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January 09, 2012

IRS Releases Factsheet that Summarizes 2011 Tax Changes

The IRS reminded taxpayers (see www.irs.gov/newsroom/article/0,,id=251837,00.html ) of several available benefits and new reporting requirements for the 2011 tax return, including: (1) the nonbusiness energy credit up to a $500 maximum, but reduced by amounts claimed in prior years, (2) the second of 15 annual repayment installments is due where the first-time homebuyer credit was claimed for a 2008 purchase and must be reported on Form 1040, Line 59b, (3) capital gain and loss transactions are now reported on Form 8949 with Schedule D used as a summary sheet, (4) all income from a 2011 Roth IRA conversion must be included on the 2011 return, and (5) the self-employed (SE) health insurance deduction cannot be used to reduce income in computing the SE tax.

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