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Tax Returns 2011

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Tax Returns 2011

Tax returns 2011 8. Tax returns 2011   Qualified Tuition Program (QTP) Table of Contents Introduction What Is a Qualified Tuition ProgramDesignated beneficiary. Tax returns 2011 Half-time student. Tax returns 2011 How Much Can You Contribute Are Distributions TaxableFiguring the Taxable Portion of a Distribution Additional Tax on Taxable Distributions Rollovers and Other TransfersRollovers Changing the Designated Beneficiary Introduction Qualified tuition programs (QTPs) are also called “529 plans. Tax returns 2011 ” States may establish and maintain programs that allow you to either prepay or contribute to an account for paying a student's qualified education expenses at a postsecondary institution. Tax returns 2011 Eligible educational institutions may establish and maintain programs that allow you to prepay a student's qualified education expenses. Tax returns 2011 If you prepay tuition, the student (designated beneficiary) will be entitled to a waiver or a payment of qualified education expenses. Tax returns 2011 You cannot deduct either payments or contributions to a QTP. Tax returns 2011 For information on a specific QTP, you will need to contact the state agency or eligible educational institution that established and maintains it. Tax returns 2011 What is the tax benefit of a QTP. Tax returns 2011   No tax is due on a distribution from a QTP unless the amount distributed is greater than the beneficiary's adjusted qualified education expenses. Tax returns 2011 See Are Distributions Taxable , later, for more information. Tax returns 2011    Even if a QTP is used to finance a student's education, the student or the student's parents still may be eligible to claim the American opportunity credit or the lifetime learning credit. Tax returns 2011 See Coordination With American Opportunity and Lifetime Learning Credits, later. Tax returns 2011 What Is a Qualified Tuition Program A qualified tuition program is a program set up to allow you to either prepay, or contribute to an account established for paying, a student's qualified education expenses at an eligible educational institution. Tax returns 2011 QTPs can be established and maintained by states (or agencies or instrumentalities of a state) and eligible educational institutions. Tax returns 2011 The program must meet certain requirements. Tax returns 2011 Your state government or the eligible educational institution in which you are interested can tell you whether or not they participate in a QTP. Tax returns 2011 Qualified education expenses. Tax returns 2011   These are expenses related to enrollment or attendance at an Eligible educational institution (defined later). Tax returns 2011 As shown in the following list, to be qualified, some of the expenses must be required by the institution and some must be incurred by students who are enrolled at least half-time. Tax returns 2011 See Half-time student , later. Tax returns 2011 The following expenses must be required for enrollment or attendance of a Designated beneficiary (defined later) at an eligible educational institution. Tax returns 2011 Tuition and fees. Tax returns 2011 Books, supplies, and equipment. Tax returns 2011 Expenses for special needs services needed by a special needs beneficiary must be incurred in connection with enrollment or attendance at an eligible educational institution. Tax returns 2011 Expenses for room and board must be incurred by students who are enrolled at least half-time. Tax returns 2011 The expense for room and board qualifies only to the extent that it is not more than the greater of the following two amounts. Tax returns 2011 The allowance for room and board, as determined by the eligible educational institution, that was included in the cost of attendance (for federal financial aid purposes) for a particular academic period and living arrangement of the student. Tax returns 2011 The actual amount charged if the student is residing in housing owned or operated by the eligible educational institution. Tax returns 2011 You will need to contact the eligible educational institution for qualified room and board costs. Tax returns 2011    For tax years after 2010, the purchase of computer technology or equipment is only a qualified education expense if the computer technology or equipment is required for enrollment or attendance at an eligible institution. Tax returns 2011 Designated beneficiary. Tax returns 2011   The designated beneficiary is generally the student (or future student) for whom the QTP is intended to provide benefits. Tax returns 2011 The designated beneficiary can be changed after participation in the QTP begins. Tax returns 2011 If a state or local government or certain tax-exempt organizations purchase an interest in a QTP as part of a scholarship program, the designated beneficiary is the person who receives the interest as a scholarship. Tax returns 2011 Half-time student. Tax returns 2011   A student is enrolled “at least half-time” if he or she is enrolled for at least half the full-time academic workload for the course of study the student is pursuing, as determined under the standards of the school where the student is enrolled. Tax returns 2011 Eligible educational institution. Tax returns 2011   For purposes of a QTP, this is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U. Tax returns 2011 S. Tax returns 2011 Department of Education. Tax returns 2011 It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Tax returns 2011 The educational institution should be able to tell you if it is an eligible educational institution. Tax returns 2011   Certain educational institutions located outside the United States also participate in the U. Tax returns 2011 S. Tax returns 2011 Department of Education's Federal Student Aid (FSA) programs. Tax returns 2011   How Much Can You Contribute Contributions to a QTP on behalf of any beneficiary cannot be more than the amount necessary to provide for the qualified education expenses of the beneficiary. Tax returns 2011 There are no income restrictions on the individual contributors. Tax returns 2011 You can contribute to both a QTP and a Coverdell ESA in the same year for the same designated beneficiary. Tax returns 2011   Are Distributions Taxable The part of a distribution representing the amount paid or contributed to a QTP does not have to be included in income. Tax returns 2011 This is a return of the investment in the plan. Tax returns 2011 The designated beneficiary generally does not have to include in income any earnings distributed from a QTP if the total distribution is less than or equal to adjusted qualified education expenses (defined under Figuring the Taxable Portion of a Distribution , later). Tax returns 2011 Earnings and return of investment. Tax returns 2011    You will receive a Form 1099-Q, from each of the programs from which you received a QTP distribution in 2013. Tax returns 2011 The amount of your gross distribution (box 1) shown on each form will be divided between your earnings (box 2) and your basis, or return of investment (box 3). Tax returns 2011 Form 1099-Q should be sent to you by January 31, 2014. Tax returns 2011 Figuring the Taxable Portion of a Distribution To determine if total distributions for the year are more or less than the amount of qualified education expenses, you must compare the total of all QTP distributions for the tax year to the adjusted qualified education expenses. Tax returns 2011 Adjusted qualified education expenses. Tax returns 2011   This amount is the total qualified education expenses reduced by any tax-free educational assistance. Tax returns 2011 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. Tax returns 2011 Taxable earnings. Tax returns 2011   Use the following steps to figure the taxable part. Tax returns 2011 Multiply the total distributed earnings shown in box 2 of Form 1099-Q by a fraction. Tax returns 2011 The numerator is the adjusted qualified education expenses paid during the year and the denominator is the total amount distributed during the year. Tax returns 2011 Subtract the amount figured in (1) from the total distributed earnings. Tax returns 2011 The result is the amount the beneficiary must include in income. Tax returns 2011 Report it on Form 1040 or Form 1040NR, line 21. Tax returns 2011 Example 1. Tax returns 2011 In 2007, Sara Clarke's parents opened a savings account for her with a QTP maintained by their state government. Tax returns 2011 Over the years they contributed $18,000 to the account. Tax returns 2011 The total balance in the account was $27,000 on the date the distribution was made. Tax returns 2011 In the summer of 2013, Sara enrolled in college and had $8,300 of qualified education expenses for the rest of the year. Tax returns 2011 She paid her college expenses from the following sources. Tax returns 2011   Gift from parents $1,600     Partial tuition scholarship (tax-free) 3,100     QTP distribution 5,300           Before Sara can determine the taxable part of her QTP distribution, she must reduce her total qualified education expenses by any tax-free educational assistance. Tax returns 2011   Total qualified education expenses $8,300     Minus: Tax-free educational assistance −3,100     Equals: Adjusted qualified  education expenses (AQEE) $5,200   Since the remaining expenses ($5,200) are less than the QTP distribution, part of the earnings will be taxable. Tax returns 2011 Sara's Form 1099-Q shows that $950 of the QTP distribution is earnings. Tax returns 2011 Sara figures the taxable part of the distributed earnings as follows. Tax returns 2011   1. Tax returns 2011 $950 (earnings) × $5,200 AQEE  $5,300 distribution           =$932 (tax-free earnings)     2. Tax returns 2011 $950 (earnings)−$932 (tax-free earnings)     =$18 (taxable earnings)  Sara must include $18 in income (Form 1040, line 21) as distributed QTP earnings not used for adjusted qualified education expenses. Tax returns 2011 Coordination With American Opportunity and Lifetime Learning Credits An American opportunity or lifetime learning credit (education credit) can be claimed in the same year the beneficiary takes a tax-free distribution from a QTP, as long as the same expenses are not used for both benefits. Tax returns 2011 This means that after the beneficiary reduces qualified education expenses by tax-free educational assistance, he or she must further reduce them by the expenses taken into account in determining the credit. Tax returns 2011 Example 2. Tax returns 2011 Assume the same facts as in Example 1 , except that Sara's parents claimed an American opportunity credit of $2,500 (based on $4,000 expenses). Tax returns 2011   Total qualified education expenses $8,300     Minus: Tax-free educational assistance −3,100     Minus: Expenses taken into account  in figuring American opportunity credit −4,000     Equals: Adjusted qualified  education expenses (AQEE) $1,200           The taxable part of the distribution is figured as follows. Tax returns 2011   1. Tax returns 2011 $950 (earnings) × $1,200 AQEE  $5,300 distribution           =$215 (tax-free earnings)     2. Tax returns 2011 $950 (earnings)−$215 (tax-free earnings)     =$735 (taxable earnings)       Sara must include $735 in income (Form 1040, line 21). Tax returns 2011 This represents distributed earnings not used for adjusted qualified education expenses. Tax returns 2011 Coordination With Coverdell ESA Distributions If a designated beneficiary receives distributions from both a QTP and a Coverdell ESA in the same year, and the total of these distributions is more than the beneficiary's adjusted qualified higher education expenses, the expenses must be allocated between the distributions. Tax returns 2011 For purposes of this allocation, disregard any qualified elementary and secondary education expenses. Tax returns 2011 Example 3. Tax returns 2011 Assume the same facts as in Example 2 , except that instead of receiving a $5,300 distribution from her QTP, Sara received $4,600 from that account and $700 from her Coverdell ESA. Tax returns 2011 In this case, Sara must allocate her $1,200 of adjusted qualified higher education expenses (AQHEE) between the two distributions. Tax returns 2011   $1,200 AQHEE × $700 ESA distribution  $5,300 total distribution = $158 AQHEE (ESA)     $1,200 AQHEE × $4,600 QTP distribution  $5,300 total distribution = $1,042 AQHEE (QTP)   Sara then figures the taxable portion of her Coverdell ESA distribution based on qualified higher education expenses of $158, and the taxable portion of her QTP distribution based on the other $1,042. Tax returns 2011 Note. Tax returns 2011 If you are required to allocate your expenses between Coverdell ESA and QTP distributions, and you have adjusted qualified elementary and secondary education expenses, see the examples in chapter 7, Coverdell Education Savings Account under Coordination With Qualified Tuition Program (QTP) Distributions . Tax returns 2011 Coordination With Tuition and Fees Deduction. Tax returns 2011   A tuition and fees deduction can be claimed in the same year the beneficiary takes a tax-free distribution from a QTP, as long as the same expenses are not used for both benefits. Tax returns 2011 Losses on QTP Investments If you have a loss on your investment in a QTP account, you may be able to take the loss on your income tax return. Tax returns 2011 You can take the loss only when all amounts from that account have been distributed and the total distributions are less than your unrecovered basis. Tax returns 2011 Your basis is the total amount of contributions to that QTP account. Tax returns 2011 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. Tax returns 2011 If you have distributions from more than one QTP account during a year, you must combine the information (amount of distribution, basis, etc. Tax returns 2011 ) from all such accounts in order to determine your taxable earnings for the year. Tax returns 2011 By doing this, the loss from one QTP account reduces the distributed earnings (if any) from any other QTP accounts. Tax returns 2011 Example 1. Tax returns 2011 In 2013, Taylor received a final distribution of $1,000 from QTP #1. Tax returns 2011 His unrecovered basis in that account before the distribution was $3,000. Tax returns 2011 If Taylor itemizes his deductions, he can claim the $2,000 loss on Schedule A (Form 1040). Tax returns 2011 Example 2. Tax returns 2011 Assume the same facts as in Example 1 , except that Taylor also had a distribution of $9,000 from QTP #2, giving him total distributions for 2013 of $10,000. Tax returns 2011 His total basis in these distributions was $4,500 ($3,000 for QTP #1 and $1,500 for QTP #2). Tax returns 2011 Taylor's adjusted qualified education expenses for 2013 totaled $6,000. Tax returns 2011 In order to figure his taxable earnings, Taylor combines the two accounts and determines his taxable earnings as follows. Tax returns 2011   1. Tax returns 2011 $10,000 (total distribution)−$4,500 (basis portion of distribution)     = $5,500 (earnings included in distribution)   2. Tax returns 2011 $5,500 (earnings) x $6,000 AQEE  $10,000 distribution           =$3,300 (tax-free earnings)     3. Tax returns 2011 $5,500 (earnings)−$3,300 (tax-free earnings)     =$2,200 (taxable earnings)                 Taylor must include $2,200 in income on Form 1040, line 21. Tax returns 2011 Because Taylor's accounts must be combined, he cannot deduct his $2,000 loss (QTP #1) on Schedule A (Form 1040). Tax returns 2011 Instead, the $2,000 loss reduces the total earnings that were distributed, thereby reducing his taxable earnings. Tax returns 2011 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. Tax returns 2011 Exceptions. Tax returns 2011   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. Tax returns 2011 Made because the designated beneficiary is disabled. Tax returns 2011 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. Tax returns 2011 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. Tax returns 2011 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. Tax returns 2011 Made on account of the attendance of the designated beneficiary at a U. Tax returns 2011 S. Tax returns 2011 military academy (such as the USNA at Annapolis). Tax returns 2011 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. Tax returns 2011 S. Tax returns 2011 Code) attributable to such attendance. Tax returns 2011 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. Tax returns 2011 ) Exception (3) applies only to the extent the distribution is not more than the scholarship, allowance, or payment. Tax returns 2011 Figuring the additional tax. Tax returns 2011    Use Part II of Form 5329, to figure any additional tax. Tax returns 2011 Report the amount on Form 1040, line 58, or Form 1040NR, line 56. Tax returns 2011 Rollovers and Other Transfers Assets can be rolled over or transferred from one QTP to another. Tax returns 2011 In addition, the designated beneficiary can be changed without transferring accounts. Tax returns 2011 Rollovers Any amount distributed from a QTP is not taxable if it is rolled over to another QTP for the benefit of the same beneficiary or for the benefit of a member of the beneficiary's family (including the beneficiary's spouse). Tax returns 2011 An amount is rolled over if it is paid to another QTP within 60 days after the date of the distribution. Tax returns 2011 Do not report qualifying rollovers (those that meet the above criteria) anywhere on Form 1040 or 1040NR. Tax returns 2011 These are not taxable distributions. Tax returns 2011 Members of the beneficiary's family. Tax returns 2011   For these purposes, the beneficiary's family includes the beneficiary's spouse and the following other relatives of the beneficiary. Tax returns 2011 Son, daughter, stepchild, foster child, adopted child, or a descendant of any of them. Tax returns 2011 Brother, sister, stepbrother, or stepsister. Tax returns 2011 Father or mother or ancestor of either. Tax returns 2011 Stepfather or stepmother. Tax returns 2011 Son or daughter of a brother or sister. Tax returns 2011 Brother or sister of father or mother. Tax returns 2011 Son-in-law, daughter-in-law, father-in-law, mother-in-law, brother-in-law, or sister-in-law. Tax returns 2011 The spouse of any individual listed above. Tax returns 2011 First cousin. Tax returns 2011 Example. Tax returns 2011 When Aaron graduated from college last year he had $5,000 left in his QTP. Tax returns 2011 He wanted to give this money to his younger brother, who was in junior high school. Tax returns 2011 In order to avoid paying tax on the distribution of the amount remaining in his account, Aaron contributed the same amount to his brother's QTP within 60 days of the distribution. Tax returns 2011 If the rollover is to another QTP for the same beneficiary, only one rollover is allowed within 12 months of a previous transfer to any QTP for that designated beneficiary. Tax returns 2011 Changing the Designated Beneficiary There are no income tax consequences if the designated beneficiary of an account is changed to a member of the beneficiary's family. Tax returns 2011 See Members of the beneficiary's family , earlier. Tax returns 2011 Example. Tax returns 2011 Assume the same situation as in the last example. Tax returns 2011 Instead of closing his QTP and paying the distribution into his brother's QTP, Aaron could have instructed the trustee of his account to simply change the name of the beneficiary on his account to that of his brother. Tax returns 2011 Prev  Up  Next   Home   More Online Publications
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The Tax Returns 2011

Tax returns 2011 Index A Accounting method Accrual, Accrual Method, Accrual method. Tax returns 2011 Automatic procedures, Automatic change procedures. Tax returns 2011 Cash, Cash Method, Cash method. Tax returns 2011 Change in, Change in Accounting Method Combination, Combination Method Special, Special Methods Accounting periods, Accounting Periods Accrual method Income - general rule, Income—General Rule Income - special rules, Income—Special Rules Of accounting, Accrual Method Adjusted basis, Adjusted basis. Tax returns 2011 Administrator, Executor or administrator. Tax returns 2011 Alternative fuel vehicle refueling property credit, Alternative fuel vehicle refueling property credit (Form 8911). Tax returns 2011 Alternative motor vehicle credit, Alternative motor vehicle credit (Form 8910). Tax returns 2011 Appeal rights, Appeals. Tax returns 2011 Appreciation, Appreciation. Tax returns 2011 Audits, Examinations (audits). Tax returns 2011 Automobile (see Car expenses) B Bad debts, Bad Debts Barter income, Bartering for Property or Services Basis of property, Basis. Tax returns 2011 Bribes, Expenses You Cannot Deduct Business expenses, Business Expenses Business income, Business Income Business use of your home, Business Use of Your Home C Canceled debt, Canceled Debt Cancellation of qualified real property business debt, Cancellation of qualified real property business debt. Tax returns 2011 Capital gain or loss, Is My Gain or Loss Ordinary or Capital? Car expenses, Car and Truck Expenses, Methods for Deducting Car and Truck Expenses Carbon dioxide sequestration credit, Carbon dioxide sequestration credit (Form 8933). Tax returns 2011 Cash discount, Cash discounts. Tax returns 2011 , Cash discounts. Tax returns 2011 Cash method Expenses, Expenses Income, Income Changing accounting method, Changing accounting method. Tax returns 2011 Charitable contributions, Expenses You Cannot Deduct Child employed by parent, Child employed by parent. Tax returns 2011 Claim for refund, Refunds. Tax returns 2011 Collection of tax, Collections. Tax returns 2011 Combination method of accounting, Combination Method Comments on publication, Comments and suggestions. Tax returns 2011 Condemned property, Condemned property. Tax returns 2011 Consignments, Consignments. Tax returns 2011 Construction allowances, Construction allowances. Tax returns 2011 Cost of goods sold, How To Figure Cost of Goods Sold Credit Alternative fuel vehicle refueling property, Alternative fuel vehicle refueling property credit (Form 8911). Tax returns 2011 Alternative motor vehicle, Alternative motor vehicle credit (Form 8910). Tax returns 2011 Carbon dioxide sequestration, Carbon dioxide sequestration credit (Form 8933). Tax returns 2011 Disabled access, Disabled access credit (Form 8826). Tax returns 2011 Distilled spirits, Distilled spirits credit (Form 8906). Tax returns 2011 Employer-provided childcare, Credit for employer-provided childcare facilities and services (Form 8882). Tax returns 2011 How to claim, How To Claim the Credit Indian coal, Renewable electricity, refined coal, and Indian coal production credit (Form 8835). Tax returns 2011 Investment, Investment credit (Form 3468). Tax returns 2011 Low sulfur diesel fuel production, Low sulfur diesel fuel production credit (Form 8896). Tax returns 2011 Low-income housing, Low-income housing credit (Form 8586). Tax returns 2011 New markets, New markets credit (Form 8874). Tax returns 2011 Nonconventional source fuel, Nonconventional source fuel credit (Form 8907). Tax returns 2011 Orphan drug, Orphan drug credit (Form 8820). Tax returns 2011 Qualified plug-in electric drive motor vehicle, Qualified plug-in electric drive motor vehicle credit (Form 8936). Tax returns 2011 Refined coal, Renewable electricity, refined coal, and Indian coal production credit (Form 8835). Tax returns 2011 Renewable electricity, Renewable electricity, refined coal, and Indian coal production credit (Form 8835). Tax returns 2011 Small employer health insurance premiums, Credit for small employer health insurance premiums (Form 8941). Tax returns 2011 Small employer pension plan startup costs, Credit for small employer pension plan startup costs (Form 8881). Tax returns 2011 Taxes paid on certain employee tips, Credit for employer social security and Medicare taxes paid on certain employee tips (Form 8846). Tax returns 2011 Work opportunity, Work opportunity credit (Form 5884). Tax returns 2011 D Damages, Damages. Tax returns 2011 Debt Bad, Bad Debts Canceled, Canceled Debt Qualified real property business, Qualified real property business debt. Tax returns 2011 Refund offset against, Offset against debts. Tax returns 2011 Definitions Accounting methods, Accounting Methods Accounting periods, Accounting Periods Barter, Bartering for Property or Services Basis, Basis. Tax returns 2011 Business bad debt, Business bad debt. Tax returns 2011 Calendar tax year, Calendar tax year. Tax returns 2011 Cash discount, Cash discounts. Tax returns 2011 , Cash discounts. Tax returns 2011 Disposition of property, What Is a Disposition of Property? Drawing account, Merchandise withdrawn from sale. Tax returns 2011 Entertainment expenses, Entertainment expenses. Tax returns 2011 Fair market value, Fair market value. Tax returns 2011 Fiscal tax year, Fiscal tax year. Tax returns 2011 Fringe benefit, Fringe benefits. Tax returns 2011 Local transportation expenses, Local transportation expenses. Tax returns 2011 Necessary expense, Introduction Net operating loss, Net Operating Losses (NOLs) Nonbusiness bad debt, Nonbusiness bad debts. Tax returns 2011 Ordinary expense, Introduction Principal place of business, Principal place of business. Tax returns 2011 Qualified long-term real property, Qualified long-term real property. Tax returns 2011 Qualified real property business debt, Cancellation of qualified real property business debt. Tax returns 2011 Rent, Rent Expense Restricted property, Other Income Retail space, Retail space. Tax returns 2011 Self-employment (SE) tax, Self-Employment (SE) Tax Sole proprietor, Sole proprietor. Tax returns 2011 Tax home, Local transportation expenses. Tax returns 2011 Trade discount, Trade discounts. Tax returns 2011 , Cash discounts. Tax returns 2011 Travel expenses, Travel, Meals, and Entertainment Depreciation Deduction, Depreciation Listed property, Listed property. Tax returns 2011 Depreciation, recapture, Recapture of depreciation. Tax returns 2011 Direct seller, Direct seller. Tax returns 2011 , Real estate agent or direct seller. Tax returns 2011 Disabled access credit, Disabled access credit (Form 8826). Tax returns 2011 Disposition of property Business property, Introduction Installment sale, Installment sales. Tax returns 2011 , Installment sales. Tax returns 2011 Like-kind exchange, Like-kind exchanges. Tax returns 2011 , Like-kind exchanges. Tax returns 2011 , Exchange of like-kind property. Tax returns 2011 Nontaxable exchange, Nontaxable exchanges. Tax returns 2011 Sale of a business, Sale of a business. Tax returns 2011 Distilled spirits credit, Distilled spirits credit (Form 8906). Tax returns 2011 Dividend income, Interest and Dividend Income Donation of inventory, Donation of inventory. Tax returns 2011 Drawing account, Merchandise withdrawn from sale. Tax returns 2011 Due date of return, When Is My Tax Return Due? E e-file, IRS e-file (Electronic Filing) Economic injury, Economic injury. Tax returns 2011 EFTPS, EFTPS Electronic filing, IRS e-file (Electronic Filing) Employee, Employee. Tax returns 2011 Employee benefit programs, Fringe benefits. Tax returns 2011 Employees' pay, Employees' Pay Employer identification number (EIN), Employer identification number (EIN). Tax returns 2011 Employment taxes About, Employment Taxes Deduction for, Employment taxes. Tax returns 2011 Entertainment expenses, Entertainment expenses. Tax returns 2011 (see Travel expenses) Escrow, payments placed in, Payment placed in escrow. Tax returns 2011 Estimated tax, How Do I Pay Income Tax? Examinations (audits), Examinations (audits). Tax returns 2011 Excise taxes About, Excise Taxes Deduction for, Excise taxes. Tax returns 2011 Executor, Executor or administrator. Tax returns 2011 Expenses, Business Expenses Bad debts, Bad Debts Car, Car and Truck Expenses Depreciation, Depreciation Employees' pay, Employees' Pay Entertainment, Travel, Meals, and Entertainment Home, business use, Business Use of Your Home Insurance, Insurance Interest, Interest Legal and professional fees, Legal and Professional Fees Meals, Travel, Meals, and Entertainment Nondeductible, Expenses You Cannot Deduct Other, Other Expenses You Can Deduct Pension plans, Pension Plans Rent, Rent Expense Taxes, Taxes Travel, Travel, Meals, and Entertainment Truck, Car and Truck Expenses F Fair market value, Fair market value. Tax returns 2011 Filing business taxes, Filing and Paying Business Taxes Fishing crew member, Fishing crew member. Tax returns 2011 , Fishing crew member. Tax returns 2011 Form 1040 (tax return), How Do I File? 1040-ES (estimated tax), How Do I Pay Income Tax? 1040-V (voucher), Balance due. Tax returns 2011 1099-B (barter), Information returns. Tax returns 2011 1099-MISC (miscellaneous), Form 1099-MISC. Tax returns 2011 , Information returns. Tax returns 2011 1128 (change tax year), Change in tax year. Tax returns 2011 2210 (underpayment of estimated tax), Penalty for underpayment of tax. Tax returns 2011 2290 (excise tax for heavy trucks), Form 2290. Tax returns 2011 3115 (change accounting method), Change in Accounting Method 3468 (investment credit), Investment credit (Form 3468). Tax returns 2011 3800 (general business credit), Useful Items - You may want to see: 4562 (depreciation), Form 4562. Tax returns 2011 4684 (casualty and theft), Casualties and thefts. Tax returns 2011 4797 (sale of business property), Dispositions of business property and depreciable property. Tax returns 2011 , Condemned property. Tax returns 2011 , Listed property. Tax returns 2011 4868 (extension), When Is My Tax Return Due? 5884 (work opportunity credit), Work opportunity credit (Form 5884). Tax returns 2011 6251 (alternative minimum tax), Useful Items - You may want to see: 6252 (installment sale), Installment sales. Tax returns 2011 720 (excise tax return), Form 720. Tax returns 2011 8300 (cash payments over $10,000), Form 8300. Tax returns 2011 8586 (low-income housing), Low-income housing credit (Form 8586). Tax returns 2011 8594 (asset acquisition), Sale of a business. Tax returns 2011 8820 (orphan drug credit), Orphan drug credit (Form 8820). Tax returns 2011 8824 (like-kind exchange), Like-kind exchanges. Tax returns 2011 , Like-kind exchanges. Tax returns 2011 8826 (disabled access credit), Disabled access credit (Form 8826). Tax returns 2011 8829 (business in home), Deduction limit. Tax returns 2011 8835 (renewable electricity, coal credit), Renewable electricity, refined coal, and Indian coal production credit (Form 8835). Tax returns 2011 8846 (credit for social security on tip income), Credit for employer social security and Medicare taxes paid on certain employee tips (Form 8846). Tax returns 2011 8857 (innocent spouse), Innocent spouse relief. Tax returns 2011 8874 (new markets credit), New markets credit (Form 8874). Tax returns 2011 8879 (self-selected PIN), Using an Authorized IRS e-file Provider 8881 (pension plan startup costs credit), Credit for small employer pension plan startup costs (Form 8881). Tax returns 2011 8882 (employer-provided childcare credit), Credit for employer-provided childcare facilities and services (Form 8882). Tax returns 2011 8886 (transaction statement), Reminders 8896 (low sulfur diesel fuel production credit), Low sulfur diesel fuel production credit (Form 8896). Tax returns 2011 8906 (distilled spirits credit), Distilled spirits credit (Form 8906). Tax returns 2011 8907 (nonconventional fuel credit), Nonconventional source fuel credit (Form 8907). Tax returns 2011 8910 (alternative vehicle credit), Alternative motor vehicle credit (Form 8910). Tax returns 2011 , Car and Truck Expenses 8911 (alternative fuel refueling property credit), Alternative fuel vehicle refueling property credit (Form 8911). Tax returns 2011 8933 (carbon dioxide sequestration credit), Carbon dioxide sequestration credit (Form 8933). Tax returns 2011 8936 (qualified plug-in electric drive motor vehicle), Qualified plug-in electric drive motor vehicle credit (Form 8936). Tax returns 2011 8941 (small employer health insurance premiums), Credit for small employer health insurance premiums (Form 8941). Tax returns 2011 982 (discharge of indebtedness), Exclusions Schedule C (sole proprietor), How Do I File? Schedule C-EZ (sole proprietor), How Do I File? Schedule SE (self-employment tax), Who must pay self-employment tax. Tax returns 2011 SS-4 (application for EIN), Employer identification number (EIN). Tax returns 2011 SS-5 (application for SSN), Social security number (SSN). Tax returns 2011 W-2 (report wages), Form W-2. Tax returns 2011 W-4 (employee withholding), Employee. Tax returns 2011 W-7 (application for ITIN), Individual taxpayer identification number (ITIN). Tax returns 2011 W-9 (request for TIN), Other payee. Tax returns 2011 Fringe benefits, Fringe benefits. Tax returns 2011 Fuel taxes, Fuel taxes. Tax returns 2011 G Gains and losses, Gains and losses. Tax returns 2011 General business credits, General Business Credits, Business Credits Gross profit Accuracy, Testing Gross Profit Accuracy Additions to, Additions to Gross Profit Guidelines for selected occupations, Guidelines for Selected Occupations (see also Occupations, selected) H Health insurance, deduction for self-employed, Self-employed health insurance deduction. Tax returns 2011 Home, business use of, Business Use of Your Home Hotels, boarding houses, and apartments, Hotels, boarding houses, and apartments. Tax returns 2011 Husband and wife business, Business owned and operated by spouses. Tax returns 2011 I Identification numbers, Identification Numbers Income, Items That Are Not Income (see also Not income) Accounting for your, Accounting for Your Income Barter, Bartering for Property or Services Business, Business Income Damages, Damages. Tax returns 2011 Gains and losses, Gains and losses. Tax returns 2011 Kickbacks, Kickbacks. Tax returns 2011 Kinds of income, Kinds of Income Lost income payments, Lost income payments. Tax returns 2011 Other, Other Income Paid to a third party, Income paid to a third party. Tax returns 2011 Personal property rent, Personal Property Rents Promissory notes, Promissory notes. Tax returns 2011 Recapture of depreciation, Recapture of depreciation. Tax returns 2011 Recovery of items previously deducted, Recovery of items previously deducted. Tax returns 2011 Rental, Real Estate Rents, Personal Property Rents Restricted property, Restricted property. Tax returns 2011 Income tax About, Income Tax Deduction for, Income taxes. Tax returns 2011 How to pay, How Do I Pay Income Tax? Underpayment penalty, Penalty for underpayment of tax. Tax returns 2011 Income tax return, who must file, Do I Have To File an Income Tax Return? Independent contractor, Independent contractor. Tax returns 2011 , Employment Taxes, Sole proprietor or independent contractor. Tax returns 2011 Individual taxpayer identification number (ITIN), Individual taxpayer identification number (ITIN). Tax returns 2011 Information returns, Information Returns Information, How to get more, How To Get More Information Innocent spouse relief, Innocent spouse relief. Tax returns 2011 Installment sales, Installment sales. Tax returns 2011 Insurance Expense, Insurance Nondeductible premiums, Nondeductible premiums. Tax returns 2011 Prepayment, Prepayment. Tax returns 2011 Proceeds, Insurance proceeds. Tax returns 2011 Self-employed health, Self-employed health insurance deduction. Tax returns 2011 Insurance agent Former, Insurance agent, former. Tax returns 2011 Retired, Insurance agent, retired. Tax returns 2011 Interest Expenses, Interest Income, Interest and Dividend Income Inventories, Inventories Investment credit, Investment credit (Form 3468). Tax returns 2011 K Kickbacks, Kickbacks. Tax returns 2011 , Expenses You Cannot Deduct L Lease bonus, Lease bonus. Tax returns 2011 Lease cancellation payments, Lease cancellation payments. Tax returns 2011 Legal fees, Legal and Professional Fees Like-kind exchanges, Like-kind exchanges. Tax returns 2011 , Exchange of like-kind property. Tax returns 2011 Limited liability company, Limited liability company (LLC). Tax returns 2011 Listed property, Listed property. Tax returns 2011 Lobbying expense, Expenses You Cannot Deduct Local transportation expenses, Local transportation expenses. Tax returns 2011 Lodging, Meals and lodging. Tax returns 2011 Long-term capital gain or loss, Is My Capital Gain or Loss Short Term or Long Term? Lost income payments, Lost income payments. Tax returns 2011 Low sulfur diesel fuel production credit, Low sulfur diesel fuel production credit (Form 8896). Tax returns 2011 Low-income housing credit, Low-income housing credit (Form 8586). Tax returns 2011 M Meals, Meals and lodging. Tax returns 2011 (see Travel expenses) Methods for figuring net earnings, Methods for Figuring Net Earnings Mileage rate for vehicles, Standard mileage rate. Tax returns 2011 Motor vehicle, alternative credit, Alternative motor vehicle credit (Form 8910). Tax returns 2011 N Net operating losses, Net Operating Losses (NOLs) Net profit or loss, Introduction New markets credit, New markets credit (Form 8874). Tax returns 2011 Newspaper carrier or distributor, Newspaper carrier or distributor. Tax returns 2011 Newspaper or magazine vendor, Newspaper or magazine vendor. Tax returns 2011 Nonbusiness bad debt, Nonbusiness bad debts. Tax returns 2011 Nonconventional source fuel credit, Nonconventional source fuel credit (Form 8907). Tax returns 2011 Nondeductible insurance premiums, Nondeductible premiums. Tax returns 2011 Nonemployee compensation, Introduction Nontaxable exchanges, Nontaxable exchanges. Tax returns 2011 Not income Appreciation, Appreciation. Tax returns 2011 Consignments, Consignments. Tax returns 2011 Constructions allowances, Construction allowances. Tax returns 2011 Exchange of like-kind property, Exchange of like-kind property. Tax returns 2011 Leasehold improvements, Leasehold improvements. Tax returns 2011 Loans, Loans. Tax returns 2011 Sales tax, Sales tax. Tax returns 2011 Not-for-profit activities, Not-for-Profit Activities Notary public, Notary public. Tax returns 2011 , Notary public. Tax returns 2011 O Occupations, selected Administrator, Executor or administrator. Tax returns 2011 Direct seller, Direct seller. Tax returns 2011 , Real estate agent or direct seller. Tax returns 2011 Executor, Executor or administrator. Tax returns 2011 Fishing crew member, Fishing crew member. Tax returns 2011 Insurance agent, former, Insurance agent, former. Tax returns 2011 Insurance agent, retired, Insurance agent, retired. Tax returns 2011 Newspaper carrier or distributor, Newspaper carrier or distributor. Tax returns 2011 Newspaper or magazine vendor, Newspaper or magazine vendor. Tax returns 2011 Notary public, Notary public. Tax returns 2011 Public official, Public official. Tax returns 2011 Real estate agent, Real estate agent or direct seller. Tax returns 2011 Securities dealer, Securities dealer. Tax returns 2011 Securities trader, Securities trader. Tax returns 2011 Office in the home, Office in the home. Tax returns 2011 (see also Business use of your home) Optional methods, using both, Using Both Optional Methods Ordinary gain or loss, Is My Gain or Loss Ordinary or Capital? Orphan drug credit, Orphan drug credit (Form 8820). Tax returns 2011 P Parking fees, Parking fees and tolls. Tax returns 2011 Partners, husband and wife, Business owned and operated by spouses. Tax returns 2011 Pay, kinds of, Kinds of pay. Tax returns 2011 Paying Business taxes, Filing and Paying Business Taxes Income tax, How Do I Pay Income Tax? Payments to third parties, Payments to third parties. Tax returns 2011 Penalties and fines, Expenses You Cannot Deduct Penalty Failure to file Form 8300, Penalties. Tax returns 2011 Failure to file information returns, Penalties. Tax returns 2011 Failure to furnish correct payee statements, Penalties. Tax returns 2011 Underpayment of tax, Penalty for underpayment of tax. Tax returns 2011 Waiver of, Waiver of penalties. Tax returns 2011 Pension plans, Pension Plans Personal property tax, Personal property tax. Tax returns 2011 Prepaid expense Extends useful life, Prepayment. Tax returns 2011 Rent, Rent paid in advance. Tax returns 2011 Professional fees, Legal and Professional Fees Promissory notes, Promissory notes. Tax returns 2011 Public official, Public official. Tax returns 2011 Punitive damages, Punitive damages. Tax returns 2011 Q Qualified plug-in electric drive motor vehicle credit, Qualified plug-in electric drive motor vehicle credit (Form 8936). Tax returns 2011 Qualified real property business debt, Qualified real property business debt. Tax returns 2011 R Real estate Agent, Real estate agent or direct seller. Tax returns 2011 Dealer, Real estate dealer. Tax returns 2011 Rent, Real Estate Rents Taxes, Real estate taxes. Tax returns 2011 Recovery of items previously deducted, Recovery of items previously deducted. Tax returns 2011 Refund Inquiries, Refund inquiries. Tax returns 2011 Offsets against debts, Offset against debts. Tax returns 2011 Related persons Unreasonable rent, Unreasonable rent. Tax returns 2011 Renewable electricity, refined coal, and Indian coal production credit, Renewable electricity, refined coal, and Indian coal production credit (Form 8835). Tax returns 2011 Rent expense, Rent Expense Rental income, Real Estate Rents Repayment of income, Repayment of income. Tax returns 2011 Reportable transaction disclosure statement, Reminders Reporting self-employment tax, Reporting Self-Employment Tax Restricted property, Restricted property. Tax returns 2011 Retirement plans (see Pension plans) S Salaries, Employees' Pay Sale of a business, Sale of a business. Tax returns 2011 Sale of property, What Is a Disposition of Property? (see also Disposition of property) Sales of assets, Introduction Sales tax, Sales tax. Tax returns 2011 Schedule C, How Do I File? Schedule C-EZ, How Do I File? Schedule SE (Form 1040), Who must pay self-employment tax. Tax returns 2011 Schedule SE, filing requirement, Reporting Self-Employment Tax SE tax About, Self-Employment (SE) Tax Aliens, Aliens. Tax returns 2011 Child employed by parent, Child employed by parent. Tax returns 2011 Church employee, Church employee. Tax returns 2011 Community property income, Community Property Income Deduction for, Self-employment tax. Tax returns 2011 Earning credits, Earning credits in 2013 and 2014. Tax returns 2011 Effects of using an optional method, Effects of using an optional method. Tax returns 2011 Farm optional method, Farm Optional Method Fiscal year filer, Fiscal Year Filer Fishing crew member, Fishing crew member. Tax returns 2011 Gain or loss, Gain or Loss Government employee, State or local government employee. Tax returns 2011 , Foreign government or international organization employee. Tax returns 2011 Joint return, Joint return. Tax returns 2011 Lost income payments, Lost Income Payments Maximum earnings For 2011, What's New for 2013, Maximum earnings subject to SE tax. Tax returns 2011 Subject to, Maximum earnings subject to self-employment tax. Tax returns 2011 Methods for figuring net earnings, Methods for Figuring Net Earnings More than one business, More Than One Business, More than one business. Tax returns 2011 Nonfarm optional method, Nonfarm Optional Method Notary public, Notary public. Tax returns 2011 Optional methods Farm, Farm Optional Method Nonfarm, Nonfarm Optional Method Rate, SE tax rate. Tax returns 2011 Regular method, Regular Method Residing abroad, U. Tax returns 2011 S. Tax returns 2011 citizen or resident alien residing abroad. Tax returns 2011 Special rules and exceptions, Special Rules and Exceptions Tax rate, SE tax rate. Tax returns 2011 Time limit for posting income, The Social Security Administration (SSA) time limit for posting self-employment income. Tax returns 2011 Who must pay, Who Must Pay SE Tax? Why use an optional method, Why use an optional method? Section 179 Deduction, Section 179 deduction. Tax returns 2011 Property, Section 179 property. Tax returns 2011 Securities Dealer, Securities dealer. Tax returns 2011 Trader, Securities trader. Tax returns 2011 Self-employed health insurance deduction, Self-employed health insurance deduction. Tax returns 2011 Self-employment tax (see SE tax) Settlement payments, Settlement payments. Tax returns 2011 Short-term capital gain or loss, Is My Capital Gain or Loss Short Term or Long Term? Signature, electronic, Electronic signatures. Tax returns 2011 Small Business Administration, Small Business Administration Small employer health insurance premiums credit, Credit for small employer health insurance premiums (Form 8941). Tax returns 2011 Social security coverage, Social security coverage. Tax returns 2011 Social security number (SSN), Social security number (SSN). Tax returns 2011 Sole proprietor, Sole proprietor. Tax returns 2011 , Sole proprietor or independent contractor. Tax returns 2011 Sport utility vehicle, Section 179 deduction. Tax returns 2011 Standard mileage rate, Standard mileage rate. Tax returns 2011 For 2011, What's New for 2013 Statutory employee, Statutory employee. Tax returns 2011 Suggestions for publication, Comments and suggestions. Tax returns 2011 SUV, Section 179 deduction. Tax returns 2011 T Tax home, Local transportation expenses. Tax returns 2011 , Travel expenses. Tax returns 2011 Tax preparation fees, Tax preparation fees. Tax returns 2011 Tax refund Claim for, Refunds. Tax returns 2011 Offset against debts, Offset against debts. Tax returns 2011 Tax return How to file, How Do I File? Who must file, Do I Have To File an Income Tax Return? Tax year, Accounting Periods Calendar, Calendar tax year. Tax returns 2011 Change in, Change in tax year. Tax returns 2011 Fiscal, Fiscal tax year. Tax returns 2011 Taxes Deduction for, Taxes Employment, Employment Taxes, Employment taxes. Tax returns 2011 Excise, Excise Taxes, Excise taxes. Tax returns 2011 Fuel, Fuel taxes. Tax returns 2011 Income, Income Tax, Income taxes. Tax returns 2011 Paid on certain employee tips, Credit for employer social security and Medicare taxes paid on certain employee tips (Form 8846). Tax returns 2011 Personal property, Personal property tax. Tax returns 2011 Real estate, Real estate taxes. Tax returns 2011 Sales, Sales tax. Tax returns 2011 Self-employment, Self-Employment (SE) Tax, Self-employment tax. Tax returns 2011 Taxpayer rights, Declaration of Taxpayer Rights Third parties, Payments to, Payments to third parties. Tax returns 2011 Tolls, Parking fees and tolls. Tax returns 2011 Trade discount, Trade discounts. Tax returns 2011 , Trade discounts. Tax returns 2011 Trade or business, Trade or business. Tax returns 2011 Trailer park owner, Trailer park owner. Tax returns 2011 Transportation expenses, Local transportation expenses. Tax returns 2011 Travel expenses, Travel expenses. Tax returns 2011 U Underpayment of tax penalty, Penalty for underpayment of tax. Tax returns 2011 Uniform capitalization rules, Uniform Capitalization Rules W Wages, Employees' Pay Work opportunity credit, Work opportunity credit (Form 5884). Tax returns 2011 Prev  Up     Home   More Online Publications