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Www 1040ez Tax Return Form

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Www 1040ez Tax Return Form

Www 1040ez tax return form 10. Www 1040ez tax return form   Education Savings Bond Program Table of Contents Introduction Who Can Cash In Bonds Tax FreeAdjusted qualified education expenses. Www 1040ez tax return form Eligible educational institution. Www 1040ez tax return form Dependent for whom you claim an exemption. Www 1040ez tax return form MAGI when using Form 1040A. Www 1040ez tax return form MAGI when using Form 1040. Www 1040ez tax return form 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. Www 1040ez tax return form S. Www 1040ez tax return form savings bonds. Www 1040ez tax return form 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. Www 1040ez tax return form However, when you cash in certain savings bonds under an education savings bond program, you may be able to exclude the interest from income. Www 1040ez tax return form Who Can Cash In Bonds Tax Free You may be able to cash in qualified U. Www 1040ez tax return form S. Www 1040ez tax return form 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. Www 1040ez tax return form You pay qualified education expenses for yourself, your spouse, or a dependent for whom you claim an exemption on your return. Www 1040ez tax return form Your modified adjusted gross income (MAGI) is less than the amount specified for your filing status. Www 1040ez tax return form Your filing status is not married filing separately. Www 1040ez tax return form Qualified U. Www 1040ez tax return form S. Www 1040ez tax return form savings bonds. Www 1040ez tax return form   A qualified U. Www 1040ez tax return form S. Www 1040ez tax return form savings bond is a series EE bond issued after 1989 or a series I bond. Www 1040ez tax return form 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). Www 1040ez tax return form   The owner must be at least 24 years old before the bond's issue date. Www 1040ez tax return form The issue date is printed on the front of the savings bond. Www 1040ez tax return form    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). Www 1040ez tax return form Qualified education expenses. Www 1040ez tax return form   These include the following items you pay for either yourself, your spouse, or a dependent for whom you claim an exemption. Www 1040ez tax return form Tuition and fees required to enroll at or attend an eligible educational institution. Www 1040ez tax return form 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. Www 1040ez tax return form Contributions to a qualified tuition program (QTP) (see How Much Can You Contribute in chapter 8, Qualified Tuition Program). Www 1040ez tax return form Contributions to a Coverdell education savings account (ESA) (see Contributions in chapter 7, Coverdell Education Savings Account). Www 1040ez tax return form Adjusted qualified education expenses. Www 1040ez tax return form   You must reduce your qualified education expenses by all of the following tax-free benefits. Www 1040ez tax return form Tax-free part of scholarships and fellowships (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions). Www 1040ez tax return form 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). Www 1040ez tax return form Expenses used to figure the tax-free portion of distributions from a QTP (see Qualified education expenses in chapter 8, Qualified Tuition Program). Www 1040ez tax return form 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 ). Www 1040ez tax return form Any expenses used in figuring the American opportunity and lifetime learning credits. Www 1040ez tax return form See What Expenses Qualify in chapter 2, American Opportunity Credit, and What Expenses Qualify in chapter 3, Lifetime Learning Credit, for more information. Www 1040ez tax return form Eligible educational institution. Www 1040ez tax return form   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. Www 1040ez tax return form S. Www 1040ez tax return form Department of Education. Www 1040ez tax return form It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. Www 1040ez tax return form The educational institution should be able to tell you if it is an eligible educational institution. Www 1040ez tax return form   Certain educational institutions located outside the United States also participate in the U. Www 1040ez tax return form S. Www 1040ez tax return form Department of Education's Federal Student Aid (FSA) programs. Www 1040ez tax return form Dependent for whom you claim an exemption. Www 1040ez tax return form   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. Www 1040ez tax return form Modified adjusted gross income (MAGI). Www 1040ez tax return form   For most taxpayers, MAGI is adjusted gross income (AGI) as figured on their federal income tax return without taking into account this interest exclusion. Www 1040ez tax return form However, as discussed below, there may be other modifications. Www 1040ez tax return form MAGI when using Form 1040A. Www 1040ez tax return form   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). Www 1040ez tax return form MAGI when using Form 1040. Www 1040ez tax return form   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. Www 1040ez tax return form    Use the worksheet in the instructions for line 9 of Form 8815 to figure your MAGI. Www 1040ez tax return form 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. Www 1040ez tax return form 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. Www 1040ez tax return form Enter the total on Form 8815, line 9, as your modified adjusted gross income (MAGI). Www 1040ez tax return form    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. Www 1040ez tax return form 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. Www 1040ez tax return form See Royalties included in MAGI under Education Savings Bond Program in Publication 550, chapter 1. Www 1040ez tax return form 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. Www 1040ez tax return form 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. Www 1040ez tax return form To determine the tax-free amount, multiply the interest part of the proceeds by a fraction. Www 1040ez tax return form The numerator (top part) of the fraction is the adjusted qualified education expenses (AQEE) you paid during the year. Www 1040ez tax return form The denominator (bottom part) of the fraction is the total proceeds you received during the year. Www 1040ez tax return form Example. Www 1040ez tax return form In February 2013, Mark and Joan Washington, a married couple, cashed a qualified series EE U. Www 1040ez tax return form S. Www 1040ez tax return form savings bond. Www 1040ez tax return form They received proceeds of $9,000, representing principal of $6,000 and interest of $3,000. Www 1040ez tax return form In 2013, they paid $7,650 of their daughter's college tuition. Www 1040ez tax return form 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. Www 1040ez tax return form Their MAGI for 2013 was $80,000. Www 1040ez tax return form   $3,000 interest × $7,650 AQEE  $9,000 proceeds = $2,550 tax-free interest   They can exclude $2,550 of interest in 2013. Www 1040ez tax return form They must pay tax on the remaining $450 ($3,000 − $2,550) interest. Www 1040ez tax return form 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. Www 1040ez tax return form Claiming the Exclusion Use Form 8815 to figure your education savings bond interest exclusion. Www 1040ez tax return form Enter your exclusion on line 3 of Schedule B (Form 1040A or 1040), Interest and Ordinary Dividends. Www 1040ez tax return form Attach Form 8815 to your tax return. Www 1040ez tax return form Prev  Up  Next   Home   More Online Publications
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Winter 2014 Statistics of Income Bulletin Now Available


IR-2014-33, March 20, 2014

WASHINGTON — The Internal Revenue Service today announced the availability of the winter 2014 issue of the Statistics of Income Bulletin, which features preliminary data for individual income tax returns filed for Tax Year 2012.

The Statistics of Income (SOI) Division produces the SOI Bulletin on a quarterly basis. Articles included in the publication provide the most recent data available from various tax and information returns filed by U.S. taxpayers. This issue includes articles on the following topics:

Individual Income Tax Returns, Preliminary Data, 2012: Taxpayers filed 145 million individual income tax returns for 2012. The adjusted gross income (AGI) reported on these returns totaled $9 trillion, a 9 percent increase from the previous year. Taxable income rose almost 12 percent to more than $6 trillion, accordingly, total income tax increased 15 percent to $1.2 trillion. Although taxpayers reported $29 billion in alternative minimum tax, an increase of almost 8 percent compared to the prior year, the number of returns reporting the AMT fell one percent.

Sales of Capital Assets Panel Data Reported on Individual Tax Returns, 2004-2007:  The SOI panel study of individual taxpayer trends in taxes and income showed the following increases from 2004 through 2007.

  • Net gains and losses increased 84.7 percent, from $496.3 billion to $916.5 billion.
  • Capital gains rose 69.2 percent to $1.1 trillion during this same period.

For all 4 years of the study, taxpayers realized most combined short- and long-term net gains less losses from passthrough entities (partnerships, S corporations, and fiduciaries).

Split-Interest Trusts, Filing Year 2012:  Tax preparers filed 113,688 Forms 5227 to report the financial activities of split-interest trusts to the IRS for Filing Year 2012, a 3.4-percent decline from 2011. Split-interest trusts reported 16,500 distributions of principal ($2.5 billion)  and 15,580 distributions of income ($1,793.7 billion) for the year. Asset contributions rose to more than $5.2 billion, a 74 percent increase over the previous year. Charitable remainder trusts continued to be the most common split-interest trust, accounting for 93 percent of the returns filed.

Nonprofit Charitable Organizations, 2010: Tax exempt public charities (501(c)(3) organizations) filed almost 270,000 Forms 990 and 990-EZ and reported $2.9 trillion in assets for Tax Year 2010, an increase of 9 percent from the previous year. These organizations reported $1.6 trillion in total revenue, nearly three-quarters ($1.2 trillion) of which came from program services. They reported $1.5 trillion in expenses.

The Statistics of Income Bulletin is available for download at IRS.gov/taxstats. Printed copies of the Statistics of Income Bulletin are available from the Superintendent of Documents, U.S. Government Printing Office, P.O. Box 371954, Pittsburgh, PA 15250-7954. The annual subscription rate is $67 ($93.80 foreign), single issues cost $44 ($61.60 foreign).

For more information about these data, write to the Internal Revenue Service (RAS:S), Director, Statistics of Income, 1111 Constitution Ave., NW (K-Room 4112), Washington, DC 20224-0002.

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The Www 1040ez Tax Return Form

Www 1040ez tax return form 3. Www 1040ez tax return form   Abandonments Table of Contents You abandon property when you voluntarily and permanently give up possession and use of the property with the intention of ending your ownership but without passing it on to anyone else. Www 1040ez tax return form Whether an abandonment has occurred is determined in light of all the facts and circumstances. Www 1040ez tax return form You must both show an intention to abandon the property and affirmatively act to abandon the property. Www 1040ez tax return form A voluntary conveyance of the property in lieu of foreclosure is not an abandonment and is treated as the exchange of property to satisfy a debt. Www 1040ez tax return form For more information, see Sales and Exchanges in Publication 544. Www 1040ez tax return form The tax consequences of abandonment of property that secures a debt depend on whether you were personally liable for the debt (recourse debt) or were not personally liable for the debt (nonrecourse debt). Www 1040ez tax return form See Publication 544 if you abandoned property that did not secure debt. Www 1040ez tax return form This publication only discusses the tax consequences of abandoning property that secured a debt. Www 1040ez tax return form Abandonment of property securing recourse debt. Www 1040ez tax return form    In most cases, if you abandon property that secures debt for which you are personally liable (recourse debt), you do not have gain or loss until the later foreclosure is completed. Www 1040ez tax return form For details on figuring gain or loss on the foreclosure, see chapter 2. Www 1040ez tax return form Example 1—abandonment of personal-use property securing recourse debt. Www 1040ez tax return form In 2009, Anne purchased a home for $200,000. Www 1040ez tax return form She borrowed the entire purchase price, for which she was personally liable, and gave the bank a mortgage on the home. Www 1040ez tax return form In 2013, Anne lost her job and was unable to continue making her mortgage loan payments. Www 1040ez tax return form Because her mortgage loan balance was $185,000 and the FMV of her home was only $150,000, Anne decided to abandon her home by permanently moving out on August 1, 2013. Www 1040ez tax return form Because Anne was personally liable for the debt and the bank did not complete a foreclosure of the property in 2013, Anne has neither gain nor loss in tax year 2013 from abandoning the home. Www 1040ez tax return form If the bank sells the house at a foreclosure sale in 2014, Anne will have to figure her gain or nondeductible loss for tax year 2014 as discussed earlier in chapter 2. Www 1040ez tax return form Example 2—abandonment of business or investment property securing recourse debt. Www 1040ez tax return form In 2009, Sue purchased business property for $200,000. Www 1040ez tax return form She borrowed the entire purchase price, for which she was personally liable, and gave the lender a security interest in the property. Www 1040ez tax return form In 2013, Sue was unable to continue making her loan payments. Www 1040ez tax return form Because her loan balance was $185,000 and the FMV of the property was only $150,000, Sue abandoned the property on August 1, 2013. Www 1040ez tax return form Because Sue was personally liable for the debt and the lender did not complete a foreclosure of the property in 2013, Sue has neither gain nor loss in tax year 2013 from abandoning the property. Www 1040ez tax return form If the lender sells the property at a foreclosure sale in 2014, Sue will have to figure her gain or deductible loss for tax year 2014 as discussed earlier in chapter 2. Www 1040ez tax return form Abandonment of property securing nonrecourse debt. Www 1040ez tax return form    If you abandon property that secures debt for which you are not personally liable (nonrecourse debt), the abandonment is treated as a sale or exchange. Www 1040ez tax return form   The amount you realize on the abandonment of property that secured nonrecourse debt is the amount of the nonrecourse debt. Www 1040ez tax return form If the amount you realize is more than your adjusted basis, then you have a gain. Www 1040ez tax return form If your adjusted basis is more than the amount you realize, then you have a loss. Www 1040ez tax return form For more information on how to figure gain and loss, see Gain or Loss from Sales or Exchanges in Publication 544. Www 1040ez tax return form   Loss from abandonment of business or investment property is deductible as a loss. Www 1040ez tax return form The character of the loss depends on the character of the property. Www 1040ez tax return form The amount of deductible capital loss may be limited. Www 1040ez tax return form For more information, see Treatment of Capital Losses in Publication 544. Www 1040ez tax return form You cannot deduct any loss from abandonment of your home or other property held for personal use. Www 1040ez tax return form Example 1—abandonment of personal-use property securing nonrecourse debt. Www 1040ez tax return form In 2009, Timothy purchased a home for $200,000. Www 1040ez tax return form He borrowed the entire purchase price, for which he was not personally liable, and gave the bank a mortgage on the home. Www 1040ez tax return form In 2013, Timothy lost his job and was unable to continue making his mortgage loan payments. Www 1040ez tax return form Because his mortgage loan balance was $185,000 and the FMV of his home was only $150,000, Timothy decided to abandon his home by permanently moving out on August 1, 2013. Www 1040ez tax return form Because Timothy was not personally liable for the debt, the abandonment is treated as a sale or exchange of the home in tax year 2013. Www 1040ez tax return form Timothy's amount realized is $185,000 and his adjusted basis in the home is $200,000. Www 1040ez tax return form Timothy has a $15,000 nondeductible loss in tax year 2013. Www 1040ez tax return form (Had Timothy’s adjusted basis been less than the amount realized, Timothy would have had a gain that he would have to include in gross income. Www 1040ez tax return form ) The bank sells the house at a foreclosure sale in 2014. Www 1040ez tax return form Timothy has neither gain nor loss from the foreclosure sale. Www 1040ez tax return form Because he was not personally liable for the debt, he also has no cancellation of debt income. Www 1040ez tax return form Example 2—abandonment of business or investment property securing nonrecourse debt. Www 1040ez tax return form In 2009, Robert purchased business property for $200,000. Www 1040ez tax return form He borrowed the entire purchase price, for which he was not personally liable, and gave the lender a security interest in the property. Www 1040ez tax return form In 2013, Robert was unable to continue making his loan payments. Www 1040ez tax return form Because his loan balance was $185,000 and the FMV of the property was only $150,000, Robert decided to abandon the property on August 1, 2013. Www 1040ez tax return form Because Robert was not personally liable for the debt, the abandonment is treated as a sale or exchange of the property in tax year 2013. Www 1040ez tax return form Robert's amount realized is $185,000 and his adjusted basis in the property is $180,000 (as a result of $20,000 of depreciation deductions on the property). Www 1040ez tax return form Robert has a $5,000 gain in tax year 2013. Www 1040ez tax return form (Had Robert’s adjusted basis been greater than the amount realized, he would have had a deductible loss. Www 1040ez tax return form ) The lender sells the property at a foreclosure sale in 2014. Www 1040ez tax return form Robert has neither gain nor loss from the foreclosure sale. Www 1040ez tax return form Because he was not personally liable for the debt, he also has no cancellation of debt income. Www 1040ez tax return form Canceled debt. Www 1040ez tax return form    If the abandoned property secures a debt for which you are personally liable and the debt is canceled, you will realize ordinary income equal to the canceled debt. Www 1040ez tax return form This income is separate from any amount realized from abandonment of the property. Www 1040ez tax return form You must report this income on your return unless one of the exceptions or exclusions described in chapter 1 applies. Www 1040ez tax return form See chapter 1 for more details. Www 1040ez tax return form Forms 1099-A and 1099-C. Www 1040ez tax return form    In most cases, if you abandon real property (such as a home), intangible property, or tangible personal property held (wholly or partly) for use in a trade or business or for investment, that secures a loan and the lender knows the property has been abandoned, the lender should send you Form 1099-A showing information you need to figure your gain or loss from the abandonment. Www 1040ez tax return form Also, if your debt is canceled and the lender must file Form 1099-C, the lender can include the information about the abandonment on that form instead of on Form 1099-A. Www 1040ez tax return form The lender must file Form 1099-C and send you a copy if the amount of debt canceled is $600 or more and the lender is a financial institution, credit union, federal government agency, or any organization that has a significant trade or business of lending money. Www 1040ez tax return form For abandonments of property and debt cancellations occurring in 2013, these forms should be sent to you by January 31, 2014. Www 1040ez tax return form Prev  Up  Next   Home   More Online Publications