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2009 Form 1040 Ez

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2009 Form 1040 Ez

2009 form 1040 ez 9. 2009 form 1040 ez   Education Exception to Additional Tax on Early IRA Distributions Table of Contents Introduction Who Is Eligible Figuring the Amount Not Subject to the 10% Tax Reporting Early Distributions Introduction Generally, if you take a distribution from your IRA before you reach age 59½, you must pay a 10% additional tax on the early distribution. 2009 form 1040 ez This applies to any IRA you own, whether it is a traditional IRA (including a SEP-IRA), a Roth IRA, or a SIMPLE IRA. 2009 form 1040 ez The additional tax on an early distribution from a SIMPLE IRA may be as high as 25%. 2009 form 1040 ez See Publication 560, Retirement Plans for Small Business, for information on SEP-IRAs, and Publication 590, for information about all other IRAs. 2009 form 1040 ez However, you can take distributions from your IRAs for qualified higher education expenses without having to pay the 10% additional tax. 2009 form 1040 ez You may owe income tax on at least part of the amount distributed, but you may not have to pay the 10% additional tax. 2009 form 1040 ez Generally, if the taxable part of the distribution is less than or equal to the adjusted qualified education expenses (AQEE), none of the distribution is subject to the additional tax. 2009 form 1040 ez If the taxable part of the distribution is more than the AQEE, only the excess is subject to the additional tax. 2009 form 1040 ez Who Is Eligible You can take a distribution from your IRA before you reach age 59½ and not have to pay the 10% additional tax if, for the year of the distribution, you pay qualified education expenses for: yourself, your spouse, or your or your spouse's child, foster child, adopted child, or descendant of any of them. 2009 form 1040 ez Qualified education expenses. 2009 form 1040 ez   For purposes of the 10% additional tax, these expenses are tuition, fees, books, supplies, and equipment required for enrollment or attendance at an eligible educational institution. 2009 form 1040 ez They also include expenses for special needs services incurred by or for special needs students in connection with their enrollment or attendance. 2009 form 1040 ez   In addition, if the student is at least a half-time student, room and board are qualified education expenses. 2009 form 1040 ez   The expense for room and board qualifies only to the extent that it is not more than the greater of the following two amounts. 2009 form 1040 ez The allowance for room and board, as determined by the eligible educational institution, that was included in the cost of attendance (for federal financial aid purposes) for a particular academic period and living arrangement of the student. 2009 form 1040 ez The actual amount charged if the student is residing in housing owned or operated by the eligible educational institution. 2009 form 1040 ez You will need to contact the eligible educational institution for qualified room and board costs. 2009 form 1040 ez Eligible educational institution. 2009 form 1040 ez   An eligible educational institution is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U. 2009 form 1040 ez S. 2009 form 1040 ez Department of Education. 2009 form 1040 ez It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. 2009 form 1040 ez The educational institution should be able to tell you if it is an eligible educational institution. 2009 form 1040 ez   Certain educational institutions located outside the United States also participate in the U. 2009 form 1040 ez S. 2009 form 1040 ez Department of Education's Federal Student Aid (FSA) programs. 2009 form 1040 ez Half-time student. 2009 form 1040 ez   A student is enrolled “at least half-time” if he or she is enrolled for at least half the full-time academic work load for the course of study the student is pursuing as determined under the standards of the school where the student is enrolled. 2009 form 1040 ez Figuring the Amount Not Subject to the 10% Tax To determine the amount of your distribution that is not subject to the 10% additional tax, first figure your adjusted qualified education expenses. 2009 form 1040 ez You do this by reducing your total qualified education expenses by any tax-free educational assistance, which includes: Expenses used to figure the tax-free portion of distributions from a Coverdell education savings account (ESA) (see Distributions in chapter 7, Coverdell Education Savings Account), The tax-free part of scholarships and fellowships (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Pell grants (see Pell Grants and Other Title IV Need-Based Education Grants in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Veterans' educational assistance (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ), and Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. 2009 form 1040 ez Do not reduce the qualified education expenses by amounts paid with funds the student receives as: Payment for services, such as wages, A loan, A gift, An inheritance given to either the student or the individual making the withdrawal, or A withdrawal from personal savings (including savings from a qualified tuition program (QTP)). 2009 form 1040 ez If your IRA distribution is equal to or less than your adjusted qualified education expenses, you are not subject to the 10% additional tax. 2009 form 1040 ez Example 1. 2009 form 1040 ez In 2013, Erin (age 32) took a year off from teaching to attend graduate school full-time. 2009 form 1040 ez She paid $5,800 of qualified education expenses from the following sources. 2009 form 1040 ez   Employer-provided educational assistance  (tax free) $5,000     Early distribution from IRA (includes $500 taxable earnings) 3,200           Before Erin can determine if she must pay the 10% additional tax on her IRA distribution, she must reduce her total qualified education expenses. 2009 form 1040 ez   Total qualified education expenses $5,800     Minus: Tax-free educational assistance −5,000     Equals: Adjusted qualified  education expenses (AQEE) $ 800   Because Erin's AQEE ($800) are more than the taxable portion of her IRA distribution ($500), she does not have to pay the 10% additional tax on any part of this distribution. 2009 form 1040 ez However, she must include the $500 taxable earnings in her gross income subject to income tax. 2009 form 1040 ez Example 2. 2009 form 1040 ez Assume the same facts as in Example 1 , except that Erin deducted some of the contributions to her IRA, so the taxable part of her early distribution is higher by $1,000. 2009 form 1040 ez This must be included in her income subject to income tax. 2009 form 1040 ez The taxable part of Erin's IRA distribution ($1,000) is larger than her $800 AQEE. 2009 form 1040 ez Therefore, she must pay the 10% additional tax on $200, the taxable part of her distribution ($1,000) that is more than her qualified education expenses ($800). 2009 form 1040 ez She does not have to pay the 10% additional tax on the remaining $800 of her taxable distribution. 2009 form 1040 ez Reporting Early Distributions By January 31, 2014, the payer of your IRA distribution should send you Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. 2009 form 1040 ez The information on this form will help you determine how much of your distribution is taxable for income tax purposes and how much is subject to the 10% additional tax. 2009 form 1040 ez If you received an early distribution from your IRA, you must report the taxable earnings on Form 1040, line 15b (Form 1040NR, line 16b). 2009 form 1040 ez Then, if you qualify for an exception for qualified higher education expenses, you must file Form 5329 to show how much, if any, of your early distribution is subject to the 10% additional tax. 2009 form 1040 ez See the Instructions for Form 5329, Part I, for help in completing the form and entering the results on Form 1040 or 1040NR. 2009 form 1040 ez There are many other situations in which Form 5329 is required. 2009 form 1040 ez If, during 2013, you had other distributions from IRAs or qualified retirement plans, or have made excess contributions to certain tax-favored accounts, see the instructions for line 58 (Form 1040) or line 56 (Form 1040NR) to determine if you must file Form 5329. 2009 form 1040 ez Prev  Up  Next   Home   More Online Publications
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SOI Tax Stats - Transactions of Foreign-Owned Domestic Corporations

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  • Data are taken from Form 5472 - Information Return of a Foreign Owned Corporation.
  • "Owned" generally indicates that a foreign entity owns 25 percent or more of the U.S. corporation's voting stock.

            Statistical Tables                    SOI Bulletin Articles
 


Statistical Tables

Foreign-Owned Domestic Corporations with Total Receipts of $500 Million or More and with Form 5472 Attached: Transactions Between Corporations and Related Foreign Persons
     Classified by: Industry*
     Tax Years: 2008    2006    2004    2002     2000      1998     1996     1994     1993     1992

 

     Classified by: Country of Residence of Related Foreign Person
     Tax Years: 2008    2006    2004    2002     2000      1998     1996     1994     1993     1992

 

     Classified by: Industry and Country of Residence of Related Foreign Person*
     Tax Years: 2008    2006    2004    2002     2000      1998     1996     1994     1993     1992

*For Study Years prior to 1998, industrial sectors are classified using the Standard Industry Classification (SIC).  Study Years from 1998 to present use the North American Industry Classification (NAICS).

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SOI Bulletin Articles 

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Page Last Reviewed or Updated: 14-Mar-2014

The 2009 Form 1040 Ez

2009 form 1040 ez Tax Changes for Businesses Table of Contents 2001 ChangesNew 5-Year Carryback Rule for Net Operating Losses (NOLs) Electronic Form 1099 Tax Incentives for New York Liberty Zone Other 2001 Changes 2002 ChangesNonaccrual-Experience Method Issuance of Qualified Zone Academy Bonds Depletion Work Opportunity Credit Expanded in New York Liberty Zone Credit For Pension Plan Startup Costs Welfare-to-Work Credit Extended Work Opportunity Credit Extended Electric and Clean-Fuel Vehicles Renewable Electricity Production Credit Later ChangesSpecial Depreciation Allowance Extension of Placed in Service Date Special Liberty Zone Depreciation Allowance for New and Used Property Depreciation of Property Used on Indian Reservations Indian Employment Credit Extended 2001 Changes New 5-Year Carryback Rule for Net Operating Losses (NOLs) If you have an NOL from a tax year ending during 2001 or 2002, you must generally carry back the entire amount of the NOL to the 5 tax years before the NOL year (the carryback period). 2009 form 1040 ez However, you can still choose to use the previous carryback period. 2009 form 1040 ez You also can choose not to carry back an NOL and only carry it forward. 2009 form 1040 ez Individuals, estates, and trusts can file Form 1045, Application for Tentative Refund. 2009 form 1040 ez Corporations can file Form 1139, Corporation Application for Tentative Refund. 2009 form 1040 ez The instructions for these forms will be revised to reflect the new law. 2009 form 1040 ez Electronic Form 1099 For tax years ending after March 9, 2002, most Forms 1099 can be furnished electronically if the recipient consents, according to IRS regulations, to receive it that way. 2009 form 1040 ez Tax Incentives for New York Liberty Zone New tax benefits are provided for the parts of New York City damaged in the terrorist attacks on September 11, 2001. 2009 form 1040 ez These benefits apply to the newly created New York Liberty Zone, which is the area located on or south of Canal Street, East Broadway (east of its intersection with Canal Street), or Grand Street (east of its intersection with East Broadway), in the Borough of Manhattan. 2009 form 1040 ez Tax benefits for the New York Liberty Zone include the following. 2009 form 1040 ez A special depreciation allowance equal to 30% of the adjusted basis of qualified Liberty Zone property. 2009 form 1040 ez It is allowed for the year the property is placed in service. 2009 form 1040 ez No alternative minimum tax depreciation adjustment for qualified Liberty Zone property. 2009 form 1040 ez Classification of Liberty Zone leasehold improvement property as 5-year property. 2009 form 1040 ez Authorization of the issuance of tax-exempt New York Liberty bonds to finance the acquisition, construction, reconstruction, and renovation of nonresidential real property, residential rental property, and public utility property in the Liberty Zone. 2009 form 1040 ez An increased section 179 deduction for certain Liberty Zone property. 2009 form 1040 ez Extension of the replacement period from 2 years to 5 years for certain property involuntarily converted as a result of the terrorist attacks on September 11, 2001, but only if substantially all of the use of the replacement property is in New York City. 2009 form 1040 ez For more information about involuntary conversions, see Postponement of Gain in Publication 547, Casualties, Disasters, and Thefts. 2009 form 1040 ez In addition, for 2002 and 2003, the work opportunity credit is expanded by creating a new targeted group, consisting generally of employees who work in the Liberty Zone or, in certain cases, in New York City outside the Liberty Zone. 2009 form 1040 ez For more information, see Work Opportunity Credit Expanded in New York Liberty Zone under 2002 Changes, later. 2009 form 1040 ez For more information about the 30% special depreciation allowance, Liberty Zone leasehold improvement property, or increased section 179 deduction, see New York Liberty Zone Benefits, in chapter 5. 2009 form 1040 ez In addition, the tax benefits for the Liberty Zone will be covered in a new edition of Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities, available later in 2002. 2009 form 1040 ez Other 2001 Changes Other changes are discussed in the following chapters. 2009 form 1040 ez Chapter 4 Car Expenses Chapter 5 Depreciation 2002 Changes Nonaccrual-Experience Method Under current law, if you perform services and use an accrual method of accounting, you do not accrue income which, based on experience, you expect to be uncollectible. 2009 form 1040 ez Beginning in 2002, this rule only applies if you perform services in the fields of health, law, engineering, architecture, accounting, actuarial science, performing arts, and consulting, or your average annual gross receipts for the 3 prior tax years does not exceed $5,000,000. 2009 form 1040 ez As under current law, the nonaccrual-experience method will not apply to amounts on which you charge interest or a late payment penalty. 2009 form 1040 ez For more information, see Nonaccrual-Experience Method in chapter 11 of Publication 535, Business Expenses. 2009 form 1040 ez Issuance of Qualified Zone Academy Bonds State and local governments issue qualified zone academy bonds to raise funds for the use of qualified zone academies. 2009 form 1040 ez The amount of bonds that may be issued was limited to $400 million each year for 1998, 1999, 2000, and 2001. 2009 form 1040 ez This provision has been extended to provide for an additional $400 million of bonds to be issued each year for 2002 and 2003. 2009 form 1040 ez For more information about qualified zone academy bonds, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. 2009 form 1040 ez Depletion The suspension of the taxable income limit on percentage depletion from the marginal production of oil and natural gas that was scheduled to expire for tax years beginning after 2001 has been extended to tax years beginning before 2004. 2009 form 1040 ez For more information on marginal production, see section 613A(c) of the Internal Revenue Code. 2009 form 1040 ez Work Opportunity Credit Expanded in New York Liberty Zone The work opportunity credit is expanded to include a new targeted group consisting generally of employees who perform substantially all their services: In the New York Liberty Zone (defined earlier under Tax Incentives for New York Liberty Zone, under 2001 Changes), or Elsewhere in New York City for a business that relocated from the Liberty Zone due to the destruction or damage of its place of business by the September 11, 2001, terrorist attack. 2009 form 1040 ez The credit is available to employers for wages paid to new employees and existing employees for work performed during 2002 or 2003. 2009 form 1040 ez Certain limits apply. 2009 form 1040 ez For more information about the work opportunity credit, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. 2009 form 1040 ez Credit For Pension Plan Startup Costs The credit for pension plan startup costs is now allowed for plans that become effective after December 31, 2001. 2009 form 1040 ez Previously, the credit was only allowed for plans established after December 31, 2001. 2009 form 1040 ez For more information on the credit, see Important Changes for 2002 in Publication 560, Retirement Plans for Small Business. 2009 form 1040 ez Welfare-to-Work Credit Extended The welfare-to-work credit that was scheduled to expire for wages paid to individuals who began working for you after 2001 has been extended to include wages paid to qualified individuals who begin work for you in 2002 or 2003. 2009 form 1040 ez For more information on the welfare-to-work credit, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. 2009 form 1040 ez Work Opportunity Credit Extended The work opportunity credit that was scheduled to expire for wages paid to individuals who began working for you after 2001 has been extended to include wages paid to qualified individuals who begin work for you in 2002 or 2003. 2009 form 1040 ez For more information about the work opportunity credit, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. 2009 form 1040 ez Electric and Clean-Fuel Vehicles The maximum clean-fuel vehicle deduction and qualified electric vehicle credit were scheduled to be 25% lower for 2002 and both were scheduled to be phased out completely by 2005. 2009 form 1040 ez The full deduction and credit are now allowed for qualified property placed in service in 2002 and 2003. 2009 form 1040 ez The phaseout of the deduction and the credit will begin in 2004, and no deduction or credit will be allowed for property placed in service after 2006. 2009 form 1040 ez For more information about electric and clean-fuel vehicles, see chapter 12 in Publication 535, Business Expenses. 2009 form 1040 ez Renewable Electricity Production Credit The renewable electricity production credit is extended to include electricity produced by facilities placed in service after 2001 and before 2004. 2009 form 1040 ez Later Changes Special Depreciation Allowance You can claim the special depreciation allowance (an additional 30% depreciation deduction) for new property that you acquire before September 11, 2004, and place in service for your business generally before January 1, 2005, if you meet the other requirements for qualified property covered in chapter 5. 2009 form 1040 ez Accordingly, you will generally no longer be able to claim the special depreciation allowance for the qualified property if you acquire it after September 10, 2004, or place it in service for your business after December 31, 2004. 2009 form 1040 ez However, you will be able to claim the special Liberty Zone depreciation allowance (an additional 30% depreciation deduction) for most qualified property if you place it in service in the Liberty Zone after December 31, 2004, and generally before January 1, 2007, provided you meet the other requirements for qualified Liberty Zone property covered in chapter 5. 2009 form 1040 ez Extension of Placed in Service Date To qualify for the special depreciation allowance, your property must meet certain tests, including the placed in service date test, as well as the other requirements covered in chapter 5 of this publication. 2009 form 1040 ez To meet the placed in service date test, your property must generally be placed in service for use in your trade or business or for the production of income after September 10, 2001, and before January 1, 2005. 2009 form 1040 ez However, certain property placed in service before January 1, 2006, may meet this test. 2009 form 1040 ez Transportation property and property with a recovery period of 10 years or longer meet the test if one of the following applies. 2009 form 1040 ez The property has an estimated production period of more than 2 years. 2009 form 1040 ez The property has an estimated production period of more than 1 year and it costs more than $1 million. 2009 form 1040 ez Transportation property is any tangible personal property used in the trade or business of transporting persons or property. 2009 form 1040 ez For property that qualifies for the special depreciation allowance solely because of the one-year extension of the placed in service date, only the part of the basis attributable to manufacture, construction, or production before September 11, 2004, is eligible for the special depreciation allowance. 2009 form 1040 ez Special Liberty Zone Depreciation Allowance for New and Used Property You can claim the special Liberty Zone depreciation allowance (an additional 30% depreciation deduction) for used property that you acquire after September 10, 2001, if the property meets the requirements listed under Qualified Liberty Zone Property in chapter 5 of this publication. 2009 form 1040 ez You will be able to claim the allowance for both new and used property that you acquire after September 10, 2004, provided the property meets the other requirements for qualified Liberty Zone property. 2009 form 1040 ez Depreciation of Property Used on Indian Reservations The special depreciation rules that apply to qualified property used on an Indian reservation were scheduled to expire for property placed in service after 2003. 2009 form 1040 ez These special rules have been extended to include property placed in service in 2004. 2009 form 1040 ez For more information about these rules, see Publication 946, How To Depreciate Property. 2009 form 1040 ez Indian Employment Credit Extended The Indian employment credit that was scheduled to expire for tax years beginning after 2003 has been extended to include a tax year beginning in 2004. 2009 form 1040 ez For more information about this credit, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. 2009 form 1040 ez Prev  Up  Next   Home   More Online Publications