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Irs Amended Tax Forms

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Irs Amended Tax Forms

Irs amended tax forms Publicación 4492(SP) - Main Contents Tabla de contenidos DefinicionesZona de Desastre del Huracán Katrina Zona de Desastre del Huracán Katrina con Cobertura Zona de Oportunidad del Golfo (GO) (Zona Central del Desastre) Zona de Desastre del Huracán Rita (Zona de Desastre de Rita con Cobertura) Zona GO de Rita Zona de Desastre del Huracán Wilma Zona de Desastre del Huracán Wilma con Cobertura Zona GO de Wilma Prórrogas de las Fechas de Vencimiento Tributarias Incentivos por Contribuciones CaritativasSuspensión Temporal de los Límites sobre las Contribuciones Caritativas Tasa Estándar por Milla para el Uso de Vehículos para Fines Caritativos Reembolsos de Millas a Voluntarios que Prestaron Servicios con Fines Caritativos Deducción Caritativa por Contribuciones de Inventario de Alimentos Deducción Caritativa por Contribuciones de Inventarios de Libros a Escuelas Públicas Pérdidas por Hechos Fortuitos y RobosPlazo para hacer la elección. Irs amended tax forms Período de Reposición para que las Ganancias no sean Reconocidas Pérdidas Netas de Operación Las Cuentas IRA y Otros Planes de JubilaciónDefiniciones Tributación de Distribuciones Calificadas por Motivos de un Huracán Reintegro de Distribuciones Calificadas por Motivos de un Huracán Reintegro de Distribuciones Calificadas por la Compra o Construcción de un Hogar Principal Préstamos Provenientes de Planes Calificados Alivio Tributario Adicional para Personas FísicasCrédito por Ingreso del Trabajo y Crédito Tributario por Hijos Exenciones Adicionales por la Provisión de Vivienda para Personas que Tuvieron que Abandonar sus Hogares por Causa del Huracán Katrina Créditos Tributarios por Enseñanza Superior Recuperación del Subsidio Hipotecario Federal Exclusión de Ciertas Cancelaciones de Endeudamiento por Motivos del Huracán Katrina Alivio Tributario para la Reubicación Temporal Alivio Tributario Adicional para Empresas Asignación (Descuento) Especial de Depreciación Mayor Deducción Conforme a la Sección 179 Crédito por Oportunidad de Trabajo Créditos por la Retención de Empleados Crédito por Vivienda del Huracán Katrina Costos de Reforestación Costos de Demolición y Limpieza Aumento del Crédito Tributario por Rehabilitación Solicitud de Copia o Apógrafo de la Declaración de Impuestos Cómo Obtener Ayuda con los Impuestos Definiciones En esta publicación se utilizarán las siguientes definiciones: Zona de Desastre del Huracán Katrina La zona de desastre del huracán Katrina abarca el área que el Presidente declaró zona mayor de desastre debido al huracán Katrina, antes del 14 de septiembre del 2005. Irs amended tax forms La zona de desastre del huracán Katrina abarca los estados de Alabama, Florida, Louisiana y Mississippi en su totalidad. Irs amended tax forms Zona de Desastre del Huracán Katrina con Cobertura El IRS ha designado una parte de la zona del huracán Katrina como zona de desastre con cobertura. Irs amended tax forms La zona de desastre del huracán Katrina con cobertura abarca las siguientes áreas en cuatro estados distintos: Alabama. Irs amended tax forms   Los condados de Baldwin, Bibb, Choctaw, Clarke, Colbert, Cullman, Greene, Hale, Jefferson, Lamar, Lauderdale, Marengo, Marion, Mobile, Monroe, Perry, Pickens, Sumter, Tuscaloosa, Washington, Wilcox y Winston. Irs amended tax forms Florida. Irs amended tax forms   Los condados de Bay, Broward, Collier, Escambia, Franklin, Gulf, Miami-Dade, Monroe, Okaloosa, Santa Rosa y Walton. Irs amended tax forms Louisiana. Irs amended tax forms   Todas las parroquias. Irs amended tax forms Mississippi. Irs amended tax forms   Todos los condados. Irs amended tax forms Zona de Oportunidad del Golfo (GO) (Zona Central del Desastre) La Zona GO (también denominada zona central del desastre) abarca una parte de la zona de desastre ocasionada por el huracán Katrina que la Agencia Federal para el Manejo de Emergencias (conocida por sus siglas en inglés, FEMA) determinó ser elegible para recibir ayuda individual por sí sola o para recibir ambas ayuda individual y asistencia pública de parte del gobierno federal. Irs amended tax forms La Zona GO incluye las siguientes áreas en tres estados distintos: Alabama. Irs amended tax forms   Los condados de Baldwin, Choctaw, Clarke, Greene, Hale, Marengo, Mobile, Pickens, Sumter, Tuscaloosa y Washington. Irs amended tax forms Louisiana. Irs amended tax forms   Las parroquias de Acadia, Ascension, Assumption, Calcasieu, Cameron, East Baton Rouge, East Feliciana, Iberia, Iberville, Jefferson, Jefferson Davis, Lafayette, Lafourche, Livingston, Orleans, Plaquemines, Pointe Coupee, St. Irs amended tax forms Bernard, St. Irs amended tax forms Charles, St. Irs amended tax forms Helena, St. Irs amended tax forms James, St. Irs amended tax forms John the Baptist, St. Irs amended tax forms Martin, St. Irs amended tax forms Mary, St. Irs amended tax forms Tammany, Tangipahoa, Terrebonne, Vermilion, Washington, West Baton Rouge y West Feliciana. Irs amended tax forms Mississippi. Irs amended tax forms   Los condados de Adams, Amite, Attala, Choctaw, Claiborne, Clarke, Copiah, Covington, Forrest, Franklin, George, Greene, Hancock, Harrison, Hinds, Holmes, Humphreys, Jackson, Jasper, Jefferson, Jefferson Davis, Jones, Kemper, Lamar, Lauderdale, Lawrence, Leake, Lincoln, Lowndes, Madison, Marion, Neshoba, Newton, Noxubee, Oktibbeha, Pearl River, Perry, Pike, Rankin, Scott, Simpson, Smith, Stone, Walthall, Warren, Wayne, Wilkinson, Winston y Yazoo. Irs amended tax forms Zona de Desastre del Huracán Rita (Zona de Desastre de Rita con Cobertura) La zona de desastre del huracán Rita (también designada por el IRS como la zona de desastre de Rita con cobertura) abarca aquella que el Presidente declaró desastre mayor antes del 6 de octubre del 2005 debido al huracán Rita. Irs amended tax forms La zona de desastre del huracán Rita con cobertura incluye los estados de Louisiana y Texas en su totalidad. Irs amended tax forms Zona GO de Rita La Zona GO de Rita abarca la parte de la zona del huracán Rita que FEMA determinó ser elegible para recibir asistencia individual por sí sola o para recibir ambas asistencia pública e individual del gobierno federal. Irs amended tax forms La Zona GO de Rita incluye las siguientes áreas en dos estados: Louisiana. Irs amended tax forms   Las parroquias de Acadia, Allen, Ascension, Beauregard, Calcasieu, Cameron, Evangeline, Iberia, Jefferson, Jefferson Davis, Lafayette, Lafourche, Livingston, Plaquemines, Sabine, St. Irs amended tax forms Landry, St. Irs amended tax forms Martin, St. Irs amended tax forms Mary, St. Irs amended tax forms Tammany, Terrebonne, Vermilion, Vernon y West Baton Rouge. Irs amended tax forms Texas. Irs amended tax forms   Los condados de Angelina, Brazoria, Chambers, Fort Bend, Galveston, Hardin, Harris, Jasper, Jefferson, Liberty, Montgomery, Nacogdoches, Newton, Orange, Polk, Sabine, San Augustine, San Jacinto, Shelby, Trinity, Tyler y Walker. Irs amended tax forms Zona de Desastre del Huracán Wilma La zona de desastre del huracán Wilma abarca aquella zona que el Presidente declaró como desastre mayor antes del 14 de noviembre del 2005 debido al huracán Wilma. Irs amended tax forms La zona de desastre del huracán Wilma abarca el estado de Florida en su totalidad. Irs amended tax forms Zona de Desastre del Huracán Wilma con Cobertura Una parte de la zona de desastre del huracán Wilma ha sido designada por el IRS como zona de desastre de Wilma con cobertura. Irs amended tax forms La zona de desastre del huracán Wilma con cobertura incluye los siguientes condados: Florida. Irs amended tax forms   Brevard, Broward, Charlotte, Collier, DeSoto, Glades, Hardee, Hendry, Highlands, Indian River, Lee, Martin, Miami-Dade, Monroe, Okeechobee, Osceola, Palm Beach, Polk, St. Irs amended tax forms Lucie y Sarasota. Irs amended tax forms Zona GO de Wilma La Zona GO de Wilma abarca la parte de la zona del huracán Wilma que FEMA determinó ser elegible para recibir asistencia individual por sí sola o para recibir ambas asistencia pública e individual del gobierno federal. Irs amended tax forms La Zona GO de Wilma incluye los siguientes condados: Florida. Irs amended tax forms   Brevard, Broward, Collier, Glades, Hendry, Indian River, Lee, Martin, Miami-Dade, Monroe, Okeechobee, Palm Beach y St. Irs amended tax forms Lucie. Irs amended tax forms Prórrogas de las Fechas de Vencimiento Tributarias El IRS ha extendido las fechas de vencimiento aplicables para presentar la declaración de impuestos, el pago de impuestos y para efectuar ciertos trámites que tengan fecha de vencimiento hasta el 28 de febrero del 2006, en el caso de contribuyentes que se vieron afectados por los huracanes Katrina, Rita o Wilma. Irs amended tax forms La prórroga es aplicable a fechas de vencimiento (fechas de vencimiento originales o prorrogadas) que ocurren durante los períodos siguientes: Después del 28 de agosto del 2005 (23 de agosto del 2005 para los contribuyentes afectados en Florida) y antes del 28 de febrero del 2006 para contribuyentes afectados por el huracán Katrina. Irs amended tax forms Después del 22 de septiembre del 2005 y antes del 28 de febrero del 2006 para los contribuyentes afectados por el huracán Rita. Irs amended tax forms Después del 22 de octubre del 2005 y antes del 28 de febrero del 2006 para los contribuyentes afectados por el huracán Wilma. Irs amended tax forms Contribuyentes afectados. Irs amended tax forms   Los contribuyentes afectados elegibles para obtener una prórroga son los siguientes: Cualquier persona cuyo hogar principal está ubicado en una zona de desastre con cobertura. Irs amended tax forms Cualquier entidad comercial o empresario(a) por cuenta propia cuyo lugar principal de trabajo se encuentra en una zona de desastre con cobertura. Irs amended tax forms Cualquier individuo, entidad comercial o empresario(a) por cuenta propia cuya documentación o registros necesarios para cumplir una determinada fecha de vencimiento prorrogada se encuentran en una zona de desastre con cobertura o cuyo(a) preparador(a) de impuestos tiene su oficina en dicha zona. Irs amended tax forms El hogar principal o lugar principal de trabajo no necesariamente tiene que estar ubicado en la zona con cobertura. Irs amended tax forms Cualquier persona que haya visitado un condado o parroquia en la zona de desastre con cobertura del huracán Katrina o Rita que haya sufrido lesiones o haya perecido (y el caudal hereditario de una persona que haya perecido) como consecuencia del huracán o sus daños posteriores. Irs amended tax forms Cualquier herencia o fideicomiso cuyos registros necesarios para cumplir con una fecha de vencimiento de presentación o pago se encuentran en una zona de desastre con cobertura. Irs amended tax forms Por lo general, cualquier persona que haya trabajado en las actividades de socorro dentro de una zona de desastre con cobertura. Irs amended tax forms Sin embargo, un(a) empleado(a) que realiza tareas de socorro en la zona de desastre de Wilma no es considerado(a) un(a) contribuyente afectado(a), a menos que él o ella esté afiliado(a) con un organismo gubernamental o filantrópico reconocido dedicado a ayudar en dichas actividades de socorro. Irs amended tax forms El o la cónyuge de un(a) contribuyente afectado(a), únicamente en lo que respecta a una declaración conjunta de impuestos. Irs amended tax forms   A fin de asegurar un procesamiento correcto de la documentación, los contribuyentes afectados deben escribir la designación del desastre pertinente con tinta roja en la parte superior de cualesquier formas o documentos que presenten ante el IRS (por ejemplo: “Hurricane Katrina” (Huracán Katrina)). Irs amended tax forms Los contribuyentes afectados también pueden identificarse ante el personal del IRS o hacer preguntas relacionadas con el huracán llamando a la línea especial de emergencia en caso de desastres del IRS: 1-866-562-5227. Irs amended tax forms Actos prorrogados. Irs amended tax forms   Se han prorrogado las fechas de vencimiento para llevar a cabo lo siguiente: Presentación de declaraciones de impuestos sobre el ingreso, herencias, donaciones, traspasos entre generaciones, impuesto sobre artículos de uso y consumo o impuesto sobre la nómina. Irs amended tax forms Pago de cualquier impuesto sobre el ingreso, herencias, donaciones, traspasos entre generaciones, impuesto sobre artículos de uso y consumo o impuesto sobre la nómina. Irs amended tax forms Esto también incluye el pago de impuestos estimados. Irs amended tax forms Hacer ciertas aportaciones, distribuciones, contribuciones a las que se les ha dado un carácter diferente al que tenían o la reinversión que se hace a, o desde, un plan de jubilación calificado. Irs amended tax forms Presentar ciertas peticiones ante el Tribunal Tributario. Irs amended tax forms Presentar una reclamación de crédito o reembolso por cualquier impuesto. Irs amended tax forms Entablar una demanda sobre alguna reclamación de crédito o reembolso. Irs amended tax forms Ciertos otros actos que se describen en el Revenue Procedure 2005-27 (Procedimientos de Impuestos Internos 2005-27). Irs amended tax forms Puede encontrar estos procedimientos en la página 1050 del Internal Revenue Bulletin 2005-20 (Boletín de Impuestos Internos 2005-20) en www. Irs amended tax forms irs. Irs amended tax forms gov/pub/irs-irbs/irb05-20. Irs amended tax forms pdf. Irs amended tax forms Condonación de interés y multas. Irs amended tax forms   El IRS pudiera condonar el interés y las multas sobre cualquier impuesto sobre el ingreso, herencia, donaciones, nómina o artículos de uso y consumo que no se ha pagado en su totalidad durante el plazo de una prórroga. Irs amended tax forms Incentivos por Contribuciones Caritativas Suspensión Temporal de los Límites sobre las Contribuciones Caritativas Individuos. Irs amended tax forms   Las contribuciones calificadas no están sujetas al límite general sobre deducciones detalladas o al límite del 50% del ingreso bruto ajustado (conocido por sus siglas en inglés, AGI). Irs amended tax forms Una contribución calificada es una contribución caritativa que se ha pagado en efectivo o con cheque después del 27 de agosto del 2005 y antes del 1 de enero del 2006, a una organización con un límite del 50% (fuera de ciertas fundaciones privadas que se describen en la sección 509(a)(3)) si usted opta por dejar que el límite del 50% no sea aplicable a estas contribuciones. Irs amended tax forms   Su deducción por contribuciones calificadas está limitada a su ingreso bruto ajustado (AGI) menos su deducción por las demás aportaciones caritativas. Irs amended tax forms Puede traspasar al año siguiente cualquier contribución que no haya podido deducir en el 2005 debido a este límite. Irs amended tax forms En el año 2006, use la cantidad traspasada de sus contribuciones calificadas que no haya usado como traspaso de contribuciones sujetas al límite del 50%. Irs amended tax forms Excepción. Irs amended tax forms   Las contribuciones calificadas no incluyen a una contribución hecha a un fondo o cuenta separados para el(la) cual usted (o cualquier persona a quien usted nombre o designe) tenga o espere tener privilegios de asesoría relacionados con las distribuciones o inversiones basadas en su contribución. Irs amended tax forms Sociedades anónimas. Irs amended tax forms   Una sociedad anónima puede elegir deducir contribuciones calificadas en efectivo independientemente del límite del 10% sobre el ingreso tributable, si las contribuciones se efectuaron después del 27 de agosto del 2005 pero antes del 1 de enero del 2006 a una organización caritativa calificada (sin incluir ciertas fundaciones privadas que se describen en la sección 509(a)(3)), para ayudar en las tareas de socorro del huracán Katrina, Rita o Wilma. Irs amended tax forms La deducción de la sociedad anónima por estas contribuciones calificadas se limita al 100% del ingreso tributable (tal como se modificó para el límite del 10%) menos la deducción de dicha sociedad anónima por el resto de sus contribuciones caritativas. Irs amended tax forms Cualquier contribución calificada que sobrepase ese límite podrá traspasarse a los próximos 5 años, sujeta al límite del 10%. Irs amended tax forms Socios colectivos y accionistas. Irs amended tax forms   Cada socio(a) de una sociedad colectiva y cada accionista de una sociedad anónima de tipo "S" elige por separado no aplicar el límite correspondiente. Irs amended tax forms Más información. Irs amended tax forms   Para obtener mayor información, vea la Publicación 526, Charitable Contributions (Contribuciones Caritativas) o la Publicación 542, Corporations (Sociedades Anónimas), ambas en inglés. Irs amended tax forms La Publicación 526 incluye una hoja de trabajo que puede utilizar para determinar su deducción si es que hay algún límite que sea aplicable a sus contribuciones caritativas. Irs amended tax forms Tasa Estándar por Milla para el Uso de Vehículos para Fines Caritativos A continuación se indican las tasas estándar por milla especiales que entraron en vigencia en el 2005 y 2006 para cubrir el costo del uso de su automóvil con fines caritativos que estén únicamente relacionados con el huracán Katrina. Irs amended tax forms 29 centavos por milla durante el período del 25 al 31 de agosto del 2005. Irs amended tax forms 34 centavos por milla durante el período del 1 de septiembre al 31 de diciembre del 2005. Irs amended tax forms 32 centavos por milla durante el período del 1 de enero al 31 de diciembre del 2006. Irs amended tax forms Reembolsos de Millas a Voluntarios que Prestaron Servicios con Fines Caritativos Usted puede excluir de su ingreso cantidades de dinero que reciba como reembolso de millas por usar un automóvil de pasajeros privado a fin de beneficiar a una organización caritativa calificada que proporciona servicios de socorro relacionados con el huracán Katrina durante el período del 25 de agosto del 2005 al 31 de diciembre del 2006. Irs amended tax forms No puede reclamar una deducción o crédito por cantidades que reciba como reembolso de millas recorridas. Irs amended tax forms Usted debe mantener documentadas las millas recorridas, la hora, el lugar (o uso) y propósito del uso de esas millas. Irs amended tax forms La cantidad que puede excluir del ingreso no puede ser mayor a la tasa estándar por milla para fines laborales (que se muestra a continuación) por gastos en los que incurrió durante los siguientes períodos: 40. Irs amended tax forms 5 centavos por milla para el período del 25 al 31 de agosto del 2005. Irs amended tax forms 48. Irs amended tax forms 5 centavos por milla para el período del 1 de septiembre al 31 de diciembre del 2005. Irs amended tax forms 44. Irs amended tax forms 5 centavos por milla para el período del 1 de enero al 31 de diciembre del 2006. Irs amended tax forms Deducción Caritativa por Contribuciones de Inventario de Alimentos Cualquier contribuyente que trabaje en un oficio o negocio que es elegible para reclamar una deducción por la contribución de un inventario de “alimentos evidentemente nutritivos” a una organización caritativa calificada descrita en la sección 501(c)(3) (a excepción de fundaciones privadas de carácter no operacional) después del 27 de agosto del 2005 y antes del 1 de enero del 2006. Irs amended tax forms Los “alimentos evidentemente nutritivos” son aquellos que reúnen las normas de calidad y contenido de etiquetas que imponen las leyes y reglamentos federales, estatales y locales, aunque es posible que los alimentos no estén listos para la comercialización debido a su apariencia, punto de maduración, frescura, categoría, tamaño, excedente u otras condiciones. Irs amended tax forms La deducción es equivalente al menor de uno de los siguientes: La base de los alimentos donados, más la mitad de la ganancia que se hubiera obtenido si dichos alimentos se hubieran vendido al valor normal en el mercado en la fecha de donación o Dos veces la base de los alimentos donados. Irs amended tax forms El(La) contribuyente debe recibir una certificación de parte del donatario que establezca lo siguiente: Que los alimentos donados se relacionan con la finalidad o la función de la base para exención del donatario conforme a la sección 501(c)(3) y han de usarse únicamente para fines de cuidado de personas enfermas, necesitadas o niños de corta edad y Que los alimentos no se proporcionaron a cambio de dinero, de otra propiedad o servicios algunos. Irs amended tax forms En el caso de un(a) contribuyente que no sea una sociedad anónima de tipo "C", la deducción se limita al 10% del ingreso total neto del(la) contribuyente de todas las actividades comerciales o empresariales de las cuales se efectuaron las contribuciones (calculada sin considerar la deducción por contribuciones caritativas). Irs amended tax forms Por ejemplo, si un(a) contribuyente es un(a) empresario(a) por cuenta propia, un(a) accionista de una sociedad anónima de tipo "S" y además es socio(a) de una sociedad colectiva y cada una de estas entidades efectuó una contribución de inventario de alimentos evidentemente nutritivos, la deducción del(la) contribuyente está limitada al 10% del ingreso total neto de su empresa por cuenta propia, sociedad anónima de tipo "S" y sociedad colectiva (calculada sin considerar la deducción por contribuciones caritativas). Irs amended tax forms Deducción Caritativa por Contribuciones de Inventarios de Libros a Escuelas Públicas A una sociedad anónima (que no sea una sociedad anónima de tipo "S") se le pudiera permitir tomar una deducción caritativa por alguna contribución calificada de libros que haya efectuado después del 27 de agosto del 2005 y antes del 1 de enero del 2006 a una escuela pública que: Imparte una educación primaria o secundaria (kinder hasta el grado número 12, inclusive) y Normalmente mantiene un profesorado docente y un programa de estudios normal y cuenta con estudiantes que asisten al lugar donde las actividades educativas se realizan de manera habitual. Irs amended tax forms La deducción es equivalente al menor de una de las siguientes: La base de los libros donados, más la mitad de la ganancia que se hubiera realizado si dichos libros donados se hubieran vendido al valor normal en el mercado en la fecha de donación o Dos veces la base de los libros donados. Irs amended tax forms La sociedad anónima debe recibir certificación por escrito de la escuela que establezca que los libros donados son adecuados para los programas educativos que imparte la institución y que se utilizarán para esos programas. Irs amended tax forms Pérdidas por Hechos Fortuitos y Robos Los siguientes párrafos explican los cambios realizados a las pérdidas por hechos fortuitos y robos ocasionadas por el huracán Katrina, Rita o Wilma. Irs amended tax forms Para mayor información, vea la Publicación 547(SP), en español. Irs amended tax forms Límites sobre las pérdidas personales por hechos fortuitos o robos ocasionadas por el huracán Katrina, Rita o Wilma. Irs amended tax forms   Las siguientes pérdidas de bienes de uso personal no están sujetas a los límites del 100% o del 10% del ingreso bruto ajustado: Las pérdidas que surgieron en la zona de desastre del huracán Katrina después del 24 de agosto del 2005 y que fueron causadas por el huracán Katrina. Irs amended tax forms Las pérdidas que surgieron en la zona de desastre del huracán Rita después del 22 de septiembre del 2005 y que fueron causadas por el huracán Rita. Irs amended tax forms Las pérdidas que surgieron en la zona de desastre del huracán Wilma después del 22 de octubre del 2005 y que fueron causadas por el huracán Wilma. Irs amended tax forms Las pérdidas calificadas incluyen aquellas por inundaciones u otros hechos fortuitos y por robo que se hayan originado en la zona de desastre del huracán y que fueron provocadas por éste. Irs amended tax forms Instrucciones especiales para personas que eligen reclamar una pérdida por hechos fortuitos o robos a causa del huracán Katrina, Rita o Wilma para el 2004. Irs amended tax forms   Las pérdidas por hechos fortuitos y robos por lo general se deducen sólo en el año en el cual el hecho fortuito ocurrió o se descubrió el robo. Irs amended tax forms Sin embargo, los huracanes Katrina, Rita y Wilma son desastres declarados por el Presidente. Irs amended tax forms Por lo tanto, en su declaración de impuestos del año anterior, puede elegir deducir las pérdidas que sufrió debido a estos huracanes. Irs amended tax forms Si decide hacerlo, utilice las instrucciones siguientes para llenar sus formas. Irs amended tax forms   Las personas que presentan o enmiendan su declaración de impuestos del 2004 cuyas únicas pérdidas por hecho fortuito o robo de sus bienes personales que incluyeron en esa declaración fueron ocasionadas por el huracán Katrina, Rita o Wilma deben anotar lo siguiente en la parte superior de la Forma 1040 ó 1040X: “Hurricane Katrina”, “Hurricane Rita” o “Hurricane Wilma”. Irs amended tax forms También han de completar y adjuntar la Forma 4684, en inglés y escribir “Hurricane Katrina”, “Hurricane Rita” o “Hurricane Wilma” en la línea de puntos junto a la línea 11 y anote -0- en las líneas 11 y 17. Irs amended tax forms   Las personas que presentan o enmiendan su declaración de impuestos del 2004 y que también hayan sufrido una pérdida de sus bienes personales por hecho fortuito o robo no relacionada con los huracanes Katrina, Rita o Wilma, no deben tomar en cuenta la precaución para otros contribuyentes que aparece por encima de la línea 13, la cual estipula que se use una sola Forma 4684, sino que deben completar las líneas de la 13 a la 18 en dos Formas 4684, en inglés. Irs amended tax forms La Forma 1040 ó 1040X y la primera Forma 4684 deben prepararse como se explica anteriormente sólo para pérdidas provocadas por el huracán Katrina, Rita o Wilma. Irs amended tax forms La segunda Forma 4684 debe ser preparada de la manera acostumbrada para todas las ganancias y para aquellas pérdidas que no sean relacionadas con el huracán Katrina, Rita o Wilma. Irs amended tax forms Si ambas Formas 4684 muestran una pérdida en la línea 18, deben incorporar las pérdidas combinadas de esa línea en la línea 19 del Anexo A (Forma 1040). Irs amended tax forms Si en la segunda Forma 4684 hay alguna ganancia en la línea 15, no tome en cuenta las instrucciones de anotar dicha ganancia en el Anexo D (Forma 1040) sino que anote en la línea 19 del Anexo A (Forma 1040) el excedente de la pérdida de la primera Forma 4684 sobre la ganancia proveniente de la línea 15 de la segunda Forma 4684. Irs amended tax forms Plazo para hacer la elección. Irs amended tax forms   Usted debe hacer la elección de reclamar su pérdida por hecho fortuito o robo en el 2004, en la fecha más tardía de entre las siguientes: La fecha de vencimiento (sin prórrogas) para presentar su declaración de impuestos sobre el ingreso del 2005. Irs amended tax forms La fecha de vencimiento (con prórrogas) para presentar su declaración de impuestos sobre el ingreso del 2004. Irs amended tax forms Ejemplo 1. Irs amended tax forms Ejemplo. Irs amended tax forms Si usted es un(a) contribuyente de año calendario, tiene hasta el 17 de abril del 2006 para enmendar su declaración de impuestos del 2004, si desea reclamar una pérdida por hechos fortuitos o robo que haya ocurrido durante el 2005. Irs amended tax forms Período de Reposición para que las Ganancias no sean Reconocidas Por lo general, una conversión involuntaria ocurre cuando los bienes han sido dañados, destruidos, robados, incautados (confiscados), requisados o expropiados (condenados) y usted recibe otros bienes o dinero en pago, como por ejemplo, una indemnización que recibió del seguro o una indemnización por expropiación (condenación). Irs amended tax forms Por lo general, no es necesario que declare una ganancia (si la existe) si reemplaza la propiedad dentro de 2 años (4 años en el caso de un hogar principal ubicado en una zona de desastre declarada por el Presidente). Irs amended tax forms Sin embargo, si los bienes fueron convertidos involuntariamente después del 24 de agosto del 2005 debido al huracán Katrina, se aplicará un plazo de reposición de 5 años si la mayor parte del uso de los bienes de reposición se encuentra en la zona de desastre del huracán Katrina. Irs amended tax forms Para obtener mayor información, vea las Instrucciones para la Forma 4684, en inglés. Irs amended tax forms Pérdidas Netas de Operación Pérdida calificada en una Zona GO. Irs amended tax forms   Por lo general, usted puede traspasar una pérdida neta de operación (conocida por sus siglas en inglés, NOL) a los 2 años tributarios anteriores al año de dicha NOL. Irs amended tax forms Sin embargo, la porción de una NOL que es una pérdida calificada de la Zona GO puede traspasarse a los 5 años tributarios anteriores al año de dicha NOL. Irs amended tax forms Asimismo, el límite del 90% sobre la deducción por el impuesto alternativo del NOL (conocido por sus siglas en inglés, ATNOLD) no aplica a dicha porción de ATNOLD. Irs amended tax forms   Una pérdida calificada de la Zona GO es la menor de una de las siguientes: La pérdida neta de operación (NOL) en exceso de ese año sobre una pérdida de responsabilidad específica de ese año a la cual aplica un traspaso de 10 años. Irs amended tax forms El total de las siguientes deducciones (hasta el punto en que se tomen en consideración al calcular la NOL para ese año tributario): Pérdida calificada por hechos fortuitos de la Zona GO (según se define a continuación), Los gastos de mudanza que se hayan pagado o en los que haya incurrido después del 27 de agosto del 2005 y antes del 1 de enero del 2008, por emplear a una persona cuyo hogar principal se encontraba ubicado en la Zona GO antes del 28 de agosto del 2005 y que no pudo permanecer en esa vivienda a causa del huracán Katrina y cuya ubicación laboral principal (después de esa mudanza) se encuentra en la Zona GO, Gastos temporales de vivienda que haya pagado o en los que haya incurrido después del 27 de agosto del 2005 y antes del 1 de enero del 2008, para albergar a empleados del(la) contribuyente cuya ubicación laboral principal se encontraba en la Zona GO, La depreciación o amortización permisible para cualquier propiedad de la Zona GO por el año en que fue puesta en servicio (aún si decidió no reclamar el descuento por depreciación especial de la Zona GO para dicha propiedad en esa zona) y Gastos de reparación (incluyendo aquellos para la remoción de escombros) que haya pagado o en los que haya incurrido después del 27 de agosto del 2005 y antes del 1 de enero del 2008 por cualquier daño que haya causado el huracán Katrina a la propiedad ubicada en la Zona GO. Irs amended tax forms Pérdida por hechos fortuitos calificada en una Zona GO. Irs amended tax forms   Una pérdida por hechos fortuitos calificada por hechos fortuitos en la Zona GO es cualquier pérdida de propiedad deducible bajo la sección 1231 que se encuentra ubicada en la Zona GO si dicha pérdida fue ocasionada por el huracán Katrina. Irs amended tax forms Para estos fines, la cantidad de la pérdida se reduce a partir de cualquier ganancia reconocida de una conversión involuntaria de propiedad ubicada en la Zona GO a causa del huracán Katrina. Irs amended tax forms Esa pérdida que se consideró al calcular su pérdida calificada para la Zona GO no reúne las condiciones necesarias para la opción de ser considerada pérdida ocurrida durante el año tributario previo. Irs amended tax forms Traspaso a 5 años de NOL por ciertas pérdidas en actividades madereras. Irs amended tax forms   Por lo general, usted puede traspasar una parte de una pérdida neta de operación (NOL) debida al ingreso y a las deducciones atribuibles a una actividad agrícola a los 5 años tributarios anteriores al año de dicha pérdida. Irs amended tax forms Usted puede tratar el ingreso y las deducciones atribuibles a propiedad maderera calificada como atribuibles a una empresa agrícola si cualquier parte de la propiedad se encuentra ubicada en la Zona GO, la Zona GO Rita o la Zona GO Wilma y el ingreso y deducciones son asignables a la parte de su año tributario posterior a la fecha siguiente que corresponda: El 27 de agosto del 2005 si cualquier parte de la propiedad se encuentra ubicada en la Zona GO. Irs amended tax forms El 22 de septiembre del 2005 si cualquier parte de la propiedad se encuentra ubicada en la Zona GO de Rita (pero no en la Zona GO). Irs amended tax forms El 22 de octubre del 2005 si cualquier parte de la propiedad se encuentra ubicada en la Zona GO de Wilma (pero no en la Zona GO o en la Zona GO de Rita). Irs amended tax forms   Estas reglas no serán aplicables después del 2006. Irs amended tax forms   Sin embargo, estas reglas sólo serán aplicables a un productor maderero que cumpla con lo siguiente: Tiene propiedad de producción maderera calificada (según se define en la Publicación 535, Business Expenses (Gastos de Negocio), en inglés) en la fecha correspondiente a continuación: El 28 de agosto del 2005 si cualquier parte de la propiedad se encuentra ubicada en la Zona GO, El 23 de septiembre del 2005 si cualquier parte de la propiedad se encuentra ubicada en la Zona GO de Rita (pero no en la Zona GO) o El 23 de octubre del 2005 si cualquier parte de la propiedad se encuentra ubicada en la Zona GO de Wilma (pero no en la Zona GO o en la Zona GO de Rita); No sea una sociedad anónima con transacción pública de acciones en un mercado de valores establecido; No sea un fideicomiso para la inversión en bienes inmuebles; No sea dueño(a) de más de 500 acres de propiedad de actividad maderera calificada en las fechas anteriores que correspondan. Irs amended tax forms Más información. Irs amended tax forms   Para obtener mayor información sobre las pérdidas netas de operación, vea la Publicación 536, Net Operating Losses (Pérdidas Netas de Operación) o la Publicación 542, Corporations (Sociedades Anónimas), ambas en inglés. Irs amended tax forms Las Cuentas IRA y Otros Planes de Jubilación Nuevas reglas permiten retiros de dinero favorecidos por los impuestos, pagos de reintegro y préstamos de ciertos planes de jubilación para aquellos contribuyentes que sufrieron pérdidas económicas como consecuencia del huracán Katrina, Rita o Wilma. Irs amended tax forms Definiciones Distribución calificada por motivos del huracán. Irs amended tax forms   La distribución calificada por motivos de un huracán es cualquier distribución que haya recibido de un plan si lo siguiente es aplicable: La distribución se efectuó en las siguientes fechas: Después del 24 de agosto del 2005 y antes del 1 de enero del 2007 en el caso del huracán Katrina; Después del 22 de septiembre del 2005 y antes del 1 de enero del 2007 en el caso del huracán Rita o Después del 22 de octubre del 2005 y antes del 1 de enero del 2007 en el caso del huracán Wilma. Irs amended tax forms Su hogar principal se encontraba ubicado en una zona de desastre del huracán que aparece a continuación en la fecha determinada como se indica: El 28 de agosto del 2005 para la zona de desastre del huracán Katrina. Irs amended tax forms El 23 de septiembre del 2005 para la zona de desastre del huracán Rita. Irs amended tax forms El 23 de octubre del 2005 para la zona de desastre del huracán Wilma. Irs amended tax forms Usted sostuvo una pérdida económica debido al huracán Katrina, Rita o Wilma y su hogar principal se encontraba en esa zona de desastre en la fecha indicada en la sección 2) anterior. Irs amended tax forms Algunos ejemplos de pérdida económica incluyen, pero no se limita a: La pérdida, el daño o la destrucción de bienes inmuebles o personales debido a un incendio, inundación, saqueo, vandalismo, robo, viento u otras causas; La pérdida por haber quedado desamparado(a) (sin hogar) o La pérdida de medios de manutención (sostenimiento) propia debido a desempleo temporal o despidos permanentes. Irs amended tax forms   Si son aplicables las secciones de la 1) a la 3), por lo general, usted puede designar cualquier distribución (incluyendo los pagos periódicos y distribuciones mínimas requeridas) de un plan de jubilación elegible, independientemente de si esa distribución se efectuó a cuenta del huracán Katrina, Rita o Wilma. Irs amended tax forms Las distribuciones calificadas del huracán son permitidas sin tomar en cuenta la necesidad o cantidad real de su pérdida económica. Irs amended tax forms   El total de sus distribuciones calificadas de todos los planes está limitada a $100,000. Irs amended tax forms Si tiene distribuciones que superan los $100,000 a través de más de una clase de plan, como por ejemplo, un plan 401(k) y una cuenta IRA, usted puede asignar el límite de $100,000 entre esos planes según prefiera. Irs amended tax forms   Una reducción o compensación del balance de su cuenta (después del 24 de agosto del 2005 en el caso de Katrina; después del 22 de septiembre del 2005 en el caso de Rita; o después del 22 de octubre del 2005 para Wilma) en un plan de jubilación elegible para poder pagar un préstamo también puede designarse como distribución calificada por motivos del huracán. Irs amended tax forms Plan de jubilación elegible. Irs amended tax forms   Un plan de jubilación elegible puede ser cualquiera de los siguientes: Un plan calificado de pensión, de participación en las ganancias o de participación (bonificación) en acciones (incluyendo un plan 401(k)). Irs amended tax forms Un plan de anualidad calificado. Irs amended tax forms Un contrato de anualidad con abrigo tributario. Irs amended tax forms Un plan de compensación diferida gubernamental bajo la sección 457. Irs amended tax forms Una cuenta IRA de tipo SEP, SIMPLE o Roth. Irs amended tax forms Hogar principal. Irs amended tax forms   Por lo general, su hogar principal es el lugar donde usted vive la mayor parte del tiempo. Irs amended tax forms Una ausencia temporal debido a circunstancias especiales, tales como una enfermedad, educación, negocios, servicio militar, evacuación o vacaciones no cambiará su lugar principal de residencia u hogar principal. Irs amended tax forms Tributación de Distribuciones Calificadas por Motivos de un Huracán Las distribuciones calificadas por motivo de un huracán se incluyen en el ingreso en cantidades iguales durante un período de tres años. Irs amended tax forms Sin embargo, si así lo elige, puede incluir el total de la distribución en su ingreso para el año en que la recibió. Irs amended tax forms Las distribuciones calificadas por motivos del huracán no están sujetas al impuesto del 10% adicional (o el impuesto del 25% adicional en el caso de ciertas distribuciones de una cuenta SIMPLE IRA) sobre distribuciones tempranas provenientes de planes de jubilación calificados (incluyendo a cuentas IRA). Irs amended tax forms Sin embargo, cualquier distribución que usted reciba en exceso del límite de distribución calificado de $100,000 por motivos de un huracán puede estar sujeta al impuesto adicional sobre las distribuciones tempranas. Irs amended tax forms Para obtener más información, vea la Forma 8915, Qualified Hurricane Retirement Plan Distributions and Repayments (Distribuciones y Devoluciones (Reintegros) de Pagos Calificados de Planes de Jubilación a Causa de un Huracán), en inglés. Irs amended tax forms Reintegro de Distribuciones Calificadas por Motivos de un Huracán Si así lo escoge, por lo general, puede reintegrar cualquier porción de una distribución calificada hecha como consecuencia de un huracán que es elegible para ser reinvertida libre de impuestos en un plan de jubilación elegible. Irs amended tax forms Asimismo, también puede reintegrar una distribución calificada por motivo de un huracán proveniente de un plan de jubilación que se haya efectuado a causa de una situación grave (infortunio). Irs amended tax forms Sin embargo, para averiguar más sobre las distribuciones calificadas hechas como consecuencia de un huracán que no puede reintegrar, vea, Excepciones, a continuación. Irs amended tax forms Usted tiene tres años a partir del día siguiente a la fecha en que recibió la distribución para reintegrarla. Irs amended tax forms Las cantidades que usted reintegra se consideran una reinversión calificada y no se incluyen en su ingreso. Irs amended tax forms Del mismo modo, para propósitos de la limitación de realizar una sola reinversión por año que tienen las cuentas IRA, un reintegro a una cuenta IRA no se considera una reinversión calificada. Irs amended tax forms Para obtener mayor información sobre cómo declarar los reintegros, vea la Forma 8915, en inglés. Irs amended tax forms Excepciones. Irs amended tax forms   Usted no puede reintegrar los siguientes tipos de distribuciones: Distribuciones calificadas debido al huracán que haya recibido como beneficiario(a) (que no sea un(a) cónyuge sobreviviente). Irs amended tax forms Distribuciones mínimas requeridas. Irs amended tax forms Pagos periódicos (que no sean de aquellos de una cuenta IRA) que son para: Un período de 10 años o más, Su vida o su expectativa de vida o El período de vida conjunta o expectativas de vida conjunta para usted y su beneficiario(a). Irs amended tax forms Reintegro de Distribuciones Calificadas por la Compra o Construcción de un Hogar Principal Si recibe una distribución calificada para comprar o construir un hogar principal en la zona de desastre del huracán Katrina, Rita o Wilma, usted puede hacer los reintegros de esa distribución antes del 1 de marzo del 2006 a un plan de jubilación elegible después del 24 de agosto del 2005 (Katrina); después del 22 de septiembre del 2005 (Rita); o después del 22 de octubre del 2005 (Wilma). Irs amended tax forms Para estos propósitos, un plan de jubilación elegible es aquel plan, anualidad o cuenta IRA en el cual se puede efectuar una reinversión. Irs amended tax forms Para que una distribución sea calificada, ésta debe cumplir con los requisitos siguientes: La distribución es una distribución hecha como consecuencia de una situación grave (infortunio) de un plan 401(k), de un contrato de anualidad con abrigo tributario o la distribución de una cuenta IRA para una persona que por primera vez compra una vivienda. Irs amended tax forms La distribución se recibió en el año 2005 después del 28 de febrero y antes de las siguientes fechas: El 29 de agosto en el caso del huracán Katrina. Irs amended tax forms El 24 de septiembre en el caso del huracán Rita. Irs amended tax forms El 24 de octubre en el caso del huracán Wilma. Irs amended tax forms La distribución se iba a utilizar para comprar o construir un hogar principal en la zona de desastre del huracán Katrina, Rita o Wilma que no fue adquirido o construido debido a estos huracanes. Irs amended tax forms Las cantidades que se reintegren antes del 1 de marzo del 2006 se considerarán reinversión calificada y no se incluirán en el ingreso. Irs amended tax forms Del mismo modo, y para propósitos de la limitación de una sola reinversión por año que corresponde a las cuentas IRA, un reintegro a una cuenta IRA no se considerará reinversión calificada. Irs amended tax forms Las distribuciones calificadas que no se reintegren antes del 1 de marzo del 2006 pueden estar sujetas a impuestos para el 2005 y al impuesto del 10% adicional sobre las distribuciones tempranas (o al impuesto del 25% adicional en el caso de ciertos planes de cuentas SIMPLE IRA). Irs amended tax forms Usted debe presentar la Forma 8915, en inglés, si recibió alguna distribución calificada que haya reintegrado, en su totalidad o en parte, antes del 1 de marzo del 2006. Irs amended tax forms Préstamos Provenientes de Planes Calificados Los siguientes beneficios se encuentran disponibles para personas calificadas: Aumentos a los límites de distribución que se tratan como préstamos de planes provistos por el(la) patrono(a) o empleador(a). Irs amended tax forms Una suspensión de un año para pagos que vencen sobre préstamos a través de algún plan. Irs amended tax forms Persona calificada. Irs amended tax forms   Usted es una persona calificada si son aplicables cualesquiera de las siguientes condiciones: El 28 de agosto del 2005 su hogar principal se encontraba en la zona de desastre del huracán Katrina y tuvo una pérdida económica debido a este huracán. Irs amended tax forms El 23 de septiembre del 2005 su hogar principal se encontraba en la zona de desastre del huracán Rita y tuvo una pérdida económica debido a este huracán. Irs amended tax forms El 23 de octubre del 2005 su hogar principal se encontraba en la zona de desastre del huracán Wilma y tuvo una pérdida económica debido a este huracán. Irs amended tax forms Ejemplos de pérdida económica incluyen, pero no se limitan a: La pérdida, daño o destrucción de bienes inmuebles o personales debido a un incendio, inundación, saqueo, vandalismo, robo, viento u otra causa; La pérdida por haber quedado desamparado(a) (sin hogar) o La pérdida de los medios de manutención (sostenimiento) debido a despidos temporales o permanentes. Irs amended tax forms Límites sobre los préstamos de planes. Irs amended tax forms   El límite de $50,000 para distribuciones que se consideran préstamos de un plan se ha aumentado a $100,000. Irs amended tax forms Además, el límite basado en el 50% de sus beneficios acumulados protegidos se ha aumentado al 100% de dichos beneficios. Irs amended tax forms Los límites más altos son únicamente aplicables a préstamos recibidos durante el siguiente período: Si su hogar principal estaba ubicado en la zona de desastre del huracán Katrina, el período comenzó el 24 de septiembre del 2005 y termina el 31 de diciembre del 2006. Irs amended tax forms Si su hogar principal estaba ubicado en la zona de desastre del huracán Rita o Wilma, el período comenzó el 21 de diciembre del 2005 y termina el 31 de diciembre del 2006. Irs amended tax forms Si usted es una persona calificada según las condiciones para el caso del huracán Katrina y según otro huracán, utilice el período basado en el huracán Katrina. Irs amended tax forms Suspensión de un año de los pagos de préstamos. Irs amended tax forms   El(La) administrador(a) de un plan puede suspender por un año los pagos de préstamos de aquel plan con vencimiento antes del 2007. Irs amended tax forms Para calificar para esta suspensión, la fecha de vencimiento de cualquier pago de esos préstamos debe ocurrir durante el período que comienza: El 25 de agosto del 2005 si su hogar principal se encontraba ubicado en la zona de desastre del huracán Katrina. Irs amended tax forms El 23 de septiembre del 2005 si su hogar principal se encontraba ubicado en la zona de desastre del huracán Rita. Irs amended tax forms El 23 de octubre del 2005 si su hogar principal se encontraba ubicado en la zona de desastre del huracán Wilma. Irs amended tax forms Si es una persona calificada por motivo de más de un huracán, utilice el período con la fecha de inicio más temprana. Irs amended tax forms Alivio Tributario Adicional para Personas Físicas Crédito por Ingreso del Trabajo y Crédito Tributario por Hijos Usted puede elegir usar su ingreso del trabajo del 2004 para calcular su crédito por ingreso del trabajo (conocido por sus siglas en inglés, EIC) del 2005 y el crédito tributario adicional por hijos si cumple con lo siguiente: Su ingreso del trabajo del 2005 es menor a su ingreso del trabajo del 2004 y Por lo menos una de las siguientes aseveraciones es cierta: El 25 de agosto del 2005 su hogar principal se encontraba en la Zona de Oportunidad del Golfo (GO). Irs amended tax forms El 25 de agosto del 2005 su hogar principal se encontraba en la zona de desastre del huracán Katrina y tuvo que abandonar esa vivienda a causa del huracán Katrina. Irs amended tax forms El 23 de septiembre del 2005 su hogar principal se encontraba en la Zona GO de Rita. Irs amended tax forms El 23 de septiembre del 2005 su hogar principal se encontraba en la zona de desastre del huracán Rita y tuvo que abandonar esa vivienda a causa del huracán Rita. Irs amended tax forms El 23 de octubre del 2005 su hogar principal se encontraba en la Zona GO de Wilma. Irs amended tax forms El 23 de octubre del 2005 su hogar principal se encontraba en la zona de desastre del huracán Wilma y usted tuvo que abandonar esa vivienda por causa del huracán Wilma. Irs amended tax forms Ingreso del trabajo. Irs amended tax forms   Para propósitos de esta elección, su ingreso del trabajo tanto para el EIC como para el crédito tributario adicional por hijos es la cantidad de ingreso del trabajo que se utiliza para calcular su EIC, aún si no reclamó el EIC y aun cuando esa cantidad sea distinta a su ingreso del trabajo para el crédito tributario adicional por hijos. Irs amended tax forms Si está reclamando sólo el crédito tributario adicional por hijos, usted debe calcular la cantidad de su ingreso del trabajo para propósitos del EIC a fin de determinar si es elegible para hacer la elección y determinar la cantidad del crédito. Irs amended tax forms Declaraciones conjuntas. Irs amended tax forms   Si presenta una declaración de impuestos conjuntamente con su cónyuge, usted califica para hacer esta elección aún si sólo un(a) cónyuge satisface los requisitos. Irs amended tax forms Si hace esta elección, su ingreso del trabajo del 2004 es la suma de su ingreso del trabajo y el de su cónyuge durante el 2004. Irs amended tax forms Cómo hacer la elección. Irs amended tax forms   Si decide usar su ingreso del trabajo del 2004, esta elección es aplicable para calcular su EIC y su crédito tributario adicional por hijos. Irs amended tax forms Sin embargo, puede elegir este último crédito aún si no ha elegido reclamar el EIC. Irs amended tax forms   Si elige usar su ingreso del trabajo del 2004, esto puede aumentar o disminuir su EIC. Irs amended tax forms Siga los siguientes pasos para decidir si va a hacer esa elección o no: Calcule su EIC del 2005 utilizando su ingreso del trabajo del 2004. Irs amended tax forms Calcule su crédito tributario adicional por hijos del 2005 utilizando su ingreso del trabajo del 2004 para propósitos del EIC. Irs amended tax forms Sume los resultados de (1) y (2). Irs amended tax forms Calcule su EIC del 2005 utilizando su ingreso del trabajo del 2005. Irs amended tax forms Calcule su crédito tributario adicional por hijos utilizando su ingreso del trabajo del 2005 para propósitos del crédito tributario adicional por hijos. Irs amended tax forms Sume los resultados de (4) y (5). Irs amended tax forms Compare los resultados de los números (3) y (6). Irs amended tax forms Si la cantidad de (3) es mayor que la de (6), será a beneficio suyo hacer esta elección. Irs amended tax forms Si la cantidad de (3) es igual o menor que la de (6), no le ayudará hacer esta elección. Irs amended tax forms   Si elige utilizar su ingreso del trabajo del 2004 y está reclamando el EIC, escriba “PYEI” y la cantidad de su ingreso del trabajo del 2004 sobre la línea de puntos junto a la línea 66a de la Forma 1040, en la línea directamente al lado de la línea 41a de la Forma 1040A o en el espacio a la izquierda de la línea 8a de la Forma 1040EZ. Irs amended tax forms   Si elige utilizar su ingreso del trabajo del 2004 y está reclamando el crédito tributario adicional por hijos, anote su ingreso del trabajo del 2004 para fines del EIC (aún si no reclamó el EIC) en la línea 4a de la Forma 8812, Additional Child Tax Credit (Crédito Tributario Adicional por Hijos), en inglés y marque el encasillado correspondiente en esa línea. Irs amended tax forms   Debido a que la Forma 8812 se publicó antes de que entrara en vigencia la legislación de la Zona GO, las instrucciones se refieren únicamente a personas cuyo hogar principal estaba en la zona de desastre del huracán Katrina. Irs amended tax forms Cuando llene la línea 4a de la Forma 8812, utilice las reglas anteriores para poder determinar si es elegible para hacer esa elección (en lugar de las instrucciones de la Forma 8812). Irs amended tax forms Cómo obtener la información de su declaración de impuestos para el 2004. Irs amended tax forms   Si usted no tiene los registros de sus impuestos del 2004, puede obtener la cantidad de ingreso del trabajo que se usó para calcular su EIC del 2004 llamando al número 1-866-562-5227. Irs amended tax forms También puede obtener esta información en el cibersitio del IRS en www. Irs amended tax forms irs. Irs amended tax forms gov. Irs amended tax forms   Si prefiere calcular usted mismo(a) su ingreso del trabajo para el 2004, copias o apógrafos de sus declaraciones de impuestos presentadas y procesadas le pueden servir para reconstruir sus registros tributarios. Irs amended tax forms Vea, Solicitud de Copia o Apógrafo de la Declaración de Impuestos, en la página 19. Irs amended tax forms Exenciones Adicionales por la Provisión de Vivienda para Personas que Tuvieron que Abandonar sus Hogares por Causa del Huracán Katrina Es posible que pueda reclamar una exención adicional de $500 por cada persona desamparada a causa del huracán Katrina y que usted haya albergado en su hogar principal. Irs amended tax forms Puede reclamar esta exención adicional en la nueva Forma 8914, Exemption Amount for Taxpayers Housing Individuals Displaced by Hurricane Katrina (Cantidad de la Exención para Contribuyentes dando Alojamiento a Personas Desplazadas por el Huracán Katrina), disponible en inglés. Irs amended tax forms La cantidad de la exención adicional es permisible una vez por contribuyente en el caso de una persona determinada en el año 2005 ó 2006, pero no en ambos años. Irs amended tax forms La cantidad de la exención adicional máxima que usted puede reclamar por todas las personas desamparadas es de $2,000 ($1,000 si es casado(a) que presenta por separado). Irs amended tax forms La cantidad de la exención adicional que reclame por personas desamparadas en el 2005 reducirá el máximo de $2,000 para el 2006. Irs amended tax forms Si dos o más contribuyentes viven en el mismo hogar, sólo uno(a) de ellos puede reclamar la exención adicional por una persona desamparada a quien haya albergado. Irs amended tax forms Si es casado(a) que presenta por separado, sólo un(a) cónyuge puede pedir esa exención adicional por una persona determinada que haya sido desamparada. Irs amended tax forms Para que a usted se le pueda considerar que proporcionó vivienda, tiene que tener un interés legal en el hogar principal (es decir, que usted sea el(la) dueño(a) o que alquile). Irs amended tax forms Para calificar como una persona desamparada, la persona: Debe haber tenido su hogar principal en la zona de desastre del huracán Katrina el 28 de agosto del 2005 y debe haber quedado desamparado(a) (sin hogar). Irs amended tax forms Si el hogar principal del individuo se encontraba fuera de la zona central del desastre, ese hogar debe haber sufrido daños por el huracán Katrina o la persona debe haber sido evacuada de esa vivienda debido al huracán Katrina, Se le debió haber provisto vivienda en su hogar principal durante un período de por lo menos 60 días consecutivos que concluya durante el año tributario para el cual se reclama la exención y No puede ser su cónyuge o dependiente. Irs amended tax forms Usted no puede reclamar la exención adicional si recibe alquiler (u otra cantidad) de cualquier fuente por alojamiento. Irs amended tax forms Se le permite recibir pagos o reembolsos que no estén relacionados con los costos normales de vivienda, entre ellos: Alimentos, ropa o artículos personales que consume o usa la persona desamparada. Irs amended tax forms Reembolso por el costo de cualquier llamada de larga distancia que haya hecho la persona desamparada. Irs amended tax forms Reembolso por el costo de la gasolina de su automóvil si la persona desamparada lo utilizó. Irs amended tax forms Sin embargo, no puede reclamar la exención adicional si recibió un reembolso por los gastos adicionales de calefacción, electricidad o agua utilizada por esa persona desamparada. Irs amended tax forms Asimismo, usted debe declarar en la Forma 8914, en inglés, el número de seguro social o número de identificación del contribuyente de la persona a quien usted dio alojamiento para poder reclamar una exención adicional. Irs amended tax forms Para obtener más información, vea la Forma 8914, en inglés. Irs amended tax forms Créditos Tributarios por Enseñanza Superior Los créditos por enseñanza superior se han ampliado para cualquier año tributario que comience en el 2005 ó 2006 en el caso de aquellos estudiantes que asisten a una institución educacional elegible ubicada en la Zona de Oportunidad del Golfo (estudiantes de GOZ). Irs amended tax forms El crédito Hope para un(a) estudiante de GOZ se aumenta al 100% de los primeros $2,000 en gastos calificados de educación y al 50% de los $2,000 siguientes en gastos calificados de educación, para lograr un crédito máximo de $3,000 por estudiante. Irs amended tax forms La tasa del crédito perpetuo (vitalicio) por aprendizaje en el caso de un(a) estudiante de GOZ se aumenta del 20% al 40%. Irs amended tax forms También se ha ampliado la definición de gastos calificados de educación para un(a) estudiante de GOZ. Irs amended tax forms Además de la matrícula y los cargos que se requieren para que el(la) estudiante se matricule o asista a una institución educacional elegible, los gastos educativos calificados para un(a) estudiante de GOZ incluirán lo siguiente: Libros, materiales y equipo requeridos para la matrícula o la asistencia a una institución educacional elegible. Irs amended tax forms En el caso de un(a) estudiante con necesidades especiales, los gastos que sean necesarios para la matrícula o asistencia de la persona a una institución de educación elegible. Irs amended tax forms Para un(a) estudiante que asiste por lo menos a tiempo parcial, los costos razonables de alojamiento y gastos relacionados, pero sólo en la medida en que los costos no excedan la cantidad mayor de las siguientes dos cantidades: La asignación para alojamiento y gastos relacionados de un(a) estudiante, según la determine la institución educacional elegible, que se incluyó en los costos de asistencia a clases (para propósitos de ayuda financiera federal) para un período académico determinado y los arreglos de alojamiento particulares del(la) estudiante. Irs amended tax forms La cantidad real que se cobra si el(la) estudiante reside en un dormitorio propiedad de la institución educacional elegible o en un dormitorio administrado por dicha institución. Irs amended tax forms Tendrá que comunicarse con la institución educacional elegible para saber cuáles son los costos calificados de alojamiento y gastos relacionados. Irs amended tax forms Para obtener más información, vea la Forma 8863, Education Credits (Hope and Lifetime Learning Credits) (Créditos por Enseñanza Superior (Crédito Hope y Crédito Perpetuo (Vitalicio) por Aprendizaje)), en inglés. Irs amended tax forms Recuperación del Subsidio Hipotecario Federal Por lo general, si usted financió su hogar a través de un programa de subsidio federal (préstamos de bonos hipotecarios calificados exentos de impuesto o préstamos con certificados de crédito hipotecario), es posible que tenga que recuperar todo o parte del beneficio que recibió de ese programa cuando venda o de otro modo se deshaga de su vivienda. Irs amended tax forms Sin embargo, no tendrá que recuperar beneficio alguno si su préstamo hipotecario estaba calificado para mejoras del hogar no superiores a los $15,000. Irs amended tax forms Esta cantidad se aumentará a $150,000 si el préstamo se otorgó antes del año 2011 y se usó para los siguientes fines: Reparaciones debidas a daños ocasionados por el huracán Katrina a una residencia dentro de la zona de desastre de dicho huracán o Cambios, reparaciones o mejoras a una residencia existente ocupada por su dueño(a) que se encuentra ubicada en la Zona GO, la Zona GO de Rita o la Zona GO de Wilma. Irs amended tax forms Exclusión de Ciertas Cancelaciones de Endeudamiento por Motivos del Huracán Katrina Por lo general, el pago de deudas no empresariales realizado después del 24 de agosto del 2005 y antes del 1 de enero del 2007 (tales como las hipotecas), se excluyen del ingreso de aquellas personas cuyo hogar principal se encontraba ubicado en la zona de desastre del huracán Katrina el 25 de agosto del 2005. Irs amended tax forms Si el hogar principal de la persona estaba fuera de la zona central del desastre, la persona también debe haber tenido pérdida económica a causa del huracán Katrina. Irs amended tax forms Entre los ejemplos de pérdida económica se incluyen, pero no se limitan a: La pérdida, daño o destrucción de bienes inmuebles o personales debido a un incendio, inundación, saqueo, vandalismo, robo, viento u otra causa; La pérdida por haber quedado desamparado(a) (sin hogar) o La pérdida de los medios de manutención (sostenimiento) debido a despidos temporales o permanentes. Irs amended tax forms Esta ayuda no aplica a cualquier deuda asegurada por bienes inmuebles ubicados fuera de la zona de desastre del huracán Katrina. Irs amended tax forms Es posible que también tenga que reducir ciertos atributos tributarios por la cantidad excluida. Irs amended tax forms Para obtener mayor información al respecto, vea la Forma 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis of Adjustment) (Reducción de Atributos Tributarios Debida a la Cancelación de Endeudamiento (y el Ajuste a la Base bajo la Sección 1082)), en inglés. Irs amended tax forms Alivio Tributario para la Reubicación Temporal Conforme a la Gulf Opportunity Zone Act of 2005 (Ley de la Zona de Oportunidad del Golfo del 2005), el IRS puede adaptar las leyes de impuestos internos para asegurar que los contribuyentes no pierdan alguna deducción o crédito o tengan un cambio en su estado civil para efectos de la declaración a causa de alguna reubicación temporal debida al huracán Katrina, Rita o Wilma. Irs amended tax forms Sin embargo, cualquier ajuste de este tipo debe asegurar que un individuo no sea considerado para los mismos beneficios tributarios a través de más de un(a) contribuyente. Irs amended tax forms El IRS ha ejercido esta autoridad de la manera siguiente: Al determinar si usted proporcionó más de la mitad del costo de la manutención (sostenimiento) de un hogar, puede excluir del total de los costos del hogar cualquier asistencia que haya recibido del gobierno o de organizaciones caritativas debido a que a usted se le reubicó temporalmente a causa del huracán Katrina, Rita o Wilma. Irs amended tax forms Al determinar si proporcionó más de la mitad del sostenimiento de una persona, usted puede no tomar en cuenta cualquier ayuda del gobierno o de organizaciones caritativas debido a que a usted se le reubicó temporalmente a causa del huracán Katrina, Rita o Wilma. Irs amended tax forms Usted puede tratar como estudiante a un individuo que se haya matriculado en una institución educativa antes del 25 de agosto del 2005 y que no pueda asistir a clases debido al huracán Katrina, por cada mes durante el período de matrícula en que dicha persona no puede asistir a clases según lo planificado, a causa del huracán Katrina. Irs amended tax forms Usted puede tratar como estudiante a un individuo que se haya matriculado en una institución educativa antes del 23 de septiembre del 2005 y que no pueda asistir a clases debido al huracán Rita, por cada mes durante el período de matrícula en que dicha persona no puede asistir a clases según lo planificado, a causa del huracán Rita. Irs amended tax forms Usted puede tratar como estudiante a un individuo que se haya matriculado en una institución educativa antes del 23 de octubre del 2005 y que no pueda asistir a clases debido al huracán Wilma, por cada mes durante el período de matrícula en que dicha persona no puede asistir a clases según lo planificado, a causa del huracán Wilma. Irs amended tax forms Alivio Tributario Adicional para Empresas Asignación (Descuento) Especial de Depreciación Usted puede usar una asignación (descuento) especial por depreciación de una propiedad ubicada en la Zona de Oportunidad del Golfo (GO) (definida más adelante) que haya comenzado a usar después del 27 de agosto del 2005. Irs amended tax forms Esta asignación (descuento) representa una deducción adicional del 50% de la base depreciable de dicha propiedad (después de haber aplicado una deducción bajo la sección 179 y antes de calcular su deducción por depreciación normal). Irs amended tax forms La asignación (descuento) especial es aplicable únicamente para el primer año en que la propiedad se comenzó a utilizar. Irs amended tax forms La asignación (descuento) se puede deducir tanto para el impuesto normal como para el impuesto alternativo mínimo (conocido por sus siglas en inglés, AMT). Irs amended tax forms No se requiere un ajuste del AMT para cualquier depreciación que aparezca en la base restante de la propiedad. Irs amended tax forms Usted puede elegir por no deducir la asignación (el descuento) especial por depreciación en la Zona GO de alguna propiedad que esté calificada. Irs amended tax forms Si elige hacer esto para cualquier propiedad, entonces esto será aplicable a toda propiedad que se encuentre en la misma categoría y que haya comenzado a usar durante el año. Irs amended tax forms Propiedad calificada de la Zona GO. Irs amended tax forms   La propiedad que califica para la asignación (el descuento) especial por depreciación de la Zona GO incluye a las siguientes: Propiedad tangible depreciada conforme al sistema acelerado y modificado de recuperación de costos (conocido por sus siglas en inglés, MACRS) con un período de recuperación de 20 años o menos. Irs amended tax forms Propiedad de servicios de agua potable. Irs amended tax forms Programas de computación que se encuentran a disponibilidad inmediata para la compra del público en general, que están sujetos a una licencia no exclusiva y que no se hayan modificado considerablemente. Irs amended tax forms (El costo de algunos programas de computación se trata como parte del costo de la maquinaria (hardware) y es depreciado conforme al sistema MACRS). Irs amended tax forms Propiedad calificada para mejoras con fines de arrendamiento. Irs amended tax forms Bienes inmuebles no residenciales y bienes muebles residenciales de alquiler. Irs amended tax forms   Para mayor información, vea la Publicación 946, How to Depreciate Property (Cómo Depreciar los Bienes), en inglés. Irs amended tax forms Otras pruebas con las que se debe cumplir. Irs amended tax forms   Para calificar como bienes de la Zona GO, dichos bienes también deben satisfacer las pruebas siguientes: Usted debe haber adquirido la propiedad, a través de la compra, después del 27 de agosto del 2005, pero sólo si no existía un contrato obligatorio por escrito vigente para esa adquisición antes del 28 de agosto del 2005. Irs amended tax forms La propiedad se debe haber comenzado a usar antes del 2008 (2009 en el caso de bienes inmuebles no residenciales y bienes muebles residenciales de alquiler). Irs amended tax forms Substancialmente todo el uso de la propiedad debe ocurrir en la Zona GO y durante actividades comerciales y empresariales en operación en la Zona GO. Irs amended tax forms Usted debe ser quien utiliza por primera vez los bienes o propiedad en la Zona GO después del 27 de agosto del 2005. Irs amended tax forms Los bienes usados pueden calificar como propiedad de la Zona GO si no han sido usados previamente en la Zona GO. Irs amended tax forms Asimismo, los gastos de capital adicionales en los que haya incurrido después del 27 de agosto del 2005 con el fin de reacondicionar o reconstruir su propiedad satisfacen la prueba de uso original si fue usted quien comenzó a usar orginalmente esa propiedad en la Zona GO. Irs amended tax forms Propiedad excluida (sin cobertura). Irs amended tax forms   La propiedad calificada de la Zona GO no incluye las situaciones siguientes: Propiedad que se requiere ser depreciada utilizando el sistema alternativo de depreciación (conocido por sus siglas en inglés, ADS). Irs amended tax forms Cualquier parte de una propiedad que sea financiada con las ganancias de una obligación exenta de impuesto conforme a la sección 103. Irs amended tax forms Propiedad por la cual reclama una deducción por revitalización comercial. Irs amended tax forms Cualquier propiedad utilizada en conexión con cualquier centro de golf, club campestre, salón de masajes, establecimiento de baños de belleza y establecimientos de bronceado o cualesquier establecimientos, privados o comerciales, cuya actividad comercial principal sea la venta de bebidas alcohólicas para el consumo fuera de los locales. Irs amended tax forms Cualquier propiedad para las apuestas de juego o de carreras de animales (según se define más adelante). Irs amended tax forms Propiedad dentro de la misma categoría que aquella por la cual optó por no reclamar una asignación (descuento) especial por depreciación de la Zona GO. Irs amended tax forms   Una propiedad o bien dedicado a las apuestas o a las carreras de animales se define como: Cualquier equipo, mueble, programa de computación u otros bienes utilizados directamente en actividades de juego con apuestas, carreras de animales o para ver dichas carreras en un estableci
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The Irs Amended Tax Forms

Irs amended tax forms 12. Irs amended tax forms   Other Income Table of Contents Introduction Useful Items - You may want to see: Bartering Canceled DebtsInterest included in canceled debt. Irs amended tax forms Exceptions Host or Hostess Life Insurance ProceedsSurviving spouse. Irs amended tax forms Endowment Contract Proceeds Accelerated Death Benefits Public Safety Officer Killed in the Line of Duty Partnership Income S Corporation Income RecoveriesItemized Deduction Recoveries Rents from Personal Property RepaymentsMethod 1. Irs amended tax forms Method 2. Irs amended tax forms RoyaltiesDepletion. Irs amended tax forms Coal and iron ore. Irs amended tax forms Sale of property interest. Irs amended tax forms Part of future production sold. Irs amended tax forms Unemployment BenefitsTypes of unemployment compensation. Irs amended tax forms Governmental program. Irs amended tax forms Repayment of unemployment compensation. Irs amended tax forms Tax withholding. Irs amended tax forms Repayment of benefits. Irs amended tax forms Welfare and Other Public Assistance Benefits Other IncomeEmotional distress. Irs amended tax forms Deduction for costs involved in unlawful discrimination suits. Irs amended tax forms Energy conservation measure. Irs amended tax forms Dwelling unit. Irs amended tax forms Current income required to be distributed. Irs amended tax forms Current income not required to be distributed. Irs amended tax forms How to report. Irs amended tax forms Losses. Irs amended tax forms Grantor trust. Irs amended tax forms Nonemployee compensation. Irs amended tax forms Corporate director. Irs amended tax forms Personal representatives. Irs amended tax forms Manager of trade or business for bankruptcy estate. Irs amended tax forms Notary public. Irs amended tax forms Election precinct official. Irs amended tax forms Difficulty-of-care payments. Irs amended tax forms Maintaining space in home. Irs amended tax forms Reporting taxable payments. Irs amended tax forms Lotteries and raffles. Irs amended tax forms Form W-2G. Irs amended tax forms Reporting winnings and recordkeeping. Irs amended tax forms Inherited pension or IRA. Irs amended tax forms Employee awards or bonuses. Irs amended tax forms Pulitzer, Nobel, and similar prizes. Irs amended tax forms Payment for services. Irs amended tax forms VA payments. Irs amended tax forms Prizes. Irs amended tax forms Strike and lockout benefits. Irs amended tax forms Introduction You must include on your return all items of income you receive in the form of money, property, and services unless the tax law states that you do not include them. Irs amended tax forms Some items, however, are only partly excluded from income. Irs amended tax forms This chapter discusses many kinds of income and explains whether they are taxable or nontaxable. Irs amended tax forms Income that is taxable must be reported on your tax return and is subject to tax. Irs amended tax forms Income that is nontaxable may have to be shown on your tax return but is not taxable. Irs amended tax forms This chapter begins with discussions of the following income items. Irs amended tax forms Bartering. Irs amended tax forms Canceled debts. Irs amended tax forms Sales parties at which you are the host or hostess. Irs amended tax forms Life insurance proceeds. Irs amended tax forms Partnership income. Irs amended tax forms S Corporation income. Irs amended tax forms Recoveries (including state income tax refunds). Irs amended tax forms Rents from personal property. Irs amended tax forms Repayments. Irs amended tax forms Royalties. Irs amended tax forms Unemployment benefits. Irs amended tax forms Welfare and other public assistance benefits. Irs amended tax forms These discussions are followed by brief discussions of other income items. Irs amended tax forms Useful Items - You may want to see: Publication 525 Taxable and Nontaxable Income 544 Sales and Other Dispositions of Assets 4681 Canceled Debts, Foreclosures, Repossessions, and Abandonments Bartering Bartering is an exchange of property or services. Irs amended tax forms You must include in your income, at the time received, the fair market value of property or services you receive in bartering. Irs amended tax forms If you exchange services with another person and you both have agreed ahead of time on the value of the services, that value will be accepted as fair market value unless the value can be shown to be otherwise. Irs amended tax forms Generally, you report this income on Schedule C (Form 1040), Profit or Loss From Business, or Schedule C-EZ (Form 1040), Net Profit From Business. Irs amended tax forms However, if the barter involves an exchange of something other than services, such as in Example 3 below, you may have to use another form or schedule instead. Irs amended tax forms Example 1. Irs amended tax forms You are a self-employed attorney who performs legal services for a client, a small corporation. Irs amended tax forms The corporation gives you shares of its stock as payment for your services. Irs amended tax forms You must include the fair market value of the shares in your income on Schedule C (Form 1040) or Schedule C-EZ (Form 1040) in the year you receive them. Irs amended tax forms Example 2. Irs amended tax forms You are self-employed and a member of a barter club. Irs amended tax forms The club uses “credit units” as a means of exchange. Irs amended tax forms It adds credit units to your account for goods or services you provide to members, which you can use to purchase goods or services offered by other members of the barter club. Irs amended tax forms The club subtracts credit units from your account when you receive goods or services from other members. Irs amended tax forms You must include in your income the value of the credit units that are added to your account, even though you may not actually receive goods or services from other members until a later tax year. Irs amended tax forms Example 3. Irs amended tax forms You own a small apartment building. Irs amended tax forms In return for 6 months rent-free use of an apartment, an artist gives you a work of art she created. Irs amended tax forms You must report as rental income on Schedule E (Form 1040), Supplemental Income and Loss, the fair market value of the artwork, and the artist must report as income on Schedule C (Form 1040) or Schedule C-EZ (Form 1040) the fair rental value of the apartment. Irs amended tax forms Form 1099-B from barter exchange. Irs amended tax forms   If you exchanged property or services through a barter exchange, Form 1099-B, Proceeds From Broker and Barter Exchange Transactions, or a similar statement from the barter exchange should be sent to you by February 18, 2014. Irs amended tax forms It should show the value of cash, property, services, credits, or scrip you received from exchanges during 2013. Irs amended tax forms The IRS also will receive a copy of Form 1099-B. Irs amended tax forms Canceled Debts In most cases, if a debt you owe is canceled or forgiven, other than as a gift or bequest, you must include the canceled amount in your income. Irs amended tax forms You have no income from the canceled debt if it is intended as a gift to you. Irs amended tax forms A debt includes any indebtedness for which you are liable or which attaches to property you hold. Irs amended tax forms If the debt is a nonbusiness debt, report the canceled amount on Form 1040, line 21. Irs amended tax forms If it is a business debt, report the amount on Schedule C (Form 1040) or Schedule C-EZ (Form 1040) (or on Schedule F (Form 1040), Profit or Loss From Farming, if the debt is farm debt and you are a farmer). Irs amended tax forms Form 1099-C. Irs amended tax forms   If a Federal Government agency, financial institution, or credit union cancels or forgives a debt you owe of $600 or more, you will receive a Form 1099-C, Cancellation of Debt. Irs amended tax forms The amount of the canceled debt is shown in box 2. Irs amended tax forms Interest included in canceled debt. Irs amended tax forms   If any interest is forgiven and included in the amount of canceled debt in box 2, the amount of interest also will be shown in box 3. Irs amended tax forms Whether or not you must include the interest portion of the canceled debt in your income depends on whether the interest would be deductible when you paid it. Irs amended tax forms See Deductible debt under Exceptions, later. Irs amended tax forms   If the interest would not be deductible (such as interest on a personal loan), include in your income the amount from Form 1099-C, box 2. Irs amended tax forms If the interest would be deductible (such as on a business loan), include in your income the net amount of the canceled debt (the amount shown in box 2 less the interest amount shown in box 3). Irs amended tax forms Discounted mortgage loan. Irs amended tax forms   If your financial institution offers a discount for the early payment of your mortgage loan, the amount of the discount is canceled debt. Irs amended tax forms You must include the canceled amount in your income. Irs amended tax forms Mortgage relief upon sale or other disposition. Irs amended tax forms   If you are personally liable for a mortgage (recourse debt), and you are relieved of the mortgage when you dispose of the property, you may realize gain or loss up to the fair market value of the property. Irs amended tax forms To the extent the mortgage discharge exceeds the fair market value of the property, it is income from discharge of indebtedness unless it qualifies for exclusion under Excluded debt , later. Irs amended tax forms Report any income from discharge of indebtedness on nonbusiness debt that does not qualify for exclusion as other income on Form 1040, line 21. Irs amended tax forms    You may be able to exclude part of the mortgage relief on your principal residence. Irs amended tax forms See Excluded debt, later. Irs amended tax forms   If you are not personally liable for a mortgage (nonrecourse debt), and you are relieved of the mortgage when you dispose of the property (such as through foreclosure), that relief is included in the amount you realize. Irs amended tax forms You may have a taxable gain if the amount you realize exceeds your adjusted basis in the property. Irs amended tax forms Report any gain on nonbusiness property as a capital gain. Irs amended tax forms   See Publication 4681 for more information. Irs amended tax forms Stockholder debt. Irs amended tax forms   If you are a stockholder in a corporation and the corporation cancels or forgives your debt to it, the canceled debt is a constructive distribution that is generally dividend income to you. Irs amended tax forms For more information, see Publication 542, Corporations. Irs amended tax forms   If you are a stockholder in a corporation and you cancel a debt owed to you by the corporation, you generally do not realize income. Irs amended tax forms This is because the canceled debt is considered as a contribution to the capital of the corporation equal to the amount of debt principal that you canceled. Irs amended tax forms Repayment of canceled debt. Irs amended tax forms   If you included a canceled amount in your income and later pay the debt, you may be able to file a claim for refund for the year the amount was included in income. Irs amended tax forms You can file a claim on Form 1040X if the statute of limitations for filing a claim is still open. Irs amended tax forms The statute of limitations generally does not end until 3 years after the due date of your original return. Irs amended tax forms Exceptions There are several exceptions to the inclusion of canceled debt in income. Irs amended tax forms These are explained next. Irs amended tax forms Student loans. Irs amended tax forms   Certain student loans contain a provision that all or part of the debt incurred to attend the qualified educational institution will be canceled if you work for a certain period of time in certain professions for any of a broad class of employers. Irs amended tax forms   You do not have income if your student loan is canceled after you agreed to this provision and then performed the services required. Irs amended tax forms To qualify, the loan must have been made by: The Federal Government, a state or local government, or an instrumentality, agency, or subdivision thereof, A tax-exempt public benefit corporation that has assumed control of a state, county, or municipal hospital, and whose employees are considered public employees under state law, or An educational institution: Under an agreement with an entity described in (1) or (2) that provided the funds to the institution to make the loan, or As part of a program of the institution designed to encourage its students to serve in occupations with unmet needs or in areas with unmet needs and under which the services provided by the students (or former students) are for or under the direction of a governmental unit or a tax-exempt organization described in section 501(c)(3). Irs amended tax forms   A loan to refinance a qualified student loan also will qualify if it was made by an educational institution or a qualified tax-exempt organization under its program designed as described in (3)(b) above. Irs amended tax forms Education loan repayment assistance. Irs amended tax forms   Education loan repayments made to you by the National Health Service Corps Loan Repayment Program (NHSC Loan Repayment Program), a state education loan repayment program eligible for funds under the Public Health Service Act, or any other state loan repayment or loan forgiveness program that is intended to provide for the increased availability of health services in underserved or health professional shortage areas are not taxable. Irs amended tax forms    The provision relating to the “other state loan repayment or loan forgiveness program” was added to this exclusion for amounts received in tax years beginning after December 31, 2008. Irs amended tax forms If you included these amounts in income in 2010, 2011, or 2012, you should file an amended tax return to exclude this income. Irs amended tax forms See Form 1040X and its instructions for details on filing. Irs amended tax forms Deductible debt. Irs amended tax forms   You do not have income from the cancellation of a debt if your payment of the debt would be deductible. Irs amended tax forms This exception applies only if you use the cash method of accounting. Irs amended tax forms For more information, see chapter 5 of Publication 334, Tax Guide for Small Business. Irs amended tax forms Price reduced after purchase. Irs amended tax forms   In most cases, if the seller reduces the amount of debt you owe for property you purchased, you do not have income from the reduction. Irs amended tax forms The reduction of the debt is treated as a purchase price adjustment and reduces your basis in the property. Irs amended tax forms Excluded debt. Irs amended tax forms   Do not include a canceled debt in your gross income in the following situations. Irs amended tax forms The debt is canceled in a bankruptcy case under title 11 of the U. Irs amended tax forms S. Irs amended tax forms Code. Irs amended tax forms See Publication 908, Bankruptcy Tax Guide. Irs amended tax forms The debt is canceled when you are insolvent. Irs amended tax forms However, you cannot exclude any amount of canceled debt that is more than the amount by which you are insolvent. Irs amended tax forms See Publication 908. Irs amended tax forms The debt is qualified farm debt and is canceled by a qualified person. Irs amended tax forms See chapter 3 of Publication 225, Farmer's Tax Guide. Irs amended tax forms The debt is qualified real property business debt. Irs amended tax forms See chapter 5 of Publication 334. Irs amended tax forms The cancellation is intended as a gift. Irs amended tax forms The debt is qualified principal residence indebtedness. Irs amended tax forms See Publication 525 for additional information. Irs amended tax forms Host or Hostess If you host a party or event at which sales are made, any gift or gratuity you receive for giving the event is a payment for helping a direct seller make sales. Irs amended tax forms You must report this item as income at its fair market value. Irs amended tax forms Your out-of-pocket party expenses are subject to the 50% limit for meal and entertainment expenses. Irs amended tax forms These expenses are deductible as miscellaneous itemized deductions subject to the 2%-of-AGI limit on Schedule A (Form 1040), but only up to the amount of income you receive for giving the party. Irs amended tax forms For more information about the 50% limit for meal and entertainment expenses, see chapter 26. Irs amended tax forms Life Insurance Proceeds Life insurance proceeds paid to you because of the death of the insured person are not taxable unless the policy was turned over to you for a price. Irs amended tax forms This is true even if the proceeds were paid under an accident or health insurance policy or an endowment contract. Irs amended tax forms However, interest income received as a result of life insurance proceeds may be taxable. Irs amended tax forms Proceeds not received in installments. Irs amended tax forms   If death benefits are paid to you in a lump sum or other than at regular intervals, include in your income only the benefits that are more than the amount payable to you at the time of the insured person's death. Irs amended tax forms If the benefit payable at death is not specified, you include in your income the benefit payments that are more than the present value of the payments at the time of death. Irs amended tax forms Proceeds received in installments. Irs amended tax forms   If you receive life insurance proceeds in installments, you can exclude part of each installment from your income. Irs amended tax forms   To determine the excluded part, divide the amount held by the insurance company (generally the total lump sum payable at the death of the insured person) by the number of installments to be paid. Irs amended tax forms Include anything over this excluded part in your income as interest. Irs amended tax forms Surviving spouse. Irs amended tax forms   If your spouse died before October 23, 1986, and insurance proceeds paid to you because of the death of your spouse are received in installments, you can exclude up to $1,000 a year of the interest included in the installments. Irs amended tax forms If you remarry, you can continue to take the exclusion. Irs amended tax forms Surrender of policy for cash. Irs amended tax forms   If you surrender a life insurance policy for cash, you must include in income any proceeds that are more than the cost of the life insurance policy. Irs amended tax forms In most cases, your cost (or investment in the contract) is the total of premiums that you paid for the life insurance policy, less any refunded premiums, rebates, dividends, or unrepaid loans that were not included in your income. Irs amended tax forms    You should receive a Form 1099-R showing the total proceeds and the taxable part. Irs amended tax forms Report these amounts on lines 16a and 16b of Form 1040 or lines 12a and 12b of Form 1040A. Irs amended tax forms More information. Irs amended tax forms   For more information, see Life Insurance Proceeds in Publication 525. Irs amended tax forms Endowment Contract Proceeds An endowment contract is a policy under which you are paid a specified amount of money on a certain date unless you die before that date, in which case, the money is paid to your designated beneficiary. Irs amended tax forms Endowment proceeds paid in a lump sum to you at maturity are taxable only if the proceeds are more than the cost of the policy. Irs amended tax forms To determine your cost, subtract any amount that you previously received under the contract and excluded from your income from the total premiums (or other consideration) paid for the contract. Irs amended tax forms Include the part of the lump sum payment that is more than your cost in your income. Irs amended tax forms Accelerated Death Benefits Certain amounts paid as accelerated death benefits under a life insurance contract or viatical settlement before the insured's death are excluded from income if the insured is terminally or chronically ill. Irs amended tax forms Viatical settlement. Irs amended tax forms   This is the sale or assignment of any part of the death benefit under a life insurance contract to a viatical settlement provider. Irs amended tax forms A viatical settlement provider is a person who regularly engages in the business of buying or taking assignment of life insurance contracts on the lives of insured individuals who are terminally or chronically ill and who meets the requirements of section 101(g)(2)(B) of the Internal Revenue Code. Irs amended tax forms Exclusion for terminal illness. Irs amended tax forms    Accelerated death benefits are fully excludable if the insured is a terminally ill individual. Irs amended tax forms This is a person who has been certified by a physician as having an illness or physical condition that can reasonably be expected to result in death within 24 months from the date of the certification. Irs amended tax forms Exclusion for chronic illness. Irs amended tax forms    If the insured is a chronically ill individual who is not terminally ill, accelerated death benefits paid on the basis of costs incurred for qualified long-term care services are fully excludable. Irs amended tax forms Accelerated death benefits paid on a per diem or other periodic basis are excludable up to a limit. Irs amended tax forms This limit applies to the total of the accelerated death benefits and any periodic payments received from long-term care insurance contracts. Irs amended tax forms For information on the limit and the definitions of chronically ill individual, qualified long-term care services, and long-term care insurance contracts, see Long-Term Care Insurance Contracts under Sickness and Injury Benefits in Publication 525. Irs amended tax forms Exception. Irs amended tax forms   The exclusion does not apply to any amount paid to a person (other than the insured) who has an insurable interest in the life of the insured because the insured: Is a director, officer, or employee of the person, or Has a financial interest in the person's business. Irs amended tax forms Form 8853. Irs amended tax forms   To claim an exclusion for accelerated death benefits made on a per diem or other periodic basis, you must file Form 8853, Archer MSAs and Long-Term Care Insurance Contracts, with your return. Irs amended tax forms You do not have to file Form 8853 to exclude accelerated death benefits paid on the basis of actual expenses incurred. Irs amended tax forms Public Safety Officer Killed in the Line of Duty If you are a survivor of a public safety officer who was killed in the line of duty, you may be able to exclude from income certain amounts you receive. Irs amended tax forms For this purpose, the term public safety officer includes law enforcement officers, firefighters, chaplains, and rescue squad and ambulance crew members. Irs amended tax forms For more information, see Publication 559, Survivors, Executors, and Administrators. Irs amended tax forms Partnership Income A partnership generally is not a taxable entity. Irs amended tax forms The income, gains, losses, deductions, and credits of a partnership are passed through to the partners based on each partner's distributive share of these items. Irs amended tax forms Schedule K-1 (Form 1065). Irs amended tax forms    Although a partnership generally pays no tax, it must file an information return on Form 1065, U. Irs amended tax forms S. Irs amended tax forms Return of Partnership Income, and send Schedule K-1 (Form 1065) to each partner. Irs amended tax forms In addition, the partnership will send each partner a copy of the Partner's Instructions for Schedule K-1 (Form 1065) to help each partner report his or her share of the partnership's income, deductions, credits, and tax preference items. Irs amended tax forms Keep Schedule K-1 (Form 1065) for your records. Irs amended tax forms Do not attach it to your Form 1040, unless you are specifically required to do so. Irs amended tax forms For more information on partnerships, see Publication 541, Partnerships. Irs amended tax forms Qualified joint venture. Irs amended tax forms   If you and your spouse each materially participate as the only members of a jointly owned and operated business, and you file a joint return for the tax year, you can make a joint election to be treated as a qualified joint venture instead of a partnership. Irs amended tax forms To make this election, you must divide all items of income, gain, loss, deduction, and credit attributable to the business between you and your spouse in accordance with your respective interests in the venture. Irs amended tax forms For further information on how to make the election and which schedule(s) to file, see the instructions for your individual tax return. Irs amended tax forms S Corporation Income In most cases, an S corporation does not pay tax on its income. Irs amended tax forms Instead, the income, losses, deductions, and credits of the corporation are passed through to the shareholders based on each shareholder's pro rata share. Irs amended tax forms Schedule K-1 (Form 1120S). Irs amended tax forms   An S corporation must file a return on Form 1120S, U. Irs amended tax forms S. Irs amended tax forms Income Tax Return for an S Corporation, and send Schedule K-1 (Form 1120S) to each shareholder. Irs amended tax forms In addition, the S corporation will send each shareholder a copy of the Shareholder's Instructions for Schedule K-1 (Form 1120S) to help each shareholder report his or her share of the S corporation's income, losses, credits, and deductions. Irs amended tax forms Keep Schedule K-1 (Form 1120S) for your records. Irs amended tax forms Do not attach it to your Form 1040, unless you are specifically required to do so. Irs amended tax forms For more information on S corporations and their shareholders, see the Instructions for Form 1120S. Irs amended tax forms Recoveries A recovery is a return of an amount you deducted or took a credit for in an earlier year. Irs amended tax forms The most common recoveries are refunds, reimbursements, and rebates of deductions itemized on Schedule A (Form 1040). Irs amended tax forms You also may have recoveries of non-itemized deductions (such as payments on previously deducted bad debts) and recoveries of items for which you previously claimed a tax credit. Irs amended tax forms Tax benefit rule. Irs amended tax forms   You must include a recovery in your income in the year you receive it up to the amount by which the deduction or credit you took for the recovered amount reduced your tax in the earlier year. Irs amended tax forms For this purpose, any increase to an amount carried over to the current year that resulted from the deduction or credit is considered to have reduced your tax in the earlier year. Irs amended tax forms For more information, see Publication 525. Irs amended tax forms Federal income tax refund. Irs amended tax forms   Refunds of federal income taxes are not included in your income because they are never allowed as a deduction from income. Irs amended tax forms State tax refund. Irs amended tax forms   If you received a state or local income tax refund (or credit or offset) in 2013, you generally must include it in income if you deducted the tax in an earlier year. Irs amended tax forms The payer should send Form 1099-G, Certain Government Payments, to you by January 31, 2014. Irs amended tax forms The IRS also will receive a copy of the Form 1099-G. Irs amended tax forms If you file Form 1040, use the State and Local Income Tax Refund Worksheet in the 2013 Form 1040 instructions for line 10 to figure the amount (if any) to include in your income. Irs amended tax forms See Publication 525 for when you must use another worksheet. Irs amended tax forms   If you could choose to deduct for a tax year either: State and local income taxes, or State and local general sales taxes, then the maximum refund that you may have to include in income is limited to the excess of the tax you chose to deduct for that year over the tax you did not choose to deduct for that year. Irs amended tax forms For examples, see Publication 525. Irs amended tax forms Mortgage interest refund. Irs amended tax forms    If you received a refund or credit in 2013 of mortgage interest paid in an earlier year, the amount should be shown in box 3 of your Form 1098, Mortgage Interest Statement. Irs amended tax forms Do not subtract the refund amount from the interest you paid in 2013. Irs amended tax forms You may have to include it in your income under the rules explained in the following discussions. Irs amended tax forms Interest on recovery. Irs amended tax forms   Interest on any of the amounts you recover must be reported as interest income in the year received. Irs amended tax forms For example, report any interest you received on state or local income tax refunds on Form 1040, line 8a. Irs amended tax forms Recovery and expense in same year. Irs amended tax forms   If the refund or other recovery and the expense occur in the same year, the recovery reduces the deduction or credit and is not reported as income. Irs amended tax forms Recovery for 2 or more years. Irs amended tax forms   If you receive a refund or other recovery that is for amounts you paid in 2 or more separate years, you must allocate, on a pro rata basis, the recovered amount between the years in which you paid it. Irs amended tax forms This allocation is necessary to determine the amount of recovery from any earlier years and to determine the amount, if any, of your allowable deduction for this item for the current year. Irs amended tax forms For information on how to compute the allocation, see Recoveries in Publication 525. Irs amended tax forms Itemized Deduction Recoveries If you recover any amount that you deducted in an earlier year on Schedule A (Form 1040), you generally must include the full amount of the recovery in your income in the year you receive it. Irs amended tax forms Where to report. Irs amended tax forms   Enter your state or local income tax refund on Form 1040, line 10, and the total of all other recoveries as other income on Form 1040, line 21. Irs amended tax forms You cannot use Form 1040A or Form 1040EZ. Irs amended tax forms Standard deduction limit. Irs amended tax forms   You generally are allowed to claim the standard deduction if you do not itemize your deductions. Irs amended tax forms Only your itemized deductions that are more than your standard deduction are subject to the recovery rule (unless you are required to itemize your deductions). Irs amended tax forms If your total deductions on the earlier year return were not more than your income for that year, include in your income this year the lesser of: Your recoveries, or The amount by which your itemized deductions exceeded the standard deduction. Irs amended tax forms Example. Irs amended tax forms For 2012, you filed a joint return. Irs amended tax forms Your taxable income was $60,000 and you were not entitled to any tax credits. Irs amended tax forms Your standard deduction was $11,900, and you had itemized deductions of $14,000. Irs amended tax forms In 2013, you received the following recoveries for amounts deducted on your 2012 return: Medical expenses $200 State and local income tax refund 400 Refund of mortgage interest 325 Total recoveries $925 None of the recoveries were more than the deductions taken for 2012. Irs amended tax forms The difference between the state and local income tax you deducted and your local general sales tax was more than $400. Irs amended tax forms Your total recoveries are less than the amount by which your itemized deductions exceeded the standard deduction ($14,000 − 11,900 = $2,100), so you must include your total recoveries in your income for 2013. Irs amended tax forms Report the state and local income tax refund of $400 on Form 1040, line 10, and the balance of your recoveries, $525, on Form 1040, line 21. Irs amended tax forms Standard deduction for earlier years. Irs amended tax forms   To determine if amounts recovered in 2013 must be included in your income, you must know the standard deduction for your filing status for the year the deduction was claimed. Irs amended tax forms Look in the instructions for your tax return from prior years to locate the standard deduction for the filing status for that prior year. Irs amended tax forms Example. Irs amended tax forms You filed a joint return on Form 1040 for 2012 with taxable income of $45,000. Irs amended tax forms Your itemized deductions were $12,350. Irs amended tax forms The standard deduction that you could have claimed was $11,900. Irs amended tax forms In 2013, you recovered $2,100 of your 2012 itemized deductions. Irs amended tax forms None of the recoveries were more than the actual deductions for 2012. Irs amended tax forms Include $450 of the recoveries in your 2013 income. Irs amended tax forms This is the smaller of your recoveries ($2,100) or the amount by which your itemized deductions were more than the standard deduction ($12,350 − $11,900 = $450). Irs amended tax forms Recovery limited to deduction. Irs amended tax forms   You do not include in your income any amount of your recovery that is more than the amount you deducted in the earlier year. Irs amended tax forms The amount you include in your income is limited to the smaller of: The amount deducted on Schedule A (Form 1040), or The amount recovered. Irs amended tax forms Example. Irs amended tax forms During 2012 you paid $1,700 for medical expenses. Irs amended tax forms From this amount you subtracted $1,500, which was 7. Irs amended tax forms 5% of your adjusted gross income. Irs amended tax forms Your actual medical expense deduction was $200. Irs amended tax forms In 2013, you received a $500 reimbursement from your medical insurance for your 2012 expenses. Irs amended tax forms The only amount of the $500 reimbursement that must be included in your income for 2013 is $200—the amount actually deducted. Irs amended tax forms Other recoveries. Irs amended tax forms   See Recoveries in Publication 525 if: You have recoveries of items other than itemized deductions, or You received a recovery for an item for which you claimed a tax credit (other than investment credit or foreign tax credit) in a prior year. Irs amended tax forms Rents from Personal Property If you rent out personal property, such as equipment or vehicles, how you report your income and expenses is in most cases determined by: Whether or not the rental activity is a business, and Whether or not the rental activity is conducted for profit. Irs amended tax forms In most cases, if your primary purpose is income or profit and you are involved in the rental activity with continuity and regularity, your rental activity is a business. Irs amended tax forms See Publication 535, Business Expenses, for details on deducting expenses for both business and not-for-profit activities. Irs amended tax forms Reporting business income and expenses. Irs amended tax forms    If you are in the business of renting personal property, report your income and expenses on Schedule C or Schedule C-EZ (Form 1040). Irs amended tax forms The form instructions have information on how to complete them. Irs amended tax forms Reporting nonbusiness income. Irs amended tax forms   If you are not in the business of renting personal property, report your rental income on Form 1040, line 21. Irs amended tax forms List the type and amount of the income on the dotted line next to line 21. Irs amended tax forms Reporting nonbusiness expenses. Irs amended tax forms   If you rent personal property for profit, include your rental expenses in the total amount you enter on Form 1040, line 36. Irs amended tax forms Also enter the amount and “PPR” on the dotted line next to line 36. Irs amended tax forms   If you do not rent personal property for profit, your deductions are limited and you cannot report a loss to offset other income. Irs amended tax forms See Activity not for profit , under Other Income, later. Irs amended tax forms Repayments If you had to repay an amount that you included in your income in an earlier year, you may be able to deduct the amount repaid from your income for the year in which you repaid it. Irs amended tax forms Or, if the amount you repaid is more than $3,000, you may be able to take a credit against your tax for the year in which you repaid it. Irs amended tax forms Generally, you can claim a deduction or credit only if the repayment qualifies as an expense or loss incurred in your trade or business or in a for-profit transaction. Irs amended tax forms Type of deduction. Irs amended tax forms   The type of deduction you are allowed in the year of repayment depends on the type of income you included in the earlier year. Irs amended tax forms You generally deduct the repayment on the same form or schedule on which you previously reported it as income. Irs amended tax forms For example, if you reported it as self-employment income, deduct it as a business expense on Schedule C or Schedule C-EZ (Form 1040) or Schedule F (Form 1040). Irs amended tax forms If you reported it as a capital gain, deduct it as a capital loss as explained in the Instructions for Schedule D (Form 1040). Irs amended tax forms If you reported it as wages, unemployment compensation, or other nonbusiness income, deduct it as a miscellaneous itemized deduction on Schedule A (Form 1040). Irs amended tax forms Repaid social security benefits. Irs amended tax forms   If you repaid social security benefits or equivalent railroad retirement benefits, see Repayment of benefits in chapter 11. Irs amended tax forms Repayment of $3,000 or less. Irs amended tax forms   If the amount you repaid was $3,000 or less, deduct it from your income in the year you repaid it. Irs amended tax forms If you must deduct it as a miscellaneous itemized deduction, enter it on Schedule A (Form 1040), line 23. Irs amended tax forms Repayment over $3,000. Irs amended tax forms   If the amount you repaid was more than $3,000, you can deduct the repayment (as explained under Type of deduction , earlier). Irs amended tax forms However, you can choose instead to take a tax credit for the year of repayment if you included the income under a claim of right. Irs amended tax forms This means that at the time you included the income, it appeared that you had an unrestricted right to it. Irs amended tax forms If you qualify for this choice, figure your tax under both methods and compare the results. Irs amended tax forms Use the method (deduction or credit) that results in less tax. Irs amended tax forms When determining whether the amount you repaid was more or less than $3,000, consider the total amount being repaid on the return. Irs amended tax forms Each instance of repayment is not considered separately. Irs amended tax forms Method 1. Irs amended tax forms   Figure your tax for 2013 claiming a deduction for the repaid amount. Irs amended tax forms If you must deduct it as a miscellaneous itemized deduction, enter it on Schedule A (Form 1040), line 28. Irs amended tax forms Method 2. Irs amended tax forms   Figure your tax for 2013 claiming a credit for the repaid amount. Irs amended tax forms Follow these steps. Irs amended tax forms Figure your tax for 2013 without deducting the repaid amount. Irs amended tax forms Refigure your tax from the earlier year without including in income the amount you repaid in 2013. Irs amended tax forms Subtract the tax in (2) from the tax shown on your return for the earlier year. Irs amended tax forms This is the credit. Irs amended tax forms Subtract the answer in (3) from the tax for 2013 figured without the deduction (Step 1). Irs amended tax forms   If method 1 results in less tax, deduct the amount repaid. Irs amended tax forms If method 2 results in less tax, claim the credit figured in (3) above on Form 1040, line 71, by adding the amount of the credit to any other credits on this line, and entering “I. Irs amended tax forms R. Irs amended tax forms C. Irs amended tax forms 1341” in the column to the right of line 71. Irs amended tax forms   An example of this computation can be found in Publication 525. Irs amended tax forms Repaid wages subject to social security and Medicare taxes. Irs amended tax forms   If you had to repay an amount that you included in your wages or compensation in an earlier year on which social security, Medicare, or tier 1 RRTA taxes were paid, ask your employer to refund the excess amount to you. Irs amended tax forms If the employer refuses to refund the taxes, ask for a statement indicating the amount of the overcollection to support your claim. Irs amended tax forms File a claim for refund using Form 843, Claim for Refund and Request for Abatement. Irs amended tax forms Repaid wages subject to Additional Medicare Tax. Irs amended tax forms   Employers cannot make an adjustment or file a claim for refund for Additional Medicare Tax withholding when there is a repayment of wages received by an employee in a prior year because the employee determines liability for Additional Medicare Tax on the employee's income tax return for the prior year. Irs amended tax forms If you had to repay an amount that you included in your wages or compensation in an earlier year, and on which Additional Medicare Tax was paid, you may be able to recover the Additional Medicare Tax paid on the amount. Irs amended tax forms To recover Additional Medicare Tax on the repaid wages or compensation, you must file Form 1040X, Amended U. Irs amended tax forms S. Irs amended tax forms Individual Income Tax Return, for the prior year in which the wages or compensation were originally received. Irs amended tax forms See the Instructions for Form 1040X. Irs amended tax forms Royalties Royalties from copyrights, patents, and oil, gas, and mineral properties are taxable as ordinary income. Irs amended tax forms In most cases you report royalties in Part I of Schedule E (Form 1040). Irs amended tax forms However, if you hold an operating oil, gas, or mineral interest or are in business as a self-employed writer, inventor, artist, etc. Irs amended tax forms , report your income and expenses on Schedule C or Schedule C-EZ (Form 1040). Irs amended tax forms Copyrights and patents. Irs amended tax forms   Royalties from copyrights on literary, musical, or artistic works, and similar property, or from patents on inventions, are amounts paid to you for the right to use your work over a specified period of time. Irs amended tax forms Royalties generally are based on the number of units sold, such as the number of books, tickets to a performance, or machines sold. Irs amended tax forms Oil, gas, and minerals. Irs amended tax forms   Royalty income from oil, gas, and mineral properties is the amount you receive when natural resources are extracted from your property. Irs amended tax forms The royalties are based on units, such as barrels, tons, etc. Irs amended tax forms , and are paid to you by a person or company who leases the property from you. Irs amended tax forms Depletion. Irs amended tax forms   If you are the owner of an economic interest in mineral deposits or oil and gas wells, you can recover your investment through the depletion allowance. Irs amended tax forms For information on this subject, see chapter 9 of Publication 535. Irs amended tax forms Coal and iron ore. Irs amended tax forms   Under certain circumstances, you can treat amounts you receive from the disposal of coal and iron ore as payments from the sale of a capital asset, rather than as royalty income. Irs amended tax forms For information about gain or loss from the sale of coal and iron ore, see Publication 544. Irs amended tax forms Sale of property interest. Irs amended tax forms   If you sell your complete interest in oil, gas, or mineral rights, the amount you receive is considered payment for the sale of property used in a trade or business under section 1231, not royalty income. Irs amended tax forms Under certain circumstances, the sale is subject to capital gain or loss treatment as explained in the Instructions for Schedule D (Form 1040). Irs amended tax forms For more information on selling section 1231 property, see chapter 3 of Publication 544. Irs amended tax forms   If you retain a royalty, an overriding royalty, or a net profit interest in a mineral property for the life of the property, you have made a lease or a sublease, and any cash you receive for the assignment of other interests in the property is ordinary income subject to a depletion allowance. Irs amended tax forms Part of future production sold. Irs amended tax forms   If you own mineral property but sell part of the future production, in most cases you treat the money you receive from the buyer at the time of the sale as a loan from the buyer. Irs amended tax forms Do not include it in your income or take depletion based on it. Irs amended tax forms   When production begins, you include all the proceeds in your income, deduct all the production expenses, and deduct depletion from that amount to arrive at your taxable income from the property. Irs amended tax forms Unemployment Benefits The tax treatment of unemployment benefits you receive depends on the type of program paying the benefits. Irs amended tax forms Unemployment compensation. Irs amended tax forms   You must include in income all unemployment compensation you receive. Irs amended tax forms You should receive a Form 1099-G showing in box 1 the total unemployment compensation paid to you. Irs amended tax forms In most cases, you enter unemployment compensation on line 19 of Form 1040, line 13 of Form 1040A, or line 3 of Form 1040EZ. Irs amended tax forms Types of unemployment compensation. Irs amended tax forms   Unemployment compensation generally includes any amount received under an unemployment compensation law of the United States or of a state. Irs amended tax forms It includes the following benefits. Irs amended tax forms Benefits paid by a state or the District of Columbia from the Federal Unemployment Trust Fund. Irs amended tax forms State unemployment insurance benefits. Irs amended tax forms Railroad unemployment compensation benefits. Irs amended tax forms Disability payments from a government program paid as a substitute for unemployment compensation. Irs amended tax forms (Amounts received as workers' compensation for injuries or illness are not unemployment compensation. Irs amended tax forms See chapter 5 for more information. Irs amended tax forms ) Trade readjustment allowances under the Trade Act of 1974. Irs amended tax forms Unemployment assistance under the Disaster Relief and Emergency Assistance Act. Irs amended tax forms Unemployment assistance under the Airline Deregulation Act of 1974 Program. Irs amended tax forms Governmental program. Irs amended tax forms   If you contribute to a governmental unemployment compensation program and your contributions are not deductible, amounts you receive under the program are not included as unemployment compensation until you recover your contributions. Irs amended tax forms If you deducted all of your contributions to the program, the entire amount you receive under the program is included in your income. Irs amended tax forms Repayment of unemployment compensation. Irs amended tax forms   If you repaid in 2013 unemployment compensation you received in 2013, subtract the amount you repaid from the total amount you received and enter the difference on line 19 of Form 1040, line 13 of Form 1040A, or line 3 of Form 1040EZ. Irs amended tax forms On the dotted line next to your entry enter “Repaid” and the amount you repaid. Irs amended tax forms If you repaid unemployment compensation in 2013 that you included in income in an earlier year, you can deduct the amount repaid on Schedule A (Form 1040), line 23, if you itemize deductions. Irs amended tax forms If the amount is more than $3,000, see Repayments , earlier. Irs amended tax forms Tax withholding. Irs amended tax forms   You can choose to have federal income tax withheld from your unemployment compensation. Irs amended tax forms To make this choice, complete Form W-4V, Voluntary Withholding Request, and give it to the paying office. Irs amended tax forms Tax will be withheld at 10% of your payment. Irs amended tax forms    If you do not choose to have tax withheld from your unemployment compensation, you may be liable for estimated tax. Irs amended tax forms If you do not pay enough tax, either through withholding or estimated tax, or a combination of both, you may have to pay a penalty. Irs amended tax forms For more information on estimated tax, see chapter 4. Irs amended tax forms Supplemental unemployment benefits. Irs amended tax forms   Benefits received from an employer-financed fund (to which the employees did not contribute) are not unemployment compensation. Irs amended tax forms They are taxable as wages and are subject to withholding for income tax. Irs amended tax forms They may be subject to social security and Medicare taxes. Irs amended tax forms For more information, see Supplemental Unemployment Benefits in section 5 of Publication 15-A, Employer's Supplemental Tax Guide. Irs amended tax forms Report these payments on line 7 of Form 1040 or Form 1040A or on line 1 of Form 1040EZ. Irs amended tax forms Repayment of benefits. Irs amended tax forms   You may have to repay some of your supplemental unemployment benefits to qualify for trade readjustment allowances under the Trade Act of 1974. Irs amended tax forms If you repay supplemental unemployment benefits in the same year you receive them, reduce the total benefits by the amount you repay. Irs amended tax forms If you repay the benefits in a later year, you must include the full amount of the benefits received in your income for the year you received them. Irs amended tax forms   Deduct the repayment in the later year as an adjustment to gross income on Form 1040. Irs amended tax forms (You cannot use Form 1040A or Form 1040EZ. Irs amended tax forms ) Include the repayment on Form 1040, line 36, and enter “Sub-Pay TRA” and the amount on the dotted line next to line 36. Irs amended tax forms If the amount you repay in a later year is more than $3,000, you may be able to take a credit against your tax for the later year instead of deducting the amount repaid. Irs amended tax forms For more information on this, see Repayments , earlier. Irs amended tax forms Private unemployment fund. Irs amended tax forms   Unemployment benefit payments from a private (nonunion) fund to which you voluntarily contribute are taxable only if the amounts you receive are more than your total payments into the fund. Irs amended tax forms Report the taxable amount on Form 1040, line 21. Irs amended tax forms Payments by a union. Irs amended tax forms   Benefits paid to you as an unemployed member of a union from regular union dues are included in your income on Form 1040, line 21. Irs amended tax forms However, if you contribute to a special union fund and your payments to the fund are not deductible, the unemployment benefits you receive from the fund are includible in your income only to the extent they are more than your contributions. Irs amended tax forms Guaranteed annual wage. Irs amended tax forms   Payments you receive from your employer during periods of unemployment, under a union agreement that guarantees you full pay during the year, are taxable as wages. Irs amended tax forms Include them on line 7 of Form 1040 or Form 1040A or on line 1 of Form 1040EZ. Irs amended tax forms State employees. Irs amended tax forms   Payments similar to a state's unemployment compensation may be made by the state to its employees who are not covered by the state's unemployment compensation law. Irs amended tax forms Although the payments are fully taxable, do not report them as unemployment compensation. Irs amended tax forms Report these payments on Form 1040, line 21. Irs amended tax forms Welfare and Other Public Assistance Benefits Do not include in your income governmental benefit payments from a public welfare fund based upon need, such as payments to blind individuals under a state public assistance law. Irs amended tax forms Payments from a state fund for the victims of crime should not be included in the victims' incomes if they are in the nature of welfare payments. Irs amended tax forms Do not deduct medical expenses that are reimbursed by such a fund. Irs amended tax forms You must include in your income any welfare payments that are compensation for services or that are obtained fraudulently. Irs amended tax forms Reemployment Trade Adjustment Assistance (RTAA) payments. Irs amended tax forms   RTAA payments received from a state must be included in your income. Irs amended tax forms The state must send you Form 1099-G to advise you of the amount you should include in income. Irs amended tax forms The amount should be reported on Form 1040, line 21. Irs amended tax forms Persons with disabilities. Irs amended tax forms   If you have a disability, you must include in income compensation you receive for services you perform unless the compensation is otherwise excluded. Irs amended tax forms However, you do not include in income the value of goods, services, and cash that you receive, not in return for your services, but for your training and rehabilitation because you have a disability. Irs amended tax forms Excludable amounts include payments for transportation and attendant care, such as interpreter services for the deaf, reader services for the blind, and services to help individuals with an intellectual disability do their work. Irs amended tax forms Disaster relief grants. Irs amended tax forms    Do not include post-disaster grants received under the Robert T. Irs amended tax forms Stafford Disaster Relief and Emergency Assistance Act in your income if the grant payments are made to help you meet necessary expenses or serious needs for medical, dental, housing, personal property, transportation, child care, or funeral expenses. Irs amended tax forms Do not deduct casualty losses or medical expenses that are specifically reimbursed by these disaster relief grants. Irs amended tax forms If you have deducted a casualty loss for the loss of your personal residence and you later receive a disaster relief grant for the loss of the same residence, you may have to include part or all of the grant in your taxable income. Irs amended tax forms See Recoveries , earlier. Irs amended tax forms Unemployment assistance payments under the Act are taxable unemployment compensation. Irs amended tax forms See Unemployment compensation under Unemployment Benefits, earlier. Irs amended tax forms Disaster relief payments. Irs amended tax forms   You can exclude from income any amount you receive that is a qualified disaster relief payment. Irs amended tax forms A qualified disaster relief payment is an amount paid to you: To reimburse or pay reasonable and necessary personal, family, living, or funeral expenses that result from a qualified disaster; To reimburse or pay reasonable and necessary expenses incurred for the repair or rehabilitation of your home or repair or replacement of its contents to the extent it is due to a qualified disaster; By a person engaged in the furnishing or sale of transportation as a common carrier because of the death or personal physical injuries incurred as a result of a qualified disaster; or By a federal, state, or local government, or agency, or instrumentality in connection with a qualified disaster in order to promote the general welfare. Irs amended tax forms You can exclude this amount only to the extent any expense it pays for is not paid for by insurance or otherwise. Irs amended tax forms The exclusion does not apply if you were a participant or conspirator in a terrorist action or a representative of one. Irs amended tax forms   A qualified disaster is: A disaster which results from a terrorist or military action; A federally declared disaster; or A disaster which results from an accident involving a common carrier, or from any other event, which is determined to be catastrophic by the Secretary of the Treasury or his or her delegate. Irs amended tax forms   For amounts paid under item (4), a disaster is qualified if it is determined by an applicable federal, state, or local authority to warrant assistance from the federal, state, or local government, agency, or instrumentality. Irs amended tax forms Disaster mitigation payments. Irs amended tax forms   You also can exclude from income any amount you receive that is a qualified disaster mitigation payment. Irs amended tax forms Qualified disaster mitigation payments are also most commonly paid to you in the period immediately following damage to property as a result of a natural disaster. Irs amended tax forms However, disaster mitigation payments are used to mitigate (reduce the severity of) potential damage from future natural disasters. Irs amended tax forms They are paid to you through state and local governments based on the provisions of the Robert T. Irs amended tax forms Stafford Disaster Relief and Emergency Assistance Act or the National Flood Insurance Act. Irs amended tax forms   You cannot increase the basis or adjusted basis of your property for improvements made with nontaxable disaster mitigation payments. Irs amended tax forms Home Affordable Modification Program (HAMP). Irs amended tax forms   If you benefit from Pay-for-Performance Success Payments under HAMP, the payments are not taxable. Irs amended tax forms Mortgage assistance payments under section 235 of the National Housing Act. Irs amended tax forms   Payments made under section 235 of the National Housing Act for mortgage assistance are not included in the homeowner's income. Irs amended tax forms Interest paid for the homeowner under the mortgage assistance program cannot be deducted. Irs amended tax forms Medicare. Irs amended tax forms   Medicare benefits received under title XVIII of the Social Security Act are not includible in the gross income of the individuals for whom they are paid. Irs amended tax forms This includes basic (part A (Hospital Insurance Benefits for the Aged)) and supplementary (part B (Supplementary Medical Insurance Benefits for the Aged)). Irs amended tax forms Old-age, survivors, and disability insurance benefits (OASDI). Irs amended tax forms   Generally, OASDI payments under section 202 of title II of the Social Security Act are not includible in the gross income of the individuals to whom they are paid. Irs amended tax forms This applies to old-age insurance benefits, and insurance benefits for wives, husbands, children, widows, widowers, mothers and fathers, and parents, as well as the lump-sum death payment. Irs amended tax forms Nutrition Program for the Elderly. Irs amended tax forms    Food benefits you receive under the Nutrition Program for the Elderly are not taxable. Irs amended tax forms If you prepare and serve free meals for the program, include in your income as wages the cash pay you receive, even if you are also eligible for food benefits. Irs amended tax forms Payments to reduce cost of winter energy. Irs amended tax forms   Payments made by a state to qualified people to reduce their cost of winter energy use are not taxable. Irs amended tax forms Other Income The following brief discussions are arranged in alphabetical order. Irs amended tax forms Other income items briefly discussed below are referenced to publications which provide more topical information. Irs amended tax forms Activity not for profit. Irs amended tax forms   You must include on your return income from an activity from which you do not expect to make a profit. Irs amended tax forms An example of this type of activity is a hobby or a farm you operate mostly for recreation and pleasure. Irs amended tax forms Enter this income on Form 1040, line 21. Irs amended tax forms Deductions for expenses related to the activity are limited. Irs amended tax forms They cannot total more than the income you report and can be taken only if you itemize deductions on Schedule A (Form 1040). Irs amended tax forms See Not-for-Profit Activities in chapter 1 of Publication 535 for information on whether an activity is considered carried on for a profit. Irs amended tax forms Alaska Permanent Fund dividend. Irs amended tax forms   If you received a payment from Alaska's mineral income fund (Alaska Permanent Fund dividend), report it as income on line 21 of Form 1040, line 13 of Form 1040A, or line 3 of Form 1040EZ. Irs amended tax forms The state of Alaska sends each recipient a document that shows the amount of the payment with the check. Irs amended tax forms The amount also is reported to IRS. Irs amended tax forms Alimony. Irs amended tax forms   Include in your income on Form 1040, line 11, any alimony payments you receive. Irs amended tax forms Amounts you receive for child support are not income to you. Irs amended tax forms Alimony and child support payments are discussed in chapter 18. Irs amended tax forms Bribes. Irs amended tax forms   If you receive a bribe, include it in your income. Irs amended tax forms Campaign contributions. Irs amended tax forms   These contributions are not income to a candidate unless they are diverted to his or her personal use. Irs amended tax forms To be exempt from tax, the contributions must be spent for campaign purposes or kept in a fund for use in future campaigns. Irs amended tax forms However, interest earned on bank deposits, dividends received on contributed securities, and net gains realized on sales of contributed securities are taxable and must be reported on Form 1120-POL, U. Irs amended tax forms S. Irs amended tax forms Income Tax Return for Certain Political Organizations. Irs amended tax forms Excess campaign funds transferred to an office account must be included in the officeholder's income on Form 1040, line 21, in the year transferred. Irs amended tax forms Car pools. Irs amended tax forms   Do not include in your income amounts you receive from the passengers for driving a car in a car pool to and from work. Irs amended tax forms These amounts are considered reimbursement for your expenses. Irs amended tax forms However, this rule does not apply if you have developed car pool arrangements into a profit-making business of transporting workers for hire. Irs amended tax forms Cash rebates. Irs amended tax forms   A cash rebate you receive from a dealer or manufacturer of an item you buy is not income, but you must reduce your basis by the amount of the rebate. Irs amended tax forms Example. Irs amended tax forms You buy a new car for $24,000 cash and receive a $2,000 rebate check from the manufacturer. Irs amended tax forms The $2,000 is not income to you. Irs amended tax forms Your basis in the car is $22,000. Irs amended tax forms This is the basis on which you figure gain or loss if you sell the car and depreciation if you use it for business. Irs amended tax forms Casualty insurance and other reimbursements. Irs amended tax forms   You generally should not report these reimbursements on your return unless you are figuring gain or loss from the casualty or theft. Irs amended tax forms See chapter 25 for more information. Irs amended tax forms Child support payments. Irs amended tax forms   You should not report these payments on your return. Irs amended tax forms See chapter 18 for more information. Irs amended tax forms Court awards and damages. Irs amended tax forms   To determine if settlement amounts you receive by compromise or judgment must be included in your income, you must consider the item that the settlement replaces. Irs amended tax forms The character of the income as ordinary income or capital gain depends on the nature of the underlying claim. Irs amended tax forms Include the following as ordinary income. Irs amended tax forms Interest on any award. Irs amended tax forms Compensation for lost wages or lost profits in most cases. Irs amended tax forms Punitive damages, in most cases. Irs amended tax forms It does not matter if they relate to a physical injury or physical sickness. Irs amended tax forms Amounts received in settlement of pension rights (if you did not contribute to the plan). Irs amended tax forms Damages for: Patent or copyright infringement, Breach of contract, or Interference with business operations. Irs amended tax forms Back pay and damages for emotional distress received to satisfy a claim under title VII of the Civil Rights Act of 1964. Irs amended tax forms Attorney fees and costs (including contingent fees) where the underlying recovery is included in gross income. Irs amended tax forms   Do not include in your income compensatory damages for personal physical injury or physical sickness (whether received in a lump sum or installments). Irs amended tax forms Emotional distress. Irs amended tax forms   Emotional distress itself is not a physical injury or physical sickness, but damages you receive for emotional distress due to a physical injury or sickness are treated as received for the physical injury or sickness. Irs amended tax forms Do not include them in your income. Irs amended tax forms   If the emotional distress is due to a personal injury that is not due to a physical injury or sickness (for example, employment discrimination or injury to reputation), you must include the damages in your income, except for any damages you receive for medical care due to that emotional distress. Irs amended tax forms Emotional distress includes physical symptoms that result from emotional distress, such as headaches, insomnia, and stomach disorders. Irs amended tax forms Deduction for costs involved in unlawful discrimination suits. Irs amended tax forms   You may be able to deduct attorney fees and court costs paid to recover a judgment or settlement for a claim of unlawful discrimination under various provisions of federal, state, and local law listed in Internal Revenue Code section 62(e), a claim against the United States government, or a claim under section 1862(b)(3)(A) of the Social Security Act. Irs amended tax forms For more information, see Publication 525. Irs amended tax forms Credit card insurance. Irs amended tax forms   In most cases, if you receive benefits under a credit card disability or unemployment insurance plan, the benefits are taxable to you. Irs amended tax forms These plans make the minimum monthly payment on your credit card account if you cannot make the payment due to injury, illness, disability, or unemployment. Irs amended tax forms Report on Form 1040, line 21, the amount of benefits you received during the year that is more than the amount of the premiums you paid during the year. Irs amended tax forms Down payment assistance. Irs amended tax forms   If you purchase a home and receive assistance from a nonprofit corporation to make the down payment, that assistance is not included in your income. Irs amended tax forms If the corporation qualifies as a tax-exempt charitable organization, the assistance is treated as a gift and is included in your basis of the house. Irs amended tax forms If the corporation does not qualify, the assistance is treated as a rebate or reduction of the purchase price and is not included in your basis. Irs amended tax forms Employment agency fees. Irs amended tax forms   If you get a job through an employment agency, and the fee is paid by your employer, the fee is not includible in your income if you are not liable for it. Irs amended tax forms However, if you pay it and your employer reimburses you for it, it is includible in your income. Irs amended tax forms Energy conservation subsidies. Irs amended tax forms   You can exclude from gross income any subsidy provided, either directly or indirectly, by public utilities for the purchase or installation of an energy conservation measure for a dwelling unit. Irs amended tax forms Energy conservation measure. Irs amended tax forms   This includes installations or modifications that are primarily designed to reduce consumption of electricity or natural gas, or improve the management of energy demand. Irs amended tax forms Dwelling unit. Irs amended tax forms   This includes a house, apartment, condominium, mobile home, boat, or similar property. Irs amended tax forms If a building or structure contains both dwelling and other units, any subsidy must be properly allocated. Irs amended tax forms Estate and trust income. Irs amended tax forms    An estate or trust, unlike a partnership, may have to pay federal income tax. Irs amended tax forms If you are a beneficiary of an estate or trust, you may be taxed on your share of its income distributed or required to be distributed to you. Irs amended tax forms However, there is never a double tax. Irs amended tax forms Estates and trusts file their returns on Form 1041, U. Irs amended tax forms S. Irs amended tax forms Income Tax Return for Estates and Trusts, and your share of the income is reported to you on Schedule K-1 (Form 1041). Irs amended tax forms Current income required to be distributed. Irs amended tax forms   If you are the beneficiary of an estate or trust that must distribute all of its current income, you must report your share of the distributable net income, whether or not you actually received it. Irs amended tax forms Current income not required to be distributed. Irs amended tax forms    If you are the beneficiary of an estate or trust and the fiduciary has the choice of whether to distribute all or part of the current income, you must report: All income that is required to be distributed to you, whether or not it is actually distributed, plus All other amounts actually paid or credited to you, up to the amount of your share of distributable net income. Irs amended tax forms How to report. Irs amended tax forms   Treat each item of income the same way that the estate or trust would treat it. Irs amended tax forms For example, if a trust's dividend income is distributed to you, you report the distribution as dividend income on your return. Irs amended tax forms The same rule applies to distributions of tax-exempt interest and capital gains. Irs amended tax forms   The fiduciary of the estate or trust must tell you the type of items making up your share of the estate or trust income and any credits you are allowed on your individual income tax return. Irs amended tax forms Losses. Irs amended tax forms   Losses of estates and trusts generally are not deductible by the beneficiaries. Irs amended tax forms Grantor trust. Irs amended tax forms   Income earned by a grantor trust is taxable to the grantor, not the beneficiary, if the grantor keeps certain control over the trust. Irs amended tax forms (The grantor is the one who transferred property to the trust. Irs amended tax forms ) This rule applies if the property (or income from the property) put into the trust will or may revert (be returned) to the grantor or the grantor's spouse. Irs amended tax forms   Generally, a trust is a grantor trust if the grantor has a reversionary interest valued (at the date of transfer) at more than 5% of the value of the transferred property. Irs amended tax forms Expenses paid by another. Irs amended tax forms   If your personal expenses are paid for by another person, such as a corporation, the payment may be taxable to you depending upon your relationship with that person and the nature of the payment. Irs amended tax forms But if the payment makes up for a loss caused by that person, and only restores you to the position you were in before the loss, the payment is not includible in your income. Irs amended tax forms Fees for services. Irs amended tax forms   Include all fees for your services in your income. Irs amended tax forms Examples of these fees are amounts you receive for services you perform as: A corporate director, An executor, administrator, or personal representative of an estate, A manager of a trade or business you operated before declaring Chapter 11 bankruptcy, A notary public, or An election precinct official. Irs amended tax forms Nonemployee compensation. Irs amended tax forms   If you are not an employee and the fees for your services from the same payer total $600 or more for the year, you may receive a Form 1099-MISC. Irs amended tax forms You may need to report your fees as self-employment income. Irs amended tax forms See Self-Employed Persons , in chapter 1, for a discussion of when you are considered self-employed. Irs amended tax forms Corporate director. Irs amended tax forms   Corporate director fees are self-employment income. Irs amended tax forms Report these payments on Schedule C or Schedule C-EZ (Form 1040). Irs amended tax forms Personal representatives. Irs amended tax forms   All personal representatives must include in their gross income fees paid to them from an estate. Irs amended tax forms If you are not in the trade or business of being an executor (for instance, you are the executor of a friend's or relative's estate), report these fees on Form 1040, line 21. Irs amended tax forms If you are in the trade or business of being an executor, report these fees as self-employment income on Schedule C or Schedule C-EZ (Form 1040). Irs amended tax forms The fee is not includible in income if it is waived. Irs amended tax forms Manager of trade or business for bankruptcy estate. Irs amended tax forms   Include in your income all payments received from your bankruptcy estate for managing or operating a trade or business that you operated before you filed for bankruptcy. Irs amended tax forms Report this income on Form 1040, line 21. Irs amended tax forms Notary public. Irs amended tax forms    Report payments for these services on Schedule C or Schedule C-EZ (Form 1040). Irs amended tax forms These payments are not subject to self-employment tax. Irs amended tax forms See the separate instructions for Schedule SE (Form 1040) for details. Irs amended tax forms Election precinct official. Irs amended tax forms    You should receive a Form W-2 showing payments for services performed as an election official or election worker. Irs amended tax forms Report these payments on line 7 of Form 1040 or Form 1040A or on line 1 of Form 1040EZ. Irs amended tax forms Foster care providers. Irs amended tax forms   Payments you receive from a state, political subdivision, or a qualified foster care placement agency for providing care to qualified foster individuals in your home generally are not included in your income. Irs amended tax forms However, you must include in your income payments received for the care of more than 5 individuals age 19 or older and certain difficulty-of-care payments. Irs amended tax forms   A qualified foster individual is a person who: Is living in a foster family home, and Was placed there by: An agency of a state or one of its political subdivisions, or A qualified foster care placement agency. Irs amended tax forms Difficulty-of-care payments. Irs amended tax forms   These are additional payments that are designated by the payer as compensation for providing the additional care that is required for physically, mentally, or emotionally handicapped qualified foster individuals. Irs amended tax forms A state must determine that the additional compensation is needed, and the care for which the payments are made must be provided in your home. Irs amended tax forms   You must include in your income difficulty-of-care payments received for more than: 10 qualified foster individuals under age 19, or 5 qualified foster individuals age 19 or older. Irs amended tax forms Maintaining space in home. Irs amended tax forms   If you are paid to maintain space in your home for emergency foster care, you must include the payment in your income. Irs amended tax forms Reporting taxable payments. Irs amended tax forms    If you receive payments that you must include in your income, you are in business as a foster care provider and you are self-employed. Irs amended tax forms Report the payments on Schedule C or Schedule C-EZ (Form 1040). Irs amended tax forms See Publication 587, Business Use of Your Home, to help you determine the amount you can deduct for the use of your home. Irs amended tax forms Found property. Irs amended tax forms   If you find and keep property that does not belong to you that has been lost or abandoned (treasure-trove), it is taxable to you at its fair market value in the first year it is your undisputed possession. Irs amended tax forms Free tour. Irs amended tax forms   If you received a free tour from a travel agency for organizing a group of tourists, you must include its value in your income. Irs amended tax forms Report the fair market value of the tour on Form 1040, line 21, if you are not in the trade or business of organizing tours. Irs amended tax forms You cannot deduct your expenses in serving as the voluntary leader of the group at the group's request. Irs amended tax forms If you organize tours as a trade or business, report the tour's value on Schedule C or Schedule C-EZ (Form 1040). Irs amended tax forms Gambling winnings. Irs amended tax forms   You must include your gambling winnings in income on Form 1040, line 21. Irs amended tax forms If you itemize your deductions on Schedule A (Form 1040), you can deduct gambling losses you had during the year, but only up to the amount of your winnings. Irs amended tax forms Lotteries and raffles. Irs amended tax forms   Winnings from lotteries and raffles are gambling winnings. Irs amended tax forms In addition to cash winnings, you must include in your income the fair market value of bonds, cars, houses, and other noncash prizes. Irs amended tax forms    If you win a state lottery prize payable in installments, see Publication 525 for more information. Irs amended tax forms Form W-2G. Irs amended tax forms   You may have received a Form W-2G, Certain Gambling Winnings, showing the amount of your gambling winnings and any tax taken out of them. Irs amended tax forms Include the amount from box 1 on Form 1040, line 21. Irs amended tax forms Include the amount shown in box 4 on Form 1040, line 62, as federal income tax withheld. Irs amended tax forms Reporting winnings and recordkeeping. Irs amended tax forms   For more information on reporting gam