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Www freetaxusa com taxes2011 Publication 908 - Introductory Material Table of Contents Future Developments What's New Reminders Introduction Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 908, such as legislation enacted after it was published, go to www. Www freetaxusa com taxes2011 irs. Www freetaxusa com taxes2011 gov/pub908. Www freetaxusa com taxes2011 What's New Expiration of provision for catch-up contributions for IRC section 401(k) participants whose employer filed bankruptcy. Www freetaxusa com taxes2011  The Pension Protection Act of 2006, P. Www freetaxusa com taxes2011 L. Www freetaxusa com taxes2011 109-280, previously allowed additional contributions of up to $7,000 in a traditional or Roth IRA for employees who participated in an IRC section 401(k) plan of an employer that filed bankruptcy in an earlier year. Www freetaxusa com taxes2011 This provision was not extended for tax years beginning on or after January 1, 2010. Www freetaxusa com taxes2011 Automatic 6-month extension of time to file a bankruptcy estate return now available for individuals in Chapter 7 or 11 bankruptcy. Www freetaxusa com taxes2011  Beginning June 24, 2011, the IRS clarified in T. Www freetaxusa com taxes2011 D. Www freetaxusa com taxes2011 9531 that there is available an automatic 6-month extension of time to file a bankruptcy estate income tax return for individuals in Chapter 7 or Chapter 11 bankruptcy proceedings upon filing a required application. Www freetaxusa com taxes2011 The previous extension of time to file a bankruptcy estate return was 5 months. Www freetaxusa com taxes2011 Reminders The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005. Www freetaxusa com taxes2011  The changes to the U. Www freetaxusa com taxes2011 S. Www freetaxusa com taxes2011 Bankruptcy Code enacted by BAPCA are incorporated throughout this publication. Www freetaxusa com taxes2011 Debtors filing under chapters 7, 11, 12, and 13 of the Bankruptcy Code must file all applicable federal, state, and local tax returns that become due after a case commences. Www freetaxusa com taxes2011 Failure to file tax returns timely or obtain an extension can cause a bankruptcy case to be converted to another chapter or dismissed. Www freetaxusa com taxes2011 In chapter 13 cases, the debtor must file all required tax returns for tax periods ending within 4 years of the filing of the bankruptcy petition. Www freetaxusa com taxes2011 Photographs of missing children. Www freetaxusa com taxes2011  The IRS is a proud partner with the National Center for Missing and Exploited Children. Www freetaxusa com taxes2011 Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Www freetaxusa com taxes2011 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. Www freetaxusa com taxes2011 Introduction This publication is not intended to cover bankruptcy law in general, or to provide detailed discussions of the tax rules for the more complex corporate bankruptcy reorganizations or other highly technical transactions. Www freetaxusa com taxes2011 Additionally, this publication is not updated on an annual basis and may not reflect recent developments in bankruptcy or tax law. Www freetaxusa com taxes2011 If you need more guidance on the bankruptcy or tax laws applicable to your case, you should seek professional advice. Www freetaxusa com taxes2011 This publication explains the basic federal income tax aspects of bankruptcy. Www freetaxusa com taxes2011 A fundamental goal of the bankruptcy laws enacted by Congress is to give an honest debtor a financial “fresh start”. Www freetaxusa com taxes2011 This is accomplished through the bankruptcy discharge, which is a permanent injunction (court ordered prohibition) against the collection of certain debts as a personal liability of the debtor. Www freetaxusa com taxes2011 Bankruptcy proceedings begin with the filing of either a voluntary petition in the United States Bankruptcy Court, or in certain cases an involuntary petition filed by creditors. Www freetaxusa com taxes2011 This filing creates the bankruptcy estate. Www freetaxusa com taxes2011 The bankruptcy estate generally consists of all of the assets the individual or entity owns on the date the bankruptcy petition was filed. Www freetaxusa com taxes2011 The bankruptcy estate is treated as a separate taxable entity for individuals filing bankruptcy petitions under chapter 7 or 11 of the Bankruptcy Code, discussed later. Www freetaxusa com taxes2011 The tax obligations of taxable bankruptcy estates are discussed later under Individuals in Chapter 7 or 11. Www freetaxusa com taxes2011 Generally, when a debt owed to another person or entity is canceled, the amount canceled or forgiven is considered income that is taxed to the person owing the debt. Www freetaxusa com taxes2011 If a debt is canceled under a bankruptcy proceeding, the amount canceled is not income. Www freetaxusa com taxes2011 However, the canceled debt reduces other tax benefits to which the debtor would otherwise be entitled. Www freetaxusa com taxes2011 See Debt Cancellation, later. Www freetaxusa com taxes2011 Useful Items - You may want to see: Publication 225 Farmer's Tax Guide 525 Taxable and Nontaxable Income 536 Net Operating Losses (NOLs) for Individuals, Estates, and Trusts 538 Accounting Periods and Methods 544 Sales and Other Dispositions of Assets 551 Basis of Assets 4681 Canceled Debts, Foreclosures, Repossessions, and Abandonments Form (and Instructions) SS-4 Application for Employer Identification Number, and separate instructions 982 Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) 1040 U. Www freetaxusa com taxes2011 S. Www freetaxusa com taxes2011 Individual Income Tax Return, and separate instructions Schedule SE (Form 1040) Self-Employment Tax 1040X Amended U. Www freetaxusa com taxes2011 S. Www freetaxusa com taxes2011 Individual Income Tax Return, and separate instructions 1041 U. Www freetaxusa com taxes2011 S. Www freetaxusa com taxes2011 Income Tax Return for Estates and Trusts, and separate instructions 1041-ES Estimated Income Tax for Estates and Trusts 1041-V Payment Voucher 4506 Request for Copy of Tax Return 4506-T Request for Transcript of Tax Return 4852 Substitute for Form W-2, Wage and Tax Statement, or Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Www freetaxusa com taxes2011 4868 Application for Automatic Extension of Time To File U. Www freetaxusa com taxes2011 S. Www freetaxusa com taxes2011 Individual Income Tax Return 7004 Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns See How To Get Tax Help, later, for information about getting these publications and forms. Www freetaxusa com taxes2011 Prev  Up  Next   Home   More Online Publications
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