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Print 2011 Tax Forms

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Print 2011 Tax Forms

Print 2011 tax forms Publication 970 - Introductory Material Table of Contents Future Developments What's New Reminders IntroductionComparison table. Print 2011 tax forms Ordering forms and publications. Print 2011 tax forms Tax questions. Print 2011 tax forms Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 970, such as legislation enacted after it was published, go to www. Print 2011 tax forms irs. Print 2011 tax forms gov/pub970. Print 2011 tax forms What's New Lifetime learning credit. Print 2011 tax forms  For 2013, the amount of your lifetime learning credit is gradually reduced (phased out) if your modified adjusted gross income (MAGI) is between $53,000 and $63,000 ($107,000 and $127,000 if you file a joint return). Print 2011 tax forms You cannot claim a credit if your MAGI is $63,000 or more ($127,000 or more if you file a joint return). Print 2011 tax forms This is an increase from the 2012 limits of $52,000 and $62,000 ($104,000 and $124,000 if filing a joint return). Print 2011 tax forms For more information, see chapter 3, Lifetime Learning Credit . Print 2011 tax forms Business deduction for work-related education. Print 2011 tax forms  For 2013, if you drive your car to and from school and qualify to deduct transportation expenses, the amount you can deduct for miles driven from January 1, 2013 through December 31, 2013 is 56. Print 2011 tax forms 5 cents per mile. Print 2011 tax forms See chapter 12, Business Deduction for Work-Related Education , for more information. Print 2011 tax forms Reminders Form 1098-T, Tuition Statement. Print 2011 tax forms  When figuring an education credit or the tuition and fees deduction, use only the amounts you paid and are deemed to have paid during the tax year for qualified education expenses. Print 2011 tax forms In most cases, the student should receive Form 1098-T from the eligible educational institution by January 31, 2014. Print 2011 tax forms An institution my choose to report either payments received during calendar year 2013 (box 1), or amounts billed during the calendar year 2013 (box 2), for qualified education expenses. Print 2011 tax forms However, the amounts in boxes 1 and 2 of Form 1098-T might be different than the amount you actually paid and are deemed to have paid. Print 2011 tax forms In addition, the Form 1098-T should give you other information for that institution, such as adjustments made for prior years, the amount of scholarships or grants, reimbursements, or refunds, and whether the student was enrolled at least half-time or was a graduate student. Print 2011 tax forms The eligible educational institution may ask for a completed Form W-9S, Request for Student's or Borrower's Taxpayer Identification Number and Certification, or similar statement to obtain the student's name, address, and taxpayer identification number. Print 2011 tax forms Hope Scholarship Credit. Print 2011 tax forms  For 2013, the Hope Scholarship Credit is not available. Print 2011 tax forms However, you may be able to claim an American opportunity or lifetime learning credit. Print 2011 tax forms See chapter 2, American Opportunity Credit , and chapter 3, Lifetime Learning Credit , for more information. Print 2011 tax forms Estimated tax payments. Print 2011 tax forms  If you have taxable income from any of your education benefits and the payer does not withhold enough income tax, you may need to make estimated tax payments. Print 2011 tax forms For more information, see Publication 505, Tax Withholding and Estimated Tax. Print 2011 tax forms Photographs of missing children. Print 2011 tax forms  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Print 2011 tax forms Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Print 2011 tax forms You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Print 2011 tax forms Introduction This publication explains tax benefits that may be available to you if you are saving for or paying education costs for yourself or, in many cases, another student who is a member of your immediate family. Print 2011 tax forms Most benefits apply only to higher education. Print 2011 tax forms What is in this publication. Print 2011 tax forms    Chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions , explains the tax treatment of various types of educational assistance, including scholarships, fellowships, and tuition reductions. Print 2011 tax forms   Two tax credits for which you may be eligible are explained in chapter 2, American Opportunity Credit , and chapter 3, Lifetime Learning Credit . Print 2011 tax forms These benefits, which reduce the amount of income tax you may have to pay, are: The American opportunity credit, and The lifetime learning credit. Print 2011 tax forms    Ten other types of benefits are explained in chapters 4 through 12. Print 2011 tax forms These benefits, which reduce the amount of income tax you may have to pay, are: Deduct student loan interest; Receive tax-free treatment of a canceled student loan; Receive tax-free student loan repayment assistance; Deduct tuition and fees for education; Establish and contribute to a Coverdell education savings account (ESA), which features tax-free earnings; Participate in a qualified tuition program (QTP), which features tax-free earnings; Take early distributions from any type of individual retirement arrangement (IRA) for education costs without paying the 10% additional tax on early distributions; Cash in savings bonds for education costs without having to pay tax on the interest; Receive tax-free educational benefits from your employer; and Take a business deduction for work-related education. Print 2011 tax forms Note. Print 2011 tax forms You generally cannot claim more than one of the benefits described in the list above for the same qualifying education expense. Print 2011 tax forms Comparison table. Print 2011 tax forms   Some of the features of these benefits are highlighted in Appendix B, Highlights of Education Tax Benefits for Tax Year 2013 , later, in this publication. Print 2011 tax forms This general comparison table may guide you in determining which benefits you may be eligible for and which chapters you may want to read. Print 2011 tax forms When you figure your taxes, you may want to compare these tax benefits so you can choose the method(s) that gives you the lowest tax liability. Print 2011 tax forms If you qualify, you may find that a combination of credit(s) and deduction(s) gives you the lowest tax. Print 2011 tax forms Analyzing your tax withholding. Print 2011 tax forms   After you estimate your education tax benefits for the year, you may be able to reduce the amount of your federal income tax withholding. Print 2011 tax forms Also, you may want to recheck your withholding during the year if your personal or financial situation changes. Print 2011 tax forms See Publication 919, How Do I Adjust My Tax Withholding, for more information. Print 2011 tax forms Glossary. Print 2011 tax forms   In this publication, wherever appropriate, we have tried to use the same or similar terminology when referring to the basic components of each education benefit. Print 2011 tax forms Some of the terms used are: Qualified education expenses, Eligible educational institution, and Modified adjusted gross income. Print 2011 tax forms   Even though the same term, such as qualified education expenses, is used to label a basic component of many of the education benefits, the same expenses are not necessarily allowed for each benefit. Print 2011 tax forms For example, the cost of room and board is a qualified education expense for the qualified tuition program, but not for the education savings bond program. Print 2011 tax forms   Many of the terms used in the publication are defined in the glossary near the end of the publication. Print 2011 tax forms The glossary is not intended to be a substitute for reading the chapter on a particular education benefit, but it will give you an overview of how certain terms are used in discussing the different benefits. Print 2011 tax forms Comments and suggestions. Print 2011 tax forms   We welcome your comments about this publication and your suggestions for future editions. Print 2011 tax forms   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Print 2011 tax forms NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Print 2011 tax forms Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Print 2011 tax forms   You can send your comments from www. Print 2011 tax forms irs. Print 2011 tax forms gov/formspubs/. Print 2011 tax forms Click on “More Information” and then on “Comment on Tax Forms and Publications”. Print 2011 tax forms   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Print 2011 tax forms Ordering forms and publications. Print 2011 tax forms   Visit www. Print 2011 tax forms irs. Print 2011 tax forms gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Print 2011 tax forms Internal Revenue Service 1201 N. Print 2011 tax forms Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Print 2011 tax forms   If you have a tax question, check the information available on IRS. Print 2011 tax forms gov or call 1-800-829-1040. Print 2011 tax forms We cannot answer tax questions sent to either of the above addresses. Print 2011 tax forms Useful Items - You may want to see: Publication 463 Travel, Entertainment, Gift, and Car Expenses 525 Taxable and Nontaxable Income 550 Investment Income and Expenses 590 Individual Retirement Arrangements (IRAs) Form (and Instructions) 1040 U. Print 2011 tax forms S. Print 2011 tax forms Individual Income Tax Return 1040A U. Print 2011 tax forms S. Print 2011 tax forms Individual Income Tax Return 1040EZ Income Tax Return for Single and Joint Filers With No Dependents 1040NR U. Print 2011 tax forms S. Print 2011 tax forms Nonresident Alien Income Tax Return 1040NR-EZ U. Print 2011 tax forms S. Print 2011 tax forms Income Tax Return for Certain Nonresident Aliens With No Dependents 2106 Employee Business Expenses 2106-EZ Unreimbursed Employee Business Expenses 5329 Additional Taxes on Qualified Plans and Other Tax-Favored Accounts 8815 Exclusion of Interest From Series EE and I U. Print 2011 tax forms S. Print 2011 tax forms Savings Bonds Issued After 1989 8863 Education Credits 8917 Tuition and Fees Deduction Schedule A (Form 1040) Itemized Deductions  See chapter 13, How To Get Tax Help , for information about getting these publications and forms. Print 2011 tax forms Prev  Up  Next   Home   More Online Publications
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Established by Congress as a living tribute to former senator John C. Stennis, the Stennis Center provides leadership training to young people interested in careers in public service. It also offers training and development opportunities to congresspeople and their staffs.

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The Print 2011 Tax Forms

Print 2011 tax forms 1. Print 2011 tax forms   Canceled Debts Table of Contents General RulesForm 1099-C Discounts and loan modifications Sales or other dispositions (such as foreclosures and repossessions) Abandonments Stockholder debt This chapter discusses the tax treatment of canceled debts. Print 2011 tax forms General Rules Generally, if a debt for which you are personally liable is forgiven or discharged for less than the full amount owed, the debt is considered canceled in whatever amount it remained unpaid. Print 2011 tax forms There are exceptions to this rule, discussed under Exceptions , later. Print 2011 tax forms Generally, you must include the canceled debt in your income. Print 2011 tax forms However, you may be able to exclude the canceled debt. Print 2011 tax forms See Exclusions , later. Print 2011 tax forms Example. Print 2011 tax forms John owed $1,000 to Mary. Print 2011 tax forms Mary agreed to accept and John paid $400 in satisfaction of the entire debt. Print 2011 tax forms John has canceled debt of $600. Print 2011 tax forms Example. Print 2011 tax forms Margaret owed $1,000 to Henry. Print 2011 tax forms Henry and Margaret agreed that Margaret would provide Henry with services (instead of money) in full satisfaction of the debt. Print 2011 tax forms Margaret does not have canceled debt. Print 2011 tax forms Instead, she has income from services. Print 2011 tax forms A debt includes any indebtedness: For which you are liable, or Subject to which you hold property. Print 2011 tax forms Debt for which you are personally liable is recourse debt. Print 2011 tax forms All other debt is nonrecourse debt. Print 2011 tax forms If you are not personally liable for the debt, you do not have ordinary income from the cancellation of debt unless you retain the collateral and either: The lender offers a discount for the early payment of the debt, or The lender agrees to a loan modification that results in the reduction of the principal balance of the debt. Print 2011 tax forms See Discounts and loan modifications , later. Print 2011 tax forms However, upon the disposition of the property securing a nonrecourse debt, the amount realized includes the entire unpaid amount of the debt, not just the FMV of the property. Print 2011 tax forms As a result, you may realize a gain or loss if the outstanding debt immediately before the disposition is more or less than your adjusted basis in the property. Print 2011 tax forms For more details on figuring your gain or loss, see chapter 2 of this publication or see Publication 544. Print 2011 tax forms There are several exceptions and exclusions that may result in part or all of a canceled debt being nontaxable. Print 2011 tax forms See Exceptions and Exclusions, later. Print 2011 tax forms You must report any taxable canceled debt as ordinary income on: Form 1040 or Form 1040NR, line 21, if the debt is a nonbusiness debt; Schedule C (Form 1040), line 6 (or Schedule C-EZ (Form 1040), line 1), if the debt is related to a nonfarm sole proprietorship; Schedule E (Form 1040), line 3, if the debt is related to nonfarm rental of real property; Form 4835, line 6, if the debt is related to a farm rental activity for which you use Form 4835 to report farm rental income based on crops or livestock produced by a tenant; or Schedule F (Form 1040), line 8, if the debt is farm debt and you are a farmer. Print 2011 tax forms Form 1099-C If you receive a Form 1099-C, that means an applicable entity has reported an identifiable event to the IRS regarding a debt you owe. Print 2011 tax forms The identifiable event may be an actual cancellation of the debt or it may be an event the applicable entity is required, solely for purposes of reporting to the IRS, to treat as a cancellation of debt. Print 2011 tax forms For information on the reasons an applicable entity files Form 1099-C, see Identifiable event codes, later. Print 2011 tax forms Unless you meet one of the exceptions or exclusions discussed later, this canceled debt is ordinary income and must be reported on the appropriate form discussed above. Print 2011 tax forms An applicable entity includes: A federal government agency, A financial institution, A credit union, and Any organization a significant trade or business of which is lending money. Print 2011 tax forms Identifiable event codes. Print 2011 tax forms    Box 6 of Form 1099-C should indicate the reason the creditor filed this form. Print 2011 tax forms The codes shown in box 6 are explained below. Print 2011 tax forms Also see the chart after the explanation for a quick reference guide for the codes used in Box 6. Print 2011 tax forms Note. Print 2011 tax forms Codes A through G and I identify specific occurrences resulting from an actual discharge of indebtedness. Print 2011 tax forms However, Code H, Expiration of nonpayment testing period, does not necessarily identify an actual discharge of indebtedness. Print 2011 tax forms Code A — Bankruptcy. Print 2011 tax forms Code A is used to identify cancellation of debt as a result of a title 11 bankruptcy case. Print 2011 tax forms See Bankruptcy , later. Print 2011 tax forms Code B — Other judicial debt relief. Print 2011 tax forms Code B is used to identify cancellation of debt as a result of a receivership, foreclosure, or similar federal or state court proceeding other than bankruptcy. Print 2011 tax forms Code C — Statute of limitations or expiration of deficiency period. Print 2011 tax forms Code C is used to identify cancellation of debt either when the statute of limitations for collecting the debt expires or when the statutory period for filing a claim or beginning a deficiency judgment proceeding expires. Print 2011 tax forms In the case of the expiration of a statute of limitations, an identifiable event occurs only if and when your affirmative defense of the statute of limitations is upheld in a final judgment or decision in a judicial proceeding, and the period for appealing the judgment or decision has expired. Print 2011 tax forms Code D — Foreclosure election. Print 2011 tax forms Code D is used to identify cancellation of debt when the creditor elects foreclosure remedies that statutorily end or bar the creditor's right to pursue collection of the debt. Print 2011 tax forms This event applies to a mortgage lender or holder who is barred from pursuing debt collection after a power of sale in the mortgage or deed of trust is exercised. Print 2011 tax forms Code E — Debt relief from probate or similar proceeding. Print 2011 tax forms Code E is used to identify cancellation of debt as a result of a probate court or similar legal proceeding. Print 2011 tax forms Code F — By agreement. Print 2011 tax forms Code F is used to identify cancellation of debt as a result of an agreement between the creditor and the debtor to cancel the debt at less than full consideration. Print 2011 tax forms Code G — Decision or policy to discontinue collection. Print 2011 tax forms Code G is used to identify cancellation of debt as a result of a decision or a defined policy of the creditor to discontinue collection activity and cancel the debt. Print 2011 tax forms For purposes of this identifiable event, a defined policy includes both a written policy and the creditor's established business practice. Print 2011 tax forms Code H — Expiration of nonpayment testing period. Print 2011 tax forms Code H is used to indicate that the creditor has not received a payment on the debt during a testing period ending on December 31, 2013. Print 2011 tax forms The testing period is a 36-month period increased by the number of months the creditor was prevented from engaging in collection activity by a stay in bankruptcy or similar bar under state or local law. Print 2011 tax forms This identifiable event applies only for a creditor that is a financial institution or credit union (and certain of their subsidiaries), the Federal Deposit Insurance Corporation (FDIC), Resolution Trust Corporation (RTC), National Credit Union Administration (NCUA), and other Federal executive agencies. Print 2011 tax forms Expiration of the nonpayment testing period does not necessarily result from an actual discharge of indebtedness. Print 2011 tax forms Code I — Other actual discharge before identifiable event. Print 2011 tax forms Code I is used to identify an actual cancellation of debt that occurs before any of the identifiable events described in codes A through H. Print 2011 tax forms Form 1099-C Reference Guide for Box 6 Identifiable Event Codes A Bankruptcy B Other judicial debt relief C Statute of limitations or expiration of deficiency period D Foreclosure election E Debt relief from probate or similar proceeding F By agreement G Decision or policy to discontinue collection H Expiration of nonpayment testing period I Other actual discharge before identifiable event Even if you did not receive a Form 1099-C, you must report canceled debt as gross income on your tax return unless one of the exceptions or exclusions described later applies. Print 2011 tax forms Amount of canceled debt. Print 2011 tax forms    The amount in box 2 of Form 1099-C may represent some or all of the debt that has been canceled or treated as canceled. Print 2011 tax forms The amount in box 2 will include principal and may include interest and other nonprincipal amounts (such as fees or penalties). Print 2011 tax forms Unless you meet one of the exceptions or exclusions discussed later, the amount of the debt that has been canceled is ordinary income and must be reported on the appropriate form as discussed earlier. Print 2011 tax forms Interest included in canceled debt. Print 2011 tax forms    If any interest is included in the amount of canceled debt in box 2, it will be shown in box 3. Print 2011 tax forms Whether the interest portion of the canceled debt must be included in your income depends on whether the interest would be deductible if you paid it. Print 2011 tax forms See Deductible Debt under Exceptions, later. Print 2011 tax forms Persons who each receive a Form 1099-C showing the full amount of debt. Print 2011 tax forms    If you and another person were jointly and severally liable for a canceled debt, each of you may get a Form 1099-C showing the entire amount of the canceled debt. Print 2011 tax forms However, you may not have to report that entire amount as income. Print 2011 tax forms The amount, if any, you must report depends on all the facts and circumstances, including: State law, The amount of debt proceeds each person received, How much of any interest deduction from the debt was claimed by each person, How much of the basis of any co-owned property bought with the debt proceeds was allocated to each co-owner, and Whether the canceled debt qualifies for any of the exceptions or exclusions described in this publication. Print 2011 tax forms See Example 3 under Insolvency, later. Print 2011 tax forms Discounts and loan modifications If a lender discounts (reduces) the principal balance of a loan because you pay it off early, or agrees to a loan modification (a “workout”) that includes a reduction in the principal balance of a loan, the amount of the discount or the amount of principal reduction is canceled debt. Print 2011 tax forms However, if the debt is nonrecourse and you did not retain the collateral, you do not have cancellation of the debt income. Print 2011 tax forms The amount of the canceled debt must be included in income unless one of the exceptions or exclusions described later applies. Print 2011 tax forms For more details, see Exceptions and Exclusions, later. Print 2011 tax forms Sales or other dispositions (such as foreclosures and repossessions) Recourse debt. Print 2011 tax forms   If you owned property that was subject to a recourse debt in excess of the FMV of the property, the lender's foreclosure or repossession of the property is treated as a sale or disposition of the property by you and may result in your realization of gain or loss. Print 2011 tax forms The gain or loss on the disposition of the property is measured by the difference between the FMV of the property at the time of the disposition and your adjusted basis (usually your cost) in the property. Print 2011 tax forms The character of the gain or loss (such as ordinary or capital) is determined by the character of the property. Print 2011 tax forms If the lender forgives all or part of the amount of the debt in excess of the FMV of the property, the cancellation of the excess debt may result in ordinary income. Print 2011 tax forms The ordinary income from the cancellation of debt (the excess of the canceled debt over the FMV of the property) must be included in your gross income reported on your tax return unless one of the exceptions or exclusions described later applies. Print 2011 tax forms For more details, see Exceptions and Exclusions, later. Print 2011 tax forms Nonrecourse debt. Print 2011 tax forms   If you owned property that was subject to a nonrecourse debt in excess of the FMV of the property, the lender's foreclosure on the property does not result in ordinary income from the cancellation of debt. Print 2011 tax forms The entire amount of the nonrecourse debt is treated as an amount realized on the disposition of the property. Print 2011 tax forms The gain or loss on the disposition of the property is measured by the difference between the total amount realized (the entire amount of the nonrecourse debt plus the amount of cash and the FMV of any property received) and your adjusted basis in the property. Print 2011 tax forms The character of the gain or loss is determined by the character of the property. Print 2011 tax forms More information. Print 2011 tax forms    See Publications 523, 544, and 551, and chapter 2 of this publication for more details. Print 2011 tax forms Abandonments Recourse debt. Print 2011 tax forms   If you abandon property that secures a debt for which you are personally liable (recourse debt) and the debt is canceled, you will realize ordinary income equal to the canceled debt. Print 2011 tax forms You must report this income on your tax return unless one of the exceptions or exclusions described later applies. Print 2011 tax forms For more details, see Exceptions and Exclusions, later. Print 2011 tax forms This income is separate from any amount realized from the abandonment of the property. Print 2011 tax forms For more details, see chapter 3. Print 2011 tax forms Nonrecourse debt. Print 2011 tax forms   If you abandon property that secures a debt for which you are not personally liable (nonrecourse debt), you may realize gain or loss but will not have cancellation of indebtedness income. Print 2011 tax forms Stockholder debt If you are a stockholder in a corporation and the corporation cancels or forgives your debt to it, the canceled debt is a constructive distribution. Print 2011 tax forms For more information, see Publication 542, Corporations. Print 2011 tax forms Prev  Up  Next   Home   More Online Publications