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2014 Ez Tax Form

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2014 Ez Tax Form

2014 ez tax form 15. 2014 ez tax form   Selling Your Home Table of Contents Reminder Introduction Useful Items - You may want to see: Main Home Figuring Gain or LossSelling Price Amount Realized Adjusted Basis Amount of Gain or Loss Dispositions Other Than Sales Determining Basis Excluding the GainMaximum Exclusion Ownership and Use Tests Reduced Maximum Exclusion Business Use or Rental of Home Reporting the SaleSeller-financed mortgage. 2014 ez tax form More information. 2014 ez tax form Special SituationsException for sales to related persons. 2014 ez tax form Recapturing (Paying Back) a Federal Mortgage Subsidy Reminder Home sold with undeducted points. 2014 ez tax form  If you have not deducted all the points you paid to secure a mortgage on your old home, you may be able to deduct the remaining points in the year of the sale. 2014 ez tax form See Mortgage ending early under Points in chapter 23. 2014 ez tax form Introduction This chapter explains the tax rules that apply when you sell your main home. 2014 ez tax form In most cases, your main home is the one in which you live most of the time. 2014 ez tax form If you sold your main home in 2013, you may be able to exclude from income any gain up to a limit of $250,000 ($500,000 on a joint return in most cases). 2014 ez tax form See Excluding the Gain , later. 2014 ez tax form Generally, if you can exclude all the gain, you do not need to report the sale on your tax return. 2014 ez tax form If you have gain that cannot be excluded, it is taxable. 2014 ez tax form Report it on Form 8949, Sales and Other Dispositions of Capital Assets, and Schedule D (Form 1040). 2014 ez tax form You may also have to complete Form 4797, Sales of Business Property. 2014 ez tax form See Reporting the Sale , later. 2014 ez tax form If you have a loss on the sale, you generally cannot deduct it on your return. 2014 ez tax form However, you may need to report it. 2014 ez tax form See Reporting the Sale , later. 2014 ez tax form The following are main topics in this chapter. 2014 ez tax form Figuring gain or loss. 2014 ez tax form Basis. 2014 ez tax form Excluding the gain. 2014 ez tax form Ownership and use tests. 2014 ez tax form Reporting the sale. 2014 ez tax form Other topics include the following. 2014 ez tax form Business use or rental of home. 2014 ez tax form Recapturing a federal mortgage subsidy. 2014 ez tax form Useful Items - You may want to see: Publication 523 Selling Your Home 530 Tax Information for Homeowners 547 Casualties, Disasters, and Thefts Form (and Instructions) Schedule D (Form 1040) Capital Gains and Losses 982 Reduction of Tax Attributes Due to Discharge of Indebtedness 8828 Recapture of Federal Mortgage Subsidy 8949 Sales and Other Dispositions of Capital Assets Main Home This section explains the term “main home. 2014 ez tax form ” Usually, the home you live in most of the time is your main home and can be a: House, Houseboat, Mobile home, Cooperative apartment, or Condominium. 2014 ez tax form To exclude gain under the rules of this chapter, you in most cases must have owned and lived in the property as your main home for at least 2 years during the 5-year period ending on the date of sale. 2014 ez tax form Land. 2014 ez tax form   If you sell the land on which your main home is located, but not the house itself, you cannot exclude any gain you have from the sale of the land. 2014 ez tax form However, if you sell vacant land used as part of your main home and that is adjacent to it, you may be able to exclude the gain from the sale under certain circumstances. 2014 ez tax form See Vacant land under Main Home in Publication 523 for more information. 2014 ez tax form Example. 2014 ez tax form You buy a piece of land and move your main home to it. 2014 ez tax form Then you sell the land on which your main home was located. 2014 ez tax form This sale is not considered a sale of your main home, and you cannot exclude any gain on the sale of the land. 2014 ez tax form More than one home. 2014 ez tax form   If you have more than one home, you can exclude gain only from the sale of your main home. 2014 ez tax form You must include in income gain from the sale of any other home. 2014 ez tax form If you have two homes and live in both of them, your main home is ordinarily the one you live in most of the time during the year. 2014 ez tax form Example 1. 2014 ez tax form You own two homes, one in New York and one in Florida. 2014 ez tax form From 2009 through 2013, you live in the New York home for 7 months and in the Florida residence for 5 months of each year. 2014 ez tax form In the absence of facts and circumstances indicating otherwise, the New York home is your main home. 2014 ez tax form You would be eligible to exclude the gain from the sale of the New York home but not of the Florida home in 2013. 2014 ez tax form Example 2. 2014 ez tax form You own a house, but you live in another house that you rent. 2014 ez tax form The rented house is your main home. 2014 ez tax form Example 3. 2014 ez tax form You own two homes, one in Virginia and one in New Hampshire. 2014 ez tax form In 2009 and 2010, you lived in the Virginia home. 2014 ez tax form In 2011 and 2012, you lived in the New Hampshire home. 2014 ez tax form In 2013, you lived again in the Virginia home. 2014 ez tax form Your main home in 2009, 2010, and 2013 is the Virginia home. 2014 ez tax form Your main home in 2011 and 2012 is the New Hampshire home. 2014 ez tax form You would be eligible to exclude gain from the sale of either home (but not both) in 2013. 2014 ez tax form Property used partly as your main home. 2014 ez tax form   If you use only part of the property as your main home, the rules discussed in this publication apply only to the gain or loss on the sale of that part of the property. 2014 ez tax form For details, see Business Use or Rental of Home , later. 2014 ez tax form Figuring Gain or Loss To figure the gain or loss on the sale of your main home, you must know the selling price, the amount realized, and the adjusted basis. 2014 ez tax form Subtract the adjusted basis from the amount realized to get your gain or loss. 2014 ez tax form     Selling price     − Selling expenses       Amount realized       Amount realized     − Adjusted basis       Gain or loss   Selling Price The selling price is the total amount you receive for your home. 2014 ez tax form It includes money and the fair market value of any other property or any other services you receive and all notes, mortgages or other debts assumed by the buyer as part of the sale. 2014 ez tax form Payment by employer. 2014 ez tax form   You may have to sell your home because of a job transfer. 2014 ez tax form If your employer pays you for a loss on the sale or for your selling expenses, do not include the payment as part of the selling price. 2014 ez tax form Your employer will include it as wages in box 1 of your Form W-2, and you will include it in your income on Form 1040, line 7. 2014 ez tax form Option to buy. 2014 ez tax form   If you grant an option to buy your home and the option is exercised, add the amount you receive for the option to the selling price of your home. 2014 ez tax form If the option is not exercised, you must report the amount as ordinary income in the year the option expires. 2014 ez tax form Report this amount on Form 1040, line 21. 2014 ez tax form Form 1099-S. 2014 ez tax form   If you received Form 1099-S, Proceeds From Real Estate Transactions, box 2 (Gross proceeds) should show the total amount you received for your home. 2014 ez tax form   However, box 2 will not include the fair market value of any services or property other than cash or notes you received or will receive. 2014 ez tax form Instead, box 4 will be checked to indicate your receipt or expected receipt of these items. 2014 ez tax form Amount Realized The amount realized is the selling price minus selling expenses. 2014 ez tax form Selling expenses. 2014 ez tax form   Selling expenses include: Commissions, Advertising fees, Legal fees, and Loan charges paid by the seller, such as loan placement fees or “points. 2014 ez tax form ” Adjusted Basis While you owned your home, you may have made adjustments (increases or decreases) to the basis. 2014 ez tax form This adjusted basis must be determined before you can figure gain or loss on the sale of your home. 2014 ez tax form For information on how to figure your home's adjusted basis, see Determining Basis , later. 2014 ez tax form Amount of Gain or Loss To figure the amount of gain or loss, compare the amount realized to the adjusted basis. 2014 ez tax form Gain on sale. 2014 ez tax form   If the amount realized is more than the adjusted basis, the difference is a gain and, except for any part you can exclude, in most cases is taxable. 2014 ez tax form Loss on sale. 2014 ez tax form   If the amount realized is less than the adjusted basis, the difference is a loss. 2014 ez tax form A loss on the sale of your main home cannot be deducted. 2014 ez tax form Jointly owned home. 2014 ez tax form   If you and your spouse sell your jointly owned home and file a joint return, you figure your gain or loss as one taxpayer. 2014 ez tax form Separate returns. 2014 ez tax form   If you file separate returns, each of you must figure your own gain or loss according to your ownership interest in the home. 2014 ez tax form Your ownership interest is generally determined by state law. 2014 ez tax form Joint owners not married. 2014 ez tax form   If you and a joint owner other than your spouse sell your jointly owned home, each of you must figure your own gain or loss according to your ownership interest in the home. 2014 ez tax form Each of you applies the rules discussed in this chapter on an individual basis. 2014 ez tax form Dispositions Other Than Sales Some special rules apply to other dispositions of your main home. 2014 ez tax form Foreclosure or repossession. 2014 ez tax form   If your home was foreclosed on or repossessed, you have a disposition. 2014 ez tax form See Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments, to determine if you have ordinary income, gain, or loss. 2014 ez tax form Abandonment. 2014 ez tax form   If you abandon your home, see Publication 4681 to determine if you have ordinary income, gain, or loss. 2014 ez tax form Trading (exchanging) homes. 2014 ez tax form   If you trade your old home for another home, treat the trade as a sale and a purchase. 2014 ez tax form Example. 2014 ez tax form You owned and lived in a home with an adjusted basis of $41,000. 2014 ez tax form A real estate dealer accepted your old home as a trade-in and allowed you $50,000 toward a new home priced at $80,000. 2014 ez tax form This is treated as a sale of your old home for $50,000 with a gain of $9,000 ($50,000 – $41,000). 2014 ez tax form If the dealer had allowed you $27,000 and assumed your unpaid mortgage of $23,000 on your old home, your sales price would still be $50,000 (the $27,000 trade-in allowed plus the $23,000 mortgage assumed). 2014 ez tax form Transfer to spouse. 2014 ez tax form   If you transfer your home to your spouse or you transfer it to your former spouse incident to your divorce, you in most cases have no gain or loss. 2014 ez tax form This is true even if you receive cash or other consideration for the home. 2014 ez tax form As a result, the rules in this chapter do not apply. 2014 ez tax form More information. 2014 ez tax form   If you need more information, see Transfer to spouse in Publication 523 and Property Settlements in Publication 504, Divorced or Separated Individuals. 2014 ez tax form Involuntary conversion. 2014 ez tax form   You have a disposition when your home is destroyed or condemned and you receive other property or money in payment, such as insurance or a condemnation award. 2014 ez tax form This is treated as a sale and you may be able to exclude all or part of any gain from the destruction or condemnation of your home, as explained later under Special Situations . 2014 ez tax form Determining Basis You need to know your basis in your home to figure any gain or loss when you sell it. 2014 ez tax form Your basis in your home is determined by how you got the home. 2014 ez tax form Generally, your basis is its cost if you bought it or built it. 2014 ez tax form If you got it in some other way (inheritance, gift, etc. 2014 ez tax form ), your basis is generally either its fair market value when you received it or the adjusted basis of the previous owner. 2014 ez tax form While you owned your home, you may have made adjustments (increases or decreases) to your home's basis. 2014 ez tax form The result of these adjustments is your home's adjusted basis, which is used to figure gain or loss on the sale of your home. 2014 ez tax form See Adjusted Basis , later. 2014 ez tax form You can find more information on basis and adjusted basis in chapter 13 of this publication and in Publication 523. 2014 ez tax form Cost As Basis The cost of property is the amount you paid for it in cash, debt obligations, other property, or services. 2014 ez tax form Purchase. 2014 ez tax form   If you bought your home, your basis is its cost to you. 2014 ez tax form This includes the purchase price and certain settlement or closing costs. 2014 ez tax form In most cases, your purchase price includes your down payment and any debt, such as a first or second mortgage or notes you gave the seller in payment for the home. 2014 ez tax form If you build, or contract to build, a new home, your purchase price can include costs of construction, as discussed in Publication 523. 2014 ez tax form Settlement fees or closing costs. 2014 ez tax form   When you bought your home, you may have paid settlement fees or closing costs in addition to the contract price of the property. 2014 ez tax form You can include in your basis some of the settlement fees and closing costs you paid for buying the home, but not the fees and costs for getting a mortgage loan. 2014 ez tax form A fee paid for buying the home is any fee you would have had to pay even if you paid cash for the home (that is, without the need for financing). 2014 ez tax form    Chapter 13 lists some of the settlement fees and closing costs that you can include in the basis of property, including your home. 2014 ez tax form It also lists some settlement costs that cannot be included in basis. 2014 ez tax form   Also see Publication 523 for additional items and a discussion of basis other than cost. 2014 ez tax form Adjusted Basis Adjusted basis is your cost or other basis increased or decreased by certain amounts. 2014 ez tax form To figure your adjusted basis, you can use Worksheet 1 in Publication 523. 2014 ez tax form Do not use Worksheet 1 if you acquired an interest in your home from a decedent who died in 2010 and whose executor filed Form 8939, Allocation of Increase in Basis for Property Acquired From a Decedent. 2014 ez tax form Increases to basis. 2014 ez tax form   These include the following. 2014 ez tax form Additions and other improvements that have a useful life of more than 1 year. 2014 ez tax form Special assessments for local improvements. 2014 ez tax form Amounts you spent after a casualty to restore damaged property. 2014 ez tax form Improvements. 2014 ez tax form   These add to the value of your home, prolong its useful life, or adapt it to new uses. 2014 ez tax form You add the cost of additions and other improvements to the basis of your property. 2014 ez tax form   For example, putting a recreation room or another bathroom in your unfinished basement, putting up a new fence, putting in new plumbing or wiring, putting on a new roof, or paving your unpaved driveway are improvements. 2014 ez tax form An addition to your house, such as a new deck, a sunroom, or a new garage, is also an improvement. 2014 ez tax form Repairs. 2014 ez tax form   These maintain your home in good condition but do not add to its value or prolong its life. 2014 ez tax form You do not add their cost to the basis of your property. 2014 ez tax form   Examples of repairs include repainting your house inside or outside, fixing your gutters or floors, repairing leaks or plastering, and replacing broken window panes. 2014 ez tax form Decreases to basis. 2014 ez tax form   These include the following. 2014 ez tax form Discharge of qualified principal residence indebtedness that was excluded from income. 2014 ez tax form Some or all of the cancellation of debt income that was excluded due to your bankruptcy or insolvency. 2014 ez tax form For details, see Publication 4681. 2014 ez tax form Gain you postponed from the sale of a previous home before May 7, 1997. 2014 ez tax form Deductible casualty losses. 2014 ez tax form Insurance payments you received or expect to receive for casualty losses. 2014 ez tax form Payments you received for granting an easement or right-of-way. 2014 ez tax form Depreciation allowed or allowable if you used your home for business or rental purposes. 2014 ez tax form Energy-related credits allowed for expenditures made on the residence. 2014 ez tax form (Reduce the increase in basis otherwise allowable for expenditures on the residence by the amount of credit allowed for those expenditures. 2014 ez tax form ) Adoption credit you claimed for improvements added to the basis of your home. 2014 ez tax form Nontaxable payments from an adoption assistance program of your employer you used for improvements you added to the basis of your home. 2014 ez tax form Energy conservation subsidy excluded from your gross income because you received it (directly or indirectly) from a public utility after 1992 to buy or install any energy conservation measure. 2014 ez tax form An energy conservation measure is an installation or modification primarily designed either to reduce consumption of electricity or natural gas or to improve the management of energy demand for a home. 2014 ez tax form District of Columbia first-time homebuyer credit (allowed on the purchase of a principal residence in the District of Columbia beginning on August 5, 1997 and before January 1, 2012). 2014 ez tax form General sales taxes (allowed beginning 2004 and ending before 2014) claimed as an itemized deduction on Schedule A (Form 1040) that were imposed on the purchase of personal property, such as a houseboat used as your home or a mobile home. 2014 ez tax form Discharges of qualified principal residence indebtedness. 2014 ez tax form   You may be able to exclude from gross income a discharge of qualified principal residence indebtedness. 2014 ez tax form This exclusion applies to discharges made after 2006 and before 2014. 2014 ez tax form If you choose to exclude this income, you must reduce (but not below zero) the basis of the principal residence by the amount excluded from your gross income. 2014 ez tax form   File Form 982 with your tax return. 2014 ez tax form See the form's instructions for detailed information. 2014 ez tax form Recordkeeping. 2014 ez tax form You should keep records to prove your home's adjusted basis. 2014 ez tax form Ordinarily, you must keep records for 3 years after the due date for filing your return for the tax year in which you sold your home. 2014 ez tax form But if you sold a home before May 7, 1997, and postponed tax on any gain, the basis of that home affects the basis of the new home you bought. 2014 ez tax form Keep records proving the basis of both homes as long as they are needed for tax purposes. 2014 ez tax form The records you should keep include: Proof of the home's purchase price and purchase expenses, Receipts and other records for all improvements, additions, and other items that affect the home's adjusted basis, Any worksheets or other computations you used to figure the adjusted basis of the home you sold, the gain or loss on the sale, the exclusion, and the taxable gain, Any Form 982 you filed to report any discharge of qualified principal residence indebtedness, Any Form 2119, Sale of Your Home, you filed to postpone gain from the sale of a previous home before May 7, 1997, and Any worksheets you used to prepare Form 2119, such as the Adjusted Basis of Home Sold Worksheet or the Capital Improvements Worksheet from the Form 2119 instructions, or other source of computations. 2014 ez tax form Excluding the Gain You may qualify to exclude from your income all or part of any gain from the sale of your main home. 2014 ez tax form This means that, if you qualify, you will not have to pay tax on the gain up to the limit described under Maximum Exclusion , next. 2014 ez tax form To qualify, you must meet the ownership and use tests described later. 2014 ez tax form You can choose not to take the exclusion by including the gain from the sale in your gross income on your tax return for the year of the sale. 2014 ez tax form You can use Worksheet 2 in Publication 523 to figure the amount of your exclusion and your taxable gain, if any. 2014 ez tax form If you have any taxable gain from the sale of your home, you may have to increase your withholding or make estimated tax payments. 2014 ez tax form See Publication 505, Tax Withholding and Estimated Tax. 2014 ez tax form Maximum Exclusion You can exclude up to $250,000 of the gain (other than gain allocated to periods of nonqualified use) on the sale of your main home if all of the following are true. 2014 ez tax form You meet the ownership test. 2014 ez tax form You meet the use test. 2014 ez tax form During the 2-year period ending on the date of the sale, you did not exclude gain from the sale of another home. 2014 ez tax form For details on gain allocated to periods of nonqualified use, see Periods of nonqualified use , later. 2014 ez tax form You may be able to exclude up to $500,000 of the gain (other than gain allocated to periods of nonqualified use) on the sale of your main home if you are married and file a joint return and meet the requirements listed in the discussion of the special rules for joint returns, later, under Married Persons . 2014 ez tax form Ownership and Use Tests To claim the exclusion, you must meet the ownership and use tests. 2014 ez tax form This means that during the 5-year period ending on the date of the sale, you must have: Owned the home for at least 2 years (the ownership test), and Lived in the home as your main home for at least 2 years (the use test). 2014 ez tax form Exception. 2014 ez tax form   If you owned and lived in the property as your main home for less than 2 years, you can still claim an exclusion in some cases. 2014 ez tax form However, the maximum amount you may be able to exclude will be reduced. 2014 ez tax form See Reduced Maximum Exclusion , later. 2014 ez tax form Example 1—home owned and occupied for at least 2 years. 2014 ez tax form Mya bought and moved into her main home in September 2011. 2014 ez tax form She sold the home at a gain in October 2013. 2014 ez tax form During the 5-year period ending on the date of sale in October 2013, she owned and lived in the home for more than 2 years. 2014 ez tax form She meets the ownership and use tests. 2014 ez tax form Example 2—ownership test met but use test not met. 2014 ez tax form Ayden bought a home, lived in it for 6 months, moved out, and never occupied the home again. 2014 ez tax form He later sold the home for a gain. 2014 ez tax form He owned the home during the entire 5-year period ending on the date of sale. 2014 ez tax form He meets the ownership test but not the use test. 2014 ez tax form He cannot exclude any part of his gain on the sale unless he qualified for a reduced maximum exclusion (explained later). 2014 ez tax form Period of Ownership and Use The required 2 years of ownership and use during the 5-year period ending on the date of the sale do not have to be continuous nor do they both have to occur at the same time. 2014 ez tax form You meet the tests if you can show that you owned and lived in the property as your main home for either 24 full months or 730 days (365 × 2) during the 5-year period ending on the date of sale. 2014 ez tax form Temporary absence. 2014 ez tax form   Short temporary absences for vacations or other seasonal absences, even if you rent out the property during the absences, are counted as periods of use. 2014 ez tax form The following examples assume that the reduced maximum exclusion (discussed later) does not apply to the sales. 2014 ez tax form Example 1. 2014 ez tax form David Johnson, who is single, bought and moved into his home on February 1, 2011. 2014 ez tax form Each year during 2011 and 2012, David left his home for a 2-month summer vacation. 2014 ez tax form David sold the house on March 1, 2013. 2014 ez tax form Although the total time David used his home is less than 2 years (21 months), he meets the requirement and may exclude gain. 2014 ez tax form The 2-month vacations are short temporary absences and are counted as periods of use in determining whether David used the home for the required 2 years. 2014 ez tax form Example 2. 2014 ez tax form Professor Paul Beard, who is single, bought and moved into a house on August 18, 2010. 2014 ez tax form He lived in it as his main home continuously until January 5, 2012, when he went abroad for a 1-year sabbatical leave. 2014 ez tax form On February 6, 2013, 1 month after returning from the leave, Paul sold the house at a gain. 2014 ez tax form Because his leave was not a short temporary absence, he cannot include the period of leave to meet the 2-year use test. 2014 ez tax form He cannot exclude any part of his gain, because he did not use the residence for the required 2 years. 2014 ez tax form Ownership and use tests met at different times. 2014 ez tax form   You can meet the ownership and use tests during different 2-year periods. 2014 ez tax form However, you must meet both tests during the 5-year period ending on the date of the sale. 2014 ez tax form Example. 2014 ez tax form Beginning in 2002, Helen Jones lived in a rented apartment. 2014 ez tax form The apartment building was later converted to condominiums, and she bought her same apartment on December 3, 2010. 2014 ez tax form In 2011, Helen became ill and on April 14 of that year she moved to her daughter's home. 2014 ez tax form On July 12, 2013, while still living in her daughter's home, she sold her condominium. 2014 ez tax form Helen can exclude gain on the sale of her condominium because she met the ownership and use tests during the 5-year period from July 13, 2008, to July 12, 2013, the date she sold the condominium. 2014 ez tax form She owned her condominium from December 3, 2010, to July 12, 2013 (more than 2 years). 2014 ez tax form She lived in the property from July 13, 2008 (the beginning of the 5-year period), to April 14, 2011 (more than 2 years). 2014 ez tax form The time Helen lived in her daughter's home during the 5-year period can be counted toward her period of ownership, and the time she lived in her rented apartment during the 5-year period can be counted toward her period of use. 2014 ez tax form Cooperative apartment. 2014 ez tax form   If you sold stock as a tenant-stockholder in a cooperative housing corporation, the ownership and use tests are met if, during the 5-year period ending on the date of sale, you: Owned the stock for at least 2 years, and Lived in the house or apartment that the stock entitles you to occupy as your main home for at least 2 years. 2014 ez tax form Exceptions to Ownership and Use Tests The following sections contain exceptions to the ownership and use tests for certain taxpayers. 2014 ez tax form Exception for individuals with a disability. 2014 ez tax form   There is an exception to the use test if: You become physically or mentally unable to care for yourself, and You owned and lived in your home as your main home for a total of at least 1 year during the 5-year period before the sale of your home. 2014 ez tax form Under this exception, you are considered to live in your home during any time within the 5-year period that you own the home and live in a facility (including a nursing home) licensed by a state or political subdivision to care for persons in your condition. 2014 ez tax form If you meet this exception to the use test, you still have to meet the 2-out-of-5-year ownership test to claim the exclusion. 2014 ez tax form Previous home destroyed or condemned. 2014 ez tax form   For the ownership and use tests, you add the time you owned and lived in a previous home that was destroyed or condemned to the time you owned and lived in the replacement home on whose sale you wish to exclude gain. 2014 ez tax form This rule applies if any part of the basis of the home you sold depended on the basis of the destroyed or condemned home. 2014 ez tax form Otherwise, you must have owned and lived in the same home for 2 of the 5 years before the sale to qualify for the exclusion. 2014 ez tax form Members of the uniformed services or Foreign Service, employees of the intelligence community, or employees or volunteers of the Peace Corps. 2014 ez tax form   You can choose to have the 5-year test period for ownership and use suspended during any period you or your spouse serve on “qualified official extended duty” as a member of the uniformed services or Foreign Service of the United States, or as an employee of the intelligence community. 2014 ez tax form You can choose to have the 5-year test period for ownership and use suspended during any period you or your spouse serve outside the United States either as an employee of the Peace Corps on "qualified official extended duty" or as an enrolled volunteer or volunteer leader of the Peace Corps. 2014 ez tax form This means that you may be able to meet the 2-year use test even if, because of your service, you did not actually live in your home for at least the required 2 years during the 5-year period ending on the date of sale. 2014 ez tax form   If this helps you qualify to exclude gain, you can choose to have the 5-year test period suspended by filing a return for the year of sale that does not include the gain. 2014 ez tax form For more information about the suspension of the 5-year test period, see Members of the uniformed services or Foreign Service, employees of the intelligence community, or employees or volunteers of the Peace Corps in Publication 523. 2014 ez tax form Married Persons If you and your spouse file a joint return for the year of sale and one spouse meets the ownership and use tests, you can exclude up to $250,000 of the gain. 2014 ez tax form (But see Special rules for joint returns , next. 2014 ez tax form ) Special rules for joint returns. 2014 ez tax form   You can exclude up to $500,000 of the gain on the sale of your main home if all of the following are true. 2014 ez tax form You are married and file a joint return for the year. 2014 ez tax form Either you or your spouse meets the ownership test. 2014 ez tax form Both you and your spouse meet the use test. 2014 ez tax form During the 2-year period ending on the date of the sale, neither you nor your spouse excluded gain from the sale of another home. 2014 ez tax form If either spouse does not satisfy all these requirements, the maximum exclusion that can be claimed by the couple is the total of the maximum exclusions that each spouse would qualify for if not married and the amounts were figured separately. 2014 ez tax form For this purpose, each spouse is treated as owning the property during the period that either spouse owned the property. 2014 ez tax form Example 1—one spouse sells a home. 2014 ez tax form Emily sells her home in June 2013 for a gain of $300,000. 2014 ez tax form She marries Jamie later in the year. 2014 ez tax form She meets the ownership and use tests, but Jamie does not. 2014 ez tax form Emily can exclude up to $250,000 of gain on a separate or joint return for 2013. 2014 ez tax form The $500,000 maximum exclusion for certain joint returns does not apply because Jamie does not meet the use test. 2014 ez tax form Example 2—each spouse sells a home. 2014 ez tax form The facts are the same as in Example 1 except that Jamie also sells a home in 2013 for a gain of $200,000 before he marries Emily. 2014 ez tax form He meets the ownership and use tests on his home, but Emily does not. 2014 ez tax form Emily can exclude $250,000 of gain and Jamie can exclude $200,000 of gain on the respective sales of their individual homes. 2014 ez tax form However, Emily cannot use Jamie's unused exclusion to exclude more than $250,000 of gain. 2014 ez tax form Therefore, Emily and Jamie must recognize $50,000 of gain on the sale of Emily's home. 2014 ez tax form The $500,000 maximum exclusion for certain joint returns does not apply because Emily and Jamie do not both meet the use test for the same home. 2014 ez tax form Sale of main home by surviving spouse. 2014 ez tax form   If your spouse died and you did not remarry before the date of sale, you are considered to have owned and lived in the property as your main home during any period of time when your spouse owned and lived in it as a main home. 2014 ez tax form   If you meet all of the following requirements, you may qualify to exclude up to $500,000 of any gain from the sale or exchange of your main home. 2014 ez tax form The sale or exchange took place after 2008. 2014 ez tax form The sale or exchange took place no more than 2 years after the date of death of your spouse. 2014 ez tax form You have not remarried. 2014 ez tax form You and your spouse met the use test at the time of your spouse's death. 2014 ez tax form You or your spouse met the ownership test at the time of your spouse's death. 2014 ez tax form Neither you nor your spouse excluded gain from the sale of another home during the last 2 years. 2014 ez tax form Example. 2014 ez tax form   Harry owned and used a house as his main home since 2009. 2014 ez tax form Harry and Wilma married on July 1, 2013, and from that date they use Harry's house as their main home. 2014 ez tax form Harry died on August 15, 2013, and Wilma inherited the property. 2014 ez tax form Wilma sold the property on September 3, 2013, at which time she had not remarried. 2014 ez tax form Although Wilma owned and used the house for less than 2 years, Wilma is considered to have satisfied the ownership and use tests because her period of ownership and use includes the period that Harry owned and used the property before death. 2014 ez tax form Home transferred from spouse. 2014 ez tax form   If your home was transferred to you by your spouse (or former spouse if the transfer was incident to divorce), you are considered to have owned it during any period of time when your spouse owned it. 2014 ez tax form Use of home after divorce. 2014 ez tax form   You are considered to have used property as your main home during any period when: You owned it, and Your spouse or former spouse is allowed to live in it under a divorce or separation instrument and uses it as his or her main home. 2014 ez tax form Reduced Maximum Exclusion If you fail to meet the requirements to qualify for the $250,000 or $500,000 exclusion, you may still qualify for a reduced exclusion. 2014 ez tax form This applies to those who: Fail to meet the ownership and use tests, or Have used the exclusion within 2 years of selling their current home. 2014 ez tax form In both cases, to qualify for a reduced exclusion, the sale of your main home must be due to one of the following reasons. 2014 ez tax form A change in place of employment. 2014 ez tax form Health. 2014 ez tax form Unforeseen circumstances. 2014 ez tax form Unforeseen circumstances. 2014 ez tax form   The sale of your main home is because of an unforeseen circumstance if your primary reason for the sale is the occurrence of an event that you could not reasonably have anticipated before buying and occupying your main home. 2014 ez tax form   See Publication 523 for more information and to use Worksheet 3 to figure your reduced maximum exclusion. 2014 ez tax form Business Use or Rental of Home You may be able to exclude gain from the sale of a home you have used for business or to produce rental income. 2014 ez tax form But you must meet the ownership and use tests. 2014 ez tax form Periods of nonqualified use. 2014 ez tax form   In most cases, gain from the sale or exchange of your main home will not qualify for the exclusion to the extent that the gains are allocated to periods of nonqualified use. 2014 ez tax form Nonqualified use is any period after 2008 during which neither you nor your spouse (or your former spouse) used the property as a main home with the following exceptions. 2014 ez tax form Exceptions. 2014 ez tax form   A period of nonqualified use does not include: Any portion of the 5-year period ending on the date of the sale or exchange after the last date you (or your spouse) use the property as a main home; Any period (not to exceed an aggregate period of 10 years) during which you (or your spouse) are serving on qualified official extended duty: As a member of the uniformed services; As a member of the Foreign Service of the United States; or As an employee of the intelligence community; and Any other period of temporary absence (not to exceed an aggregate period of 2 years) due to change of employment, health conditions, or such other unforeseen circumstances as may be specified by the IRS. 2014 ez tax form The gain resulting from the sale of the property is allocated between qualified and nonqualified use periods based on the amount of time the property was held for qualified and nonqualified use. 2014 ez tax form Gain from the sale or exchange of a main home allocable to periods of qualified use will continue to qualify for the exclusion for the sale of your main home. 2014 ez tax form Gain from the sale or exchange of property allocable to nonqualified use will not qualify for the exclusion. 2014 ez tax form Calculation. 2014 ez tax form   To figure the portion of the gain allocated to the period of nonqualified use, multiply the gain by the following fraction:   Total nonqualified use during the period of ownership after 2008      Total period of ownership     This calculation can be found in Worksheet 2, line 10, in Publication 523. 2014 ez tax form Example 1. 2014 ez tax form On May 23, 2007, Amy, who is unmarried for all years in this example, bought a house. 2014 ez tax form She moved in on that date and lived in it until May 31, 2009, when she moved out of the house and put it up for rent. 2014 ez tax form The house was rented from June 1, 2009, to March 31, 2011. 2014 ez tax form Amy claimed depreciation deductions in 2009 through 2011 totaling $10,000. 2014 ez tax form Amy moved back into the house on April 1, 2011, and lived there until she sold it on January 31, 2013, for a gain of $200,000. 2014 ez tax form During the 5-year period ending on the date of the sale (January 31, 2008-January 31, 2013), Amy owned and lived in the house for more than 2 years as shown in the following table. 2014 ez tax form Five Year Period Used as  Home Used as  Rental 1/31/08 – 5/31/09 16 months       6/1/09 – 3/31/11   22 months 4/1/11 – 1/31/13 22 months         38 months 22 months During the period Amy owned the house (2,080 days), her period of nonqualified use was 668 days. 2014 ez tax form Amy divides 668 by 2,080 and obtains a decimal (rounded to at least three decimal places) of 0. 2014 ez tax form 321. 2014 ez tax form To figure her gain attributable to the period of nonqualified use, she multiplies $190,000 (the gain not attributable to the $10,000 depreciation deduction) by 0. 2014 ez tax form 321. 2014 ez tax form Because the gain attributable to periods of nonqualified use is $60,990, Amy can exclude $129,010 of her gain. 2014 ez tax form Example 2. 2014 ez tax form William owned and used a house as his main home from 2007 through 2010. 2014 ez tax form On January 1, 2011, he moved to another state. 2014 ez tax form He rented his house from that date until April 30, 2013, when he sold it. 2014 ez tax form During the 5-year period ending on the date of sale (May 1, 2008-April 30, 2013), William owned and lived in the house for more than 2 years. 2014 ez tax form He must report the sale on Form 4797 because it was rental property at the time of sale. 2014 ez tax form Because the period of nonqualified use does not include any part of the 5-year period after the last date William lived in the house, he has no period of nonqualified use. 2014 ez tax form Because he met the ownership and use tests, he can exclude gain up to $250,000. 2014 ez tax form However, he cannot exclude the part of the gain equal to the depreciation he claimed or could have claimed for renting the house, as explained next. 2014 ez tax form Depreciation after May 6, 1997. 2014 ez tax form   If you were entitled to take depreciation deductions because you used your home for business purposes or as rental property, you cannot exclude the part of your gain equal to any depreciation allowed or allowable as a deduction for periods after May 6, 1997. 2014 ez tax form If you can show by adequate records or other evidence that the depreciation allowed was less than the amount allowable, then you may limit the amount of gain recognized to the depreciation allowed. 2014 ez tax form See Publication 544 for more information. 2014 ez tax form Property used partly for business or rental. 2014 ez tax form   If you used property partly as a home and partly for business or to produce rental income, see Publication 523. 2014 ez tax form Reporting the Sale Do not report the 2013 sale of your main home on your tax return unless: You have a gain and do not qualify to exclude all of it, You have a gain and choose not to exclude it, or You received Form 1099-S. 2014 ez tax form If any of these conditions apply, report the entire gain or loss. 2014 ez tax form For details on how to report the gain or loss, see the Instructions for Schedule D (Form 1040) and the Instructions for Form 8949. 2014 ez tax form If you used the home for business or to produce rental income, you may have to use Form 4797 to report the sale of the business or rental part (or the sale of the entire property if used entirely for business or rental). 2014 ez tax form See Business Use or Rental of Home in Publication 523 and the Instructions for Form 4797. 2014 ez tax form Installment sale. 2014 ez tax form    Some sales are made under arrangements that provide for part or all of the selling price to be paid in a later year. 2014 ez tax form These sales are called “installment sales. 2014 ez tax form ” If you finance the buyer's purchase of your home yourself instead of having the buyer get a loan or mortgage from a bank, you probably have an installment sale. 2014 ez tax form You may be able to report the part of the gain you cannot exclude on the installment basis. 2014 ez tax form    Use Form 6252, Installment Sale Income, to report the sale. 2014 ez tax form Enter your exclusion on line 15 of Form 6252. 2014 ez tax form Seller-financed mortgage. 2014 ez tax form   If you sell your home and hold a note, mortgage, or other financial agreement, the payments you receive in most cases consist of both interest and principal. 2014 ez tax form You must separately report as interest income the interest you receive as part of each payment. 2014 ez tax form If the buyer of your home uses the property as a main or second home, you must also report the name, address, and social security number (SSN) of the buyer on line 1 of Schedule B (Form 1040A or 1040). 2014 ez tax form The buyer must give you his or her SSN, and you must give the buyer your SSN. 2014 ez tax form Failure to meet these requirements may result in a $50 penalty for each failure. 2014 ez tax form If either you or the buyer does not have and is not eligible to get an SSN, see Social Security Number in chapter 1. 2014 ez tax form More information. 2014 ez tax form   For more information on installment sales, see Publication 537, Installment Sales. 2014 ez tax form Special Situations The situations that follow may affect your exclusion. 2014 ez tax form Sale of home acquired in a like-kind exchange. 2014 ez tax form   You cannot claim the exclusion if: You acquired your home in a like-kind exchange (also known as a section 1031 exchange), or your basis in your home is determined by reference to the basis of the home in the hands of the person who acquired the property in a like-kind exchange (for example, you received the home from that person as a gift), and You sold the home during the 5-year period beginning with the date your home was acquired in the like-kind exchange. 2014 ez tax form Gain from a like-kind exchange is not taxable at the time of the exchange. 2014 ez tax form This means that gain will not be taxed until you sell or otherwise dispose of the property you receive. 2014 ez tax form To defer gain from a like-kind exchange, you must have exchanged business or investment property for business or investment property of a like kind. 2014 ez tax form For more information about like-kind exchanges, see Publication 544, Sales and Other Dispositions of Assets. 2014 ez tax form Home relinquished in a like-kind exchange. 2014 ez tax form   If you use your main home partly for business or rental purposes and then exchange the home for another property, see Publication 523. 2014 ez tax form Expatriates. 2014 ez tax form   You cannot claim the exclusion if the expatriation tax applies to you. 2014 ez tax form The expatriation tax applies to certain U. 2014 ez tax form S. 2014 ez tax form citizens who have renounced their citizenship (and to certain long-term residents who have ended their residency). 2014 ez tax form For more information about the expatriation tax, see Expatriation Tax in chapter 4 of Publication 519, U. 2014 ez tax form S. 2014 ez tax form Tax Guide for Aliens. 2014 ez tax form Home destroyed or condemned. 2014 ez tax form   If your home was destroyed or condemned, any gain (for example, because of insurance proceeds you received) qualifies for the exclusion. 2014 ez tax form   Any part of the gain that cannot be excluded (because it is more than the maximum exclusion) can be postponed under the rules explained in: Publication 547, in the case of a home that was destroyed, or Publication 544, chapter 1, in the case of a home that was condemned. 2014 ez tax form Sale of remainder interest. 2014 ez tax form   Subject to the other rules in this chapter, you can choose to exclude gain from the sale of a remainder interest in your home. 2014 ez tax form If you make this choice, you cannot choose to exclude gain from your sale of any other interest in the home that you sell separately. 2014 ez tax form Exception for sales to related persons. 2014 ez tax form   You cannot exclude gain from the sale of a remainder interest in your home to a related person. 2014 ez tax form Related persons include your brothers, sisters, half-brothers, half-sisters, spouse, ancestors (parents, grandparents, etc. 2014 ez tax form ), and lineal descendants (children, grandchildren, etc. 2014 ez tax form ). 2014 ez tax form Related persons also include certain corporations, partnerships, trusts, and exempt organizations. 2014 ez tax form Recapturing (Paying Back) a Federal Mortgage Subsidy If you financed your home under a federally subsidized program (loans from tax-exempt qualified mortgage bonds or loans with mortgage credit certificates), you may have to recapture all or part of the benefit you received from that program when you sell or otherwise dispose of your home. 2014 ez tax form You recapture the benefit by increasing your federal income tax for the year of the sale. 2014 ez tax form You may have to pay this recapture tax even if you can exclude your gain from income under the rules discussed earlier; that exclusion does not affect the recapture tax. 2014 ez tax form Loans subject to recapture rules. 2014 ez tax form   The recapture applies to loans that: Came from the proceeds of qualified mortgage bonds, or Were based on mortgage credit certificates. 2014 ez tax form The recapture also applies to assumptions of these loans. 2014 ez tax form When recapture applies. 2014 ez tax form   Recapture of the federal mortgage subsidy applies only if you meet both of the following conditions. 2014 ez tax form You sell or otherwise dispose of your home at a gain within the first 9 years after the date you close your mortgage loan. 2014 ez tax form Your income for the year of disposition is more than that year's adjusted qualifying income for your family size for that year (related to the income requirements a person must meet to qualify for the federally subsidized program). 2014 ez tax form When recapture does not apply. 2014 ez tax form   Recapture does not apply in any of the following situations. 2014 ez tax form Your mortgage loan was a qualified home improvement loan (QHIL) of not more than $15,000 used for alterations, repairs, and improvements that protect or improve the basic livability or energy efficiency of your home. 2014 ez tax form Your mortgage loan was a QHIL of not more than $150,000 in the case of a QHIL used to repair damage from Hurricane Katrina to homes in the hurricane disaster area; a QHIL funded by a qualified mortgage bond that is a qualified Gulf Opportunity Zone Bond; or a QHIL for an owner-occupied home in the Gulf Opportunity Zone (GO Zone), Rita GO Zone, or Wilma GO Zone. 2014 ez tax form For more information, see Publication 4492, Information for Taxpayers Affected by Hurricanes Katrina, Rita, and Wilma. 2014 ez tax form Also see Publication 4492-B, Information for Affected Taxpayers in the Midwestern Disaster Areas. 2014 ez tax form The home is disposed of as a result of your death. 2014 ez tax form You dispose of the home more than 9 years after the date you closed your mortgage loan. 2014 ez tax form You transfer the home to your spouse, or to your former spouse incident to a divorce, where no gain is included in your income. 2014 ez tax form You dispose of the home at a loss. 2014 ez tax form Your home is destroyed by a casualty, and you replace it on its original site within 2 years after the end of the tax year when the destruction happened. 2014 ez tax form The replacement period is extended for main homes destroyed in a federally declared disaster area, a Midwestern disaster area, the Kansas disaster area, and the Hurricane Katrina disaster area. 2014 ez tax form For more information, see Replacement Period in Publication 547. 2014 ez tax form You refinance your mortgage loan (unless you later meet the conditions listed previously under When recapture applies ). 2014 ez tax form Notice of amounts. 2014 ez tax form   At or near the time of settlement of your mortgage loan, you should receive a notice that provides the federally subsidized amount and other information you will need to figure your recapture tax. 2014 ez tax form How to figure and report the recapture. 2014 ez tax form    The recapture tax is figured on Form 8828. 2014 ez tax form If you sell your home and your mortgage is subject to recapture rules, you must file Form 8828 even if you do not owe a recapture tax. 2014 ez tax form Attach Form 8828 to your Form 1040. 2014 ez tax form For more information, see Form 8828 and its instructions. 2014 ez tax form Prev  Up  Next   Home   More Online Publications
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The 2014 Ez Tax Form

2014 ez tax form 3. 2014 ez tax form   Credit for Withholding and Estimated Tax for 2013 Table of Contents Introduction Topics - This chapter discusses: WithholdingForm W-2 Form W-2G The 1099 Series Form Not Correct Form Received After Filing Separate Returns Fiscal Years (FY) Estimated TaxSeparate Returns Divorced Taxpayers Excess Social Security or Railroad Retirement Tax WithholdingJoint returns. 2014 ez tax form Worksheet for Nonrailroad Employees Worksheets for Railroad Employees Introduction When you file your 2013 income tax return, take credit for all the income tax and excess social security or railroad retirement tax withheld from your salary, wages, pensions, etc. 2014 ez tax form Also take credit for the estimated tax you paid for 2013. 2014 ez tax form These credits are subtracted from your total tax. 2014 ez tax form Because these credits are refundable, you should file a return and claim these credits, even if you do not owe tax. 2014 ez tax form If the total of your withholding and your estimated tax payments for any payment period is less than the amount you needed to pay by the due date for that period, you may be charged a penalty, even if the total of these credits is more than your tax for the year. 2014 ez tax form Topics - This chapter discusses: How to take credit for withholding, How to take credit for estimated taxes you paid, and How to take credit for excess social security, Medicare, or railroad retirement tax withholding. 2014 ez tax form Withholding If you had income tax withheld during 2013, you generally should be sent a statement by January 31, 2014, showing your income and the tax withheld. 2014 ez tax form Depending on the source of your income, you will receive: Form W-2, Wage and Tax Statement, Form W-2G, Certain Gambling Winnings, or A form in the 1099 series. 2014 ez tax form Form W-2 Your employer is required to provide or send Form W-2 to you no later than January 31, 2014. 2014 ez tax form You should receive a separate Form W-2 from each employer you worked for. 2014 ez tax form If you stopped working before the end of 2013, your employer could have given you your Form W-2 at any time after you stopped working. 2014 ez tax form However, your employer must provide or send it to you by January 31, 2014. 2014 ez tax form If you ask for the form, your employer must send it to you within 30 days after receiving your written request or within 30 days after your final wage payment, whichever is later. 2014 ez tax form If you have not received your Form W-2 by January 31, contact your employer or payer to request a copy. 2014 ez tax form If you still do not get the form by February 15, the IRS can help you by requesting the form from your employer. 2014 ez tax form The phone number for the IRS is listed in chapter 5. 2014 ez tax form You will be asked for the following information. 2014 ez tax form Your name, address, city and state, zip code, and social security number. 2014 ez tax form Your employer's name, address, city, state, zip code, and the employer's identification number (if known). 2014 ez tax form An estimate of the wages you earned, the federal income tax withheld, and the period you worked for that employer. 2014 ez tax form The estimate should be based on year-to-date information from your final pay stub or leave-and-earnings statement, if possible. 2014 ez tax form Form W-2 shows your total pay and other compensation and the income tax, social security tax, and Medicare tax that was withheld during the year. 2014 ez tax form Total the federal income tax withheld (shown in box 2 of all Forms W-2 received) and enter that amount on the appropriate line of your tax return. 2014 ez tax form In addition, Form W-2 is used to report any taxable sick pay you received and any income tax withheld from your sick pay. 2014 ez tax form Your sick pay may be combined with other wages in one Form W-2 or you may receive a separate Form W-2 for sick pay. 2014 ez tax form If you file a paper tax return, attach Copy B of Form W-2 to your return. 2014 ez tax form Form W-2G If you had gambling winnings in 2013, the payer may have withheld income tax. 2014 ez tax form If tax was withheld, the payer will give you a Form W-2G showing the amount you won and the amount of tax withheld. 2014 ez tax form Report the amounts you won on line 21 of Form 1040. 2014 ez tax form Take credit for the tax withheld on line 62 of Form 1040. 2014 ez tax form If you had gambling winnings, you must use Form 1040; you cannot use Form 1040A or Form 1040EZ. 2014 ez tax form Gambling losses can be deducted on Schedule A (Form 1040) as a miscellaneous itemized deduction. 2014 ez tax form However, you cannot deduct more than the gambling winnings you report on Form 1040. 2014 ez tax form File Form W-2G with your income tax return only if it shows any federal income tax withheld in box 2. 2014 ez tax form The 1099 Series Most forms in the 1099 series are not filed with your return. 2014 ez tax form In general, these forms should be furnished to you by January 31, 2014. 2014 ez tax form Unless instructed to file any of these forms with your return, keep them for your records. 2014 ez tax form There are several different forms in this series, including: Form 1099-B, Proceeds From Broker and Barter Exchange Transactions; Form 1099-C, Cancellation of Debt; Form 1099-DIV, Dividends and Distributions; Form 1099-G, Certain Government Payments; Form 1099-INT, Interest Income; Form 1099-K, Payment Card and Third-Party Network Transactions; Form 1099-MISC, Miscellaneous Income; Form 1099-OID, Original Issue Discount; Form 1099-PATR, Taxable Distributions Received From Cooperatives; Form 1099-Q, Payments From Qualified Education Programs (Under Sections 529 and 530); Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. 2014 ez tax form ; Form SSA-1099, Social Security Benefit Statement; and Form RRB-1099, Payments by the Railroad Retirement Board. 2014 ez tax form If you received the types of income reported on some forms in the 1099 series, you may not be able to use Form 1040A or Form 1040EZ. 2014 ez tax form See the instructions to these forms for details. 2014 ez tax form Reporting your withholding. 2014 ez tax form   Report on your tax return all federal income tax withholding shown on your Form 1099, Form SSA-1099, and/or Form RRB-1099. 2014 ez tax form Include the amount withheld in the total on line 62 of Form 1040, line 36 of Form 1040A, or line 7 of Form 1040EZ. 2014 ez tax form Form 1099-R. 2014 ez tax form   Attach Form 1099-R to your paper return if federal income tax withholding is shown in box 4. 2014 ez tax form Do not attach any other Form 1099. 2014 ez tax form Form Not Correct If you receive a form with incorrect information, you should ask the payer for a corrected form. 2014 ez tax form Call the telephone number or write to the address given for the payer on the form. 2014 ez tax form The corrected Form W-2G or Form 1099 you receive will have an “X” in the “CORRECTED” box at the top of the form. 2014 ez tax form A special form, Form W-2c, Corrected Wage and Tax Statement, is used to correct a Form W-2. 2014 ez tax form In certain situations, you will receive two forms in place of the original incorrect form. 2014 ez tax form This will happen when your taxpayer identification number is wrong or missing, your name and address are wrong, or you received the wrong type of form (for example, a Form 1099-DIV instead of a Form 1099-INT). 2014 ez tax form One new form you receive will be the same incorrect form or have the same incorrect information, but all money amounts will be zero. 2014 ez tax form This form will have an “X” in the “CORRECTED” box at the top of the form. 2014 ez tax form The second new form should have all the correct information, prepared as though it is the original (the “CORRECTED” box will not be checked). 2014 ez tax form Form Received After Filing If you file your return and you later receive a form for income that you did not include on your return, report the income and take credit for any income tax withheld by filing Form 1040X, Amended U. 2014 ez tax form S. 2014 ez tax form Individual Income Tax Return. 2014 ez tax form Separate Returns If you are married but file a separate return, you can take credit only for the tax withheld from your own income. 2014 ez tax form Do not include any amount withheld from your spouse's income. 2014 ez tax form However, different rules may apply if you live in a community property state. 2014 ez tax form Community property states. 2014 ez tax form   The following are community property states. 2014 ez tax form Arizona. 2014 ez tax form California. 2014 ez tax form Idaho. 2014 ez tax form Louisiana. 2014 ez tax form Nevada. 2014 ez tax form New Mexico. 2014 ez tax form Texas. 2014 ez tax form Washington. 2014 ez tax form Wisconsin. 2014 ez tax form Generally, if you live in a community property state and file a separate return, you and your spouse each must report half of all community income in addition to your own separate income. 2014 ez tax form If you are required to report half of all community income, you are entitled to take credit for half of all taxes withheld on the community income. 2014 ez tax form If you were divorced during the year, each of you generally must report half the community income and can take credit for half the withholding on that community income for the period before the divorce. 2014 ez tax form   For more information on these rules, and some exceptions, see Publication 555, Community Property. 2014 ez tax form Fiscal Years (FY) If you file your tax return on the basis of a fiscal year (a 12-month period ending on the last day of any month except December), you must follow special rules, described below, to determine your credit for federal income tax withholding. 2014 ez tax form Fiscal year withholding. 2014 ez tax form    You can claim credit on your tax return only for the tax withheld during the calendar year (CY) ending within your fiscal year. 2014 ez tax form You cannot claim credit for any of the tax withheld during the calendar year beginning in your fiscal year. 2014 ez tax form You will be able to claim credit for that withholding on your return for your next fiscal year. 2014 ez tax form   The Form W-2 or 1099 you receive for the calendar year that ends during your fiscal year will show the tax withheld and the income you received during that calendar year. 2014 ez tax form   Although you take credit for all the withheld tax shown on the form, report only the part of the income shown on the form that you received during your fiscal year. 2014 ez tax form Add to that the income you received during the rest of your fiscal year. 2014 ez tax form Example. 2014 ez tax form Miles Hanson files his return for a fiscal year ending June 30, 2013. 2014 ez tax form In January 2013, he received a Form W-2 that showed that his wages for 2012 were $31,200 and that his income tax withheld was $3,380. 2014 ez tax form His records show that he had received $15,000 of the wages by June 30, 2012, and $16,200 from July 1 through December 31, 2012. 2014 ez tax form See Table 3-1 . 2014 ez tax form On his return for the fiscal year ending June 30, 2013, Miles will report the $16,200 he was paid in July through December of 2012, plus the $18,850 he was paid during the rest of the fiscal year, January 1, 2013, through June 30, 2013. 2014 ez tax form However, he takes credit for all $3,380 that was withheld during 2012. 2014 ez tax form On his return for the fiscal year ending June 30, 2012, he reported the $15,000 he was paid in January through June 2012, but took no credit for the tax withheld during that time. 2014 ez tax form On his return for the fiscal year ending June 30, 2014, he will take the credit for any tax withheld during 2013 but not for any tax withheld during 2014. 2014 ez tax form Table 3-1. 2014 ez tax form Example for Fiscal Year Ending June 30, 2013—Miles Hanson Date Form W-2 Miles' records Tax return for FY ending 6/30/20121 Tax return for FY ending 6/30/2013 Wages With- holding Wages With- holding Wages With- holding Wages With- holding CY 20122 $31,200 $3,380             1/1/2012 –  6/30/2012     $15,000 $1,600 $15,000       7/1/2012 –  12/31/2012     $16,200 $1,780     $16,200 $3,380 CY 2013 $37,700 $4,316 3             1/1/2013 –  6/30/2013     $18,850 $2,158     $18,850   7/1/2013 –  12/31/2013     $18,850 4 $2,158         1Miles' tax return for FY ending 6/30/2012 also included his wages for 7/1–12/31/2011 and the withholding shown on his 2011 Form W-2. 2014 ez tax form  2Calendar year (January 1 – December 31). 2014 ez tax form   3Withholding shown on 2013 Form W-2 ($4,316) will be included in Miles' tax return for FY ending 6/30/2014, the fiscal year in which calendar year 2013 ends. 2014 ez tax form   4Wages for 7/1–12/31/2013 ($18,850) will be included in Miles' tax return for FY ending 6/30/2014, the fiscal year in which the wages were received. 2014 ez tax form Backup withholding. 2014 ez tax form   If income tax has been withheld under the backup withholding rule, take credit for it on your tax return for the fiscal year in which you received the income. 2014 ez tax form Example. 2014 ez tax form Emily Smith's records show that she received income in November 2013 and February 2014 from which there was backup withholding ($100 and $50, respectively). 2014 ez tax form Emily takes credit for the entire $150 of backup withholding on her tax return for the fiscal year ending September 30, 2014. 2014 ez tax form Estimated Tax Take credit for all your estimated tax payments for 2013 on line 63 of Form 1040 or line 37 of Form 1040A. 2014 ez tax form Include any overpayment from 2012 that you had credited to your 2013 estimated tax. 2014 ez tax form You must use Form 1040 or Form 1040A if you paid estimated tax. 2014 ez tax form You cannot file Form 1040EZ. 2014 ez tax form If you were a beneficiary of an estate or trust, you should receive a Schedule K-1 (Form 1041), Beneficiary's Share of Income, Deductions, Credits, etc. 2014 ez tax form , from the fiduciary. 2014 ez tax form If you have estimated taxes credited to you from the estate or trust (from Schedule K-1 (Form 1041)), you must report the estimated taxes on Schedule E (Form 1040). 2014 ez tax form On the dotted line next to the entry space for line 37 of Schedule E (Form 1040), enter “ES payment claimed” and the amount. 2014 ez tax form However, do not include this amount in the total on line 37. 2014 ez tax form Instead, enter the amount on Form 1040, line 63. 2014 ez tax form This estimated tax payment for 2013 is treated as being made by you on January 15, 2014. 2014 ez tax form Name changed. 2014 ez tax form   If you changed your name, and you made estimated tax payments using your former name, attach a statement to the front of your paper tax return indicating: When you made the payments, The amount of each payment, Your name when you made the payments, and The social security number under which you made the payments. 2014 ez tax form  The statement should cover payments you made jointly with your spouse as well as any you made separately. 2014 ez tax form   Be sure to report the change to your local Social Security Administration office before filing your 2014 tax return. 2014 ez tax form This prevents delays in processing your return and issuing refunds. 2014 ez tax form It also safeguards your future social security benefits. 2014 ez tax form For more information, call the Social Security Administration at 1-800-772-1213. 2014 ez tax form Separate Returns If you and your spouse made separate estimated tax payments for 2013 and you file separate returns, you can take credit only for your own payments. 2014 ez tax form If you made joint estimated tax payments, you must decide how to divide the payments between your returns. 2014 ez tax form One of you can claim all of the estimated tax paid and the other none, or you can divide it in any other way you agree on. 2014 ez tax form If you cannot agree, you must divide the payments in proportion to each spouse's individual tax as shown on your separate returns for 2013. 2014 ez tax form Example. 2014 ez tax form James and Evelyn Brown made joint estimated tax payments for 2013 totaling $3,000. 2014 ez tax form They file separate 2013 Forms 1040. 2014 ez tax form James' tax is $4,000 and Evelyn's is $1,000. 2014 ez tax form If they do not agree on how to divide the $3,000, they must divide it proportionately between their returns. 2014 ez tax form Because James' tax ($4,000) is 80% of the total tax ($5,000), his share of the estimated tax is $2,400 (80% of $3,000). 2014 ez tax form The balance, $600 (20% of $3,000), is Evelyn's share. 2014 ez tax form Divorced Taxpayers If you made joint estimated tax payments for 2013 and you were divorced during the year, either you or your former spouse can claim all of the joint payments, or you each can claim part of them. 2014 ez tax form If you cannot agree on how to divide the payments, you must divide them in proportion to each spouse's individual tax as shown on your separate returns for 2013. 2014 ez tax form See Example earlier under Separate Returns. 2014 ez tax form If you claim any of the joint payments on your tax return, enter your former spouse's social security number (SSN) in the space provided at the top of page 1 of Form 1040 or Form 1040A. 2014 ez tax form If you divorced and remarried in 2013, enter your present spouse's SSN in that space. 2014 ez tax form Enter your former spouse's SSN, followed by “DIV,” under Payments to the left of Form 1040, line 63, or in the blank space to the left of Form 1040A, line 37. 2014 ez tax form Excess Social Security or Railroad Retirement Tax Withholding Most employers must withhold social security tax from your wages. 2014 ez tax form In some cases, however, the federal government and state and local governments do not have to withhold social security tax from their employees' wages. 2014 ez tax form If you work for a railroad employer, that employer must withhold tier 1 railroad retirement (RRTA) tax and tier 2 RRTA tax. 2014 ez tax form Two or more employers. 2014 ez tax form   If you worked for two or more employers in 2013, too much social security tax or tier 1 RRTA tax may have been withheld from your pay. 2014 ez tax form You may be able to claim the excess as a credit against your income tax when you file your return. 2014 ez tax form Table 3-2 shows the maximum amount that should have been withheld for any of these taxes for 2013. 2014 ez tax form Figure the excess withholding on the appropriate worksheet. 2014 ez tax form    Table 3-2. 2014 ez tax form Maximum Social Security and RRTA Withholding for 2013 Type of tax Maximum wages subject to tax Tax rate Maximum tax to be withheld Social security $113,700 6. 2014 ez tax form 2% $7,049. 2014 ez tax form 40 Tier 1 RRTA $113,700 6. 2014 ez tax form 2% $7,049. 2014 ez tax form 40 Tier 2 RRTA $84,300 4. 2014 ez tax form 4% $3,709. 2014 ez tax form 20 Joint returns. 2014 ez tax form   If you are filing a joint return, you and your spouse must figure any excess social security or tier 1 RRTA separately. 2014 ez tax form Note. 2014 ez tax form All wages are subject to Medicare tax withholding. 2014 ez tax form Employer's error. 2014 ez tax form   If you had only one employer and he or she withheld too much social security, Medicare, or tier 1 RRTA tax, ask the employer to refund the excess amount to you. 2014 ez tax form If the employer refuses to refund the overcollection, ask for a statement indicating the amount of the overcollection to support your claim. 2014 ez tax form File a claim for refund using Form 843, Claim for Refund and Request for Abatement. 2014 ez tax form Worksheet for Nonrailroad Employees If you did not work for a railroad during 2013, figure the excess social security withholding on Worksheet 3-1. 2014 ez tax form Note. 2014 ez tax form If you worked for both a railroad employer and a nonrailroad employer, use Worksheet 3-2, to figure excess social security and tier 1 RRTA tax. 2014 ez tax form Where to claim credit for excess social security withholding. 2014 ez tax form   If you file Form 1040, enter the excess on line 69. 2014 ez tax form   If you file Form 1040A, include the excess in the total on line 41. 2014 ez tax form Write “Excess SST” and show the amount of the credit in the space to the left of the line. 2014 ez tax form   You cannot claim excess social security tax withholding on Form 1040EZ. 2014 ez tax form Worksheets for Railroad Employees If you worked for a railroad during 2013, figure your excess withholding on Worksheet 3-2 and 3-3, as appropriate. 2014 ez tax form Where to claim credit for excess tier 1 RRTA withholding. 2014 ez tax form   If you file Form 1040, enter the excess on line 69. 2014 ez tax form   If you file Form 1040A, include the excess in the total on line 41. 2014 ez tax form Write “Excess SST” and show the amount of the credit in the space to the left of the line. 2014 ez tax form   You cannot claim excess tier 1 RRTA withholding on Form 1040EZ. 2014 ez tax form How to claim refund of excess tier 2 RRTA. 2014 ez tax form   To claim a refund of tier 2 tax, use Form 843. 2014 ez tax form Be sure to attach a copy of all of your Forms W-2. 2014 ez tax form   See Worksheet 3-3 and the Instructions for Form 843, for more details. 2014 ez tax form Worksheet 3-1. 2014 ez tax form Excess Social Security—Nonrailroad Employees 1. 2014 ez tax form Add all social security tax withheld (but not more than  $7,049. 2014 ez tax form 40 for each employer). 2014 ez tax form This tax should be shown  in box 4 of your Forms W-2. 2014 ez tax form Enter the total here 1. 2014 ez tax form   2. 2014 ez tax form Enter any uncollected social security tax on tips or group-term life insurance on Form 1040, line 60, identified by “UT” 2. 2014 ez tax form   3. 2014 ez tax form Add lines 1 and 2. 2014 ez tax form If $7,049. 2014 ez tax form 40 or less, stop here. 2014 ez tax form You cannot claim the credit 3. 2014 ez tax form   4. 2014 ez tax form Social security limit 4. 2014 ez tax form $7,049. 2014 ez tax form 40 5. 2014 ez tax form Excess. 2014 ez tax form Subtract line 4 from line 3 5. 2014 ez tax form   Worksheet 3-2. 2014 ez tax form Excess Social Security and Tier 1 RRTA—Railroad Employees 1. 2014 ez tax form Add all social security and tier 1 RRTA tax withheld (but not more than $7,049. 2014 ez tax form 40 for each employer). 2014 ez tax form Social security tax should be shown in box 4 and tier 1 RRTA should be shown  in box 14 of your Forms W-2. 2014 ez tax form Enter the total here 1. 2014 ez tax form   2. 2014 ez tax form Enter any uncollected social security and tier 1 RRTA tax on tips or group-term life insurance on Form 1040, line 60, identified by “UT” 2. 2014 ez tax form   3. 2014 ez tax form Add lines 1 and 2. 2014 ez tax form If $7,049. 2014 ez tax form 40 or less, stop here. 2014 ez tax form You cannot claim the credit 3. 2014 ez tax form   4. 2014 ez tax form Social security and tier 1 RRTA tax limit 4. 2014 ez tax form $7,049. 2014 ez tax form 40 5. 2014 ez tax form Excess. 2014 ez tax form Subtract line 4 from line 3 5. 2014 ez tax form   Worksheet 3-3. 2014 ez tax form Excess Tier 2 RRTA—Railroad Employees 1. 2014 ez tax form Add all tier 2 RRTA tax withheld (but not more than $3,709. 2014 ez tax form 20 for each employer). 2014 ez tax form Box 14 of your Forms W-2 should show tier 2 RRTA tax. 2014 ez tax form Enter the total here 1. 2014 ez tax form   2. 2014 ez tax form Enter any uncollected tier 2 RRTA tax on tips or group-term life insurance on Form 1040, line 60, identified by “UT” 2. 2014 ez tax form   3. 2014 ez tax form Add lines 1 and 2. 2014 ez tax form If $3,709. 2014 ez tax form 20 or less, stop here. 2014 ez tax form You cannot claim the credit. 2014 ez tax form 3. 2014 ez tax form   4. 2014 ez tax form Tier 2 RRTA tax limit 4. 2014 ez tax form $3,709. 2014 ez tax form 20 5. 2014 ez tax form Excess. 2014 ez tax form Subtract line 4 from line 3. 2014 ez tax form 5. 2014 ez tax form   Prev  Up  Next   Home   More Online Publications