Keyword: Forms/Publications
This is archived information that pertains only to the 2003 Tax Year. If you are looking for information for the current tax year, go to the Tax Prep Help Area.
1.1 IRS Procedures: General Procedural Questions
I just received my tax package in the mail. Why are there so many
forms and schedules in it?
We print several packages that include different forms and schedules that
may be filed with Form 1040 (PDF). We mail you
the package that includes the items you may need based on what you filed last
year. We use packages instead of mailing forms and schedules separately as
a cost-saving measure for us and a convenience for you.
References:
Do I have to file all the forms and schedules that are in my tax
package?
No. Complete and attach to your return only the forms and schedules you
need to report your income, deductions, and credits.
1.3 IRS Procedures: Amended Returns & Form 1040X
What form do I use to correct my tax return that I have already
filed?
The form needed to correct previously filed Forms 1040, 1040A, 1040EZ,
as well as individual income tax returns submitted through TeleFile or e-file,
is Form 1040X (PDF), Amended U.S. Individual
Income Tax Return.
References:
Where can the forms be found to file an amended return?
Form 1040X (PDF), Amended U.S. Individual
Income Tax Return, and instructions may be ordered by calling (800) 829-3676,
or visit the Forms &
Pubs section of our web site .
References:
1.6 IRS Procedures: Copies & Transcripts
What form do I need to get a copy of a previous year's federal tax
return that I filed?
At the present time, it is not possible to request a copy of your return
via the Internet. If you need an exact copy of a previously filed and processed
Federal return, you must file Form 4506 (PDF), Request
for Copy or Transcript of Tax Form (Form 4506 changes Jan. 1, 2004 to Request
for Copy of Tax Return). In cases where an exact copy of the return is
not needed, tax return and tax account transcripts may be ordered, to be sent
to you at your address of record, by calling (800) 829-1040 or completing
and mailing Form 4506 (Effective Jan. 1, 2004, use Form 4506-T, Request for
Transcript of Tax Return.) There is a $23 fee (increased to $39 January 1,
2004) for copies of your previously filed tax forms and all attachments (including
Form(s) W-2) for each tax period requested. You should allow 60 calendar days
for a response. There is no charge for tax return transcripts or Forms W-2
information.
References:
- Form 4506 (PDF), Request for
Copy or Transcript of Tax Form Form 4506 (PDF), Rev. 1-1-2004, Request for Copy of Tax Form
- Form 4506 (PDF)-T, Rev1-1-2004,
Request for Copy or Transcript of Tax Form
Can I get copies of my prior year Forms W-2 from the IRS?
The quickest way to obtain a copy of a prior year Form W-2 (PDF) is through your employer. If that is not possible,
you can order and pay for copies of your entire return (attachments include
Form W-2) from IRS, or order W-2 information at no charge from IRS. IRS can
provide W-2 information for the current and past 9 years. Complete and mail Form 4506 (PDF), Request for Copy or Transcript of Tax
For (Effective Jan. 1, 2004, use Form 4506 (Rev. 1-1-2004, Request for Copy
of Tax Return, for a copy of a return and Form 4506-T Rev. 1-1-2004, Request
for Transcript or Tax Return, for W-2 information. You should allow 60
calendar days for a response.
References:
- Form 4506 (PDF), Request for
Copy or Transcript of Tax Form
- Form 4506 (PDF), Rev. 1-1-2004
Request for Copy of Tax Form
- Form 4506 (PDF)-T Rev. 1-1-2004 Request for
Transcript of Tax Form
1.7 IRS Procedures: Extensions
What form do I fill out to request an extension to file my individual
income tax return?
The form to file for an extension of time to time to file your Forms 1040,
1040A, or 1040EZ, is Form 4868 (PDF), Application
for Automatic Extension of Time To File U.S. Individual Income Tax Return.
You must file Form 4868 by the due date of the return. The automatic extension
is a four-month extension.
An extension of time to file is not an extension of time to pay. You must
make an accurate estimate of your tax and send any necessary payment with
your Form 4868. If you find you cannot pay the full amount due with Form 4868,
you can still get the extension. You will owe interest on the unpaid amount.
You will be billed for a late payment penalty (which equals one-half of
one percent of the unpaid tax for each month from the original due date of
payment), unless at least 90 percent of the actual tax liability was paid
prior to the original due date of the return through withholding on wages,
estimated tax payments, or any payment accompanying the Form 4868. However,
you will not have to pay the penalty if you can show reasonable cause for
the failure to pay.
If you qualify for the automatic four month extension and you later find
that you are not able to file within the four month extension period, you
may be able to get 2 more months to file, for a total of 6 months. To apply
for an additional extension either write a letter to the IRS or file Form 2688 (PDF), Application for Additional Extension
of Time To File U.S. Individual Income Tax Return. You should ask for
the extension early so that, if it is not approved, you still will be able
to file by the end of the first extension time limit. Refer to Publication 17, Your
Federal Income Tax, for additional information on filing extensions for
your individual tax returns.
References:
- Publication 17, Your Federal Income Tax
- Form 4868 (PDF), Application
for Automatic Extension of Time To File U.S. Individual Income Tax Return
- Form 2688 (PDF), Application
for Additional Extension of Time To File U.S. Individual Income Tax Return
1.8 IRS Procedures: Forms & Publications
How can I get forms and publications?
You can download them electronically at Forms
& Pubs or call 800-TAX-FORM (800-829-3676) 24 hours a day, 7 days
a week. You can order by mail using the order blank in the tax package you
receive in the mail. Certain forms and publications are available by fax at
(703) 368-9694 or pick them up at most local
IRS offices, participating libraries, or post offices.
How do I obtain forms (including prior year) and publications not
available on your site?
By phone: Call (800) 829-3676 (available 24 hours a day, 7 days a week).
Are copies of tax forms available at local libraries?
If you need tax forms or would like instructions for completing your federal
income tax return, your local library may have just what you need. For further
information, refer to Tax Topic 105, Public Libraries - Tax Information
Tapes and Reproducible Tax Forms.
References:
- Tax Topic 105, Public Libraries - Tax Information
Tapes and Reproducible Tax Forms
Is there an Offer and Compromise form available? How can I get one?
The Offer and Compromise form you must complete is Form 656 (PDF), Offer in Compromise.
You can get this form by calling (800) 829-3676 or you can download it
at Forms & Pubs through
our internet site.
References:
Are the forms that can be downloaded from this web site approved
for use?
Yes, all IRS forms are available for download at Forms
& Pubs on our website. All are approved for use.
References:
Can I use computer-generated tax forms instead of the IRS forms?
IRS provides for the approval and acceptance of computer-prepared and computer-generated
tax forms that are filed by individual taxpayers and tax practitioners, in
place of many of the official IRS printed forms. For additional information,
refer to Tax Topic 253, Substitute Tax Forms.
References:
Where can I find previous years' tax forms?
You can download the tax years 1992 through
the current year on this web site at Forms
& Pubs. You can also order tax forms by calling (800) 829-3676.
References:
After you download a tax form, how do you open the file to read
it?
Refer to our Frequently
Asked Downloading and Printing Questions.
To view/print a PDF file from the Web, download the file to your hard drive
or diskette, launch the Acrobat Reader (an icon will be created during the
setup process) and open the file you just saved. If you need help getting
around the IRS web site or assistance retrieving files and forms, we can help
you. Call (800) 876-1715 or if outside the US and Canada dial (309) 229-7111
or send a message to the IRS Web Site Help Desk e-mail address at helpdesk@speedymail.com.
Although we can be pretty busy at times we will try to help you.
References:
I am having trouble downloading forms and publications from your
web site. What can I do?
First make sure that you have the latest version of Adobe Acrobat Reader
software. Adobe Acrobat Reader software is needed to view and print PDF files
(the preferred format for viewing or printing IRS forms, instructions, and
publications).
Adobe Acrobat Reader is available free-of-charge from hundreds of sites
on the Web, including the IRS web site. However, the best way to get the free
software is from Adobe's home
page. Their site offers two versions of the Reader, versions for most
platforms (Macintosh, all Windows versions, etc.), and they even offer the
user his/her language preference.
Adobe provides comprehensive instructions for downloading the software.
To view or print a PDF file from the Web, download the file to your hard
drive or diskette, launch the Acrobat Reader (an icon will be created during
the setup process) and open the file you just saved. The document will appear
on your monitor and you can print from there. Some web browsers will launch
the reader automatically when you download a PDF file.
Also see Frequently
Asked Downloading and Printing Questions on our website.
References:
My modem will not download your forms, what can I do?
You can call the IRS at (800) TAX-FORM or (800) 829-3676 and place an order
for forms or publications. These numbers are available 24 hours a day, 7 days
a week. For more information refer to Tax Topic 155, Forms/Publications
- How to Order.
If you have a fax modem and fax software, refer to Fax
On Demand on this site for information about getting the forms you need
by fax.
For information on how to order forms and publications, refer to Tax Topic 155. The information below may also be helpful:
Internet: Forms &
Pubs
FTP: www.irs.gov/pub/irs-pdf
The IRS web site help desk at (800- 876-1715) (or if outside the US and
Canada dial (309) 229-7111) or the IRS Web Site Help Desk e-mail address at
help desk @speedymail.com offer technical assistance for transmission problems
(not tax help).
Federal Tax Forms CD-ROM contains hundreds of tax forms, instructions and
TIPS (Taxpayer Information Publications) for current and prior years back
to the 1997 tax year. It runs on Windows 95/98/4.0 and Macintosh 7.0 or later
platforms. You may purchase the CD-ROM from the National Technical Information
Service (NTIS) at Order 2003 Tax Products
CD-ROM.
References:
I would like to know if I could get Publication 78 online?
The entire contents of this publication are now listed on IRS' web site.
The listing is accessible through the Tax
Information for You and Tax
Information for Business sections, or you may go directly to the electronic
version of Publication
78, Cumulative List of Organizations.
References:
I need a list of all the IRS forms, instructions, and publications.
Please refer to Publication 910 (PDF), IRS Guide to Free
Tax Services , for a listing of forms and publications available. They
are also available at Forms
& Pubs.
References:
1.9 IRS Procedures: Injured & Innocent Spouse
Is there a form for receiving the no-fault spouse's portion on a
joint return when one spouse owes child support?
Yes, Form 8379 (PDF), Injured Spouse Claim
and Allocation, is the form used to request your portion of a joint refund.
References:
1.16 IRS Procedures: W–4 - Allowances, Excess FICA, Students, Withholding
We had too much social security tax taken out this year. What form
do we need to fill out to request some of these monies back?
Credit for excess social security withheld is claimed on page 2 of Form
1040, U.S. Individual Income Tax Return. Refer to Credit for Excess Social
Security Tax or Railroad Retirement Tax Withheld in Chapter 38 of Publication 17, Your Federal Income Tax.
References:
2.3 Filing Requirements/Status/Dependents/Exemptions: Dependents & Exemptions
What is the tax form number for the custodial parent to sign that
allows the noncustodial parent to use the child as a dependent?
The custodial parent should use Form 8332 (PDF), Release
of Claim to Exemption for Child of Divorced or Separated Parents, or
a substantially similar statement, to release the exemption to the noncustodial
parent. The noncustodial parent must attach the form or statement to his or
her tax return. Please be aware that if the custodial parent releases the
exemption, for a child the custodial parent may not claim a child tax credit
for that child.
References:
4.3 Interest/Dividends/Other Types of Income: 1099–MISC, Independent Contractors, and Self-employed
I received a Form 1099-MISC with an amount in box 7, (nonemployee
compensation). What forms and schedules should be used to report income earned
as an independent contractor?
Independent contractors report their income on Form 1040, Schedule C (PDF), Profit or Loss from Business (Sole Proprietorship),
or you may qualify to use Form 1040, Schedule C-EZ (PDF), Net
Profit from Business (Sole Proprietorship). You should also be aware
of Form 1040, Schedule SE (PDF), Self-Employment
Tax, which must be filed if net earnings from self-employment are $400
or more. This form is used to figure your social security and Medicare tax
which is based on your net self-employment income. You may also need to file
Form 2210, Underpayment of Estimated Tax by Individuals, Estates & Trusts,
if you do not make estimated tax payments.
References:
- Form 1040, Schedule C (PDF), Profit
or Loss from Business (Sole Proprietorship)
- Form 1040, Schedule C-EZ (PDF), Net
Profit from Business
-
Instructions for Form 1040, Schedule C
- Form 1040, Schedule SE (PDF), Self-Employment
Tax
-
Instructions for Form 1040, Schedule SE
- Publication 533, Self-employment Tax
- Publication 334, Tax Guide for Small Business
- Tax information for
Business
- Form 2210 (PDF) Underpayment
of Estimated Tax
What, if any, quarterly forms must I file to report income as an
independent contractor?
There are no quarterly income reporting requirements for Federal income
tax purposes. However, because you will have no withholding taken from your
income, you may need to make quarterly estimated tax payments. You use Form 1040ES (PDF), Estimated Tax for Individuals.
You need to be aware that there may be state and local requirements for
estimated tax payments. You can start looking for information at How
to Contact Us. You may want to go to your state's individual Web site
for additional information. To access the state you need go to our Alphabetical
State Index.
References:
6.3 Social Security Income: Regular & Disability Benefits
I am looking for the form you would use to find out how many quarters
you've put in, and what your Social Security amounts would be and the varying
ages of retirement, but I don't know the name. Can you help?
You need to check the Social Security Administration web site, at www.ssa.gov .
Or, you can contact the Social Security Administration at 1-800-772-1213.
They are currently providing information of this nature in an online format.
Their web site may also answer your other questions concerning social security.
References:
7.4 Child Care Credit/Other Credits: Hope & Life Time Learning Educational Credits
How can I get a Form 8863?
You can download this form and the instructions from the Forms
& Pubs section of our web site. You may also call 1-800-829-3676.
References:
9.3 Estimated Tax: Individuals
What form will I use to make estimated payments?
Use Form 1040ES (PDF), Estimated
Tax for Individuals, to estimate your tax liability. Four payment vouchers
are included in the 1040ES package that are used to send your payment to the
Internal Revenue Service
References:
10.1 Capital Gains, Losses/Sale of Home: Property (Basis, Sale of Home, etc.)
I sold my principal residence this year. What form
do I need to file?
If you meet the ownership and use tests, you will generally only need to
report the sale of your home if your gain is more than $250,000 ($500,000
if married filing a joint return). This means that during the 5-year period
ending on the date of the sale, you must have:
Owned the home for at least 2 years (the ownership test), and
Lived in the home as your main home for at least 2 years (the use test).
If you owned and lived in the property as your main home for less than
2 years, you may still be able to claim an exclusion in some cases. The maximum
amount you can exclude will be reduced. If you are required or choose to report
a gain, it is reported on Form 1040, Schedule D (PDF), Capital
Gains and Losses .
If you were on qualified extended duty in th U.S. Armed Services or the
Foreign Service you may suspend the five-year test period for up to 10 years.
You are on qualified extended duty when:
At a duty station that is at least 50 miles from the residence sold, or
When residing under orders in government housing, for more than 90 days
or for an indefinite period.
This change applies to home sales after May 6, 1997. You may use this provision
for only one property at a time and one sale every two years.
For additional information on selling your home, refer to Publication 523, Selling
Your Home .
References:
10.2 Capital Gains, Losses/Sale of Home: Stocks (Options, Splits, Traders)
Is there any publication that explains the proper way to file a
Schedule C as a day trader?
There is no publication specific to DayTraders. But see the
Instructions for Form 1040, Schedule D . The section "Traders in Securities"
has information for DayTraders.
Internal Revenue Code section 475(f) and Revenue Procedure 99-17 apply
only to traders who elect to use mark-to-market method of Accounting.
References:
I am a stock day trader. I understand I have the option of electing
the mark-to-market method of accounting which would preclude application of
the wash sale rule. What forms and publications do I need?
If your trading activity is a business, your trading expenses would be
reported on Form 1040, Schedule C (PDF), Profit
or Loss from Business (Sole Proprietorship) instead of Form 1040, Schedule A (PDF), Itemized Deductions . Your gains or losses,
however, would be reported on Form 1040, Schedule D (PDF), Capital
Gains and Losses , unless you file an election to change your method
of accounting to the mark-to-market method of accounting.
See Publication 550, Investment Income and Expenses (p.
68) for guidance on how to make the mark-to-market election. You need Form 3115 (PDF), Application for Change in Accounting
Method. The mark-to-market method of accounting cannot be revoked without
the consent of the Secretary.
If you qualify and elect to change to the mark-to-market method of accounting,
you would report your gains or losses on Part II of Form 4797 (PDF), Sales of Business Property .
References:
11.4 Sale or Trade of Business, Depreciation, Rentals: Sales, Trades, Exchanges
What form(s) do we need to fill out to report the sale of rental
property?
The gain or loss on the sale of rental property is reported on Form 4797 (PDF), Sale of Business Property. Form 1040, Schedule D (PDF), Capital Gains and Losses,
is often used in conjunction with Form 4797. For further information, refer
to Publication 544, Sale on Other Disposition of Assets,Publication 550, Investment Income and Expense, the Instructions to Form 4797 (PDF), Sale of Business Property, and
the Instructions to Form 1040, Schedule D, Capital Gain and Losses.
References:
How do I file the gain on an installment sale of business property
in each year? What form do I use?
Use Form 6252 (PDF), Installment Sale Income,
to figure your installment sale income each year. This form does not account
for taxable interest income from the sale that needs to be reported each year
by the seller, usually on Form 1040, Schedule B (PDF),
Interest and Ordinary Dividends.
You may also need Form 1040, Schedule D (PDF), Capital
Gains and Losses, and Form 4797 (PDF), Sales
of Business Property. For additional information including forms and
instructions, refer to Publication 537, Installment Sales
References:
What forms do we file to report a loss on the sale of a rental property?
The loss on the sale of rental property is reported on Form 4797 (PDF), (Sale of Business Property) as ordinary loss.
References:
12.1 Small Business/Self-Employed/Other Business: Entities: Sole Proprietor, Partnership, Limited Liability Company/Partnership (LLC/LLP), Corporation, Subchapter S Corporation
As a Domestic LLC (limited liability company), what forms do I use
to file a return?
The form you use will depend on what kind of entity your business is for
Federal tax purposes. Following are some general guidelines and the forms
which go with each entity:
If your business has only one owner, it will automatically be considered
to be a sole proprietorship (referred to as an entity to be disregarded as
separate from its owner) unless an election is made to be treated as a corporation.
A sole proprietorship files Form 1040 (PDF), U.S.
Individual Income Tax Return and will include Form 1040, Schedule C (PDF), Profit or Loss from Business, or Form 1040, Schedule C-EZ (PDF) and Form 1040, Schedule SE (PDF) , if net income $400.00. If an election is made to
be treated as a corporation, Form 1120 (PDF), U.S.
Corporation Income Tax Return, is filed.
If your business has two or more owners, it will automatically be considered
to be a partnership unless an election is made to be treated as a corporation.
A partnership files Form 1065 (PDF), U.S.
Partnership Return of Income. If an election is made to be treated as
a corporation, Form 1120 (PDF), U.S. Corporation
Income Tax Return, is filed.
The election referred to is made by filing Form 8832 (PDF), Entity Classification Election.
References:
12.2 Small Business/Self-Employed/Other Business: Form 1099–MISC & Independent Contractors
What forms and schedules should be used to report income earned
as an independent contractor?
Independent contractor report their income on Form 1040, Schedule C (PDF), Profit or Loss from Business, or they may
qualify to use Form 1040, Schedule C-EZ (PDF), Net
Profit from Business. Independent contractors should also be aware of Form 1040, Schedule SE (PDF), Self-Employment Tax.
This form is used to figure social security and Medicare tax which is based
on self-employment income. Also, see Form 1040ES (PDF) Estimated Tax For Individuals, as you may need to make
quarterly estimated tax payments.
References:
- Form 1040, Schedule C (PDF), Profit
or Loss from Business
- Form 1040, Schedule C-EZ (PDF), Net
Profit from Business
-
Instructions for Form 1040, Schedule C
- Form 1040, Schedule SE (PDF), Self-Employment
Tax
- Form 1040ES (PDF), Estimated
Tax for Individuals
-
Instructions for Form 1040, Schedule SE
- Publication 533, Self-Employment Tax
- Publication 334, Tax Guide for Small Business
- Tax Topic 554, Self-Employment Tax
- Publication 505, Tax Withholding and Estimated Tax
- Tax information for
Business
What, if any, quarterly forms must I file to report income as an
independent contractor?
There are no quarterly income reporting requirements for Federal income
tax purposes. However, because you will have no Federal Income Tax withheld
from your income, you may need to make quarterly estimated tax payments. You
use Form 1040ES (PDF), Estimated
Tax for Individuals, for this purpose.
You may be subject to a penalty for underpaying your estimated tax installments.
For more information refer to Publication 505, Tax Withholding and Estimated
Tax. You need to be aware that there may also be state and local quarterly
reporting requirements. You can start looking for information at How
to Contact Us. You may want to go to your state's individual web site
for additional information. To access the state you need to direct your question
to, please go to our Alphabetical
State Index.
References:
12.3 Small Business/Self-Employed/Other Business: Form W–2, FICA, Medicare, Tips, Employee Benefits
What publications are available that would explain the taxation
policy for Flexible Spending Arrangements (FSAs)?
Information on Flexible Spending Account and Cafeteria Plans can be found
in the following sources listed below:
References:
12.6 Small Business/Self-Employed/Other Business: Forms 941, 940, Employment Taxes
If you do not have any employees for a particular quarter, do you
have to file an Employer's Quarterly Federal Tax Return Form 941?
Seasonal employers are not required to file for quarters when they regularly
have no tax liability because they have paid no wages. To alert the IRS that
you will not have to file a return for one or more quarters during the year,
check the seasonal employer box above line 1 on Form 941. The IRS will mail
two Forms 941 to you once a year after March 1. The preprinted name and address
information will not include the date the quarter ended. You must enter the
date the quarter ended when you file the return. The IRS generally will not
inquire about unfiled returns if at least one return showing tax due is filed
each year. However, you must check the seasonal employer box on each quarterly
return you file. Otherwise, the IRS will expect a return to be filed for each
quarter.
For any employer, who no longer has employees, a final return should be
filed for the last quarter during which you had employees.
References:
All of the Forms 941 that I can find ask for the number of employees
on record as of March 12th. Is there a similar form for the second quarter?
The Form 941 is the same for all 4 quarters. Only on the January-March
calendar quarter Form 941 should you enter the number of employees on your
payroll during the pay period that includes March 12. You do not need to answer
this question on the Forms 941 for the other 3 quarters.
References:
12.9 Small Business/Self-Employed/Other Business: Starting or Ending a Business
What forms do you use when you have a small business?
The annual income tax forms that you would use to report you business activity
to the IRS would depend on the type of entity you operate your business under.
Sole Proprietorships use Form 1040, Schedule C (PDF), Profit
and Loss from Business (Sole Proprietorship) or Form 1040, Schedule C-EZ (PDF), Net Profit from Business and Form 1040, Schedule SE (PDF), Self-employment Tax.
Partnerships use Form 1065 (PDF), U.S.
Partnership Return of Income and Schedule K-1.
Corporations use Form 1120 (PDF), U.S.
Corporation Income Tax Return.
S Corporations use Form 1120S (PDF), U.S.
Income Tax Return for an S Corporation.
Limited Liability Companies use one of the choices above according to
their structure.
If you hired employees to work in your business, if you are liable for
excise tax, or heavy highway vehicle use tax, other forms and publications
would come into play.
References:
What deductions can I take on my partnership or S Corporation return
In general, ordinary and necessary business expenses are deductible on
business return. However, there are some items that partnership and S Corporation
do not deduct at the business entity level but rather at the partner or shareholder
level. These are referred to as separately stated items. For a more complete
explanation of business in general, see Publication 535 , Business
Expenses Publication 541, Partnerships, and
Instructions for Form 1120S.
References:
What do I need to do to become a Corporation?
Corporation are formed at the state level first. For additional information
on requirements at the federal level, please see Publication 542,
on Corporation .
References:
Where is a loss reported on my return and how much can I deduct?
The place where your loss is reported depends on how much is deductible,
the type of loss, and the type of return you are filing. If your business
deductions are more than your business income for the year, you may have a Net Operating Loss (NOL). You can use an NOL by deducting
it from your income in another year or years. Partnerships and S Corporations
generally cannot use an NOL. But partners or shareholders can use their separate
shares of the partnership's of S Corporation's business deductions to their
individual NOLs. For additional help, see Publication 541, Partnership, Publication 542, Corporation, Publication 925, Passive
Activities and At-Risk Rules, and Publication 536, Net
Operating Losses (NOLs) for individuals, Estates, and Trusts.
If you have a Capital Loss, it is generally from
the sale or loss of investment property, a business, or a capital asset used
in a business. Publication 544, on Sales and Other Disposition
of Assets, will provide additional information on this subject.
Special Situations
S Corporations
In general, if an S corporation purchases a C Corporation at the end of
the year and the C Corporation has a loss, the S Corporation does not get
to claim the C Corporation loss. A C Corporation is a taxable entity in itself
and gains and losses do not flow through to the shareholders.
S Corporation shareholder who hold stock at any time during the year may
claim their proportionate share of corporate losses on their individual tax
returns subject to certain limits. For more information about the limitations,
see the instruction for
Instructions for Form 1120S, Schedule K-1.
Partnerships
In general, a partner loss is allocated base on his/her percentage of ownership
of the year. This percentage is referred to as the partner's distributive
share. The partners' distributive share of items is reported to the partner
on Schedule K-1 (Form 1065). A partner's distributive share of partnership
loss is allowed only to the extent of the adjusted basis of the partner's
partnership interest. A loss that is more than the partner's adjusted basis
is not deductible. For additional deductibility of partnership losses, see Publication 541, Partnership, and Publication 925, Passive
Activities and At-Risk Rules
References:
13.7 Aliens and U.S. Citizens Living Abroad: U.S. Citizens Overseas
I live in a foreign country. Where can I find local tax assistance
and forms?
The IRS has a full-time permanent staff in 6 U.S. Embassies. These offices
have tax forms and publications, can help you with account problems, and answer
your questions about notices and bills. For more information about these offices,
please refer to www.irs.gov under "Contact
My Local Office."
In addition, most U.S. Embassies stock the more commonly used tax forms
and publications, and sponsor speaking tours by IRS employees during filing
season.
14.5 Electronic Filing (e-file) and TeleFile: TeleFile
Where can I get a TeleFile form?
If you file a paper tax return for the current year and qualify to TeleFile,
the IRS should send you a TeleFile package in the mail by January 20th of
the following year, which will include your PIN number. If you qualify and
do not receive the package, call (800) 829-1040 and request one. If you do
not qualify, you can still receive all of the benefits that IRS e-file has
to offer by using a personal computer or filing through an Authorized
IRS e-file Provider. To learn more, refer to our Electronic
Services information. For general information about TeleFile or e-file,
refer to Tax Topic 255, TeleFile, or Tax Topic 252, Electronic
Filing.
References:
I have not received a TeleFile tax package. Is there a way I can
order this form?
If you have met the criteria for using Telefile, i.e., filed TeleFile or
a paper 1040 EZ the current year and have not changed your address or filing
requirements, you should receive a package. If you do not receive the TeleFile
tax package or if you lost or misplaced it, you can call the IRS at (800)
829-1040 and request another package be mailed to you. Also, consider IRS
e-file using a personal computer or filing through an Authorized
IRS e-file Provider. To learn more, refer to our Electronic
Services information. For general information about TeleFile or e-file,
refer to Tax Topic 255, TeleFile, or Tax Topic 252, Electronic
Filing.
References:
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