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Taxes For 2012

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Taxes For 2012

Taxes for 2012 4. Taxes for 2012   Interest Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Allocation of InterestOrder of funds spent. Taxes for 2012 Payments from checking accounts. Taxes for 2012 Amounts paid within 30 days. Taxes for 2012 Optional method for determining date of reallocation. Taxes for 2012 Interest on a segregated account. Taxes for 2012 How to report. Taxes for 2012 Interest You Can DeductStatement. Taxes for 2012 Expenses paid to obtain a mortgage. Taxes for 2012 Prepayment penalty. Taxes for 2012 De minimis OID. Taxes for 2012 Constant-yield method. Taxes for 2012 Loan or mortgage ends. Taxes for 2012 Interest You Cannot DeductPenalties. Taxes for 2012 Who is a key person? Exceptions for pre-June 1997 contracts. Taxes for 2012 Interest allocated to unborrowed policy cash value. Taxes for 2012 Capitalization of Interest When To Deduct InterestPrepaid interest. Taxes for 2012 Discounted loan. Taxes for 2012 Refunds of interest. Taxes for 2012 Prepaid interest. Taxes for 2012 Discounted loan. Taxes for 2012 Tax deficiency. Taxes for 2012 Related person. Taxes for 2012 Below-Market LoansLimit on forgone interest for gift loans of $100,000 or less. Taxes for 2012 Introduction This chapter discusses the tax treatment of business interest expense. Taxes for 2012 Business interest expense is an amount charged for the use of money you borrowed for business activities. Taxes for 2012 Topics - This chapter discusses: Allocation of interest Interest you can deduct Interest you cannot deduct Capitalization of interest When to deduct interest Below-market loans Useful Items - You may want to see: Publication 537 Installment Sales 550 Investment Income and Expenses 936 Home Mortgage Interest Deduction Form (and Instructions) Sch A (Form 1040) Itemized Deductions Sch E (Form 1040) Supplemental Income and Loss Sch K-1 (Form 1065) Partner's Share of Income, Deductions, Credits, etc. Taxes for 2012 Sch K-1 (Form 1120S) Shareholder's Share of Income, Deductions, Credits, etc. Taxes for 2012 1098 Mortgage Interest Statement 3115 Application for Change in Accounting Method 4952 Investment Interest Expense Deduction 8582 Passive Activity Loss Limitations See chapter 12 for information about getting publications and forms. Taxes for 2012 Allocation of Interest The rules for deducting interest vary, depending on whether the loan proceeds are used for business, personal, or investment activities. Taxes for 2012 If you use the proceeds of a loan for more than one type of expense, you must allocate the interest based on the use of the loan's proceeds. Taxes for 2012 Allocate your interest expense to the following categories. Taxes for 2012 Nonpassive trade or business activity interest Passive trade or business activity interest Investment interest Portfolio interest Personal interest In general, you allocate interest on a loan the same way you allocate the loan proceeds. Taxes for 2012 You allocate loan proceeds by tracing disbursements to specific uses. Taxes for 2012 The easiest way to trace disbursements to specific uses is to keep the proceeds of a particular loan separate from any other funds. Taxes for 2012 Secured loan. Taxes for 2012   The allocation of loan proceeds and the related interest is not generally affected by the use of property that secures the loan. Taxes for 2012 Example. Taxes for 2012 You secure a loan with property used in your business. Taxes for 2012 You use the loan proceeds to buy an automobile for personal use. Taxes for 2012 You must allocate interest expense on the loan to personal use (purchase of the automobile) even though the loan is secured by business property. Taxes for 2012    If the property that secures the loan is your home, you generally do not allocate the loan proceeds or the related interest. Taxes for 2012 The interest is usually deductible as qualified home mortgage interest, regardless of how the loan proceeds are used. Taxes for 2012 For more information, see Publication 936. Taxes for 2012 Allocation period. Taxes for 2012   The period for which a loan is allocated to a particular use begins on the date the proceeds are used and ends on the earlier of the following dates. Taxes for 2012 The date the loan is repaid. Taxes for 2012 The date the loan is reallocated to another use. Taxes for 2012 Proceeds not disbursed to borrower. Taxes for 2012   Even if the lender disburses the loan proceeds to a third party, the allocation of the loan is still based on your use of the funds. Taxes for 2012 This applies whether you pay for property, services, or anything else by incurring a loan, or you take property subject to a debt. Taxes for 2012 Proceeds deposited in borrower's account. Taxes for 2012   Treat loan proceeds deposited in an account as property held for investment. Taxes for 2012 It does not matter whether the account pays interest. Taxes for 2012 Any interest you pay on the loan is investment interest expense. Taxes for 2012 If you withdraw the proceeds of the loan, you must reallocate the loan based on the use of the funds. Taxes for 2012 Example. Taxes for 2012 Celina, a calendar-year taxpayer, borrows $100,000 on January 4 and immediately uses the proceeds to open a checking account. Taxes for 2012 No other amounts are deposited in the account during the year and no part of the loan principal is repaid during the year. Taxes for 2012 On April 2, Celina uses $20,000 from the checking account for a passive activity expenditure. Taxes for 2012 On September 4, Celina uses an additional $40,000 from the account for personal purposes. Taxes for 2012 Under the interest allocation rules, the entire $100,000 loan is treated as property held for investment for the period from January 4 through April 1. Taxes for 2012 From April 2 through September 3, Celina must treat $20,000 of the loan as used in the passive activity and $80,000 of the loan as property held for investment. Taxes for 2012 From September 4 through December 31, she must treat $40,000 of the loan as used for personal purposes, $20,000 as used in the passive activity, and $40,000 as property held for investment. Taxes for 2012 Order of funds spent. Taxes for 2012   Generally, you treat loan proceeds deposited in an account as used (spent) before either of the following amounts. Taxes for 2012 Any unborrowed amounts held in the same account. Taxes for 2012 Any amounts deposited after these loan proceeds. Taxes for 2012 Example. Taxes for 2012 On January 9, Olena opened a checking account, depositing $500 of the proceeds of Loan A and $1,000 of unborrowed funds. Taxes for 2012 The following table shows the transactions in her account during the tax year. Taxes for 2012 Date Transaction January 9 $500 proceeds of Loan A and $1,000 unborrowed funds deposited January 14 $500 proceeds of Loan B  deposited February 19 $800 used for personal purposes February 27 $700 used for passive activity June 19 $1,000 proceeds of Loan C  deposited November 20 $800 used for an investment December 18 $600 used for personal purposes Olena treats the $800 used for personal purposes as made from the $500 proceeds of Loan A and $300 of the proceeds of Loan B. Taxes for 2012 She treats the $700 used for a passive activity as made from the remaining $200 proceeds of Loan B and $500 of unborrowed funds. Taxes for 2012 She treats the $800 used for an investment as made entirely from the proceeds of Loan C. Taxes for 2012 She treats the $600 used for personal purposes as made from the remaining $200 proceeds of Loan C and $400 of unborrowed funds. Taxes for 2012 For the periods during which loan proceeds are held in the account, Olena treats them as property held for investment. Taxes for 2012 Payments from checking accounts. Taxes for 2012   Generally, you treat a payment from a checking or similar account as made at the time the check is written if you mail or deliver it to the payee within a reasonable period after you write it. Taxes for 2012 You can treat checks written on the same day as written in any order. Taxes for 2012 Amounts paid within 30 days. Taxes for 2012   If you receive loan proceeds in cash or if the loan proceeds are deposited in an account, you can treat any payment (up to the amount of the proceeds) made from any account you own, or from cash, as made from those proceeds. Taxes for 2012 This applies to any payment made within 30 days before or after the proceeds are received in cash or deposited in your account. Taxes for 2012   If the loan proceeds are deposited in an account, you can apply this rule even if the rules stated earlier under Order of funds spent would otherwise require you to treat the proceeds as used for other purposes. Taxes for 2012 If you apply this rule to any payments, disregard those payments (and the proceeds from which they are made) when applying the rules stated under Order of funds spent. Taxes for 2012   If you received the loan proceeds in cash, you can treat the payment as made on the date you received the cash instead of the date you actually made the payment. Taxes for 2012 Example. Taxes for 2012 Giovanni gets a loan of $1,000 on August 4 and receives the proceeds in cash. Taxes for 2012 Giovanni deposits $1,500 in an account on August 18 and on August 28 writes a check on the account for a passive activity expense. Taxes for 2012 Also, Giovanni deposits his paycheck, deposits other loan proceeds, and pays his bills during the same period. Taxes for 2012 Regardless of these other transactions, Giovanni can treat $1,000 of the deposit he made on August 18 as being paid on August 4 from the loan proceeds. Taxes for 2012 In addition, Giovanni can treat the passive activity expense he paid on August 28 as made from the $1,000 loan proceeds treated as deposited in the account. Taxes for 2012 Optional method for determining date of reallocation. Taxes for 2012   You can use the following method to determine the date loan proceeds are reallocated to another use. Taxes for 2012 You can treat all payments from loan proceeds in the account during any month as taking place on the later of the following dates. Taxes for 2012 The first day of that month. Taxes for 2012 The date the loan proceeds are deposited in the account. Taxes for 2012 However, you can use this optional method only if you treat all payments from the account during the same calendar month in the same way. Taxes for 2012 Interest on a segregated account. Taxes for 2012   If you have an account that contains only loan proceeds and interest earned on the account, you can treat any payment from that account as being made first from the interest. Taxes for 2012 When the interest earned is used up, any remaining payments are from loan proceeds. Taxes for 2012 Example. Taxes for 2012 You borrowed $20,000 and used the proceeds of this loan to open a new savings account. Taxes for 2012 When the account had earned interest of $867, you withdrew $20,000 for personal purposes. Taxes for 2012 You can treat the withdrawal as coming first from the interest earned on the account, $867, and then from the loan proceeds, $19,133 ($20,000 − $867). Taxes for 2012 All the interest charged on the loan from the time it was deposited in the account until the time of the withdrawal is investment interest expense. Taxes for 2012 The interest charged on the part of the proceeds used for personal purposes ($19,133) from the time you withdrew it until you either repay it or reallocate it to another use is personal interest expense. Taxes for 2012 The interest charged on the loan proceeds you left in the account ($867) continues to be investment interest expense until you either repay it or reallocate it to another use. Taxes for 2012 Loan repayment. Taxes for 2012   When you repay any part of a loan allocated to more than one use, treat it as being repaid in the following order. Taxes for 2012 Personal use. Taxes for 2012 Investments and passive activities (other than those included in (3)). Taxes for 2012 Passive activities in connection with a rental real estate activity in which you actively participate. Taxes for 2012 Former passive activities. Taxes for 2012 Trade or business use and expenses for certain low-income housing projects. Taxes for 2012 Line of credit (continuous borrowings). Taxes for 2012   The following rules apply if you have a line of credit or similar arrangement. Taxes for 2012 Treat all borrowed funds on which interest accrues at the same fixed or variable rate as a single loan. Taxes for 2012 Treat borrowed funds or parts of borrowed funds on which interest accrues at different fixed or variable rates as different loans. Taxes for 2012 Treat these loans as repaid in the order shown on the loan agreement. Taxes for 2012 Loan refinancing. Taxes for 2012   Allocate the replacement loan to the same uses to which the repaid loan was allocated. Taxes for 2012 Make the allocation only to the extent you use the proceeds of the new loan to repay any part of the original loan. Taxes for 2012 Debt-financed distribution. Taxes for 2012   A debt-financed distribution occurs when a partnership or S corporation borrows funds and allocates those funds to distributions made to partners or shareholders. Taxes for 2012 The manner in which you report the interest expense associated with the distributed debt proceeds depends on your use of those proceeds. Taxes for 2012 How to report. Taxes for 2012   If the proceeds were used in a nonpassive trade or business activity, report the interest on Schedule E (Form 1040), line 28; enter “interest expense” and the name of the partnership or S corporation in column (a) and the amount in column (h). Taxes for 2012 If the proceeds were used in a passive activity, follow the Instructions for Form 8582, Passive Activity Loss Limitations, to determine the amount of interest expense that can be reported on Schedule E (Form 1040), line 28; enter “interest expense” and the name of the partnership in column (a) and the amount in column (f). Taxes for 2012 If the proceeds were used in an investment activity, enter the interest on Form 4952. Taxes for 2012 If the proceeds are used for personal purposes, the interest is generally not deductible. Taxes for 2012 Interest You Can Deduct You can generally deduct as a business expense all interest you pay or accrue during the tax year on debts related to your trade or business. Taxes for 2012 Interest relates to your trade or business if you use the proceeds of the loan for a trade or business expense. Taxes for 2012 It does not matter what type of property secures the loan. Taxes for 2012 You can deduct interest on a debt only if you meet all the following requirements. Taxes for 2012 You are legally liable for that debt. Taxes for 2012 Both you and the lender intend that the debt be repaid. Taxes for 2012 You and the lender have a true debtor-creditor relationship. Taxes for 2012 Partial liability. Taxes for 2012   If you are liable for part of a business debt, you can deduct only your share of the total interest paid or accrued. Taxes for 2012 Example. Taxes for 2012 You and your brother borrow money. Taxes for 2012 You are liable for 50% of the note. Taxes for 2012 You use your half of the loan in your business, and you make one-half of the loan payments. Taxes for 2012 You can deduct your half of the total interest payments as a business deduction. Taxes for 2012 Mortgage. Taxes for 2012   Generally, mortgage interest paid or accrued on real estate you own legally or equitably is deductible. Taxes for 2012 However, rather than deducting the interest currently, you may have to add it to the cost basis of the property as explained later under Capitalization of Interest. Taxes for 2012 Statement. Taxes for 2012   If you paid $600 or more of mortgage interest (including certain points) during the year on any one mortgage, you generally will receive a Form 1098 or a similar statement. Taxes for 2012 You will receive the statement if you pay interest to a person (including a financial institution or a cooperative housing corporation) in the course of that person's trade or business. Taxes for 2012 A governmental unit is a person for purposes of furnishing the statement. Taxes for 2012   If you receive a refund of interest you overpaid in an earlier year, this amount will be reported in box 3 of Form 1098. Taxes for 2012 You cannot deduct this amount. Taxes for 2012 For information on how to report this refund, see Refunds of interest, later in this chapter. Taxes for 2012 Expenses paid to obtain a mortgage. Taxes for 2012   Certain expenses you pay to obtain a mortgage cannot be deducted as interest. Taxes for 2012 These expenses, which include mortgage commissions, abstract fees, and recording fees, are capital expenses. Taxes for 2012 If the property mortgaged is business or income-producing property, you can amortize the costs over the life of the mortgage. Taxes for 2012 Prepayment penalty. Taxes for 2012   If you pay off your mortgage early and pay the lender a penalty for doing this, you can deduct the penalty as interest. Taxes for 2012 Interest on employment tax deficiency. Taxes for 2012   Interest charged on employment taxes assessed on your business is deductible. Taxes for 2012 Original issue discount (OID). Taxes for 2012   OID is a form of interest. Taxes for 2012 A loan (mortgage or other debt) generally has OID when its proceeds are less than its principal amount. Taxes for 2012 The OID is the difference between the stated redemption price at maturity and the issue price of the loan. Taxes for 2012   A loan's stated redemption price at maturity is the sum of all amounts (principal and interest) payable on it other than qualified stated interest. Taxes for 2012 Qualified stated interest is stated interest that is unconditionally payable in cash or property (other than another loan of the issuer) at least annually over the term of the loan at a single fixed rate. Taxes for 2012 You generally deduct OID over the term of the loan. Taxes for 2012 Figure the amount to deduct each year using the constant-yield method, unless the OID on the loan is de minimis. Taxes for 2012 De minimis OID. Taxes for 2012   The OID is de minimis if it is less than one-fourth of 1% (. Taxes for 2012 0025) of the stated redemption price of the loan at maturity multiplied by the number of full years from the date of original issue to maturity (the term of the loan). Taxes for 2012   If the OID is de minimis, you can choose one of the following ways to figure the amount you can deduct each year. Taxes for 2012 On a constant-yield basis over the term of the loan. Taxes for 2012 On a straight-line basis over the term of the loan. Taxes for 2012 In proportion to stated interest payments. Taxes for 2012 In its entirety at maturity of the loan. Taxes for 2012 You make this choice by deducting the OID in a manner consistent with the method chosen on your timely filed tax return for the tax year in which the loan is issued. Taxes for 2012 Example. Taxes for 2012 On January 1, 2013, you took out a $100,000 discounted loan and received $98,500 in proceeds. Taxes for 2012 The loan will mature on January 1, 2023 (a 10-year term), and the $100,000 principal is payable on that date. Taxes for 2012 Interest of $10,000 is payable on January 1 of each year, beginning January 1, 2014. Taxes for 2012 The $1,500 OID on the loan is de minimis because it is less than $2,500 ($100,000 × . Taxes for 2012 0025 × 10). Taxes for 2012 You choose to deduct the OID on a straight-line basis over the term of the loan. Taxes for 2012 Beginning in 2013, you can deduct $150 each year for 10 years. Taxes for 2012 Constant-yield method. Taxes for 2012   If the OID is not de minimis, you must use the constant-yield method to figure how much you can deduct each year. Taxes for 2012 You figure your deduction for the first year using the following steps. Taxes for 2012 Determine the issue price of the loan. Taxes for 2012 Generally, this equals the proceeds of the loan. Taxes for 2012 If you paid points on the loan (as discussed later), the issue price generally is the difference between the proceeds and the points. Taxes for 2012 Multiply the result in (1) by the yield to maturity. Taxes for 2012 Subtract any qualified stated interest payments from the result in (2). Taxes for 2012 This is the OID you can deduct in the first year. Taxes for 2012   To figure your deduction in any subsequent year, follow the above steps, except determine the adjusted issue price in step (1). Taxes for 2012 To get the adjusted issue price, add to the issue price any OID previously deducted. Taxes for 2012 Then follow steps (2) and (3) above. Taxes for 2012   The yield to maturity is generally shown in the literature you receive from your lender. Taxes for 2012 If you do not have this information, consult your lender or tax advisor. Taxes for 2012 In general, the yield to maturity is the discount rate that, when used in computing the present value of all principal and interest payments, produces an amount equal to the principal amount of the loan. Taxes for 2012 Example. Taxes for 2012 The facts are the same as in the previous example, except that you deduct the OID on a constant yield basis over the term of the loan. Taxes for 2012 The yield to maturity on your loan is 10. Taxes for 2012 2467%, compounded annually. Taxes for 2012 For 2013, you can deduct $93 [($98,500 × . Taxes for 2012 102467) − $10,000]. Taxes for 2012 For 2014, you can deduct $103 [($98,593 × . Taxes for 2012 102467) − $10,000]. Taxes for 2012 Loan or mortgage ends. Taxes for 2012   If your loan or mortgage ends, you may be able to deduct any remaining OID in the tax year in which the loan or mortgage ends. Taxes for 2012 A loan or mortgage may end due to a refinancing, prepayment, foreclosure, or similar event. Taxes for 2012 If you refinance with the original lender, you generally cannot deduct the remaining OID in the year in which the refinancing occurs, but you may be able to deduct it over the term of the new mortgage or loan. Taxes for 2012 See Interest paid with funds borrowed from original lender under Interest You Cannot Deduct, later. Taxes for 2012 Points. Taxes for 2012   The term “points” is used to describe certain charges paid, or treated as paid, by a borrower to obtain a loan or a mortgage. Taxes for 2012 These charges are also called loan origination fees, maximum loan charges, discount points, or premium charges. Taxes for 2012 If any of these charges (points) are solely for the use of money, they are interest. Taxes for 2012   Because points are prepaid interest, you generally cannot deduct the full amount in the year paid. Taxes for 2012 However, you can choose to fully deduct points in the year paid if you meet certain tests. Taxes for 2012 For exceptions to the general rule, see Publication 936. Taxes for 2012 The points reduce the issue price of the loan and result in original issue discount (OID), deductible as explained in the preceding discussion. Taxes for 2012 Partial payments on a nontax debt. Taxes for 2012   If you make partial payments on a debt (other than a debt owed the IRS), the payments are applied, in general, first to interest and any remainder to principal. Taxes for 2012 You can deduct only the interest. Taxes for 2012 This rule does not apply when it can be inferred that the borrower and lender understood that a different allocation of the payments would be made. Taxes for 2012 Installment purchase. Taxes for 2012   If you make an installment purchase of business property, the contract between you and the seller generally provides for the payment of interest. Taxes for 2012 If no interest or a low rate of interest is charged under the contract, a portion of the stated principal amount payable under the contract may be recharacterized as interest (unstated interest). Taxes for 2012 The amount recharacterized as interest reduces your basis in the property and increases your interest expense. Taxes for 2012 For more information on installment sales and unstated interest, see Publication 537. Taxes for 2012 Interest You Cannot Deduct Certain interest payments cannot be deducted. Taxes for 2012 In addition, certain other expenses that may seem to be interest but are not, cannot be deducted as interest. Taxes for 2012 You cannot currently deduct interest that must be capitalized, and you generally cannot deduct personal interest. Taxes for 2012 Interest paid with funds borrowed from original lender. Taxes for 2012   If you use the cash method of accounting, you cannot deduct interest you pay with funds borrowed from the original lender through a second loan, an advance, or any other arrangement similar to a loan. Taxes for 2012 You can deduct the interest expense once you start making payments on the new loan. Taxes for 2012   When you make a payment on the new loan, you first apply the payment to interest and then to the principal. Taxes for 2012 All amounts you apply to the interest on the first loan are deductible, along with any interest you pay on the second loan, subject to any limits that apply. Taxes for 2012 Capitalized interest. Taxes for 2012   You cannot currently deduct interest you are required to capitalize under the uniform capitalization rules. Taxes for 2012 See Capitalization of Interest, later. Taxes for 2012 In addition, if you buy property and pay interest owed by the seller (for example, by assuming the debt and any interest accrued on the property), you cannot deduct the interest. Taxes for 2012 Add this interest to the basis of the property. Taxes for 2012 Commitment fees or standby charges. Taxes for 2012   Fees you incur to have business funds available on a standby basis, but not for the actual use of the funds, are not deductible as interest payments. Taxes for 2012 You may be able to deduct them as business expenses. Taxes for 2012   If the funds are for inventory or certain property used in your business, the fees are indirect costs and you generally must capitalize them under the uniform capitalization rules. Taxes for 2012 See Capitalization of Interest, later. Taxes for 2012 Interest on income tax. Taxes for 2012   Interest charged on income tax assessed on your individual income tax return is not a business deduction even though the tax due is related to income from your trade or business. Taxes for 2012 Treat this interest as a business deduction only in figuring a net operating loss deduction. Taxes for 2012 Penalties. Taxes for 2012   Penalties on underpaid deficiencies and underpaid estimated tax are not interest. Taxes for 2012 You cannot deduct them. Taxes for 2012 Generally, you cannot deduct any fines or penalties. Taxes for 2012 Interest on loans with respect to life insurance policies. Taxes for 2012   You generally cannot deduct interest on a debt incurred with respect to any life insurance, annuity, or endowment contract that covers any individual unless that individual is a key person. Taxes for 2012   If the policy or contract covers a key person, you can deduct the interest on up to $50,000 of debt for that person. Taxes for 2012 However, the deduction for any month cannot be more than the interest figured using Moody's Composite Yield on Seasoned Corporate Bonds (formerly known as Moody's Corporate Bond Yield Average-Monthly Average Corporates) (Moody's rate) for that month. Taxes for 2012 Who is a key person?   A key person is an officer or 20% owner. Taxes for 2012 However, the number of individuals you can treat as key persons is limited to the greater of the following. Taxes for 2012 Five individuals. Taxes for 2012 The lesser of 5% of the total officers and employees of the company or 20 individuals. Taxes for 2012 Exceptions for pre-June 1997 contracts. Taxes for 2012   You can generally deduct the interest if the contract was issued before June 9, 1997, and the covered individual is someone other than an employee, officer, or someone financially interested in your business. Taxes for 2012 If the contract was purchased before June 21, 1986, you can generally deduct the interest no matter who is covered by the contract. Taxes for 2012 Interest allocated to unborrowed policy cash value. Taxes for 2012   Corporations and partnerships generally cannot deduct any interest expense allocable to unborrowed cash values of life insurance, annuity, or endowment contracts. Taxes for 2012 This rule applies to contracts issued after June 8, 1997, that cover someone other than an officer, director, employee, or 20% owner. Taxes for 2012 For more information, see section 264(f) of the Internal Revenue Code. Taxes for 2012 Capitalization of Interest Under the uniform capitalization rules, you generally must capitalize interest on debt equal to your expenditures to produce real property or certain tangible personal property. Taxes for 2012 The property must be produced by you for use in your trade or business or for sale to customers. Taxes for 2012 You cannot capitalize interest related to property that you acquire in any other manner. Taxes for 2012 Interest you paid or incurred during the production period must be capitalized if the property produced is designated property. Taxes for 2012 Designated property is any of the following. Taxes for 2012 Real property. Taxes for 2012 Tangible personal property with a class life of 20 years or more. Taxes for 2012 Tangible personal property with an estimated production period of more than 2 years. Taxes for 2012 Tangible personal property with an estimated production period of more than 1 year if the estimated cost of production is more than $1 million. Taxes for 2012 Property you produce. Taxes for 2012   You produce property if you construct, build, install, manufacture, develop, improve, create, raise, or grow it. Taxes for 2012 Treat property produced for you under a contract as produced by you up to the amount you pay or incur for the property. Taxes for 2012 Carrying charges. Taxes for 2012   Carrying charges include taxes you pay to carry or develop real estate or to carry, transport, or install personal property. Taxes for 2012 You can choose to capitalize carrying charges not subject to the uniform capitalization rules if they are otherwise deductible. Taxes for 2012 For more information, see chapter 7. Taxes for 2012 Capitalized interest. Taxes for 2012   Treat capitalized interest as a cost of the property produced. Taxes for 2012 You recover your interest when you sell or use the property. Taxes for 2012 If the property is inventory, recover capitalized interest through cost of goods sold. Taxes for 2012 If the property is used in your trade or business, recover capitalized interest through an adjustment to basis, depreciation, amortization, or other method. Taxes for 2012 Partnerships and S corporations. Taxes for 2012   The interest capitalization rules are applied first at the partnership or S corporation level. Taxes for 2012 The rules are then applied at the partners' or shareholders' level to the extent the partnership or S corporation has insufficient debt to support the production or construction costs. Taxes for 2012   If you are a partner or a shareholder, you may have to capitalize interest you incur during the tax year for the production costs of the partnership or S corporation. Taxes for 2012 You may also have to capitalize interest incurred by the partnership or S corporation for your own production costs. Taxes for 2012 To properly capitalize interest under these rules, you must be given the required information in an attachment to the Schedule K-1 you receive from the partnership or S corporation. Taxes for 2012 Additional information. Taxes for 2012   The procedures for applying the uniform capitalization rules are beyond the scope of this publication. Taxes for 2012 For more information, see sections 1. Taxes for 2012 263A-8 through 1. Taxes for 2012 263A-15 of the regulations and Notice 88-99. Taxes for 2012 Notice 88-99 is in Cumulative Bulletin 1988-2. Taxes for 2012 When To Deduct Interest If the uniform capitalization rules, discussed under Capitalization of Interest, earlier, do not apply to you, deduct interest as follows. Taxes for 2012 Cash method. Taxes for 2012   Under the cash method, you can generally deduct only the interest you actually paid during the tax year. Taxes for 2012 You cannot deduct a promissory note you gave as payment because it is a promise to pay and not an actual payment. Taxes for 2012 Prepaid interest. Taxes for 2012   You generally cannot deduct any interest paid before the year it is due. Taxes for 2012 Interest paid in advance can be deducted only in the tax year in which it is due. Taxes for 2012 Discounted loan. Taxes for 2012   If interest or a discount is subtracted from your loan proceeds, it is not a payment of interest and you cannot deduct it when you get the loan. Taxes for 2012 For more information, see Original issue discount (OID) under Interest You Can Deduct, earlier. Taxes for 2012 Refunds of interest. Taxes for 2012   If you pay interest and then receive a refund in the same tax year of any part of the interest, reduce your interest deduction by the refund. Taxes for 2012 If you receive the refund in a later tax year, include the refund in your income to the extent the deduction for the interest reduced your tax. Taxes for 2012 Accrual method. Taxes for 2012   Under an accrual method, you can deduct only interest that has accrued during the tax year. Taxes for 2012 Prepaid interest. Taxes for 2012   See Prepaid interest, earlier. Taxes for 2012 Discounted loan. Taxes for 2012   See Discounted loan, earlier. Taxes for 2012 Tax deficiency. Taxes for 2012   If you contest a federal income tax deficiency, interest does not accrue until the tax year the final determination of liability is made. Taxes for 2012 If you do not contest the deficiency, then the interest accrues in the year the tax was asserted and agreed to by you. Taxes for 2012   However, if you contest but pay the proposed tax deficiency and interest, and you do not designate the payment as a cash bond, then the interest is deductible in the year paid. Taxes for 2012 Related person. Taxes for 2012   If you use an accrual method, you cannot deduct interest owed to a related person who uses the cash method until payment is made and the interest is includible in the gross income of that person. Taxes for 2012 The relationship is determined as of the end of the tax year for which the interest would otherwise be deductible. Taxes for 2012 See section 267 of the Internal Revenue Code for more information. Taxes for 2012 Below-Market Loans If you receive a below-market gift or demand loan and use the proceeds in your trade or business, you may be able to deduct the forgone interest. Taxes for 2012 See Treatment of gift and demand loans, later, in this discussion. Taxes for 2012 A below-market loan is a loan on which no interest is charged or on which interest is charged at a rate below the applicable federal rate. Taxes for 2012 A gift or demand loan that is a below-market loan generally is considered an arm's-length transaction in which you, the borrower, are considered as having received both the following. Taxes for 2012 A loan in exchange for a note that requires the payment of interest at the applicable federal rate. Taxes for 2012 An additional payment in an amount equal to the forgone interest. Taxes for 2012 The additional payment is treated as a gift, dividend, contribution to capital, payment of compensation, or other payment, depending on the substance of the transaction. Taxes for 2012 Forgone interest. Taxes for 2012   For any period, forgone interest is The interest that would be payable for that period if interest accrued on the loan at the applicable federal rate and was payable annually on December 31, minus Any interest actually payable on the loan for the period. Taxes for 2012 Applicable federal rates are published by the IRS each month in the Internal Revenue Bulletin. Taxes for 2012 Internal Revenue Bulletins are available on the IRS web site at www. Taxes for 2012 irs. Taxes for 2012 gov/irb. Taxes for 2012 You can also contact an IRS office to get these rates. Taxes for 2012 Loans subject to the rules. Taxes for 2012   The rules for below-market loans apply to the following. Taxes for 2012 Gift loans (below-market loans where the forgone interest is in the nature of a gift). Taxes for 2012 Compensation-related loans (below-market loans between an employer and an employee or between an independent contractor and a person for whom the contractor provides services). Taxes for 2012 Corporation-shareholder loans. Taxes for 2012 Tax avoidance loans (below-market loans where the avoidance of federal tax is one of the main purposes of the interest arrangement). Taxes for 2012 Loans to qualified continuing care facilities under a continuing care contract (made after October 11, 1985). Taxes for 2012   Except as noted in (5) above, these rules apply to demand loans (loans payable in full at any time upon the lender's demand) outstanding after June 6, 1984, and to term loans (loans that are not demand loans) made after that date. Taxes for 2012 Treatment of gift and demand loans. Taxes for 2012   If you receive a below-market gift loan or demand loan, you are treated as receiving an additional payment (as a gift, dividend, etc. Taxes for 2012 ) equal to the forgone interest on the loan. Taxes for 2012 You are then treated as transferring this amount back to the lender as interest. Taxes for 2012 These transfers are considered to occur annually, generally on December 31. Taxes for 2012 If you use the loan proceeds in your trade or business, you can deduct the forgone interest each year as a business interest expense. Taxes for 2012 The lender must report it as interest income. Taxes for 2012 Limit on forgone interest for gift loans of $100,000 or less. Taxes for 2012   For gift loans between individuals, forgone interest treated as transferred back to the lender is limited to the borrower's net investment income for the year. Taxes for 2012 This limit applies if the outstanding loans between the lender and borrower total $100,000 or less. Taxes for 2012 If the borrower's net investment income is $1,000 or less, it is treated as zero. Taxes for 2012 This limit does not apply to a loan if the avoidance of any federal tax is one of the main purposes of the interest arrangement. Taxes for 2012 Treatment of term loans. Taxes for 2012   If you receive a below-market term loan other than a gift or demand loan, you are treated as receiving an additional cash payment (as a dividend, etc. Taxes for 2012 ) on the date the loan is made. Taxes for 2012 This payment is equal to the loan amount minus the present value, at the applicable federal rate, of all payments due under the loan. Taxes for 2012 The same amount is treated as original issue discount on the loan. Taxes for 2012 See Original issue discount (OID) under Interest You Can Deduct, earlier. Taxes for 2012 Exceptions for loans of $10,000 or less. Taxes for 2012   The rules for below-market loans do not apply to any day on which the total outstanding loans between the borrower and lender is $10,000 or less. Taxes for 2012 This exception applies only to the following. Taxes for 2012 Gift loans between individuals if the loan is not directly used to buy or carry income-producing assets. Taxes for 2012 Compensation-related loans or corporation-shareholder loans if the avoidance of any federal tax is not a principal purpose of the interest arrangement. Taxes for 2012 This exception does not apply to a term loan described in (2) above that was previously subject to the below-market loan rules. Taxes for 2012 Those rules will continue to apply even if the outstanding balance is reduced to $10,000 or less. Taxes for 2012 Exceptions for loans without significant tax effect. Taxes for 2012   The following loans are specifically exempted from the rules for below-market loans because their interest arrangements do not have a significant effect on the federal tax liability of the borrower or the lender. Taxes for 2012 Loans made available by lenders to the general public on the same terms and conditions that are consistent with the lender's customary business practices. Taxes for 2012 Loans subsidized by a federal, state, or municipal government that are made available under a program of general application to the public. Taxes for 2012 Certain employee-relocation loans. Taxes for 2012 Certain loans to or from a foreign person, unless the interest income would be effectively connected with the conduct of a U. Taxes for 2012 S. Taxes for 2012 trade or business and not exempt from U. Taxes for 2012 S. Taxes for 2012 tax under an income tax treaty. Taxes for 2012 Any other loan if the taxpayer can show that the interest arrangement has no significant effect on the federal tax liability of the lender or the borrower. Taxes for 2012 Whether an interest arrangement has a significant effect on the federal tax liability of the lender or the borrower will be determined by all the facts and circumstances. Taxes for 2012 Consider all the following factors. Taxes for 2012 Whether items of income and deduction generated by the loan offset each other. Taxes for 2012 The amount of the items. Taxes for 2012 The cost of complying with the below-market loan provisions if they were to apply. Taxes for 2012 Any reasons, other than taxes, for structuring the transaction as a below-market loan. Taxes for 2012 Exception for loans to qualified continuing care facilities. Taxes for 2012   The below-market interest rules do not apply to a loan owed by a qualified continuing care facility under a continuing care contract if the lender or lender's spouse is age 62 or older by the end of the calendar year. Taxes for 2012 A qualified continuing care facility is one or more facilities (excluding nursing homes) meeting the requirements listed below. Taxes for 2012 Designed to provide services under continuing care contracts (defined below). Taxes for 2012 Includes an independent living unit, and either an assisted living or nursing facility, or both. Taxes for 2012 Substantially all of the independent living unit residents are covered by continuing care contracts. Taxes for 2012 A continuing care contract is a written contract between an individual and a qualified continuing care facility that includes all of the following conditions. Taxes for 2012 The individual or individual's spouse must be entitled to use the facility for the rest of their life or lives. Taxes for 2012 The individual or individual's spouse will be provided with housing, as appropriate for the health of the individual or individual's spouse in an: independent living unit (which has additional available facilities outside the unit for the provision of meals and other personal care), and assisted living or nursing facility available in the continuing care facility. Taxes for 2012 The individual or individual's spouse will be provided with assisted living or nursing care available in the continuing care facility, as required for the health of the individual or the individual's spouse. Taxes for 2012 For more information, see section 7872(h) of the Internal Revenue Code. Taxes for 2012 Sale or exchange of property. Taxes for 2012   Different rules generally apply to a loan connected with the sale or exchange of property. Taxes for 2012 If the loan does not provide adequate stated interest, part of the principal payment may be considered interest. Taxes for 2012 However, there are exceptions that may require you to apply the below-market interest rate rules to these loans. Taxes for 2012 See Unstated Interest and Original Issue Discount (OID) in Publication 537. Taxes for 2012 More information. Taxes for 2012   For more information on below-market loans, see section 7872 of the Internal Revenue Code and section 1. 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Page Last Reviewed or Updated: 26-Feb-2014

The Taxes For 2012

Taxes for 2012 18. Taxes for 2012   Pensión para el Cónyuge Divorciado Table of Contents IntroductionCónyuge o ex cónyuge. Taxes for 2012 Documento (instrumento) de divorcio o separación judicial. Taxes for 2012 Useful Items - You may want to see: Reglas GeneralesPagos hipotecarios. Taxes for 2012 Impuestos y seguro. Taxes for 2012 Otros pagos a terceros. Taxes for 2012 Documentos Firmados Después de 1984Pagos a terceros. Taxes for 2012 Excepción. Taxes for 2012 Pagos sustitutivos. Taxes for 2012 Específicamente designado como pensión para hijos menores. Taxes for 2012 Contingencia relacionada con su hijo. Taxes for 2012 Pago claramente asociado con una contingencia. Taxes for 2012 Cómo Deducir la Pensión para el Cónyuge Divorciado que Pagó Cómo Declarar la Pensión para el Cónyuge Divorciado Recibida Regla de Recuperación Introduction Este capítulo trata de las reglas correspondientes si paga o recibe pensión para el cónyuge divorciado. Taxes for 2012 Abarca los siguientes temas: Qué pagos se consideran pensión para el cónyuge divorciado. Taxes for 2012 Qué pagos no se consideran pensión para el cónyuge divorciado, como la pensión para la manutención de hijos. Taxes for 2012 Cómo deducir la pensión para el cónyuge divorciado que pagó. Taxes for 2012 Cómo declarar la pensión para el cónyuge divorciado que recibió por concepto de ingresos. Taxes for 2012 Si debe o no recuperar los beneficios tributarios de la pensión para el cónyuge divorciado. Taxes for 2012 “Recuperar” significa volver a añadir a sus ingresos toda, o parte de, una deducción que haya tomado en un año anterior. Taxes for 2012 La “pensión para el cónyuge divorciado” es un pago hecho a, o para, un cónyuge o ex cónyuge conforme a un documento (instrumento) de divorcio o separación judicial. Taxes for 2012 No incluye pagos voluntarios que no sean hechos conforme a un documento de divorcio o separación. Taxes for 2012 La pensión para el cónyuge divorciado es deducible por el pagador y tiene que ser incluida en los ingresos del cónyuge o ex cónyuge. Taxes for 2012 Aunque en general este capítulo está dirigido al pagador de la pensión para el cónyuge divorciado, el cónyuge beneficiario puede usar la información para determinar si una cantidad recibida se considera pago de pensión para el cónyuge divorciado. Taxes for 2012 Para considerarse pensión para el cónyuge divorciado, un pago tiene que cumplir ciertos requisitos. Taxes for 2012 Requisitos distintos generalmente corresponden a pagos hechos conforme a documentos firmados después de 1984 y a pagos hechos conforme a documentos firmados antes de 1985. Taxes for 2012 Este capítulo trata de las reglas relativas a pagos hechos conforme a documentos firmados después de 1984. Taxes for 2012 Si usted necesita consultar las reglas para pagos hechos conforme a documentos firmados antes de 1985, obtenga y guarde una copia de la versión del año 2004 de la Publicación 504, Divorced or Separated Individuals (Personas divorciadas o separadas), en inglés. Taxes for 2012 Ése fue el último año en que la información sobre documentos firmados antes de 1985 se incluyó en la Publicación 504. Taxes for 2012 Use la Tabla 18-1 de este capítulo como guía para determinar si ciertos pagos se consideran pensión para el cónyuge divorciado. Taxes for 2012 Definiciones. Taxes for 2012   Las siguientes son definiciones aplicables a lo largo de este capítulo. Taxes for 2012 Cónyuge o ex cónyuge. Taxes for 2012   Salvo que se indique lo contrario, el término “cónyuge” incluye a un ex cónyuge. Taxes for 2012 Documento (instrumento) de divorcio o separación judicial. Taxes for 2012   El término “documento de divorcio o separación judicial” significa: Un decreto u orden de divorcio o de manutención por separación judicial o un documento (instrumento) por escrito relacionado con ese decreto u orden; Un acuerdo de separación por escrito o Un decreto o cualquier tipo de orden judicial, que le exige a un cónyuge que haga pagos para la manutención del otro cónyuge. Taxes for 2012 Esto abarca un decreto temporal, un decreto interlocutorio (no final) y un decreto de pensión para el cónyuge divorciado pendente lite (en espera de que se tomen acciones con respecto al decreto o acuerdo final). Taxes for 2012 Useful Items - You may want to see: Publicación 504 Divorced or Separated Individuals (Personas divorciadas o separadas), en inglés. Taxes for 2012 Reglas Generales Las siguientes reglas corresponden a la pensión para el cónyuge divorciado independientemente de cuándo se firmó el documento de divorcio o separación judicial. Taxes for 2012 Pagos que no son pensión para el cónyuge divorciado. Taxes for 2012   No todos los pagos hechos conforme a un documento de divorcio o separación judicial son pensión para el cónyuge divorciado. Taxes for 2012 La pensión para el cónyuge divorciado no abarca: Pensión para hijos menores; Acuerdos de división (distribución) de bienes que no sean en efectivo; Pagos que le corresponden a su cónyuge como parte de los ingresos de la comunidad de bienes conyugales, según se explica bajo Community Property (Bienes gananciales), en la Publicación 504, en inglés; Pagos hechos para el mantenimiento de los bienes del pagador o Uso de los bienes del pagador. Taxes for 2012 Pagos a terceros. Taxes for 2012   Los pagos en efectivo, cheques o giros hechos a un tercero en nombre de su cónyuge según las condiciones del documento de divorcio o separación judicial pueden ser pagos de pensión para el cónyuge divorciado, si por lo demás reúnen los requisitos. Taxes for 2012 Estos abarcan pagos hechos para cubrir los gastos médicos de su cónyuge, costos de vivienda (alquiler, servicios públicos, etc. Taxes for 2012 ), impuestos, matrícula escolar, etcétera. Taxes for 2012 A estos pagos se les trata como si hubiesen sido recibidos por su cónyuge y luego pagados al tercero. Taxes for 2012 Primas de un seguro de vida. Taxes for 2012   La pensión para el cónyuge divorciado incluye las primas que tiene que pagar conforme a su documento de divorcio o separación judicial por su seguro de vida hasta la medida o el punto en que su cónyuge sea el dueño de la póliza. Taxes for 2012 Pagos por una vivienda comprada conjuntamente. Taxes for 2012   Si su documento de divorcio o separación judicial estipula que tiene que pagar los gastos de una vivienda que es propiedad de usted y su cónyuge, algunos de sus pagos pueden ser considerados pensión para el cónyuge divorciado. Taxes for 2012 Pagos hipotecarios. Taxes for 2012   Si tiene que pagar todos los pagos hipotecarios (capital e intereses) sobre una vivienda de propiedad conjunta y por lo demás estos pagos reúnen los requisitos para considerarse pensión para el cónyuge divorciado, puede deducir la mitad del total de los pagos como pensión para el cónyuge divorciado. Taxes for 2012 Si detalla sus deducciones y la vivienda reúne los requisitos, puede declarar la mitad de los intereses al calcular sus intereses deducibles. Taxes for 2012 Su cónyuge tiene que declarar la mitad de los pagos como pensión para el cónyuge divorciado recibida. Taxes for 2012 Si su cónyuge detalla sus deducciones y la vivienda reúne los requisitos, él o ella puede declarar la mitad de los intereses sobre la hipoteca al calcular sus intereses deducibles. Taxes for 2012 Impuestos y seguro. Taxes for 2012   Si tiene que pagar todos los impuestos sobre bienes raíces o seguro de una vivienda que es tenencia común (tenancy in common), puede deducir la mitad de dichos pagos como pensión para el cónyuge divorciado. Taxes for 2012 Su cónyuge tiene que declarar la mitad de estos pagos como pensión para el cónyuge divorciado recibida. Taxes for 2012 Si usted y su cónyuge detallan sus deducciones, cada uno puede reclamar la mitad de los impuestos sobre bienes raíces y ninguna parte del seguro de la vivienda. Taxes for 2012    Si es dueño de una vivienda de tenencia en su totalidad (tenancy by the entirety) o tenencia conjunta (joint tenancy), ninguno de sus pagos de impuestos o pagos de seguro se considera pensión para el cónyuge divorciado. Taxes for 2012 Sin embargo, si detalla sus deducciones, puede reclamar todos los impuestos sobre bienes raíces y ninguna parte del seguro de vivienda. Taxes for 2012 Otros pagos a terceros. Taxes for 2012   Si hizo otros pagos a terceros, vea la Publicación 504, en inglés, para ver si alguna parte de los pagos reúne los requisitos como pensión para el cónyuge divorciado. Taxes for 2012 Documentos Firmados Después de 1984 Las reglas siguientes de la pensión para el cónyuge divorciado corresponden a pagos hechos conforme a un documento de divorcio o separación judicial firmado después de 1984. Taxes for 2012 Excepción para documentos firmados antes de 1985. Taxes for 2012   Existen dos situaciones en las que las reglas para documentos firmados después de 1984 corresponden a documentos firmados antes de 1985: Un documento de divorcio o separación judicial firmado antes de 1985 y modificado después de 1984 para especificar que las reglas para documentos firmados después de 1984 se aplicarán. Taxes for 2012 Un documento temporal de divorcio o separación judicial firmado antes de 1985 e incorporado dentro de, o adoptado por, un decreto final firmado después de 1984 que: Cambie la cantidad o el período del pago o Añada o suprima cualquier contingencia o condición. Taxes for 2012   Para las reglas de los pagos de la pensión para el cónyuge divorciado hechos conforme a documentos anteriores a 1985 que no cumplan estas excepciones, consulte la versión de la Publicación 504 publicada en 2004, en inglés, en www. Taxes for 2012 irs. Taxes for 2012 gov/pub504. Taxes for 2012 Ejemplo 1. Taxes for 2012 En noviembre de 1984, usted y su ex cónyuge firmaron un acuerdo de separación judicial. Taxes for 2012 En febrero de 1985, el acuerdo de separación judicial por escrito fue sustituido por un documento de divorcio. Taxes for 2012 El documento de divorcio no cambió las condiciones relativas a la pensión para el cónyuge divorciado que le paga a su ex cónyuge. Taxes for 2012 El documento de divorcio se trata como si hubiese sido firmado antes de 1985. Taxes for 2012 Los pagos de pensión para el cónyuge divorciado hechos conforme a este documento no están sujetos a las reglas de pagos hechos conforme a documentos firmados después de 1984. Taxes for 2012 Ejemplo 2. Taxes for 2012 Suponga que los hechos son iguales a los del Ejemplo 1, salvo que el documento de divorcio cambió la cantidad de la pensión para el cónyuge divorciado. Taxes for 2012 En este ejemplo, el documento de divorcio no se trata como si hubiese sido firmado antes de 1985. Taxes for 2012 Los pagos de pensión para el cónyuge divorciado están sujetos a las reglas de pagos hechos conforme a documentos firmados después de 1984. Taxes for 2012 Requisitos de la pensión para el cónyuge divorciado. Taxes for 2012   Un pago realizado a, o para, un cónyuge conforme a un documento de divorcio o separación se considera pensión para el cónyuge divorciado si los cónyuges no presentan una declaración conjunta juntos y si todos los siguientes requisitos se cumplen: El pago es en efectivo. Taxes for 2012 El documento no indica que el pago no es pensión para el cónyuge divorciado. Taxes for 2012 Cónyuges que han sido separados legalmente conforme a un decreto de divorcio o un decreto de manutención por separación judicial no se consideran miembros de la misma vivienda. Taxes for 2012 No hay obligación de hacer pago alguno (en efectivo o en bienes) después de la muerte del cónyuge beneficiario. Taxes for 2012 El pago no se considera pensión para hijos menores. Taxes for 2012 Cada uno de estos requisitos se trata a continuación. Taxes for 2012 Requisito de pagos en efectivo. Taxes for 2012   Sólo los pagos en efectivo, incluidos cheques y giros, se consideran pensión para el cónyuge divorciado. Taxes for 2012 Los siguientes ejemplos no se consideran pensión para el cónyuge divorciado: Transferencias de servicios o bienes (incluyendo una escritura de deuda de un tercero o un contrato de anualidad). Taxes for 2012 La firma de una escritura de deuda por parte del pagador. Taxes for 2012 Uso de los bienes del pagador. Taxes for 2012 Pagos a terceros. Taxes for 2012   Los pagos en efectivo a terceros conforme a las condiciones de su documento de divorcio o separación judicial pueden considerarse pagos en efectivo hechos a su cónyuge. Taxes for 2012 Vea Pagos a terceros bajo Reglas Generales, anteriormente. Taxes for 2012   Además, los pagos en efectivo a terceros por medio de una solicitud escrita de parte de su cónyuge pudieran ser considerados pensión para el cónyuge divorciado si se cumplen los requisitos siguientes: Los pagos se hacen en lugar de pagos de la pensión para el cónyuge divorciado hechos directamente a su cónyuge. Taxes for 2012 La solicitud por escrito declara que ambos cónyuges quieren que los pagos se consideren pagos de pensión para el cónyuge divorciado. Taxes for 2012 Usted recibe la solicitud por escrito de su cónyuge antes de presentar su declaración para el año en que hizo los pagos. Taxes for 2012 Pagos no designados como pensión para el cónyuge divorciado. Taxes for 2012   Usted y su cónyuge pueden designar que los pagos que de otra manera se considerarían pensión para el cónyuge divorciado, en este caso, no se consideren como tal. Taxes for 2012 Esto se hace incluyendo una disposición en su documento de divorcio o separación judicial que declare que sus pagos de pensión para el cónyuge divorciado no son deducibles y pueden ser excluidos de los ingresos de su cónyuge. Taxes for 2012 Con este fin, todo instrumento (documento por escrito) firmado tanto por usted como por su cónyuge que haga esta designación y que se refiera a un acuerdo de separación judicial por escrito anterior se considera acuerdo de separación por escrito (y por lo tanto, un documento de divorcio o separación judicial). Taxes for 2012 Si está sujeto a una orden temporal de manutención, la designación debe ser hecha en la orden original o en una orden temporal de manutención posterior. Taxes for 2012   Su cónyuge puede excluir los pagos de los ingresos sólo si él o ella adjunta a la declaración de impuestos una copia del documento que los designa pagos que no son pensión para el cónyuge divorciado. Taxes for 2012 La copia debe ser adjuntada cada año en el que la designación corresponda. Taxes for 2012 Los cónyuges no pueden vivir en la misma vivienda. Taxes for 2012    Los pagos a su cónyuge mientras ustedes vivan en la misma vivienda no son pensión para el cónyuge divorciado si están legalmente separados conforme a un documento de divorcio o de manutención por separación judicial. Taxes for 2012 Una residencia que ambos compartieran antiguamente se considera una vivienda, aun si ustedes se separan físicamente en la residencia. Taxes for 2012   No se consideran miembros de la misma vivienda si uno de ustedes se va a ir de la vivienda y se va a más tardar un mes después de la fecha del pago. Taxes for 2012 Excepción. Taxes for 2012   Si no está legalmente separado conforme a un documento de divorcio o de manutención por separación judicial, un pago hecho conforme a un acuerdo de separación por escrito, documento de manutención u otra orden judicial puede considerarse pensión para el cónyuge divorciado aun si ustedes son miembros de la misma vivienda cuando se hace el pago. Taxes for 2012 Tabla 18-1. Taxes for 2012 Requisitos de la Pensión para el Cónyuge Divorciado (Documentos Firmados Después de 1984) Los pagos SON pensión para el cónyuge divorciado si todas las condiciones siguientes le corresponden: Los pagos NO son pensión para el cónyuge divorciado si cualquiera de las condiciones siguientes le corresponden: Los pagos son requeridos por un documento de divorcio o de separación judicial. Taxes for 2012 Los pagos no son requeridos por un documento de divorcio o de separación judicial. Taxes for 2012 El cónyuge que paga y el cónyuge beneficiario del pago no presentan una declaración conjunta juntos. Taxes for 2012 El cónyuge que paga y el cónyuge beneficiario del pago presentan una declaración conjunta juntos. Taxes for 2012 Los pagos son en efectivo (incluyendo cheques o giros). Taxes for 2012 El pago: No es en efectivo, Es un acuerdo de división (distribución) de bienes que no son en efectivo, Le corresponde a su cónyuge como su parte de los ingresos de la comunidad de bienes conyugales o Es para el mantenimiento de los bienes del cónyuge que paga. Taxes for 2012 El documento no indica que el pago no es pensión para el cónyuge divorciado. Taxes for 2012 El documento indica que el pago no es pensión para el cónyuge divorciado. Taxes for 2012 Los cónyuges que están legalmente separados conforme a un decreto de divorcio o de manutención por separación judicial no son miembros de la misma vivienda. Taxes for 2012 Los cónyuges que están legalmente separados conforme a un decreto de divorcio o de manutención por separación judicial viven en la misma vivienda. Taxes for 2012 Los pagos no son requeridos después de la muerte del cónyuge beneficiario. Taxes for 2012 Los pagos son requeridos después de la muerte del cónyuge beneficiario. Taxes for 2012 El pago no se considera pensión para hijos menores. Taxes for 2012 El pago se considera pensión para hijos menores. Taxes for 2012 Estos pagos pueden ser deducidos por el cónyuge que paga y deben ser incluidos en los ingresos del cónyuge beneficiario. Taxes for 2012 Estos pagos no pueden ser deducidos por el cónyuge que paga ni pueden ser incluidos en los ingresos del cónyuge beneficiario. Taxes for 2012 Obligación de pagos después de la muerte del cónyuge beneficiario. Taxes for 2012   Si tiene que continuar haciendo pagos por algún período después de la muerte de su cónyuge, la parte del pago que continuaría no se considera pensión para el cónyuge divorciado, independientemente de si se haya hecho antes o después de la muerte. Taxes for 2012 Si la totalidad del pago continúa, ninguno de los pagos hechos antes o después de la muerte se considera pensión para el cónyuge divorciado. Taxes for 2012   En el documento de divorcio o de separación judicial no tiene que constar expresamente que los pagos cesan al morir su cónyuge si, por ejemplo, la obligación de continuar con los pagos terminara conforme a la ley estatal. Taxes for 2012 Ejemplo. Taxes for 2012 Usted tiene que pagar a su ex cónyuge $10,000 en efectivo anualmente por 10 años. Taxes for 2012 En su decreto de divorcio consta que los pagos cesarán al morir su ex cónyuge. Taxes for 2012 También tiene que pagarle $20,000 en efectivo a su ex cónyuge, o al caudal hereditario (patrimonio) de su ex cónyuge, anualmente por 10 años. Taxes for 2012 La muerte de su cónyuge no causaría el cese de estos pagos conforme a la ley estatal. Taxes for 2012 Los pagos anuales de $10,000 podrían considerarse pensión para el cónyuge divorciado. Taxes for 2012 Los pagos anuales de $20,000 que no cesan al morir su ex cónyuge no son pensión para el cónyuge divorciado. Taxes for 2012 Pagos sustitutivos. Taxes for 2012   Si tiene que hacer algún pago en efectivo o en bienes después de la muerte de su cónyuge para sustituir los pagos continuos que de otra manera corresponderían antes de la muerte, los pagos que de otra manera corresponderían no son considerados pensión para el cónyuge divorciado. Taxes for 2012 Hasta el punto en que sus pagos comiencen, se aceleren o aumenten debido a la muerte de su cónyuge, los pagos que de otra manera corresponderían que usted hizo podrían considerarse pagos que no son pensión para el cónyuge divorciado. Taxes for 2012 Si los pagos son o no considerados pensión para el cónyuge divorciado depende de todos los hechos y circunstancias. Taxes for 2012 Ejemplo 1. Taxes for 2012 Conforme a su decreto de divorcio, tiene que pagarle a su ex cónyuge $30,000 anualmente. Taxes for 2012 Los pagos cesarán al final de 6 años o al morir su cónyuge, lo que suceda antes. Taxes for 2012 Su ex cónyuge tiene la custodia de sus hijos menores de edad. Taxes for 2012 El decreto estipula que si algún hijo aún es menor de edad al morir su cónyuge, tiene que pagar $10,000 anualmente a un fideicomiso hasta que su hijo más joven alcance la mayoría de edad. Taxes for 2012 Los ingresos de fideicomiso y los bienes entregados en fideicomiso (capital) sólo pueden ser usados para el beneficio de sus hijos. Taxes for 2012 Estos hechos indican que los pagos que han de hacerse después de la muerte de su ex cónyuge sustituyen $10,000 de los pagos anuales de $30,000. Taxes for 2012 De cada uno de los pagos anuales de $30,000, $10,000 no se consideran pensión para el cónyuge divorciado. Taxes for 2012 Ejemplo 2. Taxes for 2012 Conforme a su decreto de divorcio, usted tiene que pagarle a su ex cónyuge $30,000 anualmente. Taxes for 2012 Los pagos cesarán al final de 15 años o al morir su ex cónyuge, lo que suceda antes. Taxes for 2012 El decreto estipula que si su ex cónyuge fallece antes del final del período de 15 años, usted le tiene que pagar a su caudal hereditario (patrimonio) la diferencia entre $450,000 ($30,000 x 15) y el total de la cantidad pagada hasta ese momento. Taxes for 2012 Por ejemplo, si su cónyuge fallece al final del décimo año, tiene que pagarle al caudal hereditario (patrimonio) $150,000 ($450,000 − $300,000). Taxes for 2012 Estos hechos indican que el pago de suma global que ha de hacerse después de la muerte de su ex cónyuge sustituye la cantidad completa de los pagos anuales de $30,000. Taxes for 2012 Ninguno de los pagos anuales se considera pensión para el cónyuge divorciado. Taxes for 2012 El resultado sería el mismo si el pago que se requiere cuando ocurre la muerte se descontara por un factor de intereses correspondientes para justificar el pago por adelantado. Taxes for 2012 Pensión para hijos menores. Taxes for 2012   Un pago específicamente designado como pensión para hijos menores o tratado específicamente como pensión para hijos menores conforme a su documento de divorcio o separación judicial no se considera pensión para el cónyuge divorciado. Taxes for 2012 La cantidad o parte designada podría variar con el tiempo. Taxes for 2012 Los pagos de la pensión para hijos menores no son deducibles por parte del pagador ni están sujetos a impuestos por parte del beneficiario. Taxes for 2012 Específicamente designado como pensión para hijos menores. Taxes for 2012   Un pago se considera específicamente designado como pensión para hijos menores hasta el punto en que el pago sea reducido por una de las siguientes situaciones: En el caso de una contingencia relacionada con su hijo o En un momento que pueda ser claramente asociado con la contingencia. Taxes for 2012 Un pago puede considerarse específicamente designado pensión para hijos menores aun si otros pagos por separado son específicamente designados como pensión para hijos menores. Taxes for 2012 Contingencia relacionada con su hijo. Taxes for 2012   Una contingencia está relacionada con su hijo si depende de algún suceso relacionado con ese hijo. Taxes for 2012 No importa si es seguro o probable que el suceso vaya a ocurrir. Taxes for 2012 Los sucesos relacionados con su hijo incluyen que éste: Obtenga un empleo, Muera, Deje la unidad familiar, Deje la escuela, Se case o Alcance una edad o un nivel de ingresos específico. Taxes for 2012 Pago claramente asociado con una contingencia. Taxes for 2012   Se considera que los pagos se reducirán en un momento que esté claramente asociado con el suceso de una contingencia relacionada con su hijo sólo en las siguientes situaciones: Los pagos han de ser reducidos dentro de un período de no más de 6 meses antes o después de la fecha en que su hijo alcance los 18 o 21 años de edad o la mayoría de edad en su localidad. Taxes for 2012 Los pagos han de ser reducidos en dos o más ocasiones que ocurran a más tardar un año antes o después de que otro hijo suyo alcance cierta edad entre los 18 y 24 años. Taxes for 2012 Esta edad tiene que ser la misma para cada hijo pero no tiene que ser en años completos. Taxes for 2012 En todas las demás situaciones, las reducciones en pagos no se consideran claramente asociadas con el suceso de una contingencia relacionada con su hijo. Taxes for 2012   Usted o el IRS puede evitar la presunción hecha en las dos situaciones anteriores. Taxes for 2012 Esto se hace mostrando que el momento en el que los pagos han de ser reducidos fue determinado independientemente de toda contingencia relacionada con sus hijos. Taxes for 2012 Por ejemplo, si puede mostrar que el período de pagos de la pensión para el cónyuge divorciado es el que se acostumbra en su jurisdicción local, tal como un período equivalente a la mitad de los años que duró el matrimonio, puede evitar la presunción y tal vez pueda tratar la cantidad que pagó como pensión para el cónyuge divorciado. Taxes for 2012 Cómo Deducir la Pensión para el Cónyuge Divorciado que Pagó Puede deducir la pensión para el cónyuge divorciado que pagó, independientemente de si detalla sus deducciones en su declaración o no. Taxes for 2012 Tiene que presentar el Formulario 1040. Taxes for 2012 No puede usar el Formulario 1040A ni el Formulario 1040EZ. Taxes for 2012 Anote la cantidad de la pensión para el cónyuge divorciado que pagó en la línea 31a del Formulario 1040. Taxes for 2012 En el espacio provisto en la línea 31b, anote el número de Seguro Social (SSN, por sus siglas en inglés o su número de identificación de contribuyente individual para extranjeros (ITIN, por sus siglas en inglés)) de su cónyuge. Taxes for 2012 Si le pagó pensión para el cónyuge divorciado a más de una persona, anote el número de Seguro Social o número de identificación de contribuyente individual para extranjeros de uno de los beneficiarios de pago. Taxes for 2012 Muestre el número de Seguro Social o número de identificación de contribuyente individual para extranjeros y la cantidad pagada a cada otro beneficiario de pago en una hoja adjunta. Taxes for 2012 Anote el total de sus pagos en la línea 31a. Taxes for 2012 Tiene que proveer el SSN o ITIN de su cónyuge. Taxes for 2012 Si no lo hace, quizás podría que pagar una multa de $50 y su deducción podría ser denegada. Taxes for 2012 Para más información sobre los SSN o ITIN, consulte Número de Seguro Social , en el capítulo 1. Taxes for 2012 Cómo Declarar la Pensión para el Cónyuge Divorciado Recibida Declare la pensión para el cónyuge divorciado que usted recibió en la línea 11 del Formulario 1040. Taxes for 2012 No puede usar el Formulario 1040A ni el Formulario 1040EZ. Taxes for 2012 Tiene que darle su número de Seguro Social o número de identificación de contribuyente individual para extranjeros a la persona que pagó la pensión para el cónyuge divorciado. Taxes for 2012 Si no lo hace, podría tener que pagar una multa de $50. Taxes for 2012 Regla de Recuperación Si sus pagos de la pensión para el cónyuge divorciado disminuyen o cesan durante los primeros 3 años naturales, podría estar sujeto a la regla de recuperación. Taxes for 2012 Si está sujeto a esta regla, tiene que incluir en sus ingresos del tercer año parte de los pagos de la pensión para el cónyuge divorciado que había deducido anteriormente. Taxes for 2012 Su cónyuge puede deducir en el tercer año parte de los pagos de la pensión para el cónyuge divorciado que él o ella anteriormente había incluido en los ingresos. Taxes for 2012 El período de los 3 años comienza con el primer año natural en el cual usted haga un pago que se considere pensión para el cónyuge divorciado conforme a un documento de divorcio o de separación judicial o conforme a un acuerdo de separación por escrito. Taxes for 2012 No incluya ningún período en que los pagos se hayan hecho conforme a una orden de manutención temporal. Taxes for 2012 El segundo y tercer año son los 2 años naturales siguientes, independientemente de si se hacen o no pagos durante esos años. Taxes for 2012 Las causas de una reducción o cese de pagos de la pensión para el cónyuge divorciado que puedan requerir una recuperación incluyen: Un cambio en su documento de divorcio o separación, No hacer pagos oportunamente, Reducción en su capacidad de proveer manutención o Reducción en las necesidades de su cónyuge. Taxes for 2012 Cuándo aplicar la regla de recuperación. Taxes for 2012   Usted está sujeto a la regla de recuperación el tercer año si la pensión para el cónyuge divorciado que paga el tercer año disminuye por más de $15,000 en comparación con la cantidad que pagó en el segundo año o la pensión para el cónyuge divorciado que paga en el segundo y tercer año disminuye considerablemente de la cantidad de la pensión para el cónyuge divorciado que pagó en el primer año. Taxes for 2012   Cuando calcule una disminución en la pensión para el cónyuge divorciado, no incluya las cantidades de los pagos siguientes: Pagos hechos conforme a una orden de manutención temporal. Taxes for 2012 Pagos requeridos durante un período de por lo menos 3 años naturales que varían porque son una parte fija de sus ingresos provenientes de un negocio o bienes, o de la remuneración de empleo o empleo por cuenta propia. Taxes for 2012 Pagos que disminuyen debido a la muerte de cualquiera de los cónyuges o porque el cónyuge beneficiario de pago se vuelve a casar antes de finalizar el tercer año. Taxes for 2012 Cómo calcular la recuperación. Taxes for 2012   Use la Worksheet 1 (Hoja de Trabajo 1) de la Publicación 504, en inglés, para calcular la pensión para el cónyuge divorciado recuperada. Taxes for 2012 Cómo incluir la recuperación en los ingresos. Taxes for 2012   Si tiene que incluir una cantidad recuperada en sus ingresos, anótela en la línea 11 (Formulario 1040), “Alimony received” (Pensión para el cónyuge divorciado recibida). Taxes for 2012 Tache la palabra “received” (recibida) y anote, en inglés, la palabra “recapture” (recuperación). Taxes for 2012 En la línea de puntos junto a la cantidad, escriba el apellido y número de Seguro Social o número de identificación de contribuyente individual para extranjeros de su cónyuge. Taxes for 2012 Cómo deducir la recuperación. Taxes for 2012   Si puede deducir una cantidad recuperada, anótela en la línea 31a (Formulario 1040), “Alimony paid” (Pensión para el cónyuge divorciado pagada). Taxes for 2012 Tache la palabra “paid” (pagada) y anote, en inglés, la palabra “recapture” (recuperación). Taxes for 2012 En el espacio provisto, anote el número de Seguro Social o número de identificación de contribuyente individual para extranjeros de su cónyuge. Taxes for 2012 Prev  Up  Next   Home   More Online Publications