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Amended 2012 Tax Form

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Amended 2012 Tax Form

Amended 2012 tax form Other Methods of Depreciation Table of Contents Topics - This chapter discusses: Useful Items - You may want to see: How To Figure the DeductionBasis Useful Life Salvage Value Methods To UseStraight Line Method Declining Balance Method Income Forecast Method How To Change Methods DispositionsSale or exchange. Amended 2012 tax form Property not disposed of or abandoned. Amended 2012 tax form Special rule for normal retirements from item accounts. Amended 2012 tax form Abandoned property. Amended 2012 tax form Single item accounts. Amended 2012 tax form Multiple property account. Amended 2012 tax form Topics - This chapter discusses: How to figure the deduction Methods to use How to change methods Dispositions Useful Items - You may want to see: Publication 544 Sales and Other Dispositions of Assets 551 Basis of Assets 583 Starting a Business and Keeping Records 946 How To Depreciate Property Form (and Instructions) 3115 Application for Change in Accounting Method 4562 Depreciation and Amortization Schedule C (Form 1040) Profit or Loss From Business If your property is being depreciated under ACRS, you must continue to use rules for depreciation that applied when you placed the property in service. Amended 2012 tax form If your property qualified for MACRS, you must depreciate it under MACRS. Amended 2012 tax form See Publication 946. Amended 2012 tax form However, you cannot use MACRS for certain property because of special rules that exclude it from MACRS. Amended 2012 tax form Also, you can elect to exclude certain property from being depreciated under MACRS. Amended 2012 tax form Property that you cannot depreciate using MACRS includes: Intangible property, Property you can elect to exclude from MACRS that you properly depreciate under a method that is not based on a term of years, Certain public utility property, Any motion picture film or video tape, Any sound recording, and Certain real and personal property placed in service before 1987. Amended 2012 tax form Intangible property. Amended 2012 tax form   You cannot depreciate intangible property under ACRS or MACRS. Amended 2012 tax form You depreciate intangible property using any other reasonable method, usually, the straight line method. Amended 2012 tax form Note. Amended 2012 tax form The cost of certain intangible property that you acquire after August 10, 1993, must be amortized over a 15-year period. Amended 2012 tax form For more information, see chapter 12 of Publication 535. Amended 2012 tax form Public utility property. Amended 2012 tax form   The law excludes from MACRS any public utility property for which the taxpayer does not use a normalization method of accounting. Amended 2012 tax form This type of property is subject to depreciation under a special rule. Amended 2012 tax form Videocassettes. Amended 2012 tax form   If you are in the videocassette rental business, you can depreciate those videocassettes purchased for rental. Amended 2012 tax form You can depreciate the cost less salvage value of those videocassettes that have a useful life over one year using either: The straight line method, or The income forecast method. Amended 2012 tax form The straight line method, salvage value, and useful life are discussed later under Methods To Use. Amended 2012 tax form You can deduct in the year of purchase as a business expense the cost of any cassette that has a useful life of one year or less. Amended 2012 tax form How To Figure the Deduction Two other reasonable methods can be used to figure your deduction for property not covered under ACRS or MACRS. Amended 2012 tax form These methods are straight line and declining balance. Amended 2012 tax form To figure depreciation using these methods, you must generally determine three things about the property you intend to depreciate. Amended 2012 tax form They are: The basis, The useful life, and The estimated salvage value at the end of its useful life. Amended 2012 tax form The amount of the deduction in any year also depends on which method of depreciation you choose. Amended 2012 tax form Basis To deduct the proper amount of depreciation each year, first determine your basis in the property you intend to depreciate. Amended 2012 tax form The basis used for figuring depreciation is the same as the basis that would be used for figuring the gain on a sale. Amended 2012 tax form Your original basis is usually the purchase price. Amended 2012 tax form However, if you acquire property in some other way, such as inheriting it, getting it as a gift, or building it yourself, you have to figure your original basis in a different way. Amended 2012 tax form Adjusted basis. Amended 2012 tax form   Events will often change the basis of property. Amended 2012 tax form When this occurs, the changed basis is called the adjusted basis. Amended 2012 tax form Some events, such as improvements you make, increase basis. Amended 2012 tax form Events such as deducting casualty losses and depreciation decrease basis. Amended 2012 tax form If basis is adjusted, the depreciation deduction may also have to be changed, depending on the reason for the adjustment and the method of depreciation you are using. Amended 2012 tax form   Publication 551 explains how to figure basis for property acquired in different ways. Amended 2012 tax form It also discusses what items increase and decrease basis, how to figure adjusted basis, and how to allocate cost if you buy several pieces of property at one time. Amended 2012 tax form Useful Life The useful life of a piece of property is an estimate of how long you can expect to use it in your trade or business, or to produce income. Amended 2012 tax form It is the length of time over which you will make yearly depreciation deductions of your basis in the property. Amended 2012 tax form It is how long it will continue to be useful to you, not how long the property will last. Amended 2012 tax form Many things affect the useful life of property, such as: Frequency of use, Age when acquired, Your repair policy, and Environmental conditions. Amended 2012 tax form The useful life can also be affected by technological improvements, progress in the arts, reasonably foreseeable economic changes, shifting of business centers, prohibitory laws, and other causes. Amended 2012 tax form Consider all these factors before you arrive at a useful life for your property. Amended 2012 tax form The useful life of the same type of property varies from user to user. Amended 2012 tax form When you determine the useful life of your property, keep in mind your own experience with similar property. Amended 2012 tax form You can use the general experience of the industry you are in until you are able to determine a useful life of your property from your own experience. Amended 2012 tax form Change in useful life. Amended 2012 tax form   You base your estimate of useful life on certain facts. Amended 2012 tax form If these facts change significantly, you can adjust your estimate of the remaining useful life. Amended 2012 tax form However, you redetermine the estimated useful life only when the change is substantial and there is a clear reason for making the change. Amended 2012 tax form Salvage Value It is important for you to accurately determine the correct salvage value of the property you want to depreciate. Amended 2012 tax form You generally cannot depreciate property below a reasonable salvage value. Amended 2012 tax form Determining salvage value. Amended 2012 tax form   Salvage value is the estimated value of property at the end of its useful life. Amended 2012 tax form It is what you expect to get for the property if you sell it after you can no longer use it productively. Amended 2012 tax form You must estimate the salvage value of a piece of property when you first acquire it. Amended 2012 tax form   Salvage value is affected both by how you use the property and how long you use it. Amended 2012 tax form If it is your policy to dispose of property that is still in good operating condition, the salvage value can be relatively large. Amended 2012 tax form However, if your policy is to use property until it is no longer usable, its salvage value can be its junk value. Amended 2012 tax form Changing salvage value. Amended 2012 tax form   Once you determine the salvage value for property, you should not change it merely because prices have changed. Amended 2012 tax form However, if you redetermine the useful life of property, as discussed earlier under Change in useful life, you can also redetermine the salvage value. Amended 2012 tax form When you redetermine the salvage value, take into account the facts that exist at the time. Amended 2012 tax form Net salvage. Amended 2012 tax form   Net salvage is the salvage value of property minus what it costs to remove it when you dispose of it. Amended 2012 tax form You can choose either salvage value or net salvage when you figure depreciation. Amended 2012 tax form You must consistently use the one you choose and the treatment of the costs of removal must be consistent with the practice adopted. Amended 2012 tax form However, if the cost to remove the property is more than the estimated salvage value, then net salvage is zero. Amended 2012 tax form Your salvage value can never be less than zero. Amended 2012 tax form Ten percent rule. Amended 2012 tax form   If you acquire personal property that has a useful life of 3 years or more, you can use an amount for salvage value that is less than your actual estimate. Amended 2012 tax form You can subtract from your estimate of salvage value an amount equal to 10% of your basis in the property. Amended 2012 tax form If salvage value is less than 10% of basis, you can ignore salvage value when you figure depreciation. Amended 2012 tax form Methods To Use Two methods of depreciation are the straight line and declining balance methods. Amended 2012 tax form If ACRS or MACRS does not apply, you can use one of these methods. Amended 2012 tax form The straight line and declining balance methods discussed in this section are not figured in the same way as straight line or declining balance methods under MACRS. Amended 2012 tax form Straight Line Method Before 1981, you could use any reasonable method for every kind of depreciable property. Amended 2012 tax form One of these methods was the straight line method. Amended 2012 tax form This method was also used for intangible property. Amended 2012 tax form It lets you deduct the same amount of depreciation each year. Amended 2012 tax form To figure your deduction, determine the adjusted basis of your property, its salvage value, and its estimated useful life. Amended 2012 tax form Subtract the salvage value, if any, from the adjusted basis. Amended 2012 tax form The balance is the total amount of depreciation you can take over the useful life of the property. Amended 2012 tax form Divide the balance by the number of years remaining in the useful life. Amended 2012 tax form This gives you the amount of your yearly depreciation deduction. Amended 2012 tax form Unless there is a big change in adjusted basis, or useful life, this amount will stay the same throughout the time you depreciate the property. Amended 2012 tax form If, in the first year, you use the property for less than a full year, you must prorate your depreciation deduction for the number of months in use. Amended 2012 tax form Example. Amended 2012 tax form In April 1994, Frank bought a franchise for $5,600. Amended 2012 tax form It expires in 10 years. Amended 2012 tax form This property is intangible property that cannot be depreciated under MACRS. Amended 2012 tax form Frank depreciates the franchise under the straight line method, using a 10-year useful life and no salvage value. Amended 2012 tax form He takes the $5,600 basis and divides that amount by 10 years ($5,600 ÷ 10 = $560, a full year's use). Amended 2012 tax form He must prorate the $560 for his 9 months of use in 1994. Amended 2012 tax form This gives him a deduction of $420 ($560 ÷ 9/12). Amended 2012 tax form In 1995, Frank can deduct $560 for the full year. Amended 2012 tax form Declining Balance Method The declining balance method allows you to recover a larger amount of the cost of the property in the early years of your use of the property. Amended 2012 tax form The rate cannot be more than twice the straight line rate. Amended 2012 tax form Rate of depreciation. Amended 2012 tax form   Under this method, you must determine your declining balance rate of depreciation. Amended 2012 tax form The initial step is to: Divide the number 1 by the useful life of your property to get a straight line rate. Amended 2012 tax form (For example, if property has a useful life of 5 years, its normal straight line rate of depreciation is ⅕, or 20%. Amended 2012 tax form ) Multiply this straight line rate by a number that is more than 1 but not more than 2 to determine the declining balance rate. Amended 2012 tax form Unless there is a change in the useful life during the time you depreciate the property, the rate of depreciation generally will not change. Amended 2012 tax form Depreciation deductions. Amended 2012 tax form   After you determine the rate of depreciation, multiply the adjusted basis of the property by it. Amended 2012 tax form This gives you the amount of your deduction. Amended 2012 tax form For example, if your adjusted basis at the beginning of the first year is $10,000, and your declining balance rate is 20%, your depreciation deduction for the first year is $2,000 ($10,000 ÷ 20%). Amended 2012 tax form To figure your depreciation deduction in the second year, you must first adjust the basis for the amount of depreciation you deducted in the first year. Amended 2012 tax form Subtract the previous year's depreciation from your basis ($10,000 - $2,000 = $8,000). Amended 2012 tax form Multiply this amount by the rate of depreciation ($8,000 ÷ 20% = $1,600). Amended 2012 tax form Your depreciation deduction for the second year is $1,600. Amended 2012 tax form   As you can see from this example, your adjusted basis in the property gets smaller each year. Amended 2012 tax form Also, under this method, deductions are larger in the earlier years and smaller in the later years. Amended 2012 tax form You can make a change to the straight line method without consent. Amended 2012 tax form Salvage value. Amended 2012 tax form   Do not subtract salvage value when you figure your yearly depreciation deductions under the declining balance method. Amended 2012 tax form However, you cannot depreciate the property below its reasonable salvage value. Amended 2012 tax form Determine salvage value using the rules discussed earlier, including the special 10% rule. Amended 2012 tax form Example. Amended 2012 tax form If your adjusted basis has been decreased to $1,000 and the rate of depreciation is 20%, your depreciation deduction should be $200. Amended 2012 tax form But if your estimate of salvage value was $900, you can only deduct $100. Amended 2012 tax form This is because $100 is the amount that would lower your adjusted basis to equal salvage value. Amended 2012 tax form Income Forecast Method The income forecast method requires income projections for each videocassette or group of videocassettes. Amended 2012 tax form You can group the videocassettes by title for making this projection. Amended 2012 tax form You determine the depreciation by applying a fraction to the cost less salvage value of the cassette. Amended 2012 tax form The numerator is the income from the videocassette for the tax year and the denominator is the total projected income for the cassette. Amended 2012 tax form For more information on the income forecast method, see Revenue Ruling 60-358 in Cumulative Bulletin 1960, Volume 2, on page 68. Amended 2012 tax form How To Change Methods In some cases, you may change your method of depreciation for property depreciated under a reasonable method. Amended 2012 tax form If you change your method of depreciation, it is generally a change in your method of accounting. Amended 2012 tax form You must get IRS consent before making the change. Amended 2012 tax form However, you do not need permission for certain changes in your method of depreciation. Amended 2012 tax form The rules discussed in this section do not apply to property depreciated under ACRS or MACRS. Amended 2012 tax form For information on ACRS elections,see Revocation of election, in chapter 1 under Alternate ACRS Method. Amended 2012 tax form Change to the straight line method. Amended 2012 tax form   You can change from the declining balance method to the straight line method at any time during the useful life of your property without IRS consent. Amended 2012 tax form However, if you have a written agreement with the IRS that prohibits a change, you must first get IRS permission. Amended 2012 tax form When the change is made, figure depreciation based on your adjusted basis in the property at that time. Amended 2012 tax form Your adjusted basis takes into account all previous depreciation deductions. Amended 2012 tax form Use the estimated remaining useful life of your property at the time of change and its estimated salvage value. Amended 2012 tax form   You can change from the declining balance method to straight line only on the original tax return for the year you first use the straight line method. Amended 2012 tax form You cannot make the change on an amended return filed after the due date of the original return (including extensions). Amended 2012 tax form   When you make the change, attach a statement to your tax return showing: When you acquired the property, Its original cost or other original basis, The total amount claimed for depreciation and other allowances since you acquired it, Its salvage value and remaining useful life, and A description of the property and its use. Amended 2012 tax form   After you change to straight line, you cannot change back to the declining balance method or to any other method for a period of 10 years without written permission from the IRS. Amended 2012 tax form Changes that require permission. Amended 2012 tax form   For most other changes in method of depreciation, you must get permission from the IRS. Amended 2012 tax form To request a change in method of depreciation, file Form 3115. Amended 2012 tax form File the application within the first 180 days of the tax year the change is to become effective. Amended 2012 tax form In most cases, there is a user fee that must accompany Form 3115. Amended 2012 tax form See the instructions for Form 3115 to determine if a fee is required. Amended 2012 tax form Changes granted automatically. Amended 2012 tax form   The IRS automatically approves certain changes of a method of depreciation. Amended 2012 tax form But, you must file Form 3115 for these automatic changes. Amended 2012 tax form   However, IRS can deny permission if Form 3115 is not filed on time. Amended 2012 tax form For more information on automatic changes, see Revenue Procedure 74-11, 1974-1 C. Amended 2012 tax form B. Amended 2012 tax form 420. Amended 2012 tax form Changes for which approval is not automatic. Amended 2012 tax form   The automatic change procedures do not apply to: Property or an account where you made a change in depreciation within the last 10 tax years (unless the change was made under the Class Life System), Class Life Asset Depreciation Range System, and Public utility property. Amended 2012 tax form   You must request and receive permission for these changes. Amended 2012 tax form To make the request, file Form 3115 during the first 180 days of the tax year for which you want the change to be effective. Amended 2012 tax form Change from an improper method. Amended 2012 tax form   If the IRS disallows the method you are using, you do not need permission to change to a proper method. Amended 2012 tax form You can adopt the straight line method, or any other method that would have been permitted if you had used it from the beginning. Amended 2012 tax form If you file your tax return using an improper method, but later file an amended return, you can use a proper method on the amended return without getting IRS permission. Amended 2012 tax form However, you must file the amended return before the filing date for the next tax year. Amended 2012 tax form Dispositions Retirement is the permanent withdrawal of depreciable property from use in your trade or business or for the production of income. Amended 2012 tax form You can do this by selling, exchanging, or abandoning the item of property. Amended 2012 tax form You can also withdraw it from use without disposing of it. Amended 2012 tax form For example, you could place it in a supplies or scrap account. Amended 2012 tax form Retirements can be either normal or abnormal depending on all facts and circumstances. Amended 2012 tax form The rules discussed next do not apply to MACRS and ACRS property. Amended 2012 tax form Normal retirement. Amended 2012 tax form   A normal retirement is a permanent withdrawal of depreciable property from use if the following apply: The retirement is made within the useful life you estimated originally, and The property has reached a condition at which you customarily retire or would retire similar property from use. Amended 2012 tax form A retirement is generally considered normal unless you can show that you retired the property because of a reason you did not consider when you originally estimated the useful life of the property. Amended 2012 tax form Abnormal retirement. Amended 2012 tax form   A retirement can be abnormal if you withdraw the property early or under other circumstances. Amended 2012 tax form For example, if the property is damaged by a fire or suddenly becomes obsolete and is now useless. Amended 2012 tax form Gain or loss on retirement. Amended 2012 tax form   There are special rules for figuring the gain or loss on retirement of property. Amended 2012 tax form The gain or loss will depend on several factors. Amended 2012 tax form These include the type of withdrawal, if the withdrawal was from a single property or multiple property account, and if the retirement was normal or abnormal. Amended 2012 tax form A single property account contains only one item of property. Amended 2012 tax form A multiple property account is one in which several items have been combined with a single rate of depreciation assigned to the entire account. Amended 2012 tax form Sale or exchange. Amended 2012 tax form   If property is retired by sale or exchange, you figure gain or loss by the usual rules that apply to sales or other dispositions of property. Amended 2012 tax form See Publication 544. Amended 2012 tax form Property not disposed of or abandoned. Amended 2012 tax form   If property is retired permanently, but not disposed of or physically abandoned, you do not recognize gain. Amended 2012 tax form You are allowed a loss in such a case, but only if the retirement is: An abnormal retirement, A normal retirement from a single property account in which you determined the life of each item of property separately, or A normal retirement from a multiple property account in which the depreciation rate is based on the maximum expected life of the longest lived item of property and the loss occurs before the expiration of the full useful life. Amended 2012 tax form However, you are not allowed a loss if the depreciation rate is based on the average useful life of the items of property in the account. Amended 2012 tax form   To figure your loss, subtract the estimated salvage or fair market value of the property at the date of retirement, whichever is more, from its adjusted basis. Amended 2012 tax form Special rule for normal retirements from item accounts. Amended 2012 tax form   You can generally deduct losses upon retirement of a few depreciable items of property with similar useful lives, if: You account for each one in a separate account, and You use the average useful life to figure depreciation. Amended 2012 tax form However, you cannot deduct losses if you use the average useful life to figure depreciation and they have a wide range of useful lives. Amended 2012 tax form   If you have a large number of depreciable property items and use average useful lives to figure depreciation, you cannot deduct the losses upon normal retirements from these accounts. Amended 2012 tax form Abandoned property. Amended 2012 tax form   If you physically abandon property, you can deduct as a loss the adjusted basis of the property at the time of its abandonment. Amended 2012 tax form However, your intent must be to discard the property so that you will not use it again or retrieve it for sale, exchange, or other disposition. Amended 2012 tax form Basis of property retired. Amended 2012 tax form   The basis for figuring gain or loss on the retirement of property is its adjusted basis at the time of retirement, as determined in the following discussions. Amended 2012 tax form Single item accounts. Amended 2012 tax form   If an item of property is accounted for in a single item account, the adjusted basis is the basis you would use to figure gain or loss for a sale or exchange of the property. Amended 2012 tax form This is generally the cost or other basis of the item of property less depreciation. Amended 2012 tax form See Publication 551. Amended 2012 tax form Multiple property account. Amended 2012 tax form   For a normal retirement from a multiple property account, if you figured depreciation using the average expected useful life, the adjusted basis is the salvage value estimated for the item of property when it was originally acquired. Amended 2012 tax form If you figured depreciation using the maximum expected useful life of the longest lived item of property in the account, you must use the depreciation method used for the multiple property account and a rate based on the maximum expected useful life of the item of property retired. Amended 2012 tax form   You make the adjustment for depreciation for an abnormal retirement from a multiple property account at the rate that would be proper if the item of property was depreciated in a single property account. Amended 2012 tax form The method of depreciation used for the multiple property account is used. Amended 2012 tax form You base the rate on either the average expected useful life or the maximum expected useful life of the retired item of property, depending on the method used to determine the depreciation rate for the multiple property account. Amended 2012 tax form Prev  Up  Next   Home   More Online Publications
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The Amended 2012 Tax Form

Amended 2012 tax form 3. Amended 2012 tax form   Credit for Withholding and Estimated Tax for 2013 Table of Contents Introduction Topics - This chapter discusses: WithholdingForm W-2 Form W-2G The 1099 Series Form Not Correct Form Received After Filing Separate Returns Fiscal Years (FY) Estimated TaxSeparate Returns Divorced Taxpayers Excess Social Security or Railroad Retirement Tax WithholdingJoint returns. Amended 2012 tax form Worksheet for Nonrailroad Employees Worksheets for Railroad Employees Introduction When you file your 2013 income tax return, take credit for all the income tax and excess social security or railroad retirement tax withheld from your salary, wages, pensions, etc. Amended 2012 tax form Also take credit for the estimated tax you paid for 2013. Amended 2012 tax form These credits are subtracted from your total tax. Amended 2012 tax form Because these credits are refundable, you should file a return and claim these credits, even if you do not owe tax. Amended 2012 tax form If the total of your withholding and your estimated tax payments for any payment period is less than the amount you needed to pay by the due date for that period, you may be charged a penalty, even if the total of these credits is more than your tax for the year. Amended 2012 tax form Topics - This chapter discusses: How to take credit for withholding, How to take credit for estimated taxes you paid, and How to take credit for excess social security, Medicare, or railroad retirement tax withholding. Amended 2012 tax form Withholding If you had income tax withheld during 2013, you generally should be sent a statement by January 31, 2014, showing your income and the tax withheld. Amended 2012 tax form Depending on the source of your income, you will receive: Form W-2, Wage and Tax Statement, Form W-2G, Certain Gambling Winnings, or A form in the 1099 series. Amended 2012 tax form Form W-2 Your employer is required to provide or send Form W-2 to you no later than January 31, 2014. Amended 2012 tax form You should receive a separate Form W-2 from each employer you worked for. Amended 2012 tax form If you stopped working before the end of 2013, your employer could have given you your Form W-2 at any time after you stopped working. Amended 2012 tax form However, your employer must provide or send it to you by January 31, 2014. Amended 2012 tax form If you ask for the form, your employer must send it to you within 30 days after receiving your written request or within 30 days after your final wage payment, whichever is later. Amended 2012 tax form If you have not received your Form W-2 by January 31, contact your employer or payer to request a copy. Amended 2012 tax form If you still do not get the form by February 15, the IRS can help you by requesting the form from your employer. Amended 2012 tax form The phone number for the IRS is listed in chapter 5. Amended 2012 tax form You will be asked for the following information. Amended 2012 tax form Your name, address, city and state, zip code, and social security number. Amended 2012 tax form Your employer's name, address, city, state, zip code, and the employer's identification number (if known). Amended 2012 tax form An estimate of the wages you earned, the federal income tax withheld, and the period you worked for that employer. Amended 2012 tax form The estimate should be based on year-to-date information from your final pay stub or leave-and-earnings statement, if possible. Amended 2012 tax form Form W-2 shows your total pay and other compensation and the income tax, social security tax, and Medicare tax that was withheld during the year. Amended 2012 tax form Total the federal income tax withheld (shown in box 2 of all Forms W-2 received) and enter that amount on the appropriate line of your tax return. Amended 2012 tax form In addition, Form W-2 is used to report any taxable sick pay you received and any income tax withheld from your sick pay. Amended 2012 tax form Your sick pay may be combined with other wages in one Form W-2 or you may receive a separate Form W-2 for sick pay. Amended 2012 tax form If you file a paper tax return, attach Copy B of Form W-2 to your return. Amended 2012 tax form Form W-2G If you had gambling winnings in 2013, the payer may have withheld income tax. Amended 2012 tax form If tax was withheld, the payer will give you a Form W-2G showing the amount you won and the amount of tax withheld. Amended 2012 tax form Report the amounts you won on line 21 of Form 1040. Amended 2012 tax form Take credit for the tax withheld on line 62 of Form 1040. Amended 2012 tax form If you had gambling winnings, you must use Form 1040; you cannot use Form 1040A or Form 1040EZ. Amended 2012 tax form Gambling losses can be deducted on Schedule A (Form 1040) as a miscellaneous itemized deduction. Amended 2012 tax form However, you cannot deduct more than the gambling winnings you report on Form 1040. Amended 2012 tax form File Form W-2G with your income tax return only if it shows any federal income tax withheld in box 2. Amended 2012 tax form The 1099 Series Most forms in the 1099 series are not filed with your return. Amended 2012 tax form In general, these forms should be furnished to you by January 31, 2014. Amended 2012 tax form Unless instructed to file any of these forms with your return, keep them for your records. Amended 2012 tax form There are several different forms in this series, including: Form 1099-B, Proceeds From Broker and Barter Exchange Transactions; Form 1099-C, Cancellation of Debt; Form 1099-DIV, Dividends and Distributions; Form 1099-G, Certain Government Payments; Form 1099-INT, Interest Income; Form 1099-K, Payment Card and Third-Party Network Transactions; Form 1099-MISC, Miscellaneous Income; Form 1099-OID, Original Issue Discount; Form 1099-PATR, Taxable Distributions Received From Cooperatives; Form 1099-Q, Payments From Qualified Education Programs (Under Sections 529 and 530); Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Amended 2012 tax form ; Form SSA-1099, Social Security Benefit Statement; and Form RRB-1099, Payments by the Railroad Retirement Board. Amended 2012 tax form If you received the types of income reported on some forms in the 1099 series, you may not be able to use Form 1040A or Form 1040EZ. Amended 2012 tax form See the instructions to these forms for details. Amended 2012 tax form Reporting your withholding. Amended 2012 tax form   Report on your tax return all federal income tax withholding shown on your Form 1099, Form SSA-1099, and/or Form RRB-1099. Amended 2012 tax form Include the amount withheld in the total on line 62 of Form 1040, line 36 of Form 1040A, or line 7 of Form 1040EZ. Amended 2012 tax form Form 1099-R. Amended 2012 tax form   Attach Form 1099-R to your paper return if federal income tax withholding is shown in box 4. Amended 2012 tax form Do not attach any other Form 1099. Amended 2012 tax form Form Not Correct If you receive a form with incorrect information, you should ask the payer for a corrected form. Amended 2012 tax form Call the telephone number or write to the address given for the payer on the form. Amended 2012 tax form The corrected Form W-2G or Form 1099 you receive will have an “X” in the “CORRECTED” box at the top of the form. Amended 2012 tax form A special form, Form W-2c, Corrected Wage and Tax Statement, is used to correct a Form W-2. Amended 2012 tax form In certain situations, you will receive two forms in place of the original incorrect form. Amended 2012 tax form This will happen when your taxpayer identification number is wrong or missing, your name and address are wrong, or you received the wrong type of form (for example, a Form 1099-DIV instead of a Form 1099-INT). Amended 2012 tax form One new form you receive will be the same incorrect form or have the same incorrect information, but all money amounts will be zero. Amended 2012 tax form This form will have an “X” in the “CORRECTED” box at the top of the form. Amended 2012 tax form The second new form should have all the correct information, prepared as though it is the original (the “CORRECTED” box will not be checked). Amended 2012 tax form Form Received After Filing If you file your return and you later receive a form for income that you did not include on your return, report the income and take credit for any income tax withheld by filing Form 1040X, Amended U. Amended 2012 tax form S. Amended 2012 tax form Individual Income Tax Return. Amended 2012 tax form Separate Returns If you are married but file a separate return, you can take credit only for the tax withheld from your own income. Amended 2012 tax form Do not include any amount withheld from your spouse's income. Amended 2012 tax form However, different rules may apply if you live in a community property state. Amended 2012 tax form Community property states. Amended 2012 tax form   The following are community property states. Amended 2012 tax form Arizona. Amended 2012 tax form California. Amended 2012 tax form Idaho. Amended 2012 tax form Louisiana. Amended 2012 tax form Nevada. Amended 2012 tax form New Mexico. Amended 2012 tax form Texas. Amended 2012 tax form Washington. Amended 2012 tax form Wisconsin. Amended 2012 tax form Generally, if you live in a community property state and file a separate return, you and your spouse each must report half of all community income in addition to your own separate income. Amended 2012 tax form If you are required to report half of all community income, you are entitled to take credit for half of all taxes withheld on the community income. Amended 2012 tax form If you were divorced during the year, each of you generally must report half the community income and can take credit for half the withholding on that community income for the period before the divorce. Amended 2012 tax form   For more information on these rules, and some exceptions, see Publication 555, Community Property. Amended 2012 tax form Fiscal Years (FY) If you file your tax return on the basis of a fiscal year (a 12-month period ending on the last day of any month except December), you must follow special rules, described below, to determine your credit for federal income tax withholding. Amended 2012 tax form Fiscal year withholding. Amended 2012 tax form    You can claim credit on your tax return only for the tax withheld during the calendar year (CY) ending within your fiscal year. Amended 2012 tax form You cannot claim credit for any of the tax withheld during the calendar year beginning in your fiscal year. Amended 2012 tax form You will be able to claim credit for that withholding on your return for your next fiscal year. Amended 2012 tax form   The Form W-2 or 1099 you receive for the calendar year that ends during your fiscal year will show the tax withheld and the income you received during that calendar year. Amended 2012 tax form   Although you take credit for all the withheld tax shown on the form, report only the part of the income shown on the form that you received during your fiscal year. Amended 2012 tax form Add to that the income you received during the rest of your fiscal year. Amended 2012 tax form Example. Amended 2012 tax form Miles Hanson files his return for a fiscal year ending June 30, 2013. Amended 2012 tax form In January 2013, he received a Form W-2 that showed that his wages for 2012 were $31,200 and that his income tax withheld was $3,380. Amended 2012 tax form His records show that he had received $15,000 of the wages by June 30, 2012, and $16,200 from July 1 through December 31, 2012. Amended 2012 tax form See Table 3-1 . Amended 2012 tax form On his return for the fiscal year ending June 30, 2013, Miles will report the $16,200 he was paid in July through December of 2012, plus the $18,850 he was paid during the rest of the fiscal year, January 1, 2013, through June 30, 2013. Amended 2012 tax form However, he takes credit for all $3,380 that was withheld during 2012. Amended 2012 tax form On his return for the fiscal year ending June 30, 2012, he reported the $15,000 he was paid in January through June 2012, but took no credit for the tax withheld during that time. Amended 2012 tax form On his return for the fiscal year ending June 30, 2014, he will take the credit for any tax withheld during 2013 but not for any tax withheld during 2014. Amended 2012 tax form Table 3-1. Amended 2012 tax form Example for Fiscal Year Ending June 30, 2013—Miles Hanson Date Form W-2 Miles' records Tax return for FY ending 6/30/20121 Tax return for FY ending 6/30/2013 Wages With- holding Wages With- holding Wages With- holding Wages With- holding CY 20122 $31,200 $3,380             1/1/2012 –  6/30/2012     $15,000 $1,600 $15,000       7/1/2012 –  12/31/2012     $16,200 $1,780     $16,200 $3,380 CY 2013 $37,700 $4,316 3             1/1/2013 –  6/30/2013     $18,850 $2,158     $18,850   7/1/2013 –  12/31/2013     $18,850 4 $2,158         1Miles' tax return for FY ending 6/30/2012 also included his wages for 7/1–12/31/2011 and the withholding shown on his 2011 Form W-2. Amended 2012 tax form  2Calendar year (January 1 – December 31). Amended 2012 tax form   3Withholding shown on 2013 Form W-2 ($4,316) will be included in Miles' tax return for FY ending 6/30/2014, the fiscal year in which calendar year 2013 ends. Amended 2012 tax form   4Wages for 7/1–12/31/2013 ($18,850) will be included in Miles' tax return for FY ending 6/30/2014, the fiscal year in which the wages were received. Amended 2012 tax form Backup withholding. Amended 2012 tax form   If income tax has been withheld under the backup withholding rule, take credit for it on your tax return for the fiscal year in which you received the income. Amended 2012 tax form Example. Amended 2012 tax form Emily Smith's records show that she received income in November 2013 and February 2014 from which there was backup withholding ($100 and $50, respectively). Amended 2012 tax form Emily takes credit for the entire $150 of backup withholding on her tax return for the fiscal year ending September 30, 2014. Amended 2012 tax form Estimated Tax Take credit for all your estimated tax payments for 2013 on line 63 of Form 1040 or line 37 of Form 1040A. Amended 2012 tax form Include any overpayment from 2012 that you had credited to your 2013 estimated tax. Amended 2012 tax form You must use Form 1040 or Form 1040A if you paid estimated tax. Amended 2012 tax form You cannot file Form 1040EZ. Amended 2012 tax form If you were a beneficiary of an estate or trust, you should receive a Schedule K-1 (Form 1041), Beneficiary's Share of Income, Deductions, Credits, etc. Amended 2012 tax form , from the fiduciary. Amended 2012 tax form If you have estimated taxes credited to you from the estate or trust (from Schedule K-1 (Form 1041)), you must report the estimated taxes on Schedule E (Form 1040). Amended 2012 tax form On the dotted line next to the entry space for line 37 of Schedule E (Form 1040), enter “ES payment claimed” and the amount. Amended 2012 tax form However, do not include this amount in the total on line 37. Amended 2012 tax form Instead, enter the amount on Form 1040, line 63. Amended 2012 tax form This estimated tax payment for 2013 is treated as being made by you on January 15, 2014. Amended 2012 tax form Name changed. Amended 2012 tax form   If you changed your name, and you made estimated tax payments using your former name, attach a statement to the front of your paper tax return indicating: When you made the payments, The amount of each payment, Your name when you made the payments, and The social security number under which you made the payments. Amended 2012 tax form  The statement should cover payments you made jointly with your spouse as well as any you made separately. Amended 2012 tax form   Be sure to report the change to your local Social Security Administration office before filing your 2014 tax return. Amended 2012 tax form This prevents delays in processing your return and issuing refunds. Amended 2012 tax form It also safeguards your future social security benefits. Amended 2012 tax form For more information, call the Social Security Administration at 1-800-772-1213. Amended 2012 tax form Separate Returns If you and your spouse made separate estimated tax payments for 2013 and you file separate returns, you can take credit only for your own payments. Amended 2012 tax form If you made joint estimated tax payments, you must decide how to divide the payments between your returns. Amended 2012 tax form One of you can claim all of the estimated tax paid and the other none, or you can divide it in any other way you agree on. Amended 2012 tax form If you cannot agree, you must divide the payments in proportion to each spouse's individual tax as shown on your separate returns for 2013. Amended 2012 tax form Example. Amended 2012 tax form James and Evelyn Brown made joint estimated tax payments for 2013 totaling $3,000. Amended 2012 tax form They file separate 2013 Forms 1040. Amended 2012 tax form James' tax is $4,000 and Evelyn's is $1,000. Amended 2012 tax form If they do not agree on how to divide the $3,000, they must divide it proportionately between their returns. Amended 2012 tax form Because James' tax ($4,000) is 80% of the total tax ($5,000), his share of the estimated tax is $2,400 (80% of $3,000). Amended 2012 tax form The balance, $600 (20% of $3,000), is Evelyn's share. Amended 2012 tax form Divorced Taxpayers If you made joint estimated tax payments for 2013 and you were divorced during the year, either you or your former spouse can claim all of the joint payments, or you each can claim part of them. Amended 2012 tax form If you cannot agree on how to divide the payments, you must divide them in proportion to each spouse's individual tax as shown on your separate returns for 2013. Amended 2012 tax form See Example earlier under Separate Returns. Amended 2012 tax form If you claim any of the joint payments on your tax return, enter your former spouse's social security number (SSN) in the space provided at the top of page 1 of Form 1040 or Form 1040A. Amended 2012 tax form If you divorced and remarried in 2013, enter your present spouse's SSN in that space. Amended 2012 tax form Enter your former spouse's SSN, followed by “DIV,” under Payments to the left of Form 1040, line 63, or in the blank space to the left of Form 1040A, line 37. Amended 2012 tax form Excess Social Security or Railroad Retirement Tax Withholding Most employers must withhold social security tax from your wages. Amended 2012 tax form In some cases, however, the federal government and state and local governments do not have to withhold social security tax from their employees' wages. Amended 2012 tax form If you work for a railroad employer, that employer must withhold tier 1 railroad retirement (RRTA) tax and tier 2 RRTA tax. Amended 2012 tax form Two or more employers. Amended 2012 tax form   If you worked for two or more employers in 2013, too much social security tax or tier 1 RRTA tax may have been withheld from your pay. Amended 2012 tax form You may be able to claim the excess as a credit against your income tax when you file your return. Amended 2012 tax form Table 3-2 shows the maximum amount that should have been withheld for any of these taxes for 2013. Amended 2012 tax form Figure the excess withholding on the appropriate worksheet. Amended 2012 tax form    Table 3-2. Amended 2012 tax form Maximum Social Security and RRTA Withholding for 2013 Type of tax Maximum wages subject to tax Tax rate Maximum tax to be withheld Social security $113,700 6. Amended 2012 tax form 2% $7,049. Amended 2012 tax form 40 Tier 1 RRTA $113,700 6. Amended 2012 tax form 2% $7,049. Amended 2012 tax form 40 Tier 2 RRTA $84,300 4. Amended 2012 tax form 4% $3,709. Amended 2012 tax form 20 Joint returns. Amended 2012 tax form   If you are filing a joint return, you and your spouse must figure any excess social security or tier 1 RRTA separately. Amended 2012 tax form Note. Amended 2012 tax form All wages are subject to Medicare tax withholding. Amended 2012 tax form Employer's error. Amended 2012 tax form   If you had only one employer and he or she withheld too much social security, Medicare, or tier 1 RRTA tax, ask the employer to refund the excess amount to you. Amended 2012 tax form If the employer refuses to refund the overcollection, ask for a statement indicating the amount of the overcollection to support your claim. Amended 2012 tax form File a claim for refund using Form 843, Claim for Refund and Request for Abatement. Amended 2012 tax form Worksheet for Nonrailroad Employees If you did not work for a railroad during 2013, figure the excess social security withholding on Worksheet 3-1. Amended 2012 tax form Note. Amended 2012 tax form If you worked for both a railroad employer and a nonrailroad employer, use Worksheet 3-2, to figure excess social security and tier 1 RRTA tax. Amended 2012 tax form Where to claim credit for excess social security withholding. Amended 2012 tax form   If you file Form 1040, enter the excess on line 69. Amended 2012 tax form   If you file Form 1040A, include the excess in the total on line 41. Amended 2012 tax form Write “Excess SST” and show the amount of the credit in the space to the left of the line. Amended 2012 tax form   You cannot claim excess social security tax withholding on Form 1040EZ. Amended 2012 tax form Worksheets for Railroad Employees If you worked for a railroad during 2013, figure your excess withholding on Worksheet 3-2 and 3-3, as appropriate. Amended 2012 tax form Where to claim credit for excess tier 1 RRTA withholding. Amended 2012 tax form   If you file Form 1040, enter the excess on line 69. Amended 2012 tax form   If you file Form 1040A, include the excess in the total on line 41. Amended 2012 tax form Write “Excess SST” and show the amount of the credit in the space to the left of the line. Amended 2012 tax form   You cannot claim excess tier 1 RRTA withholding on Form 1040EZ. Amended 2012 tax form How to claim refund of excess tier 2 RRTA. Amended 2012 tax form   To claim a refund of tier 2 tax, use Form 843. Amended 2012 tax form Be sure to attach a copy of all of your Forms W-2. Amended 2012 tax form   See Worksheet 3-3 and the Instructions for Form 843, for more details. Amended 2012 tax form Worksheet 3-1. Amended 2012 tax form Excess Social Security—Nonrailroad Employees 1. Amended 2012 tax form Add all social security tax withheld (but not more than  $7,049. Amended 2012 tax form 40 for each employer). Amended 2012 tax form This tax should be shown  in box 4 of your Forms W-2. Amended 2012 tax form Enter the total here 1. Amended 2012 tax form   2. Amended 2012 tax form Enter any uncollected social security tax on tips or group-term life insurance on Form 1040, line 60, identified by “UT” 2. Amended 2012 tax form   3. Amended 2012 tax form Add lines 1 and 2. Amended 2012 tax form If $7,049. Amended 2012 tax form 40 or less, stop here. Amended 2012 tax form You cannot claim the credit 3. Amended 2012 tax form   4. Amended 2012 tax form Social security limit 4. Amended 2012 tax form $7,049. Amended 2012 tax form 40 5. Amended 2012 tax form Excess. Amended 2012 tax form Subtract line 4 from line 3 5. Amended 2012 tax form   Worksheet 3-2. Amended 2012 tax form Excess Social Security and Tier 1 RRTA—Railroad Employees 1. Amended 2012 tax form Add all social security and tier 1 RRTA tax withheld (but not more than $7,049. Amended 2012 tax form 40 for each employer). Amended 2012 tax form Social security tax should be shown in box 4 and tier 1 RRTA should be shown  in box 14 of your Forms W-2. Amended 2012 tax form Enter the total here 1. Amended 2012 tax form   2. Amended 2012 tax form Enter any uncollected social security and tier 1 RRTA tax on tips or group-term life insurance on Form 1040, line 60, identified by “UT” 2. Amended 2012 tax form   3. Amended 2012 tax form Add lines 1 and 2. Amended 2012 tax form If $7,049. Amended 2012 tax form 40 or less, stop here. Amended 2012 tax form You cannot claim the credit 3. Amended 2012 tax form   4. Amended 2012 tax form Social security and tier 1 RRTA tax limit 4. Amended 2012 tax form $7,049. Amended 2012 tax form 40 5. Amended 2012 tax form Excess. Amended 2012 tax form Subtract line 4 from line 3 5. Amended 2012 tax form   Worksheet 3-3. Amended 2012 tax form Excess Tier 2 RRTA—Railroad Employees 1. Amended 2012 tax form Add all tier 2 RRTA tax withheld (but not more than $3,709. Amended 2012 tax form 20 for each employer). Amended 2012 tax form Box 14 of your Forms W-2 should show tier 2 RRTA tax. Amended 2012 tax form Enter the total here 1. Amended 2012 tax form   2. Amended 2012 tax form Enter any uncollected tier 2 RRTA tax on tips or group-term life insurance on Form 1040, line 60, identified by “UT” 2. Amended 2012 tax form   3. Amended 2012 tax form Add lines 1 and 2. Amended 2012 tax form If $3,709. Amended 2012 tax form 20 or less, stop here. Amended 2012 tax form You cannot claim the credit. Amended 2012 tax form 3. Amended 2012 tax form   4. Amended 2012 tax form Tier 2 RRTA tax limit 4. Amended 2012 tax form $3,709. Amended 2012 tax form 20 5. Amended 2012 tax form Excess. Amended 2012 tax form Subtract line 4 from line 3. Amended 2012 tax form 5. Amended 2012 tax form   Prev  Up  Next   Home   More Online Publications