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Tax Amendment Forms

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Tax Amendment Forms

Tax amendment forms Publication 970 - Additional Material Table of Contents AppendicesAppendix A. Tax amendment forms Illustrated Example of Education Credits Glossary Appendices The following appendices are provided to help you claim the education benefits that will give you the lowest tax. Tax amendment forms Appendix A—An illustrated example of education credits, including a filled-in Form 8863 showing how to claim both the American opportunity credit and lifetime learning credit for 2013. Tax amendment forms Appendix B—A chart summarizing some of the major differences between the education tax benefits discussed in this publication. Tax amendment forms It is intended only as a guide. Tax amendment forms Look in this publication for more complete information. Tax amendment forms   Appendix A. Tax amendment forms Illustrated Example of Education Credits Dave and Valerie Jones are married and on their 2013 joint tax return they claim exemptions for their two dependent children, Sean (age 21, social security number: 000-00-0001) and Carey (age 18, social security number: 000–00–0002). Tax amendment forms Their modified adjusted gross income (MAGI) on Form 1040, line 38 is $110,000. Tax amendment forms Because Dave and Valerie have unusually high itemized deductions, their taxable income is $10,000 and their tax before credits is $1,000. Tax amendment forms Sean enrolled as a full-time graduate student in August 2013 at California State College. Tax amendment forms He graduated with his bachelor's degree in 2012 and did not attend school from January 2013 through July 2013. Tax amendment forms His parents claimed the Hope Scholarship Credit for Sean for 2008 and the American opportunity credit for Sean for 2010, 2011, and 2012. Tax amendment forms Carey enrolled full time as a freshman at the same college in January 2013 to begin working on her bachelor's degree. Tax amendment forms In 2013, Dave and Valerie paid $7,000 in tuition for Sean and $8,500 in tuition for Carey. Tax amendment forms California State College issued two Forms 1098-T, one for Sean and one for Carey, and sent them to the Joneses' residence. Tax amendment forms California State College reports amounts billed in 2013 instead of amounts paid during 2013. Tax amendment forms In completing Form 8863, the Joneses use the amounts they paid. Tax amendment forms Neither Sean nor Carey has been convicted of a felony for possession or distribution of a controlled substance before the end of 2013. Tax amendment forms Dave and Valerie figure their education credits by completing Form 8863. Tax amendment forms They begin Form 8863 on page 2 before completing Part I on page 1. Tax amendment forms Because the Joneses have two eligible students, they will complete page 2 twice, once for their son, Sean, and once for their daughter, Carey. Tax amendment forms The Joneses decide to complete Part III for Carey first, as shown later. Tax amendment forms They carry over the amount of $2,500 entered on Part III, line 30, to Part I, line 1. Tax amendment forms The Joneses complete a separate Part III for their son Sean. Tax amendment forms They check the “Yes” box on line 23, determine that Sean is not eligible for the American opportunity credit, and go to line 31 as instructed. Tax amendment forms They figure their line 31 adjusted qualified education expenses for Sean to be $7,000. Tax amendment forms Once they have completed Part III for each student, they figure their credits. Tax amendment forms The Joneses figure their refundable American opportunity credit of $1,000 by completing Form 8863, Part I, lines 1 through 8. Tax amendment forms They enter the amount from line 8, $1,000, on line 66 of their Form 1040. Tax amendment forms The Joneses enter $7,000 on Part II, line 10, of Form 8863 and figure their tentative lifetime learning credit for 2013 to be $1,400 (line 12). Tax amendment forms They cannot claim the full amount because their MAGI of $110,000 is greater than $107,000. Tax amendment forms They enter the reduced amount of $1,190 (figured on Part II, line 18) on the Credit Limit Worksheet, line 1. Tax amendment forms The $1,190 is added to their nonrefundable American opportunity credit ($1,500 on line 2 of the Credit Limit Worksheet) for a total nonrefundable credit of $2,690. Tax amendment forms The Joneses enter $1,000 on line 7 of the Credit Limit Worksheet, which is the smaller of their tax from line 46 of their Form 1040 (which is $1,000) or the $2,690 on line 3 of the Credit Limit Worksheet. Tax amendment forms They enter $1,000 on line 19, Part II of Form 8863 and on line 49 of Form 1040. Tax amendment forms This image is too large to be displayed in the current screen. Tax amendment forms Please click the link to view the image. Tax amendment forms Form 1098-T Adjusted Qualified Education Expenses Worksheet (Form 8863 instructions) 1. Tax amendment forms Total qualified education expenses paid for or on behalf of the student in 2013 for the academic period 8,500 2. Tax amendment forms Less adjustments:     a. Tax amendment forms Tax-free educational assistance received in 2013 allocable to the academic period   0     b. Tax amendment forms Tax-free educational assistance received in 2014 (and before you file your 2013 tax return) allocable to the academic period   0     c. Tax amendment forms Refunds of qualified education expenses paid in 2013 if the refund is received in 2013 or in 2014 before you file your 2013 tax return   0   3. Tax amendment forms Total adjustments (add lines 2a, 2b, and 2c) 0 4. Tax amendment forms Adjusted qualified education expenses. Tax amendment forms Subtract line 3 from line 1. Tax amendment forms If zero or less, enter -0- 8,500 This image is too large to be displayed in the current screen. Tax amendment forms Please click the link to view the image. Tax amendment forms Form 1098-T Adjusted Qualified Education Expenses Worksheet (Form 8863 instructions) 1. Tax amendment forms Total qualified education expenses paid for or on behalf of the student in 2013 for the academic period 7,000 2. Tax amendment forms Less adjustments:     a. Tax amendment forms Tax-free educational assistance received in 2013 allocable to the academic period   0     b. Tax amendment forms Tax-free educational assistance received in 2014 (and before you file your 2013 tax return) allocable to the academic period   0     c. Tax amendment forms Refunds of qualified education expenses paid in 2013 if the refund is received in 2013 or in 2014 before you file your 2013 tax return   0   3. Tax amendment forms Total adjustments (add lines 2a, 2b, and 2c) 0 4. Tax amendment forms Adjusted qualified education expenses. Tax amendment forms Subtract line 3 from line 1. Tax amendment forms If zero or less, enter -0- 7,000 Credit Limit Worksheet (Form 8863 instructions) Nonrefundable Credit Worksheet 1. Tax amendment forms Enter the amount from Form 8863, line 18 1. Tax amendment forms 1,190 2. Tax amendment forms Enter the amount from Form 8863, line 9 2. Tax amendment forms 1,500 3. Tax amendment forms Add lines 1 and 2 3. Tax amendment forms 2,690 4. Tax amendment forms Enter the amount from: Form 1040, line 46; or Form 1040A, line 28 4. Tax amendment forms 1,000 5. Tax amendment forms Enter the amount from either: Form 1040, lines 47 and 48, and the amount from Schedule R included on Form 1040, line 53; or Form 1040A, lines 29 and 30 5. Tax amendment forms 0 6. Tax amendment forms Subtract line 5 from line 4 6. Tax amendment forms 1,000 7. Tax amendment forms   Enter the smaller of line 3 or line 6 here and on Form 8863, line 19 7. Tax amendment forms 1,000 This image is too large to be displayed in the current screen. Tax amendment forms Please click the link to view the image. Tax amendment forms Form 8863 for Dave and Valerie Jones This image is too large to be displayed in the current screen. Tax amendment forms Please click the link to view the image. Tax amendment forms Carey Jones page 2 This image is too large to be displayed in the current screen. Tax amendment forms Please click the link to view the image. Tax amendment forms Filled-in Form 8863 Jones page 2 Appendix B. Tax amendment forms Highlights of Education Tax Benefits for Tax Year 2013 This chart highlights some differences among the benefits discussed in this publication. Tax amendment forms See the text for definitions and details. Tax amendment forms Do not rely on this chart alone. Tax amendment forms    Caution:You generally cannot claim more than one benefit for the same education expense. Tax amendment forms   Scholarships,  Fellowships, Grants, and  Tuition  Reductions American Opportunity Credit Lifetime Learning Credit Student Loan Interest Deduction Tuition and Fees Deduction Coverdell ESA† Qualified Tuition Program (QTP)† Education Exception to Additional Tax on Early IRA Distributions† Education Savings Bond Program† Employer- Provided Educational Assistance† Business Deduction for Work-Related Education What is your  benefit? Amounts received may not be taxable   Credits can reduce the amount of tax you have to pay. Tax amendment forms    40% of the credit may be refundable (limited to $1,000 per student). Tax amendment forms Credits can reduce amount of tax you must pay Can deduct interest paid Can deduct expenses Earnings not  taxed Earnings not taxed No 10%  additional tax on early distribution Interest not taxed Employer benefits not taxed Can deduct expenses What is the annual limit? None $2,500 credit per student $2,000 credit per tax return     $2,500 deduction $4,000 deduction $2,000 contribution per beneficiary None Amount of qualified  education expenses Amount of qualified  education expenses $5,250 exclusion Amount of qualifying work-related education expenses What expenses  qualify besides  tuition and required enrollment fees? Course-related expenses such as fees, books, supplies, and equipment Course-related books, supplies, and equipment Amounts paid for required books, etc. Tax amendment forms , that must be paid to the educational institution, etc. Tax amendment forms , are required fees Books Supplies Equipment  Room & board  Transportation  Other necessary expenses  None Books Supplies Equipment  Expenses for special needs services  Payments to QTP  Higher education: Room & board if  at least half-time  student  Elem/sec (K–12) education: Tutoring Room & board Uniforms Transportation Computer  access Supplementary expenses Books Supplies Equipment  Room & board if  at least half-time student  Expenses for special needs services Books Supplies Equipment  Room & board if  at least half-time student  Expenses for special needs services Payments to Coverdell ESA  Payments to QTP Books Supplies Equipment Transportation  Travel  Other necessary expenses   Scholarships,  Fellowships, Grants, and  Tuition  Reductions American Opportunity Credit Lifetime Learning Credit Student Loan Interest Deduction Tuition and Fees Deduction Coverdell ESA† Qualified Tuition Program (QTP)† Education Exception to Additional Tax on Early IRA Distributions† Education Savings Bond Program† Employer- Provided Educational Assistance† Business Deduction for Work-Related Education What education qualifies? Undergraduate & graduate  K–12 Undergraduate & graduate Undergraduate & graduate  Courses to acquire or improve job skills    Undergraduate & graduate Undergraduate & graduate Undergraduate & graduate  K–12 Undergraduate & graduate Undergraduate & graduate Undergraduate & graduate Undergraduate & graduate Required by employer or law to keep present job, salary, status  Maintain or improve job skills What are some of the other  conditions that  apply? Must be in degree or vocational program  Payment of tuition and required fees must be allowed under the grant Can be claimed for only 4 tax years (which includes years Hope Scholarship Credit claimed)  Must be enrolled at least half-time in degree program  No felony drug conviction(s)  Must not have completed first 4 years of postsecondary education before end of preceding tax year. Tax amendment forms   No other conditions Must have been at least half-time  student in degree program Cannot claim both deduction & education credit for same student in same year Assets must be distributed at age 30 unless special  needs beneficiary No other conditions No other conditions Applies only to qualified series  EE bonds issued after 1989 or series I bonds No other conditions Cannot be to  meet minimum educational requirements of present trade/business  Cannot qualify  you for new trade/business   In what income  range do benefits  phase out? No phaseout $80,000 – $90,000  $160,000 – $180,000 for joint returns $53,000 – $63,000  $107,000 – $127,000 for joint returns $60,000 – $75,000  $125,000 –  $155,000 for  joint returns  $60,000 – $80,000  $130,000 –  $160,000 for  joint returns  $95,000 – $110,000  $190,000 – $220,000 for  joint returns No phaseout No phaseout   No phaseout No phaseout † Any nontaxable distribution is limited to the amount that does not exceed qualified education expenses. Tax amendment forms Glossary The education benefits included in this publication were enacted over many years, leading to a number of common terms being defined differently from one benefit to the next. Tax amendment forms For example, an eligible educational institution means one thing when determining if earnings from a Coverdell education savings account are not taxable and something else when determining if a scholarship or fellowship is not taxable. Tax amendment forms For each term listed below that has more than one definition, the definition for each education benefit is listed. Tax amendment forms Academic period:   A semester, trimester, quarter, or other period of study (such as a summer school session) as reasonably determined by an educational institution. Tax amendment forms If an educational institution uses credit hours or clock hours and does not have academic terms, each payment period can be treated as an academic period. Tax amendment forms Adjusted qualified education expenses (AQEE):    Qualified education expenses (defined later) reduced by any tax-free educational assistance, such as a tax-free scholarship or employer-provided educational assistance. Tax amendment forms They must also be reduced by any qualified education expenses deducted elsewhere on your return, used to determine an education credit or other benefit, or used to determine a tax-free distribution. Tax amendment forms For information on a specific benefit, see the appropriate chapter in this publication. Tax amendment forms Candidate for a degree:   A student who meets either of the following requirements. Tax amendment forms Attends a primary or secondary school or pursues a degree at a college or university, or Attends an accredited educational institution that is authorized to provide: A program that is acceptable for full credit toward a bachelor's or higher degree, or A program of training to prepare students for gainful employment in a recognized occupation. Tax amendment forms Designated beneficiary:   The individual named in the document creating the account/plan who is to receive the benefit of the funds in the account/plan. Tax amendment forms Eligible educational institution:    American opportunity credit. Tax amendment forms Any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the Department of Education. Tax amendment forms It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Tax amendment forms Coverdell education savings account (ESA). Tax amendment forms Any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the Department of Education. Tax amendment forms It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Tax amendment forms Also included is any public, private, or religious school that provides elementary or secondary education (kindergarten through grade 12), as determined under state law. Tax amendment forms Education savings bond program. Tax amendment forms Same as American opportunity credit in this category. Tax amendment forms IRA, early distributions from. Tax amendment forms Same as American opportunity credit in this category. Tax amendment forms Lifetime learning credit. Tax amendment forms Same as American opportunity credit in this category. Tax amendment forms Qualified tuition program (QTP). Tax amendment forms Same as American opportunity credit in this category. Tax amendment forms Scholarships and fellowships. Tax amendment forms An institution that maintains a regular faculty and curriculum and normally has a regularly enrolled body of students in attendance at the place where it carries on its educational activities. Tax amendment forms Student loan, cancellation of. Tax amendment forms Same as Scholarships and fellowships in this category. Tax amendment forms Student loan interest deduction. Tax amendment forms Any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the Department of Education. Tax amendment forms It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Tax amendment forms Also included is an institution that conducts an internship or residency program leading to a degree or certificate from an institution of higher education, a hospital, or a health care facility that offers postgraduate training. Tax amendment forms Tuition and fees deduction. Tax amendment forms Same as American opportunity credit in this category. Tax amendment forms Eligible student:    American opportunity credit. Tax amendment forms A student who meets all of the following requirements for the tax year for which the credit is being determined. Tax amendment forms Did not have expenses that were used to figure an American opportunity or Hope Scholarship Credit in any 4 earlier tax years. Tax amendment forms Had not completed the first 4 years of postsecondary education (generally the freshman through senior years). Tax amendment forms For at least one academic period beginning in the tax year, was enrolled at least half-time in a program leading to a degree, certificate, or other recognized educational credential at an eligible educational institution. Tax amendment forms Was free of any federal or state felony conviction for possessing or distributing a controlled substance as of the end of the tax year. Tax amendment forms Lifetime learning credit. Tax amendment forms A student who is enrolled in one or more courses at an eligible educational institution. Tax amendment forms Student loan interest deduction. Tax amendment forms A student who was enrolled at least half-time in a program leading to a postsecondary degree, certificate, or other recognized educational credential at an eligible educational institution. Tax amendment forms Tuition and fees deduction. Tax amendment forms A student who is enrolled in one or more courses at an eligible educational institution. Tax amendment forms Half-time student:   A student who 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. Tax amendment forms Modified adjusted gross income (MAGI):    American opportunity credit. Tax amendment forms Adjusted gross income (AGI) as figured on the federal income tax return, 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. Tax amendment forms Coverdell education savings account (ESA). Tax amendment forms Same as American opportunity credit in this category. Tax amendment forms Education savings bond program. Tax amendment forms Adjusted gross income (AGI) as figured on the federal income tax return without taking into account any savings bond interest exclusion and 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, Exclusion of income by bona fide residents of Puerto Rico, Exclusion for adoption benefits received under an employer's adoption assistance program, Deduction for student loan interest, Deduction for tuition and fees, and Deduction for domestic production activities. Tax amendment forms Lifetime learning credit. Tax amendment forms Same as American opportunity credit in this category. Tax amendment forms Student loan interest deduction. Tax amendment forms Adjusted gross income (AGI) as figured on the federal income tax return without taking into account any student loan interest deduction, tuition and fees deduction, or domestic production activities deduction, and 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. Tax amendment forms Tuition and fees deduction. Tax amendment forms Adjusted gross income (AGI) as figured on the federal income tax return without taking into account any tuition and fees deduction, or domestic production activities deduction, and 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. Tax amendment forms Phaseout:   The amount of credit or deduction allowed is reduced when modified adjusted gross income (MAGI) is greater than a specified amount of income. Tax amendment forms Qualified education expenses:   See pertinent chapter for specific items. Tax amendment forms    American opportunity credit. Tax amendment forms Tuition and certain related expenses (including student activity fees) required for enrollment or attendance at an eligible educational institution. Tax amendment forms Books, supplies, and equipment needed for a course of study are included even if not purchased from the educational institution. Tax amendment forms Does not include expenses for room and board. Tax amendment forms Does not include expenses for courses involving sports, games, or hobbies (including noncredit courses) that are not part of the student's postsecondary degree program. Tax amendment forms Coverdell education savings account (ESA). Tax amendment forms Expenses related to or required for enrollment or attendance of the designated beneficiary at an eligible elementary, secondary, or postsecondary school. Tax amendment forms Many specialized expenses included for K–12. Tax amendment forms Also includes expenses for special needs services and contribution to qualified tuition program (QTP). Tax amendment forms Education savings bond program. Tax amendment forms Tuition and fees required to enroll at or attend an eligible educational institution. Tax amendment forms Also includes contributions to a qualified tuition program (QTP) or Coverdell education savings account (ESA). Tax amendment forms Does not include expenses for room and board. Tax amendment forms Does not include expenses for courses involving sports, games, or hobbies that are not part of a degree or certificate granting program. Tax amendment forms IRA, early distributions from. Tax amendment forms Tuition, fees, books, supplies, and equipment required for enrollment or attendance at an eligible educational institution, plus certain limited costs of room and board for students who are enrolled at least half-time. Tax amendment forms Also includes expenses for special needs services incurred by or for special needs students in connection with their enrollment or attendance. Tax amendment forms Lifetime learning credit. Tax amendment forms Tuition and certain related expenses required for enrollment or attendance at an eligible educational institution. Tax amendment forms Student-activity fees and expenses for course-related books, supplies, and equipment are included only if the fees and expenses must be paid to the institution as a condition of enrollment or attendance. Tax amendment forms Does not include expenses for room and board. Tax amendment forms Does not include expenses for courses involving sports, games, or hobbies (including noncredit courses) that are not part of the student's postsecondary degree program, unless taken by the student to acquire or improve job skills. Tax amendment forms Qualified tuition program (QTP). Tax amendment forms Tuition, fees, books, supplies, and equipment required for enrollment or attendance at an eligible educational institution, plus certain limited costs of room and board for students who are enrolled at least half-time. Tax amendment forms Includes expenses for special needs services and computer access. Tax amendment forms Scholarships and fellowships. Tax amendment forms Expenses for tuition and fees required to enroll at or attend an eligible educational institution, and course-related expenses, such as fees, books, supplies, and equipment that are required for the courses at the eligible educational institution. Tax amendment forms Course-related items must be required of all students in the course of instruction. Tax amendment forms Student loan interest deduction. Tax amendment forms Total costs of attending an eligible educational institution, including graduate school (however, limitations may apply to the cost of room and board allowed). Tax amendment forms Tuition and fees deduction. Tax amendment forms Tuition and certain related expenses required for enrollment or attendance at an eligible educational institution. Tax amendment forms Student-activity fees and expenses for course-related books, supplies, and equipment are included only if the fees and expenses must be paid to the institution as a condition of enrollment or attendance. Tax amendment forms Recapture:   To include as income on your current year's return an amount allowed as a deduction in a prior year. Tax amendment forms To include as tax on your current year's return an amount allowed as a credit in a prior year. Tax amendment forms Rollover:   A tax-free distribution to you of cash or other assets from a tax-favored plan that you contribute to another tax-favored plan. Tax amendment forms Transfer:   A movement of funds in a tax-favored plan from one trustee directly to another, either at your request or at the trustee's request. Tax amendment forms Prev  Up  Next   Home   More Online Publications
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The Tax Amendment Forms

Tax amendment forms Publication 590 - Introductory Material Table of Contents What's New for 2013 What's New for 2014 Reminders IntroductionOrdering forms and publications. Tax amendment forms Tax questions. Tax amendment forms Useful Items - You may want to see: Note. Tax amendment forms After 2013, Publication 590 will be split into two separate publications as follows. Tax amendment forms Publication 590-A, will focus on contributions to traditional IRAs as well as Roth IRAs. Tax amendment forms This publication will include the rules for rollover and conversion contributions. Tax amendment forms Publication 590-B, will focus on distributions from traditional IRAs as well as Roth IRAs. Tax amendment forms This publication will include the rules for required minimum distributions and IRA beneficiaries. Tax amendment forms What's New for 2013 Traditional IRA contribution and deduction limit. Tax amendment forms  The contribution limit to your traditional IRA for 2013 will be increased to the smaller of the following amounts: $5,500, or Your taxable compensation for the year. Tax amendment forms If you were age 50 or older before 2014, the most that can be contributed to your traditional IRA for 2013 will be the smaller of the following amounts: $6,500, or Your taxable compensation for the year. Tax amendment forms For more information, see How Much Can Be Contributed? in chapter 1. Tax amendment forms Roth IRA contribution limit. Tax amendment forms  If contributions on your behalf are made only to Roth IRAs, your contribution limit for 2013 will generally be the lesser of: $5,500, or Your taxable compensation for the year. Tax amendment forms If you were age 50 or older before 2014 and contributions on your behalf were made only to Roth IRAs, your contribution limit for 2013 will generally be the lesser of: $6,500, or Your taxable compensation for the year. Tax amendment forms However, if your modified adjusted gross income (AGI) is above a certain amount, your contribution limit may be reduced. Tax amendment forms For more information, see How Much Can Be Contributed? under Can You Contribute to a Roth IRA? in chapter 2. Tax amendment forms Modified AGI limit for traditional IRA contributions increased. Tax amendment forms  For 2013, if you were covered by a retirement plan at work, your deduction for contributions to a traditional IRA is reduced (phased out) if your modified AGI is: More than $95,000 but less than $115,000 for a married couple filing a joint return or a qualifying widow(er), More than $59,000 but less than $69,000 for a single individual or head of household, or Less than $10,000 for a married individual filing a separate return. Tax amendment forms If you either lived with your spouse or file a joint return, and your spouse was covered by a retirement plan at work, but you were not, your deduction is phased out if your modified AGI is more than $178,000 but less than $188,000. Tax amendment forms If your modified AGI is $188,000 or more, you cannot take a deduction for contributions to a traditional IRA. Tax amendment forms See How Much Can You Deduct? in chapter 1. Tax amendment forms Modified AGI limit for Roth IRA contributions increased. Tax amendment forms  For 2013, your Roth IRA contribution limit is reduced (phased out) in the following situations. Tax amendment forms Your filing status is married filing jointly or qualifying widow(er) and your modified AGI is at least $178,000. Tax amendment forms You cannot make a Roth IRA contribution if your modified AGI is $188,000 or more. Tax amendment forms Your filing status is single, head of household, or married filing separately and you did not live with your spouse at any time in 2013 and your modified AGI is at least $112,000. Tax amendment forms You cannot make a Roth IRA contribution if your modified AGI is $127,000 or more. Tax amendment forms Your filing status is married filing separately, you lived with your spouse at any time during the year, and your modified AGI is more than -0-. Tax amendment forms You cannot make a Roth IRA contribution if your modified AGI is $10,000 or more. Tax amendment forms See Can You Contribute to a Roth IRA? in chapter 2. Tax amendment forms Net Investment Income Tax. Tax amendment forms  For purposes of the Net Investment Income Tax (NIIT), net investment income does not include distributions from a qualified retirement plan (for example, 401(a), 403(a), 403(b), 457(b) plans, and IRAs). Tax amendment forms However, these distributions are taken into account when determining the modified adjusted gross income threshold. Tax amendment forms Distributions from a nonqualified retirement plan are included in net investment income. Tax amendment forms See Form 8960, Net Investment Income Tax—Individuals, Estates, and Trusts, and its instructions for more information. Tax amendment forms Kay Bailey Hutchison Spousal IRA. Tax amendment forms . Tax amendment forms  In 2013, spousal IRAs were renamed to Kay Bailey Hutchison Spousal IRAs. Tax amendment forms There are no changes to the rules regarding these IRAs. Tax amendment forms See Kay Bailey Hutchison Spousal IRA Limit in chapter 1 for more information. Tax amendment forms What's New for 2014 Modified AGI limit for traditional IRA contributions increased. Tax amendment forms  For 2014, if you are covered by a retirement plan at work, your deduction for contributions to a traditional IRA is reduced (phased out) if your modified AGI is: More than $96,000 but less than $116,000 for a married couple filing a joint return or a qualifying widow(er), More than $60,000 but less than $70,000 for a single individual or head of household, or Less than $10,000 for a married individual filing a separate return. Tax amendment forms If you either live with your spouse or file a joint return, and your spouse is covered by a retirement plan at work, but you are not, your deduction is phased out if your modified AGI is more than $181,000 but less than $191,000. Tax amendment forms If your modified AGI is $191,000 or more, you cannot take a deduction for contributions to a traditional IRA. Tax amendment forms Modified AGI limit for Roth IRA contributions increased. Tax amendment forms  For 2014, your Roth IRA contribution limit is reduced (phased out) in the following situations. Tax amendment forms Your filing status is married filing jointly or qualifying widow(er) and your modified AGI is at least $181,000. Tax amendment forms You cannot make a Roth IRA contribution if your modified AGI is $191,000 or more. Tax amendment forms Your filing status is single, head of household, or married filing separately and you did not live with your spouse at any time in 2014 and your modified AGI is at least $114,000. Tax amendment forms You cannot make a Roth IRA contribution if your modified AGI is $129,000 or more. Tax amendment forms Your filing status is married filing separately, you lived with your spouse at any time during the year, and your modified AGI is more than -0-. Tax amendment forms You cannot make a Roth IRA contribution if your modified AGI is $10,000 or more. Tax amendment forms Reminders Future developments. Tax amendment forms  For the latest information about developments related to Publication 590, such as legislation enacted after it was published, go to www. Tax amendment forms irs. Tax amendment forms gov/pub590. Tax amendment forms Simplified employee pension (SEP). Tax amendment forms  SEP IRAs are not covered in this publication. Tax amendment forms They are covered in Publication 560, Retirement Plans for Small Business. Tax amendment forms Deemed IRAs. Tax amendment forms  A qualified employer plan (retirement plan) can maintain a separate account or annuity under the plan (a deemed IRA) to receive voluntary employee contributions. Tax amendment forms If the separate account or annuity otherwise meets the requirements of an IRA, it will be subject only to IRA rules. Tax amendment forms An employee's account can be treated as a traditional IRA or a Roth IRA. Tax amendment forms For this purpose, a “qualified employer plan” includes: A qualified pension, profit-sharing, or stock bonus plan (section 401(a) plan), A qualified employee annuity plan (section 403(a) plan), A tax-sheltered annuity plan (section 403(b) plan), and A deferred compensation plan (section 457 plan) maintained by a state, a political subdivision of a state, or an agency or instrumentality of a state or political subdivision of a state. Tax amendment forms Contributions to both traditional and Roth IRAs. Tax amendment forms  For information on your combined contribution limit if you contribute to both traditional and Roth IRAs, see Roth IRAs and traditional IRAs under How Much Can Be Contributed? in chapter 2. Tax amendment forms Statement of required minimum distribution (RMD). Tax amendment forms  If an RMD is required from your IRA, the trustee, custodian, or issuer that held the IRA at the end of the preceding year must either report the amount of the RMD to you, or offer to calculate it for you. Tax amendment forms The report or offer must include the date by which the amount must be distributed. Tax amendment forms The report is due January 31 of the year in which the minimum distribution is required. Tax amendment forms It can be provided with the year-end fair market value statement that you normally get each year. Tax amendment forms No report is required for section 403(b) contracts (generally tax-sheltered annuities) or for IRAs of owners who have died. Tax amendment forms IRA interest. Tax amendment forms  Although interest earned from your IRA is generally not taxed in the year earned, it is not tax-exempt interest. Tax amendment forms Tax on your traditional IRA is generally deferred until you take a distribution. Tax amendment forms Do not report this interest on your return as tax-exempt interest. Tax amendment forms For more information on tax-exempt interest, see the instructions for your tax return. Tax amendment forms Photographs of missing children. Tax amendment forms  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Tax amendment forms Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Tax amendment forms 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. Tax amendment forms Introduction This publication discusses individual retirement arrangements (IRAs). Tax amendment forms An IRA is a personal savings plan that gives you tax advantages for setting aside money for retirement. Tax amendment forms What are some tax advantages of an IRA?   Two tax advantages of an IRA are that: Contributions you make to an IRA may be fully or partially deductible, depending on which type of IRA you have and on your circumstances, and Generally, amounts in your IRA (including earnings and gains) are not taxed until distributed. Tax amendment forms In some cases, amounts are not taxed at all if distributed according to the rules. Tax amendment forms What's in this publication?   This publication discusses traditional, Roth, and SIMPLE IRAs. Tax amendment forms It explains the rules for: Setting up an IRA, Contributing to an IRA, Transferring money or property to and from an IRA, Handling an inherited IRA, Receiving distributions (making withdrawals) from an IRA, and Taking a credit for contributions to an IRA. Tax amendment forms   It also explains the penalties and additional taxes that apply when the rules are not followed. Tax amendment forms To assist you in complying with the tax rules for IRAs, this publication contains worksheets, sample forms, and tables, which can be found throughout the publication and in the appendices at the back of the publication. Tax amendment forms How to use this publication. Tax amendment forms   The rules that you must follow depend on which type of IRA you have. Tax amendment forms Use Table I-1 to help you determine which parts of this publication to read. Tax amendment forms Also use Table I-1 if you were referred to this publication from instructions to a form. Tax amendment forms Comments and suggestions. Tax amendment forms   We welcome your comments about this publication and your suggestions for future editions. Tax amendment forms   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Tax amendment forms NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Tax amendment forms Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Tax amendment forms   You can send your comments from www. Tax amendment forms irs. Tax amendment forms gov/formspubs/. Tax amendment forms Click on “More Information” and then on “Comment on Tax Forms and Publications”. Tax amendment forms   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. Tax amendment forms Ordering forms and publications. Tax amendment forms   Visit www. Tax amendment forms irs. Tax amendment forms 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. Tax amendment forms Internal Revenue Service 1201 N. Tax amendment forms Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Tax amendment forms   If you have a tax question, check the information available on IRS. Tax amendment forms gov or call 1-800-829-1040. Tax amendment forms We cannot answer tax questions sent to either of the above addresses. Tax amendment forms Useful Items - You may want to see: Publications 560 Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans) 571 Tax-Sheltered Annuity Plans (403(b) Plans) 575 Pension and Annuity Income 939 General Rule for Pensions and Annuities Forms (and instructions) W-4P Withholding Certificate for Pension or Annuity Payments 1099-R Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Tax amendment forms 5304-SIMPLE Savings Incentive Match Plan for Employees of Small Employers (SIMPLE)–Not for Use With a Designated Financial Institution 5305-S SIMPLE Individual Retirement Trust Account 5305-SA SIMPLE Individual Retirement Custodial Account 5305-SIMPLE Savings Incentive Match Plan for Employees of Small Employers (SIMPLE)–for Use With a Designated Financial Institution 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts 5498 IRA Contribution Information 8606 Nondeductible IRAs 8815 Exclusion of Interest From Series EE and I U. Tax amendment forms S. Tax amendment forms Savings Bonds Issued After 1989 8839 Qualified Adoption Expenses 8880 Credit for Qualified Retirement Savings Contributions See chapter 5 for information about getting these publications and forms. Tax amendment forms Table I-1. Tax amendment forms Using This Publication IF you need information on . Tax amendment forms . Tax amendment forms . Tax amendment forms THEN see . Tax amendment forms . Tax amendment forms . Tax amendment forms traditional IRAs chapter 1. Tax amendment forms Roth IRAs chapter 2, and parts of  chapter 1. Tax amendment forms SIMPLE IRAs chapter 3. Tax amendment forms the credit for qualified retirement savings contributions (the saver's credit) chapter 4. Tax amendment forms how to keep a record of your contributions to, and distributions from, your traditional IRA(s) appendix A. Tax amendment forms SEP IRAs and 401(k) plans Publication 560. Tax amendment forms Coverdell education savings accounts (formerly called education IRAs) Publication 970. Tax amendment forms IF for 2013, you received social security benefits, had taxable compensation, contributed to a traditional IRA, and you or your spouse was covered by an employer retirement plan, and you want to. Tax amendment forms . Tax amendment forms . Tax amendment forms THEN see . Tax amendment forms . Tax amendment forms . Tax amendment forms first figure your modified adjusted gross income (AGI) appendix B, worksheet 1. Tax amendment forms then figure how much of your traditional IRA contribution you can deduct appendix B, worksheet 2. Tax amendment forms and finally figure how much of your social security is taxable appendix B, worksheet 3. Tax amendment forms Table I-2. Tax amendment forms How Are a Traditional IRA and a Roth IRA Different? This table shows the differences between traditional and Roth IRAs. Tax amendment forms Answers in the middle column apply to traditional IRAs. Tax amendment forms Answers in the right column apply to Roth IRAs. Tax amendment forms Question Answer   Traditional IRA? Roth IRA? Is there an age limit on when I can open and contribute to a Yes. Tax amendment forms You must not have reached age  70½ by the end of the year. Tax amendment forms See Who Can Open a Traditional IRA? in chapter 1. Tax amendment forms No. Tax amendment forms You can be any age. Tax amendment forms See Can You Contribute to a Roth IRA? in chapter 2. Tax amendment forms If I earned more than $5,500 in 2013 ($6,500 if I was 50 or older by the end of 2013), is there a limit on how much I can contribute to a Yes. Tax amendment forms For 2013, you can contribute to a traditional IRA up to: $5,500, or $6,500 if you were age 50 or older by the end of 2013. Tax amendment forms  There is no upper limit on how much you can earn and still contribute. Tax amendment forms See How Much Can Be Contributed? in chapter 1. Tax amendment forms Yes. Tax amendment forms For 2013, you may be able to contribute to a Roth IRA up to: $5,500, or $6,500 if you were age 50 or older by the end of 2013,  but the amount you can contribute may be less than that depending on your income, filing status, and if you contribute to another IRA. Tax amendment forms See How Much Can Be Contributed? and Table 2-1 in chapter 2. Tax amendment forms Can I deduct contributions to a Yes. Tax amendment forms You may be able to deduct your contributions to a traditional IRA depending on your income, filing status, whether you are covered by a retirement plan at work, and whether you receive social security benefits. Tax amendment forms See How Much Can You Deduct? in chapter 1. Tax amendment forms No. Tax amendment forms You can never deduct contributions to a Roth IRA. Tax amendment forms See What Is a Roth IRA? in chapter 2. Tax amendment forms Do I have to file a form just because I contribute to a Not unless you make nondeductible contributions to your traditional IRA. Tax amendment forms In that case, you must file Form 8606. Tax amendment forms See Nondeductible Contributions in chapter 1. Tax amendment forms No. Tax amendment forms You do not have to file a form if you contribute to a Roth IRA. Tax amendment forms See Contributions not reported in chapter 2. Tax amendment forms Do I have to start taking distributions when I reach a certain age from a Yes. Tax amendment forms You must begin receiving required minimum distributions by April 1 of the year following the year you reach age 70½. Tax amendment forms See When Must You Withdraw Assets? (Required Minimum Distributions) in chapter 1. Tax amendment forms No. Tax amendment forms If you are the original owner of a Roth IRA, you do not have to take distributions regardless of your age. Tax amendment forms See Are Distributions Taxable? in chapter 2. Tax amendment forms However, if you are the beneficiary of a Roth IRA, you may have to take distributions. Tax amendment forms See Distributions After Owner's Death in chapter 2. Tax amendment forms How are distributions taxed from a Distributions from a traditional IRA are taxed as ordinary income, but if you made nondeductible contributions, not all of the distribution is taxable. Tax amendment forms See Are Distributions Taxable? in chapter 1. Tax amendment forms Distributions from a Roth IRA are not taxed as long as you meet certain criteria. Tax amendment forms See Are Distributions Taxable? in chapter 2. Tax amendment forms Do I have to file a form just because I receive distributions from a Not unless you have ever made a nondeductible contribution to a traditional IRA. Tax amendment forms If you have, file Form 8606. Tax amendment forms See Nondeductible Contributions in chapter 1. Tax amendment forms Yes. Tax amendment forms File Form 8606 if you received distributions from a Roth IRA (other than a rollover, qualified charitable distribution, one-time distribution to fund an HSA, recharacterization, certain qualified distributions, or a return of certain contributions). Tax amendment forms Prev  Up  Next   Home   More Online Publications