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Federal Tax Forms For 2012

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Federal Tax Forms For 2012

Federal tax forms for 2012 11. Federal tax forms for 2012   Social Security and Equivalent Railroad Retirement Benefits Table of Contents Introduction Useful Items - You may want to see: Are Any of Your Benefits Taxable? How To Report Your BenefitsHow Much Is Taxable? Examples Deductions Related to Your BenefitsRepayments More Than Gross Benefits Introduction This chapter explains the federal income tax rules for social security benefits and equivalent tier 1 railroad retirement benefits. Federal tax forms for 2012 It explains the following topics. Federal tax forms for 2012 How to figure whether your benefits are taxable. Federal tax forms for 2012 How to use the social security benefits worksheet (with examples). Federal tax forms for 2012 How to report your taxable benefits. Federal tax forms for 2012 How to treat repayments that are more than the benefits you received during the year. Federal tax forms for 2012 Social security benefits include monthly retirement, survivor, and disability benefits. Federal tax forms for 2012 They do not include supplemental security income (SSI) payments, which are not taxable. Federal tax forms for 2012 Equivalent tier 1 railroad retirement benefits are the part of tier 1 benefits that a railroad employee or beneficiary would have been entitled to receive under the social security system. Federal tax forms for 2012 They are commonly called the social security equivalent benefit (SSEB) portion of tier 1 benefits. Federal tax forms for 2012 If you received these benefits during 2013, you should have received a Form SSA-1099, Social Security Benefit Statement, or Form RRB-1099, Payments by the Railroad Retirement Board. Federal tax forms for 2012 These forms show the amounts received and repaid, and taxes withheld for the year. Federal tax forms for 2012 You may receive more than one of these forms for the same year. Federal tax forms for 2012 You should add the amounts shown on all the Forms SSA-1099 and Forms RRB-1099 you receive for the year to determine the total amounts received and repaid, and taxes withheld for that year. Federal tax forms for 2012 See the Appendix at the end of Publication 915 for more information. Federal tax forms for 2012 Note. Federal tax forms for 2012 When the term “benefits” is used in this chapter, it applies to both social security benefits and the SSEB portion of tier 1 railroad retirement benefits. Federal tax forms for 2012 What is not covered in this chapter. Federal tax forms for 2012   This chapter does not cover the tax rules for the following railroad retirement benefits. Federal tax forms for 2012 Non-social security equivalent benefit (NSSEB) portion of tier 1 benefits. Federal tax forms for 2012 Tier 2 benefits. Federal tax forms for 2012 Vested dual benefits. Federal tax forms for 2012 Supplemental annuity benefits. Federal tax forms for 2012 For information on these benefits, see Publication 575, Pension and Annuity Income. Federal tax forms for 2012   This chapter does not cover the tax rules for social security benefits reported on Form SSA-1042S, Social Security Benefit Statement, or Form RRB-1042S, Statement for Nonresident Alien Recipients of: Payments by the Railroad Retirement Board. Federal tax forms for 2012 For information about these benefits, see Publication 519, U. Federal tax forms for 2012 S. Federal tax forms for 2012 Tax Guide for Aliens, and Publication 915, Social Security and Equivalent Railroad Retirement Benefits. Federal tax forms for 2012   This chapter also does not cover the tax rules for foreign social security benefits. Federal tax forms for 2012 These benefits are taxable as annuities, unless they are exempt from U. Federal tax forms for 2012 S. Federal tax forms for 2012 tax or treated as a U. Federal tax forms for 2012 S. Federal tax forms for 2012 social security benefit under a tax treaty. Federal tax forms for 2012 Useful Items - You may want to see: Publication 505 Tax Withholding and Estimated Tax 575 Pension and Annuity Income 590 Individual Retirement Arrangements (IRAs) 915 Social Security and Equivalent Railroad Retirement Benefits Forms (and Instructions) 1040-ES Estimated Tax for Individuals SSA-1099 Social Security Benefit Statement RRB-1099 Payments by the Railroad Retirement Board W-4V Voluntary Withholding Request Are Any of Your Benefits Taxable? To find out whether any of your benefits may be taxable, compare the base amount for your filing status with the total of: One-half of your benefits, plus All your other income, including tax-exempt interest. Federal tax forms for 2012 When making this comparison, do not reduce your other income by any exclusions for: Interest from qualified U. Federal tax forms for 2012 S. Federal tax forms for 2012 savings bonds, Employer-provided adoption benefits, Foreign earned income or foreign housing, or Income earned by bona fide residents of American Samoa or Puerto Rico. Federal tax forms for 2012 Children's benefits. Federal tax forms for 2012   The rules in this chapter apply to benefits received by children. Federal tax forms for 2012 See Who is taxed , later. Federal tax forms for 2012 Figuring total income. Federal tax forms for 2012   To figure the total of one-half of your benefits plus your other income, use Worksheet 11-1 later in this discussion. Federal tax forms for 2012 If the total is more than your base amount, part of your benefits may be taxable. Federal tax forms for 2012    If you are married and file a joint return for 2013, you and your spouse must combine your incomes and your benefits to figure whether any of your combined benefits are taxable. Federal tax forms for 2012 Even if your spouse did not receive any benefits, you must add your spouse's income to yours to figure whether any of your benefits are taxable. Federal tax forms for 2012    If the only income you received during 2013 was your social security or the SSEB portion of tier 1 railroad retirement benefits, your benefits generally are not taxable and you probably do not have to file a return. Federal tax forms for 2012 If you have income in addition to your benefits, you may have to file a return even if none of your benefits are taxable. Federal tax forms for 2012 Base amount. Federal tax forms for 2012   Your base amount is: $25,000 if you are single, head of household, or qualifying widow(er), $25,000 if you are married filing separately and lived apart from your spouse for all of 2013, $32,000 if you are married filing jointly, or $-0- if you are married filing separately and lived with your spouse at any time during 2013. Federal tax forms for 2012 Worksheet 11-1. Federal tax forms for 2012   You can use Worksheet 11-1 to figure the amount of income to compare with your base amount. Federal tax forms for 2012 This is a quick way to check whether some of your benefits may be taxable. Federal tax forms for 2012 Worksheet 11-1. Federal tax forms for 2012 A Quick Way To Check if Your Benefits May Be Taxable A. Federal tax forms for 2012 Enter the amount from box 5 of all your Forms SSA-1099 and RRB-1099. Federal tax forms for 2012 Include the full amount of any lump-sum benefit payments received in 2013, for 2013 and earlier years. Federal tax forms for 2012 (If you received more than one form, combine the amounts from box 5 and enter the total. Federal tax forms for 2012 ) A. Federal tax forms for 2012   Note. Federal tax forms for 2012 If the amount on line A is zero or less, stop here; none of your benefits are taxable this year. Federal tax forms for 2012 B. Federal tax forms for 2012 Enter one-half of the amount on line A B. Federal tax forms for 2012   C. Federal tax forms for 2012 Enter your taxable pensions, wages, interest, dividends, and other taxable income C. Federal tax forms for 2012   D. Federal tax forms for 2012 Enter any tax-exempt interest income (such as interest on municipal bonds) plus any exclusions from income (listed earlier) D. Federal tax forms for 2012   E. Federal tax forms for 2012 Add lines B, C, and D E. Federal tax forms for 2012   Note. Federal tax forms for 2012 Compare the amount on line E to your base amount for your filing status. Federal tax forms for 2012 If the amount on line E equals or is less than the base amount for your filing status, none of your benefits are taxable this year. Federal tax forms for 2012 If the amount on line E is more than your base amount, some of your benefits may be taxable. Federal tax forms for 2012 You need to complete Worksheet 1 in Publication 915 (or the Social Security Benefits Worksheet in your tax form instructions). Federal tax forms for 2012 If none of your benefits are taxable, but you otherwise must file a tax return, see Benefits not taxable , later, under How To Report Your Benefits. Federal tax forms for 2012 Example. Federal tax forms for 2012 You and your spouse (both over 65) are filing a joint return for 2013 and you both received social security benefits during the year. Federal tax forms for 2012 In January 2014, you received a Form SSA-1099 showing net benefits of $7,500 in box 5. Federal tax forms for 2012 Your spouse received a Form SSA-1099 showing net benefits of $3,500 in box 5. Federal tax forms for 2012 You also received a taxable pension of $22,800 and interest income of $500. Federal tax forms for 2012 You did not have any tax-exempt interest income. Federal tax forms for 2012 Your benefits are not taxable for 2013 because your income, as figured in Worksheet 11-1, is not more than your base amount ($32,000) for married filing jointly. Federal tax forms for 2012 Even though none of your benefits are taxable, you must file a return for 2013 because your taxable gross income ($23,300) exceeds the minimum filing requirement amount for your filing status. Federal tax forms for 2012 Filled-in Worksheet 11-1. Federal tax forms for 2012 A Quick Way To Check if Your Benefits May Be Taxable A. Federal tax forms for 2012 Enter the amount from box 5 of all your Forms SSA-1099 and RRB-1099. Federal tax forms for 2012 Include the full amount of any lump-sum benefit payments received in 2013, for 2013 and earlier years. Federal tax forms for 2012 (If you received more than one form, combine the amounts from box 5 and enter the total. Federal tax forms for 2012 ) A. Federal tax forms for 2012 $11,000 Note. Federal tax forms for 2012 If the amount on line A is zero or less, stop here; none of your benefits are taxable this year. Federal tax forms for 2012 B. Federal tax forms for 2012 Enter one-half of the amount on line A B. Federal tax forms for 2012 5,500 C. Federal tax forms for 2012 Enter your taxable pensions, wages, interest, dividends, and other taxable income C. Federal tax forms for 2012 23,300 D. Federal tax forms for 2012 Enter any tax-exempt interest income (such as interest on municipal bonds) plus any exclusions from income (listed earlier) D. Federal tax forms for 2012 -0- E. Federal tax forms for 2012 Add lines B, C, and D E. Federal tax forms for 2012 $28,800 Note. Federal tax forms for 2012 Compare the amount on line E to your base amount for your filing status. Federal tax forms for 2012 If the amount on line E equals or is less than the base amount for your filing status, none of your benefits are taxable this year. Federal tax forms for 2012 If the amount on line E is more than your base amount, some of your benefits may be taxable. Federal tax forms for 2012 You need to complete Worksheet 1 in Publication 915 (or the Social Security Benefits Worksheet in your tax form instructions). Federal tax forms for 2012 If none of your benefits are taxable, but you otherwise must file a tax return, see Benefits not taxable , later, under How To Report Your Benefits. Federal tax forms for 2012 Who is taxed. Federal tax forms for 2012   Benefits are included in the taxable income (to the extent they are taxable) of the person who has the legal right to receive the benefits. Federal tax forms for 2012 For example, if you and your child receive benefits, but the check for your child is made out in your name, you must use only your part of the benefits to see whether any benefits are taxable to you. Federal tax forms for 2012 One-half of the part that belongs to your child must be added to your child's other income to see whether any of those benefits are taxable to your child. Federal tax forms for 2012 Repayment of benefits. Federal tax forms for 2012   Any repayment of benefits you made during 2013 must be subtracted from the gross benefits you received in 2013. Federal tax forms for 2012 It does not matter whether the repayment was for a benefit you received in 2013 or in an earlier year. Federal tax forms for 2012 If you repaid more than the gross benefits you received in 2013, see Repayments More Than Gross Benefits , later. Federal tax forms for 2012   Your gross benefits are shown in box 3 of Form SSA-1099 or RRB-1099. Federal tax forms for 2012 Your repayments are shown in box 4. Federal tax forms for 2012 The amount in box 5 shows your net benefits for 2013 (box 3 minus box 4). Federal tax forms for 2012 Use the amount in box 5 to figure whether any of your benefits are taxable. Federal tax forms for 2012 Tax withholding and estimated tax. Federal tax forms for 2012   You can choose to have federal income tax withheld from your social security benefits and/or the SSEB portion of your tier 1 railroad retirement benefits. Federal tax forms for 2012 If you choose to do this, you must complete a Form W-4V. Federal tax forms for 2012   If you do not choose to have income tax withheld, you may have to request additional withholding from other income or pay estimated tax during the year. Federal tax forms for 2012 For details, see Publication 505 or the instructions for Form 1040-ES. Federal tax forms for 2012 How To Report Your Benefits If part of your benefits are taxable, you must use Form 1040 or Form 1040A. Federal tax forms for 2012 You cannot use Form 1040EZ. Federal tax forms for 2012 Reporting on Form 1040. Federal tax forms for 2012   Report your net benefits (the total amount from box 5 of all your Forms SSA-1099 and Forms RRB-1099) on line 20a and the taxable part on line 20b. Federal tax forms for 2012 If you are married filing separately and you lived apart from your spouse for all of 2013, also enter “D” to the right of the word “benefits” on line 20a. Federal tax forms for 2012 Reporting on Form 1040A. Federal tax forms for 2012   Report your net benefits (the total amount from box 5 of all your Forms SSA-1099 and Forms RRB-1099) on line 14a and the taxable part on line 14b. Federal tax forms for 2012 If you are married filing separately and you lived apart from your spouse for all of 2013, also enter “D” to the right of the word “benefits” on line 14a. Federal tax forms for 2012 Benefits not taxable. Federal tax forms for 2012   If you are filing Form 1040EZ, do not report any benefits on your tax return. Federal tax forms for 2012 If you are filing Form 1040 or Form 1040A, report your net benefits (the total amount from box 5 of all your Forms SSA-1099 and Forms RRB-1099) on Form 1040, line 20a, or Form 1040A, line 14a. Federal tax forms for 2012 Enter -0- on Form 1040, line 20b, or Form 1040A, line 14b. Federal tax forms for 2012 If you are married filing separately and you lived apart from your spouse for all of 2013, also enter “D” to the right of the word “benefits” on Form 1040, line 20a, or Form 1040A, line 14a. Federal tax forms for 2012 How Much Is Taxable? If part of your benefits are taxable, how much is taxable depends on the total amount of your benefits and other income. Federal tax forms for 2012 Generally, the higher that total amount, the greater the taxable part of your benefits. Federal tax forms for 2012 Maximum taxable part. Federal tax forms for 2012   Generally, up to 50% of your benefits will be taxable. Federal tax forms for 2012 However, up to 85% of your benefits can be taxable if either of the following situations applies to you. Federal tax forms for 2012 The total of one-half of your benefits and all your other income is more than $34,000 ($44,000 if you are married filing jointly). Federal tax forms for 2012 You are married filing separately and lived with your spouse at any time during 2013. Federal tax forms for 2012 Which worksheet to use. Federal tax forms for 2012   A worksheet you can use to figure your taxable benefits is in the instructions for your Form 1040 or Form 1040A. Federal tax forms for 2012 You can use either that worksheet or Worksheet 1 in Publication 915, unless any of the following situations applies to you. Federal tax forms for 2012 You contributed to a traditional individual retirement arrangement (IRA) and you or your spouse is covered by a retirement plan at work. Federal tax forms for 2012 In this situation, you must use the special worksheets in Appendix B of Publication 590 to figure both your IRA deduction and your taxable benefits. Federal tax forms for 2012 Situation (1) does not apply and you take an exclusion for interest from qualified U. Federal tax forms for 2012 S. Federal tax forms for 2012 savings bonds (Form 8815), for adoption benefits (Form 8839), for foreign earned income or housing (Form 2555 or Form 2555-EZ), or for income earned in American Samoa (Form 4563) or Puerto Rico by bona fide residents. Federal tax forms for 2012 In this situation, you must use Worksheet 1 in Publication 915 to figure your taxable benefits. Federal tax forms for 2012 You received a lump-sum payment for an earlier year. Federal tax forms for 2012 In this situation, also complete Worksheet 2 or 3 and Worksheet 4 in Publication 915. Federal tax forms for 2012 See Lump-sum election next. Federal tax forms for 2012 Lump-sum election. Federal tax forms for 2012   You must include the taxable part of a lump-sum (retroactive) payment of benefits received in 2013 in your 2013 income, even if the payment includes benefits for an earlier year. Federal tax forms for 2012    This type of lump-sum benefit payment should not be confused with the lump-sum death benefit that both the SSA and RRB pay to many of their beneficiaries. Federal tax forms for 2012 No part of the lump-sum death benefit is subject to tax. Federal tax forms for 2012   Generally, you use your 2013 income to figure the taxable part of the total benefits received in 2013. Federal tax forms for 2012 However, you may be able to figure the taxable part of a lump-sum payment for an earlier year separately, using your income for the earlier year. Federal tax forms for 2012 You can elect this method if it lowers your taxable benefits. Federal tax forms for 2012 Making the election. Federal tax forms for 2012   If you received a lump-sum benefit payment in 2013 that includes benefits for one or more earlier years, follow the instructions in Publication 915 under Lump-Sum Election to see whether making the election will lower your taxable benefits. Federal tax forms for 2012 That discussion also explains how to make the election. Federal tax forms for 2012    Because the earlier year's taxable benefits are included in your 2013 income, no adjustment is made to the earlier year's return. Federal tax forms for 2012 Do not file an amended return for the earlier year. Federal tax forms for 2012 Examples The following are a few examples you can use as a guide to figure the taxable part of your benefits. Federal tax forms for 2012 Example 1. Federal tax forms for 2012 George White is single and files Form 1040 for 2013. Federal tax forms for 2012 He received the following income in 2013: Fully taxable pension $18,600 Wages from part-time job 9,400 Taxable interest income 990 Total $28,990 George also received social security benefits during 2013. Federal tax forms for 2012 The Form SSA-1099 he received in January 2014 shows $5,980 in box 5. Federal tax forms for 2012 To figure his taxable benefits, George completes the worksheet shown here. Federal tax forms for 2012 Filled-in Worksheet 1. Federal tax forms for 2012 Figuring Your Taxable Benefits 1. Federal tax forms for 2012 Enter the total amount from box 5 of ALL your Forms SSA-1099 and RRB-1099. Federal tax forms for 2012 Also enter this amount on Form 1040, line 20a, or Form 1040A, line 14a $5,980 2. Federal tax forms for 2012 Enter one-half of line 1 2,990 3. Federal tax forms for 2012 Combine the amounts from:     Form 1040: Lines 7, 8a, 9a, 10 through 14, 15b, 16b, 17 through 19, and 21. Federal tax forms for 2012     Form 1040A: Lines 7, 8a, 9a, 10, 11b, 12b, and 13 28,990 4. Federal tax forms for 2012 Enter the amount, if any, from Form 1040 or 1040A, line 8b -0-       5. Federal tax forms for 2012 Enter the total of any exclusions/adjustments for: Adoption benefits (Form 8839, line 28), Foreign earned income or housing (Form 2555, lines 45 and 50, or Form 2555-EZ, line 18), and Certain income of bona fide residents of American Samoa (Form 4563, line 15) or Puerto Rico -0-       6. Federal tax forms for 2012 Combine lines 2, 3, 4, and 5 31,980 7. Federal tax forms for 2012 Form 1040 filers: Enter the amount from Form 1040, lines 23 through 32, and any write-in adjustments you entered on the dotted line next to line 36. Federal tax forms for 2012     Form 1040A filers: Enter the amount from Form 1040A, lines 16 and 17 -0- 8. Federal tax forms for 2012 Is the amount on line 7 less than the amount on line 6?     No. Federal tax forms for 2012 None of your social security benefits are taxable. Federal tax forms for 2012 Enter -0- on Form 1040, line 20b, or Form 1040A, line 14b. Federal tax forms for 2012   Yes. Federal tax forms for 2012 Subtract line 7 from line 6 31,980 9. Federal tax forms for 2012 If you are: Married filing jointly, enter $32,000 Single, head of household, qualifying widow(er), or married filing separately and you lived apart from your spouse for all of 2013, enter $25,000 25,000   Note. Federal tax forms for 2012 If you are married filing separately and you lived with your spouse at any time in 2013, skip lines 9 through 16; multiply line 8 by 85% (. Federal tax forms for 2012 85) and enter the result on line 17. Federal tax forms for 2012 Then go to line 18. Federal tax forms for 2012   10. Federal tax forms for 2012 Is the amount on line 9 less than the amount on line 8?     No. Federal tax forms for 2012 None of your benefits are taxable. Federal tax forms for 2012 Enter -0- on Form 1040, line 20b, or on Form 1040A, line 14b. Federal tax forms for 2012 If you are married filing separately and you lived apart from your spouse for all of 2013, be sure you entered “D” to the right of the word “benefits” on Form 1040, line 20a, or on Form 1040A, line 14a. Federal tax forms for 2012     Yes. Federal tax forms for 2012 Subtract line 9 from line 8 6,980 11. Federal tax forms for 2012 Enter $12,000 if married filing jointly; $9,000 if single, head of household, qualifying widow(er), or married filing separately and you lived apart from your spouse for all of 2013 9,000 12. Federal tax forms for 2012 Subtract line 11 from line 10. Federal tax forms for 2012 If zero or less, enter -0- -0- 13. Federal tax forms for 2012 Enter the smaller of line 10 or line 11 6,980 14. Federal tax forms for 2012 Enter one-half of line 13 3,490 15. Federal tax forms for 2012 Enter the smaller of line 2 or line 14 2,990 16. Federal tax forms for 2012 Multiply line 12 by 85% (. Federal tax forms for 2012 85). Federal tax forms for 2012 If line 12 is zero, enter -0- -0- 17. Federal tax forms for 2012 Add lines 15 and 16 2,990 18. Federal tax forms for 2012 Multiply line 1 by 85% (. Federal tax forms for 2012 85) 5,083 19. Federal tax forms for 2012 Taxable benefits. Federal tax forms for 2012 Enter the smaller of line 17 or line 18. Federal tax forms for 2012 Also enter this amount on Form 1040, line 20b, or Form 1040A, line 14b $2,990 The amount on line 19 of George's worksheet shows that $2,990 of his social security benefits is taxable. Federal tax forms for 2012 On line 20a of his Form 1040, George enters his net benefits of $5,980. Federal tax forms for 2012 On line 20b, he enters his taxable benefits of $2,990. Federal tax forms for 2012 Example 2. Federal tax forms for 2012 Ray and Alice Hopkins file a joint return on Form 1040A for 2013. Federal tax forms for 2012 Ray is retired and received a fully taxable pension of $15,500. Federal tax forms for 2012 He also received social security benefits, and his Form SSA-1099 for 2013 shows net benefits of $5,600 in box 5. Federal tax forms for 2012 Alice worked during the year and had wages of $14,000. Federal tax forms for 2012 She made a deductible payment to her IRA account of $1,000. Federal tax forms for 2012 Ray and Alice have two savings accounts with a total of $250 in taxable interest income. Federal tax forms for 2012 They complete Worksheet 1, entering $29,750 ($15,500 + $14,000 + $250) on line 3. Federal tax forms for 2012 They find none of Ray's social security benefits are taxable. Federal tax forms for 2012 On Form 1040A, they enter $5,600 on line 14a and -0- on line 14b. Federal tax forms for 2012 Filled-in Worksheet 1. Federal tax forms for 2012 Figuring Your Taxable Benefits 1. Federal tax forms for 2012 Enter the total amount from box 5 of ALL your Forms SSA-1099 and RRB-1099. Federal tax forms for 2012 Also enter this amount on Form 1040, line 20a, or Form 1040A, line 14a $5,600 2. Federal tax forms for 2012 Enter one-half of line 1 2,800 3. Federal tax forms for 2012 Combine the amounts from:     Form 1040: Lines 7, 8a, 9a, 10 through 14, 15b, 16b, 17 through 19, and 21. Federal tax forms for 2012     Form 1040A: Lines 7, 8a, 9a, 10, 11b, 12b, and 13 29,750 4. Federal tax forms for 2012 Enter the amount, if any, from Form 1040 or 1040A, line 8b -0-       5. Federal tax forms for 2012 Enter the total of any exclusions/adjustments for: Adoption benefits (Form 8839, line 28), Foreign earned income or housing (Form 2555, lines 45 and 50, or Form 2555-EZ, line 18), and Certain income of bona fide residents of American Samoa (Form 4563, line 15) or Puerto Rico -0-       6. Federal tax forms for 2012 Combine lines 2, 3, 4, and 5 32,550 7. Federal tax forms for 2012 Form 1040 filers: Enter the amount from Form 1040, lines 23 through 32, and any write-in adjustments you entered on the dotted line next to line 36. Federal tax forms for 2012     Form 1040A filers: Enter the amount from Form 1040A, lines 16 and 17 1,000 8. Federal tax forms for 2012 Is the amount on line 7 less than the amount on line 6?     No. Federal tax forms for 2012 None of your social security benefits are taxable. Federal tax forms for 2012 Enter -0- on Form 1040, line 20b, or Form 1040A, line 14b. Federal tax forms for 2012   Yes. Federal tax forms for 2012 Subtract line 7 from line 6 31,550 9. Federal tax forms for 2012 If you are: Married filing jointly, enter $32,000 Single, head of household, qualifying widow(er), or married filing separately and you lived apart from your spouse for all of 2013, enter $25,000 32,000   Note. Federal tax forms for 2012 If you are married filing separately and you lived with your spouse at any time in 2013, skip lines 9 through 16; multiply line 8 by 85% (. Federal tax forms for 2012 85) and enter the result on line 17. Federal tax forms for 2012 Then go to line 18. Federal tax forms for 2012   10. Federal tax forms for 2012 Is the amount on line 9 less than the amount on line 8?     No. Federal tax forms for 2012 None of your benefits are taxable. Federal tax forms for 2012 Enter -0- on Form 1040, line 20b, or on Form 1040A, line 14b. Federal tax forms for 2012 If you are married filing separately and you lived apart from your spouse for all of 2013, be sure you entered “D” to the right of the word “benefits” on Form 1040, line 20a, or on Form 1040A, line 14a. Federal tax forms for 2012     Yes. Federal tax forms for 2012 Subtract line 9 from line 8   11. Federal tax forms for 2012 Enter $12,000 if married filing jointly; $9,000 if single, head of household, qualifying widow(er), or married filing separately and you lived apart from your spouse for all of 2013   12. Federal tax forms for 2012 Subtract line 11 from line 10. Federal tax forms for 2012 If zero or less, enter -0-   13. Federal tax forms for 2012 Enter the smaller of line 10 or line 11   14. Federal tax forms for 2012 Enter one-half of line 13   15. Federal tax forms for 2012 Enter the smaller of line 2 or line 14   16. Federal tax forms for 2012 Multiply line 12 by 85% (. Federal tax forms for 2012 85). Federal tax forms for 2012 If line 12 is zero, enter -0-   17. Federal tax forms for 2012 Add lines 15 and 16   18. Federal tax forms for 2012 Multiply line 1 by 85% (. Federal tax forms for 2012 85)   19. Federal tax forms for 2012 Taxable benefits. Federal tax forms for 2012 Enter the smaller of line 17 or line 18. Federal tax forms for 2012 Also enter this amount on Form 1040, line 20b, or Form 1040A, line 14b   Example 3. Federal tax forms for 2012 Joe and Betty Johnson file a joint return on Form 1040 for 2013. Federal tax forms for 2012 Joe is a retired railroad worker and in 2013 received the social security equivalent benefit (SSEB) portion of tier 1 railroad retirement benefits. Federal tax forms for 2012 Joe's Form RRB-1099 shows $10,000 in box 5. Federal tax forms for 2012 Betty is a retired government worker and receives a fully taxable pension of $38,000. Federal tax forms for 2012 They had $2,300 in taxable interest income plus interest of $200 on a qualified U. Federal tax forms for 2012 S. Federal tax forms for 2012 savings bond. Federal tax forms for 2012 The savings bond interest qualified for the exclusion. Federal tax forms for 2012 They figure their taxable benefits by completing Worksheet 1. Federal tax forms for 2012 Because they have qualified U. Federal tax forms for 2012 S. Federal tax forms for 2012 savings bond interest, they follow the note at the beginning of the worksheet and use the amount from line 2 of their Schedule B (Form 1040A or 1040) on line 3 of the worksheet instead of the amount from line 8a of their Form 1040. Federal tax forms for 2012 On line 3 of the worksheet, they enter $40,500 ($38,000 + $2,500). Federal tax forms for 2012 Filled-in Worksheet 1. Federal tax forms for 2012 Figuring Your Taxable Benefits Before you begin: • If you are married filing separately and you lived apart from your spouse for all of 2013, enter “D” to the right of the word “benefits” on Form 1040, line 20a, or Form 1040A, line 14a. Federal tax forms for 2012 • Do not use this worksheet if you repaid benefits in 2013 and your total repayments (box 4 of Forms SSA-1099 and RRB-1099) were more than your gross benefits for 2013 (box 3 of Forms SSA-1099 and RRB-1099). Federal tax forms for 2012 None of your benefits are taxable for 2013. Federal tax forms for 2012 For more information, see Repayments More Than Gross Benefits. Federal tax forms for 2012 • If you are filing Form 8815, Exclusion of Interest From Series EE and I U. Federal tax forms for 2012 S. Federal tax forms for 2012 Savings Bonds Issued After 1989, do not include the amount from line 8a of Form 1040 or Form 1040A on line 3 of this worksheet. Federal tax forms for 2012 Instead, include the amount from Schedule B (Form 1040A or 1040), line 2. Federal tax forms for 2012 1. Federal tax forms for 2012 Enter the total amount from box 5 of ALL your Forms SSA-1099 and RRB-1099. Federal tax forms for 2012 Also enter this amount on Form 1040, line 20a, or Form 1040A, line 14a $10,000 2. Federal tax forms for 2012 Enter one-half of line 1 5,000 3. Federal tax forms for 2012 Combine the amounts from:     Form 1040: Lines 7, 8a, 9a, 10 through 14, 15b, 16b, 17 through 19, and 21. Federal tax forms for 2012     Form 1040A: Lines 7, 8a, 9a, 10, 11b, 12b, and 13 40,500 4. Federal tax forms for 2012 Enter the amount, if any, from Form 1040 or 1040A, line 8b -0-       5. Federal tax forms for 2012 Enter the total of any exclusions/adjustments for: Adoption benefits (Form 8839, line 28), Foreign earned income or housing (Form 2555, lines 45 and 50, or Form 2555-EZ, line 18), and Certain income of bona fide residents of American Samoa (Form 4563, line 15) or Puerto Rico -0-       6. Federal tax forms for 2012 Combine lines 2, 3, 4, and 5 45,500 7. Federal tax forms for 2012 Form 1040 filers: Enter the amount from Form 1040, lines 23 through 32, and any write-in adjustments you entered on the dotted line next to line 36. Federal tax forms for 2012     Form 1040A filers: Enter the amount from Form 1040A, lines 16 and 17 -0- 8. Federal tax forms for 2012 Is the amount on line 7 less than the amount on line 6?     No. Federal tax forms for 2012 None of your social security benefits are taxable. Federal tax forms for 2012 Enter -0- on Form 1040, line 20b, or Form 1040A, line 14b. Federal tax forms for 2012   Yes. Federal tax forms for 2012 Subtract line 7 from line 6 45,500 9. Federal tax forms for 2012 If you are: Married filing jointly, enter $32,000 Single, head of household, qualifying widow(er), or married filing separately and you lived apart from your spouse for all of 2013, enter $25,000 32,000   Note. Federal tax forms for 2012 If you are married filing separately and you lived with your spouse at any time in 2013, skip lines 9 through 16; multiply line 8 by 85% (. Federal tax forms for 2012 85) and enter the result on line 17. Federal tax forms for 2012 Then go to line 18. Federal tax forms for 2012   10. Federal tax forms for 2012 Is the amount on line 9 less than the amount on line 8?     No. Federal tax forms for 2012 None of your benefits are taxable. Federal tax forms for 2012 Enter -0- on Form 1040, line 20b, or on Form 1040A, line 14b. Federal tax forms for 2012 If you are married filing separately and you lived apart from your spouse for all of 2013, be sure you entered “D” to the right of the word “benefits” on Form 1040, line 20a, or on Form 1040A, line 14a. Federal tax forms for 2012     Yes. Federal tax forms for 2012 Subtract line 9 from line 8 13,500 11. Federal tax forms for 2012 Enter $12,000 if married filing jointly; $9,000 if single, head of household, qualifying widow(er), or married filing separately and you lived apart from your spouse for all of 2013 12,000 12. Federal tax forms for 2012 Subtract line 11 from line 10. Federal tax forms for 2012 If zero or less, enter -0- 1,500 13. Federal tax forms for 2012 Enter the smaller of line 10 or line 11 12,000 14. Federal tax forms for 2012 Enter one-half of line 13 6,000 15. Federal tax forms for 2012 Enter the smaller of line 2 or line 14 5,000 16. Federal tax forms for 2012 Multiply line 12 by 85% (. Federal tax forms for 2012 85). Federal tax forms for 2012 If line 12 is zero, enter -0- 1,275 17. Federal tax forms for 2012 Add lines 15 and 16 6,275 18. Federal tax forms for 2012 Multiply line 1 by 85% (. Federal tax forms for 2012 85) 8,500 19. Federal tax forms for 2012 Taxable benefits. Federal tax forms for 2012 Enter the smaller of line 17 or line 18. Federal tax forms for 2012 Also enter this amount on Form 1040, line 20b, or Form 1040A, line 14b $6,275 More than 50% of Joe's net benefits are taxable because the income on line 8 of the worksheet ($45,500) is more than $44,000. Federal tax forms for 2012 Joe and Betty enter $10,000 on Form 1040, line 20a, and $6,275 on Form 1040, line 20b. Federal tax forms for 2012 Deductions Related to Your Benefits You may be entitled to deduct certain amounts related to the benefits you receive. Federal tax forms for 2012 Disability payments. Federal tax forms for 2012   You may have received disability payments from your employer or an insurance company that you included as income on your tax return in an earlier year. Federal tax forms for 2012 If you received a lump-sum payment from SSA or RRB, and you had to repay the employer or insurance company for the disability payments, you can take an itemized deduction for the part of the payments you included in gross income in the earlier year. Federal tax forms for 2012 If the amount you repay is more than $3,000, you may be able to claim a tax credit instead. Federal tax forms for 2012 Claim the deduction or credit in the same way explained under Repayments More Than Gross Benefits , later. Federal tax forms for 2012 Legal expenses. Federal tax forms for 2012   You can usually deduct legal expenses that you pay or incur to produce or collect taxable income or in connection with the determination, collection, or refund of any tax. Federal tax forms for 2012   Legal expenses for collecting the taxable part of your benefits are deductible as a miscellaneous itemized deduction on Schedule A (Form 1040), line 23. Federal tax forms for 2012 Repayments More Than Gross Benefits In some situations, your Form SSA-1099 or Form RRB-1099 will show that the total benefits you repaid (box 4) are more than the gross benefits (box 3) you received. Federal tax forms for 2012 If this occurred, your net benefits in box 5 will be a negative figure (a figure in parentheses) and none of your benefits will be taxable. Federal tax forms for 2012 Do not use a worksheet in this case. Federal tax forms for 2012 If you receive more than one form, a negative figure in box 5 of one form is used to offset a positive figure in box 5 of another form for that same year. Federal tax forms for 2012 If you have any questions about this negative figure, contact your local SSA office or your local RRB field office. Federal tax forms for 2012 Joint return. Federal tax forms for 2012   If you and your spouse file a joint return, and your Form SSA-1099 or RRB-1099 has a negative figure in box 5, but your spouse's does not, subtract the amount in box 5 of your form from the amount in box 5 of your spouse's form. Federal tax forms for 2012 You do this to get your net benefits when figuring if your combined benefits are taxable. Federal tax forms for 2012 Example. Federal tax forms for 2012 John and Mary file a joint return for 2013. Federal tax forms for 2012 John received Form SSA-1099 showing $3,000 in box 5. Federal tax forms for 2012 Mary also received Form SSA-1099 and the amount in box 5 was ($500). Federal tax forms for 2012 John and Mary will use $2,500 ($3,000 minus $500) as the amount of their net benefits when figuring if any of their combined benefits are taxable. Federal tax forms for 2012 Repayment of benefits received in an earlier year. Federal tax forms for 2012   If the total amount shown in box 5 of all of your Forms SSA-1099 and RRB-1099 is a negative figure, you can take an itemized deduction for the part of this negative figure that represents benefits you included in gross income in an earlier year. Federal tax forms for 2012 Deduction $3,000 or less. Federal tax forms for 2012   If this deduction is $3,000 or less, it is subject to the 2%-of-adjusted-gross-income limit that applies to certain miscellaneous itemized deductions. Federal tax forms for 2012 Claim it on Schedule A (Form 1040), line 23. Federal tax forms for 2012 Deduction more than $3,000. Federal tax forms for 2012    If this deduction is more than $3,000, you should figure your tax two ways: Figure your tax for 2013 with the itemized deduction included on Schedule A, line 28. Federal tax forms for 2012 Figure your tax for 2013 in the following steps. Federal tax forms for 2012 Figure the tax without the itemized deduction included on Schedule A, line 28. Federal tax forms for 2012 For each year after 1983 for which part of the negative figure represents a repayment of benefits, refigure your taxable benefits as if your total benefits for the year were reduced by that part of the negative figure. Federal tax forms for 2012 Then refigure the tax for that year. Federal tax forms for 2012 Subtract the total of the refigured tax amounts in (b) from the total of your actual tax amounts. Federal tax forms for 2012 Subtract the result in (c) from the result in (a). Federal tax forms for 2012 Compare the tax figured in methods (1) and (2). Federal tax forms for 2012 Your tax for 2013 is the smaller of the two amounts. Federal tax forms for 2012 If method (1) results in less tax, take the itemized deduction on Schedule A (Form 1040), line 28. Federal tax forms for 2012 If method (2) results in less tax, claim a credit for the amount from step 2(c) above on Form 1040, line 71. Federal tax forms for 2012 Check box d and enter “I. Federal tax forms for 2012 R. Federal tax forms for 2012 C. Federal tax forms for 2012 1341” in the space next to that box. Federal tax forms for 2012 If both methods produce the same tax, deduct the repayment on Schedule A (Form 1040), line 28. Federal tax forms for 2012 Prev  Up  Next   Home   More Online Publications
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Life Insurance

Your need for life insurance will change with changes in your life. For example, the arrival of children usually triggers a sharp increase in the amount you need. As children grow older and leave the nest, you will probably need less protection.

Term life insurance policies are the least costly. They pay death benefits but have no cash value if you decide to stop making payments. As the word "term" suggests, these policies are in effect for a specific period of time-one year or until you reach a certain age are common. You can compare life insurance policies online.

Whole life, universal life, and other cash value policies combine a long-term savings and investment product with life insurance. Canceling these policies after only a few years can more than double your life insurance costs.

If you have misplaced a life insurance policy, your state’s insurance commission may be able to help you locate it. Or you can search for it at the Policy Locator. If the insurance company knows that an insured person has died, but cannot locate the beneficiaries, the company must turn the benefits over to the state’s unclaimed property office. Check with that office if you believe that you are due a benefit. You can avoid losing your life insurance policy by alerting the policy beneficiaries and filing a copy with your will.

Disability Insurance

Disability can be more disastrous financially than death. If you are disabled, you lose your earning power, but you still have living expenses and often huge expenses for medical care. Disability insurance helps you replace lost income. Many employers offer some type of disability insurance coverage for employees, or you can get an individual disability insurance policy. There are two types of disability policies: short-term disability (STD) and long-term disability (LTD). Short-term disability policies have a maximum benefit of two years, while long-term disability policies have benefits that can last the rest of your life. When purchasing disability insurance, ask:

  • How is disability defined? Some policies consider you disabled if you are unable to perform the duties of any job. Better plans pay benefits if you are unable to do the usual duties of your own occupation.
  • When do benefits begin? Most plans have a waiting period after an illness before payments begin.
  • How long do benefits last? After the waiting period, payments are usually available till you reach age 65, though shorter or longer terms are also available.
  • What dollar amount is promised? Can benefits be reduced by Social Security disability and workers' compensation payments? Are the benefits adjusted for inflation? Will the policy provider continue making contributions to your pension plan so you have retirement benefits when the disability coverage ends?

For more information on disability insurance, visit Insurance Information Institute or America's Health Insurance Plans.

The Federal Tax Forms For 2012

Federal tax forms for 2012 Index A Adjusted gross income (AGI) Income limits for, Income Limits Age Age 65, Age 65. Federal tax forms for 2012 Mandatory retirement age, Payments that are not disability income. Federal tax forms for 2012 Assistance (see Tax help) C Citizenship requirement, U. Federal tax forms for 2012 S. Federal tax forms for 2012 Citizen or Resident Alien Credit figured by IRS, Credit Figured for You Credit figured for you, Credit Figured for You D Disability benefits Nontaxable by law, Step 2. Federal tax forms for 2012 Total Certain Nontaxable Pensions and Benefits Disability income, Disability income. Federal tax forms for 2012 Disability, permanent and total disability, Qualified Individual, Permanent and total disability. Federal tax forms for 2012 E Eligibility for credit, Are You Eligible for the Credit? Employer's accident or health plans or pension plans Disability income from, Disability income. Federal tax forms for 2012 Excess adjusted gross income, Step 3. Federal tax forms for 2012 Determine Excess Adjusted Gross Income F Figuring the credit yourself, Figuring the Credit Yourself Determine excess AGI, Step 3. Federal tax forms for 2012 Determine Excess Adjusted Gross Income Determine initial amount, Step 1. Federal tax forms for 2012 Determine Initial Amount Determine the credit, Step 5. Federal tax forms for 2012 Determine Your Credit Determine the total of steps 2 and 3, Step 4. Federal tax forms for 2012 Determine the Total of Steps 2 and 3 Total certain nontaxable pensions and benefits, Step 2. Federal tax forms for 2012 Total Certain Nontaxable Pensions and Benefits Foreign military service Pension, annuity, or disability benefit from, Step 2. Federal tax forms for 2012 Total Certain Nontaxable Pensions and Benefits Foreign Service Pension, annuity, or disability benefit from, Step 2. Federal tax forms for 2012 Total Certain Nontaxable Pensions and Benefits Form RRB-1099 Payments by Railroad Retirement Board, Step 2. Federal tax forms for 2012 Total Certain Nontaxable Pensions and Benefits Form SSA-1099 Social security benefit statement, Step 2. Federal tax forms for 2012 Total Certain Nontaxable Pensions and Benefits Free tax services, Free help with your tax return. Federal tax forms for 2012 H Head of household, Head of household. Federal tax forms for 2012 Help (see Tax help) I Income limits, Income Limits Initial amounts for persons under age 65, Initial amounts for persons under age 65. Federal tax forms for 2012 J Joint returns, Married Persons L Limit on credit, Limit on credit. Federal tax forms for 2012 Lump-sum payments Accrued annual leave, Payments that are not disability income. Federal tax forms for 2012 Death benefits paid to surviving spouse or child, Step 2. Federal tax forms for 2012 Total Certain Nontaxable Pensions and Benefits M Mandatory retirement age, Payments that are not disability income. Federal tax forms for 2012 Married taxpayers, Married Persons Mentally incompetent persons Sheltered employment for, Sheltered employment. Federal tax forms for 2012 Missing children Photographs of, Reminders N National Oceanic and Atmospheric Administration Pension, annuity, or disability benefit from, Step 2. Federal tax forms for 2012 Total Certain Nontaxable Pensions and Benefits Nonresident aliens, Exceptions. Federal tax forms for 2012 Nontaxable payments, Step 2. Federal tax forms for 2012 Total Certain Nontaxable Pensions and Benefits O Out of work, Substantial gainful activity. Federal tax forms for 2012 P Pension or annuity payments Nontaxable by law, Step 2. Federal tax forms for 2012 Total Certain Nontaxable Pensions and Benefits Permanent and total disability, Qualified Individual, Permanent and total disability. Federal tax forms for 2012 Physician certification, Permanent and total disability. Federal tax forms for 2012 , Physician's statement. Federal tax forms for 2012 Public Health Service Pension, annuity, or disability benefit from, Step 2. Federal tax forms for 2012 Total Certain Nontaxable Pensions and Benefits Publications (see Tax help) Q Qualified individual, Qualified Individual Age 65 or older, Qualified Individual Under age 65 and retired on permanent and total disability, Qualified Individual, Under Age 65 R Residence requirement, U. Federal tax forms for 2012 S. Federal tax forms for 2012 Citizen or Resident Alien S Schedule R, Credit Figured for You, Figuring the Credit Yourself, , Examples Sheltered employment, Sheltered employment. Federal tax forms for 2012 Social security payments, Step 2. Federal tax forms for 2012 Total Certain Nontaxable Pensions and Benefits Substantial gainful activity, Substantial gainful activity. Federal tax forms for 2012 T Tables and figures Figure A, Qualified individual determination, Substantial gainful activity. Federal tax forms for 2012 Table 1, Income limits, Substantial gainful activity. Federal tax forms for 2012 , Table 1. Federal tax forms for 2012 Income Limits Table 2, Initial amounts, Table 2. Federal tax forms for 2012 Initial Amounts Tax help, How To Get Tax Help TTY/TDD information, How To Get Tax Help U U. Federal tax forms for 2012 S. Federal tax forms for 2012 citizens and resident aliens, U. Federal tax forms for 2012 S. Federal tax forms for 2012 Citizen or Resident Alien V VA Form 21-0172 Certification of permanent and total disability, Veterans. Federal tax forms for 2012 Veterans Certification by VA of permanent and total disability, Veterans. Federal tax forms for 2012 Exclusion of nontaxable pension or annuity payment or disability benefits, Step 2. Federal tax forms for 2012 Total Certain Nontaxable Pensions and Benefits Prev  Up     Home   More Online Publications