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2014 1040ez Tax Form

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2014 1040ez Tax Form

2014 1040ez tax form 4. 2014 1040ez tax form   Student Loan Interest Deduction Table of Contents Introduction Student Loan Interest DefinedQualified Student Loan Qualified Education Expenses Include As Interest Do Not Include As Interest When Must Interest Be Paid Can You Claim the DeductionNo Double Benefit Allowed Figuring the DeductionEffect of the Amount of Your Income on the Amount of Your Deduction Which Worksheet To Use Claiming the Deduction Introduction Generally, personal interest you pay, other than certain mortgage interest, is not deductible on your tax return. 2014 1040ez tax form However, if your modified adjusted gross income (MAGI) is less than $75,000 ($155,000 if filing a joint return) there is a special deduction allowed for paying interest on a student loan (also known as an education loan) used for higher education. 2014 1040ez tax form For most taxpayers, MAGI is the adjusted gross income as figured on their federal income tax return before subtracting any deduction for student loan interest. 2014 1040ez tax form This deduction can reduce the amount of your income subject to tax by up to $2,500 in 2013. 2014 1040ez tax form The student loan interest deduction is taken as an adjustment to income. 2014 1040ez tax form This means you can claim this deduction even if you do not itemize deductions on Schedule A (Form 1040). 2014 1040ez tax form This chapter explains: What type of loan interest you can deduct, Whether you can claim the deduction, What expenses you must have paid with the student loan, Who is an eligible student, How to figure the deduction, and How to claim the deduction. 2014 1040ez tax form Table 4-1. 2014 1040ez tax form Student Loan Interest Deduction at a Glance This table summarizes the features of the student loan interest deduction. 2014 1040ez tax form Do not rely on this table alone. 2014 1040ez tax form Refer to the text for complete details. 2014 1040ez tax form Feature   Description Maximum benefit   You can reduce your income subject to tax by up to $2,500. 2014 1040ez tax form Loan qualifications   Your student loan: •must have been taken out solely to pay qualified education expenses, and •cannot be from a related person or made under a qualified employer plan. 2014 1040ez tax form Student qualifications   The student must be: •you, your spouse, or your dependent, and  •enrolled at least half-time in a degree program. 2014 1040ez tax form Time limit on deduction   You can deduct interest paid during the remaining period of your student loan. 2014 1040ez tax form Limit on modified adjusted gross income (MAGI)   $155,000 if married filing a joint return; $75,000 if single, head of household, or qualifying widow(er). 2014 1040ez tax form Student Loan Interest Defined Student loan interest is interest you paid during the year on a qualified student loan. 2014 1040ez tax form It includes both required and voluntary interest payments. 2014 1040ez tax form Qualified Student Loan This is a loan you took out solely to pay qualified education expenses (defined later) that were: For you, your spouse, or a person who was your dependent when you took out the loan, Paid or incurred within a reasonable period of time before or after you took out the loan, and For education provided during an academic period for an eligible student. 2014 1040ez tax form Loans from the following sources are not qualified student loans. 2014 1040ez tax form A related person. 2014 1040ez tax form A qualified employer plan. 2014 1040ez tax form Your dependent. 2014 1040ez tax form   Generally, your dependent is someone who is either a: Qualifying child, or Qualifying relative. 2014 1040ez tax form You can find more information about dependents in Publication 501. 2014 1040ez tax form Exceptions. 2014 1040ez tax form   For purposes of the student loan interest deduction, there are the following exceptions to the general rules for dependents. 2014 1040ez tax form An individual can be your dependent even if you are the dependent of another taxpayer. 2014 1040ez tax form An individual can be your dependent even if the individual files a joint return with a spouse. 2014 1040ez tax form An individual can be your dependent even if the individual had gross income for the year that was equal to or more than the exemption amount for the year ($3,900 for 2013). 2014 1040ez tax form Reasonable period of time. 2014 1040ez tax form   Qualified education expenses are treated as paid or incurred within a reasonable period of time before or after you take out the loan if they are paid with the proceeds of student loans that are part of a federal postsecondary education loan program. 2014 1040ez tax form   Even if not paid with the proceeds of that type of loan, the expenses are treated as paid or incurred within a reasonable period of time if both of the following requirements are met. 2014 1040ez tax form The expenses relate to a specific academic period, and The loan proceeds are disbursed within a period that begins 90 days before the start of that academic period and ends 90 days after the end of that academic period. 2014 1040ez tax form   If neither of the above situations applies, the reasonable period of time usually is determined based on all the relevant facts and circumstances. 2014 1040ez tax form Academic period. 2014 1040ez tax form   An academic period includes a semester, trimester, quarter, or other period of study (such as a summer school session) as reasonably determined by an educational institution. 2014 1040ez tax form In the case of an educational institution that uses credit hours or clock hours and does not have academic terms, each payment period can be treated as an academic period. 2014 1040ez tax form Eligible student. 2014 1040ez tax form   This is a student who was enrolled at least half-time in a program leading to a degree, certificate, or other recognized educational credential. 2014 1040ez tax form Enrolled at least half-time. 2014 1040ez tax form   A student was enrolled at least half-time if the student was taking at least half the normal full-time work load for his or her course of study. 2014 1040ez tax form   The standard for what is half of the normal full-time work load is determined by each eligible educational institution. 2014 1040ez tax form However, the standard may not be lower than any of those established by the U. 2014 1040ez tax form S. 2014 1040ez tax form Department of Education under the Higher Education Act of 1965. 2014 1040ez tax form Related person. 2014 1040ez tax form   You cannot deduct interest on a loan you get from a related person. 2014 1040ez tax form Related persons include: Your spouse, Your brothers and sisters, Your half brothers and half sisters, Your ancestors (parents, grandparents, etc. 2014 1040ez tax form ), Your lineal descendants (children, grandchildren, etc. 2014 1040ez tax form ), and Certain corporations, partnerships, trusts, and exempt organizations. 2014 1040ez tax form Qualified employer plan. 2014 1040ez tax form   You cannot deduct interest on a loan made under a qualified employer plan or under a contract purchased under such a plan. 2014 1040ez tax form Qualified Education Expenses For purposes of the student loan interest deduction, these expenses are the total costs of attending an eligible educational institution, including graduate school. 2014 1040ez tax form They include amounts paid for the following items. 2014 1040ez tax form Tuition and fees. 2014 1040ez tax form Room and board. 2014 1040ez tax form Books, supplies, and equipment. 2014 1040ez tax form Other necessary expenses (such as transportation). 2014 1040ez tax form The cost of room and board qualifies only to the extent that it is not more than the greater of: The allowance for room and board, as determined by the eligible educational institution, that was included in the cost of attendance (for federal financial aid purposes) for a particular academic period and living arrangement of the student, or The actual amount charged if the student is residing in housing owned or operated by the eligible educational institution. 2014 1040ez tax form Eligible educational institution. 2014 1040ez tax 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. 2014 1040ez tax form S. 2014 1040ez tax form Department of Education. 2014 1040ez tax form It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. 2014 1040ez tax form   Certain educational institutions located outside the United States also participate in the U. 2014 1040ez tax form S. 2014 1040ez tax form Department of Education's Federal Student Aid (FSA) programs. 2014 1040ez tax form   For purposes of the student loan interest deduction, an eligible educational institution also includes an institution conducting an internship or residency program leading to a degree or certificate from an institution of higher education, a hospital, or a health care facility that offers postgraduate training. 2014 1040ez tax form   An educational institution must meet the above criteria only during the academic period(s) for which the student loan was incurred. 2014 1040ez tax form The deductibility of interest on the loan is not affected by the institution's subsequent loss of eligibility. 2014 1040ez tax form    The educational institution should be able to tell you if it is an eligible educational institution. 2014 1040ez tax form Adjustments to Qualified Education Expenses You must reduce your qualified education expenses by the total amount paid for them with the following tax-free items. 2014 1040ez tax form Employer-provided educational assistance. 2014 1040ez tax form See chapter 11, Employer-Provided Educational Assistance . 2014 1040ez tax form Tax-free distribution of earnings from a Coverdell education savings account (ESA). 2014 1040ez tax form See Tax-Free Distributions in chapter 7, Coverdell Education Savings Account. 2014 1040ez tax form Tax-free distribution of earnings from a qualified tuition program (QTP). 2014 1040ez tax form See Figuring the Taxable Portion of a Distribution in chapter 8, Qualified Tuition Program. 2014 1040ez tax form U. 2014 1040ez tax form S. 2014 1040ez tax form savings bond interest that you exclude from income because it is used to pay qualified education expenses. 2014 1040ez tax form See chapter 10, Education Savings Bond Program . 2014 1040ez tax form The tax-free part of scholarships and fellowships. 2014 1040ez tax form See Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. 2014 1040ez tax form Veterans' educational assistance. 2014 1040ez tax form See Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions. 2014 1040ez tax form Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. 2014 1040ez tax form Include As Interest In addition to simple interest on the loan, if all other requirements are met, the items discussed below can be student loan interest. 2014 1040ez tax form Loan origination fee. 2014 1040ez tax form   In general, this is a one-time fee charged by the lender when a loan is made. 2014 1040ez tax form To be deductible as interest, a loan origination fee must be for the use of money rather than for property or services (such as commitment fees or processing costs) provided by the lender. 2014 1040ez tax form A loan origination fee treated as interest accrues over the term of the loan. 2014 1040ez tax form   Loan origination fees were not required to be reported on Form 1098-E, Student Loan Interest Statement, for loans made before September 1, 2004. 2014 1040ez tax form If loan origination fees are not included in the amount reported on your Form 1098-E, you can use any reasonable method to allocate the loan origination fees over the term of the loan. 2014 1040ez tax form The method shown in the example below allocates equal portions of the loan origination fee to each payment required under the terms of the loan. 2014 1040ez tax form A method that results in the double deduction of the same portion of a loan origination fee would not be reasonable. 2014 1040ez tax form Example. 2014 1040ez tax form In August 2004, Bill took out a student loan for $16,000 to pay the tuition for his senior year of college. 2014 1040ez tax form The lender charged a 3% loan origination fee ($480) that was withheld from the funds Bill received. 2014 1040ez tax form Bill began making payments on his student loan in 2013. 2014 1040ez tax form Because the loan origination fee was not included in his 2013 Form 1098-E, Bill can use any reasonable method to allocate that fee over the term of the loan. 2014 1040ez tax form Bill's loan is payable in 120 equal monthly payments. 2014 1040ez tax form He allocates the $480 fee equally over the total number of payments ($480 ÷ 120 months = $4 per month). 2014 1040ez tax form Bill made 7 payments in 2013, so he paid $28 ($4 × 7) of interest attributable to the loan origination fee. 2014 1040ez tax form To determine his student loan interest deduction, he will add the $28 to the amount of other interest reported to him on Form 1098-E. 2014 1040ez tax form Capitalized interest. 2014 1040ez tax form   This is unpaid interest on a student loan that is added by the lender to the outstanding principal balance of the loan. 2014 1040ez tax form Capitalized interest is treated as interest for tax purposes and is deductible as payments of principal are made on the loan. 2014 1040ez tax form No deduction for capitalized interest is allowed in a year in which no loan payments were made. 2014 1040ez tax form Interest on revolving lines of credit. 2014 1040ez tax form   This interest, which includes interest on credit card debt, is student loan interest if the borrower uses the line of credit (credit card) only to pay qualified education expenses. 2014 1040ez tax form See Qualified Education Expenses , earlier. 2014 1040ez tax form Interest on refinanced student loans. 2014 1040ez tax form   This includes interest on both: Consolidated loans—loans used to refinance more than one student loan of the same borrower, and Collapsed loans—two or more loans of the same borrower that are treated by both the lender and the borrower as one loan. 2014 1040ez tax form    If you refinance a qualified student loan for more than your original loan and you use the additional amount for any purpose other than qualified education expenses, you cannot deduct any interest paid on the refinanced loan. 2014 1040ez tax form Voluntary interest payments. 2014 1040ez tax form   These are payments made on a qualified student loan during a period when interest payments are not required, such as when the borrower has been granted a deferment or the loan has not yet entered repayment status. 2014 1040ez tax form Example. 2014 1040ez tax form The payments on Roger's student loan were scheduled to begin in June 2012, 6 months after he graduated from college. 2014 1040ez tax form He began making payments as required. 2014 1040ez tax form In September 2013, Roger enrolled in graduate school on a full-time basis. 2014 1040ez tax form He applied for and was granted deferment of his loan payments while in graduate school. 2014 1040ez tax form Wanting to pay down his student loan as much as possible, he made loan payments in October and November 2013. 2014 1040ez tax form Even though these were voluntary (not required) payments, Roger can deduct the interest paid in October and November. 2014 1040ez tax form Allocating Payments Between Interest and Principal The allocation of payments between interest and principal for tax purposes might not be the same as the allocation shown on the Form 1098-E or other statement you receive from the lender or loan servicer. 2014 1040ez tax form To make the allocation for tax purposes, a payment generally applies first to stated interest that remains unpaid as of the date the payment is due, second to any loan origination fees allocable to the payment, third to any capitalized interest that remains unpaid as of the date the payment is due, and fourth to the outstanding principal. 2014 1040ez tax form Example. 2014 1040ez tax form In August 2012, Peg took out a $10,000 student loan to pay the tuition for her senior year of college. 2014 1040ez tax form The lender charged a 3% loan origination fee ($300) that was withheld from the funds Peg received. 2014 1040ez tax form The interest (5% simple) on this loan accrued while she completed her senior year and for 6 months after she graduated. 2014 1040ez tax form At the end of that period, the lender determined the amount to be repaid by capitalizing all accrued but unpaid interest ($625 interest accrued from August 2012 through October 2013) and adding it to the outstanding principal balance of the loan. 2014 1040ez tax form The loan is payable over 60 months, with a payment of $200. 2014 1040ez tax form 51 due on the first of each month, beginning November 2013. 2014 1040ez tax form Peg did not receive a Form 1098-E for 2013 from her lender because the amount of interest she paid did not require the lender to issue an information return. 2014 1040ez tax form However, she did receive an account statement from the lender that showed the following 2013 payments on her outstanding loan of $10,625 ($10,000 principal + $625 accrued but unpaid interest). 2014 1040ez tax form Payment Date   Payment   Stated Interest   Principal November 2013   $200. 2014 1040ez tax form 51   $44. 2014 1040ez tax form 27   $156. 2014 1040ez tax form 24 December 2013   $200. 2014 1040ez tax form 51   $43. 2014 1040ez tax form 62   $156. 2014 1040ez tax form 89 Totals   $401. 2014 1040ez tax form 02   $87. 2014 1040ez tax form 89   $313. 2014 1040ez tax form 13 To determine the amount of interest that could be deducted on the loan for 2013, Peg starts with the total amount of stated interest she paid, $87. 2014 1040ez tax form 89. 2014 1040ez tax form Next, she allocates the loan origination fee over the term of the loan ($300 ÷ 60 months = $5 per month). 2014 1040ez tax form A total of $10 ($5 of each of the two principal payments) should be treated as interest for tax purposes. 2014 1040ez tax form Peg then applies the unpaid capitalized interest ($625) to the two principal payments in the order in which they were made, and determines that the remaining amount of principal of both payments is treated as interest for tax purposes. 2014 1040ez tax form Assuming that Peg qualifies to take the student loan interest deduction, she can deduct $401. 2014 1040ez tax form 02 ($87. 2014 1040ez tax form 89 + $10 + $303. 2014 1040ez tax form 13). 2014 1040ez tax form For 2014, Peg will continue to allocate $5 of the loan origination fee to the principal portion of each monthly payment she makes and treat that amount as interest for tax purposes. 2014 1040ez tax form She also will apply the remaining amount of capitalized interest ($625 − $303. 2014 1040ez tax form 13 = $321. 2014 1040ez tax form 87) to the principal payments in the order in which they are made until the balance is zero, and treat those amounts as interest for tax purposes. 2014 1040ez tax form Do Not Include As Interest You cannot claim a student loan interest deduction for any of the following items. 2014 1040ez tax form Interest you paid on a loan if, under the terms of the loan, you are not legally obligated to make interest payments. 2014 1040ez tax form Loan origination fees that are payments for property or services provided by the lender, such as commitment fees or processing costs. 2014 1040ez tax form Interest you paid on a loan to the extent payments were made through your participation in the National Health Service Corps Loan Repayment Program (the “NHSC Loan Repayment Program”) or certain other loan repayment assistance programs. 2014 1040ez tax form For more information, see Student Loan Repayment Assistance in chapter 5, Student Loan Cancellations and Repayment Assistance. 2014 1040ez tax form When Must Interest Be Paid You can deduct all interest you paid during the year on your student loan, including voluntary payments, until the loan is paid off. 2014 1040ez tax form Can You Claim the Deduction Generally, you can claim the deduction if all of the following requirements are met. 2014 1040ez tax form Your filing status is any filing status except married filing separately. 2014 1040ez tax form No one else is claiming an exemption for you on his or her tax return. 2014 1040ez tax form You are legally obligated to pay interest on a qualified student loan. 2014 1040ez tax form You paid interest on a qualified student loan. 2014 1040ez tax form Claiming an exemption for you. 2014 1040ez tax form   Another taxpayer is claiming an exemption for you if he or she lists your name and other required information on his or her Form 1040 (or Form 1040A), line 6c, or Form 1040NR, line 7c. 2014 1040ez tax form Example 1. 2014 1040ez tax form During 2013, Josh paid $600 interest on his qualified student loan. 2014 1040ez tax form Only he is legally obligated to make the payments. 2014 1040ez tax form No one claimed an exemption for Josh for 2013. 2014 1040ez tax form Assuming all other requirements are met, Josh can deduct the $600 of interest he paid on his 2013 Form 1040 or 1040A. 2014 1040ez tax form Example 2. 2014 1040ez tax form During 2013, Jo paid $1,100 interest on her qualified student loan. 2014 1040ez tax form Only she is legally obligated to make the payments. 2014 1040ez tax form Jo's parents claimed an exemption for her on their 2013 tax return. 2014 1040ez tax form In this case, neither Jo nor her parents may deduct the student loan interest Jo paid in 2013. 2014 1040ez tax form Interest paid by others. 2014 1040ez tax form   If you are the person legally obligated to make interest payments and someone else makes a payment of interest on your behalf, you are treated as receiving the payments from the other person and, in turn, paying the interest. 2014 1040ez tax form Example 1. 2014 1040ez tax form Darla obtained a qualified student loan to attend college. 2014 1040ez tax form After Darla's graduation from college, she worked as an intern for a nonprofit organization. 2014 1040ez tax form As part of the internship program, the nonprofit organization made an interest payment on behalf of Darla. 2014 1040ez tax form This payment was treated as additional compensation and reported in box 1 of her Form W-2. 2014 1040ez tax form Assuming all other qualifications are met, Darla can deduct this payment of interest on her tax return. 2014 1040ez tax form Example 2. 2014 1040ez tax form Ethan obtained a qualified student loan to attend college. 2014 1040ez tax form After graduating from college, the first monthly payment on his loan was due in December. 2014 1040ez tax form As a gift, Ethan's mother made this payment for him. 2014 1040ez tax form No one is claiming a dependency exemption for Ethan on his or her tax return. 2014 1040ez tax form Assuming all other qualifications are met, Ethan can deduct this payment of interest on his tax return. 2014 1040ez tax form No Double Benefit Allowed You cannot deduct as interest on a student loan any amount that is an allowable deduction under any other provision of the tax law (for example, as home mortgage interest). 2014 1040ez tax form Figuring the Deduction Your student loan interest deduction for 2013 is generally the smaller of: $2,500, or The interest you paid in 2013. 2014 1040ez tax form However, the amount determined above may be gradually reduced (phased out) or eliminated based on your filing status and MAGI as explained below. 2014 1040ez tax form You can use Worksheet 4-1. 2014 1040ez tax form Student Loan Interest Deduction Worksheet (at the end of this chapter) to figure both your MAGI and your deduction. 2014 1040ez tax form Form 1098-E. 2014 1040ez tax form   To help you figure your student loan interest deduction, you should receive Form 1098-E. 2014 1040ez tax form Generally, an institution (such as a bank or governmental agency) that received interest payments of $600 or more during 2013 on one or more qualified student loans must send Form 1098-E (or acceptable substitute) to each borrower by January 31, 2014. 2014 1040ez tax form   For qualified student loans taken out before September 1, 2004, the institution is required to include on Form 1098-E only payments of stated interest. 2014 1040ez tax form Other interest payments, such as certain loan origination fees and capitalized interest, may not appear on the form you receive. 2014 1040ez tax form However, if you pay qualifying interest that is not included on Form 1098-E, you can also deduct those amounts. 2014 1040ez tax form See Allocating Payments Between Interest and Principal , earlier. 2014 1040ez tax form    The lender may ask for a completed Form W-9S, or similar statement to obtain the borrower's name, address, and taxpayer identification number. 2014 1040ez tax form The form may also be used by the borrower to certify that the student loan was incurred solely to pay for qualified education expenses. 2014 1040ez tax form Effect of the Amount of Your Income on the Amount of Your Deduction The amount of your student loan interest deduction is phased out (gradually reduced) if your MAGI is between $60,000 and $75,000 ($125,000 and $155,000 if you file a joint return). 2014 1040ez tax form You cannot take a student loan interest deduction if your MAGI is $75,000 or more ($155,000 or more if you file a joint return). 2014 1040ez tax form Modified adjusted gross income (MAGI). 2014 1040ez tax form   For most taxpayers, MAGI is adjusted gross income (AGI) as figured on their federal income tax return before subtracting any deduction for student loan interest. 2014 1040ez tax form However, as discussed below, there may be other modifications. 2014 1040ez tax form Table 4-2 shows how the amount of your MAGI can affect your student loan interest deduction. 2014 1040ez tax form Table 4-2. 2014 1040ez tax form Effect of MAGI on Student Loan Interest Deduction IF your filing status is. 2014 1040ez tax form . 2014 1040ez tax form . 2014 1040ez tax form AND your MAGI is. 2014 1040ez tax form . 2014 1040ez tax form . 2014 1040ez tax form THEN your student loan interest deduction is. 2014 1040ez tax form . 2014 1040ez tax form . 2014 1040ez tax form single,  head of household, or qualifying widow(er) not more than $60,000 not affected by the phaseout. 2014 1040ez tax form more than $60,000  but less than $75,000 reduced because of the phaseout. 2014 1040ez tax form $75,000 or more eliminated by the phaseout. 2014 1040ez tax form married filing joint return not more than $125,000 not affected by the phaseout. 2014 1040ez tax form more than $125,000 but less than $155,000 reduced because of the phaseout. 2014 1040ez tax form $155,000 or more eliminated by the phaseout. 2014 1040ez tax form MAGI when using Form 1040A. 2014 1040ez tax form   If you file Form 1040A, your MAGI is the AGI on line 22 of that form figured without taking into account any amount on line 18 (student loan interest deduction) and line 19 (tuition and fees deduction). 2014 1040ez tax form MAGI when using Form 1040. 2014 1040ez tax form   If you file Form 1040, your MAGI is the AGI on line 38 of that form figured without taking into account any amount on line 33 (student loan interest deduction), line 34 (tuition and fees deduction), or line 35 (domestic production activities deduction), 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, and Exclusion of income by bona fide residents of Puerto Rico. 2014 1040ez tax form MAGI when using Form 1040NR. 2014 1040ez tax form   If you file Form 1040NR, your MAGI is the AGI on line 36 of that form figured without taking into account any amount on line 33 (student loan interest deduction) and line 34 (domestic production activities deduction). 2014 1040ez tax form MAGI when using Form 1040NR-EZ. 2014 1040ez tax form   If you file Form 1040NR-EZ, your MAGI is the AGI on line 10 of that form figured without taking into account any amount on line 9 (student loan interest deduction). 2014 1040ez tax form Phaseout. 2014 1040ez tax form   If your MAGI is within the range of incomes where the credit must be reduced, you must figure your reduced deduction. 2014 1040ez tax form To figure the phaseout, multiply your interest deduction (before the phaseout) by a fraction. 2014 1040ez tax form The numerator is your MAGI minus $60,000 ($125,000 in the case of a joint return). 2014 1040ez tax form The denominator is $15,000 ($30,000 in the case of a joint return). 2014 1040ez tax form Subtract the result from your deduction (before the phaseout) to give you the amount you can deduct. 2014 1040ez tax form Example 1. 2014 1040ez tax form During 2013 you paid $800 interest on a qualified student loan. 2014 1040ez tax form Your 2013 MAGI is $145,000 and you are filing a joint return. 2014 1040ez tax form You must reduce your deduction by $533, figured as follows. 2014 1040ez tax form   $800 × $145,000 − $125,000  $30,000 = $533   Your reduced student loan interest deduction is $267 ($800 − $533). 2014 1040ez tax form Example 2. 2014 1040ez tax form The facts are the same as in Example 1 except that you paid $2,750 interest. 2014 1040ez tax form Your maximum deduction for 2013 is $2,500. 2014 1040ez tax form You must reduce your maximum deduction by $1,667, figured as follows. 2014 1040ez tax form   $2,500 × $145,000 − $125,000  $30,000 = $1,667   In this example, your reduced student loan interest deduction is $833 ($2,500 − $1,667). 2014 1040ez tax form Which Worksheet To Use Generally, you figure the deduction using the Student Loan Interest Deduction Worksheet in the instructions for Form 1040, Form 1040A, or Form 1040NR. 2014 1040ez tax form However, if you are filing Form 2555, Foreign Earned Income, Form 2555-EZ, Foreign Earned Income Exclusion, or Form 4563, Exclusion of Income for Bona Fide Residents of American Samoa, or you are excluding income from sources within Puerto Rico, you must complete Worksheet 4-1. 2014 1040ez tax form Student Loan Interest Deduction Worksheet at the end of this chapter. 2014 1040ez tax form Claiming the Deduction The student loan interest deduction is an adjustment to income. 2014 1040ez tax form To claim the deduction, enter the allowable amount on line 33 (Form 1040), line 18 (Form 1040A), line 33 (Form 1040NR), or line 9 (Form 1040NR-EZ). 2014 1040ez tax form Worksheet 4-1. 2014 1040ez tax form Student Loan Interest Deduction Worksheet Use this worksheet instead of the worksheet in the Form 1040 instructions if you are filing Form 2555, 2555-EZ, or 4563, or you are excluding income from sources within Puerto Rico. 2014 1040ez tax form Before using this worksheet, you must complete Form 1040, lines 7 through 32, plus any amount to be entered on the dotted line next to line 36. 2014 1040ez tax form 1. 2014 1040ez tax form Enter the total interest you paid in 2013 on qualified student loans. 2014 1040ez tax form Do not enter  more than $2,500 1. 2014 1040ez tax form   2. 2014 1040ez tax form Enter the amount from Form 1040, line 22 2. 2014 1040ez tax form       3. 2014 1040ez tax form Enter the total of the amounts from Form 1040,  lines 23 through 32 3. 2014 1040ez tax form           4. 2014 1040ez tax form Enter the total of any amounts entered on the dotted line next to Form 1040, line 36 4. 2014 1040ez tax form           5. 2014 1040ez tax form Add lines 3 and 4 5. 2014 1040ez tax form       6. 2014 1040ez tax form Subtract line 5 from line 2 6. 2014 1040ez tax form       7. 2014 1040ez tax form Enter any foreign earned income exclusion and/or housing  exclusion (Form 2555, line 45, or Form 2555-EZ, line 18) 7. 2014 1040ez tax form       8. 2014 1040ez tax form Enter any foreign housing deduction (Form 2555, line 50) 8. 2014 1040ez tax form       9. 2014 1040ez tax form Enter the amount of income from Puerto Rico you are excluding 9. 2014 1040ez tax form       10. 2014 1040ez tax form Enter the amount of income from American Samoa  you are excluding (Form 4563, line 15) 10. 2014 1040ez tax form       11. 2014 1040ez tax form Add lines 6 through 10. 2014 1040ez tax form This is your modified adjusted gross income 11. 2014 1040ez tax form   12. 2014 1040ez tax form Enter the amount shown below for your filing status 12. 2014 1040ez tax form     •Single, head of household, or qualifying widow(er)—$60,000       •Married filing jointly—$125,000     13. 2014 1040ez tax form Is the amount on line 11 more than the amount on line 12?       □ No. 2014 1040ez tax form Skip lines 13 and 14, enter -0- on line 15, and go to line 16. 2014 1040ez tax form       □ Yes. 2014 1040ez tax form Subtract line 12 from line 11 13. 2014 1040ez tax form   14. 2014 1040ez tax form Divide line 13 by $15,000 ($30,000 if married filing jointly). 2014 1040ez tax form Enter the result as a decimal  (rounded to at least three places). 2014 1040ez tax form If the result is 1. 2014 1040ez tax form 000 or more, enter 1. 2014 1040ez tax form 000 14. 2014 1040ez tax form . 2014 1040ez tax form 15. 2014 1040ez tax form Multiply line 1 by line 14 15. 2014 1040ez tax form   16. 2014 1040ez tax form Student loan interest deduction. 2014 1040ez tax form Subtract line 15 from line 1. 2014 1040ez tax form Enter the result here  and on Form 1040, line 33. 2014 1040ez tax form Do not include this amount in figuring any other  deduction on your return (such as on Schedule A, C, E, etc. 2014 1040ez tax form ) 16. 2014 1040ez tax form   Prev  Up  Next   Home   More Online Publications
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Change of Address – Online Forms

Are you moving? Report your change of address to continue receiving mail and government benefits. We list the change of address forms online, so you can find everything you need in one place, including the USPS (U.S. Postal Service) form.


U.S. Postal Service: Forward Your Mail

  • Change Your Address Online  – Change your address online for a $1 fee if you have a credit card and valid e-mail address. You can also print the form and then mail or deliver it to your local post office to change your address for free. After changing your address, the U.S. Postal Service will forward your mail to your new address for up to one year.
  • Locate a Post Office  – Find your local post office to pick up or drop off a change of address form.

Other Federal Agencies

  • Internal Revenue Service (PDF)  – Change your address with the IRS if you are expecting a tax refund or other mail. You can also change your address with the IRS by writing your new address in the appropriate boxes on your tax return when you file.
  • Social Security Administration  – If you receive benefits or have Medicare, you can use your mySocialSecurity account to report a change of address. If you don't receive benefits, contact Social Security at 1-800-772-1213 (TTY 1-800-325-0778).
  • Department of Veterans Affairs (PDF)  – Change your address if you are a veteran who receives benefit payments or you wish to update your records.
  • U.S. Citizenship and Immigration Services  – If you are a non-U.S. citizen who is required to register with USCIS, then you need to let them know if you move.

State Agencies

  • Driver's License  – Contact your state if you need to change your address on your driver's license or motor vehicle registration.
  • Voter Registration  – Contact your state's election office if you want to change your address on your voter registration record.

The 2014 1040ez Tax Form

2014 1040ez tax form 14. 2014 1040ez tax form   Excise Taxes Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Fuels Used in FarmingBuyer of fuel, including undyed diesel fuel or undyed kerosene. 2014 1040ez tax form Undyed diesel fuel, undyed kerosene, and Other Fuels (including alternative fuel). 2014 1040ez tax form Custom application of fertilizer and pesticide. 2014 1040ez tax form Fuel not used for farming. 2014 1040ez tax form Dyed Diesel Fuel and Dyed Kerosene Fuels Used in Off-Highway Business Use Fuels Used for Household Purposes or Other Than as a Fuel for Propulsion Engines How To Claim a Credit or RefundCredit only. 2014 1040ez tax form Claiming a Credit Claiming a Refund Including the Credit or Refund in Income Introduction You may be eligible to claim a credit on your income tax return for the federal excise tax on certain fuels. 2014 1040ez tax form You may also be eligible to claim a quarterly refund of the fuel taxes during the year, instead of waiting to claim a credit on your income tax return. 2014 1040ez tax form Whether you can claim a credit or refund depends on whether the fuel was taxed and the purpose (nontaxable use) for which you used the fuel. 2014 1040ez tax form The nontaxable uses of fuel for which a farmer may claim a credit or refund are generally the following. 2014 1040ez tax form Use on a farm for farming purposes. 2014 1040ez tax form Off-highway business use. 2014 1040ez tax form Uses other than as a fuel in a propulsion engine, such as home use. 2014 1040ez tax form Table 14-1 presents an overview of credits and refunds that may be claimed for fuels used for the nontaxable uses listed above. 2014 1040ez tax form See Publication 510, Excise Taxes, for more information. 2014 1040ez tax form Topics - This chapter discusses: Fuels used in farming Dyed diesel fuel and dyed kerosene Fuels used in off-highway business use Fuels used for household purposes How to claim a credit or refund Including the credit or refund in income Useful Items - You may want to see: Publication 510 Excise Taxes Form (and Instructions) 720 Quarterly Federal Excise Tax Return 4136 Credit for Federal Tax Paid on Fuels 8849 Claim for Refund of Excise Taxes See chapter 16 for information about getting publications and forms. 2014 1040ez tax form Fuels Used in Farming Owners, operators, and tenants of farms and certain other persons may be eligible to claim a credit or refund of excise taxes on fuel used in the trade or business of farming, when used on a farm in the United States for farming purposes. 2014 1040ez tax form See Table 14-1 for a list of available fuel tax credits and refunds. 2014 1040ez tax form Fuel is used on a farm for farming purposes only if used in carrying on a trade or business of farming, on a farm in the United States, and for farming purposes. 2014 1040ez tax form Farm. 2014 1040ez tax form   A farm includes livestock, dairy, fish, poultry, fruit, fur-bearing animals, and truck farms, orchards, plantations, ranches, nurseries, ranges, and feed yards for finishing cattle. 2014 1040ez tax form It also includes structures such as greenhouses used primarily for raising agricultural or horticultural commodities. 2014 1040ez tax form A fish farm is an area where fish are grown or raised and not merely caught or harvested. 2014 1040ez tax form Table 14-1. 2014 1040ez tax form Fuel Tax Credits and Refunds at a Glance Use this table to see if you can take a credit or refund for a nontaxable use of the fuel listed. 2014 1040ez tax form Fuel Used On a Farm for Farming Purposes Off-Highway Business Use Household Use or Use Other Than as a Fuel1 Gasoline Credit only Credit or refund None Aviation gasoline Credit only None None Undyed diesel fuel and undyed kerosene Credit or refund Credit or refund2 Credit or refund2 Kerosene for use in aviation Credit or refund None None Dyed diesel fuel and dyed kerosene None None None Other Fuels (including alternative fuels)3 Credit or refund Credit or refund None 1For a use other than as fuel in a propulsion engine. 2014 1040ez tax form 2Applies to undyed kerosene not sold from a blocked pump or, under certain circumstances, for blending with undyed diesel fuel to be used for heating purposes. 2014 1040ez tax form See Reg. 2014 1040ez tax form 48. 2014 1040ez tax form 6427-10 (b)(1) for the definition of a blocked pump. 2014 1040ez tax form 3Other Fuels means any liquid except gas oil, fuel oil, or any product taxable under Internal Revenue Code section 4081. 2014 1040ez tax form It includes the alternative fuels: liquefied petroleum gas (LPG),“P” Series fuels, compressed natural gas (CNG), liquefied hydrogen, any liquid fuel derived from coal (including peat) through the Fischer-Tropsch process, liquid fuel derived from biomass, liquid natural gas (LNG), liquefied gas derived from biomass, and compressed gas derived from biomass. 2014 1040ez tax form Farming purposes. 2014 1040ez tax form   As the owner, tenant, or operator and the ultimate purchaser of fuel that you purchased, you use the fuel on a farm for farming purposes if you use it in any of the following ways. 2014 1040ez tax form To cultivate the soil or to raise or harvest any agricultural or horticultural commodity. 2014 1040ez tax form To raise, shear, feed, care for, train, or manage livestock, bees, poultry, fur-bearing animals, or wildlife. 2014 1040ez tax form To operate, manage, conserve, improve, or maintain your farm and its tools and equipment. 2014 1040ez tax form To handle, dry, pack, grade, or store any raw agricultural or horticultural commodity. 2014 1040ez tax form For this use to qualify, you must have produced more than half the commodity so treated during the tax year. 2014 1040ez tax form The more-than-one-half test applies separately to each commodity. 2014 1040ez tax form Commodity means a single raw product. 2014 1040ez tax form For example, apples and peaches are two separate commodities. 2014 1040ez tax form To plant, cultivate, care for, or cut trees or to prepare (other than sawing logs into lumber, chipping, or other milling) trees for market, but only if these activities are incidental to your farming operations. 2014 1040ez tax form Your tree operations are incidental only if they are minor in nature when compared to the total farming operations. 2014 1040ez tax form   If any other person, such as a neighbor or custom operator (independent contractor), performs a service for you on your farm for any of the purposes included in list items (1) or (2), above, you are considered to be the ultimate purchaser who used the fuel on a farm for farming purposes. 2014 1040ez tax form Therefore, you can still claim the credit or refund for the fuel so used. 2014 1040ez tax form However, see Custom application of fertilizer and pesticide, later. 2014 1040ez tax form If the other person performs any other services for you on your farm for purposes not included in list items (1) or (2) above, no one can claim the credit or refund for fuel used on your farm for those other services. 2014 1040ez tax form Buyer of fuel, including undyed diesel fuel or undyed kerosene. 2014 1040ez tax form   If doubt exists whether the owner, tenant, or operator of the farm bought the fuel, determine who actually bore the cost of the fuel. 2014 1040ez tax form For example, if the owner of a farm and his or her tenant equally share the cost of gasoline used on the farm, each can claim a credit for the tax on half the fuel used. 2014 1040ez tax form Undyed diesel fuel, undyed kerosene, and Other Fuels (including alternative fuel). 2014 1040ez tax form   Usually, the farmer is the only person who can make a claim for credit or refund for the tax on undyed diesel fuel, undyed kerosene, or other fuels (including alternative fuel) used for farming purposes. 2014 1040ez tax form However, see Custom application of fertilizer and pesticide, next. 2014 1040ez tax form Also see Dyed Diesel Fuel and Dyed Kerosene, later. 2014 1040ez tax form Example. 2014 1040ez tax form Farm owner Haleigh Blue hired custom operator Tyler Steele to cultivate the soil on her farm. 2014 1040ez tax form Tyler used 200 gallons of undyed diesel fuel that he purchased to perform the work on Haleigh's farm. 2014 1040ez tax form In addition, Haleigh hired contractor Lee Brown to pack and store her apple crop. 2014 1040ez tax form Lee bought 25 gallons of undyed diesel fuel to use in packing the apples. 2014 1040ez tax form Haleigh can claim the credit for the 200 gallons of undyed diesel fuel used by Tyler on her farm because it qualifies as fuel used on the farm for farming purposes. 2014 1040ez tax form No one can claim a credit for the 25 gallons used by Lee because that fuel was not used for a farming purpose included in list items (1) or (2), above. 2014 1040ez tax form In the above example, both Tyler Steele and Lee Brown could have purchased dyed (untaxed) diesel fuel for their tasks. 2014 1040ez tax form Custom application of fertilizer and pesticide. 2014 1040ez tax form   Fuel used on a farm for farming purposes includes fuel used in the application (including aerial application) of fertilizer, pesticides, or other substances. 2014 1040ez tax form Generally, the applicator is treated as having used the fuel on a farm for farming purposes. 2014 1040ez tax form For applicators using highway vehicles, only the fuel used on the farm is exempt. 2014 1040ez tax form Fuel used traveling on the highway to and from the farm is taxable. 2014 1040ez tax form Fuel used by an aerial applicator for the direct flight between the airfield and one or more farms is treated as used for a farming purpose. 2014 1040ez tax form For aviation gasoline, the aerial applicator makes the claim as the ultimate purchaser. 2014 1040ez tax form For kerosene used in aviation, the ultimate purchaser may make the claim or waive the right to make the claim to the registered ultimate vendor. 2014 1040ez tax form A sample waiver is included as Model Waiver L in the appendix of Publication 510. 2014 1040ez tax form A registered ultimate vendor is the person who sells undyed diesel fuel, undyed kerosene, or kerosene for use in aviation to the user (ultimate purchaser) of the fuel for use on a farm for farming purposes. 2014 1040ez tax form To claim a credit or refund of tax, the ultimate vendor must be registered with the Internal Revenue Service at the time the claim is made. 2014 1040ez tax form However, registered ultimate vendors cannot make claims for undyed diesel fuel and undyed kerosene sold for use on a farm for farming purposes. 2014 1040ez tax form Fuel not used for farming. 2014 1040ez tax form   You do not use fuel on a farm for farming purposes when you use it in any of the following ways. 2014 1040ez tax form Off the farm, such as on the highway or in noncommercial aviation, even if the fuel is used in transporting livestock, feed, crops, or equipment. 2014 1040ez tax form For personal use, such as lawn mowing. 2014 1040ez tax form In processing, packaging, freezing, or canning operations. 2014 1040ez tax form In processing crude gum into gum spirits of turpentine or gum resin or in processing maple sap into maple syrup or maple sugar. 2014 1040ez tax form All-terrain vehicles (ATVs). 2014 1040ez tax form   Fuel used in ATVs on a farm for farming purposes, discussed earlier, is eligible for a credit or refund of excise taxes on the fuel. 2014 1040ez tax form Fuel used in ATVs for nonfarming purposes is not eligible for a credit or refund of the taxes. 2014 1040ez tax form If ATVs are used both for farming and nonfarming purposes, only that portion of the fuel used for farming purposes is eligible for the credit or refund. 2014 1040ez tax form Dyed Diesel Fuel and Dyed Kerosene If you purchase dyed diesel fuel or dyed kerosene for a nontaxable use, you must use it only on a farm for farming purposes or for other nontaxable purposes. 2014 1040ez tax form For example, you should not use dyed diesel fuel in a truck that is used both on the farm for farming purposes and on the highway, even though the highway use is in connection with farm business. 2014 1040ez tax form Excise tax applies to the fuel used by the truck on the highways. 2014 1040ez tax form In this situation, undyed (taxed) fuel should be purchased for the truck. 2014 1040ez tax form You should keep fuel records of the use of the truck on the farm for farming purposes, and for other uses. 2014 1040ez tax form You may be eligible for a credit or refund for the excise tax on fuel used on the farm for farming purposes. 2014 1040ez tax form Penalty. 2014 1040ez tax form   A penalty is imposed on any person who knowingly uses, sells, or alters dyed diesel fuel or dyed kerosene for any purpose other than a nontaxable use. 2014 1040ez tax form The penalty is the greater of $1,000 or $10 per gallon of the dyed diesel fuel or dyed kerosene involved. 2014 1040ez tax form After the first violation, the $1,000 portion of the penalty increases depending on the number of violations. 2014 1040ez tax form For more information on this penalty, see Publication 510. 2014 1040ez tax form Fuels Used in Off-Highway Business Use You may be eligible to claim a credit or refund for the excise tax on fuel used in an off-highway business use. 2014 1040ez tax form Off-highway business use. 2014 1040ez tax form   This is any use of fuel in a trade or business or in an income-producing activity. 2014 1040ez tax form The use must not be in a highway vehicle registered or required to be registered for use on public highways. 2014 1040ez tax form Off-highway business use generally does not include any use in a recreational motorboat. 2014 1040ez tax form Examples. 2014 1040ez tax form   Off-highway business use includes the use of fuels in a trade or business in any of the following ways. 2014 1040ez tax form In stationary machines such as generators, compressors, power saws, and similar equipment; For cleaning ; and In forklift trucks, bulldozers, and earthmovers. 2014 1040ez tax form   Off-highway nonbusiness (taxable) use of fuel includes: use in minibikes, snowmobiles, power lawn mowers, chain saws, and other yard equipment. 2014 1040ez tax form For more information, see Publication 510. 2014 1040ez tax form Fuels Used for Household Purposes or Other Than as a Fuel for Propulsion Engines You may be eligible to claim a credit or refund for the excise tax on undyed diesel fuel or kerosene used for home heating, lighting, and cooking. 2014 1040ez tax form This also applies to diesel fuel and kerosene used in a home generator to produce electricity for home use. 2014 1040ez tax form Home use of a fuel does not include use in a propulsion engine and it is not considered an off-highway business use. 2014 1040ez tax form How To Claim a Credit or Refund You may be able to claim a credit or refund of the excise tax on fuels you use for nontaxable uses. 2014 1040ez tax form The basic rules for claiming credits and refunds are listed in Table 14-2 . 2014 1040ez tax form Table 14-2. 2014 1040ez tax form Claiming a Credit or Refund of Excise Taxes This table gives the basic rules for claiming a credit or refund of excise taxes on fuels used for a nontaxable use. 2014 1040ez tax form   Credit Refund Which form to use Form 4136, Credit for Federal Tax Paid on Fuels Form 8849, Claim for Refund of Excise Taxes, and Schedule 1 (Form 8849), Nontaxable Use of Fuels Type of form Annual Quarterly When to file With your income tax return By the last day of the quarter following the last quarter included in the claim Amount of tax Any amount $750 or more1 1You may carry over an amount less than $750 to the next quarter. 2014 1040ez tax form Keep at your principal place of business all records needed to enable the IRS to verify that you are the person entitled to claim a credit or refund and the amount you claimed. 2014 1040ez tax form You do not have to use any special form, but the records should establish the following information. 2014 1040ez tax form The total number of gallons bought and used during the period covered by your claim. 2014 1040ez tax form The dates of the purchases. 2014 1040ez tax form The names and addresses of suppliers and amounts bought from each during the period covered by your claim. 2014 1040ez tax form The nontaxable use for which you used the fuel. 2014 1040ez tax form The number of gallons used for each nontaxable use. 2014 1040ez tax form It is important that your records separately show the number of gallons used for each nontaxable use that qualifies as a claim. 2014 1040ez tax form For more information about recordkeeping, see Publication 583, Starting a Business and Keeping Records. 2014 1040ez tax form Credit or refund. 2014 1040ez tax form   A credit is an amount that reduces the tax on your income tax return when you file it at the end of the year. 2014 1040ez tax form If you meet certain requirements, you may claim a refund during the year instead of waiting until you file your income tax return. 2014 1040ez tax form Credit only. 2014 1040ez tax form   You can claim the following taxes only as a credit on your income tax return. 2014 1040ez tax form Tax on gasoline and aviation gasoline you used on a farm for farming purposes. 2014 1040ez tax form Tax on fuels (including undyed diesel fuel or undyed kerosene) you used for nontaxable uses if the total for the tax year is less than $750. 2014 1040ez tax form Tax on fuel you did not include in any claim for refund previously filed for any quarter of the tax year. 2014 1040ez tax form Claiming a Credit You make a claim for a fuel tax credit on Form 4136 and attach it to your income tax return. 2014 1040ez tax form Do not claim a credit for any excise tax for which you have filed a refund claim. 2014 1040ez tax form How to claim a credit. 2014 1040ez tax form   How you claim a credit depends on whether you are an individual, partnership, corporation, S corporation, trust, or farmers' cooperative association. 2014 1040ez tax form Individuals. 2014 1040ez tax form   You claim the credit on the “Credit for federal tax on fuels” line of your Form 1040. 2014 1040ez tax form If you would not otherwise have to file an income tax return, you must do so to get a fuel tax credit. 2014 1040ez tax form Partnership. 2014 1040ez tax form   Partnerships (other than electing large partnerships) claim the credit by including a statement on Schedule K-1 (Form 1065), Partner's Share of Income, Deductions, Credits, etc. 2014 1040ez tax form , showing each partner's share of the number of gallons of each fuel sold or used for a nontaxable use, the type of use, and the applicable credit per gallon. 2014 1040ez tax form Each partner claims the credit on his or her income tax return for the partner's share of the fuel used by the partnership. 2014 1040ez tax form An electing large partnership can claim the credit on the “Other payments” line of Form 1065-B, U. 2014 1040ez tax form S. 2014 1040ez tax form Return of Income for Electing Large Partnerships. 2014 1040ez tax form Other entities. 2014 1040ez tax form   Corporations, S corporations, farmers' cooperative associations, and trusts make the claim on the appropriate line of their income tax return. 2014 1040ez tax form When to claim a credit. 2014 1040ez tax form   You can claim a fuel tax credit on your income tax return for the year you used the fuel. 2014 1040ez tax form You may be able to make a fuel tax claim on an amended income tax return for the year you used the fuel. 2014 1040ez tax form A claim for credit or refund of an overpayment must generally be filed within the later of: Three years from the date the original return was filed, or Two years from the date the tax was paid. 2014 1040ez tax form Claiming a Refund Generally, you may claim a refund of excise taxes on Form 8849. 2014 1040ez tax form Complete and attach to Form 8849 the appropriate Form 8849 schedule(s). 2014 1040ez tax form The instructions for Form 8849 and the separate instructions for each schedule explain the requirements for making a claim for refund. 2014 1040ez tax form If you file Form 720, you can use its Schedule C for your refund claims for the quarter. 2014 1040ez tax form See the Instructions for Form 720. 2014 1040ez tax form Do not claim a refund on Form 8849 for any amount for which you have filed or will file a claim on Form 720 or Form 4136. 2014 1040ez tax form You may file a claim for refund for any quarter of your tax year for which you can claim $750 or more. 2014 1040ez tax form This amount is the excise tax on all fuels used for a nontaxable use during that quarter or any prior quarter (for which no other claim has been filed) during the tax year. 2014 1040ez tax form If you cannot claim at least $750 at the end of a quarter, you carry the amount over to the next quarter of your tax year to determine if you can claim at least $750 for that quarter. 2014 1040ez tax form If you cannot claim at least $750 at the end of the fourth quarter of your tax year, you must claim a credit on your income tax return using Form 4136. 2014 1040ez tax form Only one claim can be filed for a quarter. 2014 1040ez tax form You cannot claim a refund for excise tax on gasoline and aviation gasoline used on a farm for farming purposes. 2014 1040ez tax form You must claim a credit on your income tax return for the tax. 2014 1040ez tax form How to file a quarterly claim. 2014 1040ez tax form   File the claim for refund by filling out Schedule 1 (Form 8849) and attaching it to Form 8849. 2014 1040ez tax form Send it to the address shown in the instructions. 2014 1040ez tax form If you file Form 720, you can use its Schedule C for your refund claims. 2014 1040ez tax form See the Instructions for Form 720. 2014 1040ez tax form When to file a quarterly claim. 2014 1040ez tax form   You must file a quarterly claim by the last day of the first quarter following the last quarter included in the claim. 2014 1040ez tax form If you do not file a timely refund claim for the fourth quarter of your tax year, you will have to claim a credit for that amount on your income tax return, as discussed earlier. 2014 1040ez tax form    In most situations, the amount claimed as a credit or refund will be less than the amount deducted as fuel tax expense because the Leaking Underground Storage Tank (LUST) tax of $0. 2014 1040ez tax form 001 per gallon is generally not subject to credit or refund. 2014 1040ez tax form Including the Credit or Refund in Income Include any credit or refund of excise taxes on fuels in your gross income if you claimed the total cost of the fuel (including the excise taxes) as an expense deduction that reduced your income tax liability. 2014 1040ez tax form Which year you include a credit or refund in gross income depends on whether you use the cash or an accrual method of accounting. 2014 1040ez tax form Cash method. 2014 1040ez tax form   If you use the cash method and file a claim for refund, include the refund amount in gross income for the tax year in which you receive the refund. 2014 1040ez tax form If you claim a credit on your income tax return, include the credit amount in gross income for the tax year in which you file Form 4136. 2014 1040ez tax form If you file an amended return and claim a credit, include the credit amount in gross income for the tax year in which you receive the credit. 2014 1040ez tax form Example. 2014 1040ez tax form Sharon Brown, a farmer who uses the cash method, filed her 2012 Form 1040 on March 3, 2013. 2014 1040ez tax form On her Schedule F, she deducted the total cost of gasoline (including $110 of excise taxes) used on the farm for farming purposes. 2014 1040ez tax form Then, on Form 4136, she claimed the $110 as a credit. 2014 1040ez tax form Sharon reports the $110 as other income on line 8b of her 2013 Schedule F. 2014 1040ez tax form Accrual method. 2014 1040ez tax form   If you use an accrual method, include the amount of credit or refund in gross income for the tax year in which you used the fuels. 2014 1040ez tax form It does not matter whether you filed for a quarterly refund or claimed the entire amount as a credit. 2014 1040ez tax form Example. 2014 1040ez tax form Patty Green, a farmer who uses the accrual method, files her 2012 Form 1040 on April 15, 2013. 2014 1040ez tax form On Schedule F, she deducts the total cost of gasoline (including $155 of excise taxes) she used on the farm for farming purposes during 2012. 2014 1040ez tax form On Form 4136, Patty claims the $155 as a credit. 2014 1040ez tax form She reports the $155 as other income on line 8b of her 2012 Schedule F. 2014 1040ez tax form Prev  Up  Next   Home   More Online Publications