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Order Irs Tax Forms 2012

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Order Irs Tax Forms 2012

Order irs tax forms 2012 1. Order irs tax forms 2012   Investment Income Table of Contents Topics - This chapter discusses: Useful Items - You may want to see: General InformationSSN for joint account. Order irs tax forms 2012 Custodian account for your child. Order irs tax forms 2012 Penalty for failure to supply SSN. Order irs tax forms 2012 Certification. Order irs tax forms 2012 Underreported interest and dividends. Order irs tax forms 2012 How to stop backup withholding due to underreporting. Order irs tax forms 2012 How to stop backup withholding due to an incorrect identification number. Order irs tax forms 2012 Reporting backup withholding. Order irs tax forms 2012 Nonresident aliens. Order irs tax forms 2012 Penalties. Order irs tax forms 2012 Savings account with parent as trustee. Order irs tax forms 2012 Interest IncomeInterest not reported on Form 1099-INT. Order irs tax forms 2012 Nominees. Order irs tax forms 2012 Incorrect amount. Order irs tax forms 2012 Information reporting requirement. Order irs tax forms 2012 Taxable Interest — General Below-Market Loans U. Order irs tax forms 2012 S. Order irs tax forms 2012 Savings Bonds U. Order irs tax forms 2012 S. Order irs tax forms 2012 Treasury Bills, Notes, and Bonds Bonds Sold Between Interest Dates Insurance State or Local Government Obligations Discount on Debt InstrumentsOriginal Issue Discount (OID) Market Discount Bonds Discount on Short-Term Obligations Election To Report All Interest as OID When To Report Interest IncomeConstructive receipt. Order irs tax forms 2012 How To Report Interest IncomeSchedule B (Form 1040A or 1040). Order irs tax forms 2012 Worksheet for savings bonds distributed from a retirement or profit-sharing plan. Order irs tax forms 2012 File Form 1099-INT with the IRS. Order irs tax forms 2012 Dividends and Other DistributionsDividends not reported on Form 1099-DIV. Order irs tax forms 2012 Nominees. Order irs tax forms 2012 Ordinary Dividends Capital Gain Distributions Nondividend Distributions Liquidating Distributions Distributions of Stock and Stock Rights Other Distributions How To Report Dividend IncomeElection. Order irs tax forms 2012 Independent contractor. Order irs tax forms 2012 Investment interest deducted. Order irs tax forms 2012 Exception 1. Order irs tax forms 2012 Exception 2. Order irs tax forms 2012 Undistributed capital gains. Order irs tax forms 2012 File Form 1099-DIV with the IRS. Order irs tax forms 2012 Stripped Preferred Stock REMICs, FASITs, and Other CDOsREMICs Collateralized Debt Obligations (CDOs) FASITs S CorporationsLimit on losses and deductions. Order irs tax forms 2012 Passive activity losses. Order irs tax forms 2012 Form 8582. Order irs tax forms 2012 Investment ClubsInvestments in name of member. Order irs tax forms 2012 Tax Treatment of the Club Topics - This chapter discusses: Interest Income , Discount on Debt Instruments , When To Report Interest Income , How To Report Interest Income , Dividends and Other Distributions , How To Report Dividend Income , Stripped Preferred Stock , Real estate mortgage investment conduits (REMICs), financial asset securitization investment trusts (FASITs), and other collateralized debt obligations (CDOs) , S Corporations , and Investment Clubs . Order irs tax forms 2012 Useful Items - You may want to see: Publication 525 Taxable and Nontaxable Income 537 Installment Sales 590 Individual Retirement Arrangements (IRAs) 925 Passive Activity and At-Risk Rules 1212 Guide to Original Issue Discount (OID) Instruments Form (and Instructions) Schedule B (Form 1040A or 1040) Interest and Ordinary Dividends Schedule D (Form 1040) Capital Gains and Losses 1040 U. Order irs tax forms 2012 S. Order irs tax forms 2012 Individual Income Tax Return 1040A U. Order irs tax forms 2012 S. Order irs tax forms 2012 Individual Income Tax Return 1040EZ Income Tax Return for Single and Joint Filers With No Dependents 1099 General Instructions for Certain Information Returns 2439 Notice to Shareholder of Undistributed Long-Term Capital Gains 3115 Application for Change in Accounting Method 6251 Alternative Minimum Tax — Individuals 8582 Passive Activity Loss Limitations 8615 Tax for Certain Children Who Have Unearned Income 8814 Parents' Election To Report Child's Interest and Dividends 8815 Exclusion of Interest From Series EE and I U. Order irs tax forms 2012 S. Order irs tax forms 2012 Savings Bonds Issued After 1989 8818 Optional Form To Record Redemption of Series EE and I U. Order irs tax forms 2012 S. Order irs tax forms 2012 Savings Bonds Issued After 1989 8824 Like-Kind Exchanges 8949 Sales and Other Dispositions of Capital Assets 8960 Net Investment Income Tax—Individuals, Estates, and Trusts See chapter 5, How To Get Tax Help , for information about getting these publications and forms. Order irs tax forms 2012 General Information A few items of general interest are covered here. Order irs tax forms 2012 Recordkeeping. Order irs tax forms 2012 You should keep a list showing sources and investment income amounts you receive during the year. Order irs tax forms 2012 Also keep the forms you receive showing your investment income (Forms 1099-INT, Interest Income, and 1099-DIV, Dividends and Distributions, for example) as an important part of your records. Order irs tax forms 2012 Net investment income tax (NIIT). Order irs tax forms 2012   Beginning in 2013, you may be subject to the NIIT. Order irs tax forms 2012 The NIIT is a 3. Order irs tax forms 2012 8% tax on the lesser of your net investment income or the amount of your modified adjusted gross income (MAGI) that is over a threshold amount based on your filing status. Order irs tax forms 2012    Filing Status Threshold Amount Married filing jointly $250,000 Married filing separately $125,000 Single $200,000 Head of household (with qualifying person) $200,000 Qualifying Widow(er) with dependent child $250,000    For more information, see Form 8960 and Instructions for Form 8960. Order irs tax forms 2012 Tax on unearned income of certain children. Order irs tax forms 2012   Part of a child's 2013 unearned income may be taxed at the parent's tax rate. Order irs tax forms 2012 This may happen if all of the following are true. Order irs tax forms 2012 The child had more than $2,000 of unearned income. Order irs tax forms 2012 The child is required to file a tax return. Order irs tax forms 2012 The child was: Under age 18 at the end of 2013, Age 18 at the end of 2013 and did not have earned income that was more than half of the child's support, or A full-time student over age 18 and under age 24 at the end of 2013 and did not have earned income that was more than half of the child's support. Order irs tax forms 2012 At least one of the child's parents was alive at the end of 2013. Order irs tax forms 2012 The child does not file a joint return for 2013. Order irs tax forms 2012 A child born on January 1, 1996, is considered to be age 18 at the end of 2013; a child born on January 1, 1995, is considered to be age 19 at the end of 2013; a child born on January 1, 1990, is considered to be age 24 at the end of 2013. Order irs tax forms 2012   If all of these statements are true, Form 8615 must be completed and attached to the child's tax return. Order irs tax forms 2012 If any of these statements is not true, Form 8615 is not required and the child's income is taxed at his or her own tax rate. Order irs tax forms 2012    However, the parent can choose to include the child's interest and dividends on the parent's return if certain requirements are met. Order irs tax forms 2012 Use Form 8814 for this purpose. Order irs tax forms 2012   For more information about the tax on unearned income of children and the parents' election, see Publication 929, Tax Rules for Children and Dependents. Order irs tax forms 2012 Beneficiary of an estate or trust. Order irs tax forms 2012   Interest, dividends, and other investment income you receive as a beneficiary of an estate or trust is generally taxable income. Order irs tax forms 2012 You should receive a Schedule K-1 (Form 1041), Beneficiary's Share of Income, Deductions, Credits, etc. Order irs tax forms 2012 , from the fiduciary. Order irs tax forms 2012 Your copy of Schedule K-1 (Form 1041) and its instructions will tell you where to report the income on your Form 1040. Order irs tax forms 2012 Social security number (SSN). Order irs tax forms 2012   You must give your name and SSN or individual tax identification number (ITIN) to any person required by federal tax law to make a return, statement, or other document that relates to you. Order irs tax forms 2012 This includes payers of interest and dividends. Order irs tax forms 2012 If you do not give your SSN or ITIN to the payer of interest, you may have to pay a penalty. Order irs tax forms 2012 SSN for joint account. Order irs tax forms 2012   If the funds in a joint account belong to one person, list that person's name first on the account and give that person's SSN to the payer. Order irs tax forms 2012 (For information on who owns the funds in a joint account, see Joint accounts , later. Order irs tax forms 2012 ) If the joint account contains combined funds, give the SSN of the person whose name is listed first on the account. Order irs tax forms 2012 This is because only one name and SSN can be shown on Form 1099. Order irs tax forms 2012   These rules apply both to joint ownership by a married couple and to joint ownership by other individuals. Order irs tax forms 2012 For example, if you open a joint savings account with your child using funds belonging to the child, list the child's name first on the account and give the child's SSN. Order irs tax forms 2012 Custodian account for your child. Order irs tax forms 2012   If your child is the actual owner of an account that is recorded in your name as custodian for the child, give the child's SSN to the payer. Order irs tax forms 2012 For example, you must give your child's SSN to the payer of dividends on stock owned by your child, even though the dividends are paid to you as custodian. Order irs tax forms 2012 Penalty for failure to supply SSN. Order irs tax forms 2012   You will be subject to a penalty if, when required, you fail to: Include your SSN on any return, statement, or other document, Give your SSN to another person who must include it on any return, statement, or other document, or Include the SSN of another person on any return, statement, or other document. Order irs tax forms 2012 The penalty is $50 for each failure up to a maximum penalty of $100,000 for any calendar year. Order irs tax forms 2012   You will not be subject to this penalty if you can show that your failure to provide the SSN was due to reasonable cause and not to willful neglect. Order irs tax forms 2012   If you fail to supply an SSN, you may also be subject to backup withholding. Order irs tax forms 2012 Backup withholding. Order irs tax forms 2012   Your investment income is generally not subject to regular withholding. Order irs tax forms 2012 However, it may be subject to backup withholding to ensure that income tax is collected on the income. Order irs tax forms 2012 Under backup withholding, the bank, broker, or other payer of interest, original issue discount (OID), dividends, cash patronage dividends, or royalties must withhold, as income tax, on the amount you are paid, applying the appropriate withholding rate. Order irs tax forms 2012   Backup withholding applies if: You do not give the payer your identification number (either a social security number or an employer identification number) in the required manner, The IRS notifies the payer that you gave an incorrect identification number, The IRS notifies the payer that you are subject to backup withholding on interest or dividends because you have underreported interest or dividends on your income tax return, or You are required, but fail, to certify that you are not subject to backup withholding for the reason described in (3). Order irs tax forms 2012 Certification. Order irs tax forms 2012   For new accounts paying interest or dividends, you must certify under penalties of perjury that your SSN is correct and that you are not subject to backup withholding. Order irs tax forms 2012 Your payer will give you a Form W-9, Request for Taxpayer Identification Number and Certification, or similar form, to make this certification. Order irs tax forms 2012 If you fail to make this certification, backup withholding may begin immediately on your new account or investment. Order irs tax forms 2012 Underreported interest and dividends. Order irs tax forms 2012   You will be considered to have underreported your interest and dividends if the IRS has determined for a tax year that: You failed to include any part of a reportable interest or dividend payment required to be shown on your return, or You were required to file a return and to include a reportable interest or dividend payment on that return, but you failed to file the return. Order irs tax forms 2012 How to stop backup withholding due to underreporting. Order irs tax forms 2012   If you have been notified that you underreported interest or dividends, you can request a determination from the IRS to prevent backup withholding from starting or to stop backup withholding once it has begun. Order irs tax forms 2012 You must show that at least one of the following situations applies. Order irs tax forms 2012 No underreporting occurred. Order irs tax forms 2012 You have a bona fide dispute with the IRS about whether underreporting occurred. Order irs tax forms 2012 Backup withholding will cause or is causing an undue hardship, and it is unlikely that you will underreport interest and dividends in the future. Order irs tax forms 2012 You have corrected the underreporting by filing a return if you did not previously file one and by paying all taxes, penalties, and interest due for any underreported interest or dividend payments. Order irs tax forms 2012   If the IRS determines that backup withholding should stop, it will provide you with a certification and will notify the payers who were sent notices earlier. Order irs tax forms 2012 How to stop backup withholding due to an incorrect identification number. Order irs tax forms 2012   If you have been notified by a payer that you are subject to backup withholding because you have provided an incorrect SSN or employer identification number, you can stop it by following the instructions the payer gives you. Order irs tax forms 2012 Reporting backup withholding. Order irs tax forms 2012   If backup withholding is deducted from your interest or dividend income or other reportable payment, the bank or other business must give you an information return for the year (for example, a Form 1099-INT) indicating the amount withheld. Order irs tax forms 2012 The information return will show any backup withholding as “Federal income tax withheld. Order irs tax forms 2012 ” Nonresident aliens. Order irs tax forms 2012    Generally, payments made to nonresident aliens are not subject to backup withholding. Order irs tax forms 2012 You can use Form W-8BEN, Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding, to certify exempt status. Order irs tax forms 2012 However, this does not exempt you from the 30% (or lower treaty) withholding rate that may apply to your investment income. Order irs tax forms 2012 For information on the 30% rate, see Publication 519, U. Order irs tax forms 2012 S. Order irs tax forms 2012 Tax Guide for Aliens. Order irs tax forms 2012 Penalties. Order irs tax forms 2012   There are civil and criminal penalties for giving false information to avoid backup withholding. Order irs tax forms 2012 The civil penalty is $500. Order irs tax forms 2012 The criminal penalty, upon conviction, is a fine of up to $1,000, or imprisonment of up to 1 year, or both. Order irs tax forms 2012 Where to report investment income. Order irs tax forms 2012   Table 1-1 gives an overview of the forms and schedules to use to report some common types of investment income. Order irs tax forms 2012 But see the rest of this publication for detailed information about reporting investment income. Order irs tax forms 2012 Joint accounts. Order irs tax forms 2012   If two or more persons hold property (such as a savings account, bond, or stock) as joint tenants, tenants by the entirety, or tenants in common, each person's share of any interest or dividends from the property is determined by local law. Order irs tax forms 2012 Community property states. Order irs tax forms 2012   If you are married and receive a distribution that is community income, one-half of the distribution is generally considered to be received by each spouse. Order irs tax forms 2012 If you file separate returns, you must each report one-half of any taxable distribution. Order irs tax forms 2012 See Publication 555, Community Property, for more information on community income. Order irs tax forms 2012   If the distribution is not considered community property and you and your spouse file separate returns, each of you must report your separate taxable distributions. Order irs tax forms 2012 Example. Order irs tax forms 2012 You and your spouse have a joint money market account. Order irs tax forms 2012 Under state law, half the income from the account belongs to you, and half belongs to your spouse. Order irs tax forms 2012 If you file separate returns, you each report half the income. Order irs tax forms 2012 Income from property given to a child. Order irs tax forms 2012   Property you give as a parent to your child under the Model Gifts of Securities to Minors Act, the Uniform Gifts to Minors Act, or any similar law becomes the child's property. Order irs tax forms 2012   Income from the property is taxable to the child, except that any part used to satisfy a legal obligation to support the child is taxable to the parent or guardian having that legal obligation. Order irs tax forms 2012 Savings account with parent as trustee. Order irs tax forms 2012   Interest income from a savings account opened for a minor child, but placed in the name and subject to the order of the parents as trustees, is taxable to the child if, under the law of the state in which the child resides, both of the following are true. Order irs tax forms 2012 The savings account legally belongs to the child. Order irs tax forms 2012 The parents are not legally permitted to use any of the funds to support the child. Order irs tax forms 2012 Table 1-1. Order irs tax forms 2012 Where To Report Common Types of Investment Income (For detailed information about reporting investment income, see the rest of this publication, especially How To Report Interest Income and How To Report Dividend Income in chapter 1. Order irs tax forms 2012 ) Type of Income If you file Form 1040, report on . Order irs tax forms 2012 . Order irs tax forms 2012 . Order irs tax forms 2012 If you can file Form 1040A, report on . Order irs tax forms 2012 . Order irs tax forms 2012 . Order irs tax forms 2012 If you can file Form 1040EZ, report on . Order irs tax forms 2012 . Order irs tax forms 2012 . Order irs tax forms 2012 Tax-exempt interest (Form 1099-INT, box 8) Line 8b Line 8b Space to the left of line 2 (enter “TEI” and the amount) Taxable interest that totals $1,500 or less Line 8a (You may need to file Schedule B as well. Order irs tax forms 2012 ) Line 8a (You may need to file Schedule B as well. Order irs tax forms 2012 ) Line 2 Taxable interest that totals more than $1,500 Line 8a; also use Schedule B, line 1 Line 8a; also use Schedule B, line 1   Savings bond interest you will exclude because of higher education expenses Schedule B; also use Form 8815 Schedule B; also use Form 8815   Ordinary dividends that total $1,500 or less Line 9a (You may need to file Schedule B as well. Order irs tax forms 2012 ) Line 9a (You may need to file Schedule B as well. Order irs tax forms 2012 )   Ordinary dividends that total more than $1,500 Line 9a; also use Schedule B, line 5 Line 9a; also use Schedule B, line 5   Qualified dividends (if you do not have to file Schedule D) Line 9b; also use the Qualified Dividends and Capital Gain Tax Worksheet, line 2 Line 9b; also use the Qualified Dividends and Capital Gain Tax Worksheet, line 2   Qualified dividends (if you have to file Schedule D) Line 9b; also use the Qualified Dividends and Capital Gain Tax Worksheet or the Schedule D Tax Worksheet, line 2 You cannot use Form 1040A    You cannot use Form 1040EZ Capital gain distributions (if you do not have to file Schedule D) Line 13; also use the Qualified Dividends and Capital Gain Tax Worksheet, line 3 Line 10; also use the Qualified Dividends and Capital Gain Tax Worksheet, line 3   Capital gain distributions (if you have to file Schedule D) Schedule D, line 13; also use the Qualified Dividends and Capital Gain Tax Worksheet or the Schedule D Tax Worksheet     Section 1250, 1202, or collectibles gain (Form 1099-DIV, box 2b, 2c, or 2d) Form 8949 and Schedule D     Nondividend distributions (Form 1099-DIV, box 3) Generally not reported*     Undistributed capital gains (Form 2439, boxes 1a - 1d) Schedule D     Gain or loss from sales of stocks or bonds Line 13; also use Form 8949, Schedule D, and the Qualified Dividends and Capital Gain Tax Worksheet or the Schedule D Tax Worksheet You cannot use Form 1040A   Gain or loss from exchanges of like-kind investment property Line 13; also use Schedule D, Form 8824, and the Qualified Dividends and Capital Gain Tax Worksheet or the Schedule D Tax Worksheet     *Report any amounts in excess of your basis in your mutual fund shares on Form 8949. Order irs tax forms 2012 Use Part II if you held the shares more than 1 year. Order irs tax forms 2012 Use Part I if you held your mutual fund shares 1 year or less. Order irs tax forms 2012 For details on Form 8949, see Reporting Capital Gains and Losses in chapter 4, and the Instructions for Form 8949. Order irs tax forms 2012 Accuracy-related penalty. Order irs tax forms 2012   An accuracy-related penalty of 20% can be charged for underpayments of tax due to negligence or disregard of rules or regulations or substantial understatement of tax. Order irs tax forms 2012 For information on the penalty and any interest that applies, see Penalties in chapter 2. Order irs tax forms 2012 Interest Income This section discusses the tax treatment of different types of interest income. Order irs tax forms 2012 In general, any interest that you receive or that is credited to your account and can be withdrawn is taxable income. Order irs tax forms 2012 (It does not have to be entered in your passbook. Order irs tax forms 2012 ) Exceptions to this rule are discussed later. Order irs tax forms 2012 Form 1099-INT. Order irs tax forms 2012   Interest income is generally reported to you on Form 1099-INT, or a similar statement, by banks, savings and loans, and other payers of interest. Order irs tax forms 2012 This form shows you the interest you received during the year. Order irs tax forms 2012 Keep this form for your records. Order irs tax forms 2012 You do not have to attach it to your tax return. Order irs tax forms 2012   Report on your tax return the total interest income you receive for the tax year. Order irs tax forms 2012 Interest not reported on Form 1099-INT. Order irs tax forms 2012   Even if you do not receive Form 1099-INT, you must still report all of your interest income. Order irs tax forms 2012 For example, you may receive distributive shares of interest from partnerships or S corporations. Order irs tax forms 2012 This interest is reported to you on Schedule K-1 (Form 1065), Partner's Share of Income, Deductions, Credits, etc. Order irs tax forms 2012 , and Schedule K-1 (Form 1120S), Shareholder's Share of Income, Deductions, Credits, etc. Order irs tax forms 2012 Nominees. Order irs tax forms 2012   Generally, if someone receives interest as a nominee for you, that person must give you a Form 1099-INT showing the interest received on your behalf. Order irs tax forms 2012   If you receive a Form 1099-INT that includes amounts belonging to another person, see the discussion on Nominee distributions , later, under How To Report Interest Income. Order irs tax forms 2012 Incorrect amount. Order irs tax forms 2012   If you receive a Form 1099-INT that shows an incorrect amount (or other incorrect information), you should ask the issuer for a corrected form. Order irs tax forms 2012 The new Form 1099-INT you receive will be marked “Corrected. Order irs tax forms 2012 ” Form 1099-OID. Order irs tax forms 2012   Reportable interest income also may be shown on Form 1099-OID, Original Issue Discount. Order irs tax forms 2012 For more information about amounts shown on this form, see Original Issue Discount (OID) , later in this chapter. Order irs tax forms 2012 Exempt-interest dividends. Order irs tax forms 2012   Exempt-interest dividends you receive from a mutual fund or other regulated investment company, including those received from a qualified fund of funds in any tax year beginning after December 22, 2010, are not included in your taxable income. Order irs tax forms 2012 (However, see Information reporting requirement , next. Order irs tax forms 2012 ) Exempt-interest dividends should be shown in box 10 of Form 1099-DIV. Order irs tax forms 2012 You do not reduce your basis for distributions that are exempt-interest dividends. Order irs tax forms 2012 Information reporting requirement. Order irs tax forms 2012   Although exempt-interest dividends are not taxable, you must show them on your tax return if you have to file. Order irs tax forms 2012 This is an information reporting requirement and does not change the exempt-interest dividends into taxable income. Order irs tax forms 2012 See How To Report Interest Income , later. Order irs tax forms 2012 Note. Order irs tax forms 2012 Exempt-interest dividends paid from specified private activity bonds may be subject to the alternative minimum tax. Order irs tax forms 2012 The exempt-interest dividends subject to the alternative minimum tax are shown in box 11 of Form 1099-DIV. Order irs tax forms 2012 See Form 6251 and its instructions for more information about this tax. Order irs tax forms 2012 Private activity bonds are discussed later under State or Local Government Obligations. Order irs tax forms 2012 Interest on VA dividends. Order irs tax forms 2012   Interest on insurance dividends left on deposit with the Department of Veterans Affairs (VA) is not taxable. Order irs tax forms 2012 This includes interest paid on dividends on converted United States Government Life Insurance policies and on National Service Life Insurance policies. Order irs tax forms 2012 Individual retirement arrangements (IRAs). Order irs tax forms 2012   Interest on a Roth IRA generally is not taxable. Order irs tax forms 2012 Interest on a traditional IRA is tax deferred. Order irs tax forms 2012 You generally do not include it in your income until you make withdrawals from the IRA. Order irs tax forms 2012 See Publication 590 for more information. Order irs tax forms 2012 Taxable Interest — General Taxable interest includes interest you receive from bank accounts, loans you make to others, and other sources. Order irs tax forms 2012 The following are some sources of taxable interest. Order irs tax forms 2012 Dividends that are actually interest. Order irs tax forms 2012   Certain distributions commonly called dividends are actually interest. Order irs tax forms 2012 You must report as interest so-called “dividends” on deposits or on share accounts in: Cooperative banks, Credit unions, Domestic building and loan associations, Domestic savings and loan associations, Federal savings and loan associations, and Mutual savings banks. Order irs tax forms 2012  The “dividends” will be shown as interest income on Form 1099-INT. Order irs tax forms 2012 Money market funds. Order irs tax forms 2012   Money market funds are offered by nonbank financial institutions such as mutual funds and stock brokerage houses, and pay dividends. Order irs tax forms 2012 Generally, amounts you receive from money market funds should be reported as dividends, not as interest. Order irs tax forms 2012 Certificates of deposit and other deferred interest accounts. Order irs tax forms 2012   If you open any of these accounts, interest may be paid at fixed intervals of 1 year or less during the term of the account. Order irs tax forms 2012 You generally must include this interest in your income when you actually receive it or are entitled to receive it without paying a substantial penalty. Order irs tax forms 2012 The same is true for accounts that mature in 1 year or less and pay interest in a single payment at maturity. Order irs tax forms 2012 If interest is deferred for more than 1 year, see Original Issue Discount (OID) , later. Order irs tax forms 2012 Interest subject to penalty for early withdrawal. Order irs tax forms 2012   If you withdraw funds from a deferred interest account before maturity, you may have to pay a penalty. Order irs tax forms 2012 You must report the total amount of interest paid or credited to your account during the year, without subtracting the penalty. Order irs tax forms 2012 See Penalty on early withdrawal of savings under How To Report Interest Income, later, for more information on how to report the interest and deduct the penalty. Order irs tax forms 2012 Money borrowed to invest in certificate of deposit. Order irs tax forms 2012   The interest you pay on money borrowed from a bank or savings institution to meet the minimum deposit required for a certificate of deposit from the institution and the interest you earn on the certificate are two separate items. Order irs tax forms 2012 You must report the total interest you earn on the certificate in your income. Order irs tax forms 2012 If you itemize deductions, you can deduct the interest you pay as investment interest, up to the amount of your net investment income. Order irs tax forms 2012 See Interest Expenses in chapter 3. Order irs tax forms 2012 Example. Order irs tax forms 2012 You deposited $5,000 with a bank and borrowed $5,000 from the bank to make up the $10,000 minimum deposit required to buy a 6-month certificate of deposit. Order irs tax forms 2012 The certificate earned $575 at maturity in 2013, but you received only $265, which represented the $575 you earned minus $310 interest charged on your $5,000 loan. Order irs tax forms 2012 The bank gives you a Form 1099-INT for 2013 showing the $575 interest you earned. Order irs tax forms 2012 The bank also gives you a statement showing that you paid $310 interest for 2013. Order irs tax forms 2012 You must include the $575 in your income. Order irs tax forms 2012 If you itemize your deductions on Schedule A (Form 1040), Itemized Deductions, you can deduct $310, subject to the net investment income limit. Order irs tax forms 2012 Gift for opening account. Order irs tax forms 2012   If you receive noncash gifts or services for making deposits or for opening an account in a savings institution, you may have to report the value as interest. Order irs tax forms 2012   For deposits of less than $5,000, gifts or services valued at more than $10 must be reported as interest. Order irs tax forms 2012 For deposits of $5,000 or more, gifts or services valued at more than $20 must be reported as interest. Order irs tax forms 2012 The value is determined by the cost to the financial institution. Order irs tax forms 2012 Example. Order irs tax forms 2012 You open a savings account at your local bank and deposit $800. Order irs tax forms 2012 The account earns $20 interest. Order irs tax forms 2012 You also receive a $15 calculator. Order irs tax forms 2012 If no other interest is credited to your account during the year, the Form 1099-INT you receive will show $35 interest for the year. Order irs tax forms 2012 You must report $35 interest income on your tax return. Order irs tax forms 2012 Interest on insurance dividends. Order irs tax forms 2012   Interest on insurance dividends left on deposit with an insurance company that can be withdrawn annually is taxable to you in the year it is credited to your account. Order irs tax forms 2012 However, if you can withdraw it only on the anniversary date of the policy (or other specified date), the interest is taxable in the year that date occurs. Order irs tax forms 2012 Prepaid insurance premiums. Order irs tax forms 2012   Any increase in the value of prepaid insurance premiums, advance premiums, or premium deposit funds is interest if it is applied to the payment of premiums due on insurance policies or made available for you to withdraw. Order irs tax forms 2012 U. Order irs tax forms 2012 S. Order irs tax forms 2012 obligations. Order irs tax forms 2012   Interest on U. Order irs tax forms 2012 S. Order irs tax forms 2012 obligations, such as U. Order irs tax forms 2012 S. Order irs tax forms 2012 Treasury bills, notes, and bonds, issued by any agency or instrumentality of the United States is taxable for federal income tax purposes. Order irs tax forms 2012 Interest on tax refunds. Order irs tax forms 2012   Interest you receive on tax refunds is taxable income. Order irs tax forms 2012 Interest on condemnation award. Order irs tax forms 2012   If the condemning authority pays you interest to compensate you for a delay in payment of an award, the interest is taxable. Order irs tax forms 2012 Installment sale payments. Order irs tax forms 2012   If a contract for the sale or exchange of property provides for deferred payments, it also usually provides for interest payable with the deferred payments. Order irs tax forms 2012 That interest is taxable when you receive it. Order irs tax forms 2012 If little or no interest is provided for in a deferred payment contract, part of each payment may be treated as interest. Order irs tax forms 2012 See Unstated Interest and Original Issue Discount (OID) in Publication 537. Order irs tax forms 2012 Interest on annuity contract. Order irs tax forms 2012   Accumulated interest on an annuity contract you sell before its maturity date is taxable. Order irs tax forms 2012 Usurious interest. Order irs tax forms 2012   Usurious interest is interest charged at an illegal rate. Order irs tax forms 2012 This is taxable as interest unless state law automatically changes it to a payment on the principal. Order irs tax forms 2012 Interest income on frozen deposits. Order irs tax forms 2012   Exclude from your gross income interest on frozen deposits. Order irs tax forms 2012 A deposit is frozen if, at the end of the year, you cannot withdraw any part of the deposit because: The financial institution is bankrupt or insolvent, or The state in which the institution is located has placed limits on withdrawals because other financial institutions in the state are bankrupt or insolvent. Order irs tax forms 2012   The amount of interest you must exclude is the interest that was credited on the frozen deposits minus the sum of: The net amount you withdrew from these deposits during the year, and The amount you could have withdrawn as of the end of the year (not reduced by any penalty for premature withdrawals of a time deposit). Order irs tax forms 2012 If you receive a Form 1099-INT for interest income on deposits that were frozen at the end of 2013, see Frozen deposits under How To Report Interest Income for information about reporting this interest income exclusion on your tax return. Order irs tax forms 2012   The interest you exclude is treated as credited to your account in the following year. Order irs tax forms 2012 You must include it in income in the year you can withdraw it. Order irs tax forms 2012 Example. Order irs tax forms 2012 $100 of interest was credited on your frozen deposit during the year. Order irs tax forms 2012 You withdrew $80 but could not withdraw any more as of the end of the year. Order irs tax forms 2012 You must include $80 in your income and exclude $20 from your income for the year. Order irs tax forms 2012 You must include the $20 in your income for the year you can withdraw it. Order irs tax forms 2012 Bonds traded flat. Order irs tax forms 2012    If you buy a bond at a discount when interest has been defaulted or when the interest has accrued but has not been paid, the transaction is described as trading a bond flat. Order irs tax forms 2012 The defaulted or unpaid interest is not income and is not taxable as interest if paid later. Order irs tax forms 2012 When you receive a payment of that interest, it is a return of capital that reduces the remaining cost basis of your bond. Order irs tax forms 2012 Interest that accrues after the date of purchase, however, is taxable interest income for the year received or accrued. Order irs tax forms 2012 See Bonds Sold Between Interest Dates , later in this chapter. Order irs tax forms 2012 Below-Market Loans If you make a below-market gift or demand loan, you must report as interest income any forgone interest (defined later) from that loan. Order irs tax forms 2012 The below-market loan rules and exceptions are described in this section. Order irs tax forms 2012 For more information, see section 7872 of the Internal Revenue Code and its regulations. Order irs tax forms 2012 If you receive a below-market loan, you may be able to deduct the forgone interest as well as any interest you actually paid, but not if it is personal interest. Order irs tax forms 2012 Loans subject to the rules. Order irs tax forms 2012   The rules for below-market loans apply to: Gift loans, Pay-related loans, Corporation-shareholder loans, Tax avoidance loans, and Certain loans made to qualified continuing care facilities under a continuing care contract. Order irs tax forms 2012 A pay-related loan is any below-market loan between an employer and an employee or between an independent contractor and a person for whom the contractor provides services. Order irs tax forms 2012 A tax avoidance loan is any below-market loan where the avoidance of federal tax is one of the main purposes of the interest arrangement. Order irs tax forms 2012 Forgone interest. Order irs tax forms 2012   For any period, forgone interest is: The amount of interest that would be payable for that period if interest accrued on the loan at the applicable federal rate and was payable annually on December 31, minus Any interest actually payable on the loan for the period. Order irs tax forms 2012 Applicable federal rate. Order irs tax forms 2012   Applicable federal rates are published by the IRS each month in the Internal Revenue Bulletin. Order irs tax forms 2012 Some IRS offices have these bulletins available for research. Order irs tax forms 2012 See chapter 5, How To Get Tax Help , for other ways to get this information. Order irs tax forms 2012 Rules for below-market loans. Order irs tax forms 2012   The rules that apply to a below-market loan depend on whether the loan is a gift loan, demand loan, or term loan. Order irs tax forms 2012 Gift and demand loans. Order irs tax forms 2012   A gift loan is any below-market loan where the forgone interest is in the nature of a gift. Order irs tax forms 2012   A demand loan is a loan payable in full at any time upon demand by the lender. Order irs tax forms 2012 A demand loan is a below-market loan if no interest is charged or if interest is charged at a rate below the applicable federal rate. Order irs tax forms 2012   A demand loan or gift loan that is a below-market loan is generally treated as an arm's-length transaction in which the lender is treated as having made: A loan to the borrower in exchange for a note that requires the payment of interest at the applicable federal rate, and An additional payment to the borrower in an amount equal to the forgone interest. Order irs tax forms 2012 The borrower is generally treated as transferring the additional payment back to the lender as interest. Order irs tax forms 2012 The lender must report that amount as interest income. Order irs tax forms 2012   The lender's additional payment to the borrower is treated as a gift, dividend, contribution to capital, pay for services, or other payment, depending on the substance of the transaction. Order irs tax forms 2012 The borrower may have to report this payment as taxable income, depending on its classification. Order irs tax forms 2012 These transfers are considered to occur annually, generally on December 31. Order irs tax forms 2012 Term loans. Order irs tax forms 2012   A term loan is any loan that is not a demand loan. Order irs tax forms 2012 A term loan is a below-market loan if the amount of the loan is more than the present value of all payments due under the loan. Order irs tax forms 2012   A lender who makes a below-market term loan other than a gift loan is treated as transferring an additional lump-sum cash payment to the borrower (as a dividend, contribution to capital, etc. Order irs tax forms 2012 ) on the date the loan is made. Order irs tax forms 2012 The amount of this payment is the amount of the loan minus the present value, at the applicable federal rate, of all payments due under the loan. Order irs tax forms 2012 An equal amount is treated as original issue discount (OID). Order irs tax forms 2012 The lender must report the annual part of the OID as interest income. Order irs tax forms 2012 The borrower may be able to deduct the OID as interest expense. Order irs tax forms 2012 See Original Issue Discount (OID) , later. Order irs tax forms 2012 Exceptions to the below-market loan rules. Order irs tax forms 2012   Exceptions to the below-market loan rules are discussed here. Order irs tax forms 2012 Exception for loans of $10,000 or less. Order irs tax forms 2012   The rules for below-market loans do not apply to any day on which the total outstanding amount of loans between the borrower and lender is $10,000 or less. Order irs tax forms 2012 This exception applies only to: Gift loans between individuals if the gift loan is not directly used to buy or carry income-producing assets, and Pay-related loans or corporation-shareholder loans if the avoidance of federal tax is not a principal purpose of the interest arrangement. Order irs tax forms 2012 This exception does not apply to a term loan described in (2) earlier that previously has been subject to the below-market loan rules. Order irs tax forms 2012 Those rules will continue to apply even if the outstanding balance is reduced to $10,000 or less. Order irs tax forms 2012 Exception for loans to continuing care facilities. Order irs tax forms 2012   Loans to qualified continuing care facilities under continuing care contracts are not subject to the rules for below-market loans for the calendar year if the lender or the lender's spouse is age 62 or older at the end of the year. Order irs tax forms 2012 For the definitions of qualified continuing care facility and continuing care contract, see Internal Revenue Code section 7872(h). Order irs tax forms 2012 Exception for loans without significant tax effect. Order irs tax forms 2012   Loans are excluded from the below-market loan rules if their interest arrangements do not have a significant effect on the federal tax liability of the borrower or the lender. Order irs tax forms 2012 These loans include: Loans made available by the lender to the general public on the same terms and conditions that are consistent with the lender's customary business practice; Loans subsidized by a federal, state, or municipal government that are made available under a program of general application to the public; Certain employee-relocation loans; Certain loans from a foreign person, unless the interest income would be effectively connected with the conduct of a U. Order irs tax forms 2012 S. Order irs tax forms 2012 trade or business and would not be exempt from U. Order irs tax forms 2012 S. Order irs tax forms 2012 tax under an income tax treaty; Gift loans to a charitable organization, contributions to which are deductible, if the total outstanding amount of loans between the organization and lender is $250,000 or less at all times during the tax year; and Other loans on which the interest arrangement can be shown to have no significant effect on the federal tax liability of the lender or the borrower. Order irs tax forms 2012 For a loan described in (6) above, all the facts and circumstances are used to determine if the interest arrangement has a significant effect on the federal tax liability of the lender or borrower. Order irs tax forms 2012 Some factors to be considered are: Whether items of income and deduction generated by the loan offset each other; The amount of these items; The cost to you of complying with the below-market loan rules, if they were to apply; and Any reasons other than taxes for structuring the transaction as a below-market loan. Order irs tax forms 2012 If you structure a transaction to meet this exception and one of the principal purposes of that structure is the avoidance of federal tax, the loan will be considered a tax-avoidance loan, and this exception will not apply. Order irs tax forms 2012 Limit on forgone interest for gift loans of $100,000 or less. Order irs tax forms 2012   For gift loans between individuals, if the outstanding loans between the lender and borrower total $100,000 or less, the forgone interest to be included in income by the lender and deducted by the borrower is limited to the amount of the borrower's net investment income for the year. Order irs tax forms 2012 If the borrower's net investment income is $1,000 or less, it is treated as zero. Order irs tax forms 2012 This limit does not apply to a loan if the avoidance of federal tax is one of the main purposes of the interest arrangement. Order irs tax forms 2012 Effective dates. Order irs tax forms 2012    These rules apply to term loans made after June 6, 1984, and to demand loans outstanding after that date. Order irs tax forms 2012 U. Order irs tax forms 2012 S. Order irs tax forms 2012 Savings Bonds This section provides tax information on U. Order irs tax forms 2012 S. Order irs tax forms 2012 savings bonds. Order irs tax forms 2012 It explains how to report the interest income on these bonds and how to treat transfers of these bonds. Order irs tax forms 2012 U. Order irs tax forms 2012 S. Order irs tax forms 2012 savings bonds currently offered to individuals include Series EE bonds and Series I bonds. Order irs tax forms 2012 For other information on U. Order irs tax forms 2012 S. Order irs tax forms 2012 savings bonds, write to:  For Series HH/H: Bureau of the Fiscal Service Division of Customer Assistance P. Order irs tax forms 2012 O. Order irs tax forms 2012 Box 2186 Parkersburg, WV 26106-2186  For Series EE and I paper savings bonds: Bureau of the Fiscal Service Division of Customer Assistance P. Order irs tax forms 2012 O. Order irs tax forms 2012 Box 7012 Parkersburg, WV 26106-7012  For Series EE and I electronic bonds: Bureau of the Fiscal Service  Division of Customer Assistance P. Order irs tax forms 2012 O. Order irs tax forms 2012 Box 7015 Parkersburg, WV 26106-7015 Or, on the Internet, visit: www. Order irs tax forms 2012 treasurydirect. Order irs tax forms 2012 gov/indiv/indiv. Order irs tax forms 2012 htm. Order irs tax forms 2012 Accrual method taxpayers. Order irs tax forms 2012   If you use an accrual method of accounting, you must report interest on U. Order irs tax forms 2012 S. Order irs tax forms 2012 savings bonds each year as it accrues. Order irs tax forms 2012 You cannot postpone reporting interest until you receive it or until the bonds mature. Order irs tax forms 2012 Cash method taxpayers. Order irs tax forms 2012   If you use the cash method of accounting, as most individual taxpayers do, you generally report the interest on U. Order irs tax forms 2012 S. Order irs tax forms 2012 savings bonds when you receive it. Order irs tax forms 2012 But see Reporting options for cash method taxpayers , later. Order irs tax forms 2012 Series HH bonds. Order irs tax forms 2012   These bonds were issued at face value. Order irs tax forms 2012 Interest is paid twice a year by direct deposit to your bank account. Order irs tax forms 2012 If you are a cash method taxpayer, you must report interest on these bonds as income in the year you receive it. Order irs tax forms 2012   Series HH bonds were first offered in 1980 and last offered in August 2004. Order irs tax forms 2012 Before 1980, series H bonds were issued. Order irs tax forms 2012 Series H bonds are treated the same as series HH bonds. Order irs tax forms 2012 If you are a cash method taxpayer, you must report the interest when you receive it. Order irs tax forms 2012   Series H bonds have a maturity period of 30 years. Order irs tax forms 2012 Series HH bonds mature in 20 years. Order irs tax forms 2012 The last series H bonds matured in 2009. Order irs tax forms 2012 The last series HH bonds will mature in 2024. Order irs tax forms 2012 Series EE and series I bonds. Order irs tax forms 2012   Interest on these bonds is payable when you redeem the bonds. Order irs tax forms 2012 The difference between the purchase price and the redemption value is taxable interest. Order irs tax forms 2012 Series EE bonds. Order irs tax forms 2012   Series EE bonds were first offered in January 1980 and have a maturity period of 30 years. Order irs tax forms 2012 Before July 1980, series E bonds were issued. Order irs tax forms 2012 The original 10-year maturity period of series E bonds has been extended to 40 years for bonds issued before December 1965 and 30 years for bonds issued after November 1965. Order irs tax forms 2012 Paper series EE and series E bonds are issued at a discount. Order irs tax forms 2012 The face value is payable to you at maturity. Order irs tax forms 2012 Electronic series EE bonds are issued at their face value. Order irs tax forms 2012 The face value plus accrued interest is payable to you at maturity. Order irs tax forms 2012 As of January 1, 2012, paper savings bonds were no longer sold at financial institutions. Order irs tax forms 2012    Owners of paper series EE bonds can convert them to electronic bonds. Order irs tax forms 2012 These converted bonds do not retain the denomination listed on the paper certificate but are posted at their purchase price (with accrued interest). Order irs tax forms 2012 Series I bonds. Order irs tax forms 2012   Series I bonds were first offered in 1998. Order irs tax forms 2012 These are inflation-indexed bonds issued at their face amount with a maturity period of 30 years. Order irs tax forms 2012 The face value plus all accrued interest is payable to you at maturity. Order irs tax forms 2012 Reporting options for cash method taxpayers. Order irs tax forms 2012   If you use the cash method of reporting income, you can report the interest on series EE, series E, and series I bonds in either of the following ways. Order irs tax forms 2012 Method 1. Order irs tax forms 2012 Postpone reporting the interest until the earlier of the year you cash or dispose of the bonds or the year in which they mature. Order irs tax forms 2012 (However, see Savings bonds traded , later. Order irs tax forms 2012 )  Note. Order irs tax forms 2012 Series EE bonds issued in 1983 matured in 2013. Order irs tax forms 2012 If you have used method 1, you generally must report the interest on these bonds on your 2013 return. Order irs tax forms 2012 The last series E bonds were issued in 1980 and matured in 2010. Order irs tax forms 2012 If you used method 1, you generally should have reported the interest on these bonds on your 2010 return. Order irs tax forms 2012 Method 2. Order irs tax forms 2012 Choose to report the increase in redemption value as interest each year. Order irs tax forms 2012  You must use the same method for all series EE, series E, and series I bonds you own. Order irs tax forms 2012 If you do not choose method 2 by reporting the increase in redemption value as interest each year, you must use method 1. Order irs tax forms 2012 If you plan to cash your bonds in the same year you will pay for higher educational expenses, you may want to use method 1 because you may be able to exclude the interest from your income. Order irs tax forms 2012 To learn how, see Education Savings Bond Program, later. Order irs tax forms 2012 Change from method 1. Order irs tax forms 2012   If you want to change your method of reporting the interest from method 1 to method 2, you can do so without permission from the IRS. Order irs tax forms 2012 In the year of change, you must report all interest accrued to date and not previously reported for all your bonds. Order irs tax forms 2012   Once you choose to report the interest each year, you must continue to do so for all series EE, series E, and series I bonds you own and for any you get later, unless you request permission to change, as explained next. Order irs tax forms 2012 Change from method 2. Order irs tax forms 2012   To change from method 2 to method 1, you must request permission from the IRS. Order irs tax forms 2012 Permission for the change is automatically granted if you send the IRS a statement that meets all the following requirements. Order irs tax forms 2012 You have typed or printed the following number at the top: “131. Order irs tax forms 2012 ” It includes your name and social security number under “131. Order irs tax forms 2012 ” It includes the year of change (both the beginning and ending dates). Order irs tax forms 2012 It identifies the savings bonds for which you are requesting this change. Order irs tax forms 2012 It includes your agreement to: Report all interest on any bonds acquired during or after the year of change when the interest is realized upon disposition, redemption, or final maturity, whichever is earliest; and Report all interest on the bonds acquired before the year of change when the interest is realized upon disposition, redemption, or final maturity, whichever is earliest, with the exception of the interest reported in prior tax years. Order irs tax forms 2012   You must attach this statement to your tax return for the year of change, which you must file by the due date (including extensions). Order irs tax forms 2012   You can have an automatic extension of 6 months from the due date of your return for the year of change (excluding extensions) to file the statement with an amended return. Order irs tax forms 2012 On the statement, type or print “Filed pursuant to section 301. Order irs tax forms 2012 9100-2. Order irs tax forms 2012 ” To get this extension, you must have filed your original return for the year of the change by the due date (including extensions). Order irs tax forms 2012    By the date you file the original statement with your return, you must also send a signed copy to the address below. Order irs tax forms 2012    Internal Revenue Service Attention: CC:IT&A (Automatic Rulings Branch) P. Order irs tax forms 2012 O. Order irs tax forms 2012 Box 7604 Benjamin Franklin Station Washington, DC 20044   If you use a private delivery service, send the signed copy to the address below. Order irs tax forms 2012 Internal Revenue Service Attention: CC:IT&A  (Automatic Rulings Branch) Room 5336 1111 Constitution Avenue, NW Washington, DC 20224    Instead of filing this statement, you can request permission to change from method 2 to method 1 by filing Form 3115. Order irs tax forms 2012 In that case, follow the form instructions for an automatic change. Order irs tax forms 2012 No user fee is required. Order irs tax forms 2012 Co-owners. Order irs tax forms 2012   If a U. Order irs tax forms 2012 S. Order irs tax forms 2012 savings bond is issued in the names of co-owners, such as you and your child or you and your spouse, interest on the bond is generally taxable to the co-owner who bought the bond. Order irs tax forms 2012 One co-owner's funds used. Order irs tax forms 2012   If you used your funds to buy the bond, you must pay the tax on the interest. Order irs tax forms 2012 This is true even if you let the other co-owner redeem the bond and keep all the proceeds. Order irs tax forms 2012 Under these circumstances, the co-owner who redeemed the bond will receive a Form 1099-INT at the time of redemption and must provide you with another Form 1099-INT showing the amount of interest from the bond taxable to you. Order irs tax forms 2012 The co-owner who redeemed the bond is a “nominee. Order irs tax forms 2012 ” See Nominee distributions under How To Report Interest Income, later, for more information about how a person who is a nominee reports interest income belonging to another person. Order irs tax forms 2012 Both co-owners' funds used. Order irs tax forms 2012   If you and the other co-owner each contribute part of the bond's purchase price, the interest is generally taxable to each of you, in proportion to the amount each of you paid. Order irs tax forms 2012 Community property. Order irs tax forms 2012   If you and your spouse live in a community property state and hold bonds as community property, one-half of the interest is considered received by each of you. Order irs tax forms 2012 If you file separate returns, each of you generally must report one-half of the bond interest. Order irs tax forms 2012 For more information about community property, see Publication 555. Order irs tax forms 2012 Table 1-2. Order irs tax forms 2012   These rules are also shown in Table 1-2. Order irs tax forms 2012 Child as only owner. Order irs tax forms 2012   Interest on U. Order irs tax forms 2012 S. Order irs tax forms 2012 savings bonds bought for and registered only in the name of your child is income to your child, even if you paid for the bonds and are named as beneficiary. Order irs tax forms 2012 If the bonds are series EE, series E, or series I bonds, the interest on the bonds is income to your child in the earlier of the year the bonds are cashed or disposed of or the year the bonds mature, unless your child chooses to report the interest income each year. Order irs tax forms 2012 Choice to report interest each year. Order irs tax forms 2012   The choice to report the accrued interest each year can be made either by your child or by you for your child. Order irs tax forms 2012 This choice is made by filing an income tax return that shows all the interest earned to date, and by stating on the return that your child chooses to report the interest each year. Order irs tax forms 2012 Either you or your child should keep a copy of this return. Order irs tax forms 2012   Unless your child is otherwise required to file a tax return for any year after making this choice, your child does not have to file a return only to report the annual accrual of U. Order irs tax forms 2012 S. Order irs tax forms 2012 savings bond interest under this choice. Order irs tax forms 2012 However, see Tax on unearned income of certain children , earlier, under General Information. Order irs tax forms 2012 Neither you nor your child can change the way you report the interest unless you request permission from the IRS, as discussed earlier under Change from method 2 . Order irs tax forms 2012 Ownership transferred. Order irs tax forms 2012   If you bought series E, series EE, or series I bonds entirely with your own funds and had them reissued in your co-owner's name or beneficiary's name alone, you must include in your gross income for the year of reissue all interest that you earned on these bonds and have not previously reported. Order irs tax forms 2012 But, if the bonds were reissued in your name alone, you do not have to report the interest accrued at that time. Order irs tax forms 2012   This same rule applies when bonds (other than bonds held as community property) are transferred between spouses or incident to divorce. Order irs tax forms 2012 Example. Order irs tax forms 2012 You bought series EE bonds entirely with your own funds. Order irs tax forms 2012 You did not choose to report the accrued interest each year. Order irs tax forms 2012 Later, you transfer the bonds to your former spouse under a divorce agreement. Order irs tax forms 2012 You must include the deferred accrued interest, from the date of the original issue of the bonds to the date of transfer, in your income in the year of transfer. Order irs tax forms 2012 Your former spouse includes in income the interest on the bonds from the date of transfer to the date of redemption. Order irs tax forms 2012 Table 1-2. Order irs tax forms 2012 Who Pays the Tax on U. Order irs tax forms 2012 S. Order irs tax forms 2012 Savings Bond Interest IF . Order irs tax forms 2012 . Order irs tax forms 2012 . Order irs tax forms 2012 THEN the interest must be reported by . Order irs tax forms 2012 . Order irs tax forms 2012 . Order irs tax forms 2012 you buy a bond in your name and the name of another person as co-owners, using only your own funds you. Order irs tax forms 2012 you buy a bond in the name of another person, who is the sole owner of the bond the person for whom you bought the bond. Order irs tax forms 2012 you and another person buy a bond as co-owners, each contributing part of the purchase price both you and the other co-owner, in proportion to the amount each paid for the bond. Order irs tax forms 2012 you and your spouse, who live in a community property state, buy a bond that is community property you and your spouse. Order irs tax forms 2012 If you file separate returns, both you and your spouse generally report one-half of the interest. Order irs tax forms 2012 Purchased jointly. Order irs tax forms 2012   If you and a co-owner each contributed funds to buy series E, series EE, or series I bonds jointly and later have the bonds reissued in the co-owner's name alone, you must include in your gross income for the year of reissue your share of all the interest earned on the bonds that you have not previously reported. Order irs tax forms 2012 The former co-owner does not have to include in gross income at the time of reissue his or her share of the interest earned that was not reported before the transfer. Order irs tax forms 2012 This interest, however, as well as all interest earned after the reissue, is income to the former co-owner. Order irs tax forms 2012   This income-reporting rule also applies when the bonds are reissued in the name of your former co-owner and a new co-owner. Order irs tax forms 2012 But the new co-owner will report only his or her share of the interest earned after the transfer. Order irs tax forms 2012   If bonds that you and a co-owner bought jointly are reissued to each of you separately in the same proportion as your contribution to the purchase price, neither you nor your co-owner has to report at that time the interest earned before the bonds were reissued. Order irs tax forms 2012 Example 1. Order irs tax forms 2012 You and your spouse each spent an equal amount to buy a $1,000 series EE savings bond. Order irs tax forms 2012 The bond was issued to you and your spouse as co-owners. Order irs tax forms 2012 You both postpone reporting interest on the bond. Order irs tax forms 2012 You later have the bond reissued as two $500 bonds, one in your name and one in your spouse's name. Order irs tax forms 2012 At that time neither you nor your spouse has to report the interest earned to the date of reissue. Order irs tax forms 2012 Example 2. Order irs tax forms 2012 You bought a $1,000 series EE savings bond entirely with your own funds. Order irs tax forms 2012 The bond was issued to you and your spouse as co-owners. Order irs tax forms 2012 You both postponed reporting interest on the bond. Order irs tax forms 2012 You later have the bond reissued as two $500 bonds, one in your name and one in your spouse's name. Order irs tax forms 2012 You must report half the interest earned to the date of reissue. Order irs tax forms 2012 Transfer to a trust. Order irs tax forms 2012   If you own series E, series EE, or series I bonds and transfer them to a trust, giving up all rights of ownership, you must include in your income for that year the interest earned to the date of transfer if you have not already reported it. Order irs tax forms 2012 However, if you are considered the owner of the trust and if the increase in value both before and after the transfer continues to be taxable to you, you can continue to defer reporting the interest earned each year. Order irs tax forms 2012 You must include the total interest in your income in the year you cash or dispose of the bonds or the year the bonds finally mature, whichever is earlier. Order irs tax forms 2012   The same rules apply to previously unreported interest on series EE or series E bonds if the transfer to a trust consisted of series HH or series H bonds you acquired in a trade for the series EE or series E bonds. Order irs tax forms 2012 See Savings bonds traded , later. Order irs tax forms 2012 Decedents. Order irs tax forms 2012   The manner of reporting interest income on series E, series EE, or series I bonds, after the death of the owner (decedent), depends on the accounting and income-reporting methods previously used by the decedent. Order irs tax forms 2012 Decedent who reported interest each year. Order irs tax forms 2012   If the bonds transferred because of death were owned by a person who used an accrual method, or who used the cash method and had chosen to report the interest each year, the interest earned in the year of death up to the date of death must be reported on that person's final return. Order irs tax forms 2012 The person who acquires the bonds includes in income only interest earned after the date of death. Order irs tax forms 2012 Decedent who postponed reporting interest. Order irs tax forms 2012   If the transferred bonds were owned by a decedent who had used the cash method and had not chosen to report the interest each year, and who had bought the bonds entirely with his or her own funds, all interest earned before death must be reported in one of the following ways. Order irs tax forms 2012 The surviving spouse or personal representative (executor, administrator, etc. Order irs tax forms 2012 ) who files the final income tax return of the decedent can choose to include on that return all interest earned on the bonds before the decedent's death. Order irs tax forms 2012 The person who acquires the bonds then includes in income only interest earned after the date of death. Order irs tax forms 2012 If the choice in (1) is not made, the interest earned up to the date of death is income in respect of the decedent and should not be included in the decedent's final return. Order irs tax forms 2012 All interest earned both before and after the decedent's death (except any part reported by the estate on its income tax return) is income to the person who acquires the bonds. Order irs tax forms 2012 If that person uses the cash method and does not choose to report the interest each year, he or she can postpone reporting it until the year the bonds are cashed or disposed of or the year they mature, whichever is earlier. Order irs tax forms 2012 In the year that person reports the interest, he or she can claim a deduction for any federal estate tax paid on the part of the interest included in the decedent's estate. Order irs tax forms 2012 For more information on income in respect of a decedent, see Publication 559, Survivors, Executors, and Administrators. Order irs tax forms 2012 Example 1. Order irs tax forms 2012 Your uncle, a cash method taxpayer, died and left you a $1,000 series EE bond. Order irs tax forms 2012 He had bought the bond for $500 and had not chosen to report the interest each year. Order irs tax forms 2012 At the date of death, interest of $200 had accrued on the bond, and its value of $700 was included in your uncle's estate. Order irs tax forms 2012 Your uncle's executor chose not to include the $200 accrued interest in your uncle's final income tax return. Order irs tax forms 2012 The $200 is income in respect of the decedent. Order irs tax forms 2012 You are a cash method taxpayer and do not choose to report the interest each year as it is earned. Order irs tax forms 2012 If you cash the bond when it reaches maturity value of $1,000, you report $500 interest income—the difference between maturity value of $1,000 and the original cost of $500. Order irs tax forms 2012 For that year, you can deduct (as a miscellaneous itemized deduction not subject to the 2%-of-adjusted-gross-income limit) any federal estate tax paid because the $200 interest was included in your uncle's estate. Order irs tax forms 2012 Example 2. Order irs tax forms 2012 If, in Example 1 , the executor had chosen to include the $200 accrued interest in your uncle's final return, you would report only $300 as interest when you cashed the bond at maturity. Order irs tax forms 2012 $300 is the interest earned after your uncle's death. Order irs tax forms 2012 Example 3. Order irs tax forms 2012 If, in Example 1 , you make or have made the choice to report the increase in redemption value as interest each year, you include in gross income for the year you acquire the bond all of the unreported increase in value of all series E, series EE, and series I bonds you hold, including the $200 on the bond you inherited from your uncle. Order irs tax forms 2012 Example 4. Order irs tax forms 2012 When your aunt died, she owned series HH bonds that she had acquired in a trade for series EE bonds. Order irs tax forms 2012 You were the beneficiary of these bonds. Order irs tax forms 2012 Your aunt used the cash method and did not choose to report the interest on the series EE bonds each year as it accrued. Order irs tax forms 2012 Your aunt's executor chose not to include any interest earned before your aunt's death on her final return. Order irs tax forms 2012 The income in respect of the decedent is the sum of the unreported interest on the series EE bonds and the interest, if any, payable on the series HH bonds but not received as of the date of your aunt's death. Order irs tax forms 2012 You must report any interest received during the year as income on your return. Order irs tax forms 2012 The part of the interest payable but not received before your aunt's death is income in respect of the decedent and may qualify for the estate tax deduction. Order irs tax forms 2012 For information on when to report the interest on the series EE bonds traded, see Savings bonds traded , later. Order irs tax forms 2012 Savings bonds distributed from a retirement or profit-sharing plan. Order irs tax forms 2012   If you acquire a U. Order irs tax forms 2012 S. Order irs tax forms 2012 savings bond in a taxable distribution from a retirement or profit-sharing plan, your income for the year of distribution includes the bond's redemption value (its cost plus the interest accrued before the distribution). Order irs tax forms 2012 When you redeem the bond (whether in the year of distribution or later), your interest income includes only the interest accrued after the bond was distributed. Order irs tax forms 2012 To figure the interest reported as a taxable distribution and your interest income when you redeem the bond, see Worksheet for savings bonds distributed from a retirement or profit-sharing plan under How To Report Interest Income, later. Order irs tax forms 2012 Savings bonds traded. Order irs tax forms 2012   If you postponed reporting the interest on your series EE or series E bonds, you did not recognize taxable income when you traded the bonds for series HH or series H bonds, unless you received cash in the trade. Order irs tax forms 2012 (You cannot trade series I bonds for series HH bonds. Order irs tax forms 2012 After August 31, 2004, you cannot trade any other series of bonds for series HH bonds. Order irs tax forms 2012 ) Any cash you received is income up to the amount of the interest earned on the bonds traded. Order irs tax forms 2012 When your series HH or series H bonds mature, or if you dispose of them before maturity, you report as interest the difference between their redemption value and your cost. Order irs tax forms 2012 Your cost is the sum of the amount you paid for the traded series EE or series E bonds plus any amount you had to pay at the time of the trade. Order irs tax forms 2012 Example. Order irs tax forms 2012 You traded series EE bonds (on which you postponed reporting the interest) for $2,500 in series HH bonds and $223 in cash. Order irs tax forms 2012 You reported the $223 as taxable income on your tax return. Order irs tax forms 2012 At the time of the trade, the series EE bonds had accrued interest of $523 and a redemption value of $2,723. Order irs tax forms 2012 You hold the series HH bonds until maturity, when you receive $2,500. Order irs tax forms 2012 You must report $300 as interest income in the year of maturity. Order irs tax forms 2012 This is the difference between their redemption value, $2,500, and your cost, $2,200 (the amount you paid for the series EE bonds). Order irs tax forms 2012 (It is also the difference between the accrued interest of $523 on the series EE bonds and the $223 cash received on the trade. Order irs tax forms 2012 ) Choice to report interest in year of trade. Order irs tax forms 2012   You could have chosen to treat all of the previously unreported accrued interest on series EE or series E bonds traded for series HH bonds as income in the year of the trade. Order irs tax forms 2012 If you made this choice, it is treated as a change from method 1. Order irs tax forms 2012 See Change from method 1 under Series EE and series I bonds, earlier. Order irs tax forms 2012 Form 1099-INT for U. Order irs tax forms 2012 S. Order irs tax forms 2012 savings bond interest. Order irs tax forms 2012   When you cash a bond, the bank or other payer that redeems it must give you a Form 1099-INT if the interest part of the payment you receive is $10 or more. Order irs tax forms 2012 Box 3 of your Form 1099-INT should show the interest as the difference between the amount you received and the amount paid for the bond. Order irs tax forms 2012 However, your Form 1099-INT may show more interest than you have to include on your income tax return. Order irs tax forms 2012 For example, this may happen if any of the following are true. Order irs tax forms 2012 You chose to report the increase in the redemption value of the bond each year. Order irs tax forms 2012 The interest shown on your Form 1099-INT will not be reduced by amounts previously included in income. Order irs tax forms 2012 You received the bond from a decedent. Order irs tax forms 2012 The interest shown on your Form 1099-INT will not be reduced by any interest reported by the decedent before death, or on the decedent's final return, or by the estate on the estate's income tax return. Order irs tax forms 2012 Ownership of the bond was transferred. Order irs tax forms 2012 The interest shown on your Form 1099-INT will not be reduced by interest that accrued before the transfer. Order irs tax forms 2012 You were named as a co-owner, and the other co-owner contributed funds to buy the bond. Order irs tax forms 2012 The interest shown on your Form 1099-INT will not be reduced by the amount you received as nominee for the other co-owner. Order irs tax forms 2012 (See Co-owners , earlier in this section, for more information about the reporting requirements. Order irs tax forms 2012 ) You received the bond in a taxable distribution from a retirement or profit-sharing plan. Order irs tax forms 2012 The interest shown on your Form 1099-INT will not be reduced by the interest portion of the amount taxable as a distribution from the plan and not taxable as interest. Order irs tax forms 2012 (This amount is generally shown on Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Order irs tax forms 2012 , for the year of distribution. Order irs tax forms 2012 )   For more information on including the correct amount of interest on your return, see U. Order irs tax forms 2012 S. Order irs tax forms 2012 savings bond interest previously reported or Nominee distributions under How To Report Interest Income, later. Order irs tax forms 2012    Interest on U. Order irs tax forms 2012 S. Order irs tax forms 2012 savings bonds is exempt from state and local taxes. Order irs tax forms 2012 The Form 1099-INT you receive will indicate the amount that is for U. Order irs tax forms 2012 S. Order irs tax forms 2012 savings bonds interest in box 3. Order irs tax forms 2012 Do not include this income on your state or local income tax return. Order irs tax forms 2012 Education Savings Bond Program You may be able to exclude from income all or part of the interest you receive on the redemption of qualified U. Order irs tax forms 2012 S. Order irs tax forms 2012 savings bonds during the year if you pay qualified higher educational expenses during the same year. Order irs tax forms 2012 This exclusion is known as the Education Savings Bond Program. Order irs tax forms 2012 You do not qualify for this exclusion if your filing status is married filing separately. Order irs tax forms 2012 Form 8815. Order irs tax forms 2012   Use Form 8815 to figure your exclusion. Order irs tax forms 2012 Attach the form to your Form 1040 or Form 1040A. Order irs tax forms 2012 Qualified U. Order irs tax forms 2012 S. Order irs tax forms 2012 savings bonds. Order irs tax forms 2012   A qualified U. Order irs tax forms 2012 S. Order irs tax forms 2012 savings bond is a series EE bond issued after 1989 or a series I bond. Order irs tax forms 2012 The bond must be issued either in your name (sole owner) or in your and your spouse's names (co-owners). Order irs tax forms 2012 You must be at least 24 years old before the bond's issue date. Order irs tax forms 2012 For example, a bond bought by a parent and issued in the name of his or her child under age 24 does not qualify for the exclusion by the parent or child. Order irs tax forms 2012    The issue date of a bond may be earlier than the date the bond is purchased because the issue date assigned to a bond is the first day of the month in which it is purchased. Order irs tax forms 2012 Beneficiary. Order irs tax forms 2012   You can designate any individual (including a child) as a beneficiary of the bond. Order irs tax forms 2012 Verification by IRS. Order irs tax forms 2012   If you claim the exclusion, the IRS will check it by using bond redemption information from the Department of Treasury. Order irs tax forms 2012 Qualified expenses. Order irs tax forms 2012   Qualified higher educational expenses are tuition and fees required for you, your spouse, or your dependent (for whom you claim an exemption) to attend an eligible educational institution. Order irs tax forms 2012   Qualified expenses include any contribution you make to a qualified tuition program or to a Coverdell education savings account. Order irs tax forms 2012 For information about these programs, see Publication 970, Tax Benefits for Education. Order irs tax forms 2012   Qualified expenses do not include expenses for room and board or for courses involving sports, games, or hobbies that are not part of a degree or certificate granting program. Order irs tax forms 2012 Eligible educational institutions. Order irs tax forms 2012   These institutions include most public, private, and nonprofit universities, colleges, and vocational schools that are accredited and eligible to participate in student aid programs run by the Department of Education. Order irs tax forms 2012 Reduction for certain benefits. Order irs tax forms 2012   You must reduce your qualified higher educational expenses by all of the following tax-free benefits. Order irs tax forms 2012 Tax-free part of scholarships and fellowships. Order irs tax forms 2012 Expenses used to figure the tax-free portion of distributions from a Coverdell ESA. Order irs tax forms 2012 Expenses used to figure the tax-free portion of distributions from a qualified tuition program. Order irs tax forms 2012 Any tax-free payments (other than gifts or inheritances) received as educational assistance, such as: Veterans' educational assistance benefits, Qualified tuition reductions, or Employer-provided educational assistance. Order irs tax forms 2012 Any expense used in figuring the American Opportunity and lifetime learning credits. Order irs tax forms 2012 For information about these benefits, see Publication 970. Order irs tax forms 2012 Amount excludable. Order irs tax forms 2012   If the total proceeds (interest and principal) from the qualified U. Order irs tax forms 2012 S. Order irs tax forms 2012 savings bonds you redeem during the year are not more than your adjusted qualified higher educational expenses for the year, you may be able to exclude all of the interest. Order irs tax forms 2012 If the proceeds are more than the expenses, you may be able to exclude only part of the interest. Order irs tax forms 2012   To determine the excludable amount, multiply the interest part of the proceeds by a fraction. Order irs tax forms 2012 The numer
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Consumer Protection Offices

City, county, regional, and state consumer offices offer a variety of important services. They might mediate complaints, conduct investigations, prosecute offenders of consumer laws, license and regulate professional service providers, provide educational materials and advocate for consumer rights. To save time, call before sending a written complaint. Ask if the office handles the type of complaint you have and if complaint forms are provided.

State Consumer Protection Offices

New Hampshire Office of the Attorney General

Website: New Hampshire Office of the Attorney General

Address: New Hampshire Office of the Attorney General
Consumer Protection and Antitrust Bureau
33 Capitol St.
Concord, NH 03301

Phone Number: 603-271-3641

Toll-free: 1-888-468-4454 (Consumer Protection Hotline)

TTY: 1-800-735-2964 (NH)

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Banking Authorities

The officials listed in this section regulate and supervise state-chartered banks. Many of them handle or refer problems and complaints about other types of financial institutions as well. Some also answer general questions about banking and consumer credit. If you are dealing with a federally chartered bank, check Federal Agencies.

State Banking Department

Website: State Banking Department

Address: State Banking Department
53 Regional Dr., Suite 200
Concord, NH 03301

Phone Number: 603-271-3561

Toll-free: 1-800-437-5991

TTY: 1-800-735-2964

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Insurance Regulators

Each state has its own laws and regulations for each type of insurance. The officials listed in this section enforce these laws. Many of these offices can also provide you with information to help you make informed insurance buying decisions.

Insurance Department

Website: Insurance Department

Address: Insurance Department
21 S. Fruit St., Suite 14
Concord, NH 03301

Phone Number: 603-271-2261

Toll-free: 1-800-852-3416 (NH)

TTY: 1-800-735-2964 (NH)

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Securities Administrators

Each state has its own laws and regulations for securities brokers and securities - including stocks, mutual funds, commodities, real estate, etc. The officials and agencies listed in this section enforce these laws and regulations. Many of these offices can also provide information to help you make informed investment decisions.

Secretary of State

Website: Secretary of State

Address: Secretary of State
Bureau of Securities Regulation
107 N. Main St., #204
Concord, NH 03301

Phone Number: 603-271-1463

Toll-free: 1-800-994-4200

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Utility Commissions

State Utility Commissions regulate services and rates for gas, electricity and telephones within your state. In some states, the utility commissions regulate other services such as water, transportation, and the moving of household goods. Many utility commissions handle consumer complaints. Sometimes, if a number of complaints are received about the same utility matter, they will conduct investigations.

Public Utilities Commission

Website: Public Utilities Commission

Address: Public Utilities Commission
Consumer Affairs Division
21 S. Fruit St., Suite 10
Concord, NH 03301-2429

Phone Number: 603-271-2431

Toll-free: 1-800-852-3793 (NH)

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The Order Irs Tax Forms 2012

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