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Turbo Tax 2010 2011

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Turbo Tax 2010 2011

Turbo tax 2010 2011 10. Turbo tax 2010 2011   Education Savings Bond Program Table of Contents Introduction Who Can Cash In Bonds Tax FreeAdjusted qualified education expenses. Turbo tax 2010 2011 Eligible educational institution. Turbo tax 2010 2011 Dependent for whom you claim an exemption. Turbo tax 2010 2011 MAGI when using Form 1040A. Turbo tax 2010 2011 MAGI when using Form 1040. Turbo tax 2010 2011 Figuring the Tax-Free AmountEffect of the Amount of Your Income on the Amount of Your Exclusion Claiming the Exclusion Introduction Generally, you must pay tax on the interest earned on U. Turbo tax 2010 2011 S. Turbo tax 2010 2011 savings bonds. Turbo tax 2010 2011 If you do not include the interest in income in the years it is earned, you must include it in your income in the year in which you cash in the bonds. Turbo tax 2010 2011 However, when you cash in certain savings bonds under an education savings bond program, you may be able to exclude the interest from income. Turbo tax 2010 2011 Who Can Cash In Bonds Tax Free You may be able to cash in qualified U. Turbo tax 2010 2011 S. Turbo tax 2010 2011 savings bonds without having to include in your income some or all of the interest earned on the bonds if you meet the following conditions. Turbo tax 2010 2011 You pay qualified education expenses for yourself, your spouse, or a dependent for whom you claim an exemption on your return. Turbo tax 2010 2011 Your modified adjusted gross income (MAGI) is less than the amount specified for your filing status. Turbo tax 2010 2011 Your filing status is not married filing separately. Turbo tax 2010 2011 Qualified U. Turbo tax 2010 2011 S. Turbo tax 2010 2011 savings bonds. Turbo tax 2010 2011   A qualified U. Turbo tax 2010 2011 S. Turbo tax 2010 2011 savings bond is a series EE bond issued after 1989 or a series I bond. Turbo tax 2010 2011 The bond must be issued either in your name (as the sole owner) or in the name of both you and your spouse (as co-owners). Turbo tax 2010 2011   The owner must be at least 24 years old before the bond's issue date. Turbo tax 2010 2011 The issue date is printed on the front of the savings bond. Turbo tax 2010 2011    The issue date is not necessarily the date of purchase—it will be the first day of the month in which the bond is purchased (or posted, if bought electronically). Turbo tax 2010 2011 Qualified education expenses. Turbo tax 2010 2011   These include the following items you pay for either yourself, your spouse, or a dependent for whom you claim an exemption. Turbo tax 2010 2011 Tuition and fees required to enroll at or attend an eligible educational institution. Turbo tax 2010 2011 Qualified education expenses do not include expenses for room and board or for courses involving sports, games, or hobbies that are not part of a degree or certificate granting program. Turbo tax 2010 2011 Contributions to a qualified tuition program (QTP) (see How Much Can You Contribute in chapter 8, Qualified Tuition Program). Turbo tax 2010 2011 Contributions to a Coverdell education savings account (ESA) (see Contributions in chapter 7, Coverdell Education Savings Account). Turbo tax 2010 2011 Adjusted qualified education expenses. Turbo tax 2010 2011   You must reduce your qualified education expenses by all of the following tax-free benefits. Turbo tax 2010 2011 Tax-free part of scholarships and fellowships (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions). Turbo tax 2010 2011 Expenses used to figure the tax-free portion of distributions from a Coverdell ESA (see Qualified Education Expenses in chapter 7, Coverdell Education Savings Account). Turbo tax 2010 2011 Expenses used to figure the tax-free portion of distributions from a QTP (see Qualified education expenses in chapter 8, Qualified Tuition Program). Turbo tax 2010 2011 Any tax-free payments (other than gifts or inheritances) received as educational assistance, such as: Veterans' educational assistance benefits (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Qualified tuition reductions (see Qualified Tuition Reduction in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), or Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ). Turbo tax 2010 2011 Any expenses used in figuring the American opportunity and lifetime learning credits. Turbo tax 2010 2011 See What Expenses Qualify in chapter 2, American Opportunity Credit, and What Expenses Qualify in chapter 3, Lifetime Learning Credit, for more information. Turbo tax 2010 2011 Eligible educational institution. Turbo tax 2010 2011   An eligible educational institution is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U. Turbo tax 2010 2011 S. Turbo tax 2010 2011 Department of Education. Turbo tax 2010 2011 It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Turbo tax 2010 2011 The educational institution should be able to tell you if it is an eligible educational institution. Turbo tax 2010 2011   Certain educational institutions located outside the United States also participate in the U. Turbo tax 2010 2011 S. Turbo tax 2010 2011 Department of Education's Federal Student Aid (FSA) programs. Turbo tax 2010 2011 Dependent for whom you claim an exemption. Turbo tax 2010 2011   You claim an exemption for a person if you list his or her name and other required information on Form 1040 (or Form 1040A), line 6c. Turbo tax 2010 2011 Modified adjusted gross income (MAGI). Turbo tax 2010 2011   For most taxpayers, MAGI is adjusted gross income (AGI) as figured on their federal income tax return without taking into account this interest exclusion. Turbo tax 2010 2011 However, as discussed below, there may be other modifications. Turbo tax 2010 2011 MAGI when using Form 1040A. Turbo tax 2010 2011   If you file Form 1040A, your MAGI is the AGI on line 22 of that form figured without taking into account any savings bond interest exclusion and modified by adding back any amount on line 18 (student loan interest deduction) and line 19 (tuition and fees deduction). Turbo tax 2010 2011 MAGI when using Form 1040. Turbo tax 2010 2011   If you file Form 1040, your MAGI is the AGI on line 38 of that form figured without taking into account any savings bond interest exclusion and modified by adding back any: Foreign earned income exclusion, Foreign housing exclusion, Foreign housing deduction, Exclusion of income by bona fide residents of American Samoa, Exclusion of income by bona fide residents of Puerto Rico, Exclusion for adoption benefits received under an employer's adoption assistance program, Deduction for student loan interest, Deduction for tuition and fees, and Deduction for domestic production activities. Turbo tax 2010 2011    Use the worksheet in the instructions for line 9 of Form 8815 to figure your MAGI. Turbo tax 2010 2011 If you claim any of the exclusion or deduction items (1)–(6) listed above, add the amount of the exclusion or deduction to the amount on line 5 of the worksheet. Turbo tax 2010 2011 Do not add in the deduction for (7) student loan interest, and (8) tuition and fees, or (9) domestic production activities because line 4 of the worksheet already includes these amounts. Turbo tax 2010 2011 Enter the total on Form 8815, line 9, as your modified adjusted gross income (MAGI). Turbo tax 2010 2011    Because the deduction for interest expenses attributable to royalties and other investments is limited to your net investment income, you cannot figure the deduction until you have figured this interest exclusion. Turbo tax 2010 2011 Therefore, if you had interest expenses attributable to royalties and deductible on Schedule E (Form 1040), Supplemental Income and Loss, you must make a special computation of your deductible interest without regard to this exclusion to figure the net royalty income included in your MAGI. Turbo tax 2010 2011 See Royalties included in MAGI under Education Savings Bond Program in Publication 550, chapter 1. Turbo tax 2010 2011 Figuring the Tax-Free Amount If the total you receive when you cash in the bonds is not more than the adjusted qualified education expenses for the year, all of the interest on the bonds may be tax free. Turbo tax 2010 2011 However, if the total you receive when you cash in the bonds is more than the adjusted expenses, only part of the interest may be tax free. Turbo tax 2010 2011 To determine the tax-free amount, multiply the interest part of the proceeds by a fraction. Turbo tax 2010 2011 The numerator (top part) of the fraction is the adjusted qualified education expenses (AQEE) you paid during the year. Turbo tax 2010 2011 The denominator (bottom part) of the fraction is the total proceeds you received during the year. Turbo tax 2010 2011 Example. Turbo tax 2010 2011 In February 2013, Mark and Joan Washington, a married couple, cashed a qualified series EE U. Turbo tax 2010 2011 S. Turbo tax 2010 2011 savings bond. Turbo tax 2010 2011 They received proceeds of $9,000, representing principal of $6,000 and interest of $3,000. Turbo tax 2010 2011 In 2013, they paid $7,650 of their daughter's college tuition. Turbo tax 2010 2011 They are not claiming an American opportunity or lifetime learning credit for those expenses, and their daughter does not have any tax-free educational assistance. Turbo tax 2010 2011 Their MAGI for 2013 was $80,000. Turbo tax 2010 2011   $3,000 interest × $7,650 AQEE  $9,000 proceeds = $2,550 tax-free interest   They can exclude $2,550 of interest in 2013. Turbo tax 2010 2011 They must pay tax on the remaining $450 ($3,000 − $2,550) interest. Turbo tax 2010 2011 Effect of the Amount of Your Income on the Amount of Your Exclusion The amount of your interest exclusion is gradually reduced (phased out) based on your MAGI and filing status. Turbo tax 2010 2011 Claiming the Exclusion Use Form 8815 to figure your education savings bond interest exclusion. Turbo tax 2010 2011 Enter your exclusion on line 3 of Schedule B (Form 1040A or 1040), Interest and Ordinary Dividends. Turbo tax 2010 2011 Attach Form 8815 to your tax return. Turbo tax 2010 2011 Prev  Up  Next   Home   More Online Publications
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Abusive Return Preparer - Criminal Investigation (CI)

Overview - Abusive Return Preparer
Criminal Investigation Return Preparer Program (RPP) establishes procedures to foster compliance by identifying, investigating and prosecuting abusive return preparers

Definition - Abusive Return Preparer
A Return Preparer is defined as any person (including a partnership or corporation) who prepares for compensation all or a substantial portion of a tax return or claim for refund under the income tax provisions of the Internal Revenue Code

Return Preparation and Electronic Filing - Abusive Return Preparer
The advent of electronic filing of income tax returns by electronic return transmitters has provided a new mechanism for unscrupulous preparers to commit fraud

Tactics Used by Dishonest Abusive Return Preparers
Dishonest tax preparers use a variety of methods to formulate fraudulent and illegal deductions reducing taxable income

Helpful Hints when choosing a Return Preparer to ensure you don't hire an Abusive Return Preparer
When preparing your tax return remember ...

Statistical Data - Abusive Return Preparers
Enforcement statistics on investigations initiated, prosecutions recommended, indictments, sentencings and months to serve in prison.

Examples of Abusive Return Preparer Investigations
Examples have been written from public record documents filed in the district courts where the case was prosecuted.

Reporting Fraud and Abuse Within the IRS E-File Program
You should report fraudulent or abusive returns, including those with questionable Forms W2

 


Criminal Enforcement Home Page

How to Report Suspected Tax Fraud Activities

Page Last Reviewed or Updated: 30-Oct-2013

The Turbo Tax 2010 2011

Turbo tax 2010 2011 Publication 600 - Introductory Material Table of Contents Introduction Introduction The Tax Relief and Health Care Act of 2006 extended the election to deduct state and local general sales taxes for 2006. Turbo tax 2010 2011 The act was enacted after Schedule A (Form 1040), Itemized Deductions, and its instructions were printed. Turbo tax 2010 2011 Because we were not able to include the instructions for figuring the deduction in the Schedule A instructions, we are providing this publication to help you figure this deduction. Turbo tax 2010 2011 You can elect to deduct state and local general sales taxes instead of state and local income taxes as a deduction on Schedule A. Turbo tax 2010 2011 You cannot deduct both. Turbo tax 2010 2011 To figure your deduction, you can use either: Your actual expenses, or The optional sales tax tables plus the general sales taxes paid on certain specified items. Turbo tax 2010 2011 Prev  Up  Next   Home   More Online Publications