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1040ez 2013 Publication 970 - Introductory Material Table of Contents Future Developments What's New Reminders IntroductionComparison table. 1040ez 2013 Ordering forms and publications. 1040ez 2013 Tax questions. 1040ez 2013 Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 970, such as legislation enacted after it was published, go to www. 1040ez 2013 irs. 1040ez 2013 gov/pub970. 1040ez 2013 What's New Lifetime learning credit. 1040ez 2013 For 2013, the amount of your lifetime learning credit is gradually reduced (phased out) if your modified adjusted gross income (MAGI) is between $53,000 and $63,000 ($107,000 and $127,000 if you file a joint return). 1040ez 2013 You cannot claim a credit if your MAGI is $63,000 or more ($127,000 or more if you file a joint return). 1040ez 2013 This is an increase from the 2012 limits of $52,000 and $62,000 ($104,000 and $124,000 if filing a joint return). 1040ez 2013 For more information, see chapter 3, Lifetime Learning Credit . 1040ez 2013 Business deduction for work-related education. 1040ez 2013 For 2013, if you drive your car to and from school and qualify to deduct transportation expenses, the amount you can deduct for miles driven from January 1, 2013 through December 31, 2013 is 56. 1040ez 2013 5 cents per mile. 1040ez 2013 See chapter 12, Business Deduction for Work-Related Education , for more information. 1040ez 2013 Reminders Form 1098-T, Tuition Statement. 1040ez 2013 When figuring an education credit or the tuition and fees deduction, use only the amounts you paid and are deemed to have paid during the tax year for qualified education expenses. 1040ez 2013 In most cases, the student should receive Form 1098-T from the eligible educational institution by January 31, 2014. 1040ez 2013 An institution my choose to report either payments received during calendar year 2013 (box 1), or amounts billed during the calendar year 2013 (box 2), for qualified education expenses. 1040ez 2013 However, the amounts in boxes 1 and 2 of Form 1098-T might be different than the amount you actually paid and are deemed to have paid. 1040ez 2013 In addition, the Form 1098-T should give you other information for that institution, such as adjustments made for prior years, the amount of scholarships or grants, reimbursements, or refunds, and whether the student was enrolled at least half-time or was a graduate student. 1040ez 2013 The eligible educational institution may ask for a completed Form W-9S, Request for Student's or Borrower's Taxpayer Identification Number and Certification, or similar statement to obtain the student's name, address, and taxpayer identification number. 1040ez 2013 Hope Scholarship Credit. 1040ez 2013 For 2013, the Hope Scholarship Credit is not available. 1040ez 2013 However, you may be able to claim an American opportunity or lifetime learning credit. 1040ez 2013 See chapter 2, American Opportunity Credit , and chapter 3, Lifetime Learning Credit , for more information. 1040ez 2013 Estimated tax payments. 1040ez 2013 If you have taxable income from any of your education benefits and the payer does not withhold enough income tax, you may need to make estimated tax payments. 1040ez 2013 For more information, see Publication 505, Tax Withholding and Estimated Tax. 1040ez 2013 Photographs of missing children. 1040ez 2013 The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. 1040ez 2013 Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. 1040ez 2013 You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. 1040ez 2013 Introduction This publication explains tax benefits that may be available to you if you are saving for or paying education costs for yourself or, in many cases, another student who is a member of your immediate family. 1040ez 2013 Most benefits apply only to higher education. 1040ez 2013 What is in this publication. 1040ez 2013 Chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions , explains the tax treatment of various types of educational assistance, including scholarships, fellowships, and tuition reductions. 1040ez 2013 Two tax credits for which you may be eligible are explained in chapter 2, American Opportunity Credit , and chapter 3, Lifetime Learning Credit . 1040ez 2013 These benefits, which reduce the amount of income tax you may have to pay, are: The American opportunity credit, and The lifetime learning credit. 1040ez 2013 Ten other types of benefits are explained in chapters 4 through 12. 1040ez 2013 These benefits, which reduce the amount of income tax you may have to pay, are: Deduct student loan interest; Receive tax-free treatment of a canceled student loan; Receive tax-free student loan repayment assistance; Deduct tuition and fees for education; Establish and contribute to a Coverdell education savings account (ESA), which features tax-free earnings; Participate in a qualified tuition program (QTP), which features tax-free earnings; Take early distributions from any type of individual retirement arrangement (IRA) for education costs without paying the 10% additional tax on early distributions; Cash in savings bonds for education costs without having to pay tax on the interest; Receive tax-free educational benefits from your employer; and Take a business deduction for work-related education. 1040ez 2013 Note. 1040ez 2013 You generally cannot claim more than one of the benefits described in the list above for the same qualifying education expense. 1040ez 2013 Comparison table. 1040ez 2013 Some of the features of these benefits are highlighted in Appendix B, Highlights of Education Tax Benefits for Tax Year 2013 , later, in this publication. 1040ez 2013 This general comparison table may guide you in determining which benefits you may be eligible for and which chapters you may want to read. 1040ez 2013 When you figure your taxes, you may want to compare these tax benefits so you can choose the method(s) that gives you the lowest tax liability. 1040ez 2013 If you qualify, you may find that a combination of credit(s) and deduction(s) gives you the lowest tax. 1040ez 2013 Analyzing your tax withholding. 1040ez 2013 After you estimate your education tax benefits for the year, you may be able to reduce the amount of your federal income tax withholding. 1040ez 2013 Also, you may want to recheck your withholding during the year if your personal or financial situation changes. 1040ez 2013 See Publication 919, How Do I Adjust My Tax Withholding, for more information. 1040ez 2013 Glossary. 1040ez 2013 In this publication, wherever appropriate, we have tried to use the same or similar terminology when referring to the basic components of each education benefit. 1040ez 2013 Some of the terms used are: Qualified education expenses, Eligible educational institution, and Modified adjusted gross income. 1040ez 2013 Even though the same term, such as qualified education expenses, is used to label a basic component of many of the education benefits, the same expenses are not necessarily allowed for each benefit. 1040ez 2013 For example, the cost of room and board is a qualified education expense for the qualified tuition program, but not for the education savings bond program. 1040ez 2013 Many of the terms used in the publication are defined in the glossary near the end of the publication. 1040ez 2013 The glossary is not intended to be a substitute for reading the chapter on a particular education benefit, but it will give you an overview of how certain terms are used in discussing the different benefits. 1040ez 2013 Comments and suggestions. 1040ez 2013 We welcome your comments about this publication and your suggestions for future editions. 1040ez 2013 You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. 1040ez 2013 NW, IR-6526 Washington, DC 20224 We respond to many letters by telephone. 1040ez 2013 Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. 1040ez 2013 You can send your comments from www. 1040ez 2013 irs. 1040ez 2013 gov/formspubs/. 1040ez 2013 Click on “More Information” and then on “Comment on Tax Forms and Publications”. 1040ez 2013 Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. 1040ez 2013 Ordering forms and publications. 1040ez 2013 Visit www. 1040ez 2013 irs. 1040ez 2013 gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. 1040ez 2013 Internal Revenue Service 1201 N. 1040ez 2013 Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. 1040ez 2013 If you have a tax question, check the information available on IRS. 1040ez 2013 gov or call 1-800-829-1040. 1040ez 2013 We cannot answer tax questions sent to either of the above addresses. 1040ez 2013 Useful Items - You may want to see: Publication 463 Travel, Entertainment, Gift, and Car Expenses 525 Taxable and Nontaxable Income 550 Investment Income and Expenses 590 Individual Retirement Arrangements (IRAs) Form (and Instructions) 1040 U. 1040ez 2013 S. 1040ez 2013 Individual Income Tax Return 1040A U. 1040ez 2013 S. 1040ez 2013 Individual Income Tax Return 1040EZ Income Tax Return for Single and Joint Filers With No Dependents 1040NR U. 1040ez 2013 S. 1040ez 2013 Nonresident Alien Income Tax Return 1040NR-EZ U. 1040ez 2013 S. 1040ez 2013 Income Tax Return for Certain Nonresident Aliens With No Dependents 2106 Employee Business Expenses 2106-EZ Unreimbursed Employee Business Expenses 5329 Additional Taxes on Qualified Plans and Other Tax-Favored Accounts 8815 Exclusion of Interest From Series EE and I U. 1040ez 2013 S. 1040ez 2013 Savings Bonds Issued After 1989 8863 Education Credits 8917 Tuition and Fees Deduction Schedule A (Form 1040) Itemized Deductions See chapter 13, How To Get Tax Help , for information about getting these publications and forms. 1040ez 2013 Prev Up Next Home More Online Publications
Published Volume Cap Limit for Tribal Economic Development Bonds
The Published Volume Cap Limit for the period commencing February 1, 2014 is $269,406,942 (20% of the amount of available volume cap of $1,347,034,705 determined as described in the Notice 2012-48).
In Notice 2012-48, 2012-31 I.R.B. 102 (July 30, 2012), the Treasury Department and the IRS provided guidance regarding applications for allocations of the available amount of national bond volume limitation authority (volume cap) for tribal economic development bonds. The Notice provides that, except as otherwise provided in the Notice, for applications filed with the IRS that meet the requirements detailed in the Notice, the IRS will allocate an amount of available volume cap equal to the amount requested in the application on a first-come, first-served basis by order of submission date (as defined in the Notice).
The Notice also provides that no Indian tribal government will receive an allocation of volume cap that would cause the aggregate amount of volume cap allocated to that Indian tribal government pursuant to the Notice (not including certain amounts forfeited as described in the notice) to exceed the Published Volume Cap Limit in effect for the period that includes the submission date. The Published Volume Cap Limit for any period is the greater of (1) 20% of the amount of available volume cap as of the first day of such period (determined as described in the Notice); or (2) $100 million.
For purposes of this limitation, an Indian tribal government includes the Indian tribal government, together with any political subdivisions of the Indian tribal government, and any entities controlled by the Indian tribal government. An application that requests an allocation of volume cap in an amount that would cause the Published Volume Cap Limit in effect on the date of submission to be exceeded will be treated as incomplete until the day the applicant supplements the application in a manner that complies with the requirements of the notice and does not cause such limit to be exceeded.
In accordance with the Notice, the IRS plans to publish updated Published Volume Cap Limits on the IRS website at Information for Tax Exempt Bonds.
Page Last Reviewed or Updated: 01-Feb-2014
The 1040ez 2013
1040ez 2013 15. 1040ez 2013 Estimated Tax Table of Contents What's New Introduction Topics - This chapter discusses: Useful Items - You may want to see: Special Estimated Tax Rules for Qualified FarmersQualified Farmer Special Rules for Qualified Farmers Estimated Tax Penalty for 2013 What's New Net Investment Income Tax. 1040ez 2013 . 1040ez 2013 For tax years beginning in 2013, you may be subject to Net Investment Income Tax (NIIT). 1040ez 2013 NIIT is a 3. 1040ez 2013 8% tax on the lesser of net investment income or the excess of your modified adjusted gross income (MAGI) over the threshold amount. 1040ez 2013 NIIT may need to be included when calculating your estimated tax. 1040ez 2013 For more information, see Publication 505,Tax Withholding and Estimated Tax. 1040ez 2013 Additional Medicare Tax. 1040ez 2013 For tax years beginning in 2013, a 0. 1040ez 2013 9% Additional Medicare Tax applies to Medicare wages, Railroad Retirement Tax Act (RRTA) compensation, and self-employment income over a threshold amount based on your filing status. 1040ez 2013 You may need to include this amount when figuring your estimated tax. 1040ez 2013 For more information, see Publication 505. 1040ez 2013 Introduction Estimated tax is the method used to pay tax on income that is not subject to withholding. 1040ez 2013 See Publication 505 for the general rules and requirements for paying estimated tax. 1040ez 2013 If you are a qualified farmer, defined below, you are subject to the special rules covered in this chapter for paying estimated tax. 1040ez 2013 Topics - This chapter discusses: Special estimated tax rules for qualified farmers Estimated tax penalty Useful Items - You may want to see: Publication 505 Tax Withholding and Estimated Tax Form (and Instructions) 1040 U. 1040ez 2013 S. 1040ez 2013 Individual Income Tax Return 1040-ES Estimated Tax for Individuals 2210-F Underpayment of Estimated Tax by Farmers and Fishermen See chapter 16 for information about getting publications and forms. 1040ez 2013 Special Estimated Tax Rules for Qualified Farmers Special rules apply to the payment of estimated tax by individuals who are qualified farmers. 1040ez 2013 If you are not a qualified farmer as defined next, see Publication 505 for the estimated tax rules that apply. 1040ez 2013 Qualified Farmer An individual is a qualified farmer for 2013 if at least two-thirds of his or her gross income from all sources for 2012 or 2013 was from farming. 1040ez 2013 See Gross Income , next, for information on how to figure your gross income from all sources and see Gross Income From Farming , later, for information on how to figure your gross income from farming. 1040ez 2013 See also Percentage From Farming , later, for information on how to determine the percentage of your gross income from farming. 1040ez 2013 Gross Income Gross income is all income you receive in the form of money, goods, property, and services that is not exempt from income tax. 1040ez 2013 On a joint return, you must add your spouse's gross income to your gross income. 1040ez 2013 To decide whether two-thirds of your gross income was from farming, use as your gross income the total of the following income (not loss) amounts from your tax return. 1040ez 2013 Wages, salaries, tips, etc. 1040ez 2013 Taxable interest. 1040ez 2013 Ordinary dividends. 1040ez 2013 Taxable refunds, credits, or offsets of state and local income taxes. 1040ez 2013 Alimony. 1040ez 2013 Gross business income from Schedule C (Form 1040). 1040ez 2013 Gross business receipts from Schedule C-EZ (Form 1040). 1040ez 2013 Capital gains from Schedule D (Form 1040). 1040ez 2013 Losses are not netted against gains. 1040ez 2013 Gains on sales of business property. 1040ez 2013 Taxable IRA distributions, pensions, annuities, and social security benefits. 1040ez 2013 Gross rental income from Schedule E (Form 1040). 1040ez 2013 Gross royalty income from Schedule E (Form 1040). 1040ez 2013 Taxable net income from an estate or trust reported on Schedule E (Form 1040). 1040ez 2013 Income from a Real Estate Mortgage Investment Conduit reported on Schedule E (Form 1040). 1040ez 2013 Gross farm rental income from Form 4835. 1040ez 2013 Gross farm income from Schedule F (Form 1040). 1040ez 2013 Your distributive share of gross income from a partnership, or limited liability company treated as a partnership, from Schedule K-1 (Form 1065). 1040ez 2013 Your pro rata share of gross income from an S corporation, from Schedule K-1 (Form 1120S). 1040ez 2013 Unemployment compensation. 1040ez 2013 Other income not included with any of the items listed above. 1040ez 2013 Gross Income From Farming Gross income from farming is income from cultivating the soil or raising agricultural commodities. 1040ez 2013 It includes the following amounts. 1040ez 2013 Income from operating a stock, dairy, poultry, bee, fruit, or truck farm. 1040ez 2013 Income from a plantation, ranch, nursery, range, orchard, or oyster bed. 1040ez 2013 Crop shares for the use of your land. 1040ez 2013 Gains from sales of draft, breeding, dairy, or sporting livestock. 1040ez 2013 Gross income from farming is the total of the following amounts from your tax return. 1040ez 2013 Gross farm income from Schedule F (Form 1040). 1040ez 2013 Gross farm rental income from Form 4835. 1040ez 2013 Gross farm income from Schedule E (Form 1040), Parts II and III. 1040ez 2013 Gains from the sale of livestock used for draft, breeding, sport, or dairy purposes reported on Form 4797. 1040ez 2013 For more information about income from farming, see chapter 3. 1040ez 2013 Farm income does not include any of the following: Wages you receive as a farm employee. 1040ez 2013 Income you receive from contract grain harvesting and hauling with workers and machines you furnish. 1040ez 2013 Gains you receive from the sale of farm land and depreciable farm equipment. 1040ez 2013 Percentage From Farming Figure your gross income from all sources, discussed earlier. 1040ez 2013 Then figure your gross income from farming, discussed earlier. 1040ez 2013 Divide your farm gross income by your total gross income to determine the percentage of gross income from farming. 1040ez 2013 Example 1. 1040ez 2013 Jane Smith had the following total gross income and farm gross income amounts in 2013. 1040ez 2013 Gross Income Total Farm Taxable interest $3,000 Dividends 500 Rental income (Sch E) 41,500 Farm income (Sch F) 75,000 $75,000 Gain (Form 4797) 5,000 5,000 Total $125,000 $80,000 Schedule D showed gain from the sale of dairy cows carried over from Form 4797 ($5,000) in addition to a loss from the sale of corporate stock ($2,000). 1040ez 2013 However, that loss is not netted against the gain to figure Ms. 1040ez 2013 Smith's total gross income or her gross farm income. 1040ez 2013 Her gross farm income is 64% of her total gross income ($80,000 ÷ $125,000 = 0. 1040ez 2013 64). 1040ez 2013 Special Rules for Qualified Farmers The following special estimated tax rules apply if you are a qualified farmer for 2013. 1040ez 2013 You do not have to pay estimated tax if you file your 2013 tax return and pay all the tax due by March 3, 2014. 1040ez 2013 You do not have to pay estimated tax if your 2013 income tax withholding (including any amount applied to your 2013 estimated tax from your 2012 return) will be at least 662/3% (. 1040ez 2013 6667) of the total tax shown on your 2013 tax return or 100% of the total tax shown on your 2012 return. 1040ez 2013 If you must pay estimated tax, you are required to make only one estimated tax payment (your required annual payment) by January 15, 2014, using special rules to figure the amount of the payment. 1040ez 2013 See Required Annual Payment , next, for details. 1040ez 2013 Figure 15-1 presents an overview of the special estimated tax rules that apply to qualified farmers. 1040ez 2013 Example 2. 1040ez 2013 Assume the same fact as in Example 1. 1040ez 2013 Ms. 1040ez 2013 Smith's gross farm income is only 64% of her total income. 1040ez 2013 Therefore, based on her 2013 income, she does not qualify to use the special estimated tax rules for qualified farmers. 1040ez 2013 However, she does qualify if at least two-thirds of her 2012 gross income was from farming. 1040ez 2013 Example 3. 1040ez 2013 Assume the same facts as in Example 1 except that Ms. 1040ez 2013 Smith's farm income from Schedule F was $90,000 instead of $75,000. 1040ez 2013 This made her total gross income $140,000 ($3,000 + $500 + $41,500 + $90,000 + $5,000) and her farm gross income $95,000 ($90,000 + $5,000). 1040ez 2013 She qualifies to use the special estimated tax rules for qualified farmers, since 67. 1040ez 2013 9% (at least two-thirds) of her gross income is from farming ($95,000 ÷ $140,000 = . 1040ez 2013 679). 1040ez 2013 Required Annual Payment If you are a qualified farmer and must pay estimated tax for 2013, use the worksheet on Form 1040-ES to figure the amount of your required annual payment. 1040ez 2013 Apply the following special rules for qualified farmers to the worksheet. 1040ez 2013 On line 14a, multiply line 13c by 662/3% (. 1040ez 2013 6667). 1040ez 2013 On line 14b, enter 100% of the tax shown on your 2012 tax return regardless of the amount of your adjusted gross income. 1040ez 2013 For this purpose, the “tax shown on your 2012 tax return” is the amount on line 61 of your 2012 return modified by certain adjustments. 1040ez 2013 For more information, see chapter 4 of Publication 505. 1040ez 2013 Estimated Tax Penalty for 2013 If you do not pay all your required estimated tax for 2013 by January 15, 2014, or file your 2013 return and pay any tax due by March 3, 2014, you may owe a penalty. 1040ez 2013 Use Form 2210-F, Underpayment of Estimated Tax by Farmers and Fishermen, to determine if you owe a penalty. 1040ez 2013 See the instructions for Form 2210-F. 1040ez 2013 Figure 15-1. 1040ez 2013 Estimated Tax for Farmers Please click here for the text description of the image. 1040ez 2013 Figure 2–A If you receive a penalty notice, do not ignore it, even if you think it is in error. 1040ez 2013 You may get a penalty notice even though you filed your return on time, attached Form 2210-F, and met the gross-income-from-farming requirement. 1040ez 2013 If you receive a penalty notice for underpaying estimated tax and you think it is in error, write to the address on the notice and explain why you think the notice is in error. 1040ez 2013 Include a computation similar to the one in Example 1 (earlier), showing that you met the gross income from farming requirement. 1040ez 2013 Prev Up Next Home More Online Publications