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Does A Student Need To File Taxes

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Does A Student Need To File Taxes

Does a student need to file taxes Part Six -   Figuring Your Taxes and Credits The eight chapters in this part explain how to figure your tax and how to figure the tax of certain children who have more than $2,000 of unearned income. Does a student need to file taxes They also discuss tax credits that, unlike deductions, are subtracted directly from your tax and reduce your tax dollar for dollar. Does a student need to file taxes Chapter 36 discusses the earned income credit. Does a student need to file taxes Chapter 37 discusses a wide variety of other credits, such as the adoption credit. Does a student need to file taxes Table of Contents 30. Does a student need to file taxes   How To Figure Your TaxIntroduction Figuring Your Tax Alternative Minimum Tax (AMT) Tax Figured by IRSFiling the Return 31. Does a student need to file taxes   Tax on Unearned Income of Certain ChildrenWhat's New Introduction Useful Items - You may want to see: Which Parent's Return To UseParents Who Do Not File a Joint Return Parent's Election To Report Child's Interest and DividendsEffect of Making the Election Figuring Child's Income Figuring Additional Tax Tax for Certain Children Who Have Unearned IncomeProviding Parental Information (Form 8615, lines A–C) Step 1. Does a student need to file taxes Figuring the Child's Net Unearned Income (Form 8615, Part I) Step 2. Does a student need to file taxes Figuring Tentative Tax at the Parent's Tax Rate (Form 8615, Part II) Step 3. Does a student need to file taxes Figuring the Child's Tax (Form 8615, Part III) 32. Does a student need to file taxes   Child and Dependent Care CreditReminders Introduction Useful Items - You may want to see: Tests To Claim the CreditQualifying Person Test Earned Income Test Work-Related Expense Test Joint Return Test Provider Identification Test How To Figure the CreditFiguring Total Work-Related Expenses Earned Income Limit Dollar Limit Amount of Credit How To Claim the CreditTax credit not refundable. Does a student need to file taxes Employment Taxes for Household Employers 33. Does a student need to file taxes   Credit for the Elderly or the DisabledIntroduction Useful Items - You may want to see: Are You Eligible for the Credit?Qualified Individual Income Limits How to Claim the CreditCredit Figured for You Credit Figured by You 34. Does a student need to file taxes   Child Tax CreditIntroduction Useful Items - You may want to see: Qualifying Child Amount of CreditLimits on the Credit Claiming the Credit Additional Child Tax Credit Completing Schedule 8812 (Form 1040A or 1040)Part I Parts II–IV 35. Does a student need to file taxes   Education CreditsIntroduction Useful Items - You may want to see: Who Can Claim an Education Credit Qualified Education ExpensesNo Double Benefit Allowed Adjustments to Qualified Education Expenses 36. Does a student need to file taxes   Earned Income Credit (EIC)What's New Reminders Introduction Useful Items - You may want to see: Do You Qualify for the Credit?If Improper Claim Made in Prior Year Part A. Does a student need to file taxes Rules for EveryoneRule 1. Does a student need to file taxes Your AGI Must Be Less Than: Rule 2. Does a student need to file taxes You Must Have a Valid Social Security Number (SSN) Rule 3. Does a student need to file taxes Your Filing Status Cannot Be Married Filing Separately Rule 4. Does a student need to file taxes You Must Be a U. Does a student need to file taxes S. Does a student need to file taxes Citizen or Resident Alien All Year Rule 5. Does a student need to file taxes You Cannot File Form 2555 or Form 2555-EZ Rule 6. Does a student need to file taxes Your Investment Income Must Be $3,300 or Less Rule 7. Does a student need to file taxes You Must Have Earned Income Part B. Does a student need to file taxes Rules If You Have a Qualifying ChildRule 8. Does a student need to file taxes Your Child Must Meet the Relationship, Age, Residency, and Joint Return Tests Rule 9. Does a student need to file taxes Your Qualifying Child Cannot Be Used By More Than One Person To Claim the EIC Rule 10. Does a student need to file taxes You Cannot Be a Qualifying Child of Another Taxpayer Part C. Does a student need to file taxes Rules If You Do Not Have a Qualifying ChildRule 11. Does a student need to file taxes You Must Be at Least Age 25 but Under Age 65 Rule 12. Does a student need to file taxes You Cannot Be the Dependent of Another Person Rule 13. Does a student need to file taxes You Cannot Be a Qualifying Child of Another Taxpayer Rule 14. Does a student need to file taxes You Must Have Lived in the United States More Than Half of the Year Part D. Does a student need to file taxes Figuring and Claiming the EICRule 15. Does a student need to file taxes Your Earned Income Must Be Less Than: IRS Will Figure the EIC for You How To Figure the EIC Yourself ExamplesExample 1. Does a student need to file taxes John and Janet Smith (Form 1040A) Example 2. Does a student need to file taxes Kelly Green (Form 1040EZ) 37. Does a student need to file taxes   Other CreditsWhat's New Introduction Useful Items - You may want to see: Nonrefundable CreditsAdoption Credit Alternative Motor Vehicle Credit Alternative Fuel Vehicle Refueling Property Credit Credit to Holders of Tax Credit Bonds Foreign Tax Credit Mortgage Interest Credit Nonrefundable Credit for Prior Year Minimum Tax Plug-in Electric Drive Motor Vehicle Credit Residential Energy Credits Retirement Savings Contributions Credit (Saver's Credit) Refundable CreditsCredit for Tax on Undistributed Capital Gain Health Coverage Tax Credit Credit for Excess Social Security Tax or Railroad Retirement Tax Withheld Prev  Up  Next   Home   More Online Publications
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Page Last Reviewed or Updated: 24-Mar-2014

The Does A Student Need To File Taxes

Does a student need to file taxes 10. Does a student need to file taxes   Business Bad Debts Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Definition of Business Bad DebtAccrual method. Does a student need to file taxes Cash method. Does a student need to file taxes Debt acquired from a decedent. Does a student need to file taxes Liquidation. Does a student need to file taxes Types of Business Bad Debts When a Debt Becomes Worthless How To Claim a Business Bad DebtSpecific Charge-Off Method Nonaccrual-Experience Method Recovery of a Bad DebtNet operating loss (NOL) carryover. Does a student need to file taxes Introduction You have a bad debt if you cannot collect money owed to you. Does a student need to file taxes A bad debt is either a business bad debt or a nonbusiness bad debt. Does a student need to file taxes This chapter discusses only business bad debts. Does a student need to file taxes Generally, a business bad debt is one that comes from operating your trade or business. Does a student need to file taxes You can deduct business bad debts on Schedule C (Form 1040) or your applicable business income tax return. Does a student need to file taxes All other bad debts are nonbusiness bad debts and are deductible only as short-term capital losses. Does a student need to file taxes For more information on nonbusiness bad debts, see Publication 550. Does a student need to file taxes Topics - This chapter discusses: Definition of business bad debt When a debt becomes worthless How to claim a business bad debt Recovery of a bad debt Useful Items - You may want to see: Publication 525 Taxable and Nontaxable Income 536 Net Operating Losses (NOLs) for Individuals, Estates, and Trusts 544 Sales and Other Dispositions of Assets 550 Investment Income and Expenses 556 Examination of Returns, Appeal Rights, and Claims for Refund Form (and Instructions) Schedule C (Form 1040) Profit or Loss From Business 1040X Amended U. Does a student need to file taxes S. Does a student need to file taxes Individual Income Tax Return 1045 Application for Tentative Refund 1139 Corporation Application for Tentative Refund 3115 Application for Change in Accounting Method See chapter 12 for information about getting publications and forms. Does a student need to file taxes Definition of Business Bad Debt A business bad debt is a loss from the worthlessness of a debt that was either: Created or acquired in your trade or business, or Closely related to your trade or business when it became partly or totally worthless. Does a student need to file taxes A debt is closely related to your trade or business if your primary motive for incurring the debt is business related. Does a student need to file taxes Bad debts of a corporation (other than an S corporation) are always business bad debts. Does a student need to file taxes Credit sales. Does a student need to file taxes   Business bad debts are mainly the result of credit sales to customers. Does a student need to file taxes Goods that have been sold, but not yet paid for, and services that have been performed, but not yet paid for, are recorded in your books as either accounts receivable or notes receivable. Does a student need to file taxes After a reasonable period of time, if you have tried to collect the amount due, but are unable to do so, the uncollectible part becomes a business bad debt. Does a student need to file taxes   Accounts or notes receivable valued at fair market value (FMV) when received are deductible only at that value, even though the FMV may be less than the face value. Does a student need to file taxes If you purchased an account receivable for less than its face value, and the receivable subsequently becomes worthless, the most you are allowed to deduct is the amount you paid to acquire it. Does a student need to file taxes    You can claim a business bad debt deduction only if the amount owed to you was previously included in gross income. Does a student need to file taxes This applies to amounts owed to you from all sources of taxable income, including sales, services, rents, and interest. Does a student need to file taxes Accrual method. Does a student need to file taxes   If you use the accrual method of accounting, you generally report income as you earn it. Does a student need to file taxes You can only claim a bad debt deduction for an uncollectible receivable if you have previously included the uncollectible amount in income. Does a student need to file taxes   If you qualify, you can use the nonaccrual-experience method of accounting discussed later. Does a student need to file taxes Under this method, you do not have to accrue income that, based on your experience, you do not expect to collect. Does a student need to file taxes Cash method. Does a student need to file taxes   If you use the cash method of accounting, you generally report income when you receive payment. Does a student need to file taxes You cannot claim a bad debt deduction for amounts owed to you because you never included those amounts in income. Does a student need to file taxes For example, a cash basis architect cannot claim a bad debt deduction if a client fails to pay the bill because the architect's fee was never included in income. Does a student need to file taxes Debts from a former business. Does a student need to file taxes   If you sell your business but retain its receivables, these debts are business debts because they arose out of your trade or business. Does a student need to file taxes If any of these receivables subsequently become worthless, the loss is still a business bad debt. Does a student need to file taxes Debt acquired from a decedent. Does a student need to file taxes   The character of a loss from debts of a business acquired from a decedent is determined in the same way as debts acquired on the purchase of a business. Does a student need to file taxes The executor of the decedent's estate treats any loss from the debts as a business bad debt if the debts were closely related to the decedent's trade or business when they became worthless. Does a student need to file taxes Otherwise, a loss from these debts becomes a nonbusiness bad debt for the decedent's estate. Does a student need to file taxes Liquidation. Does a student need to file taxes   If you liquidate your business and some of the accounts receivable that you retain become worthless, they become business bad debts. Does a student need to file taxes Types of Business Bad Debts Business bad debts may result from the following. Does a student need to file taxes Loans to clients and suppliers. Does a student need to file taxes   If you loan money to a client, supplier, employee, or distributor for a business reason and you are unable to collect the loan after attempting to do so, you have a business bad debt. Does a student need to file taxes Debts owed by political parties. Does a student need to file taxes   If a political party (or other organization that accepts contributions or spends money to influence elections) owes you money and the debt becomes worthless, you can claim a bad debt deduction only if all of the following requirements are met. Does a student need to file taxes You use the accrual method of accounting. Does a student need to file taxes The debt arose from the sale of goods or services in the ordinary course of your trade or business. Does a student need to file taxes More than 30% of your receivables accrued in the year of the sale were from sales to political parties. Does a student need to file taxes You made substantial and continuing efforts to collect on the debt. Does a student need to file taxes Loan or capital contribution. Does a student need to file taxes   You cannot claim a bad debt deduction for a loan you made to a corporation if, based on the facts and circumstances, the loan is actually a contribution to capital. Does a student need to file taxes Debts of an insolvent partner. Does a student need to file taxes   If your business partnership breaks up and one of your former partners becomes insolvent, you may have to pay more than your pro rata share of the partnership's debts. Does a student need to file taxes If you pay any part of the insolvent partner's share of the debts, you can claim a bad debt deduction for the amount you paid that is attributable to the insolvent partner's share. Does a student need to file taxes Business loan guarantee. Does a student need to file taxes   If you guarantee a debt that subsequently becomes worthless, the debt can qualify as a business bad debt if all the following requirements are met. Does a student need to file taxes You made the guarantee in the course of your trade or business. Does a student need to file taxes You have a legal duty to pay the debt. Does a student need to file taxes You made the guarantee before the debt became worthless. Does a student need to file taxes You meet this requirement if you reasonably expected you would not have to pay the debt without full reimbursement from the borrower. Does a student need to file taxes You received reasonable consideration for making the guarantee. Does a student need to file taxes You meet this requirement if you made the guarantee in accord with normal business practice or for a good faith business purpose. Does a student need to file taxes Example. Does a student need to file taxes Jane Zayne owns the Zayne Dress Company. Does a student need to file taxes She guaranteed payment of a $20,000 note for Elegant Fashions, a dress outlet. Does a student need to file taxes Elegant Fashions is one of Zayne's largest clients. Does a student need to file taxes Elegant Fashions later defaulted on the loan. Does a student need to file taxes As a result, Ms. Does a student need to file taxes Zayne paid the remaining balance of the loan in full to the bank. Does a student need to file taxes She can claim a business bad debt deduction only for the amount she paid, since her guarantee was made in the course of her trade or business for a good faith business purpose. Does a student need to file taxes She was motivated by the desire to retain one of her better clients and keep a sales outlet. Does a student need to file taxes Deductible in the year paid. Does a student need to file taxes   If you make a payment on a loan you guaranteed, you can deduct it in the year paid, unless you have rights against the borrower. Does a student need to file taxes Rights against a borrower. Does a student need to file taxes   When you make payment on a loan you guaranteed, you may have the right to take the place of the lender. Does a student need to file taxes The debt is then owed to you. Does a student need to file taxes If you have this right, or some other right to demand payment from the borrower, you cannot claim a bad debt deduction until these rights become partly or totally worthless. Does a student need to file taxes Joint debtor. Does a student need to file taxes   If two or more debtors jointly owe you money, your inability to collect from one does not enable you to deduct a proportionate amount as a bad debt. Does a student need to file taxes Sale of mortgaged property. Does a student need to file taxes   If mortgaged or pledged property is sold for less than the debt, the unpaid, uncollectible balance of the debt is a bad debt. Does a student need to file taxes When a Debt Becomes Worthless A debt becomes worthless when there is no longer any chance the amount owed will be paid. Does a student need to file taxes This may occur when the debt is due or prior to that date. Does a student need to file taxes To demonstrate worthlessness, you must only show that you have taken reasonable steps to collect the debt but were unable to do so. Does a student need to file taxes It is not necessary to go to court if you can show that a judgment from the court would be uncollectible. Does a student need to file taxes Bankruptcy of your debtor is generally good evidence of the worthlessness of at least a part of an unsecured and unpreferred debt. Does a student need to file taxes Property received for debt. Does a student need to file taxes   If you receive property in partial settlement of a debt, reduce the debt by the property's FMV, which becomes the property's basis. Does a student need to file taxes You can deduct the remaining debt as a bad debt if and when it becomes worthless. Does a student need to file taxes   If you later sell the property for more than its basis, any gain on the sale is due to the appreciation of the property. Does a student need to file taxes It is not a recovery of a bad debt. Does a student need to file taxes For information on the sale of an asset, see Publication 544. Does a student need to file taxes How To Claim a Business Bad Debt There are two methods to claim a business bad debt. Does a student need to file taxes The specific charge-off method. Does a student need to file taxes The nonaccrual-experience method. Does a student need to file taxes Generally, you must use the specific charge-off method. Does a student need to file taxes However, you may use the nonaccrual-experience method if you meet the requirements discussed later under Nonaccrual-Experience Method . Does a student need to file taxes Specific Charge-Off Method If you use the specific charge-off method, you can deduct specific business bad debts that become either partly or totally worthless during the tax year. Does a student need to file taxes However, with respect to partly worthless bad debts, your deduction is limited to the amount you charged off on your books during the year. Does a student need to file taxes Partly worthless debts. Does a student need to file taxes   You can deduct specific bad debts that become partly uncollectible during the tax year. Does a student need to file taxes Your tax deduction is limited to the amount you charge off on your books during the year. Does a student need to file taxes You do not have to charge off and deduct your partly worthless debts annually. Does a student need to file taxes You can delay the charge off until a later year. Does a student need to file taxes However, you cannot deduct any part of a debt after the year it becomes totally worthless. Does a student need to file taxes Significantly modified debt. Does a student need to file taxes   An exception to the charge-off rule exists for debt which has been significantly modified and on which the holder recognized gain. Does a student need to file taxes For more information, see Regulations section 1. Does a student need to file taxes 166-3(a)(3). Does a student need to file taxes Deduction disallowed. Does a student need to file taxes   Generally, you can claim a partial bad debt deduction only in the year you make the charge-off on your books. Does a student need to file taxes If, under audit, the IRS does not allow your deduction and the debt becomes partly worthless in a later tax year, you can deduct the amount you charged off in that year plus the disallowed amount charged off in the earlier year. Does a student need to file taxes The charge-off in the earlier year, unless reversed on your books, fulfills the charge-off requirement for the later year. Does a student need to file taxes Totally worthless debts. Does a student need to file taxes   If a debt becomes totally worthless in the current tax year, you can deduct the entire amount, less any amount deducted in an earlier tax year when the debt was only partly worthless. Does a student need to file taxes   You do not have to make an actual charge-off on your books to claim a bad debt deduction for a totally worthless debt. Does a student need to file taxes However, you may want to do so. Does a student need to file taxes If you do not and the IRS later rules the debt is only partly worthless, you will not be allowed a deduction for the debt in that tax year because a deduction of a partly worthless bad debt is limited to the amount actually charged off. Does a student need to file taxes See Partly worthless debts, earlier. Does a student need to file taxes Filing a claim for refund. Does a student need to file taxes   If you did not deduct a bad debt on your original return for the year it became worthless, you can file a claim for a credit or refund. Does a student need to file taxes If the bad debt was totally worthless, you must file the claim by the later of the following dates. Does a student need to file taxes 7 years from the date your original return was due (not including extensions). Does a student need to file taxes 2 years from the date you paid the tax. Does a student need to file taxes   If the claim is for a partly worthless bad debt, you must file the claim by the later of the following dates. Does a student need to file taxes 3 years from the date you filed your original return. Does a student need to file taxes 2 years from the date you paid the tax. Does a student need to file taxes You may have longer to file the claim if you were unable to manage your financial affairs due to a physical or mental impairment. Does a student need to file taxes Such an impairment requires proof of existence. Does a student need to file taxes   For details and more information about filing a claim, see Publication 556. Does a student need to file taxes Use one of the following forms to file a claim. Does a student need to file taxes For more information, see the instructions for the applicable form. Does a student need to file taxes Table 10-1. Does a student need to file taxes Forms Used To File a Claim IF you filed as a. Does a student need to file taxes . Does a student need to file taxes . Does a student need to file taxes THEN file. Does a student need to file taxes . Does a student need to file taxes . Does a student need to file taxes Sole proprietor or farmer Form 1040X Corporation Form 1120X S corporation Form 1120S and check box H(4) Partnership Form 1065X if filing on paper or  Form 1065 and check box G(5) if filing electronically Nonaccrual-Experience Method If you use an accrual method of accounting and qualify under the rules explained in this section, you can use the nonaccrual-experience method for bad debts. Does a student need to file taxes Under this method, you do not accrue service related income you expect to be uncollectible. Does a student need to file taxes Because the expected uncollectible amounts are not included in income, these amounts are not later deducted from income. Does a student need to file taxes Generally, you can use the nonaccrual-experience method for accounts receivable for services you performed only if: The services are provided in the fields of accounting, actuarial science, architecture, consulting, engineering, health, law, or the performing arts, or You meet the $5 million gross receipts test for all prior years. Does a student need to file taxes Service related income. Does a student need to file taxes   You can use the nonaccrual-experience method only for amounts earned by performing services. Does a student need to file taxes You cannot use this method for amounts owed to you from activities such as lending money, selling goods, or acquiring receivables or other rights to receive payment. Does a student need to file taxes Gross receipts test. Does a student need to file taxes   To find out if you meet the $5 million gross receipts test for all prior years, you must figure the average annual gross receipts for each prior year. Does a student need to file taxes If your average annual gross receipts for any year exceeds $5 million, you cannot use the non-accural experience method. Does a student need to file taxes   The average annual gross receipts for any year is the average of gross receipts from the year in question and the 2 previous years. Does a student need to file taxes For example, if you were figuring the average annual gross receipts for 2013, you would average your gross receipts for 2011, 2012, and 2013. Does a student need to file taxes Interest or penalty charged. Does a student need to file taxes   Generally, you cannot use the nonaccrual-experience method for amounts due on which you charge interest or a late payment penalty. Does a student need to file taxes However, do not treat a discount offered for early payment as the charging of interest or a penalty if both the following apply. Does a student need to file taxes You otherwise accrue the full amount due as gross income at the time you provide the services. Does a student need to file taxes You treat the discount allowed for early payment as an adjustment to gross income in the year of payment. Does a student need to file taxes Change in accounting method. Does a student need to file taxes   Generally, you must obtain consent to change to a nonaccrual-experience method (other than one of the safe harbor methods) or to change from one method to another. Does a student need to file taxes See Form 3115 and the Instructions for Form 3115 for more information. Does a student need to file taxes Recovery of a Bad Debt If you claim a deduction for a bad debt on your income tax return and later recover (collect) all or part of it, you may have to include all or part of the recovery in gross income. Does a student need to file taxes The amount you include is limited to the amount you actually deducted. Does a student need to file taxes However, you can exclude the amount deducted that did not reduce your tax. Does a student need to file taxes Report the recovery as “Other income” on the appropriate business form or schedule. Does a student need to file taxes See Recoveries in Publication 525 for more information. Does a student need to file taxes Net operating loss (NOL) carryover. Does a student need to file taxes   If a bad debt deduction increases an NOL carryover that has not expired before the beginning of the tax year in which the recovery takes place, you treat the deduction as having reduced your tax. Does a student need to file taxes A bad debt deduction that contributes to a NOL helps lower taxes in the year to which you carry the NOL. Does a student need to file taxes For more information about NOLs, see Publication 536. Does a student need to file taxes Also, see the Instructions for Form 1045, and the Instructions for Form 1139. 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