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State Of Louisiana Amended Return Form 1040x

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State Of Louisiana Amended Return Form 1040x

State of louisiana amended return form 1040x 7. State of louisiana amended return form 1040x   Coverdell Education Savings Account (ESA) Table of Contents Introduction What Is a Coverdell ESAQualified Education Expenses ContributionsContribution Limits Additional Tax on Excess Contributions Rollovers and Other TransfersRollovers Changing the Designated Beneficiary Transfer Because of Divorce DistributionsTax-Free Distributions Taxable Distributions When Assets Must Be Distributed Introduction If your modified adjusted gross income (MAGI) is less than $110,000 ($220,000 if filing a joint return), you may be able to establish a Coverdell ESA to finance the qualified education expenses of a designated beneficiary. State of louisiana amended return form 1040x For most taxpayers, MAGI is the adjusted gross income as figured on their federal income tax return. State of louisiana amended return form 1040x There is no limit on the number of separate Coverdell ESAs that can be established for a designated beneficiary. State of louisiana amended return form 1040x However, total contributions for the beneficiary in any year cannot be more than $2,000, no matter how many accounts have been established. State of louisiana amended return form 1040x See Contributions , later. State of louisiana amended return form 1040x This benefit applies not only to higher education expenses, but also to elementary and secondary education expenses. State of louisiana amended return form 1040x What is the tax benefit of the Coverdell ESA. State of louisiana amended return form 1040x   Contributions to a Coverdell ESA are not deductible, but amounts deposited in the account grow tax free until distributed. State of louisiana amended return form 1040x   If, for a year, distributions from an account are not more than a designated beneficiary's qualified education expenses at an eligible educational institution, the beneficiary will not owe tax on the distributions. State of louisiana amended return form 1040x See Tax-Free Distributions , later. State of louisiana amended return form 1040x    Table 7-1 summarizes the main features of the Coverdell ESA. State of louisiana amended return form 1040x Table 7-1. State of louisiana amended return form 1040x Coverdell ESA at a Glance Do not rely on this table alone. State of louisiana amended return form 1040x It provides only general highlights. State of louisiana amended return form 1040x See the text for definitions of terms in bold type and for more complete explanations. State of louisiana amended return form 1040x Question Answer What is a Coverdell ESA? A savings account that is set up to pay the qualified education expenses of a designated beneficiary. State of louisiana amended return form 1040x Where can it be established? It can be opened in the United States at any bank or other IRS-approved entity that offers Coverdell ESAs. State of louisiana amended return form 1040x Who can have a Coverdell ESA? Any beneficiary who is under age 18 or is a special needs beneficiary. State of louisiana amended return form 1040x Who can contribute to a Coverdell ESA? Generally, any individual (including the beneficiary) whose modified adjusted gross income for the year is less than $110,000 ($220,000 in the case of a joint return). State of louisiana amended return form 1040x Are distributions tax free? Yes, if the distributions are not more than the beneficiary's adjusted qualified education expenses for the year. State of louisiana amended return form 1040x What Is a Coverdell ESA A Coverdell ESA is a trust or custodial account created or organized in the United States only for the purpose of paying the qualified education expenses of the Designated beneficiary (defined later) of the account. State of louisiana amended return form 1040x When the account is established, the designated beneficiary must be under age 18 or a special needs beneficiary. State of louisiana amended return form 1040x To be treated as a Coverdell ESA, the account must be designated as a Coverdell ESA when it is created. State of louisiana amended return form 1040x The document creating and governing the account must be in writing and must satisfy the following requirements. State of louisiana amended return form 1040x The trustee or custodian must be a bank or an entity approved by the IRS. State of louisiana amended return form 1040x The document must provide that the trustee or custodian can only accept a contribution that meets all of the following conditions. State of louisiana amended return form 1040x The contribution is in cash. State of louisiana amended return form 1040x The contribution is made before the beneficiary reaches age 18, unless the beneficiary is a special needs beneficiary. State of louisiana amended return form 1040x The contribution would not result in total contributions for the year (not including rollover contributions) being more than $2,000. State of louisiana amended return form 1040x Money in the account cannot be invested in life insurance contracts. State of louisiana amended return form 1040x Money in the account cannot be combined with other property except in a common trust fund or common investment fund. State of louisiana amended return form 1040x The balance in the account generally must be distributed within 30 days after the earlier of the following events. State of louisiana amended return form 1040x The beneficiary reaches age 30, unless the beneficiary is a special needs beneficiary. State of louisiana amended return form 1040x The beneficiary's death. State of louisiana amended return form 1040x Qualified Education Expenses Generally, these are expenses required for the enrollment or attendance of the designated beneficiary at an eligible educational institution. State of louisiana amended return form 1040x For purposes of Coverdell ESAs, the expenses can be either qualified higher education expenses or qualified elementary and secondary education expenses. State of louisiana amended return form 1040x Designated beneficiary. State of louisiana amended return form 1040x   This is the individual named in the document creating the trust or custodial account to receive the benefit of the funds in the account. State of louisiana amended return form 1040x Contributions to a qualified tuition program (QTP). State of louisiana amended return form 1040x   A contribution to a QTP is a qualified education expense if the contribution is on behalf of the designated beneficiary of the Coverdell ESA. State of louisiana amended return form 1040x In the case of a change in beneficiary, this is a qualified expense only if the new beneficiary is a family member of that designated beneficiary. State of louisiana amended return form 1040x See chapter 8, Qualified Tuition Program . State of louisiana amended return form 1040x Eligible Educational Institution For purposes of Coverdell ESAs, an eligible educational institution can be either an eligible postsecondary school or an eligible elementary or secondary school. State of louisiana amended return form 1040x Eligible postsecondary school. State of louisiana amended return form 1040x   This is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U. State of louisiana amended return form 1040x S. State of louisiana amended return form 1040x Department of Education. State of louisiana amended return form 1040x It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. State of louisiana amended return form 1040x The educational institution should be able to tell you if it is an eligible educational institution. State of louisiana amended return form 1040x   Certain educational institutions located outside the United States also participate in the U. State of louisiana amended return form 1040x S. State of louisiana amended return form 1040x Department of Education's Federal Student Aid (FSA) programs. State of louisiana amended return form 1040x Eligible elementary or secondary school. State of louisiana amended return form 1040x   This is any public, private, or religious school that provides elementary or secondary education (kindergarten through grade 12), as determined under state law. State of louisiana amended return form 1040x Qualified Higher Education Expenses These are expenses related to enrollment or attendance at an eligible postsecondary school. State of louisiana amended return form 1040x As shown in the following list, to be qualified, some of the expenses must be required by the school and some must be incurred by students who are enrolled at least half-time. State of louisiana amended return form 1040x The following expenses must be required for enrollment or attendance of a designated beneficiary at an eligible postsecondary school. State of louisiana amended return form 1040x Tuition and fees. State of louisiana amended return form 1040x Books, supplies, and equipment. State of louisiana amended return form 1040x Expenses for special needs services needed by a special needs beneficiary must be incurred in connection with enrollment or attendance at an eligible postsecondary school. State of louisiana amended return form 1040x Expenses for room and board must be incurred by students who are enrolled at least half-time (defined below). State of louisiana amended return form 1040x The expense for room and board qualifies only to the extent that it is not more than the greater of the following two amounts. State of louisiana amended return form 1040x The allowance for room and board, as determined by the school, that was included in the cost of attendance (for federal financial aid purposes) for a particular academic period and living arrangement of the student. State of louisiana amended return form 1040x The actual amount charged if the student is residing in housing owned or operated by the school. State of louisiana amended return form 1040x Half-time student. State of louisiana amended return form 1040x   A student is enrolled “at least half-time” if he or she is enrolled for at least half the full-time academic work load for the course of study the student is pursuing, as determined under the standards of the school where the student is enrolled. State of louisiana amended return form 1040x Qualified Elementary and Secondary Education Expenses These are expenses related to enrollment or attendance at an eligible elementary or secondary school. State of louisiana amended return form 1040x As shown in the following list, to be qualified, some of the expenses must be required or provided by the school. State of louisiana amended return form 1040x There are special rules for computer-related expenses. State of louisiana amended return form 1040x The following expenses must be incurred by a designated beneficiary in connection with enrollment or attendance at an eligible elementary or secondary school. State of louisiana amended return form 1040x Tuition and fees. State of louisiana amended return form 1040x Books, supplies, and equipment. State of louisiana amended return form 1040x Academic tutoring. State of louisiana amended return form 1040x Special needs services for a special needs beneficiary. State of louisiana amended return form 1040x The following expenses must be required or provided by an eligible elementary or secondary school in connection with attendance or enrollment at the school. State of louisiana amended return form 1040x Room and board. State of louisiana amended return form 1040x Uniforms. State of louisiana amended return form 1040x Transportation. State of louisiana amended return form 1040x Supplementary items and services (including extended day programs). State of louisiana amended return form 1040x The purchase of computer technology, equipment, or Internet access and related services is a qualified elementary and secondary education expense if it is to be used by the beneficiary and the beneficiary's family during any of the years the beneficiary is in elementary or secondary school. State of louisiana amended return form 1040x (This does not include expenses for computer software designed for sports, games, or hobbies unless the software is predominantly educational in nature. State of louisiana amended return form 1040x ) Contributions Any individual (including the designated beneficiary) can contribute to a Coverdell ESA if the individual's MAGI (defined later under Contribution Limits ) for the year is less than $110,000. State of louisiana amended return form 1040x For individuals filing joint returns, that amount is $220,000. State of louisiana amended return form 1040x Organizations, such as corporations and trusts, can also contribute to Coverdell ESAs. State of louisiana amended return form 1040x There is no requirement that an organization's income be below a certain level. State of louisiana amended return form 1040x Contributions must meet all of the following requirements. State of louisiana amended return form 1040x They must be in cash. State of louisiana amended return form 1040x They cannot be made after the beneficiary reaches age 18, unless the beneficiary is a special needs beneficiary. State of louisiana amended return form 1040x They must be made by the due date of the contributor's tax return (not including extensions). State of louisiana amended return form 1040x Contributions can be made to one or several Coverdell ESAs for the same designated beneficiary provided that the total contributions are not more than the contribution limits (defined later) for a year. State of louisiana amended return form 1040x Contributions can be made, without penalty, to both a Coverdell ESA and a QTP in the same year for the same beneficiary. State of louisiana amended return form 1040x Table 7-2 summarizes many of the features of contributing to a Coverdell ESA. State of louisiana amended return form 1040x When contributions considered made. State of louisiana amended return form 1040x   Contributions made to a Coverdell ESA for the preceding tax year are considered to have been made on the last day of the preceding year. State of louisiana amended return form 1040x They must be made by the due date (not including extensions) for filing your return for the preceding year. State of louisiana amended return form 1040x   For example, if you make a contribution to a Coverdell ESA in February 2014, and you designate it as a contribution for 2013, you are considered to have made that contribution on December 31, 2013. State of louisiana amended return form 1040x Contribution Limits There are two yearly limits: One on the total amount that can be contributed for each designated beneficiary in any year, and One on the amount that any individual can contribute for any one designated beneficiary for a year. State of louisiana amended return form 1040x Limit for each designated beneficiary. State of louisiana amended return form 1040x   For 2013, the total of all contributions to all Coverdell ESAs set up for the benefit of any one designated beneficiary cannot be more than $2,000. State of louisiana amended return form 1040x This includes contributions (other than rollovers) to all the beneficiary's Coverdell ESAs from all sources. State of louisiana amended return form 1040x Rollovers are discussed under Rollovers and Other Transfers , later. State of louisiana amended return form 1040x Example. State of louisiana amended return form 1040x When Maria Luna was born in 2012, three separate Coverdell ESAs were set up for her, one by her parents, one by her grandfather, and one by her aunt. State of louisiana amended return form 1040x In 2013, the total of all contributions to Maria's three Coverdell ESAs cannot be more than $2,000. State of louisiana amended return form 1040x For example, if her grandfather contributed $2,000 to one of her Coverdell ESAs, no one else could contribute to any of her three accounts. State of louisiana amended return form 1040x Or, if her parents contributed $1,000 and her aunt $600, her grandfather or someone else could contribute no more than $400. State of louisiana amended return form 1040x These contributions could be put into any of Maria's Coverdell ESA accounts. State of louisiana amended return form 1040x Limit for each contributor. State of louisiana amended return form 1040x   Generally, you can contribute up to $2,000 for each designated beneficiary for 2013. State of louisiana amended return form 1040x This is the most you can contribute for the benefit of any one beneficiary for the year, regardless of the number of Coverdell ESAs set up for the beneficiary. State of louisiana amended return form 1040x Example. State of louisiana amended return form 1040x The facts are the same as in the previous example except that Maria Luna's older brother, Edgar, also has a Coverdell ESA. State of louisiana amended return form 1040x If their grandfather contributed $2,000 to Maria's Coverdell ESA in 2013, he could also contribute $2,000 to Edgar's Coverdell ESA. State of louisiana amended return form 1040x Reduced limit. State of louisiana amended return form 1040x   Your contribution limit may be reduced. State of louisiana amended return form 1040x If your MAGI (defined on this page) is between $95,000 and $110,000 (between $190,000 and $220,000 if filing a joint return), the $2,000 limit for each designated beneficiary is gradually reduced (see Figuring the limit , later). State of louisiana amended return form 1040x If your MAGI is $110,000 or more ($220,000 or more if filing a joint return), you cannot contribute to anyone's Coverdell ESA. State of louisiana amended return form 1040x Table 7-2. State of louisiana amended return form 1040x Coverdell ESA Contributions at a Glance Do not rely on this table alone. State of louisiana amended return form 1040x It provides only general highlights. State of louisiana amended return form 1040x See the text for more complete explanations. State of louisiana amended return form 1040x Question Answer Are contributions deductible? No. State of louisiana amended return form 1040x What is the annual contribution limit per designated beneficiary? $2,000 for each designated beneficiary. State of louisiana amended return form 1040x What if more than one Coverdell ESA has been opened for the same designated beneficiary? The annual contribution limit is $2,000 for each beneficiary, no matter how many Coverdell ESAs are set up for that beneficiary. State of louisiana amended return form 1040x What if more than one individual makes contributions for the same designated beneficiary? The annual contribution limit is $2,000 per beneficiary, no matter how many individuals contribute. State of louisiana amended return form 1040x Can contributions other than cash be made to a Coverdell ESA? No. State of louisiana amended return form 1040x When must contributions stop? No contributions can be made to a beneficiary's Coverdell ESA after he or she reaches age 18, unless the beneficiary is a special needs beneficiary. State of louisiana amended return form 1040x Modified adjusted gross income (MAGI). State of louisiana amended return form 1040x   For most taxpayers, MAGI is adjusted gross income (AGI) as figured on their federal income tax return. State of louisiana amended return form 1040x MAGI when using Form 1040A. State of louisiana amended return form 1040x   If you file Form 1040A, your MAGI is the AGI on line 22 of that form. State of louisiana amended return form 1040x MAGI when using Form 1040. State of louisiana amended return form 1040x   If you file Form 1040, your MAGI is the AGI on line 38 of that form, modified by adding back any: Foreign earned income exclusion, Foreign housing exclusion, Foreign housing deduction, Exclusion of income by bona fide residents of American Samoa, and Exclusion of income by bona fide residents of Puerto Rico. State of louisiana amended return form 1040x MAGI when using Form 1040NR. State of louisiana amended return form 1040x   If you file Form 1040NR, your MAGI is the AGI on line 36 of that form. State of louisiana amended return form 1040x MAGI when using Form 1040NR-EZ. State of louisiana amended return form 1040x   If you file Form 1040NR-EZ, your MAGI is the AGI on line 10 of that form. State of louisiana amended return form 1040x   If you have any of these adjustments, you can use Worksheet 7-1. State of louisiana amended return form 1040x MAGI for a Coverdell ESA , later, to figure your MAGI for Form 1040. State of louisiana amended return form 1040x Worksheet 7-1. State of louisiana amended return form 1040x MAGI for a Coverdell ESA 1. State of louisiana amended return form 1040x Enter your adjusted gross income  (Form 1040, line 38)   1. State of louisiana amended return form 1040x   2. State of louisiana amended return form 1040x Enter your foreign earned income exclusion and/or housing exclusion (Form 2555, line 45, or Form 2555-EZ, line 18)   2. State of louisiana amended return form 1040x       3. State of louisiana amended return form 1040x Enter your foreign housing deduction (Form 2555, line 50)   3. State of louisiana amended return form 1040x         4. State of louisiana amended return form 1040x Enter the amount of income from Puerto Rico you are excluding   4. State of louisiana amended return form 1040x       5. State of louisiana amended return form 1040x Enter the amount of income from American Samoa you are excluding (Form 4563, line 15)   5. State of louisiana amended return form 1040x       6. State of louisiana amended return form 1040x Add lines 2, 3, 4, and 5   6. State of louisiana amended return form 1040x   7. State of louisiana amended return form 1040x Add lines 1 and 6. State of louisiana amended return form 1040x This is your  modified adjusted gross income   7. State of louisiana amended return form 1040x   Figuring the limit. State of louisiana amended return form 1040x    To figure the limit on the amount you can contribute for each designated beneficiary, multiply $2,000 by a fraction. State of louisiana amended return form 1040x The numerator (top number) is your MAGI minus $95,000 ($190,000 if filing a joint return). State of louisiana amended return form 1040x The denominator (bottom number) is $15,000 ($30,000 if filing a joint return). State of louisiana amended return form 1040x Subtract the result from $2,000. State of louisiana amended return form 1040x This is the amount you can contribute for each beneficiary. State of louisiana amended return form 1040x You can use Worksheet 7-2. State of louisiana amended return form 1040x Coverdell ESA Contribution Limit to figure the limit on contributions. State of louisiana amended return form 1040x    Worksheet 7-2. State of louisiana amended return form 1040x Coverdell ESA Contribution Limit 1. State of louisiana amended return form 1040x Maximum contribution   1. State of louisiana amended return form 1040x $2,000 2. State of louisiana amended return form 1040x Enter your modified adjusted gross income (MAGI) for purposes of figuring the contribution limit to a Coverdell ESA (see definition or Worksheet 7-1, earlier)   2. State of louisiana amended return form 1040x   3. State of louisiana amended return form 1040x Enter $190,000 if married filing jointly; $95,000 for all other filers   3. State of louisiana amended return form 1040x   4. State of louisiana amended return form 1040x Subtract line 3 from line 2. State of louisiana amended return form 1040x If zero or less, enter -0- on line 4, skip lines 5 through 7, and enter $2,000 on line 8   4. State of louisiana amended return form 1040x   5. State of louisiana amended return form 1040x Enter $30,000 if married filing jointly; $15,000 for all other filers   5. State of louisiana amended return form 1040x     Note. State of louisiana amended return form 1040x If the amount on line 4 is greater than or equal to the amount on line 5, stop here. State of louisiana amended return form 1040x You are not allowed to contribute to a Coverdell ESA for 2013. State of louisiana amended return form 1040x       6. State of louisiana amended return form 1040x Divide line 4 by line 5 and enter the result as a decimal (rounded to at least 3 places)   6. State of louisiana amended return form 1040x . State of louisiana amended return form 1040x 7. State of louisiana amended return form 1040x Multiply line 1 by line 6   7. State of louisiana amended return form 1040x   8. State of louisiana amended return form 1040x Subtract line 7 from line 1   8. State of louisiana amended return form 1040x   Note: The total Coverdell ESA contributions from all sources for the designated beneficiary during the tax year may not exceed $2,000. State of louisiana amended return form 1040x Example. State of louisiana amended return form 1040x Paul, who is single, had a MAGI of $96,500 for 2013. State of louisiana amended return form 1040x Paul can contribute up to $1,800 in 2013 for each beneficiary, as shown in the illustrated Worksheet 7-2, Coverdell ESA Contribution Limit–Illustrated. State of louisiana amended return form 1040x Worksheet 7-2. State of louisiana amended return form 1040x Coverdell ESA Contribution Limit—Illustrated 1. State of louisiana amended return form 1040x Maximum contribution   1. State of louisiana amended return form 1040x $2,000 2. State of louisiana amended return form 1040x Enter your modified adjusted gross  income (MAGI) for purposes of figuring the contribution limit to a Coverdell ESA (see definition or Worksheet 7-1, earlier)   2. State of louisiana amended return form 1040x 96,500 3. State of louisiana amended return form 1040x Enter $190,000 if married filing jointly; $95,000 for all other filers   3. State of louisiana amended return form 1040x 95,000 4. State of louisiana amended return form 1040x Subtract line 3 from line 2. State of louisiana amended return form 1040x If zero or less, enter -0- on line 4, skip lines 5 through 7, and enter $2,000 on line 8   4. State of louisiana amended return form 1040x 1,500 5. State of louisiana amended return form 1040x Enter $30,000 if married filing jointly; $15,000 for all other filers   5. State of louisiana amended return form 1040x 15,000   Note. State of louisiana amended return form 1040x If the amount on line 4 is greater than or equal to the amount on line 5,  stop here. State of louisiana amended return form 1040x You are not allowed to  contribute to a Coverdell ESA for 2013. State of louisiana amended return form 1040x       6. State of louisiana amended return form 1040x Divide line 4 by line 5 and enter the result as a decimal (rounded to at least 3 places)   6. State of louisiana amended return form 1040x . State of louisiana amended return form 1040x 100 7. State of louisiana amended return form 1040x Multiply line 1 by line 6   7. State of louisiana amended return form 1040x 200 8. State of louisiana amended return form 1040x Subtract line 7 from line 1   8. State of louisiana amended return form 1040x 1,800 Note: The total Coverdell ESA contributions from all sources for the designated beneficiary during the tax year may not exceed $2,000. State of louisiana amended return form 1040x Additional Tax on Excess Contributions The beneficiary must pay a 6% excise tax each year on excess contributions that are in a Coverdell ESA at the end of the year. State of louisiana amended return form 1040x Excess contributions are the total of the following two amounts. State of louisiana amended return form 1040x Contributions to any designated beneficiary's Coverdell ESA for the year that are more than $2,000 (or, if less, the total of each contributor's limit for the year, as discussed earlier). State of louisiana amended return form 1040x Excess contributions for the preceding year, reduced by the total of the following two amounts: Distributions (other than those rolled over as discussed later) during the year, and The contribution limit for the current year minus the amount contributed for the current year. State of louisiana amended return form 1040x Exceptions. State of louisiana amended return form 1040x   The excise tax does not apply if excess contributions made during 2013 (and any earnings on them) are distributed before the first day of the sixth month of the following tax year (June 1, 2014, for a calendar year taxpayer). State of louisiana amended return form 1040x   However, you must include the distributed earnings in gross income for the year in which the excess contribution was made. State of louisiana amended return form 1040x You should receive Form 1099-Q, Payments From Qualified Education Programs, from each institution from which excess contributions were distributed. State of louisiana amended return form 1040x Box 2 of that form will show the amount of earnings on your excess contributions. State of louisiana amended return form 1040x Code “2” or “3” entered in the blank box below boxes 5 and 6 indicate the year in which the earnings are taxable. State of louisiana amended return form 1040x See Instructions for Recipient on the back of copy B of your Form 1099-Q. State of louisiana amended return form 1040x Enter the amount of earnings on line 21 of Form 1040 (or Form 1040NR) for the applicable tax year. State of louisiana amended return form 1040x For more information, see Taxable Distributions , later. State of louisiana amended return form 1040x   The excise tax does not apply to any rollover contribution. State of louisiana amended return form 1040x Note. State of louisiana amended return form 1040x Contributions made in one year for the preceding tax year are considered to have been made on the last day of the preceding year. State of louisiana amended return form 1040x Example. State of louisiana amended return form 1040x In 2012, Greta's parents and grandparents contributed a total of $2,300 to Greta's Coverdell ESA— an excess contribution of $300. State of louisiana amended return form 1040x Because Greta did not withdraw the excess before June 1, 2013, she had to pay an additional tax of $18 (6% × $300) when she filed her 2012 tax return. State of louisiana amended return form 1040x In 2013, excess contributions of $500 were made to Greta's account, however, she withdrew $250 from that account to use for qualified education expenses. State of louisiana amended return form 1040x Using the steps shown earlier under Additional Tax on Excess Contributions , Greta figures the excess contribution in her account at the end of 2013 as follows. State of louisiana amended return form 1040x (1)   $500 excess contributions made in 2013     + (2)   $300 excess contributions in ESA at end of 2012     − (2a)   $250 distribution during 2013         $550 excess at end of 2013   × 6%=$33           If Greta limits 2014 contributions to $1,450 ($2,000 maximum allowed − $550 excess contributions from 2013), she will not owe any additional tax in 2014 for excess contributions. State of louisiana amended return form 1040x Figuring and reporting the additional tax. State of louisiana amended return form 1040x   You figure this excise tax in Part V of Form 5329. State of louisiana amended return form 1040x Report the additional tax on Form 1040, line 58 (or Form 1040NR, line 56). State of louisiana amended return form 1040x Rollovers and Other Transfers Assets can be rolled over from one Coverdell ESA to another or the designated beneficiary can be changed. State of louisiana amended return form 1040x The beneficiary's interest can be transferred to a spouse or former spouse because of divorce. State of louisiana amended return form 1040x Rollovers Any amount distributed from a Coverdell ESA is not taxable if it is rolled over to another Coverdell ESA for the benefit of the same beneficiary or a member of the beneficiary's family (including the beneficiary's spouse) who is under age 30. State of louisiana amended return form 1040x This age limitation does not apply if the new beneficiary is a special needs beneficiary. State of louisiana amended return form 1040x An amount is rolled over if it is paid to another Coverdell ESA within 60 days after the date of the distribution. State of louisiana amended return form 1040x Do not report qualifying rollovers (those that meet the above criteria) anywhere on Form 1040 or 1040NR. State of louisiana amended return form 1040x These are not taxable distributions. State of louisiana amended return form 1040x Members of the beneficiary's family. State of louisiana amended return form 1040x   For these purposes, the beneficiary's family includes the beneficiary's spouse and the following other relatives of the beneficiary. State of louisiana amended return form 1040x Son, daughter, stepchild, foster child, adopted child, or a descendant of any of them. State of louisiana amended return form 1040x Brother, sister, stepbrother, or stepsister. State of louisiana amended return form 1040x Father or mother or ancestor of either. State of louisiana amended return form 1040x Stepfather or stepmother. State of louisiana amended return form 1040x Son or daughter of a brother or sister. State of louisiana amended return form 1040x Brother or sister of father or mother. State of louisiana amended return form 1040x Son-in-law, daughter-in-law, father-in-law, mother-in-law, brother-in-law, or sister-in-law. State of louisiana amended return form 1040x The spouse of any individual listed above. State of louisiana amended return form 1040x First cousin. State of louisiana amended return form 1040x Example. State of louisiana amended return form 1040x When Aaron graduated from college last year he had $5,000 left in his Coverdell ESA. State of louisiana amended return form 1040x He wanted to give this money to his younger sister, who was still in high school. State of louisiana amended return form 1040x In order to avoid paying tax on the distribution of the amount remaining in his account, Aaron contributed the same amount to his sister's Coverdell ESA within 60 days of the distribution. State of louisiana amended return form 1040x Only one rollover per Coverdell ESA is allowed during the 12-month period ending on the date of the payment or distribution. State of louisiana amended return form 1040x This rule does not apply to the rollover of a military death gratuity or payment from Servicemembers' Group Life Insurance (SGLI). State of louisiana amended return form 1040x Military death gratuity. State of louisiana amended return form 1040x   If you received a military death gratuity or a payment from Servicemembers' Group Life Insurance (SGLI), you may roll over all or part of the amount received to one or more Coverdell ESAs for the benefit of members of the beneficiary's family (see Members of the beneficiary's family , earlier). State of louisiana amended return form 1040x Such payments are made to an eligible survivor upon the death of a member of the armed forces. State of louisiana amended return form 1040x The contribution to a Coverdell ESA from survivor benefits received cannot be made later than 1 year after the date on which you receive the gratuity or SGLI payment. State of louisiana amended return form 1040x   This rollover contribution is not subject to (but is in addition to) the contribution limits discussed earlier under Contribution Limits . State of louisiana amended return form 1040x The amount you roll over cannot exceed the total survivor benefits you received, reduced by contributions from these benefits to a Roth IRA or other Coverdell ESAs. State of louisiana amended return form 1040x   The amount contributed from the survivor benefits is treated as part of your basis (cost) in the Coverdell ESA, and will not be taxed when distributed. State of louisiana amended return form 1040x See Distributions , later. State of louisiana amended return form 1040x The limit of one rollover per Coverdell ESA during a 12-month period does not apply to a military death gratuity or SGLI payment. State of louisiana amended return form 1040x Changing the Designated Beneficiary The designated beneficiary can be changed. State of louisiana amended return form 1040x See Members of the beneficiary's family , earlier. State of louisiana amended return form 1040x There are no tax consequences if, at the time of the change, the new beneficiary is under age 30 or is a special needs beneficiary. State of louisiana amended return form 1040x Example. State of louisiana amended return form 1040x Assume the same situation for Aaron as in the last example (see Rollovers , earlier). State of louisiana amended return form 1040x Instead of closing his Coverdell ESA and paying the distribution into his sister's Coverdell ESA, Aaron could have instructed the trustee of his account to simply change the name of the beneficiary on his account to that of his sister. State of louisiana amended return form 1040x Transfer Because of Divorce If a spouse or former spouse receives a Coverdell ESA under a divorce or separation instrument, it is not a taxable transfer. State of louisiana amended return form 1040x After the transfer, the spouse or former spouse treats the Coverdell ESA as his or her own. State of louisiana amended return form 1040x Example. State of louisiana amended return form 1040x In their divorce settlement, Peg received her ex-husband's Coverdell ESA. State of louisiana amended return form 1040x In this process, the account was transferred into her name. State of louisiana amended return form 1040x Peg now treats the funds in this Coverdell ESA as if she were the original owner. State of louisiana amended return form 1040x Distributions The designated beneficiary of a Coverdell ESA can take a distribution at any time. State of louisiana amended return form 1040x Whether the distributions are tax free depends, in part, on whether the distributions are equal to or less than the amount of Adjusted qualified education expenses (defined later) that the beneficiary has in the same tax year. State of louisiana amended return form 1040x See Table 7-3, Coverdell ESA Distributions at a Glance, for highlights. State of louisiana amended return form 1040x Table 7-3. State of louisiana amended return form 1040x Coverdell ESA Distributions at a Glance Do not rely on this table alone. State of louisiana amended return form 1040x It provides only general highlights. State of louisiana amended return form 1040x See the text for definitions of terms in bold type and for more complete explanations. State of louisiana amended return form 1040x Question Answer Is a distribution from a Coverdell ESA to pay for a designated beneficiary's qualified education expenses tax free? Generally, yes, to the extent the amount of the distribution is not more than the designated beneficiary's adjusted qualified education expenses. State of louisiana amended return form 1040x After the designated beneficiary completes his or her education at an eligible educational institution, can amounts remaining in the Coverdell ESA be distributed? Yes. State of louisiana amended return form 1040x Amounts must be distributed when the designated beneficiary reaches age 30, unless he or she is a special needs beneficiary. State of louisiana amended return form 1040x Also, certain transfers to members of the beneficiary's family are permitted. State of louisiana amended return form 1040x Does the designated beneficiary need to be enrolled for a minimum number of courses to take a tax-free distribution? No. State of louisiana amended return form 1040x Adjusted qualified education expenses. State of louisiana amended return form 1040x   To determine if total distributions for the year are more than the amount of qualified education expenses, reduce total qualified education expenses by any tax-free educational assistance. State of louisiana amended return form 1040x Tax-free educational assistance includes: The tax-free part of scholarships and fellowships (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Veterans' educational assistance (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Pell grants (see Pell Grants and Other Title IV Need-Based Education Grants in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ), and Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. State of louisiana amended return form 1040x The amount you get by subtracting tax-free educational assistance from your total qualified education expenses is your adjusted qualified education expenses. State of louisiana amended return form 1040x Tax-Free Distributions Generally, distributions are tax free if they are not more than the beneficiary's adjusted qualified education expenses for the year. State of louisiana amended return form 1040x Do not report tax-free distributions (including qualifying rollovers) on your tax return. State of louisiana amended return form 1040x Taxable Distributions A portion of the distributions is generally taxable to the beneficiary if the total distributions are more than the beneficiary's adjusted qualified education expenses for the year. State of louisiana amended return form 1040x Excess distribution. State of louisiana amended return form 1040x   This is the part of the total distribution that is more than the beneficiary's adjusted qualified education expenses for the year. State of louisiana amended return form 1040x Earnings and basis. State of louisiana amended return form 1040x   You will receive a Form 1099-Q for each of the Coverdell ESAs from which money was distributed in 2013. State of louisiana amended return form 1040x The amount of your gross distribution will be shown in box 1. State of louisiana amended return form 1040x For 2013, instead of dividing the gross distribution between your earnings (box 2) and your basis (already-taxed amount) (box 3), the payer or trustee may report the fair market value (account balance) of the Coverdell ESA as of December 31, 2013. State of louisiana amended return form 1040x This will be shown in the blank box below boxes 5 and 6. State of louisiana amended return form 1040x   The amount contributed from survivor benefits (see Military death gratuity , earlier) is treated as part of your basis and will not be taxed when distributed. State of louisiana amended return form 1040x Figuring the Taxable Portion of a Distribution The taxable portion is the amount of the excess distribution that represents earnings that have accumulated tax free in the account. State of louisiana amended return form 1040x Figure the taxable portion for 2013 as shown in the following steps. State of louisiana amended return form 1040x Multiply the total amount distributed by a fraction. State of louisiana amended return form 1040x The numerator is the basis (contributions not previously distributed) at the end of 2012 plus total contributions for 2013 and the denominator is the value (balance) of the account at the end of 2013 plus the amount distributed during 2013. State of louisiana amended return form 1040x Subtract the amount figured in (1) from the total amount distributed during 2013. State of louisiana amended return form 1040x The result is the amount of earnings included in the distribution(s). State of louisiana amended return form 1040x Multiply the amount of earnings figured in (2) by a fraction. State of louisiana amended return form 1040x The numerator is the adjusted qualified education expenses paid during 2013 and the denominator is the total amount distributed during 2013. State of louisiana amended return form 1040x Subtract the amount figured in (3) from the amount figured in (2). State of louisiana amended return form 1040x The result is the amount the beneficiary must include in income. State of louisiana amended return form 1040x The taxable amount must be reported on Form 1040 or Form 1040NR, line 21. State of louisiana amended return form 1040x Example. State of louisiana amended return form 1040x You received an $850 distribution from your Coverdell ESA, to which $1,500 had been contributed before 2013. State of louisiana amended return form 1040x There were no contributions in 2013. State of louisiana amended return form 1040x This is your first distribution from the account, so your basis in the account on December 31, 2012, was $1,500. State of louisiana amended return form 1040x The value (balance) of your account on December 31, 2013, was $950. State of louisiana amended return form 1040x You had $700 of adjusted qualified education expenses (AQEE) for the year. State of louisiana amended return form 1040x Using the steps in Figuring the Taxable Portion of a Distribution , earlier, figure the taxable portion of your distribution as follows. State of louisiana amended return form 1040x   1. State of louisiana amended return form 1040x $850 (distribution) × $1,500 basis + $0 contributions  $950 value + $850 distribution       =$708 (basis portion of distribution)     2. State of louisiana amended return form 1040x $850 (distribution)−$708 (basis portion of distribution)     =$142 (earnings included in distribution)   3. State of louisiana amended return form 1040x $142 (earnings) × $700 AQEE  $850 distribution           =$117 (tax-free earnings)     4. State of louisiana amended return form 1040x $142 (earnings)−$117 (tax-free earnings)=$25 (taxable earnings)                 You must include $25 in income as distributed earnings not used for qualified education expenses. State of louisiana amended return form 1040x Report this amount on Form 1040, line 21, listing the type and amount of income on the dotted line. State of louisiana amended return form 1040x Worksheet 7-3, Coverdell ESA–Taxable Distributions and Basis , at the end of this chapter, can help you figure your adjusted qualified education expenses, how much of your distribution must be included in income, and the remaining basis in your Coverdell ESA(s). State of louisiana amended return form 1040x Coordination With American Opportunity and Lifetime Learning Credits The American opportunity or lifetime learning credit can be claimed in the same year the beneficiary takes a tax-free distribution from a Coverdell ESA, as long as the same expenses are not used for both benefits. State of louisiana amended return form 1040x This means the beneficiary must reduce qualified higher education expenses by tax-free educational assistance, and then further reduce them by any expenses taken into account in determining an American opportunity or lifetime learning credit. State of louisiana amended return form 1040x Example. State of louisiana amended return form 1040x Derek Green had $5,800 of qualified higher education expenses for 2013, his first year in college. State of louisiana amended return form 1040x He paid his college expenses from the following sources. State of louisiana amended return form 1040x     Partial tuition scholarship (tax free) $1,500     Coverdell ESA distribution 1,000     Gift from parents 2,100     Earnings from part-time job 1,200           Of his $5,800 of qualified higher education expenses, $4,000 was tuition and related expenses that also qualified for an American opportunity credit. State of louisiana amended return form 1040x Derek's parents claimed a $2,500 American opportunity credit (based on $4,000 expenses) on their tax return. State of louisiana amended return form 1040x Before Derek can determine the taxable portion of his Coverdell ESA distribution, he must reduce his total qualified higher education expenses. State of louisiana amended return form 1040x     Total qualified higher education expenses $5,800     Minus: Tax-free educational assistance −1,500     Minus: Expenses taken into account in  figuring American opportunity credit − 4,000     Equals: Adjusted qualified higher education  expenses (AQHEE) $ 300           Since the adjusted qualified higher education expenses ($300) are less than the Coverdell ESA distribution ($1,000), part of the distribution will be taxable. State of louisiana amended return form 1040x The balance in Derek's account was $1,800 on December 31, 2013. State of louisiana amended return form 1040x Prior to 2013, $2,100 had been contributed to this account. State of louisiana amended return form 1040x Contributions for 2013 totaled $400. State of louisiana amended return form 1040x Using the four steps outlined earlier, Derek figures the taxable portion of his distribution as shown below. State of louisiana amended return form 1040x   1. State of louisiana amended return form 1040x $1,000 (distribution) × $2,100 basis + $400 contributions  $1,800 value + $1,000 distribution           =$893 (basis portion of distribution)     2. State of louisiana amended return form 1040x $1,000 (distribution)−$893 (basis portion of distribution)     = $107 (earnings included in distribution)   3. State of louisiana amended return form 1040x $107 (earnings) × $300 AQHEE  $1,000 distribution       =$32 (tax-free earnings)     4. State of louisiana amended return form 1040x $107 (earnings)−$32 (tax-free earnings)=$75 (taxable earnings)                 Derek must include $75 in income (Form 1040, line 21). State of louisiana amended return form 1040x This is the amount of distributed earnings not used for adjusted qualified higher education expenses. State of louisiana amended return form 1040x Coordination With Qualified Tuition Program (QTP) Distributions If a designated beneficiary receives distributions from both a Coverdell ESA and a QTP in the same year, and the total distribution is more than the beneficiary's adjusted qualified higher education expenses, those expenses must be allocated between the distribution from the Coverdell ESA and the distribution from the QTP before figuring how much of each distribution is taxable. State of louisiana amended return form 1040x The following two examples illustrate possible allocations. State of louisiana amended return form 1040x Example 1. State of louisiana amended return form 1040x In 2013, Beatrice graduated from high school and began her first semester of college. State of louisiana amended return form 1040x That year, she had $1,000 of qualified elementary and secondary education expenses (QESEE) for high school and $3,000 of qualified higher education expenses (QHEE) for college. State of louisiana amended return form 1040x To pay these expenses, Beatrice withdrew $800 from her Coverdell ESA and $4,200 from her QTP. State of louisiana amended return form 1040x No one claimed Beatrice as a dependent, nor was she eligible for an education credit. State of louisiana amended return form 1040x She did not receive any tax-free educational assistance in 2013. State of louisiana amended return form 1040x Beatrice must allocate her total qualified education expenses between the two distributions. State of louisiana amended return form 1040x Beatrice knows that tax-free treatment will be available if she applies her $800 Coverdell ESA distribution toward her $1,000 of qualified education expenses for high school. State of louisiana amended return form 1040x The qualified expenses are greater than the distribution, making the $800 Coverdell ESA distribution tax free. State of louisiana amended return form 1040x Next, Beatrice matches her $4,200 QTP distribution to her $3,000 of QHEE, and finds she has an excess QTP distribution of $1,200 ($4,200 QTP − $3,000 QHEE). State of louisiana amended return form 1040x She cannot use the extra $200 of high school expenses (from (1) above) against the QTP distribution because those expenses do not qualify a QTP for tax-free treatment. State of louisiana amended return form 1040x Finally, Beatrice figures the taxable and tax-free portions of her QTP distribution based on her $3,000 of QHEE. State of louisiana amended return form 1040x (See Figuring the Taxable Portion of a Distribution in chapter 8, Qualified Tuition Program for more information. State of louisiana amended return form 1040x ) Example 2. State of louisiana amended return form 1040x Assume the same facts as in Example 1 , except that Beatrice withdrew $1,800 from her Coverdell ESA and $3,200 from her QTP. State of louisiana amended return form 1040x In this case, she allocates her qualified education expenses as follows. State of louisiana amended return form 1040x Using the same reasoning as in Example 1, Beatrice matches $1,000 of her Coverdell ESA distribution to her $1,000 of QESEE—she has $800 of her distribution remaining. State of louisiana amended return form 1040x Because higher education expenses can also qualify a Coverdell ESA distribution for tax-free treatment, Beatrice allocates her $3,000 of QHEE between the remaining $800 Coverdell ESA and the $3,200 QTP distributions ($4,000 total). State of louisiana amended return form 1040x   $3,000 QHEE × $800 ESA distribution  $4,000 total distribution = $600 QHEE (ESA)     $3,000 QHEE × $3,200 QTP distribution  $4,000 total distribution = $2,400 QHEE (QTP)   Beatrice then figures the taxable part of her: Coverdell ESA distribution based on qualified education expenses of $1,600 ($1,000 QESEE + $600 QHEE). State of louisiana amended return form 1040x See Figuring the Taxable Portion of a Distribution , earlier, in this chapter. State of louisiana amended return form 1040x   QTP distribution based on her $2,400 of QHEE (see Figuring the Taxable Portion of a Distribution in chapter 8, Qualified Tuition Program). State of louisiana amended return form 1040x The above examples show two types of allocation between distributions from a Coverdell ESA and a QTP. State of louisiana amended return form 1040x However, you do not have to allocate your expenses in the same way. State of louisiana amended return form 1040x You can use any reasonable method. State of louisiana amended return form 1040x Losses on Coverdell ESA Investments If you have a loss on your investment in a Coverdell ESA, you may be able to deduct the loss on your income tax return. State of louisiana amended return form 1040x You can deduct the loss only when all amounts from that account have been distributed and the total distributions are less than your unrecovered basis. State of louisiana amended return form 1040x Your basis is the total amount of contributions to that Coverdell ESA. State of louisiana amended return form 1040x You claim the loss as a miscellaneous itemized deduction on Schedule A (Form 1040), line 23 (Schedule A (Form 1040NR), line 9), subject to the 2%-of-adjusted-gross-income limit. State of louisiana amended return form 1040x If you have distributions from more than one Coverdell ESA account during a year, you must combine the information (amount of distribution, basis, etc. State of louisiana amended return form 1040x ) from all such accounts in order to determine your taxable earnings for the year. State of louisiana amended return form 1040x By doing this, the loss from one ESA account reduces the distributed earnings (if any) from any other ESA account. State of louisiana amended return form 1040x For examples of the calculation, see Losses on QTP Investments in chapter 8, Qualified Tuition Program. State of louisiana amended return form 1040x Additional Tax on Taxable Distributions Generally, if you receive a taxable distribution, you also must pay a 10% additional tax on the amount included in income. State of louisiana amended return form 1040x Exceptions. State of louisiana amended return form 1040x   The 10% additional tax does not apply to distributions: Paid to a beneficiary (or to the estate of the designated beneficiary) on or after the death of the designated beneficiary. State of louisiana amended return form 1040x Made because the designated beneficiary is disabled. State of louisiana amended return form 1040x A person is considered to be disabled if he or she shows proof that he or she cannot do any substantial gainful activity because of his or her physical or mental condition. State of louisiana amended return form 1040x A physician must determine that his or her condition can be expected to result in death or to be of long-continued and indefinite duration. State of louisiana amended return form 1040x Included in income because the designated beneficiary received: A tax-free scholarship or fellowship (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Veterans' educational assistance (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ), or Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. State of louisiana amended return form 1040x Made on account of the attendance of the designated beneficiary at a U. State of louisiana amended return form 1040x S. State of louisiana amended return form 1040x military academy (such as the USMA at West Point). State of louisiana amended return form 1040x This exception applies only to the extent that the amount of the distribution does not exceed the costs of advanced education (as defined in section 2005(d)(3) of title 10 of the U. State of louisiana amended return form 1040x S. State of louisiana amended return form 1040x Code) attributable to such attendance. State of louisiana amended return form 1040x Included in income only because the qualified education expenses were taken into account in determining the American opportunity or lifetime learning credit (see Coordination With American Opportunity and Lifetime Learning Credits , earlier). State of louisiana amended return form 1040x Made before June 1, 2014, of an excess 2013 contribution (and any earnings on it). State of louisiana amended return form 1040x The distributed earnings must be included in gross income for the year in which the excess contribution was made. State of louisiana amended return form 1040x Exception (3) applies only to the extent the distribution is not more than the scholarship, allowance, or payment. State of louisiana amended return form 1040x Figuring the additional tax. State of louisiana amended return form 1040x    Use Part II of Form 5329, to figure any additional tax. State of louisiana amended return form 1040x Report the amount on Form 1040, line 58, or Form 1040NR, line 56. State of louisiana amended return form 1040x When Assets Must Be Distributed Any assets remaining in a Coverdell ESA must be distributed when either one of the following two events occurs. State of louisiana amended return form 1040x The designated beneficiary reaches age 30. State of louisiana amended return form 1040x In this case, the remaining assets must be distributed within 30 days after the beneficiary reaches age 30. State of louisiana amended return form 1040x However, this rule does not apply if the beneficiary is a special needs beneficiary. State of louisiana amended return form 1040x The designated beneficiary dies before reaching age 30. State of louisiana amended return form 1040x In this case, the remaining assets must generally be distributed within 30 days after the date of death. State of louisiana amended return form 1040x Exception for Transfer to Surviving Spouse or Family Member If a Coverdell ESA is transferred to a surviving spouse or other family member as the result of the death of the designated beneficiary, the Coverdell ESA retains its status. State of louisiana amended return form 1040x (“Family member” was defined earlier under Rollovers . State of louisiana amended return form 1040x ) This means the spouse or other family member can treat the Coverdell ESA as his or her own and does not need to withdraw the assets until he or she reaches age 30. State of louisiana amended return form 1040x This age limitation does not apply if the new beneficiary is a special needs beneficiary. State of louisiana amended return form 1040x There are no tax consequences as a result of the transfer. State of louisiana amended return form 1040x How To Figure the Taxable Earnings When a total distribution is made because the designated beneficiary either reached age 30 or died, the earnings that accumulated tax free in the account must be included in taxable income. State of louisiana amended return form 1040x You determine these earnings as shown in the following two steps. State of louisiana amended return form 1040x Multiply the amount distributed by a fraction. State of louisiana amended return form 1040x The numerator is the basis (contributions not previously distributed) at the end of 2012 plus total contributions for 2013 and the denominator is the balance in the account at the end of 2013 plus the amount distributed during 2013. State of louisiana amended return form 1040x Subtract the amount figured in (1) from the total amount distributed during 2013. State of louisiana amended return form 1040x The result is the amount of earnings included in the distribution. State of louisiana amended return form 1040x For an example, see steps (1) and (2) of the Example under Figuring the Taxable Portion of a Distribution, earlier. State of louisiana amended return form 1040x The beneficiary or other person receiving the distribution must report this amount on Form 1040, line 21, or Form 1040NR, line 21, listing the type and amount of income on the dotted line. State of louisiana amended return form 1040x Worksheet 7-3 Instructions. State of louisiana amended return form 1040x Coverdell ESA—Taxable Distributions and Basis Line G. State of louisiana amended return form 1040x Enter the total distributions received from all Coverdell ESAs during 2013. State of louisiana amended return form 1040x Do not include amounts rolled over to another ESA within 60 days (only one rollover is allowed during any 12-month period). State of louisiana amended return form 1040x Also, do not include excess contributions that were distributed with the related earnings (or less any loss) before the first day of the sixth month of the tax year following the year for which the contributions were made. State of louisiana amended return form 1040x Line 2. State of louisiana amended return form 1040x Your basis (amount already taxed) in this Coverdell ESA as of December 31, 2012, is the total of:   •All contributions to this Coverdell ESA before 2013 •Minus the tax-free portion of any distributions from this Coverdell ESA before 2013. State of louisiana amended return form 1040x   If your last distribution from this Coverdell ESA was before 2013, you must start with the basis in your account as of the end of the last year in which you took a distribution. State of louisiana amended return form 1040x For years before 2002, you can find that amount on the last line of the worksheet in the Instructions for Form 8606, Nondeductible IRAs, that you completed for that year. State of louisiana amended return form 1040x For years after 2001, you can find that amount by using the ending basis from the worksheet in Publication 970 for that year. State of louisiana amended return form 1040x You can determine your basis in this Coverdell ESA as of December 31, 2012, by adding to the basis as of the end of that year any contributions made to that account after the year of the distribution and before 2013. State of louisiana amended return form 1040x Line 4. State of louisiana amended return form 1040x Enter the total distributions received from this Coverdell ESA in 2013. State of louisiana amended return form 1040x Do not include amounts rolled over to another Coverdell ESA within 60 days (only one rollover is allowed during any 12-month period). State of louisiana amended return form 1040x   Also, do not include excess contributions that were distributed with the related earnings (or less any loss) before the first day of the sixth month of the tax year following the year of the contributions. State of louisiana amended return form 1040x Line 7. State of louisiana amended return form 1040x Enter the total value of this Coverdell ESA as of December 31, 2013, plus any outstanding rollovers contributed to the account after 2012, but before the end of the 60-day rollover period. State of louisiana amended return form 1040x A statement should be sent to you by January 31, 2014, for this Coverdell ESA showing the value on December 31, 2013. State of louisiana amended return form 1040x   A rollover is a tax-free withdrawal from one Coverdell ESA that is contributed to another Coverdell ESA. State of louisiana amended return form 1040x An outstanding rollover is any amount withdrawn within 60 days before the end of 2013 (November 2 through December 31) that was rolled over after December 31, 2013, but within the 60-day rollover period. State of louisiana amended return form 1040x Worksheet 7-3. State of louisiana amended return form 1040x Coverdell ESA—Taxable Distributions and Basis How to complete this worksheet. State of louisiana amended return form 1040x • • • Complete Part I, lines A through H, on only one worksheet. State of louisiana amended return form 1040x  Complete a separate Part II, lines 1 through 15, for each of your Coverdell ESAs. State of louisiana amended return form 1040x  Complete Part III, the Summary (line 16), on only one worksheet. State of louisiana amended return form 1040x Part I. State of louisiana amended return form 1040x Qualified Education Expenses (Complete for total expenses)       A. State of louisiana amended return form 1040x Enter your total qualified education expenses for 2013   A. State of louisiana amended return form 1040x   B. State of louisiana amended return form 1040x Enter those qualified education expenses paid for with tax-free educational assistance (for example, tax-free scholarships, veterans' educational benefits, Pell grants, employer-provided educational assistance)   B. State of louisiana amended return form 1040x         C. State of louisiana amended return form 1040x Enter those qualified higher education expenses deducted on Schedule C or C-EZ (Form 1040). State of louisiana amended return form 1040x Schedule F (Form 1040), or as a miscellaneous itemized deduction on Schedule A (Form 1040 or 1040NR)   C. State of louisiana amended return form 1040x         D. State of louisiana amended return form 1040x Enter those qualified higher education expenses on which  an American opportunity or lifetime learning credit was based   D. State of louisiana amended return form 1040x         E. State of louisiana amended return form 1040x Add lines B, C, and D   D. State of louisiana amended return form 1040x   F. State of louisiana amended return form 1040x Subtract line E from line A. State of louisiana amended return form 1040x This is your adjusted qualified education expense for 2013   E. State of louisiana amended return form 1040x   G. State of louisiana amended return form 1040x Enter your total distributions from all Coverdell ESAs during 2013. State of louisiana amended return form 1040x Do not include rollovers  or the return of excess contributions (see instructions)   F. State of louisiana amended return form 1040x   H. State of louisiana amended return form 1040x Divide line F by line G. State of louisiana amended return form 1040x Enter the result as a decimal (rounded to at least 3 places). State of louisiana amended return form 1040x If the  result is 1. State of louisiana amended return form 1040x 000 or more, enter 1. State of louisiana amended return form 1040x 000   G. State of louisiana amended return form 1040x . State of louisiana amended return form 1040x Part II. State of louisiana amended return form 1040x Taxable Distributions and Basis (Complete separately for each account) 1. State of louisiana amended return form 1040x Enter the amount contributed to this Coverdell ESA for 2013, including contributions made for 2013 from January 1, 2014, through April 15, 2014. State of louisiana amended return form 1040x Do not include rollovers or the return of excess contributions   1. State of louisiana amended return form 1040x   2. State of louisiana amended return form 1040x Enter your basis in this Coverdell ESA as of December 31, 2012 (see instructions)   2. State of louisiana amended return form 1040x   3. State of louisiana amended return form 1040x Add lines 1 and 2   3. State of louisiana amended return form 1040x   4. State of louisiana amended return form 1040x Enter the total distributions from this Coverdell ESA during 2013. State of louisiana amended return form 1040x Do not include rollovers  or the return of excess contributions (see instructions)   4. State of louisiana amended return form 1040x   5. State of louisiana amended return form 1040x Multiply line 4 by line H. State of louisiana amended return form 1040x This is the amount of adjusted qualified  education expense attributable to this Coverdell ESA   5. State of louisiana amended return form 1040x         6. State of louisiana amended return form 1040x Subtract line 5 from line 4   6. State of louisiana amended return form 1040x         7. State of louisiana amended return form 1040x Enter the total value of this Coverdell ESA as of December 31, 2013,  plus any outstanding rollovers (see instructions)   7. State of louisiana amended return form 1040x         8. State of louisiana amended return form 1040x Add lines 4 and 7   8. State of louisiana amended return form 1040x         9. State of louisiana amended return form 1040x Divide line 3 by line 8. State of louisiana amended return form 1040x Enter the result as a decimal (rounded to  at least 3 places). State of louisiana amended return form 1040x If the result is 1. State of louisiana amended return form 1040x 000 or more, enter 1. State of louisiana amended return form 1040x 000   9. State of louisiana amended return form 1040x . State of louisiana amended return form 1040x       10. State of louisiana amended return form 1040x Multiply line 4 by line 9. State of louisiana amended return form 1040x This is the amount of basis allocated to your  distributions, and is tax free   10. State of louisiana amended return form 1040x     Note. State of louisiana amended return form 1040x If line 6 is zero, skip lines 11 through 13, enter -0- on line 14, and go to line 15. State of louisiana amended return form 1040x       11. State of louisiana amended return form 1040x Subtract line 10 from line 4   11. State of louisiana amended return form 1040x   12. State of louisiana amended return form 1040x Divide line 5 by line 4. State of louisiana amended return form 1040x Enter the result as a decimal (rounded to  at least 3 places). State of louisiana amended return form 1040x If the result is 1. State of louisiana amended return form 1040x 000 or more, enter 1. State of louisiana amended return form 1040x 000   12. State of louisiana amended return form 1040x . State of louisiana amended return form 1040x       13. State of louisiana amended return form 1040x Multiply line 11 by line 12. State of louisiana amended return form 1040x This is the amount of qualified education  expenses allocated to your distributions, and is tax free   13. State of louisiana amended return form 1040x   14. State of louisiana amended return form 1040x Subtract line 13 from line 11. State of louisiana amended return form 1040x This is the portion of the distributions from this  Coverdell ESA in 2013 that you must include in income   14. State of louisiana amended return form 1040x   15. State of louisiana amended return form 1040x Subtract line 10 from line 3. State of louisiana amended return form 1040x This is your basis in this Coverdell ESA as of December 31, 2013   15. State of louisiana amended return form 1040x   Part III. State of louisiana amended return form 1040x Summary (Complete only once)       16. State of louisiana amended return form 1040x Taxable amount. State of louisiana amended return form 1040x Add together all amounts on line 14 for all your Coverdell ESAs. State of louisiana amended return form 1040x Enter here  and include on Form 1040, line 21, or Form 1040NR, line 21, listing the type and amount of income on the dotted line   16. State of louisiana amended return form 1040x   Prev  Up  Next   Home   More Online Publications
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Contact My Local Office in South Dakota

Face-to-face Tax Help

IRS Taxpayer Assistance Centers (TACs) are your source for personal tax help when you believe your tax issue can only be handled face-to-face. No appointment is necessary.

Keep in mind, many questions can be resolved online without waiting in line. Through IRS.gov you can:
• Set up a payment plan.
• Get a transcript of your tax return.
• Make a payment.
• Check on your refund.
• Find answers to many of your tax questions.

We are now referring all requests for tax return preparation services to other available resources. You can take advantage of free tax preparation through Free File, Free File Fillable Forms or through a volunteer site in your community. To find the nearest volunteer site location or to get more information about Free File, go to the top of the page and enter “Free Tax Help” in the Search box.

If you have a tax account issues and feel that it requires talking with someone face-to-face, visit your local TAC.

Caution:  Many of our offices are located in Federal Office Buildings. These buildings may not allow visitors to bring in cell phones with camera capabilities.

Multilingual assistance is available in every office. Hours of operation are subject to change.

Before visiting your local office click on "Services Provided" in the chart below to see what services are available. Services are limited and not all services are available at every TAC office and may vary from site to site. You can get these services on a walk-in basis.

City  Street Address  Days/Hours of Service  Telephone* 
Aberdeen  115 Fourth Ave. S.E.
Aberdeen, SD 57401 

Monday-Friday - 8:30 a.m.-4:30 p.m.
(Closed for lunch 11:00 a.m. - 12:00 noon)

 

Services Provided

(605) 226-7273 
Rapid City  515 Ninth St.
Rapid City, SD 57701 

Monday-Friday - 8:30 a.m.- 4:30 p.m. 
(Closed for lunch 1:00 p.m. - 2:00 p.m.)

 

Services Provided

(605) 348-2006 
Sioux Falls  1720 S. Southeastern Ave.
Sioux Falls, SD 57103 

Monday-Friday - 8:30 a.m.-4:30 p.m.

 

**This office will be open until 6:00 p.m. on 4/14 & 4/15**

 

Services Provided

(605) 330-4539 

* Note: The phone numbers in the chart above are not toll-free for all locations. When you call, you will reach a recorded business message with information about office hours, locations and services provided in that office. If  face-to-face assistance is not a priority for you, you may also get help with IRS letters or resolve tax account issues by phone, toll free at 1-800-829-1040 (individuals) or 1-800-829-4933 (businesses).

For information on where to file your tax return please see Where to File Addresses.

The Taxpayer Advocate Service: Call (605) 377-1600 in Aberdeen or 1-877-777-4778 elsewhere, or see  Publication 1546, The Taxpayer Advocate Service of the IRS.

For further information, see  Tax Topic 104

Partnerships

IRS and organizations all over the country are partnering to assist taxpayers. Through these partnerships, organizations are also achieving their own goals. These mutually beneficial partnerships are strengthening outreach efforts and bringing education and assistance to millions.

For more information about these programs for individuals and families, contact the Stakeholder Partnerships, Education and Communication Office at:

Internal Revenue Service
115 4th Ave. SE
Aberdeen, SD 57401

For more information about these programs for businesses, your local Stakeholder Liaison office establishes relationships with organizations representing small business and self-employed taxpayers. They provide information about the policies, practices and procedures the IRS uses to ensure compliance with the tax laws. To establish a relationship with us, use this list to find a contact in your state:

Stakeholder Liaison (SL) Phone Numbers for Organizations Representing Small Businesses and Self-employed Taxpayers.

Page Last Reviewed or Updated: 28-Mar-2014

The State Of Louisiana Amended Return Form 1040x

State of louisiana amended return form 1040x Publication 515 - Introductory Material Table of Contents Future Developments What's New Reminders IntroductionOrdering forms and publications. State of louisiana amended return form 1040x Tax questions. State of louisiana amended return form 1040x Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 515, such as legislation enacted after it was published, go to www. State of louisiana amended return form 1040x irs. State of louisiana amended return form 1040x gov/pub515. State of louisiana amended return form 1040x What's New Deposit interest paid to certain nonresident alien individuals. State of louisiana amended return form 1040x  New rules apply to reporting of deposit interest paid to certain nonresident alien individuals on or after January 1, 2013. State of louisiana amended return form 1040x Deposit interest of $10 or more paid to certain nonresident alien individuals must be reported on Form 1042–S. State of louisiana amended return form 1040x See Deposit interest paid to certain nonresident alien individuals in 2013. State of louisiana amended return form 1040x Portfolio interest. State of louisiana amended return form 1040x . State of louisiana amended return form 1040x  The rules determining whether interest is considered portfolio interest changed for obligations issued after March 18, 2012. State of louisiana amended return form 1040x Generally, interest paid on nonregistered (bearer) bonds will not be treated as portfolio interest. State of louisiana amended return form 1040x See Portfolio interest. State of louisiana amended return form 1040x U. State of louisiana amended return form 1040x S. State of louisiana amended return form 1040x real property interest. State of louisiana amended return form 1040x  Generally, the treatment of a regulated investment company (RIC) as a qualified investment entity (QIE) was scheduled to expire at the end of 2011. State of louisiana amended return form 1040x The provision has been extended through 2013. State of louisiana amended return form 1040x The special rules that apply to distributions from a QIE attributable to the gain from the sale or exchange of a U. State of louisiana amended return form 1040x S. State of louisiana amended return form 1040x real property interest will continue to apply to any distribution from a RIC. State of louisiana amended return form 1040x See Qualified investment entities under U. State of louisiana amended return form 1040x S. State of louisiana amended return form 1040x Real Property Interest. State of louisiana amended return form 1040x Interest-related dividends and short-term capital gain dividends received from mutual funds. State of louisiana amended return form 1040x  The exemption from withholding on certain interest-related dividends and short-term capital gain dividends paid by a mutual fund or other regulated investment company was scheduled to expire at the end of 2011. State of louisiana amended return form 1040x These provisions have been extended through 2013. State of louisiana amended return form 1040x Partnership withholding rate on effectively connected income. State of louisiana amended return form 1040x  For 2013, the rate for withholding on noncorporate partners has increased to 39. State of louisiana amended return form 1040x 6%. State of louisiana amended return form 1040x The rate for corporate partners remains 35%. State of louisiana amended return form 1040x Reminders Exemption from requirement to withhold for certain payments to qualified securities lenders. State of louisiana amended return form 1040x  If you made U. State of louisiana amended return form 1040x S. State of louisiana amended return form 1040x -source substitute dividend payments to qualified securities lenders, and these payments are part of a chain of substitute dividend payments, you may be exempt from withholding tax on the payments. State of louisiana amended return form 1040x See Amounts paid to qualified securities lenders . State of louisiana amended return form 1040x Electronic deposits. State of louisiana amended return form 1040x  You must make all deposits of taxes electronically. State of louisiana amended return form 1040x Substitute forms. State of louisiana amended return form 1040x  Any substitute forms you use must comply with the requirements in Publication 1179, General Rules and Specifications for Substitute Forms 1096, 1098, 1099, 5498, and Certain Other Information Returns. State of louisiana amended return form 1040x If they do not, the forms may be rejected as incorrect and the IRS may impose penalties. State of louisiana amended return form 1040x See Penalties. State of louisiana amended return form 1040x Filing electronically. State of louisiana amended return form 1040x  If you file Form 1042-S electronically, you will use the Filing Information Returns Electronically (FIRE) system. State of louisiana amended return form 1040x You get to the system through the Internet at fire. State of louisiana amended return form 1040x irs. State of louisiana amended return form 1040x gov. State of louisiana amended return form 1040x For files submitted on the FIRE system, it is the responsibility of the filer to verify the results of the transmission within 5 business days. State of louisiana amended return form 1040x The IRS will not mail error reports for files that are bad. State of louisiana amended return form 1040x Qualified intermediaries. State of louisiana amended return form 1040x  A branch of a financial institution may not act as a qualified intermediary in a country that does not have approved know-your-customer rules. State of louisiana amended return form 1040x See Qualified intermediary under Foreign Intermediaries. State of louisiana amended return form 1040x Requests for extensions on Form 8809 must be filed electronically. State of louisiana amended return form 1040x  Requests on Form 8809 for an extension of time to file Form 1042–S must be made electronically if the request is for more than one payer. State of louisiana amended return form 1040x See Extension to file Form 1042-S with the IRS. State of louisiana amended return form 1040x Photographs of missing children. State of louisiana amended return form 1040x  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. State of louisiana amended return form 1040x Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. State of louisiana amended return form 1040x You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. State of louisiana amended return form 1040x Introduction This publication is for withholding agents who pay income to foreign persons, including nonresident aliens, foreign corporations, foreign partnerships, foreign trusts, foreign estates, foreign governments, and international organizations. State of louisiana amended return form 1040x Specifically, it describes the persons responsible for withholding (withholding agents), the types of income subject to withholding, and the information return and tax return filing obligations of withholding agents. State of louisiana amended return form 1040x In addition to discussing the rules that apply generally to payments of U. State of louisiana amended return form 1040x S. State of louisiana amended return form 1040x source income to foreign persons, it also contains sections on the withholding that applies to the disposition of U. State of louisiana amended return form 1040x S. State of louisiana amended return form 1040x real property interests and the withholding by partnerships on income effectively connected with the active conduct of a U. State of louisiana amended return form 1040x S. State of louisiana amended return form 1040x trade or business. State of louisiana amended return form 1040x Beginning in 2014, additional withholding rules become effective under Chapter 4 of the Internal Revenue Code as added by the Foreign Account Tax Compliance Act (FATCA). State of louisiana amended return form 1040x U. State of louisiana amended return form 1040x S. State of louisiana amended return form 1040x withholding agents will be required to withhold on certain types of payments made to foreign financial institutions that do not enter into an agreement with the IRS. State of louisiana amended return form 1040x For information on these provisions, go to www. State of louisiana amended return form 1040x irs. State of louisiana amended return form 1040x gov/fatca. State of louisiana amended return form 1040x Comments and suggestions. State of louisiana amended return form 1040x   We welcome your comments about this publication and your suggestions for future editions. State of louisiana amended return form 1040x   You can write to us at the following address: Internal Revenue Service Business Forms and Publications Branch SE:W:CAR:MP:T:B 1111 Constitution Ave. State of louisiana amended return form 1040x NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. State of louisiana amended return form 1040x Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. State of louisiana amended return form 1040x   You can email us at taxforms@irs. State of louisiana amended return form 1040x gov. State of louisiana amended return form 1040x Please put “Publications Comment” on the subject line. State of louisiana amended return form 1040x You can also send us comments from www. State of louisiana amended return form 1040x irs. State of louisiana amended return form 1040x gov/formspubs/. State of louisiana amended return form 1040x Select “Comment on Tax Forms and Publications” under “Information About. State of louisiana amended return form 1040x ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. State of louisiana amended return form 1040x Ordering forms and publications. State of louisiana amended return form 1040x   Visit www. State of louisiana amended return form 1040x irs. State of louisiana amended return form 1040x gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. State of louisiana amended return form 1040x Internal Revenue Service 1201 N. State of louisiana amended return form 1040x Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. State of louisiana amended return form 1040x   If you have a tax question, check the information available on IRS. State of louisiana amended return form 1040x gov or call 1-800-829-1040. State of louisiana amended return form 1040x We cannot answer tax questions sent to either of the above addresses. State of louisiana amended return form 1040x Useful Items - You may want to see: Publication 15 (Circular E), Employer's Tax Guide 15-A Employer's Supplemental Tax Guide 15-B Employer's Tax Guide to Fringe Benefits 51 (Circular A), Agricultural Employer's Tax Guide 519 U. State of louisiana amended return form 1040x S. State of louisiana amended return form 1040x Tax Guide for Aliens 901 U. State of louisiana amended return form 1040x S. State of louisiana amended return form 1040x Tax Treaties Form (and Instructions) SS-4 Application for Employer Identification Number W-2 Wage and Tax Statement W-4 Employee's Withholding Allowance Certificate W-4P Withholding Certificate for Pension or Annuity Payments W-7 Application for IRS Individual Taxpayer Identification Number W-8BEN Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding W-8ECI Certificate of Foreign Person's Claim That Income Is Effectively Connected With the Conduct of a Trade or Business in the United States W-8EXP Certificate of Foreign Government or Other Foreign Organization for United States Tax Withholding W-8IMY Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U. State of louisiana amended return form 1040x S. State of louisiana amended return form 1040x Branches for United States Tax Withholding 941 Employer's QUARTERLY Federal Tax Return 1042 Annual Withholding Tax Return for U. State of louisiana amended return form 1040x S. State of louisiana amended return form 1040x Source Income of Foreign Persons 1042-S Foreign Person's U. State of louisiana amended return form 1040x S. State of louisiana amended return form 1040x Source Income Subject to Withholding 1042-T Annual Summary and Transmittal of Forms 1042-S See How To Get Tax Help at the end of this publication, for information about getting publications and forms. State of louisiana amended return form 1040x Prev  Up  Next   Home   More Online Publications