by jforum tax help free A qualified distribution not repaid before March 1, 2006, may be taxable for 2005 and subject to the additional 10% tax (or the additional 25% tax for certain SIMPLE IRAs) on early distributions. Powered by jforum tax help free You must file Form 8915 if you received a qualified distribution that you repaid, in whole or in part, before March 1, 2006. Powered by jforum tax help free Loans From Qualified Plans The following benefits are available to qualified individuals. Powered by jforum tax help free Increases to the limits for distributions treated as loans from employer plans. Powered by jforum tax help free A 1-year suspension for payments due on plan loans. Powered by jforum tax help free Qualified individual. Powered by jforum tax help free   You are a qualified individual if any of the following apply. Powered by jforum tax help free Your main home on August 28, 2005, was located in the Hurricane Katrina disaster area and you had an economic loss because of Hurricane Katrina. Powered by jforum tax help free Your main home on September 23, 2005, was located in the Hurricane Rita disaster area and you had an economic loss because of Hurricane Rita. Powered by jforum tax help free Your main home on October 23, 2005, was located in the Hurricane Wilma disaster area and you had an economic loss because of Hurricane Wilma. Powered by jforum tax help free Examples of an economic loss include, but are not limited to: Loss, damage to, or destruction of real or personal property from fire, flooding, looting, vandalism, theft, wind, or other cause; Loss related to displacement from your home; or Loss of livelihood due to temporary or permanent layoffs. Powered by jforum tax help free Limits on plan loans. Powered by jforum tax help free   The $50,000 limit for distributions treated as plan loans is increased to $100,000. Powered by jforum tax help free In addition, the limit based on 50% of your vested accrued benefit is increased to 100% of that benefit. Powered by jforum tax help free The higher limits apply only to loans received during the following period. Powered by jforum tax help free If your main home was located in the Hurricane Katrina disaster area, the period began on September 24, 2005, and ends on December 31, 2006. Powered by jforum tax help free If your main home was located in the Hurricane Rita or Wilma disaster area, the period began on December 21, 2005, and ends on December 31, 2006. Powered by jforum tax help free If you are a qualified individual based on Hurricane Katrina and another hurricane, use the period based on Hurricane Katrina. Powered by jforum tax help free One-year suspension of loan payments. Powered by jforum tax help free   Payments on plan loans due before 2007 may be suspended for 1 year by the plan administrator. Powered by jforum tax help free To qualify for the suspension, the due date for any loan payment must occur during the period beginning on: August 28, 2005, if your main home was located in the Hurricane Katrina disaster area. Powered by jforum tax help free September 23, 2005, if your main home was located in the Hurricane Rita disaster area. Powered by jforum tax help free October 23, 2005, if your main home was located in the Hurricane Wilma disaster area. Powered by jforum tax help free If you are a qualified individual based on more than one hurricane, use the period with the earliest beginning date. Powered by jforum tax help free Additional Tax Relief for Individuals Earned Income Credit and Child Tax Credit You can elect to use your 2004 earned income to figure your earned income credit (EIC) and additional child tax credit for 2005 if: Your 2005 earned income is less than your 2004 earned income, and At least one of the following statements is true. Powered by jforum tax help free Your main home on August 25, 2005, was in the Gulf Opportunity (GO) Zone. Powered by jforum tax help free Your main home on August 25, 2005, was in the Hurricane Katrina disaster area and you were displaced from that home because of Hurricane Katrina. Powered by jforum tax help free Your main home on September 23, 2005, was in the Rita GO Zone. Powered by jforum tax help free Your main home on September 23, 2005, was in the Hurricane Rita disaster area and you were displaced from that home because of Hurricane Rita. Powered by jforum tax help free Your main home on October 23, 2005, was in the Wilma GO Zone. Powered by jforum tax help free Your main home on October 23, 2005, was in the Hurricane Wilma disaster area and you were displaced from that home because of Hurricane Wilma. Powered by jforum tax help free Earned income. Powered by jforum tax help free    For the purpose of this election, your earned income for both the EIC and the additional child tax credit is the amount of earned income used to figure your EIC, even if you did not take the EIC and even if that amount is different than your earned income for the additional child tax credit. Powered by jforum tax help free If you are claiming only the additional child tax credit, you must figure the amount of your earned income for EIC purposes to determine your eligibility to make the election and the amount of the credit. Powered by jforum tax help free Joint returns. Powered by jforum tax help free   If you file a joint return, you qualify to make this election even if only one spouse meets the requirements. Powered by jforum tax help free If you make the election, your 2004 earned income is the sum of your 2004 earned income and your spouse's 2004 earned income. Powered by jforum tax help free Making the election. Powered by jforum tax help free   If you make the election to use your 2004 earned income, the election applies for figuring both the EIC and the additional child tax credit. Powered by jforum tax help free However, you can make the election for the additional child tax credit even if you do not take the EIC. Powered by jforum tax help free   Electing to use your 2004 earned income may increase or decrease your EIC. Powered by jforum tax help free Take the following steps to decide whether to make the election. Powered by jforum tax help free Figure your 2005 EIC using your 2004 earned income. Powered by jforum tax help free Figure your 2005 additional child tax credit using your 2004 earned income for EIC purposes. Powered by jforum tax help free Add the results of (1) and (2). Powered by jforum tax help free Figure your 2005 EIC using your 2005 earned income. Powered by jforum tax help free Figure your 2005 additional child tax credit using your 2005 earned income for additional child tax credit purposes. Powered by jforum tax help free Add the results of (4) and (5). Powered by jforum tax help free Compare the results of (3) and (6). Powered by jforum tax help free If (3) is larger than (6), it is to your benefit to make the election. Powered by jforum tax help free If (3) is equal to or smaller than (6), making the election will not help you. Powered by jforum tax help free   If you elect to use your 2004 earned income and you are claiming the EIC, enter “PYEI” and the amount of your 2004 earned income on the dotted line next to line 66a of Form 1040, on the line next to line 41a of Form 1040A, or in the space to the left of line 8a of Form 1040EZ. Powered by jforum tax help free   If you elect to use your 2004 earned income and you are claiming the additional child tax credit, enter your 2004 earned income for EIC purposes (even if you did not claim the EIC) on Form 8812, Additional Child Tax Credit, line 4a, and check the box on that line. Powered by jforum tax help free   Because Form 8812 was released before the GO Zone legislation was enacted, the instructions refer only to individuals whose main home was in the Hurricane Katrina disaster area. Powered by jforum tax help free When completing Form 8812, line 4a, use the above rules to determine your eligibility to make the election (instead of the Form 8812 instructions). Powered by jforum tax help free Getting your 2004 tax return information. Powered by jforum tax help free   If you do not have your 2004 tax records, you can get the amount of earned income used to figure your 2004 EIC by calling 1-866-562-5227. Powered by jforum tax help free You can also get this information by visiting the IRS website at www. Powered by jforum tax help free irs. Powered by jforum tax help free gov. Powered by jforum tax help free   If you prefer to figure your 2004 earned income yourself, copies or transcripts of your filed and processed tax returns can help you reconstruct your tax records. Powered by jforum tax help free See Request for Copy or Transcript of Tax Return on page 16. Powered by jforum tax help free Additional Exemption for Housing Individuals Displaced by Hurricane Katrina You may be able to claim an additional exemption amount of $500 for providing housing in your main home for each individual displaced by Hurricane Katrina. Powered by jforum tax help free The additional exemption amount is claimed on new Form 8914. Powered by jforum tax help free The additional exemption amount is allowable once per taxpayer for a specific individual in 2005 or 2006, but not in both years. Powered by jforum tax help free The maximum additional exemption amount you can claim for all displaced individuals is $2,000 ($1,000 if married filing separately). Powered by jforum tax help free The additional exemption amount you claim for displaced individuals in 2005 will reduce the $2,000 maximum for 2006. Powered by jforum tax help free If two or more taxpayers share the same main home, only one taxpayer in that main home can claim the additional exemption amount for a specific displaced individual. Powered by jforum tax help free If married filing separately, only one spouse may claim the additional exemption amount for a specific displaced individual. Powered by jforum tax help free In order for you to be considered to have provided housing, you must have a legal interest in the main home (that is, own or rent the home). Powered by jforum tax help free To qualify as a displaced individual, the individual: Must have had his or her main home in the Hurricane Katrina disaster area on August 28, 2005, and he or she must have been displaced from that home. Powered by jforum tax help free If the individual's main home was located outside the core disaster area, that home must have been damaged by Hurricane Katrina or the individual must have been evacuated from that home because of Hurricane Katrina, Must have been provided housing in your main home for a period of at least 60 consecutive days ending in the tax year in which the exemption is claimed, and Cannot be your spouse or dependent. Powered by jforum tax help free You cannot claim the additional exemption amount if you received rent (or any other amount) from any source for providing the housing. Powered by jforum tax help free You are permitted to receive payments or reimbursements that do not relate to normal housing costs, including the following. Powered by jforum tax help free Food, clothing, or personal items consumed or used by the displaced individual. Powered by jforum tax help free Reimbursement for the cost of any long distance telephone calls made by the displaced individual. Powered by jforum tax help free Reimbursement for the cost of gasoline for the displaced individual's use of your vehicle. Powered by jforum tax help free However, you cannot claim the additional exemption amount if you received any reimbursement for the extra costs of heat, electricity, or water used by the displaced individual. Powered by jforum tax help free Also, you must report on Form 8914 the displaced individual's social security number or individual taxpayer identification number to claim an additional exemption amount. Powered by jforum tax help free For more information, see Form 8914. Powered by jforum tax help free Education Credits The education credits have been expanded for students attending an eligible educational institution located in the Gulf Opportunity Zone (GOZ students) for any tax year beginning in 2005 or 2006. Powered by jforum tax help free The Hope credit for a GOZ student is increased to 100% of the first $2,000 in qualified education expenses and 50% of the next $2,000 of qualified education expenses for a maximum credit of $3,000 per student. Powered by jforum tax help free The lifetime learning credit rate for a GOZ student is increased from 20% to 40%. Powered by jforum tax help free The definition of qualified education expenses for a GOZ student also has been expanded. Powered by jforum tax help free In addition to tuition and fees required for the student's enrollment or attendance at an eligible educational institution, qualified education expenses for a GOZ student include the following. Powered by jforum tax help free Books, supplies, and equipment required for enrollment or attendance at an eligible educational institution. Powered by jforum tax help free For a special needs student, expenses that are necessary for that person's enrollment or attendance at an eligible educational institution. Powered by jforum tax help free For a student who is at least a half-time student, the reasonable costs of room and board, but only to the extent that the costs are not more than the greater of the following two amounts. Powered by jforum tax help free The allowance for room and board, as determined by the eligible educational institution, that was included in the cost of attendance (for federal financial aid purposes) for a particular academic period and living arrangement of the student. Powered by jforum tax help free The actual amount charged if the student is residing in housing owned or operated by the eligible educational institution. Powered by jforum tax help free You will need to contact the eligible educational institution for qualified room and board costs. Powered by jforum tax help free For more information, see Form 8863. Powered by jforum tax help free Recapture of Federal Mortgage Subsidy Generally, if you financed your home under a federally subsidized program (loans from tax-exempt qualified mortgage bonds or loans with mortgage credit certificates), you may have to recapture all or part of the benefit you received from that program when you sell or otherwise dispose of your home. Powered by jforum tax help free However, you do not have to recapture any benefit if your mortgage loan was a qualified home improvement loan of not more than $15,000. Powered by jforum tax help free This amount is increased to $150,000 if the loan was provided before 2011 and was used to: Repair damage caused by Hurricane Katrina to a residence in the Hurricane Katrina disaster area, or Alter, repair, or improve an existing owner-occupied residence in the GO Zone, Rita GO Zone, or Wilma GO Zone. Powered by jforum tax help free Exclusion of Certain Cancellations of Indebtedness by Reason of Hurricane Katrina Generally, discharges of nonbusiness debts (such as mortgages) made after August 24, 2005, and before January 1, 2007, are excluded from income for individuals whose main home was in the Hurricane Katrina disaster area on August 25, 2005. Powered by jforum tax help free If the individual's main home was located outside the core disaster area, the individual also must have had an economic loss because of Hurricane Katrina. Powered by jforum tax help free Examples of an economic loss include, but are not limited to: Loss, damage to, or destruction of real or personal property from fire, flooding, looting, vandalism, theft, wind, or other cause; Loss related to displacement from your home; or Loss of livelihood due to temporary or permanent layoffs. Powered by jforum tax help free This relief does not apply to any debt secured by real property located outside the Hurricane Katrina disaster area. Powered by jforum tax help free You may also have to reduce certain tax attributes by the amount excluded. Powered by jforum tax help free For more information, see Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment). Powered by jforum tax help free Tax Relief for Temporary Relocation Under the Gulf Opportunity Zone Act of 2005, the IRS may adjust the internal revenue laws to ensure that taxpayers do not lose a deduction or credit or experience a change of filing status in 2005 or 2006 as a result of a temporary relocation caused by Hurricane Katrina, Rita, or Wilma. Powered by jforum tax help free However, any such adjustment must ensure that an individual is not taken into account by more than one taxpayer for the same tax benefit. Powered by jforum tax help free The IRS has exercised this authority as follows. Powered by jforum tax help free In determining whether you furnished over one-half of the cost of maintaining a household, you can exclude from total household costs any assistance received from the government or charitable organizations because you were temporarily relocated as a result of Hurricane Katrina, Rita, or Wilma. Powered by jforum tax help free In determining whether you provided more than one-half of an individual's support, you can disregard any assistance received from the government or charitable organizations because you were temporarily relocated as a result of Hurricane Katrina, Rita, or Wilma. Powered by jforum tax help free You can treat as a student an individual who enrolled in school before August 25, 2005, and who is unable to attend classes because of Hurricane Katrina, for each month of the enrollment period that individual is prevented by Hurricane Katrina from attending school as planned. Powered by jforum tax help free You can treat as a student an individual who enrolled in school before September 23, 2005, and who is unable to attend classes because of Hurricane Rita, for each month of the enrollment period that individual is prevented by Hurricane Rita from attending school as planned. Powered by jforum tax help free You can treat as a student an individual who enrolled in school before October 23, 2005, and who is unable to attend classes because of Hurricane Wilma, for each month of the enrollment period that individual is prevented by Hurricane Wilma from attending school as planned. Powered by jforum tax help free Additional Tax Relief for Businesses Special Depreciation Allowance You can take a special depreciation allowance for qualified Gulf Opportunity (GO) Zone property (as defined below) you place in service after August 27, 2005. Powered by jforum tax help free The allowance is an additional deduction of 50% of the property's depreciable basis (after any section 179 deduction and before figuring your regular depreciation deduction). Powered by jforum tax help free The special allowance applies only for the first year the property is placed in service. Powered by jforum tax help free The allowance is deductible for both the regular tax and the alternative minimum tax (AMT). Powered by jforum tax help free There is no AMT adjustment required for any depreciation figured on the remaining basis of the property. Powered by jforum tax help free You can elect not to deduct the special GO Zone depreciation allowance for qualified property. Powered by jforum tax help free If you make this election for any property, it applies to all property in the same class placed in service during the year. Powered by jforum tax help free Qualified GO Zone property. Powered by jforum tax help free   Property that qualifies for the special GO Zone depreciation allowance includes the following. Powered by jforum tax help free Tangible property depreciated under the modified accelerated cost recovery system (MACRS) with a recovery period of 20 years or less. Powered by jforum tax help free Water utility property. Powered by jforum tax help free Computer software that is readily available for purchase by the general public, is subject to a nonexclusive license, and has not been substantially modified. Powered by jforum tax help free (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. Powered by jforum tax help free ) Qualified leasehold improvement property. Powered by jforum tax help free Nonresidential real property and residential rental property. Powered by jforum tax help free   For more information on this property, see Publication 946. Powered by jforum tax help free Other tests to be met. Powered by jforum tax help free   To be qualified GO Zone property, the property must also meet all of the following tests. Powered by jforum tax help free You must have acquired the property, by purchase, after August 27, 2005, but only if no binding written contract for the acquisition was in effect before August 28, 2005. Powered by jforum tax help free The property must be placed in service before 2008 (2009 in the case of nonresidential real property and residential rental property). Powered by jforum tax help free Substantially all of the use of the property must be in the GO Zone and in the active conduct of your trade or business in the GO Zone. Powered by jforum tax help free The original use of the property in the GO Zone must begin with you after August 27, 2005. Powered by jforum tax help free Used property can be qualified GO Zone property if it has not previously been used within the GO Zone. Powered by jforum tax help free Also, additional capital expenditures you incurred after August 27, 2005, to recondition or rebuild your property meet the original use test if the original use of the property in the GO Zone began with you. Powered by jforum tax help free Excepted property. Powered by jforum tax help free   Qualified GO Zone property does not include any of the following. Powered by jforum tax help free Property required to be depreciated using the Alternative Depreciation System (ADS). Powered by jforum tax help free Property any portion of which is financed with the proceeds of a tax-exempt obligation under section 103. Powered by jforum tax help free Property for which you are claiming a commercial revitalization deduction. Powered by jforum tax help free Any property used in connection with any private or commercial golf course, country club, massage parlor, hot tub facility, suntan facility, or any store, the principal business of which is the sale of alcoholic beverages for consumption off premises. Powered by jforum tax help free Any gambling or animal racing property (as defined below). Powered by jforum tax help free Property in the same class as that for which you elected not to claim the special GO Zone depreciation allowance. Powered by jforum tax help free   Gambling or animal racing property is: Any equipment, furniture, software, or other property used directly in connection with gambling, the racing of animals, or the on-site viewing of such racing, and The portion of any real property (determined by square footage) that is dedicated to gambling, the racing of animals, or the on-site viewing of such racing, unless this portion is less than 100 square feet. Powered by jforum tax help free Recapture of special allowance. Powered by jforum tax help free   If, in any year after the year you claim the special allowance, the property ceases to be qualified GO Zone property, you may have to recapture as ordinary income any excess benefit you received from claiming the special allowance. Powered by jforum tax help free Increased Section 179 Deduction An increased section 179 deduction is allowable for qualified section 179 Gulf Opportunity (GO) Zone property (as defined later) placed in service in the GO Zone. Powered by jforum tax help free Increased dollar limit. Powered by jforum tax help free   The limit on the section 179 deduction ($105,000 for 2005, $108,000 for 2006) for qualified section 179 GO Zone property acquired after August 27, 2005, is increased by the smaller of: $100,000, or The cost of qualified section 179 GO Zone property placed in service during the year (including such property placed in service by your spouse, even if you are filing a separate return). Powered by jforum tax help free   The amount for which you can make the election is reduced if the cost of all qualified section 179 GO Zone property you placed in service during the year exceeds $420,000 for 2005 ($430,000 for 2006) increased by the smaller of: $600,000, or The cost of qualified section 179 GO Zone property placed in service during the year. Powered by jforum tax help free Qualified section 179 GO Zone property. Powered by jforum tax help free   Qualified section 179 GO Zone property is section 179 property that is qualified GO Zone property (explained earlier under Special Depreciation Allowance). Powered by jforum tax help free Section 179 property does not include nonresidential real property or residential rental property. Powered by jforum tax help free For more information, including the requirements that must be met for property to qualify for the section 179 deduction, see chapter 2 of Publication 946. Powered by jforum tax help free Work Opportunity Credit For the work opportunity credit, the definition of “targeted group employee” has been expanded to include a Hurricane Katrina employee. Powered by jforum tax help free Hurricane Katrina employee. Powered by jforum tax help free   A Hurricane Katrina employee is: A person who, on August 28, 2005, had a main home in the core disaster area and, within a two-year period beginning on that date, is hired to perform services principally in the core disaster area; or A person who, on August 28, 2005, had a main home in the core disaster area, was displaced from that main home as a result of Hurricane Katrina, and was hired during the period beginning on August 28, 2005, and ending on December 31, 2005. Powered by jforum tax help free Qualified wages. Powered by jforum tax help free   Generally, qualified wages do not include wages you paid to a targeted group employee who worked for you previously. Powered by jforum tax help free However, wages will qualify if: You paid them to an employee who is a Hurricane Katrina employee, The employee was not in your employment on August 28, 2005, and This is your first hire of the employee as a Hurricane Katrina employee after August 28, 2005. Powered by jforum tax help free   For more information, see Form 5884. Powered by jforum tax help free Certification requirements. Powered by jforum tax help free   An employee must provide to the employer reasonable evidence that he or she is a Hurricane Katrina employee. Powered by jforum tax help free An employer may accept a completed Form 8850, Pre-Screening Notice and Certification Request for the Work Opportunity and Welfare-to-Work Credits, as such evidence. Powered by jforum tax help free The certification requirements described in Form 8850 do not apply to a Hurricane Katrina employee. Powered by jforum tax help free Do not send any Forms 8850 that have only box 1 checked to the state employment security agency. Powered by jforum tax help free Instead, the employer should keep these Forms 8850 with the employer's other records. Powered by jforum tax help free For more information, see Form 8850 and its instructions. Powered by jforum tax help free Employee Retention Credit An eligible employer who conducted an active trade or business in the Gulf Opportunity (GO) Zone, the Rita GO Zone, or the Wilma GO Zone can claim the employee retention credit. Powered by jforum tax help free The credit is 40% of qualified wages for each eligible employee (up to a maximum of $6,000 in qualified wages per employee). Powered by jforum tax help free Generally, you must reduce your deduction for salaries and wages by the amount of this credit (before the tax liability limit). Powered by jforum tax help free Use Form 5884-A to claim the credit. Powered by jforum tax help free See the following rules and definitions for each hurricane. Powered by jforum tax help free Employers affected by Hurricane Katrina. Powered by jforum tax help free   The following definitions apply to employers affected by Hurricane Katrina. Powered by jforum tax help free Eligible employer. Powered by jforum tax help free   For this purpose, an eligible employer is any employer who conducted an active trade or business on August 28, 2005, in the GO Zone and whose trade or business was inoperable on any day after August 28, 2005, and before January 1, 2006, because of damage caused by Hurricane Katrina. Powered by jforum tax help free Eligible employee. Powered by jforum tax help free   For this purpose, an eligible employee is an employee whose principal place of employment on August 28, 2005, with such eligible employer was in the GO Zone. Powered by jforum tax help free An employee is not an eligible employee for purposes of Hurricane Katrina if the employee is treated as an eligible employee for the work opportunity credit. Powered by jforum tax help free Employers affected by Hurricane Rita. Powered by jforum tax help free   The following definitions apply to employers affected by Hurricane Rita. Powered by jforum tax help free Eligible employer. Powered by jforum tax help free   For this purpose, an eligible employer is any employer who conducted an active trade or business on September 23, 2005, in the Rita GO Zone and whose trade or business was inoperable on any day after September 23, 2005, and before January 1, 2006, because of damage caused by Hurricane Rita. Powered by jforum tax help free Eligible employee. Powered by jforum tax help free   For this purpose, an eligible employee is an employee whose principal place of employment on September 23, 2005, with such eligible employer was in the Rita GO Zone. Powered by jforum tax help free An employee is not an eligible employee for purposes of Hurricane Rita if the employee is treated as an eligible employee for the work opportunity credit or the Hurricane Katrina employee retention credit. Powered by jforum tax help free Employers affected by Hurricane Wilma. Powered by jforum tax help free   The following definitions apply to employers affected by Hurricane Wilma. Powered by jforum tax help free Eligible employer. Powered by jforum tax help free   For this purpose, an eligible employer is any employer who conducted an active trade or business on October 23, 2005, in the Wilma GO Zone and whose trade or business was inoperable on any day after October 23, 2005, and before January 1, 2006, because of damage caused by Hurricane Wilma. Powered by jforum tax help free Eligible employee. Powered by jforum tax help free   For this purpose, an eligible employee is an employee whose principal place of employment on October 23, 2005, with such eligible employer was in the Wilma GO Zone. Powered by jforum tax help free An employee is not an eligible employee for purposes of Hurricane Wilma if the employee is treated as an eligible employee for the work opportunity credit or the Hurricane Katrina or Rita employee retention credit. Powered by jforum tax help free Qualified wages. Powered by jforum tax help free   Qualified wages are wages you paid or incurred before January 1, 2006, (up to $6,000 per employee) for an eligible employee beginning on the date your trade or business first became inoperable at the employee's principal place of employment immediately before the applicable hurricane, and ending on the date your trade or business resumed significant operations at that place. Powered by jforum tax help free In addition, the wages must have been paid or incurred after the following date. Powered by jforum tax help free August 28, 2005, for Hurricane Katrina. Powered by jforum tax help free September 23, 2005, for Hurricane Rita. Powered by jforum tax help free October 23, 2005, for Hurricane Wilma. Powered by jforum tax help free    This includes wages paid even if the employee performed no services, performed services at a place of employment other than the principal place of employment, or performed services at the principal place of employment before significant operations resumed. Powered by jforum tax help free    Wages qualifying for the credit generally have the same meaning as wages subject to the Federal Unemployment Tax Act (FUTA). Powered by jforum tax help free Qualified wages also include amounts you paid for medical or hospitalization expenses in connection with sickness or accident disability. Powered by jforum tax help free Qualified wages for any employee must be reduced by the amount of any work supplementation payment you received under the Social Security Act. Powered by jforum tax help free   For agricultural employees, if the work performed by any employee during more than half of any pay period qualified under FUTA as agricultural labor, that employee's wages subject to social security and Medicare taxes are qualified wages. Powered by jforum tax help free For a special rule that applies to railroad employees, see section 51(h)(1)(B). Powered by jforum tax help free   Qualified wages do not include the following. Powered by jforum tax help free Wages paid to your dependent or a related individual. Powered by jforum tax help free See section 51(i)(1). Powered by jforum tax help free Wages paid to any employee during the period for which you received payment for the employee from a federally funded on-the-job training program. Powered by jforum tax help free Wages for services of replacement workers during a strike or lockout. Powered by jforum tax help free   For more information, see Form 5884-A. Powered by jforum tax help free Hurricane Katrina Housing Credit An employer who conducted an active trade or business in the Gulf Opportunity (GO) Zone can claim the Hurricane Katrina housing credit. Powered by jforum tax help free The credit is equal to 30% of the value (up to $600 per month per employee) of in-kind lodging furnished to a qualified employee (and the employee's spouse or dependents) from January 1, 2006, through July 1, 2006. Powered by jforum tax help free The value of the lodging is excluded from the income of the qualified employee but is treated as wages for purposes of taxes imposed under the Federal Insurance Contributions Act (FICA) and the Federal Unemployment Tax Act (FUTA). Powered by jforum tax help free Generally, you must reduce your deduction for salaries and wages by the amount of this credit (before the tax liability limit). Powered by jforum tax help free The employer must use Form 5884-A to claim the credit. Powered by jforum tax help free A qualified employee is an individual who had a main home in the GO Zone on August 28, 2005, and who performs substantially all employment services in the GO Zone for the employer furnishing the lodging. Powered by jforum tax help free The employee cannot be your dependent or a related individual. Powered by jforum tax help free See section 51(i)(1). Powered by jforum tax help free For more information, see Form 5884-A. Powered by jforum tax help free Reforestation Costs You may be able to elect to deduct a limited amount of reforestation costs for each qualified timber property. Powered by jforum tax help free The deduction for any tax year generally is limited to $10,000 ($5,000 if married filing separately, $0 for a trust). Powered by jforum tax help free However, this limit is increased if you paid or incurred reforestation costs after the applicable date below and any portion of the qualified timber property is located in one of the following areas. Powered by jforum tax help free August 27, 2005, if any portion of the property is located in the GO Zone. Powered by jforum tax help free September 22, 2005, if any portion of the property is located in the Rita GO Zone (but not in the GO Zone). Powered by jforum tax help free October 22, 2005, if any portion of the property is located in the Wilma GO Zone. Powered by jforum tax help free The limit for each qualified timber property is increased by the smaller of: $10,000 ($5,000 if married filing separately, $0 for a trust), or The amount of reforestation costs you paid or incurred after the applicable date for the qualified timber property, any portion of which is located in the zone described above. Powered by jforum tax help free The increase in the limit applies only to costs paid or incurred before 2008. Powered by jforum tax help free However, these rules do not apply to any timber producer who: Held more than 500 acres of qualified timber property at any time during the tax year, Is a corporation with stock publicly traded on an established securities market, or Is a real estate investment trust. Powered by jforum tax help free For more information about the election to deduct reforestation costs, see chapter 8 in Publication 535, Business Expenses. Powered by jforum tax help free Demolition and Clean-up Costs You can elect to deduct 50% of any qualified GO Zone clean-up costs for the tax year in which the costs are paid or incurred, instead of capitalizing them. Powered by jforum tax help free Qualified GO Zone clean-up costs are any amounts paid or incurred after August 27, 2005, and before January 1, 2008, for the removal of debris from, or the demolition of structures on, real property located in the GO Zone that is: Held by you for use in a trade or business or for the production of income, or Inventory or other property held primarily for sale to customers in the ordinary course of your trade or business. Powered by jforum tax help free Increase in Rehabilitation Tax Credit The rehabilitation credit is increased for qualified rehabilitation expenditures paid or incurred after August 27, 2005, and before January 1, 2009, on buildings located in the GO Zone as follows. Powered by jforum tax help free For pre-1936 buildings (other than certified historic structures), the credit percentage is increased from 10% to 13%. Powered by jforum tax help free For certified historic structures, the credit percentage is increased from 20% to 26%. Powered by jforum tax help free For more information, see Form 3468, Investment Credit. Powered by jforum tax help free Request for Copy or Transcript of Tax Return Request for copy of tax return. Powered by jforum tax help free   You can use Form 4506 to order a copy of your tax return. Powered by jforum tax help free Generally, there is a $39. Powered by jforum tax help free 00 fee for requesting each copy of a tax return. Powered by jforum tax help free If your main home, principal place of business, or tax records are located in a Presidentially declared disaster area, the fee will be waived if the assigned disaster designation (for example, “Hurricane Katrina”) is written in red across the top of the form when filed. Powered by jforum tax help free Request for transcript of tax return. Powered by jforum tax help free   You can use Form 4506-T to order a free transcript of your tax return. Powered by jforum tax help free A transcript provides most of the line entries from a tax return and usually contains the information that a third party requires. Powered by jforum tax help free You can also call 1-800-829-1040 to order a transcript. Powered by jforum tax help free How To Get Tax Help Special IRS assistance. Powered by jforum tax help free   The IRS is providing special help for those affected by Hurricane Katrina, Rita, or Wilma, as well as survivors and personal representatives of the victims. Powered by jforum tax help free We have set up a special toll-free number for people who may have trouble filing or paying their taxes because they were affected by Hurricane Katrina, Rita, or Wilma, or who have other tax issues related to the hurricanes. Powered by jforum tax help free Call 1-866-562-5227 Monday through Friday In English-7 a. Powered by jforum tax help free m. Powered by jforum tax help free to 10 p. Powered by jforum tax help free m. Powered by jforum tax help free local time In Spanish-8 a. Powered by jforum tax help free m. Powered by jforum tax help free to 9:30 p. Powered by jforum tax help free m. Powered by jforum tax help free local time   The IRS website at www. Powered by jforum tax help free irs. Powered by jforum tax help free gov has notices and other tax relief information. Powered by jforum tax help free Check it periodically for any new guidance. Powered by jforum tax help free Other help from the IRS. Powered by jforum tax help free   You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get more information from the IRS in several ways. Powered by jforum tax help free By selecting the method that is best for you, you will have quick and easy access to tax help. Powered by jforum tax help free Contacting your Taxpayer Advocate. Powered by jforum tax help free   If you have attempted to deal with an IRS problem unsuccessfully, you should contact your Taxpayer Advocate. Powered by jforum tax help free   The Taxpayer Advocate independently represents your interests and concerns within the IRS by protecting your rights and resolving problems that have not been fixed through normal channels. Powered by jforum tax help free While Taxpayer Advocates cannot change the tax law or make a technical tax decision, they can clear up problems that resulted from previous contacts and ensure that your case is given a complete and impartial review. Powered by jforum tax help free   To contact your Taxpayer Advocate: Call the Taxpayer Advocate toll free at 1-877-777-4778. Powered by jforum tax help free Call, write, or fax the Taxpayer Advocate office in your area. Powered by jforum tax help free Call 1-800-829-4059 if you are a TTY/TDD user. Powered by jforum tax help free Visit www. Powered by jforum tax help free irs. Powered by jforum tax help free gov/advocate. Powered by jforum tax help free   For more information, see Publication 1546, How To Get Help With Unresolved Tax Problems (now available in Chinese, Korean, Russian, and Vietnamese, in addition to English and Spanish). Powered by jforum tax help free Free tax services. Powered by jforum tax help free   To find out what services are available, get Publication 910, IRS Guide to Free Tax Services. Powered by jforum tax help free It contains a list of free tax publications and an index of tax topics. Powered by jforum tax help free It also describes other free tax information services, including tax education and assistance programs and a list of TeleTax topics. Powered by jforum tax help free Internet. Powered by jforum tax help free You can access the IRS website 24 hours a day, 7 days a week, at www. Powered by jforum tax help free irs. Powered by jforum tax help free gov to: E-file your return. Powered by jforum tax help free Find out about commercial tax preparation and e-file services available free to eligible taxpayers. Powered by jforum tax help free Check the status of your refund. Powered by jforum tax help free Click on Where's My Refund. Powered by jforum tax help free Be sure to wait at least 6 weeks from the date you filed your return (3 weeks if you filed electronically). Powered by jforum tax help free Have your tax return available because you will need to know your social security number, your filing status, and the exact whole dollar amount of your refund. Powered by jforum tax help free Download forms, instructions, and publications. Powered by jforum tax help free Order IRS products online. Powered by jforum tax help free Research your tax questions online. Powered by jforum tax help free Search publications online by topic or keyword. Powered by jforum tax help free View Internal Revenue Bulletins (IRBs) published in the last few years. 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Contact My Local Office in Idaho

Face-to-Face Tax Help

IRS Taxpayer Assistance Centers (TACs) are your source for personal tax help when you believe your tax issue can only be handled face-to-face. No appointment is necessary.

Keep in mind, many questions can be resolved online without waiting in line. Through IRS.gov you can:
• Set up a payment plan.
• Get a transcript of your tax return.
• Make a payment.
• Check on your refund.
• Find answers to many of your tax questions.

We are now referring all requests for tax return preparation services to other available resources. You can take advantage of free tax preparation through Free File, Free File Fillable Forms or through a volunteer site in your community. To find the nearest volunteer site location or to get more information about Free File, go to the top of the page and enter “Free Tax Help” in the Search box.

If you have a tax account issues and feel that it requires talking with someone face-to-face, visit your local TAC.

Caution:  Many of our offices are located in Federal Office Buildings. These buildings may not allow visitors to bring in cell phones with camera capabilities.

Multilingual assistance is available in every office. Hours of operation are subject to change.

Before visiting your local office click on "Services Provided" in the chart below to see what services are available. Services are limited and not all services are available at every TAC office and may vary from site to site. You can get these services on a walk-in basis.

City  Street Address  Days/Hours of Service  Telephone* 
Boise  550 W. Fort St.
Boise, ID 83724 

Monday-Friday - 8:30 a.m.- 4:30 p.m.

 

Services Provided

(208) 387-2847 
Idaho Falls  1820 E. 17th St.
Idaho Falls, ID 83404 

Monday-Friday - 8:30 a.m.- 4:30 p.m. 
(Closed for lunch 12:00 noon-1:00 p.m.) 

 

Services Provided

(208) 523-8041 
Pocatello  275 S. 5th Ave.
Pocatello, ID 83201 

Monday-Friday - 8:30 a.m.- 4:30 p.m.
(Closed for lunch 12:00 noon-1:00 p.m.)

 

**This office will be open until 6:00 p.m. on 4/14 & 4/15**

 

Services Provided

(208) 236-6795 

* Note: The phone numbers in the chart above are not toll free for all locations. When you call, you will reach a recorded business message with information about office hours, locations and services provided in that office. If face-to-face assistance is not a priority for you, you may also get help with IRS letters or resolve tax account issues by phone, toll free at 1-800-829-1040 (individuals) or 1-800-829-4933 (businesses).

For information on where to file your tax return please see Where to File Addresses.

The Taxpayer Advocate Service: Call 208-363-8900 in the Boise area or 1-877-777-4778 elsewhere, or see  Publication 1546, The Taxpayer Advocate Service of the IRS. For further information, see Tax Topic 104.

Partnerships

IRS and organizations all over the country are partnering to assist taxpayers. Through these partnerships, organizations are also achieving their own goals. These mutually beneficial partnerships are strengthening outreach efforts and bringing education and assistance to millions.

For more information about these programs for individuals and families, contact the Stakeholder Partnerships, Education and Communication Office at:

Internal Revenue Service
550 W. Fort Street, MS 6610BOI
Boise, ID 83724

For more information about these programs for businesses, your local Stakeholder Liaison office establishes relationships with organizations representing small business and self-employed taxpayers. They provide information about the policies, practices and procedures the IRS uses to ensure compliance with the tax laws. To establish a relationship with us, use this list to find a contact in your state:

Stakeholder Liaison (SL) Phone Numbers for Organizations Representing Small Businesses and Self-employed Taxpayers.

Page Last Reviewed or Updated: 28-Mar-2014

The Powered By Jforum Tax Help Free

Powered by jforum tax help free Publication 596SP - Introductory Material Table of Contents Acontecimientos Futuros ¿Qué es el Crédito por Ingreso del Trabajo (EIC)? ¿Puedo Reclamar el Crédito por Ingreso del Trabajo (EIC)? ¿Necesito esta Publicación? ¿Hay que Tener un Hijo para Tener Derecho al Crédito por Ingreso del Trabajo (EIC)? ¿Cómo Calculo la Cantidad del Crédito por Ingreso del Trabajo (EIC)? ¿Cómo Puedo Encontrar Rápidamente Información Específica? ¿Hay Ayuda Disponible en Internet? Qué Hay de Nuevo para el año 2013 Recordatorios Acontecimientos Futuros Para la información más actualizada sobre los acontecimientos que afectan la Publicación 596(SP), tales como legislación promulgada después de su publicación, visite www. Powered by jforum tax help free irs. Powered by jforum tax help free gov/pub596sp, en inglés. Powered by jforum tax help free ¿Qué es el Crédito por Ingreso del Trabajo (EIC)? El crédito por ingreso del trabajo (EIC, por sus siglas en inglés) es un crédito tributario para aquellas personas que trabajan y que reciben ingreso del trabajo inferior a $51,567. Powered by jforum tax help free Un crédito tributario significa que va a tener más dinero disponible porque reduce la cantidad de impuesto a pagar. Powered by jforum tax help free El crédito por ingreso del trabajo (EIC) también podría proporcionarle un reembolso. Powered by jforum tax help free ¿Puedo Reclamar el Crédito por Ingreso del Trabajo (EIC)? Para tener derecho al crédito por ingreso del trabajo (EIC), tiene que cumplir determinados requisitos. Powered by jforum tax help free Dichos requisitos se resumen en la Tabla 1. Powered by jforum tax help free Tabla 1. Powered by jforum tax help free Síntesis del Crédito por Ingreso del Trabajo Primero, tiene que cumplir todos los requisitos de esta columna. Powered by jforum tax help free Segundo, tiene que cumplir todos los requisitos de una de estas columnas, la que le corresponda. Powered by jforum tax help free Tercero, tiene que cumplir el requisito de esta columna. Powered by jforum tax help free Capítulo 1. Powered by jforum tax help free  Requisitos para Todos Capítulo 2. Powered by jforum tax help free  Requisitos que Tiene que Cumplir si Tiene un Hijo Calificado Capítulo 3. Powered by jforum tax help free  Requisitos que Tiene que Cumplir si no Tiene un Hijo Calificado Capítulo 4. Powered by jforum tax help free  Calcular y Reclamar el Crédito por Ingreso del Trabajo (EIC) 1. Powered by jforum tax help free Tiene que tener  ingresos brutos ajustados (AGI, por sus siglas en inglés) inferiores a:  • $46,227 ($51,567 para casados que presentan una declaración conjunta) si tiene tres o más hijos calificados,  • $43,038 ($48,378 para casados que presentan una declaración conjunta) si tiene dos hijos calificados,  • $37,870 ($43,210 para casados que presentan una declaración conjunta) si tiene un hijo calificado o  • $14,340 ($19,680 para casados que presentan una declaración conjunta) si no tiene un hijo calificado. Powered by jforum tax help free 2. Powered by jforum tax help free Tiene que tener un número de Seguro Social válido. Powered by jforum tax help free   3. Powered by jforum tax help free Su estado civil para efectos de la declaración no puede ser  “casado que presenta la declaración por separado”. Powered by jforum tax help free   4. Powered by jforum tax help free Tiene que ser ciudadano de los Estados Unidos o extranjero residente durante todo el año. Powered by jforum tax help free   5. Powered by jforum tax help free No puede presentar el Formulario 2555 ni el Formulario 2555-EZ (relacionado con el ingreso del trabajo en el extranjero). Powered by jforum tax help free   6. Powered by jforum tax help free Sus ingresos procedentes de inversiones tienen que ser de $3,300 o menos. Powered by jforum tax help free    7. Powered by jforum tax help free Tiene que haber recibido ingreso del trabajo. Powered by jforum tax help free 8. Powered by jforum tax help free Su hijo tiene que cumplir los requisitos de parentesco, edad, residencia y de declaración conjunta. Powered by jforum tax help free   9. Powered by jforum tax help free Soló una persona puede utilizar su hijo calificado para fines de reclamar el crédito por ingreso del trabajo (EIC). Powered by jforum tax help free   10. Powered by jforum tax help free Usted no puede ser el hijo calificado de otra persona. Powered by jforum tax help free 11. Powered by jforum tax help free Tiene que tener por lo menos 25 años de edad pero menos de 65 años de edad. Powered by jforum tax help free   12. Powered by jforum tax help free Usted no puede ser dependiente de otra persona. Powered by jforum tax help free   13. Powered by jforum tax help free Usted no puede ser el hijo calificado de otra persona. Powered by jforum tax help free   14. Powered by jforum tax help free Tiene que haber vivido en los Estados Unidos durante más de la mitad del año. Powered by jforum tax help free 15. Powered by jforum tax help free Tiene que tener ingresos del trabajo inferiores a:  • $46,227 ($51,567 para casados que presentan una declaración conjunta) si tiene tres o más hijos calificados,  • $43,038 ($48,378 para casados que presentan una declaración conjunta) si tiene dos hijos calificados,  • $37,870 ($43,210 para casados que presentan una declaración conjunta) si tiene un hijo calificado o  • $14,340 ($19,680 para casados que presentan una declaración conjunta) si no tiene un hijo calificado. Powered by jforum tax help free ¿Necesito esta Publicación? Algunas personas que presenten el Formulario 1040 tienen que usar la Hoja de Trabajo 1 de esta publicación, en vez de consultar el Paso 2 de las instrucciones para el Formulario 1040, para determinar si pueden reclamar el crédito por ingreso del trabajo (EIC). Powered by jforum tax help free Usted se encuentra en esta categoría si alguna de las siguientes situaciones le corresponde para el año 2013. Powered by jforum tax help free Presenta el Anexo E (Formulario 1040). Powered by jforum tax help free Declara ingresos provenientes del alquiler de bienes inmuebles/muebles que no son utilizados en un oficio o negocio. Powered by jforum tax help free Declara ingresos en la línea 21 del Formulario 1040 que provienen del Formulario 8814 (relacionados con la elección de declarar los intereses y dividendos recibidos por un hijo). Powered by jforum tax help free Declara una cantidad en la línea 13 del Formulario 1040 que incluye una cantidad del Formulario 4797. Powered by jforum tax help free Si ninguna de las situaciones que aparecen anteriormente le corresponde, las instrucciones del formulario de impuestos contienen toda la información que necesita para saber si puede reclamar el crédito por ingreso del trabajo (EIC) y para calcular la cantidad del mismo. Powered by jforum tax help free No necesita esta publicación, pero puede leerla para saber si puede reclamar el crédito por ingreso del trabajo (EIC) y para aprender más sobre este crédito. Powered by jforum tax help free ¿Hay que Tener un Hijo para Tener Derecho al Crédito por Ingreso del Trabajo (EIC)? No. Powered by jforum tax help free Puede reunir los requisitos del crédito por ingreso del trabajo (EIC) aunque no tenga un hijo calificado si usted tiene como mínimo 25 años de edad pero menos de 65 años y tiene ingresos del trabajo inferiores a $14,340 ($19,680 si es casado que presenta una declaración conjunta). Powered by jforum tax help free Vea el capítulo 3 para información adicional. Powered by jforum tax help free ¿Cómo Calculo la Cantidad del Crédito por Ingreso del Trabajo (EIC)? Si puede reclamar el crédito por ingreso del trabajo (EIC), tiene la opción de solicitar que el IRS le calcule la cantidad del crédito o puede calcularlo usted mismo. Powered by jforum tax help free Para calcularlo usted mismo, puede llenar la hoja de trabajo que se encuentra en las instrucciones del formulario que presente. Powered by jforum tax help free Para saber cómo solicitar que el IRS le calcule la cantidad del crédito, vea el capítulo 4. Powered by jforum tax help free ¿Cómo Puedo Encontrar Rápidamente Información Específica? Puede utilizar el índice para buscar información específica. Powered by jforum tax help free En la mayoría de los casos, el índice hace referencia a títulos, tablas u hojas de trabajo. Powered by jforum tax help free ¿Hay Ayuda Disponible en Internet? Sí. Powered by jforum tax help free Puede utilizar el Asistente EITC en el sitio web www. Powered by jforum tax help free irs. Powered by jforum tax help free gov/espanol para saber si tiene derecho al crédito. Powered by jforum tax help free El Asistente EITC está disponible en español y en inglés. Powered by jforum tax help free Qué Hay de Nuevo para el año 2013 La cantidad de ingresos del trabajo ha aumentado. Powered by jforum tax help free La cantidad máxima de ingresos que usted puede ganar y aún obtener el crédito ha aumentado. Powered by jforum tax help free Tal vez pueda reclamar el crédito si: Tiene tres o más hijos calificados y gana menos de $46,227 ($51,567 si es casado que presenta una declaración conjunta), Tiene dos hijos calificados y gana menos de $43,038 ($48,378 si es casado que presenta una declaración conjunta), Tiene un hijo calificado y gana menos de $37,870 ($43,210 si es casado que presenta una declaración conjunta) o No tiene un hijo calificado y gana menos de $14,340 ($19,680 si es casado que presenta una declaración conjunta). Powered by jforum tax help free Además, tiene que tener ingresos brutos ajustados inferiores a la cantidad que le corresponda de la lista anterior. Powered by jforum tax help free Para más información, vea los Requisitos 1 y 15. Powered by jforum tax help free La cantidad de ingresos de inversiones ha aumentado. Powered by jforum tax help free La cantidad máxima de ingresos de inversiones que usted puede ganar y aún obtener el crédito ha aumentado a $3,300. Powered by jforum tax help free Vea el Requisito 6 —Tiene que tener ingresos de inversiones de $3,300 o menos . Powered by jforum tax help free Recordatorios Aumento del crédito por ingreso del trabajo (EIC) en ciertas declaraciones conjuntas. Powered by jforum tax help free  Una persona casada que presente una declaración conjunta podría recibir un crédito mayor que el que recibe otra persona que tenga los mismos ingresos pero con un estado civil diferente para efectos de la declaración. Powered by jforum tax help free Por lo tanto, la Tabla del Crédito por Ingreso del Trabajo (EIC) tiene columnas distintas para las personas casadas que presenten una declaración conjunta que para los demás. Powered by jforum tax help free Cuando busque su crédito por ingreso del trabajo en la Tabla del Crédito por Ingreso del Trabajo (EIC), asegúrese de usar la columna correcta para su estado civil para efectos de la declaración y el número de hijos que tenga. Powered by jforum tax help free El crédito por ingreso del trabajo (EIC) no afecta ciertos pagos de bienestar social. Powered by jforum tax help free  Todo reembolso que reciba por el crédito por ingreso del trabajo (EIC) no se considera ingreso al determinar si usted u otra persona tiene derecho a recibir beneficios de los programas de asistencia social que se indican a continuación, ni al determinar la cantidad que usted u otra persona puede recibir de algún programa federal, o algún programa estatal o local que recibe todo o parte de sus fondos de fuentes federales. Powered by jforum tax help free Tales programas incluyen los siguientes: Asistencia Temporal para Familias Necesitadas (TANF, por sus siglas en inglés). Powered by jforum tax help free Seguro Medicaid. Powered by jforum tax help free Seguridad de Ingreso Suplementario (SSI, por sus siglas en inglés). Powered by jforum tax help free Programas de Asistencia Suplementaria de Alimentación (SNAP, por sus siglas en inglés) (cupones para alimentos). Powered by jforum tax help free Viviendas para personas de bajos ingresos. Powered by jforum tax help free Además, cuando determine la elegibilidad, el reembolso no podrá ser contado como una fuente de ingresos, durante por lo menos 12 meses después que usted lo reciba. Powered by jforum tax help free Hable con el coordinador de beneficios local para averiguar si su reembolso afectará sus beneficios. Powered by jforum tax help free No se olvide del crédito estatal. Powered by jforum tax help free  Si reúne los requisitos para reclamar el crédito por ingreso del trabajo (EIC) en la declaración de impuestos federales sobre los ingresos, podría tener también derecho a reclamar un crédito parecido en la declaración de impuestos estatales o locales sobre los ingresos. Powered by jforum tax help free Para ver una lista de estados que ofrecen el crédito estatal por ingreso del trabajo, visite www. Powered by jforum tax help free irs. Powered by jforum tax help free gov/eitc. Powered by jforum tax help free En caso de que el IRS cuestione el crédito por ingreso del trabajo (EIC). Powered by jforum tax help free  El IRS puede pedirle que entregue documentos para comprobar que usted tiene derecho al crédito por ingreso del trabajo (EIC). Powered by jforum tax help free Le informaremos cuáles documentos debe enviarnos. Powered by jforum tax help free Éstos pueden incluir actas de nacimiento, expedientes académicos, expedientes médicos, etc. Powered by jforum tax help free El proceso para determinar su derecho al crédito demorará su reembolso. Powered by jforum tax help free Fotografías de niños desaparecidos. Powered by jforum tax help free  El IRS se complace en colaborar con el Centro Nacional de Niños Desaparecidos y Explotados (National Center for Missing and Exploited Children). Powered by jforum tax help free Esta publicación puede contener fotografías de niños desaparecidos seleccionadas por el Centro en páginas que de otra manera estarían en blanco. Powered by jforum tax help free Usted puede ayudar a que estos niños regresen a su hogar si al mirar sus fotografías los identifica y llama gratis al 1-800-THE-LOST (1-800-843-5678). Powered by jforum tax help free Comentarios y sugerencias. Powered by jforum tax help free  Agradeceremos sus comentarios acerca de esta publicación, así como sus sugerencias para ediciones futuras. Powered by jforum tax help free Nos puede escribir a la dirección siguiente:  Internal Revenue Service Tax Forms and Publications 1111 Constitution Ave. Powered by jforum tax help free NW, IR-6526 Washington, DC 20224 Contestamos muchas cartas por teléfono. Powered by jforum tax help free Por lo tanto, sería útil que incluyera en la correspondencia su número de teléfono, con el código de área, para llamar durante el día. Powered by jforum tax help free Usted nos puede enviar comentarios desde la página web en www. Powered by jforum tax help free irs. Powered by jforum tax help free gov/formspubs, en inglés. Powered by jforum tax help free Pulse sobre “More Information,” (Más información) y seleccionando “Give us feedback. Powered by jforum tax help free ” (Proveer comentarios). Powered by jforum tax help free Aunque no podemos contestar individualmente cada comentario, agradecemos sus comentarios y sugerencias y los tendremos en cuenta para ediciones futuras de nuestros productos tributarios. Powered by jforum tax help free Para pedir formularios y publicaciones. Powered by jforum tax help free  Visite www. Powered by jforum tax help free irs. Powered by jforum tax help free gov/formspubs para descargar formularios y publicaciones, llame al 1-800-829-3676 para pedir formularios y publicaciones o escriba a la dirección a continuación para recibir una respuesta dentro de los 10 días después de recibir su solicitud. Powered by jforum tax help free  Internal Revenue Service 1201 N. Powered by jforum tax help free Mitsubishi Motorway Bloomington, IL 61705-6613 Preguntas sobre los impuestos. Powered by jforum tax help free  Si tiene una pregunta sobre los impuestos, verifique la información disponible en IRS. 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