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Tax Return For Students 2011

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Tax Return For Students 2011

Tax return for students 2011 6. Tax return for students 2011   Ingresos de Propinas Table of Contents Introduction Useful Items - You may want to see: Cómo Mantener un Registro Diario de PropinasRegistro electrónico de propinas. Tax return for students 2011 Cómo Declarar las Propinas a su EmpleadorInforme electrónico de propinas. Tax return for students 2011 Declaración final. Tax return for students 2011 Cómo se Declaran las Propinas en la Declaración de Impuestos Asignación de Propinas Introduction Este capítulo es para empleados que reciben propinas. Tax return for students 2011 Todas las propinas que usted reciba son ingresos y están sujetas al impuesto federal sobre los ingresos. Tax return for students 2011 Tiene que incluir en el ingreso bruto todas las propinas que reciba directamente, propinas recibidas por medio de cargos a tarjetas de crédito o débito que le son entregadas por su empleador y su participación de todas las propinas recibidas de un fondo común u otro acuerdo de distribución de propinas. Tax return for students 2011 El valor de las propinas que no son pagadas en efectivo, tales como boletos, pases u otros artículos de valor también son ingresos y están sujetos al impuesto. Tax return for students 2011 La declaración correcta de los ingresos de propinas no es difícil. Tax return for students 2011 Usted tiene que completar tres pasos: Mantener un registro diario de propinas. Tax return for students 2011 Declarar sus propinas a su empleador. Tax return for students 2011 Declarar todas sus propinas en su declaración de impuestos. Tax return for students 2011  Este capítulo le explicará estos tres pasos y le ayudará a determinar cómo completar su declaración de impuestos si no ha realizado los dos primeros pasos. Tax return for students 2011 Este capítulo también le mostrará cómo tratar las propinas asignadas. Tax return for students 2011 Para información sobre acuerdos y programas especiales relacionados con las propinas, vea la Publicación 531, en inglés. Tax return for students 2011 Useful Items - You may want to see: Publicación 531 Reporting Tip Income (Cómo declarar los ingresos de propinas), en inglés 1244-PR Registro Diario de Propinas Recibidas por el(la) Empleado(a) e Informe al Patrono, en español 1244 Employee's Daily Record of Tips and Report to Employer (Registro Diario de Propinas Recibidas por el(la) Empleado(a) e Informe al Empleador), en inglés Formularios (e Instrucciones) 4137 Social Security and Medicare Tax on Unreported Tip Income (Impuestos del Seguro Social y Medicare sobre el ingreso de propinas no declaradas), en inglés 4070-PR Informe al Patrono de Propinas Recibidas por el(la) Empleado(a), disponible en español 4070 Employee's Report of Tips to Employer (Informe al Empleador de Propinas Recibidas por el(la) Empleado(a)), en inglés Cómo Mantener un Registro Diario de Propinas ¿Por qué mantener un registro diario de propinas?   Usted tiene que mantener un registro diario de propinas para que pueda: Declarar sus propinas correctamente a su empleador, Declarar sus propinas correctamente en su declaración de impuestos y Comprobar sus ingresos de propinas si se cuestiona su declaración. Tax return for students 2011 Cómo mantener un registro diario de propinas. Tax return for students 2011   Hay dos maneras de mantener un registro diario de propinas. Tax return for students 2011 Puede optar por: Anotar la información sobre sus propinas en un diario de propinas o Mantener copias de documentos que comprueben sus propinas, tales como cuentas de restaurantes y recibos de cargos hechos a tarjetas de crédito o de débito. Tax return for students 2011 Usted debe mantener su registro diario de propinas junto con su documentación tributaria u otra documentación personal. Tax return for students 2011 Tiene que guardar su documentación por el tiempo en que sea importante para la aplicación de la ley tributaria federal. Tax return for students 2011 Para información sobre cuánto tiempo debe guardar esta documentación, vea el tema titulado Cuánto Tiempo Debe Mantener Los Documentos , en el capítulo 1. Tax return for students 2011    Si mantiene un registro de propinas, puede utilizar el Formulario 4070A-PR, Registro Diario de Propinas del(la) Empleado(a) (o el Formulario 4070-A, en inglés). Tax return for students 2011 Para obtener el Formulario 4070A-PR (o el Formulario 4070-A), pídale al IRS o a su empleador la Publicación 1244-PR (o la Publicación 1244, en inglés). Tax return for students 2011 Asimismo, la Publicación 1244-PR está disponible en el sitio web www. Tax return for students 2011 irs. Tax return for students 2011 gov/pub/irs-pdf/p1244pr. Tax return for students 2011 pdf. Tax return for students 2011 La Publicación 1244-PR (o la Publicación 1244, en inglés) contiene suficientes copias del Formulario 4070A-PR (o del Formulario 4070-A, en inglés) para un año. Tax return for students 2011 Cada día, anote la información solicitada en el formulario. Tax return for students 2011   Además de la información solicitada en el Formulario 4070A-PR, también es necesario que mantenga un registro u otra documentación de la fecha y el valor de toda propina que reciba que no sea en efectivo, tales como boletos, pases u otros artículos de valor. Tax return for students 2011 Aunque no declara estas propinas a su empleador, tiene que declararlas en su declaración de impuestos. Tax return for students 2011   Si no utiliza el Formulario 4070A-PR (o el Formulario 4070-A, en inglés), comience su registro escribiendo su nombre, el nombre de su empleador y el nombre del negocio o establecimiento donde trabaja si es distinto al nombre de su empleador. Tax return for students 2011 Luego, cada día que trabaje, anote la fecha y la siguiente información: Propinas en efectivo que obtiene directamente de los clientes o de otros empleados. Tax return for students 2011 Propinas de los clientes que pagan con tarjeta de crédito y de débito que su empleador le paga. Tax return for students 2011 El valor de toda propina que haya recibido que no sea pagada en efectivo, tales como boletos, pases y otros artículos de valor. Tax return for students 2011 La cantidad de propinas que usted le pagó a otros empleados a través de un fondo común u otro acuerdo de distribución de propinas y los nombres de los empleados a los cuales les pagó las propinas. Tax return for students 2011 Registro electrónico de propinas. Tax return for students 2011   Usted puede utilizar un sistema electrónico provisto por su empleador para mantener un registro de propinas diarias. Tax return for students 2011 En tal caso, tiene que recibir y guardar una copia en papel de este registro. Tax return for students 2011 Cargos por servicios. Tax return for students 2011   No anote en su registro de propinas la cantidad de ningún cargo por servicios que su empleador añada a la cuenta de un cliente y que luego le pague a usted y que el empleador trate como salario de usted. Tax return for students 2011 Los cargos de este tipo son parte de su salario, no son propinas. Tax return for students 2011 Vea los ejemplos que se presentan a continuación. Tax return for students 2011 Ejemplo 1. Tax return for students 2011 El restaurante Buena Comida añade un cargo del 18% a la cuenta de grupos de 6 o más clientes. Tax return for students 2011 Juanita forma parte de un grupo de 8 personas. Tax return for students 2011 Además del costo de la comida y bebidas que se sirvieron a todos en el grupo de Juanita, la cuenta incluye un monto igual al 18% del costo de las mismas, el cual aparece en la línea para anotar propinas. Tax return for students 2011 Dicho monto se incluye en el total de la cuenta. Tax return for students 2011 Debido a que Juanita no tenía un derecho ilimitado de determinar el monto en la línea para anotar propinas, el cargo del 18% se considera un cargo por servicios. Tax return for students 2011 No anote el cargo del 18% en su registro de propinas. Tax return for students 2011 Los cargos por servicios que se le paguen son considerados salarios y no propinas. Tax return for students 2011 Ejemplo 2. Tax return for students 2011 El restaurante Buena Comida también incluye ejemplos de cálculos para las cantidades de propinas en la parte inferior de la cuenta para la comida y las bebidas servidas a los clientes. Tax return for students 2011 En la parte inferior de la cuenta de David, debajo de la línea para la firma, se incluye una línea en blanco para anotar propinas, además de ejemplos de propinas calculadas en base al 15%, 18% y 20% de los costos de la comida y bebidas que le sirvieron. Tax return for students 2011 Debido a que David tenía libertad para anotar cualquier cantidad en la línea para anotar propinas, o dejarla en blanco, cualquier cantidad que David anote se considera propina. Tax return for students 2011 Cerciórese de incluir esta cantidad en su registro de propinas. Tax return for students 2011 Cómo Declarar las Propinas a su Empleador ¿Por qué tiene que declarar sus propinas a su empleador?   Tiene que declarar sus propinas a su empleador para que: Éste pueda retenerle impuesto federal sobre el ingreso, impuestos del Seguro Social, impuestos de Medicare, Impuesto Adicional del Medicare o impuestos de la jubilación ferroviaria, Éste pueda declarar la cantidad correcta de sus ganancias a la Administración del Seguro Social o a la Junta de la Jubilación Ferroviaria (lo cual afecta sus beneficios cuando se jubile o si queda incapacitado, o los beneficios de su familia cuando usted fallezca) y Usted pueda evitar la Multa por no declarar las propinas a su empleador (tema explicado más adelante). Tax return for students 2011 Propinas que tiene que declarar a su empleador. Tax return for students 2011   Declárele a su empleador solamente las propinas que reciba en efectivo, en cheques, tarjetas de débito y de crédito. Tax return for students 2011   Si el total de las propinas que reciba de un trabajo en un mes determinado es menos de $20, no declare las propinas de ese mes a ese empleador. Tax return for students 2011   Si recibe propinas conforme a un acuerdo para compartir propinas equitativamente, declare sólo las propinas que reciba y retenga. Tax return for students 2011 No declare a su empleador ninguna parte de las propinas que reciba para luego entregárselas a otros empleados. Tax return for students 2011 Sin embargo, tiene que declarar las propinas que reciba de otros empleados. Tax return for students 2011    No declare a su empleador el valor de las propinas que no reciba en efectivo, tales como boletos o pases. Tax return for students 2011 No se pagan impuestos del Seguro Social, Medicare, Impuesto Adicional del Medicare o impuestos de la jubilación ferroviaria sobre estas propinas. Tax return for students 2011 Cómo se declaran las propinas. Tax return for students 2011    Si su empleador no le proporciona otro medio para declarar las propinas, puede usar el Formulario 4070-PR, en español (o el Formulario 4070, en inglés). Tax return for students 2011 Escriba la información requerida en el formulario, incluya su firma y la fecha y entrégueselo a su empleador. Tax return for students 2011 Si desea obtener copias del formulario para un año completo, comuníquese con el IRS o pídale a su empleador la Publicación 1244-PR (o la Publicación 1244, en inglés). Tax return for students 2011   Si no usa el Formulario 4070-PR (o el Formulario 4070, en inglés), entréguele a su empleador un informe con la información siguiente: Su nombre, dirección y número de Seguro Social. Tax return for students 2011 El nombre de su empleador, la dirección y el nombre del establecimiento (si es diferente al nombre del empleador). Tax return for students 2011 El mes (o las fechas de cualquier período más corto) en el cual usted recibió propinas. Tax return for students 2011 El total de propinas que se tienen que declarar para ese período. Tax return for students 2011 Usted tiene que firmar y fechar el informe. Tax return for students 2011 Cerciórese de guardar una copia junto con sus documentos tributarios u otros documentos personales. Tax return for students 2011   Su empleador puede requerirle que declare sus propinas más de una vez al mes. Tax return for students 2011 Sin embargo, el informe no puede abarcar un período mayor de un mes natural. Tax return for students 2011 Informe electrónico de propinas. Tax return for students 2011   Su empleador puede exigir que facilite su informe de propinas por medios electrónicos. Tax return for students 2011 Cuándo debe declarar las propinas. Tax return for students 2011   Entregue a su empleador el informe correspondiente a cada mes, a más tardar el día 10 del mes siguiente. Tax return for students 2011 Si el día 10 cae en sábado, domingo o día feriado legal, entonces entréguele el informe a su empleador el próximo día siempre que no sea sábado, domingo o día feriado legal. Tax return for students 2011 Ejemplo. Tax return for students 2011 Tiene que declararle a su empleador la cantidad de propinas que recibió en septiembre del año 2014 a más tardar el día 10 de octubre de 2014. Tax return for students 2011 Declaración final. Tax return for students 2011   Si deja de trabajar durante el mes, puede declarar las propinas recibidas cuando termine su empleo. Tax return for students 2011 Multa por no declarar las propinas. Tax return for students 2011   Si no le declara a su empleador las propinas que recibió, tal como se requiere, puede estar sujeto a que se le imponga una multa equivalente al 50% de los impuestos del Seguro Social, Medicare, Impuesto Adicional del Medicare o impuesto de la jubilación ferroviaria que adeude sobre las propinas que no declaró. Tax return for students 2011 (Para información sobre estos impuestos, vea Cómo declarar los impuestos del Seguro Social, Medicare, Impuesto Adicional del Medicare o impuesto de la jubilación ferroviaria sobre las propinas no declaradas a su empleador , bajo Cómo se Declaran las Propinas en la Declaración de Impuestos, más adelante). Tax return for students 2011 La cantidad de la multa que se impone es adicional a los impuestos que adeude. Tax return for students 2011   Puede evitar que esta multa le sea impuesta si puede demostrar que existe causa razonable por la cual no le declaró las propinas a su empleador. Tax return for students 2011 Para hacerlo, adjunte un documento escrito a su declaración de impuestos explicando la razón por la cual no declaró la cantidad de propinas que recibió. Tax return for students 2011 Entrega de dinero al empleador para el pago de los impuestos. Tax return for students 2011   Es posible que lo que gana normalmente no sea suficiente para que su empleador le retenga todos los impuestos que adeude sobre su salario normal más las propinas que recibe. Tax return for students 2011 Si esto ocurre, puede entregarle dinero a su empleador hasta el cierre del año natural para pagar el resto de los impuestos. Tax return for students 2011   Si no le entrega dinero suficiente a su empleador, el mismo aplicará su salario normal y todo dinero que usted le entregue para los impuestos, en el orden siguiente: Todos los impuestos sobre su salario normal. Tax return for students 2011 Los impuestos del Seguro Social, Medicare, Impuesto Adicional del Medicare o impuestos de la jubilación ferroviaria sobre las propinas que declaró. Tax return for students 2011 Los impuestos federales, estatales y locales sobre los ingresos sobre las propinas que declaró. Tax return for students 2011    Su empleador puede descontar de su próximo salario todo impuesto que quede pendiente. Tax return for students 2011 Si al final del año aún no se le han retenido suficientes impuestos, usted puede estar sujeto a una multa por pago insuficiente de impuestos estimados. Tax return for students 2011 Vea la Publicación 505, Tax Withholding and Estimated Tax (Retención de impuestos e impuesto estimado), en inglés, para más información. Tax return for students 2011    Impuestos no recaudados. Tax return for students 2011 Usted tiene que informar en su declaración de impuestos todo impuesto del Seguro Social y Medicare o impuestos de la jubilación ferroviaria que no se recaudaron al final del año 2013. Tax return for students 2011 Estos impuestos no recaudados aparecerán en su Formulario W-2 del año 2013. Tax return for students 2011 Vea el tema titulado Cómo se declaran los impuestos no recaudados del Seguro Social, Medicare o impuesto de la jubilación ferroviaria sobre propinas declaradas a su empleador , bajo Cómo se Declaran las Propinas en la Declaración de Impuestos, a continuación. Tax return for students 2011 Cómo se Declaran las Propinas en la Declaración de Impuestos Cómo se declaran las propinas. Tax return for students 2011    Declare las propinas que recibió junto con su salario en la línea 7 del Formulario 1040, la línea 7 del Formulario 1040A o en la línea 1 del Formulario 1040EZ. Tax return for students 2011 Qué propinas se tienen que declarar. Tax return for students 2011   Usted tiene que informar en su declaración de impuestos todas las propinas que recibió en 2013. Tax return for students 2011 Incluya las que recibió en efectivo y las que no fueron en efectivo. Tax return for students 2011 Toda propina que usted haya declarado en 2013 a su empleador está incluida en los salarios que aparecen en el recuadro 1 de su Formulario W-2. Tax return for students 2011 Sume a la cantidad del recuadro 1 solamente las propinas que usted no le declaró a su empleador. Tax return for students 2011    Si recibió $20 o más en propinas en efectivo o cargadas a tarjetas de crédito o débito en un mes y no las declaró a su empleador, vea más adelante el tema titulado Cómo declarar los impuestos del Seguro Social, Medicare, Impuesto Adicional del Medicare o impuesto de la jubilación ferroviaria sobre las propinas no declaradas a su empleador . Tax return for students 2011    Si usted no llevó un registro diario de las propinas que recibió, tal como se requiere, y aparece una cantidad en el recuadro 8 del Formulario W-2, vea más adelante la sección titulada Asignación de Propinas . Tax return for students 2011   Si usted llevó un registro diario y declaró a su empleador todas las propinas que recibió, tal como se requiere conforme a las reglas explicadas anteriormente, añada a la cantidad que aparece en el recuadro 1 de su Formulario W-2 las siguientes propinas: Las propinas que recibió tanto en efectivo como cargadas a tarjetas de crédito o débito que fueron menos de $20 en un mes cualquiera. Tax return for students 2011 El valor de las propinas que no recibió en efectivo, tales como boletos, pases u otros artículos de valor. Tax return for students 2011 Ejemplo. Tax return for students 2011 Mariano Almendares comenzó a trabajar en el Restaurante Océano Azul (su único empleador en el año 2013) el día 30 de junio y recibió $10,000 en salarios durante el año. Tax return for students 2011 Mariano llevó un registro diario de las propinas que recibió durante el año, el cual muestra que en junio recibió $18 en propinas y en el resto del año recibió $7,000 en propinas. Tax return for students 2011 Al Sr. Tax return for students 2011 Almendares no se le requirió declararle a su empleador las propinas que recibió en junio, pero sí le declaró todas las propinas que recibió durante el resto del año, tal como se requiere. Tax return for students 2011 El Formulario W-2 que el Sr. Tax return for students 2011 Almendares recibió del Restaurante Océano Azul muestra $17,000 ($10,000 de salario más $7,000 de propinas declaradas) en el recuadro 1. Tax return for students 2011 El Sr. Tax return for students 2011 Almendares añade a esa cantidad los $18 de propinas que no le declaró al empleador y declara $17,018 como salario en su declaración de impuestos. Tax return for students 2011 Cómo declarar los impuestos del Seguro Social, Medicare, Impuesto Adicional del Medicare o impuesto de la jubilación ferroviaria sobre las propinas no declaradas a su empleador. Tax return for students 2011    Si en un mes recibió $20 o más en propinas en efectivo o cargadas a tarjetas de crédito o débito en algún empleo y no declaró todas esas propinas a su empleador, tiene que declarar como impuesto adicional los impuestos del Seguro Social, Medicare e Impuesto Adicional del Medicare sobre las propinas que no declaró a su empleador. Tax return for students 2011 Para declarar estos impuestos, tiene que presentar una declaración aunque de otro modo no tuviera que presentarla. Tax return for students 2011 Para hacerlo, tiene que usar el Formulario 1040. Tax return for students 2011 (No puede presentar el Formulario 1040EZ ni el Formulario 1040A). Tax return for students 2011    Use el Formulario 4137, Social Security and Medicare Tax on Unreported Tip Income (Impuestos del Seguro Social y de Medicare sobre el ingreso de propinas no declaradas), en inglés, para calcular los impuestos al Seguro Social y al Medicare. Tax return for students 2011 Anote el impuesto en su declaración como se indica y adjunte el Formulario 4137 debidamente completado a la misma. Tax return for students 2011 Use el Formulario 8959, en inglés, para calcular el Impuesto Adicional del Medicare. Tax return for students 2011    Si usted está sujeto a la Railroad Retirement Tax Act (Ley Tributaria para la Jubilación Ferroviaria), no puede utilizar el Formulario 4137 para pagar el impuesto para la jubilación ferroviaria sobre propinas no declaradas. Tax return for students 2011 Para obtener crédito para la jubilación ferroviaria, tiene que declarar sus propinas a su empleador. Tax return for students 2011 Cómo se declaran los impuestos no recaudados del Seguro Social, Medicare o impuesto de la jubilación ferroviaria sobre propinas declaradas a su empleador. Tax return for students 2011   Usted podría tener impuestos sin recaudar si su salario normal no es suficiente para que su empleador retenga todos los impuestos adeudados y si no le dio a su empleador dinero suficiente para pagar el resto de los impuestos. Tax return for students 2011 Para más información, vea Entrega de dinero al empleador para el pago de los impuestos , bajo Cómo Declarar las Propinas a su Empleador, anteriormente. Tax return for students 2011   Si su empleador no pudo recaudar todos los impuestos al Seguro Social y al Medicare o impuesto de la jubilación ferroviaria que usted adeuda sobre propinas declaradas para 2013, los impuestos por recaudar se mostrarán en el recuadro 12 del Formulario W-2 (códigos A y B). Tax return for students 2011 Tiene que declarar estas cantidades como impuesto adicional en su declaración. Tax return for students 2011 A diferencia de la parte no recaudada del impuesto regular al Medicare (1. Tax return for students 2011 45%), el Impuesto Adicional del Medicare no recaudado no se declara en el recuadro 12 del Formulario W-2 con el código B. Tax return for students 2011    Para declarar estos impuestos no recaudados, tiene que presentar una declaración aunque no tuviera que presentarla de otro modo. Tax return for students 2011 Tiene que declarar estos impuestos en la línea 60 del Formulario 1040. Tax return for students 2011 Vea las instrucciones para la línea 60 del Formulario 1040, disponibles en inglés. Tax return for students 2011 (No puede presentar el Formulario 1040EZ ni el Formulario 1040A). Tax return for students 2011 Asignación de Propinas Si su empleador le asignó propinas, las mismas aparecen por separado en el recuadro 8 de su Formulario W-2. Tax return for students 2011 Estas propinas no están incluidas en el recuadro 1 con sus salarios y propinas declaradas. Tax return for students 2011 Si el recuadro 8 está en blanco, lo que se explica en esta sección no es aplicable en su caso. Tax return for students 2011 ¿Qué son propinas asignadas?   Éstas son propinas que su empleador le asignó, además de las que usted le declaró para el año. Tax return for students 2011 Su empleador habrá hecho esto únicamente si: Usted trabajó en un establecimiento (restaurante, bar o negocio similar) que tiene que asignar las propinas a los empleados y La cantidad de propinas que declaró a su empleador fue menos de su parte del 8% de las ventas de comidas y bebidas del establecimiento donde usted trabajó. Tax return for students 2011 De las propinas asignadas, no se retienen impuestos sobre los ingresos, Seguro Social, Medicare, Impuesto Adicional del Medicare ni impuestos de la jubilación ferroviaria. Tax return for students 2011 ¿Cómo se calcula su asignación de propinas?   Las propinas que se le asignan a usted son su parte de una cantidad calculada restando las propinas declaradas de todos los empleados del 8% (u otra tasa más baja aprobada) de las ventas de comida y bebida (que no sean ventas de comida para llevar por los clientes o ventas con un cargo por servicio del 10% o más). Tax return for students 2011 Su parte de esa cantidad fue calculada utilizando un método provisto por un acuerdo laboral entre empleador y empleado o por un método provisto por los reglamentos del IRS basado en las ventas hechas o las horas trabajadas por los empleados. Tax return for students 2011 Para más información sobre el método de asignación exacto utilizado, consulte a su empleador. Tax return for students 2011 ¿Tiene que incluir en la declaración sus propinas asignadas?   Tiene que incluir en la declaración de impuestos todas las propinas que recibió en 2013, incluyendo las propinas pagadas en efectivo como las no pagadas en efectivo. Tax return for students 2011 Todas las propinas que usted haya declarado en 2013 a su empleador están incluidas en los salarios que aparecen en el recuadro 1 de su Formulario W-2. Tax return for students 2011 Sume a la cantidad del recuadro 1 solamente las propinas que usted no le declaró a su empleador. Tax return for students 2011 Esto tiene que incluir toda propina asignada mostrada en el recuadro 8 de su(s) Formulario(s) W-2, a menos que tenga registros confiables que muestren que recibió menos propinas en el año que las cifras asignadas. Tax return for students 2011   Vea los temas titulados Qué propinas se tienen que declarar , bajo Cómo se Declaran las Propinas en la Declaración de Impuestos y Cómo Mantener un Registro Diario de Propinas , anteriormente. Tax return for students 2011 Cómo declarar las propinas asignadas. Tax return for students 2011   Declare la cantidad en el recuadro 1 y las propinas asignadas en el recuadro 8 de su(s) Formulario(s) W-2 como salario en la línea 7 del Formulario 1040, en la línea 8 del Formulario 1040NR o en la línea 3 del Formulario 1040NR-EZ. Tax return for students 2011 (No puede presentar el Formulario 1040A ni el Formulario 1040EZ cuando se tienen propinas asignadas). Tax return for students 2011    Debido a que los impuestos del Seguro Social, Medicare o Impuesto Adicional del Medicare no fueron retenidos de las propinas asignadas, tiene que declararlos como impuestos adicionales en su declaración. Tax return for students 2011 Complete el Formulario 4137 e incluya las propinas asignadas en la línea 1 del formulario. Tax return for students 2011 Vea Cómo declarar los impuestos del Seguro Social, Medicare, Impuesto Adicional del Medicare o impuesto de la jubilación ferroviaria sobre las propinas no declaradas a su empleador , bajo Cómo se Declaran las Propinas en la Declaración de Impuestos. Tax return for students 2011 Prev  Up  Next   Home   More Online Publications
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The Tax Return For Students 2011

Tax return for students 2011 2. Tax return for students 2011   Tax Shelters and Other Reportable Transactions Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Abusive Tax SheltersRules To Curb Abusive Tax Shelters Investor Reporting Penalties Whether To Invest Introduction Investments that yield tax benefits are sometimes called “tax shelters. Tax return for students 2011 ” In some cases, Congress has concluded that the loss of revenue is an acceptable side effect of special tax provisions designed to encourage taxpayers to make certain types of investments. Tax return for students 2011 In many cases, however, losses from tax shelters produce little or no benefit to society, or the tax benefits are exaggerated beyond those intended. Tax return for students 2011 Those cases are called “abusive tax shelters. Tax return for students 2011 ” An investment that is considered a tax shelter is subject to restrictions, including the requirement that it be disclosed, as discussed later. Tax return for students 2011 Topics - This chapter discusses: Abusive Tax Shelters , Rules To Curb Abusive Tax Shelters , Investor Reporting , Penalties , and Whether To Invest . Tax return for students 2011 Useful Items - You may want to see: Publication 538 Accounting Periods and Methods 556 Examination of Returns, Appeal Rights, and Claims for Refund 561 Determining the Value of Donated Property 925 Passive Activity and At-Risk Rules Form (and Instructions) 8275 Disclosure Statement 8275-R Regulation Disclosure Statement 8283 Noncash Charitable Contributions 8886 Reportable Transaction Disclosure Statement See chapter 5, How To Get Tax Help , for information about getting these publications and forms. Tax return for students 2011 Abusive Tax Shelters Abusive tax shelters are marketing schemes involving artificial transactions with little or no economic reality. Tax return for students 2011 They often make use of unrealistic allocations, inflated appraisals, losses in connection with nonrecourse loans, mismatching of income and deductions, financing techniques that do not conform to standard commercial business practices, or mischaracterization of the substance of the transaction. Tax return for students 2011 Despite appearances to the contrary, the taxpayer generally risks little. Tax return for students 2011 Abusive tax shelters commonly involve package deals designed from the start to generate losses, deductions, or credits that will be far more than present or future investment. Tax return for students 2011 Or, they may promise investors from the start that future inflated appraisals will enable them, for example, to reap charitable contribution deductions based on those appraisals. Tax return for students 2011 (But see the appraisal requirements discussed under Rules To Curb Abusive Tax Shelters , later. Tax return for students 2011 ) They are commonly marketed in terms of the ratio of tax deductions allegedly available to each dollar invested. Tax return for students 2011 This ratio (or “write-off”) is frequently said to be several times greater than one-to-one. Tax return for students 2011 Because there are many abusive tax shelters, it is not possible to list all the factors you should consider in determining whether an offering is an abusive tax shelter. Tax return for students 2011 However, you should ask the following questions, which might provide a clue to the abusive nature of the plan. Tax return for students 2011 Do the tax benefits far outweigh the economic benefits? Is this a transaction you would seriously consider, apart from the tax benefits, if you hoped to make a profit? Do shelter assets really exist and, if so, are they insured for less than their purchase price? Is there a nontax justification for the way profits and losses are allocated to partners? Do the facts and supporting documents make economic sense? In that connection, are there sales and resales of the tax shelter property at ever increasing prices? Does the investment plan involve a gimmick, device, or sham to hide the economic reality of the transaction? Does the promoter offer to backdate documents after the close of the year? Are you instructed to backdate checks covering your investment? Is your debt a real debt or are you assured by the promoter that you will never have to pay it? Does this transaction involve laundering United States source income through foreign corporations incorporated in a tax haven and owned by United States shareholders? Rules To Curb Abusive Tax Shelters Congress has enacted a series of income tax laws designed to halt the growth of abusive tax shelters. Tax return for students 2011 These provisions include the following. Tax return for students 2011 Disclosure of reportable transactions. Tax return for students 2011   You must disclose information for each reportable transaction in which you participate. Tax return for students 2011 See Reportable Transaction Disclosure Statement , later. Tax return for students 2011   Material advisors with respect to any reportable transaction must disclose information about the transaction on Form 8918, Material Advisor Disclosure Statement. Tax return for students 2011 To determine whether you are a material advisor to a transaction, see the Instructions for Form 8918. Tax return for students 2011   Material advisors will receive a reportable transaction number for the disclosed reportable transaction. Tax return for students 2011 They must provide this number to all persons to whom they acted as a material advisor. Tax return for students 2011 They must provide the number at the time the transaction is entered into. Tax return for students 2011 If they do not have the number at that time, they must provide it within 60 days from the date the number is mailed to them. Tax return for students 2011 For information on penalties for failure to disclose and failure to maintain lists, see Internal Revenue Code sections 6707, 6707A, and 6708. Tax return for students 2011 Requirement to maintain list. Tax return for students 2011   Material advisors must maintain a list of persons to whom they provide material aid, assistance, or advice on any reportable transaction. Tax return for students 2011 The list must be available for inspection by the IRS, and the information required to be included on the list generally must be kept for 7 years. Tax return for students 2011 See Regulations section 301. Tax return for students 2011 6112-1 for more information (including what information is required to be included on the list). Tax return for students 2011 Confidentiality privilege. Tax return for students 2011   The confidentiality privilege between you and a federally authorized tax practitioner does not apply to written communications made after October 21, 2004, regarding the promotion of your direct or indirect participation in any tax shelter. Tax return for students 2011 Appraisal requirement for donated property. Tax return for students 2011   If you claim a deduction of more than $5,000 for an item or group of similar items of donated property, you generally must get a qualified appraisal from a qualified appraiser and complete and attach section B of Form 8283 to your return. Tax return for students 2011 If you claim a deduction of more than $500,000 for the donated property, you generally must attach the qualified appraisal to your return. Tax return for students 2011 If you file electronically, see Form 8453, U. Tax return for students 2011 S. Tax return for students 2011 Individual Income Tax Transmittal for an IRS e-file Return, and its instructions. Tax return for students 2011 For more information about appraisals, including exceptions, see Publication 561. Tax return for students 2011 Passive activity loss and credit limits. Tax return for students 2011   The passive activity loss and credit rules limit the amount of losses and credits that can be claimed from passive activities and limit the amount that can offset nonpassive income, such as certain portfolio income from investments. Tax return for students 2011 For more detailed information about determining and reporting income, losses, and credits from passive activities, see Publication 925. Tax return for students 2011 Interest on penalties. Tax return for students 2011   If you are assessed an accuracy-related or civil fraud penalty (as discussed under Penalties , later), interest will be imposed on the amount of the penalty from the due date of the return (including any extensions) to the date you pay the penalty. Tax return for students 2011 Accounting method restriction. Tax return for students 2011   Tax shelters generally cannot use the cash method of accounting. Tax return for students 2011 Uniform capitalization rules. Tax return for students 2011   The uniform capitalization rules generally apply to producing property or acquiring it for resale. Tax return for students 2011 Under those rules, the direct cost and part of the indirect cost of the property must be capitalized or included in inventory. Tax return for students 2011 For more information, see Publication 538. Tax return for students 2011 Denial of deduction for interest on an underpayment due to a reportable transaction. Tax return for students 2011   You cannot deduct any interest you paid or accrued on any part of an underpayment of tax due to an understatement arising from a reportable transaction (discussed later) if the relevant facts affecting the tax treatment of the item are not adequately disclosed. Tax return for students 2011 This rule applies to reportable transactions entered into in tax years beginning after October 22, 2004. Tax return for students 2011 Authority for Disallowance of Tax Benefits The IRS has published guidance concluding that the claimed tax benefits of various abusive tax shelters should be disallowed. Tax return for students 2011 The guidance is the conclusion of the IRS on how the law is applied to a particular set of facts. Tax return for students 2011 Guidance is published in the Internal Revenue Bulletin for taxpayers' information and also for use by IRS officials. Tax return for students 2011 So, if your return is examined and an abusive tax shelter is identified and challenged, published guidance dealing with that type of shelter, which disallows certain claimed tax shelter benefits, could serve as the basis for the examining official's challenge of the tax benefits you claimed. Tax return for students 2011 In such a case, the examiner will not compromise even if you or your representative believes you have authority for the positions taken on your tax return. Tax return for students 2011 The courts have generally been unsympathetic to taxpayers involved in abusive tax shelter schemes and have ruled in favor of the IRS in the majority of the cases in which these shelters have been challenged. Tax return for students 2011 Investor Reporting You may be required to file a reportable transaction disclosure statement. Tax return for students 2011 Reportable Transaction Disclosure Statement Use Form 8886 to disclose information for each reportable transaction (discussed later) in which you participated. Tax return for students 2011 Generally, you must attach Form 8886 to your return for each tax year in which you participated in the transaction. Tax return for students 2011 Under certain circumstances, a transaction must be disclosed within 90 days of the transaction being identified as a listed transaction or a transaction of interest (discussed later). Tax return for students 2011 In addition, for the first year Form 8886 is attached to your return, you must send a copy of the form to: Internal Revenue Service OTSA Mail Stop 4915 1973 North Rulon White Blvd. Tax return for students 2011  Ogden, UT 84404 If you file your return electronically, the copy sent to OTSA must show exactly the same information, word for word, provided with the electronically filed return and it must be provided on the official IRS Form 8886 or an exact copy of the form. Tax return for students 2011 If you use a computer-generated or substitute Form 8886, it must be an exact copy of the official IRS form. Tax return for students 2011 If you fail to file Form 8886 as required or fail to include any required information on the form, you may have to pay a penalty. Tax return for students 2011 See Penalty for failure to disclose a reportable transaction , later under Penalties. Tax return for students 2011 The following discussion briefly describes reportable transactions. Tax return for students 2011 For more details, see the Instructions for Form 8886. Tax return for students 2011 Reportable transaction. Tax return for students 2011   A reportable transaction is any of the following. Tax return for students 2011 A listed transaction. Tax return for students 2011 A confidential transaction. Tax return for students 2011 A transaction with contractual protection. Tax return for students 2011 A loss transaction. Tax return for students 2011 A transaction of interest entered into after November 1, 2006. Tax return for students 2011 Note. Tax return for students 2011 Transactions with a brief asset holding period were removed from the definition of reportable transaction for transactions entered into after August 2, 2007. Tax return for students 2011 Listed transaction. Tax return for students 2011   A listed transaction is the same as, or substantially similar to, one of the types of transactions the IRS has determined to be a tax-avoidance transaction. Tax return for students 2011 These transactions have been identified in notices, regulations, and other published guidance issued by the IRS. Tax return for students 2011 For a list of existing guidance, see Notice 2009-59 in Internal Revenue Bulletin 2009-31, available at www. Tax return for students 2011 irs. Tax return for students 2011 gov/irb/2009-31_IRB/ar07. Tax return for students 2011 html. Tax return for students 2011 Confidential transaction. Tax return for students 2011   A confidential transaction is offered to you under conditions of confidentiality and for which you have paid an advisor a minimum fee. Tax return for students 2011 A transaction is offered under conditions of confidentiality if the advisor who is paid the fee places a limit on your disclosure of the tax treatment or tax structure of the transaction and the limit protects the confidentiality of the advisor's tax strategies. Tax return for students 2011 The transaction is treated as confidential even if the conditions of confidentiality are not legally binding on you. Tax return for students 2011 Transaction with contractual protection. Tax return for students 2011   Generally, a transaction with contractual protection is one in which you or a related party has the right to a full or partial refund of fees if all or part of the intended tax consequences of the transaction are not sustained, or a transaction for which the fees are contingent on your realizing the tax benefits from the transaction. Tax return for students 2011 For information on exceptions, see Revenue Procedure 2007-20 in Internal Revenue Bulletin 2007-7, available at www. Tax return for students 2011 irs. Tax return for students 2011 gov/irb/2007-07_IRB/ar15. Tax return for students 2011 html. Tax return for students 2011 Loss transaction. Tax return for students 2011   For individuals, a loss transaction is one that results in a deductible loss if the gross amount of the loss is at least $2 million in a single tax year or $4 million in any combination of tax years. Tax return for students 2011 A loss from a foreign currency transaction under Internal Revenue Code section 988 is a loss transaction if the gross amount of the loss is at least $50,000 in a single tax year, whether or not the loss flows through from an S corporation or partnership. Tax return for students 2011   Certain losses (such as losses from casualties, thefts, and condemnations) are excepted from this category and do not have to be reported on Form 8886. Tax return for students 2011 For information on other exceptions, see Revenue Procedure 2004-66 in Internal Revenue Bulletin 2004-50, as modified and superseded by Revenue Procedure 2013-11, (or future published guidance) available at www. Tax return for students 2011 irs. Tax return for students 2011 gov/irb/2004-50_IRB/ar11. Tax return for students 2011 html. Tax return for students 2011 Transaction of interest. Tax return for students 2011   A transaction of interest is a transaction entered into after November 1, 2006, that is the same as, or substantially similar to, one of the types of transactions that the IRS has identified by notice, regulation, or other form of published guidance as a transaction of interest. Tax return for students 2011 The IRS has identified the following transactions of interest. Tax return for students 2011 “Toggling” grantor trusts as described in Notice 2007-73, 2007-36 I. Tax return for students 2011 R. Tax return for students 2011 B. Tax return for students 2011 545, available at www. Tax return for students 2011 irs. Tax return for students 2011 gov/irb/2007-36_IRB/ar20. Tax return for students 2011 html. Tax return for students 2011 Certain transactions involving contributions of a successor member interest in a limited liability company as described in Notice 2007-72, 2007-36 I. Tax return for students 2011 R. Tax return for students 2011 B. Tax return for students 2011 544, available at www. Tax return for students 2011 irs. Tax return for students 2011 gov/irb/2007-36_IRB/ar19. Tax return for students 2011 html. Tax return for students 2011 Certain transactions involving the sale or other disposition of all interests in a charitable remainder trust and claiming little or no taxable gain as described in Notice 2008-99, 2008-47 I. Tax return for students 2011 R. Tax return for students 2011 B. Tax return for students 2011 1194, available at www. Tax return for students 2011 irs. Tax return for students 2011 gov/irb/2008-47_IRB/ar11. Tax return for students 2011 html. Tax return for students 2011 Certain transactions involving a U. Tax return for students 2011 S. Tax return for students 2011 taxpayer owning controlled foreign corporations (CFCs) that hold stock of a lower-tier CFC through a domestic partnership to avoid reporting income as described in Notice 2009-7, 2009-3 I. Tax return for students 2011 R. Tax return for students 2011 B. Tax return for students 2011 312, available at www. Tax return for students 2011 irs. Tax return for students 2011 gov/irb/2009-03_IRB/ar10. Tax return for students 2011 html. Tax return for students 2011   For updates to this list, go to www. Tax return for students 2011 irs. Tax return for students 2011 gov/Businesses/Corporations/Abusive-Tax-Shelters-and-Transactions. Tax return for students 2011 Penalties Investing in an abusive tax shelter may lead to substantial expenses. Tax return for students 2011 First, the promoter generally charges a substantial fee. Tax return for students 2011 If your return is examined by the IRS and a tax deficiency is determined, you will be faced with payment of more tax, interest on the underpayment, possibly a 20%, 30%, or even 40% accuracy-related penalty, or a 75% civil fraud penalty. Tax return for students 2011 You may also be subject to the penalty for failure to pay tax. Tax return for students 2011 These penalties are explained in the following paragraphs. Tax return for students 2011 Accuracy-related penalties. Tax return for students 2011   An accuracy-related penalty of 20% can be imposed for underpayments of tax due to: Negligence or disregard of rules or regulations, Substantial understatement of tax, Substantial valuation misstatement (increased to 40% for gross valuation misstatement), Transaction lacking economic substance (increased to 40% for undisclosed transaction lacking economic substance), or Undisclosed foreign financial asset understatement (40% in all cases). Tax return for students 2011 Except for a transaction lacking economic substance, this penalty will not be imposed if you can show you had reasonable cause for any understatement of tax and that you acted in good faith. Tax return for students 2011 Your failure to disclose a reportable transaction is a strong indication that you failed to act in good faith. Tax return for students 2011   If you are charged an accuracy-related penalty, interest will be imposed on the amount of the penalty from the due date of the return (including extensions) to the date you pay the penalty. Tax return for students 2011   The 20% penalties do not apply to any underpayment attributable to a reportable transaction understatement subject to an accuracy-related penalty (discussed later). Tax return for students 2011 Negligence or disregard of rules or regulations. Tax return for students 2011   The penalty for negligence or disregard of rules or regulations is imposed only on the part of the underpayment due to negligence or disregard of rules or regulations. Tax return for students 2011 The penalty will not be charged if you can show you had reasonable cause for understating your tax and that you acted in good faith. Tax return for students 2011    Negligence includes any failure to make a reasonable attempt to comply with the provisions of the Internal Revenue Code. Tax return for students 2011 It also includes any failure to keep adequate books and records. Tax return for students 2011 A return position that has a reasonable basis is not negligence. Tax return for students 2011   Disregard includes any careless, reckless, or intentional disregard of rules or regulations. Tax return for students 2011   The penalty for disregard of rules and regulations can be avoided if all the following are true. Tax return for students 2011 You keep adequate books and records. Tax return for students 2011 You have a reasonable basis for your position on the tax issue. Tax return for students 2011 You make an adequate disclosure of your position. Tax return for students 2011 Use Form 8275 to make your disclosure and attach it to your return. Tax return for students 2011 To disclose a position contrary to a regulation, use Form 8275-R. Tax return for students 2011 Use Form 8886 to disclose a reportable transaction (discussed earlier). Tax return for students 2011 Substantial understatement of tax. Tax return for students 2011   An understatement is considered to be substantial if it is more than the greater of: 10% of the tax required to be shown on the return, or $5,000. Tax return for students 2011 An “understatement” is the amount of tax required to be shown on your return for a tax year minus the amount of tax shown on the return, reduced by any rebates. Tax return for students 2011 The term “rebate” generally means a decrease in the tax shown on your original return as the result of your filing an amended return or claim for refund. Tax return for students 2011   For items other than tax shelters, you can file Form 8275 or Form 8275-R to disclose items that could cause a substantial understatement of income tax. Tax return for students 2011 In that way, you can avoid the substantial understatement penalty if you have a reasonable basis for your position on the tax issue. Tax return for students 2011 Disclosure of the tax shelter item on a tax return does not reduce the amount of the understatement. Tax return for students 2011   Also, the understatement penalty will not be imposed if you can show there was reasonable cause for the underpayment caused by the understatement and that you acted in good faith. Tax return for students 2011 An important factor in establishing reasonable cause and good faith will be the extent of your effort to determine your proper tax liability under the law. Tax return for students 2011 Substantial valuation misstatement. Tax return for students 2011   In general, you are liable for a 20% penalty for a substantial valuation misstatement if all the following are true. Tax return for students 2011 The value or adjusted basis of any property claimed on the return is 150% or more of the correct amount. Tax return for students 2011 You underpaid your tax by more than $5,000 because of the misstatement. Tax return for students 2011 You cannot establish that you had reasonable cause for the underpayment and that you acted in good faith. Tax return for students 2011   You may be assessed a penalty of 40% for a gross valuation misstatement. Tax return for students 2011 If you misstate the value or the adjusted basis of property by 200% or more of the amount determined to be correct, you will be assessed a penalty of 40%, instead of 20%, of the amount you underpaid because of the gross valuation misstatement. Tax return for students 2011 The penalty rate is also 40% if the property's correct value or adjusted basis is zero. Tax return for students 2011 Transaction lacking economic substance. Tax return for students 2011   The economic substance doctrine only applies to an individual that entered into a transaction in connection with a trade or business or an activity engaged in for the production of income. Tax return for students 2011 For transactions entered into after March 30, 2010, a transaction has economic substance for you as an individual taxpayer only if: The transaction changes your economic position in a meaningful way (apart from federal income tax effects), or You have a substantial purpose (apart from federal income tax effects) for entering into the transaction. Tax return for students 2011   For purposes of determining whether economic substance exists, a transaction's profit potential will only be taken into account if the present value of the reasonably expected pre-tax profit from the transaction is substantial compared to the present value of the expected net tax benefits that would be allowed if the transaction were respected. Tax return for students 2011   If any part of your underpayment is due to any disallowance of claimed tax benefits by reason of a transaction lacking economic substance or failing to meet the requirements of any similar rule of law, that part of your underpayment will be subject to the 20% accuracy-related penalty even if you had a reasonable cause and acted in good faith concerning that part. Tax return for students 2011   Additionally, the penalty increases to 40% if you do not adequately disclose on your return or in a statement attached to your return the relevant facts affecting the tax treatment of a transaction that lacks economic substance. Tax return for students 2011 Relevant facts include any facts affecting the tax treatment of the transaction. Tax return for students 2011    Any excessive amount of an erroneous claim for an income tax refund or credit (other than a refund or credit related to the earned income credit) that results from a transaction found to be lacking economic substance will not be treated as having a reasonable basis and could be subject to a 20% penalty. Tax return for students 2011 Undisclosed foreign financial asset understatement. Tax return for students 2011   For tax years beginning after March 18, 2010, you may be liable for a 40% penalty for an understatement of your tax liability due to an undisclosed foreign financial asset. Tax return for students 2011 An undisclosed foreign financial asset is any asset for which an information return, required to be provided under Internal Revenue Code section 6038, 6038B, 6038D, 6046A, or 6048 for any taxable year, is not provided. Tax return for students 2011 The penalty applies to any part of an underpayment related to the following undisclosed foreign financial assets. Tax return for students 2011 Any foreign business you control, reportable on Form 5471, Information Return of U. Tax return for students 2011 S. Tax return for students 2011 Persons With Respect To Certain Foreign Corporations, or Form 8865, Return of U. Tax return for students 2011 S. Tax return for students 2011 Persons With Respect to Certain Foreign Partnerships. Tax return for students 2011 Certain transfers of property to a foreign corporation or partnership, reportable on Form 926, Return by a U. Tax return for students 2011 S. Tax return for students 2011 Transferor of Property to a Foreign Corporation, or certain distributions to a foreign person, reportable on Form 8865. Tax return for students 2011 Your ownership interest in certain foreign financial assets, temporarily reportable on Form 8275 or 8275-R. Tax return for students 2011    Instead of, or in addition to, Form 8275 or 8275-R, you may have to file Form 8938, Statement of Specified Foreign Financial Assets, with your tax return. Tax return for students 2011 See the Instructions for Form 8938 for details. Tax return for students 2011    Your acquisition, disposition, or substantial change in ownership interest in a foreign partnership, reportable on Form 8865. Tax return for students 2011 Creation or transfer of money or property to certain foreign trusts, reportable on Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts. Tax return for students 2011 Penalty for incorrect appraisals. Tax return for students 2011   The person who prepares an appraisal of the value of property may have to pay a penalty if: He or she knows, or reasonably should have known, that the appraisal would be used in connection with a return or claim for refund; and The claimed value of the property on a return or claim for refund based on that appraisal results in a substantial valuation misstatement or a gross valuation misstatement as discussed earlier. Tax return for students 2011 For details on the penalty amount and exceptions, see Publication 561. Tax return for students 2011 Penalty for failure to disclose a reportable transaction. Tax return for students 2011   If you fail to include any required information regarding a reportable transaction (discussed earlier) on a return or statement, you may have to pay a penalty of 75% of the decrease in tax shown on your return as a result of such transaction (or that would have resulted if the transaction were respected for federal tax purposes). Tax return for students 2011 For an individual, the minimum penalty is $5,000 and the maximum is $10,000 (or $100,000 for a listed transaction). Tax return for students 2011 This penalty is in addition to any other penalty that may be imposed. Tax return for students 2011   The IRS may rescind or abate the penalty for failing to disclose a reportable transaction under certain limited circumstances but cannot rescind the penalty for failing to disclose a listed transaction. Tax return for students 2011 For information on rescission, see Revenue Procedure 2007-21 in Internal Revenue Bulletin 2007-9 available at www. Tax return for students 2011 irs. Tax return for students 2011 gov/irb/2007-09_IRB/ar12. Tax return for students 2011 html. Tax return for students 2011 Accuracy-related penalty for a reportable transaction understatement. Tax return for students 2011   If you have a reportable transaction understatement, you may have to pay a penalty equal to 20% of the amount of that understatement. Tax return for students 2011 This applies to any item due to a listed transaction or other reportable transaction with a significant purpose of avoiding or evading federal income tax. Tax return for students 2011 The penalty is 30% rather than 20% for the part of any reportable transaction understatement if the transaction was not properly disclosed. Tax return for students 2011 You may not have to pay the 20% penalty if you meet the strengthened reasonable cause and good faith exception. Tax return for students 2011 The reasonable cause and good faith exception does not apply to any part of a reportable transaction understatement attributable to one or more transactions that lack economic substance. Tax return for students 2011   This penalty does not apply to the part of an understatement on which the fraud penalty, gross valuation misstatement penalty, or penalty for nondisclosure of noneconomic substance transactions is imposed. Tax return for students 2011 Civil fraud penalty. Tax return for students 2011   If any underpayment of tax on your return is due to fraud, a penalty of 75% of the underpayment will be added to your tax. Tax return for students 2011 Joint return. Tax return for students 2011   The fraud penalty on a joint return applies to a spouse only if some part of the underpayment is due to the fraud of that spouse. Tax return for students 2011 Failure to pay tax. Tax return for students 2011   If a deficiency is assessed and is not paid within 10 days of the demand for payment, an investor can be penalized with up to a 25% addition to tax if the failure to pay continues. Tax return for students 2011 Whether To Invest In light of the adverse tax consequences and the substantial amount of penalties and interest that will result if the claimed tax benefits are disallowed, you should consider tax shelter investments carefully and seek competent legal and financial advice. Tax return for students 2011 Prev  Up  Next   Home   More Online Publications