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2011 Irs Form 10402011 irs form 1040 9. 2011 irs form 1040 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. 2011 irs form 1040 This applies to any IRA you own, whether it is a traditional IRA (including a SEP-IRA), a Roth IRA, or a SIMPLE IRA. 2011 irs form 1040 The additional tax on an early distribution from a SIMPLE IRA may be as high as 25%. 2011 irs form 1040 See Publication 560, Retirement Plans for Small Business, for information on SEP-IRAs, and Publication 590, for information about all other IRAs. 2011 irs form 1040 However, you can take distributions from your IRAs for qualified higher education expenses without having to pay the 10% additional tax. 2011 irs form 1040 You may owe income tax on at least part of the amount distributed, but you may not have to pay the 10% additional tax. 2011 irs form 1040 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. 2011 irs form 1040 If the taxable part of the distribution is more than the AQEE, only the excess is subject to the additional tax. 2011 irs form 1040 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. 2011 irs form 1040 Qualified education expenses. 2011 irs form 1040 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. 2011 irs form 1040 They also include expenses for special needs services incurred by or for special needs students in connection with their enrollment or attendance. 2011 irs form 1040 In addition, if the student is at least a half-time student, room and board are qualified education expenses. 2011 irs form 1040 The expense for room and board qualifies only to the extent that it is not more than the greater of the following two amounts. 2011 irs form 1040 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. 2011 irs form 1040 The actual amount charged if the student is residing in housing owned or operated by the eligible educational institution. 2011 irs form 1040 You will need to contact the eligible educational institution for qualified room and board costs. 2011 irs form 1040 Eligible educational institution. 2011 irs form 1040 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. 2011 irs form 1040 S. 2011 irs form 1040 Department of Education. 2011 irs form 1040 It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. 2011 irs form 1040 The educational institution should be able to tell you if it is an eligible educational institution. 2011 irs form 1040 Certain educational institutions located outside the United States also participate in the U. 2011 irs form 1040 S. 2011 irs form 1040 Department of Education's Federal Student Aid (FSA) programs. 2011 irs form 1040 Half-time student. 2011 irs form 1040 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. 2011 irs form 1040 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. 2011 irs form 1040 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. 2011 irs form 1040 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)). 2011 irs form 1040 If your IRA distribution is equal to or less than your adjusted qualified education expenses, you are not subject to the 10% additional tax. 2011 irs form 1040 Example 1. 2011 irs form 1040 In 2013, Erin (age 32) took a year off from teaching to attend graduate school full-time. 2011 irs form 1040 She paid $5,800 of qualified education expenses from the following sources. 2011 irs form 1040 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. 2011 irs form 1040 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. 2011 irs form 1040 However, she must include the $500 taxable earnings in her gross income subject to income tax. 2011 irs form 1040 Example 2. 2011 irs form 1040 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. 2011 irs form 1040 This must be included in her income subject to income tax. 2011 irs form 1040 The taxable part of Erin's IRA distribution ($1,000) is larger than her $800 AQEE. 2011 irs form 1040 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). 2011 irs form 1040 She does not have to pay the 10% additional tax on the remaining $800 of her taxable distribution. 2011 irs form 1040 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. 2011 irs form 1040 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. 2011 irs form 1040 If you received an early distribution from your IRA, you must report the taxable earnings on Form 1040, line 15b (Form 1040NR, line 16b). 2011 irs form 1040 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. 2011 irs form 1040 See the Instructions for Form 5329, Part I, for help in completing the form and entering the results on Form 1040 or 1040NR. 2011 irs form 1040 There are many other situations in which Form 5329 is required. 2011 irs form 1040 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. 2011 irs form 1040 Prev Up Next Home More Online Publications
Shopping for a Home Mortgage
Question to Ask When Shopping for a Mortgage
When shopping for a home mortgage make sure you obtain all the relevant information:
- Research current interest rates. Check the real estate section of your local newspaper, use the Internet, or call at least six lenders for information.
- Check the rates for 30-year, 20-year and 15-year mortgages. You may be able to save thousands of dollars in interest charges by getting the shortest-term mortgage you can afford.
- Ask for details on the same loan amount, loan term, and type of loan from multiple lenders so that you can compare the information. Be sure to get the Annual Percentage Rate (APR), which takes into account not only the interest rate but also points, broker fees, and other credit charges expressed as a yearly rate.
- Ask whether the rate is fixed or adjustable. The interest rate on adjustable rate mortgage loans (ARMs) can vary a great deal over the lifetime of the mortgage. An increase of several percentage points might raise payments by hundreds of dollars per month.
- If a loan has an adjustable rate, ask when and how the rate and loan payment could change.
- Find out how much down payment is required. Some lenders require 20% of the home's purchase price as a down payment. But many lenders now offer loans that require less. In these cases, you may be required to purchase private mortgage insurance (PMI) to protect the lender if you fall behind on payments.
- If PMI is required, ask what the total cost of the insurance will be. How much will the monthly mortgage payment be when the PMI premium is added and how long you will be required to carry PMI?
- Ask if you can pay off the loan early and if there is a penalty for doing so.
There is a long list of sources for mortgages loans: mortgage banks, mortgage brokers, banks, thrifts and credit unions, home builders, real estate agencies and Internet lenders.
Tips for Working with Lenders
- Get recommendations: Ask friends and family members for suggestions, especially if they've recently obtained a loan.
- Check credentials: Mortgage bankers are regulated by either your state's department of banking or division of real estate. Check with the one appropriate to your state to see if a lender is in good professional standing. Mortgage brokers may be state regulated or not. If not, check with the local chapter of the National Association of Mortgage Brokers or the Better Business Bureau to see if their record is clean.
- Do your homework: Learn about typical mortgages and ask questions when something looks amiss; a broker may be trying to pad closing costs or other fees at your expense.
- Take care online: There are plenty of attractive deals online, but first make sure you're dealing with a reliable broker or lender.
If you're working with a broker, the National Consumer Law Center recommends you demand to know how much the broker is making from the lender as well as from any fees you might be paying. It's best to get this information upfront and in writing. Avoid a broker who is double-dipping-getting a fat premium from the lender, as well as fees from you.
The Real Estate Settlement Procedures Act (RESPA) requires lenders to give you information on all closing costs and escrow account practices. Any business relationships between the lender and closing service providers or other parties to the transaction must also be disclosed. Many of the fees are negotiable. More information is available from the Federal Trade Commission, the Federal Reserve Board, and the Department of Housing and Urban Development.
For more information on home buying and mortgages, visit Fannie Mae's website or call 202-752-7000.