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Federal1040x Amendment

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Federal1040x Amendment

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The Federal1040x Amendment

Federal1040x amendment 37. Federal1040x amendment   Other Credits Table of Contents What'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 What's New Adoption credit. Federal1040x amendment  The maximum adoption credit is $12,970 for 2013. Federal1040x amendment See Adoption Credit . Federal1040x amendment Plug-in electric vehicle credit. Federal1040x amendment  This credit has expired. Federal1040x amendment Credit for prior year minimum tax. Federal1040x amendment  The refundable portion of the credit for prior year minimum tax has expired. Federal1040x amendment Excess withholding of social security and railroad retirement tax. Federal1040x amendment  Social security tax and tier 1 railroad retirement (RRTA) tax were both withheld during 2013 at a rate of 6. Federal1040x amendment 2% of wages up to $113,700. Federal1040x amendment If you worked for more than one employer and had too much social security or RRTA tax withheld during 2013, you may be entitled to a credit for the excess withholding. Federal1040x amendment See Credit for Excess Social Security Tax or Railroad Retirement Tax Withheld . Federal1040x amendment Introduction This chapter discusses the following nonrefundable credits. Federal1040x amendment Adoption credit. Federal1040x amendment Alternative motor vehicle credit. Federal1040x amendment Alternative fuel vehicle refueling property credit. Federal1040x amendment Credit to holders of tax credit bonds. Federal1040x amendment Foreign tax credit. Federal1040x amendment Mortgage interest credit. Federal1040x amendment Nonrefundable credit for prior year minimum tax. Federal1040x amendment Plug-in electric drive motor vehicle credit. Federal1040x amendment Residential energy credits. Federal1040x amendment Retirement savings contributions credit. Federal1040x amendment This chapter also discusses the following refundable credits. Federal1040x amendment Credit for tax on undistributed capital gain. Federal1040x amendment Health coverage tax credit. Federal1040x amendment Credit for excess social security tax or railroad retirement tax withheld. Federal1040x amendment Several other credits are discussed in other chapters in this publication. Federal1040x amendment Child and dependent care credit (chapter 32). Federal1040x amendment Credit for the elderly or the disabled (chapter 33). Federal1040x amendment Child tax credit (chapter 34). Federal1040x amendment Education credits (chapter 35). Federal1040x amendment Earned income credit (chapter 36). Federal1040x amendment Nonrefundable credits. Federal1040x amendment   The first part of this chapter, Nonrefundable Credits , covers ten credits that you subtract from your tax. Federal1040x amendment These credits may reduce your tax to zero. Federal1040x amendment If these credits are more than your tax, the excess is not refunded to you. Federal1040x amendment Refundable credits. Federal1040x amendment   The second part of this chapter, Refundable Credits , covers three credits that are treated as payments and are refundable to you. Federal1040x amendment These credits are added to the federal income tax withheld and any estimated tax payments you made. Federal1040x amendment If this total is more than your total tax, the excess will be refunded to you. Federal1040x amendment Useful Items - You may want to see: Publication 502 Medical and Dental Expenses 514 Foreign Tax Credit for  Individuals 530 Tax Information for Homeowners 590 Individual Retirement Arrangements (IRAs) Form (and Instructions) 1116 Foreign Tax Credit 2439 Notice to Shareholder of Undistributed Long-Term Capital Gains 5695 Residential Energy Credits 8396 Mortgage Interest Credit 8801 Credit For Prior Year Minimum Tax — Individuals, Estates, and Trusts 8828 Recapture of Federal Mortgage Subsidy 8839 Qualified Adoption Expenses 8880 Credit for Qualified Retirement Savings Contributions 8885 Health Coverage Tax Credit 8910 Alternative Motor Vehicle Credit 8911 Alternative Fuel Vehicle Refueling Property Credit 8912 Credit to Holders of Tax Credit Bonds 8936 Qualified Plug-in Electric Drive Motor Vehicle Credit Nonrefundable Credits The credits discussed in this part of the chapter can reduce your tax. Federal1040x amendment However, if the total of these credits is more than your tax, the excess is not refunded to you. Federal1040x amendment Adoption Credit You may be able to take a tax credit of up to $12,970 for qualified expenses paid to adopt an eligible child. Federal1040x amendment The credit may be allowed for the adoption of a child with special needs even if you do not have any qualified expenses. Federal1040x amendment If your modified adjusted gross income (AGI) is more than $194,580, your credit is reduced. Federal1040x amendment If your modified AGI is $234,580 or more, you cannot take the credit. Federal1040x amendment Qualified adoption expenses. Federal1040x amendment   Qualified adoption expenses are reasonable and necessary expenses directly related to, and whose principal purpose is for, the legal adoption of an eligible child. Federal1040x amendment These expenses include: Adoption fees, Court costs, Attorney fees, Travel expenses (including amounts spent for meals and lodging) while away from home, and Re-adoption expenses to adopt a foreign child. Federal1040x amendment Nonqualified expenses. Federal1040x amendment   Qualified adoption expenses do not include expenses: That violate state or federal law, For carrying out any surrogate parenting arrangement, For the adoption of your spouse's child, For which you received funds under any federal, state, or local program, Allowed as a credit or deduction under any other federal income tax rule, or Paid or reimbursed by your employer or any other person or organization. Federal1040x amendment Eligible child. Federal1040x amendment   The term “eligible child” means any individual: Under 18 years old, or Physically or mentally incapable of caring for himself or herself. Federal1040x amendment Child with special needs. Federal1040x amendment   An eligible child is a child with special needs if all three of the following apply. Federal1040x amendment The child was a citizen or resident of the United States (including U. Federal1040x amendment S. Federal1040x amendment possessions) at the time the adoption process began. Federal1040x amendment A state (including the District of Columbia) has determined that the child cannot or should not be returned to his or her parents' home. Federal1040x amendment The state has determined that the child will not be adopted unless assistance is provided to the adoptive parents. Federal1040x amendment Factors used by states to make this determination include: The child's ethnic background, The child's age, Whether the child is a member of a minority or sibling group, and Whether the child has a medical condition or a physical, mental, or emotional handicap. Federal1040x amendment When to take the credit. Federal1040x amendment   Generally, until the adoption becomes final, you take the credit in the year after your qualified expenses were paid or incurred. Federal1040x amendment If the adoption becomes final, you take the credit in the year your expenses were paid or incurred. Federal1040x amendment See the Instructions for Form 8839 for more specific information on when to take the credit. Federal1040x amendment Foreign child. Federal1040x amendment   If the child is not a U. Federal1040x amendment S. Federal1040x amendment citizen or resident at the time the adoption process began, you cannot take the credit unless the adoption becomes final. Federal1040x amendment You treat all adoption expenses paid or incurred in years before the adoption becomes final as paid or incurred in the year it becomes final. Federal1040x amendment How to take the credit. Federal1040x amendment   Figure your 2013 nonrefundable credit and any carryforward to 2014 on Form 8839 and attach it to your Form 1040. Federal1040x amendment Include the credit in your total for Form 1040, line 53. Federal1040x amendment Check box c and enter “8839” on the line next to that box. Federal1040x amendment More information. Federal1040x amendment   For more information, see the Instructions for Form 8839. Federal1040x amendment Alternative Motor Vehicle Credit You may be able to take this credit if you place a qualified fuel cell vehicle in service in 2013. Federal1040x amendment Amount of credit. Federal1040x amendment   Generally, you can rely on the manufacturer's certification to the IRS that a specific make, model, and model year vehicle qualifies for the credit and the amount of the credit for which it qualifies. Federal1040x amendment In the case of a foreign manufacturer, you generally can rely on its domestic distributor's certification to the IRS. Federal1040x amendment   Ordinarily the amount of the credit is 100% of the manufacturer's (or domestic distributor's) certification to the IRS of the maximum credit allowable. Federal1040x amendment How to take the credit. Federal1040x amendment   To take the credit, you must complete Form 8910 and attach it to your Form 1040. Federal1040x amendment Include the credit in your total for Form 1040, line 53. Federal1040x amendment Check box c and enter “8910” on the line next to that box. Federal1040x amendment More information. Federal1040x amendment   For more information on the credit, see the Instructions for Form 8910. Federal1040x amendment Alternative Fuel Vehicle Refueling Property Credit You may be able to take a credit if you place qualified alternative fuel vehicle refueling property in service in 2013. Federal1040x amendment Qualified alternative fuel vehicle refueling property. Federal1040x amendment   Qualified alternative fuel vehicle refueling property is any property (other than a building or its structural components) used for either of the following. Federal1040x amendment To store or dispense alternative fuel into the fuel tank of a motor vehicle propelled by the fuel, but only if the storage or dispensing is at the point where the fuel is delivered into that tank. Federal1040x amendment To recharge an electric vehicle, but only if the recharging property is located at the point where the vehicle is recharged. Federal1040x amendment   The following are alternative fuels. Federal1040x amendment Any fuel at least 85% of the volume of which consists of one or more of the following: ethanol, natural gas, compressed natural gas, liquefied natural gas, liquefied petroleum gas, or hydrogen. Federal1040x amendment Any mixture which consists of two or more of the following: biodiesel, diesel fuel, or kerosene, and at least 20% of the volume of which consists of biodiesel determined without regard to any kerosene. Federal1040x amendment Electricity. Federal1040x amendment Amount of the credit. Federal1040x amendment   For personal use property, the credit is generally the smaller of 30% of the property's cost or $1,000. Federal1040x amendment For business use property, the credit is generally the smaller of 30% of the property's cost or $30,000. Federal1040x amendment How to take the credit. Federal1040x amendment   To take the credit, you must complete Form 8911 and attach it to your Form 1040. Federal1040x amendment Include the credit in your total for Form 1040, line 53. Federal1040x amendment Check box c and enter “8911” on the line next to that box. Federal1040x amendment More information. Federal1040x amendment   For more information on the credit, see the Form 8911 instructions. Federal1040x amendment Credit to Holders of Tax Credit Bonds Tax credit bonds are bonds in which the holder receives a tax credit in lieu of some or all of the interest on the bond. Federal1040x amendment You may be able to take a credit if you are a holder of one of the following bonds. Federal1040x amendment Clean renewable energy bonds (issued before 2010). Federal1040x amendment New clean renewable energy bonds. Federal1040x amendment Qualified energy conservation bonds. Federal1040x amendment Qualified school construction bonds. Federal1040x amendment Qualified zone academy bonds. Federal1040x amendment Build America bonds. Federal1040x amendment In some instances, an issuer may elect to receive a credit for interest paid on the bond. Federal1040x amendment If the issuer makes this election, you cannot also claim a credit. Federal1040x amendment Interest income. Federal1040x amendment   The amount of any tax credit allowed (figured before applying tax liability limits) must be included as interest income on your tax return. Federal1040x amendment How to take the credit. Federal1040x amendment   Complete Form 8912 and attach it to your Form 1040. Federal1040x amendment Include the credit in your total for Form 1040, line 53. Federal1040x amendment Check box c and enter “8912” on the line next to that box. Federal1040x amendment More information. Federal1040x amendment   For more information, see the Instructions for Form 8912. Federal1040x amendment Foreign Tax Credit You generally can choose to take income taxes you paid or accrued during the year to a foreign country or U. Federal1040x amendment S. Federal1040x amendment possession as a credit against your U. Federal1040x amendment S. Federal1040x amendment income tax. Federal1040x amendment Or, you can deduct them as an itemized deduction (see chapter 22). Federal1040x amendment You cannot take a credit (or deduction) for foreign income taxes paid on income that you exclude from U. Federal1040x amendment S. Federal1040x amendment tax under any of the following. Federal1040x amendment Foreign earned income exclusion. Federal1040x amendment Foreign housing exclusion. Federal1040x amendment Income from Puerto Rico exempt from U. Federal1040x amendment S. Federal1040x amendment tax. Federal1040x amendment Possession exclusion. Federal1040x amendment Limit on the credit. Federal1040x amendment   Unless you can elect not to file Form 1116 (see Exception , later), your foreign tax credit cannot be more than your U. Federal1040x amendment S. Federal1040x amendment tax liability (Form 1040, line 44), multiplied by a fraction. Federal1040x amendment The numerator of the fraction is your taxable income from sources outside the United States. Federal1040x amendment The denominator is your total taxable income from U. Federal1040x amendment S. Federal1040x amendment and foreign sources. Federal1040x amendment See Publication 514 for more information. Federal1040x amendment How to take the credit. Federal1040x amendment   Complete Form 1116 and attach it to your Form 1040. Federal1040x amendment Enter the credit on Form 1040, line 47. Federal1040x amendment Exception. Federal1040x amendment   You do not have to complete Form 1116 to take the credit if all of the following apply. Federal1040x amendment All of your gross foreign source income was from interest and dividends and all of that income and the foreign tax paid on it were reported to you on Form 1099-INT, Form 1099-DIV, or Schedule K-1 (or substitute statement). Federal1040x amendment If you had dividend income from shares of stock, you held those shares for at least 16 days. Federal1040x amendment You are not filing Form 4563 or excluding income from sources within Puerto Rico. Federal1040x amendment The total of your foreign taxes was not more than $300 (not more than $600 if married filing jointly). Federal1040x amendment All of your foreign taxes were: Legally owed and not eligible for a refund, and Paid to countries that are recognized by the United States and do not support terrorism. Federal1040x amendment More information. Federal1040x amendment   For more information on the credit and these requirements, see the Instructions for Form 1116. Federal1040x amendment Mortgage Interest Credit The mortgage interest credit is intended to help lower-income individuals own a home. Federal1040x amendment If you qualify, you can take the credit each year for part of the home mortgage interest you pay. Federal1040x amendment Who qualifies. Federal1040x amendment   You may be eligible for the credit if you were issued a qualified mortgage credit certificate (MCC) from your state or local government. Federal1040x amendment Generally, an MCC is issued only in connection with a new mortgage for the purchase of your main home. Federal1040x amendment Amount of credit. Federal1040x amendment   Figure your credit on Form 8396. Federal1040x amendment If your mortgage loan amount is equal to (or smaller than) the certified indebtedness (loan) amount shown on your MCC, enter on Form 8396, line 1, all the interest you paid on your mortgage during the year. Federal1040x amendment   If your mortgage loan amount is larger than the certified indebtedness amount shown on your MCC, you can figure the credit on only part of the interest you paid. Federal1040x amendment To find the amount to enter on line 1, multiply the total interest you paid during the year on your mortgage by the following fraction. Federal1040x amendment      Certified indebtedness amount on your MCC     Original amount of your mortgage   Limit based on credit rate. Federal1040x amendment   If the certificate credit rate is more than 20%, the credit you are allowed cannot be more than $2,000. Federal1040x amendment If two or more persons (other than a married couple filing a joint return) hold an interest in the home to which the MCC relates, this $2,000 limit must be divided based on the interest held by each person. Federal1040x amendment See Publication 530 for more information. Federal1040x amendment Carryforward. Federal1040x amendment   Your credit (after applying the limit based on the credit rate) is also subject to a limit based on your tax that is figured using Form 8396. Federal1040x amendment If your allowable credit is reduced because of this tax liability limit, you can carry forward the unused portion of the credit to the next 3 years or until used, whichever comes first. Federal1040x amendment   If you are subject to the $2,000 limit because your certificate credit rate is more than 20%, you cannot carry forward any amount more than $2,000 (or your share of the $2,000 if you must divide the credit). Federal1040x amendment How to take the credit. Federal1040x amendment    Figure your 2013 credit and any carryforward to 2014 on Form 8396, and attach it to your Form 1040. Federal1040x amendment Be sure to include any credit carryforward from 2010, 2011, and 2012. Federal1040x amendment   Include the credit in your total for Form 1040, line 53. Federal1040x amendment Check box c and enter “8396” on the line next to that box. Federal1040x amendment Reduced home mortgage interest deduction. Federal1040x amendment   If you itemize your deductions on Schedule A (Form 1040), you must reduce your home mortgage interest deduction by the amount of the mortgage interest credit shown on Form 8396, line 3. Federal1040x amendment You must do this even if part of that amount is to be carried forward to 2014. Federal1040x amendment For more information about the home mortgage interest deduction, see chapter 23. Federal1040x amendment Recapture of federal mortgage subsidy. Federal1040x amendment   If you received an MCC with your mortgage loan, you may have to recapture (pay back) all or part of the benefit you received from that program. Federal1040x amendment The recapture may be required if you sell or dispose of your home at a gain during the first 9 years after the date you closed your mortgage loan. Federal1040x amendment See the Instructions for Form 8828 and chapter 15 for more information. Federal1040x amendment More information. Federal1040x amendment   For more information on the credit, see the Form 8396 instructions. Federal1040x amendment Nonrefundable Credit for Prior Year Minimum Tax The tax laws give special treatment to some kinds of income and allow special deductions and credits for some kinds of expenses. Federal1040x amendment If you benefit from these laws, you may have to pay at least a minimum amount of tax in addition to any other tax on these items. Federal1040x amendment This is called the alternative minimum tax. Federal1040x amendment The special treatment of some items of income and expenses only allows you to postpone paying tax until a later year. Federal1040x amendment If in prior years you paid alternative minimum tax because of these tax postponement items, you may be able to take a credit for prior year minimum tax against your current year's regular tax. Federal1040x amendment You may be able to take a credit against your regular tax if for 2012 you had: An alternative minimum tax liability and adjustments or preferences other than exclusion items, A minimum tax credit that you are carrying forward to 2013, or An unallowed qualified electric vehicle credit. Federal1040x amendment How to take the credit. Federal1040x amendment    Figure your 2013 nonrefundable credit (if any), and any carryforward to 2014 on Form 8801, and attach it to your Form 1040. Federal1040x amendment Include the credit in your total for Form 1040, line 53, and check box b. Federal1040x amendment You can carry forward any unused credit for prior year minimum tax to later years until it is completely used. Federal1040x amendment More information. Federal1040x amendment   For more information on the credit, see the Instructions for Form 8801. Federal1040x amendment Plug-in Electric Drive Motor Vehicle Credit You may be able to take this credit if you placed in service for business or personal use a qualified plug-in electric drive motor vehicle or a qualified two- or three-wheeled plug-in electric vehicle in 2013 and you meet some other requirements. Federal1040x amendment Qualified plug-in electric drive motor vehicle. Federal1040x amendment   This is a new vehicle with at least four wheels that: Is propelled to a significant extent by an electric motor that draws electricity from a battery that has a capacity of not less than 4 kilowatt hours and is capable of being recharged from an external source of electricity, and Has a gross vehicle weight of less than 14,000 pounds. Federal1040x amendment Qualified two- or three-wheeled plug-in electric vehicle. Federal1040x amendment   This is a new vehicle with two or three wheels that: Is capable of achieving a speed of 45 miles per hour or greater, Is propelled to a significant extent by an electric motor that draws electricity from a battery that has a capacity of not less than 2. Federal1040x amendment 5 kilowatt hours and is capable of being recharged from an external source of electricity, and Has a gross vehicle weight of less than 14,000 pounds. Federal1040x amendment Certification and other requirements. Federal1040x amendment   Generally, you can rely on the manufacturer's (or, in the case of a foreign manufacturer, its domestic distributor's) certification to the IRS that a specific make, model, and model year vehicle qualifies for the credit and, if applicable, the amount of the credit for which it qualifies. Federal1040x amendment However, if the IRS publishes an announcement that the certification for any specific make, model, and model year vehicle has been withdrawn, you cannot rely on the certification for such a vehicle purchased after the date of publication of the withdrawal announcement. Federal1040x amendment   The following requirements must also be met to qualify for the credit. Federal1040x amendment You are the owner of the vehicle. Federal1040x amendment If the vehicle is leased, only the lessor, and not the lessee, is entitled to the credit. Federal1040x amendment You placed the vehicle in service during 2013. Federal1040x amendment The vehicle is manufactured primarily for use on public streets, roads, and highways. Federal1040x amendment The original use of the vehicle began with you. Federal1040x amendment You acquired the vehicle for your use or to lease to others, and not for resale. Federal1040x amendment In the case of the qualified two- or three-wheeled plug-in electric vehicle, the vehicle is acquired after 2011 and before 2014. Federal1040x amendment You use the vehicle primarily in the United States. Federal1040x amendment How to take the credit. Federal1040x amendment   To take the credit, you must complete Form 8936 and attach it to your Form 1040. Federal1040x amendment Include the credit in your total for Form 1040, line 53. Federal1040x amendment Check box c and enter “8936” on the line next to that box. Federal1040x amendment More information. Federal1040x amendment   For more information on the credit, see the Form 8936 instructions. Federal1040x amendment Residential Energy Credits You may be able to take one or both of the following credits if you made energy saving improvements to your home located in the United States in 2013. Federal1040x amendment Nonbusiness energy property credit. Federal1040x amendment Residential energy efficient property credit. Federal1040x amendment If you are a member of a condominium management association for a condominium you own or a tenant-stockholder in a cooperative housing corporation, you are treated as having paid your proportionate share of any costs of the association or corporation for purposes of these credits. Federal1040x amendment Nonbusiness energy property credit. Federal1040x amendment   You may be able to take a credit equal to the sum of: 10% of the amount paid or incurred for qualified energy efficiency improvements installed during 2013, and Any residential energy property costs paid or incurred in 2013. Federal1040x amendment   There is a lifetime limit of $500 for all years after 2005, of which only $200 can be for windows; $50 for any advanced main air circulating fan; $150 for any qualified natural gas, propane, or oil furnace or hot water boiler; and $300 for any item of energy efficient building property. Federal1040x amendment    If the total of nonbusiness energy property credits you have taken in previous years (after 2005) is more than $500, you cannot take this credit in 2013. Federal1040x amendment   Qualified energy efficiency improvements are the following improvements that are new, can be expected to remain in use at least 5 years, and meet certain requirements for energy efficiency. Federal1040x amendment Any insulation material or system that is specifically and primarily designed to reduce heat loss or gain of a home. Federal1040x amendment Exterior window (including skylights). Federal1040x amendment Exterior doors. Federal1040x amendment Any metal or asphalt roof that has appropriate pigmented coatings or cooling granules specifically and primarily designed to reduce heat gain of the home. Federal1040x amendment   Residential energy property is any of the following. Federal1040x amendment Certain electric heat pump water heaters; electric heat pumps; central air conditioners; natural gas, propane, or oil water heater; and stoves that use biomass fuel. Federal1040x amendment Qualified natural gas, propane, or oil furnaces; and qualified natural gas, propane, or oil hot water boilers. Federal1040x amendment Certain advanced main air circulating fans used in natural gas, propane, or oil furnaces. Federal1040x amendment Residential energy efficient property credit. Federal1040x amendment   You may be able to take a credit of 30% of your costs of qualified solar electric property, solar water heating property, fuel cell property, small wind energy property, and geothermal heat pump property. Federal1040x amendment The credit amount for costs paid for qualified fuel cell property is limited to $500 for each one-half kilowatt of capacity of the property. Federal1040x amendment Basis reduction. Federal1040x amendment   You must reduce the basis of your home by the amount of any credit allowed. Federal1040x amendment How to take the credit. Federal1040x amendment   Complete Form 5695 and attach it to your Form 1040. Federal1040x amendment Enter the credit on Form 1040, line 52. Federal1040x amendment More information. Federal1040x amendment   For more information on these credits, see the Form 5695 instructions. Federal1040x amendment Retirement Savings Contributions Credit (Saver's Credit) You may be able to take this credit if you, or your spouse if filing jointly, made: Contributions (other than rollover contributions) to a traditional or Roth IRA, Elective deferrals to a 401(k) or 403(b) plan (including designated Roth contributions) or to a governmental 457, SEP, or SIMPLE plan, Voluntary employee contributions to a qualified retirement plan (including the federal Thrift Savings Plan), or Contributions to a 501(c)(18)(D) plan. Federal1040x amendment However, you cannot take the credit if either of the following applies. Federal1040x amendment The amount on Form 1040, line 38, or Form 1040A, line 22, is more than $29,500 ($44,250 if head of household; $59,000 if married filing jointly). Federal1040x amendment The person(s) who made the qualified contribution or elective deferral (a) was born after January 1, 1996, (b) is claimed as a dependent on someone else's 2013 tax return, or (c) was a student (defined next). Federal1040x amendment Student. Federal1040x amendment   You were a student if during any part of 5 calendar months of 2013 you: Were enrolled as a full-time student at a school, or Took a full-time, on-farm training course given by a school or a state, county, or local government agency. Federal1040x amendment School. Federal1040x amendment   A school includes a technical, trade, or mechanical school. Federal1040x amendment It does not include an on-the-job training course, correspondence school, or school offering courses only through the Internet. Federal1040x amendment How to take the credit. Federal1040x amendment   Figure the credit on Form 8880. Federal1040x amendment Enter the credit on your Form 1040, line 50, or your Form 1040A, line 32, and attach Form 8880 to your return. Federal1040x amendment More information. Federal1040x amendment   For more information on the credit, see the Form 8880 instructions. Federal1040x amendment Refundable Credits The credits discussed in this part of the chapter are treated as payments of tax. Federal1040x amendment If the total of these credits, withheld federal income tax, and estimated tax payments is more than your total tax, the excess can be refunded to you. Federal1040x amendment Credit for Tax on Undistributed Capital Gain You must include in your income any amounts that regulated investment companies (commonly called mutual funds) or real estate investment trusts (REITs) allocated to you as capital gain distributions, even if you did not actually receive them. Federal1040x amendment If the mutual fund or REIT paid a tax on the capital gain, you are allowed a credit for the tax since it is considered paid by you. Federal1040x amendment The mutual fund or REIT will send you Form 2439 showing your share of the undistributed capital gains and the tax paid, if any. Federal1040x amendment How to take the credit. Federal1040x amendment   To take the credit, attach Copy B of Form 2439 to your Form 1040. Federal1040x amendment Include the amount from box 2 of your Form 2439 in the total for Form 1040, line 71, and check box a. Federal1040x amendment More information. Federal1040x amendment   See Capital Gain Distributions in chapter 8 for more information on undistributed capital gains. Federal1040x amendment Health Coverage Tax Credit You may be able to take this credit for any month in which all the following statements were true on the first day of the month. Federal1040x amendment You were an eligible trade adjustment assistance (TAA) recipient, alternative TAA (ATAA) recipient, reemployment TAA (RTAA) recipient, or Pension Benefit Guaranty Corporation (PBGC) pension recipient (defined later); or you were a qualified family member of one of these individuals when the individual died or you finalized a divorce with one of these individuals. Federal1040x amendment You and/or your family members were covered by a qualified health insurance plan for which you paid the entire premiums, or your portion of the premiums, directly to your health plan or to “U. Federal1040x amendment S. Federal1040x amendment Treasury–HCTC. Federal1040x amendment ” You were not enrolled in Medicare Part A, B, or C, or you were enrolled in Medicare but your family member(s) qualified for the HCTC. Federal1040x amendment You were not enrolled in Medicaid or the Children's Health Insurance Program (CHIP). Federal1040x amendment You were not enrolled in the Federal Employees Health Benefits program (FEHBP) or eligible to receive benefits under the U. Federal1040x amendment S. Federal1040x amendment military health system (TRICARE). Federal1040x amendment You were not imprisoned under federal, state, or local authority. Federal1040x amendment Your employer did not pay 50% or more of the cost of coverage. Federal1040x amendment You did not receive a 65% COBRA premium reduction from your former employer or COBRA administrator. Federal1040x amendment But, you cannot take the credit if you can be claimed as a dependent on someone else's 2013 tax return. Federal1040x amendment If you meet all of these conditions, you may be able to take a credit of up to 72. Federal1040x amendment 5% of the amount you paid directly to a qualified health plan for you and any qualifying family members. Federal1040x amendment You cannot take the credit for insurance premiums on coverage that was actually paid for with a National Emergency Grant. Federal1040x amendment The amount you paid for qualified health insurance coverage must be reduced by any Archer MSA and health savings account distributions used to pay for the coverage. Federal1040x amendment You can take this credit on your tax return or have it paid on your behalf in advance to your insurance company. Federal1040x amendment If the credit is paid on your behalf in advance, that amount will reduce the amount of the credit you can take on your tax return. Federal1040x amendment TAA recipient. Federal1040x amendment   You were an eligible TAA recipient on the first day of the month if, for any day in that month or the prior month, you: Received a trade readjustment allowance, or Would have been entitled to receive such an allowance except that you had not exhausted all rights to any unemployment insurance (except additional compensation that is funded by a state and is not reimbursed from any federal funds) to which you were entitled (or would be entitled if you applied). Federal1040x amendment Example. Federal1040x amendment You received a trade adjustment allowance for January 2013. Federal1040x amendment You were an eligible TAA recipient on the first day of January and February. Federal1040x amendment Alternative TAA recipient. Federal1040x amendment   You were an eligible alternative TAA recipient on the first day of the month if, for that month or the prior month, you received benefits under an alternative trade adjustment assistance program for older workers established by the Department of Labor. Federal1040x amendment Example. Federal1040x amendment You received benefits under an alternative trade adjustment assistance program for older workers for October 2013. Federal1040x amendment The program was established by the Department of Labor. Federal1040x amendment You were an eligible alternative TAA recipient on the first day of October and November. Federal1040x amendment RTAA recipient. Federal1040x amendment   You were an eligible RTAA recipient on the first day of the month if, for that month or the prior month, you received benefits under a reemployment trade adjustment assistance program for older workers established by the Department of Labor. Federal1040x amendment PBGC pension recipient. Federal1040x amendment   You were an eligible PBGC pension recipient on the first day of the month, if both of the following apply. Federal1040x amendment You were age 55 or older on the first day of the month. Federal1040x amendment You received a benefit for that month paid by the PBGC under title IV of the Employee Retirement Income Security Act of 1974 (ERISA). Federal1040x amendment If you received a lump-sum payment from the PBGC after August 5, 2002, you meet item (2) above for any month that you would have received a PBGC benefit if you had not received the lump-sum payment. Federal1040x amendment How to take the credit. Federal1040x amendment   To take the credit, complete Form 8885 and attach it to your Form 1040. Federal1040x amendment Include your credit in the total for Form 1040, line 71, and check box c. Federal1040x amendment   You must attach health insurance bills (or COBRA payment coupons) and proof of payment for any amounts you include on Form 8885, line 2. Federal1040x amendment For details, see Publication 502 or Form 8885. Federal1040x amendment More information. Federal1040x amendment   For definitions and special rules, including those relating to qualified health insurance plans, qualifying family members, the effect of certain life events, and employer-sponsored health insurance plans, see Publication 502 and the Form 8885 instructions. Federal1040x amendment Credit for Excess Social Security Tax or Railroad Retirement Tax Withheld Most employers must withhold social security tax from your wages. Federal1040x amendment If you work for a railroad employer, that employer must withhold tier 1 railroad retirement (RRTA) tax and tier 2 RRTA tax. Federal1040x amendment If you worked for two or more employers in 2013, you may have had too much social security tax withheld from your pay. Federal1040x amendment If one or more of those employers was a railroad employer, too much tier 1 RRTA tax may also have been withheld at the 6. Federal1040x amendment 2% rate. Federal1040x amendment You can claim the excess social security or tier 1 RRTA tax as a credit against your income tax when you file your return. Federal1040x amendment For the tier 1 RRTA tax, only use the portion of the tier 1 RRTA tax that was taxed at the 6. Federal1040x amendment 2% rate when figuring if excess tier 1 RRTA tax was withheld; do not include any portion of the tier 1 RRTA tax that was withheld at the Medicare tax rate (1. Federal1040x amendment 45%) or the Additional Medicare Tax rate (. Federal1040x amendment 9%). Federal1040x amendment The following table shows the maximum amount of wages subject to tax and the maximum amount of tax that should have been withheld for 2013. Federal1040x amendment Type of tax Maximum  wages subject to tax Maximum tax that should have been withheld Social security or RRTA tier 1 $113,700 $7,049. Federal1040x amendment 40 RRTA tier 2 $84,300 $3,709. Federal1040x amendment 20 All wages are subject to Medicare tax withholding. Federal1040x amendment   Use Form 843, Claim for Refund and Request for Abatement, to claim a refund of excess tier 2 RRTA tax. Federal1040x amendment Be sure to attach a copy of all of your W-2 forms. Federal1040x amendment Use Worksheet 3-3 in Publication 505, Tax Withholding and Estimated Tax, to help you figure the excess amount. Federal1040x amendment Employer's error. Federal1040x amendment   If any one employer withheld too much social security or tier 1 RRTA tax, you cannot take the excess as a credit against your income tax. Federal1040x amendment The employer should adjust the tax for you. Federal1040x amendment If the employer does not adjust the overcollection, you can file a claim for refund using Form 843. Federal1040x amendment Joint return. Federal1040x amendment   If you are filing a joint return, you cannot add the social security or tier 1 RRTA tax withheld from your spouse's wages to the amount withheld from your wages. Federal1040x amendment Figure the withholding separately for you and your spouse to determine if either of you has excess withholding. Federal1040x amendment How to figure the credit if you did not work for a railroad. Federal1040x amendment   If you did not work for a railroad during 2013, figure the credit as follows: 1. Federal1040x amendment Add all social security tax withheld (but not more than $7,049. Federal1040x amendment 40 for each employer). Federal1040x amendment Enter the total here   2. Federal1040x amendment Enter any uncollected social security tax on tips or group-term life insurance included in the total on Form 1040, line 60, identified by “UT”   3. Federal1040x amendment Add lines 1 and 2. Federal1040x amendment If $7,049. Federal1040x amendment 40 or less, stop here. Federal1040x amendment You cannot take  the credit   4. Federal1040x amendment Social security tax limit 7,049. Federal1040x amendment 40 5. Federal1040x amendment Credit. Federal1040x amendment Subtract line 4 from line 3. Federal1040x amendment Enter the result here and on Form 1040, line 69 (or Form 1040A, line 41) $ Example. Federal1040x amendment You are married and file a joint return with your spouse who had no gross income in 2013. Federal1040x amendment During 2013, you worked for the Brown Technology Company and earned $60,000 in wages. Federal1040x amendment Social security tax of $3,720 was withheld. Federal1040x amendment You also worked for another employer in 2013 and earned $55,000 in wages. Federal1040x amendment $3,410 of social security tax was withheld from these wages. Federal1040x amendment Because you worked for more than one employer and your total wages were more than $113,700, you can take a credit of $80. Federal1040x amendment 60 for the excess social security tax withheld. Federal1040x amendment 1. Federal1040x amendment Add all social security tax withheld (but not more than $7,049. Federal1040x amendment 40 for each employer). Federal1040x amendment Enter the total here $7,130. Federal1040x amendment 00 2. Federal1040x amendment Enter any uncollected social security tax on tips or group-term life insurance included in the total on Form 1040, line 60, identified by “UT” -0- 3. Federal1040x amendment Add lines 1 and 2. Federal1040x amendment If $7,049. Federal1040x amendment 40 or less, stop here. Federal1040x amendment You cannot take the credit 7,130. Federal1040x amendment 00 4. Federal1040x amendment Social security tax limit 7,049. Federal1040x amendment 40 5. Federal1040x amendment Credit. Federal1040x amendment Subtract line 4 from line 3. Federal1040x amendment Enter the result here and on Form 1040, line 69 (or Form 1040A, line 41) $80. Federal1040x amendment 60 How to figure the credit if you worked for a railroad. Federal1040x amendment   If you were a railroad employee at any time during 2013, figure the credit as follows: 1. Federal1040x amendment Add all social security and tier 1 RRTA tax withheld at the 6. Federal1040x amendment 2% rate (but not more than $7,049. Federal1040x amendment 40 for each employer). Federal1040x amendment Enter the total here   2. Federal1040x amendment Enter any uncollected social security and tier 1 RRTA tax on tips or group-term life insurance included in the total on Form 1040, line 60, identified by “UT”   3. Federal1040x amendment Add lines 1 and 2. Federal1040x amendment If $7,049. Federal1040x amendment 40 or less, stop here. Federal1040x amendment You cannot take  the credit   4. Federal1040x amendment Social security and tier 1 RRTA  tax limit 7,049. Federal1040x amendment 40 5. Federal1040x amendment Credit. Federal1040x amendment Subtract line 4 from line 3. Federal1040x amendment Enter the result here and on Form 1040, line 69 (or Form 1040A, line 41) $ How to take the credit. Federal1040x amendment   Enter the credit on Form 1040, line 69, or include it in the total for Form 1040A, line 41. Federal1040x amendment More information. Federal1040x amendment   For more information on the credit, see Publication 505. Federal1040x amendment Prev  Up  Next   Home   More Online Publications