Frequently Asked Tax Questions And Answers
Keyword: Forms/Publications
1.6 IRS Procedures: Copies & Transcripts
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 (PDF)) from IRS, or order Form W-2 (PDF) information at no charge from the IRS. The IRS can provide Form W-2 (PDF) information for up to 10 years. Information for the current year is generally not available until the year after it is filed with the IRS. For example, Form W-2 (PDF) information for 2005, filed in 2006, will not be available from IRS until 2007.
To receive a copy of your return or transcript, complete and mail Form 4506 (PDF), Request for Copy of Tax Return or Form 4506-T (PDF) Request for Transcript of Tax Return. You should allow 60 calendar days for a response.
By phone: Call (800) 829-3676 (available M-F 7:00 am - 10:00 pm)
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 (PDF), 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 Instructions
- Form 1040, Schedule SE (PDF), Self-Employment Tax
- Form 1040, Schedule SE Instructions
- Publication 334, Tax Guide for Small Business
- Tax information for Business
Because you generally will have no withholding taken from your income, you may need to make quarterly estimated tax payments. For information on how to make estimated tax payments refer to Form 1040-ES (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:
- Publication 505, Tax Withholding and Estimated Tax
- Tax Topic 355, Estimated Tax
- Publication 334, Tax Guide for Small Business
For home sales after May 6, 1997, if you meet the ownership and use tests, you will generally only need to report the sale of your home if your gain exceeds a certain dollar amount prescribed by law. To determine the amount of gain that can be excluded from income refer to Publication 523, Selling Your Home. You may be entitled to exclude gain from income if during the 5-year period ending on the date of the sale, you have:
- Owned the home for at least 2 years (the ownership test),
- Lived in the home as your main home for at least 2 years (the use test), and
- During the 2-year period ending on the date of sale, you did not exclude gain from the sale of another home.
If you were on qualified extended duty in the U.S. Armed Services or the intelligence community (sales or exchanges after December 20, 2006, and before 2011) you may suspend the five-year test period for up to 10 years. You may use this provision for only one property at a time. You are on qualified extended duty when the extended duty lasts for more than 90 days or for an indefinite period AND:
- At a duty station that is at least 50 miles from the residence sold, or
- When residing under orders in government housing.
References:
- Publication 523, Selling Your Home
- Tax Topic 701, Sale of your Home - after May 6, 1997
- Tax Topic 703, Basis of Assets
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, Sales 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:
- Form 4797 Instructions
- Form 1040 Schedule D (PDF), Capital Gains and Losses
The loss on the sale of rental property is reported on Form 4797 (PDF), (Sale of Business Property) as ordinary loss.
References:
- Form 4797 (PDF), Sale of Business Property
- Publication 544, Sales and Other Dispositions of Assets