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Amend 2012 Taxes

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Amend 2012 Taxes

Amend 2012 taxes 15. Amend 2012 taxes   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. Amend 2012 taxes More information. Amend 2012 taxes Special SituationsException for sales to related persons. Amend 2012 taxes Recapturing (Paying Back) a Federal Mortgage Subsidy Reminder Home sold with undeducted points. Amend 2012 taxes  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. Amend 2012 taxes See Mortgage ending early under Points in chapter 23. Amend 2012 taxes Introduction This chapter explains the tax rules that apply when you sell your main home. Amend 2012 taxes In most cases, your main home is the one in which you live most of the time. Amend 2012 taxes 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). Amend 2012 taxes See Excluding the Gain , later. Amend 2012 taxes Generally, if you can exclude all the gain, you do not need to report the sale on your tax return. Amend 2012 taxes If you have gain that cannot be excluded, it is taxable. Amend 2012 taxes Report it on Form 8949, Sales and Other Dispositions of Capital Assets, and Schedule D (Form 1040). Amend 2012 taxes You may also have to complete Form 4797, Sales of Business Property. Amend 2012 taxes See Reporting the Sale , later. Amend 2012 taxes If you have a loss on the sale, you generally cannot deduct it on your return. Amend 2012 taxes However, you may need to report it. Amend 2012 taxes See Reporting the Sale , later. Amend 2012 taxes The following are main topics in this chapter. Amend 2012 taxes Figuring gain or loss. Amend 2012 taxes Basis. Amend 2012 taxes Excluding the gain. Amend 2012 taxes Ownership and use tests. Amend 2012 taxes Reporting the sale. Amend 2012 taxes Other topics include the following. Amend 2012 taxes Business use or rental of home. Amend 2012 taxes Recapturing a federal mortgage subsidy. Amend 2012 taxes 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. Amend 2012 taxes ” 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. Amend 2012 taxes 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. Amend 2012 taxes Land. Amend 2012 taxes   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. Amend 2012 taxes 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. Amend 2012 taxes See Vacant land under Main Home in Publication 523 for more information. Amend 2012 taxes Example. Amend 2012 taxes You buy a piece of land and move your main home to it. Amend 2012 taxes Then you sell the land on which your main home was located. Amend 2012 taxes This sale is not considered a sale of your main home, and you cannot exclude any gain on the sale of the land. Amend 2012 taxes More than one home. Amend 2012 taxes   If you have more than one home, you can exclude gain only from the sale of your main home. Amend 2012 taxes You must include in income gain from the sale of any other home. Amend 2012 taxes 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. Amend 2012 taxes Example 1. Amend 2012 taxes You own two homes, one in New York and one in Florida. Amend 2012 taxes 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. Amend 2012 taxes In the absence of facts and circumstances indicating otherwise, the New York home is your main home. Amend 2012 taxes You would be eligible to exclude the gain from the sale of the New York home but not of the Florida home in 2013. Amend 2012 taxes Example 2. Amend 2012 taxes You own a house, but you live in another house that you rent. Amend 2012 taxes The rented house is your main home. Amend 2012 taxes Example 3. Amend 2012 taxes You own two homes, one in Virginia and one in New Hampshire. Amend 2012 taxes In 2009 and 2010, you lived in the Virginia home. Amend 2012 taxes In 2011 and 2012, you lived in the New Hampshire home. Amend 2012 taxes In 2013, you lived again in the Virginia home. Amend 2012 taxes Your main home in 2009, 2010, and 2013 is the Virginia home. Amend 2012 taxes Your main home in 2011 and 2012 is the New Hampshire home. Amend 2012 taxes You would be eligible to exclude gain from the sale of either home (but not both) in 2013. Amend 2012 taxes Property used partly as your main home. Amend 2012 taxes   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. Amend 2012 taxes For details, see Business Use or Rental of Home , later. Amend 2012 taxes 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. Amend 2012 taxes Subtract the adjusted basis from the amount realized to get your gain or loss. Amend 2012 taxes     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. Amend 2012 taxes 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. Amend 2012 taxes Payment by employer. Amend 2012 taxes   You may have to sell your home because of a job transfer. Amend 2012 taxes 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. Amend 2012 taxes 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. Amend 2012 taxes Option to buy. Amend 2012 taxes   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. Amend 2012 taxes If the option is not exercised, you must report the amount as ordinary income in the year the option expires. Amend 2012 taxes Report this amount on Form 1040, line 21. Amend 2012 taxes Form 1099-S. Amend 2012 taxes   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. Amend 2012 taxes   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. Amend 2012 taxes Instead, box 4 will be checked to indicate your receipt or expected receipt of these items. Amend 2012 taxes Amount Realized The amount realized is the selling price minus selling expenses. Amend 2012 taxes Selling expenses. Amend 2012 taxes   Selling expenses include: Commissions, Advertising fees, Legal fees, and Loan charges paid by the seller, such as loan placement fees or “points. Amend 2012 taxes ” Adjusted Basis While you owned your home, you may have made adjustments (increases or decreases) to the basis. Amend 2012 taxes This adjusted basis must be determined before you can figure gain or loss on the sale of your home. Amend 2012 taxes For information on how to figure your home's adjusted basis, see Determining Basis , later. Amend 2012 taxes Amount of Gain or Loss To figure the amount of gain or loss, compare the amount realized to the adjusted basis. Amend 2012 taxes Gain on sale. Amend 2012 taxes   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. Amend 2012 taxes Loss on sale. Amend 2012 taxes   If the amount realized is less than the adjusted basis, the difference is a loss. Amend 2012 taxes A loss on the sale of your main home cannot be deducted. Amend 2012 taxes Jointly owned home. Amend 2012 taxes   If you and your spouse sell your jointly owned home and file a joint return, you figure your gain or loss as one taxpayer. Amend 2012 taxes Separate returns. Amend 2012 taxes   If you file separate returns, each of you must figure your own gain or loss according to your ownership interest in the home. Amend 2012 taxes Your ownership interest is generally determined by state law. Amend 2012 taxes Joint owners not married. Amend 2012 taxes   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. Amend 2012 taxes Each of you applies the rules discussed in this chapter on an individual basis. Amend 2012 taxes Dispositions Other Than Sales Some special rules apply to other dispositions of your main home. Amend 2012 taxes Foreclosure or repossession. Amend 2012 taxes   If your home was foreclosed on or repossessed, you have a disposition. Amend 2012 taxes See Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments, to determine if you have ordinary income, gain, or loss. Amend 2012 taxes Abandonment. Amend 2012 taxes   If you abandon your home, see Publication 4681 to determine if you have ordinary income, gain, or loss. Amend 2012 taxes Trading (exchanging) homes. Amend 2012 taxes   If you trade your old home for another home, treat the trade as a sale and a purchase. Amend 2012 taxes Example. Amend 2012 taxes You owned and lived in a home with an adjusted basis of $41,000. Amend 2012 taxes 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. Amend 2012 taxes This is treated as a sale of your old home for $50,000 with a gain of $9,000 ($50,000 – $41,000). Amend 2012 taxes 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). Amend 2012 taxes Transfer to spouse. Amend 2012 taxes   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. Amend 2012 taxes This is true even if you receive cash or other consideration for the home. Amend 2012 taxes As a result, the rules in this chapter do not apply. Amend 2012 taxes More information. Amend 2012 taxes   If you need more information, see Transfer to spouse in Publication 523 and Property Settlements in Publication 504, Divorced or Separated Individuals. Amend 2012 taxes Involuntary conversion. Amend 2012 taxes   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. Amend 2012 taxes 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 . Amend 2012 taxes Determining Basis You need to know your basis in your home to figure any gain or loss when you sell it. Amend 2012 taxes Your basis in your home is determined by how you got the home. Amend 2012 taxes Generally, your basis is its cost if you bought it or built it. Amend 2012 taxes If you got it in some other way (inheritance, gift, etc. Amend 2012 taxes ), your basis is generally either its fair market value when you received it or the adjusted basis of the previous owner. Amend 2012 taxes While you owned your home, you may have made adjustments (increases or decreases) to your home's basis. Amend 2012 taxes 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. Amend 2012 taxes See Adjusted Basis , later. Amend 2012 taxes You can find more information on basis and adjusted basis in chapter 13 of this publication and in Publication 523. Amend 2012 taxes Cost As Basis The cost of property is the amount you paid for it in cash, debt obligations, other property, or services. Amend 2012 taxes Purchase. Amend 2012 taxes   If you bought your home, your basis is its cost to you. Amend 2012 taxes This includes the purchase price and certain settlement or closing costs. Amend 2012 taxes 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. Amend 2012 taxes If you build, or contract to build, a new home, your purchase price can include costs of construction, as discussed in Publication 523. Amend 2012 taxes Settlement fees or closing costs. Amend 2012 taxes   When you bought your home, you may have paid settlement fees or closing costs in addition to the contract price of the property. Amend 2012 taxes 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. Amend 2012 taxes 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). Amend 2012 taxes    Chapter 13 lists some of the settlement fees and closing costs that you can include in the basis of property, including your home. Amend 2012 taxes It also lists some settlement costs that cannot be included in basis. Amend 2012 taxes   Also see Publication 523 for additional items and a discussion of basis other than cost. Amend 2012 taxes Adjusted Basis Adjusted basis is your cost or other basis increased or decreased by certain amounts. Amend 2012 taxes To figure your adjusted basis, you can use Worksheet 1 in Publication 523. Amend 2012 taxes 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. Amend 2012 taxes Increases to basis. Amend 2012 taxes   These include the following. Amend 2012 taxes Additions and other improvements that have a useful life of more than 1 year. Amend 2012 taxes Special assessments for local improvements. Amend 2012 taxes Amounts you spent after a casualty to restore damaged property. Amend 2012 taxes Improvements. Amend 2012 taxes   These add to the value of your home, prolong its useful life, or adapt it to new uses. Amend 2012 taxes You add the cost of additions and other improvements to the basis of your property. Amend 2012 taxes   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. Amend 2012 taxes An addition to your house, such as a new deck, a sunroom, or a new garage, is also an improvement. Amend 2012 taxes Repairs. Amend 2012 taxes   These maintain your home in good condition but do not add to its value or prolong its life. Amend 2012 taxes You do not add their cost to the basis of your property. Amend 2012 taxes   Examples of repairs include repainting your house inside or outside, fixing your gutters or floors, repairing leaks or plastering, and replacing broken window panes. Amend 2012 taxes Decreases to basis. Amend 2012 taxes   These include the following. Amend 2012 taxes Discharge of qualified principal residence indebtedness that was excluded from income. Amend 2012 taxes Some or all of the cancellation of debt income that was excluded due to your bankruptcy or insolvency. Amend 2012 taxes For details, see Publication 4681. Amend 2012 taxes Gain you postponed from the sale of a previous home before May 7, 1997. Amend 2012 taxes Deductible casualty losses. Amend 2012 taxes Insurance payments you received or expect to receive for casualty losses. Amend 2012 taxes Payments you received for granting an easement or right-of-way. Amend 2012 taxes Depreciation allowed or allowable if you used your home for business or rental purposes. Amend 2012 taxes Energy-related credits allowed for expenditures made on the residence. Amend 2012 taxes (Reduce the increase in basis otherwise allowable for expenditures on the residence by the amount of credit allowed for those expenditures. Amend 2012 taxes ) Adoption credit you claimed for improvements added to the basis of your home. Amend 2012 taxes Nontaxable payments from an adoption assistance program of your employer you used for improvements you added to the basis of your home. Amend 2012 taxes 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. Amend 2012 taxes 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. Amend 2012 taxes 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). Amend 2012 taxes 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. Amend 2012 taxes Discharges of qualified principal residence indebtedness. Amend 2012 taxes   You may be able to exclude from gross income a discharge of qualified principal residence indebtedness. Amend 2012 taxes This exclusion applies to discharges made after 2006 and before 2014. Amend 2012 taxes 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. Amend 2012 taxes   File Form 982 with your tax return. Amend 2012 taxes See the form's instructions for detailed information. Amend 2012 taxes Recordkeeping. Amend 2012 taxes You should keep records to prove your home's adjusted basis. Amend 2012 taxes 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. Amend 2012 taxes 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. Amend 2012 taxes Keep records proving the basis of both homes as long as they are needed for tax purposes. Amend 2012 taxes 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. Amend 2012 taxes Excluding the Gain You may qualify to exclude from your income all or part of any gain from the sale of your main home. Amend 2012 taxes 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. Amend 2012 taxes To qualify, you must meet the ownership and use tests described later. Amend 2012 taxes 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. Amend 2012 taxes You can use Worksheet 2 in Publication 523 to figure the amount of your exclusion and your taxable gain, if any. Amend 2012 taxes If you have any taxable gain from the sale of your home, you may have to increase your withholding or make estimated tax payments. Amend 2012 taxes See Publication 505, Tax Withholding and Estimated Tax. Amend 2012 taxes 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. Amend 2012 taxes You meet the ownership test. Amend 2012 taxes You meet the use test. Amend 2012 taxes During the 2-year period ending on the date of the sale, you did not exclude gain from the sale of another home. Amend 2012 taxes For details on gain allocated to periods of nonqualified use, see Periods of nonqualified use , later. Amend 2012 taxes 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 . Amend 2012 taxes Ownership and Use Tests To claim the exclusion, you must meet the ownership and use tests. Amend 2012 taxes 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). Amend 2012 taxes Exception. Amend 2012 taxes   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. Amend 2012 taxes However, the maximum amount you may be able to exclude will be reduced. Amend 2012 taxes See Reduced Maximum Exclusion , later. Amend 2012 taxes Example 1—home owned and occupied for at least 2 years. Amend 2012 taxes Mya bought and moved into her main home in September 2011. Amend 2012 taxes She sold the home at a gain in October 2013. Amend 2012 taxes 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. Amend 2012 taxes She meets the ownership and use tests. Amend 2012 taxes Example 2—ownership test met but use test not met. Amend 2012 taxes Ayden bought a home, lived in it for 6 months, moved out, and never occupied the home again. Amend 2012 taxes He later sold the home for a gain. Amend 2012 taxes He owned the home during the entire 5-year period ending on the date of sale. Amend 2012 taxes He meets the ownership test but not the use test. Amend 2012 taxes He cannot exclude any part of his gain on the sale unless he qualified for a reduced maximum exclusion (explained later). Amend 2012 taxes 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. Amend 2012 taxes 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. Amend 2012 taxes Temporary absence. Amend 2012 taxes   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. Amend 2012 taxes The following examples assume that the reduced maximum exclusion (discussed later) does not apply to the sales. Amend 2012 taxes Example 1. Amend 2012 taxes David Johnson, who is single, bought and moved into his home on February 1, 2011. Amend 2012 taxes Each year during 2011 and 2012, David left his home for a 2-month summer vacation. Amend 2012 taxes David sold the house on March 1, 2013. Amend 2012 taxes Although the total time David used his home is less than 2 years (21 months), he meets the requirement and may exclude gain. Amend 2012 taxes 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. Amend 2012 taxes Example 2. Amend 2012 taxes Professor Paul Beard, who is single, bought and moved into a house on August 18, 2010. Amend 2012 taxes He lived in it as his main home continuously until January 5, 2012, when he went abroad for a 1-year sabbatical leave. Amend 2012 taxes On February 6, 2013, 1 month after returning from the leave, Paul sold the house at a gain. Amend 2012 taxes Because his leave was not a short temporary absence, he cannot include the period of leave to meet the 2-year use test. Amend 2012 taxes He cannot exclude any part of his gain, because he did not use the residence for the required 2 years. Amend 2012 taxes Ownership and use tests met at different times. Amend 2012 taxes   You can meet the ownership and use tests during different 2-year periods. Amend 2012 taxes However, you must meet both tests during the 5-year period ending on the date of the sale. Amend 2012 taxes Example. Amend 2012 taxes Beginning in 2002, Helen Jones lived in a rented apartment. Amend 2012 taxes The apartment building was later converted to condominiums, and she bought her same apartment on December 3, 2010. Amend 2012 taxes In 2011, Helen became ill and on April 14 of that year she moved to her daughter's home. Amend 2012 taxes On July 12, 2013, while still living in her daughter's home, she sold her condominium. Amend 2012 taxes 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. Amend 2012 taxes She owned her condominium from December 3, 2010, to July 12, 2013 (more than 2 years). Amend 2012 taxes She lived in the property from July 13, 2008 (the beginning of the 5-year period), to April 14, 2011 (more than 2 years). Amend 2012 taxes 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. Amend 2012 taxes Cooperative apartment. Amend 2012 taxes   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. Amend 2012 taxes Exceptions to Ownership and Use Tests The following sections contain exceptions to the ownership and use tests for certain taxpayers. Amend 2012 taxes Exception for individuals with a disability. Amend 2012 taxes   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. Amend 2012 taxes 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. Amend 2012 taxes 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. Amend 2012 taxes Previous home destroyed or condemned. Amend 2012 taxes   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. Amend 2012 taxes This rule applies if any part of the basis of the home you sold depended on the basis of the destroyed or condemned home. Amend 2012 taxes 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. Amend 2012 taxes Members of the uniformed services or Foreign Service, employees of the intelligence community, or employees or volunteers of the Peace Corps. Amend 2012 taxes   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. Amend 2012 taxes 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. Amend 2012 taxes 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. Amend 2012 taxes   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. Amend 2012 taxes 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. Amend 2012 taxes 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. Amend 2012 taxes (But see Special rules for joint returns , next. Amend 2012 taxes ) Special rules for joint returns. Amend 2012 taxes   You can exclude up to $500,000 of the gain on the sale of your main home if all of the following are true. Amend 2012 taxes You are married and file a joint return for the year. Amend 2012 taxes Either you or your spouse meets the ownership test. Amend 2012 taxes Both you and your spouse meet the use test. Amend 2012 taxes 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. Amend 2012 taxes 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. Amend 2012 taxes For this purpose, each spouse is treated as owning the property during the period that either spouse owned the property. Amend 2012 taxes Example 1—one spouse sells a home. Amend 2012 taxes Emily sells her home in June 2013 for a gain of $300,000. Amend 2012 taxes She marries Jamie later in the year. Amend 2012 taxes She meets the ownership and use tests, but Jamie does not. Amend 2012 taxes Emily can exclude up to $250,000 of gain on a separate or joint return for 2013. Amend 2012 taxes The $500,000 maximum exclusion for certain joint returns does not apply because Jamie does not meet the use test. Amend 2012 taxes Example 2—each spouse sells a home. Amend 2012 taxes 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. Amend 2012 taxes He meets the ownership and use tests on his home, but Emily does not. Amend 2012 taxes Emily can exclude $250,000 of gain and Jamie can exclude $200,000 of gain on the respective sales of their individual homes. Amend 2012 taxes However, Emily cannot use Jamie's unused exclusion to exclude more than $250,000 of gain. Amend 2012 taxes Therefore, Emily and Jamie must recognize $50,000 of gain on the sale of Emily's home. Amend 2012 taxes 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. Amend 2012 taxes Sale of main home by surviving spouse. Amend 2012 taxes   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. Amend 2012 taxes   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. Amend 2012 taxes The sale or exchange took place after 2008. Amend 2012 taxes The sale or exchange took place no more than 2 years after the date of death of your spouse. Amend 2012 taxes You have not remarried. Amend 2012 taxes You and your spouse met the use test at the time of your spouse's death. Amend 2012 taxes You or your spouse met the ownership test at the time of your spouse's death. Amend 2012 taxes Neither you nor your spouse excluded gain from the sale of another home during the last 2 years. Amend 2012 taxes Example. Amend 2012 taxes   Harry owned and used a house as his main home since 2009. Amend 2012 taxes Harry and Wilma married on July 1, 2013, and from that date they use Harry's house as their main home. Amend 2012 taxes Harry died on August 15, 2013, and Wilma inherited the property. Amend 2012 taxes Wilma sold the property on September 3, 2013, at which time she had not remarried. Amend 2012 taxes 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. Amend 2012 taxes Home transferred from spouse. Amend 2012 taxes   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. Amend 2012 taxes Use of home after divorce. Amend 2012 taxes   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. Amend 2012 taxes 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. Amend 2012 taxes 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. Amend 2012 taxes In both cases, to qualify for a reduced exclusion, the sale of your main home must be due to one of the following reasons. Amend 2012 taxes A change in place of employment. Amend 2012 taxes Health. Amend 2012 taxes Unforeseen circumstances. Amend 2012 taxes Unforeseen circumstances. Amend 2012 taxes   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. Amend 2012 taxes   See Publication 523 for more information and to use Worksheet 3 to figure your reduced maximum exclusion. Amend 2012 taxes 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. Amend 2012 taxes But you must meet the ownership and use tests. Amend 2012 taxes Periods of nonqualified use. Amend 2012 taxes   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. Amend 2012 taxes 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. Amend 2012 taxes Exceptions. Amend 2012 taxes   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. Amend 2012 taxes 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. Amend 2012 taxes 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. Amend 2012 taxes Gain from the sale or exchange of property allocable to nonqualified use will not qualify for the exclusion. Amend 2012 taxes Calculation. Amend 2012 taxes   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. Amend 2012 taxes Example 1. Amend 2012 taxes On May 23, 2007, Amy, who is unmarried for all years in this example, bought a house. Amend 2012 taxes 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. Amend 2012 taxes The house was rented from June 1, 2009, to March 31, 2011. Amend 2012 taxes Amy claimed depreciation deductions in 2009 through 2011 totaling $10,000. Amend 2012 taxes 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. Amend 2012 taxes 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. Amend 2012 taxes 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. Amend 2012 taxes Amy divides 668 by 2,080 and obtains a decimal (rounded to at least three decimal places) of 0. Amend 2012 taxes 321. Amend 2012 taxes 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. Amend 2012 taxes 321. Amend 2012 taxes Because the gain attributable to periods of nonqualified use is $60,990, Amy can exclude $129,010 of her gain. Amend 2012 taxes Example 2. Amend 2012 taxes William owned and used a house as his main home from 2007 through 2010. Amend 2012 taxes On January 1, 2011, he moved to another state. Amend 2012 taxes He rented his house from that date until April 30, 2013, when he sold it. Amend 2012 taxes 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. Amend 2012 taxes He must report the sale on Form 4797 because it was rental property at the time of sale. Amend 2012 taxes 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. Amend 2012 taxes Because he met the ownership and use tests, he can exclude gain up to $250,000. Amend 2012 taxes 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. Amend 2012 taxes Depreciation after May 6, 1997. Amend 2012 taxes   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. Amend 2012 taxes 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. Amend 2012 taxes See Publication 544 for more information. Amend 2012 taxes Property used partly for business or rental. Amend 2012 taxes   If you used property partly as a home and partly for business or to produce rental income, see Publication 523. Amend 2012 taxes 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. Amend 2012 taxes If any of these conditions apply, report the entire gain or loss. Amend 2012 taxes For details on how to report the gain or loss, see the Instructions for Schedule D (Form 1040) and the Instructions for Form 8949. Amend 2012 taxes 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). Amend 2012 taxes See Business Use or Rental of Home in Publication 523 and the Instructions for Form 4797. Amend 2012 taxes Installment sale. Amend 2012 taxes    Some sales are made under arrangements that provide for part or all of the selling price to be paid in a later year. Amend 2012 taxes These sales are called “installment sales. Amend 2012 taxes ” 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. Amend 2012 taxes You may be able to report the part of the gain you cannot exclude on the installment basis. Amend 2012 taxes    Use Form 6252, Installment Sale Income, to report the sale. Amend 2012 taxes Enter your exclusion on line 15 of Form 6252. Amend 2012 taxes Seller-financed mortgage. Amend 2012 taxes   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. Amend 2012 taxes You must separately report as interest income the interest you receive as part of each payment. Amend 2012 taxes 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). Amend 2012 taxes The buyer must give you his or her SSN, and you must give the buyer your SSN. Amend 2012 taxes Failure to meet these requirements may result in a $50 penalty for each failure. Amend 2012 taxes If either you or the buyer does not have and is not eligible to get an SSN, see Social Security Number in chapter 1. Amend 2012 taxes More information. Amend 2012 taxes   For more information on installment sales, see Publication 537, Installment Sales. Amend 2012 taxes Special Situations The situations that follow may affect your exclusion. Amend 2012 taxes Sale of home acquired in a like-kind exchange. Amend 2012 taxes   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. Amend 2012 taxes Gain from a like-kind exchange is not taxable at the time of the exchange. Amend 2012 taxes This means that gain will not be taxed until you sell or otherwise dispose of the property you receive. Amend 2012 taxes 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. Amend 2012 taxes For more information about like-kind exchanges, see Publication 544, Sales and Other Dispositions of Assets. Amend 2012 taxes Home relinquished in a like-kind exchange. Amend 2012 taxes   If you use your main home partly for business or rental purposes and then exchange the home for another property, see Publication 523. Amend 2012 taxes Expatriates. Amend 2012 taxes   You cannot claim the exclusion if the expatriation tax applies to you. Amend 2012 taxes The expatriation tax applies to certain U. Amend 2012 taxes S. Amend 2012 taxes citizens who have renounced their citizenship (and to certain long-term residents who have ended their residency). Amend 2012 taxes For more information about the expatriation tax, see Expatriation Tax in chapter 4 of Publication 519, U. Amend 2012 taxes S. Amend 2012 taxes Tax Guide for Aliens. Amend 2012 taxes Home destroyed or condemned. Amend 2012 taxes   If your home was destroyed or condemned, any gain (for example, because of insurance proceeds you received) qualifies for the exclusion. Amend 2012 taxes   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. Amend 2012 taxes Sale of remainder interest. Amend 2012 taxes   Subject to the other rules in this chapter, you can choose to exclude gain from the sale of a remainder interest in your home. Amend 2012 taxes 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. Amend 2012 taxes Exception for sales to related persons. Amend 2012 taxes   You cannot exclude gain from the sale of a remainder interest in your home to a related person. Amend 2012 taxes Related persons include your brothers, sisters, half-brothers, half-sisters, spouse, ancestors (parents, grandparents, etc. Amend 2012 taxes ), and lineal descendants (children, grandchildren, etc. Amend 2012 taxes ). Amend 2012 taxes Related persons also include certain corporations, partnerships, trusts, and exempt organizations. Amend 2012 taxes 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. Amend 2012 taxes You recapture the benefit by increasing your federal income tax for the year of the sale. Amend 2012 taxes 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. Amend 2012 taxes Loans subject to recapture rules. Amend 2012 taxes   The recapture applies to loans that: Came from the proceeds of qualified mortgage bonds, or Were based on mortgage credit certificates. Amend 2012 taxes The recapture also applies to assumptions of these loans. Amend 2012 taxes When recapture applies. Amend 2012 taxes   Recapture of the federal mortgage subsidy applies only if you meet both of the following conditions. Amend 2012 taxes You sell or otherwise dispose of your home at a gain within the first 9 years after the date you close your mortgage loan. Amend 2012 taxes 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). Amend 2012 taxes When recapture does not apply. Amend 2012 taxes   Recapture does not apply in any of the following situations. Amend 2012 taxes 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. Amend 2012 taxes 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. Amend 2012 taxes For more information, see Publication 4492, Information for Taxpayers Affected by Hurricanes Katrina, Rita, and Wilma. Amend 2012 taxes Also see Publication 4492-B, Information for Affected Taxpayers in the Midwestern Disaster Areas. Amend 2012 taxes The home is disposed of as a result of your death. Amend 2012 taxes You dispose of the home more than 9 years after the date you closed your mortgage loan. Amend 2012 taxes You transfer the home to your spouse, or to your former spouse incident to a divorce, where no gain is included in your income. Amend 2012 taxes You dispose of the home at a loss. Amend 2012 taxes 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. Amend 2012 taxes 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. Amend 2012 taxes For more information, see Replacement Period in Publication 547. Amend 2012 taxes You refinance your mortgage loan (unless you later meet the conditions listed previously under When recapture applies ). Amend 2012 taxes Notice of amounts. Amend 2012 taxes   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. Amend 2012 taxes How to figure and report the recapture. Amend 2012 taxes    The recapture tax is figured on Form 8828. Amend 2012 taxes 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. Amend 2012 taxes Attach Form 8828 to your Form 1040. Amend 2012 taxes For more information, see Form 8828 and its instructions. Amend 2012 taxes Prev  Up  Next   Home   More Online Publications
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Start Saving Now

If you think it’s too late to start saving for retirement, think again. By setting some realistic goals and creating a plan, even for a few years, you can create a nest egg that can help you live a more comfortable retirement.

"Time is money" may be a trite expression, but when it comes to saving, it’s still very true. Just remember the compound interest lesson calculations you learned in math class. That lesson still applies. In a few years, you can make a significant contribution to your nest egg with a disciplined savings strategy.

Put every possible dollar into tax-advantageous retirement savings plans, a skilled financial planner can help you get the most for your money. If your employer offers to match your contribution to a 401(k), take advantage of that important retirement savings vehicle. Don’t leave money on the table! Look for other tax deductible savings plans if you still have a little extra to save. Your employer may offer additional pre-tax saving plans or you could open your own IRA. In addition, special provisions in federal retirement savings law allow employees 50 and older to save even more due to special catch-up provisions.

Cost-Cutting Strategies

Remember, a little cost-cutting now will help ensure that you enjoy a more comfortable retirement later. If you were planning to treat yourself to a new car, consider making due with your current vehicle for a few more years. Reallocate the money you’d use for a down payment toward your savings strategy. Also, take a look at your auto insurance coverage. If you’re paying for collision coverage for an older vehicle, consider dropping it. Take a look at your deductible, too. If you have a low deductible, perhaps $250, consider raising it to at least $500 or even $1,000. These two strategies could significantly reduce your auto insurance premium.

If you were considering taking an out-of-town vacation, vacation at home. You might be surprised by the interesting activities you have in town or a short drive away. Downsizing into a smaller home, hopefully with a smaller mortgage or none at all, may be an option. Even small changes like skipping the daily $4.00 cup of boutique coffee or packing your own lunch for work it can save you hundreds of dollars each year.

Redefine Retirement

Consider working longer. Postponing retirement by just a year or two can help you save thousands toward your goal and also allow more time for investment strategies to pay off, it can also increase your Social Security benefit. Also give thought to what your definition of retirement is. Many people who fully retire find themselves looking for a part-time job because they’re bored. Instead of leaving your employer entirely, consider a phased retirement and continue to working part time for several years.

The Amend 2012 Taxes

Amend 2012 taxes Index Symbols 401(k) Plan Elective Deferrals, Elective Deferrals (401(k) Plans) Safe harbor, Safe harbor 401(k) plan. Amend 2012 taxes A Annual additions, Annual additions. Amend 2012 taxes Annual benefits, Annual benefits. Amend 2012 taxes Assistance (see Tax help) Automatic Enrollment, Automatic Enrollment B Business, definition, Business. Amend 2012 taxes C Common-law employee, Common-law employee. Amend 2012 taxes Compensation, Compensation. Amend 2012 taxes Contribution Defined, Contribution. Amend 2012 taxes Limits Qualified plans, Limits on Contributions and Benefits SEP-IRAs, Contribution Limits SIMPLE IRA plan, Contribution Limits D Deduction Defined, SIMPLE plans. Amend 2012 taxes , Deduction. Amend 2012 taxes Deduction worksheet for self-employed, Figuring your deduction. Amend 2012 taxes Defined benefit plan Deduction limits, Defined benefit plans. Amend 2012 taxes Limits on contributions, Defined benefit plan. Amend 2012 taxes Defined contribution plan Automatic Enrollment, Automatic Enrollment Deduction limits, Defined contribution plans. Amend 2012 taxes Eligible automatic contribution arrangement, Eligible automatic contribution arrangement. Amend 2012 taxes Forfeitures, Forfeiture. Amend 2012 taxes Limits on contributions, Defined contribution plan. Amend 2012 taxes Money purchase pension plan, Money purchase pension plan. Amend 2012 taxes Profit-sharing plan, Profit-sharing plan. Amend 2012 taxes Qualified automatic contribution arrangement, Qualified automatic contribution arrangement. Amend 2012 taxes Definitions you need to know, Definitions You Need To Know Disqualified person, Prohibited Transactions Distributions (withdrawals), Distributions (Withdrawals) E EACA, Eligible automatic contribution arrangement. Amend 2012 taxes Earned income, Earned income. Amend 2012 taxes Eligible automatic contribution arrangement, Eligible automatic contribution arrangement. Amend 2012 taxes Employees Eligible, Eligible employee. Amend 2012 taxes Excludable, Excludable employees. Amend 2012 taxes Highly compensated, Highly compensated employee. Amend 2012 taxes Leased, Leased employee. Amend 2012 taxes Employer Defined, Employer. Amend 2012 taxes Excess Deferrals, Treatment of Excess Deferrals Excise tax, Excise Tax on Reversion of Plan Assets Nondeductible (excess) contributions, Excise Tax for Nondeductible (Excess) Contributions Reduced benefit accrual, Notification of Significant Benefit Accrual Reduction SEP excess contributions, Excise tax. Amend 2012 taxes Excludable employees, Excludable employees. Amend 2012 taxes F Form 1040, Where To Deduct Contributions, Reporting the tax. Amend 2012 taxes 1099-R, Reporting corrective distributions on Form 1099-R. Amend 2012 taxes 5304–SIMPLE, How To Set Up a SIMPLE IRA Plan 5305–S, Setting up a SIMPLE IRA. Amend 2012 taxes 5305–SA, Setting up a SIMPLE IRA. Amend 2012 taxes 5305–SEP, Formal written agreement. Amend 2012 taxes 5305–SIMPLE, How To Set Up a SIMPLE IRA Plan 5310, Form 5310. Amend 2012 taxes 5329, Reporting the tax. Amend 2012 taxes 5330, Reporting the tax. Amend 2012 taxes , Tax on excess contributions of highly compensated employees. Amend 2012 taxes , Excise Tax on Reversion of Plan Assets, Payment of the 15% tax. Amend 2012 taxes 5500, Form 5500. Amend 2012 taxes , Electronic filing of Forms 5500 and 5500-SF. Amend 2012 taxes 5500-EZ, Form 5500-EZ. Amend 2012 taxes Form W-2, Reporting on Form W-2. Amend 2012 taxes Schedule K (Form 1065), Where To Deduct Contributions Free tax services, Free help with your return. Amend 2012 taxes H Highly compensated employee, Highly compensated employee. Amend 2012 taxes K Keogh plans (see Qualified plans) L Leased employee, Leased employee. Amend 2012 taxes N Net earnings from self-employment, Net earnings from self-employment. Amend 2012 taxes Notification requirements, Notification Requirement P Participant, definition, Participant. Amend 2012 taxes Participation, Participation. Amend 2012 taxes Partner, definition, Partner. Amend 2012 taxes Publications (see Tax help) Q QACA, Qualified automatic contribution arrangement. Amend 2012 taxes Qualified automatic contribution arrangement, Qualified automatic contribution arrangement. Amend 2012 taxes Qualified Plan, definition, Qualified plan. Amend 2012 taxes Qualified plans, Limits on Contributions and Benefits Assignment of benefits, Benefits must not be assigned or alienated. Amend 2012 taxes Benefits starting date, Benefit payment must begin when required. Amend 2012 taxes Contributions, Contributions, Employer Contributions, Limits on Contributions and Benefits, When Contributions Are Considered Made, Where To Deduct Contributions Deduction limits, Deduction Limits, Defined contribution plans. Amend 2012 taxes , Defined benefit plans. Amend 2012 taxes , Deduction Limit for Self-Employed Individuals, Carryover of Excess Contributions, Excise Tax for Nondeductible (Excess) Contributions Deduction Worksheet for Self-Employed, Table and Worksheets for the Self-Employed Deductions, Employer Deduction Deferrals, Treatment of contributions. Amend 2012 taxes , Reporting on Form W-2. Amend 2012 taxes Defined benefit plan, Defined Benefit Plan Defined contribution plan, Defined Contribution Plan Distributions, Distributions Minimum, Required Distributions Required beginning date, Required beginning date. Amend 2012 taxes Rollover, Rollover. Amend 2012 taxes Tax on excess benefits, Tax on Excess Benefits Tax on premature, Tax on Early Distributions Tax treatment, Tax Treatment of Distributions Elective Deferrals, Elective Deferrals (401(k) Plans) Limits, Limit on Elective Deferrals Employee nondeductible contributions, Employee Contributions Excess Deferrals, Treatment of Excess Deferrals Investing plan assets, Investing Plan Assets Kinds of plans, Kinds of Plans Leased employees, Leased employee. Amend 2012 taxes Minimum requirements Coverage, Minimum coverage requirement must be met. Amend 2012 taxes Funding, Minimum Funding Requirement Vesting, Minimum vesting standard must be met. Amend 2012 taxes Prohibited transactions, Prohibited Transactions Qualification rules, Qualification Rules Rate Table for Self-Employed, Table and Worksheets for the Self-Employed Rate Worksheet for Self-Employed, Table and Worksheets for the Self-Employed Reporting requirements, Reporting Requirements Setting up, Setting Up a Qualified Plan Qualified Plans Survivor benefits, Survivor benefits. Amend 2012 taxes Qualified Roth Contribution Program, Qualified Roth Contribution Program R Rate Table for Self-Employed, Rate table for self-employed. Amend 2012 taxes Rate Worksheet for Self-Employed, Rate worksheet for self-employed. Amend 2012 taxes Required distributions, Required Distributions Rollovers, Rollover. Amend 2012 taxes S Safe harbor 401(k) plan, Safe harbor 401(k) plan. Amend 2012 taxes Salary reduction arrangement, Deferral percentage. Amend 2012 taxes , Limit on Elective Deferrals Salary Reduction Simplified Employee Pension(SARSEP), Salary Reduction Simplified Employee Pensions (SARSEPs) SARSEP ADP test, SARSEP ADP test. Amend 2012 taxes Section 402(f) notice, Section 402(f) Notice. Amend 2012 taxes Self-employed individual, Self-employed individual. Amend 2012 taxes SEP plans Deduction Worksheet for Self-Employed, Table and Worksheets for the Self-Employed Rate Table for Self-Employed, Table and Worksheets for the Self-Employed Rate Worksheet for Self-Employed, Table and Worksheets for the Self-Employed Reporting and Disclosure, Reporting and Disclosure Requirements SEP-IRAs Contributions, Contributions for yourself. Amend 2012 taxes Deductible contributions, Deducting Contributions, Excise tax. Amend 2012 taxes Carryover of excess contributions, Carryover of Excess SEP Contributions Deduction limits, Deduction Limit for Contributions for Participants Limits for self-employed, Deduction Limit for Self-Employed Individuals When to deduct, When To Deduct Contributions Where to deduct, Where To Deduct Contributions Distributions (withdrawals), Distributions (Withdrawals) Eligible employee, Eligible employee. Amend 2012 taxes Excludable employees, Excludable employees. Amend 2012 taxes SIMPLE IRA plan Compensation, Compensation. Amend 2012 taxes Contributions, Contribution Limits Deductions, Nonelective contributions. Amend 2012 taxes Distributions(withdrawals), Distributions (Withdrawals) Employee election period, Election period. Amend 2012 taxes Employer matching contributions, Employer matching contributions. Amend 2012 taxes Excludable employees, Excludable employees. Amend 2012 taxes Notification requirements, Notification Requirement When to deduct contributions, When To Deduct Contributions SIMPLE plans, Who Can Set Up a SIMPLE IRA Plan?, Reporting on Form W-2. Amend 2012 taxes SIMPLE 401(k), SIMPLE 401(k) Plan SIMPLE IRA plan, SIMPLE IRA Plan Simplified employee pension (SEP), Salary Reduction Simplified Employee Pensions (SARSEPs) Salary reduction arrangement Compensation of self-employed individuals, Compensation of self-employed individuals. Amend 2012 taxes Employee compensation, Employee compensation. Amend 2012 taxes Who can have a SARSEP, Who can have a SARSEP? SEP-IRA contributions, How Much Can I Contribute? Setting up a SEP, Setting Up a SEP Sixty-day employee election period, Election period. Amend 2012 taxes Sole proprietor, definition, Sole proprietor. Amend 2012 taxes T Tax help, How To Get Tax Help U User fee, User fee. Amend 2012 taxes W Worksheets Deduction Worksheet for Self-Employed, Table and Worksheets for the Self-Employed Rate Worksheet for Self-Employed, Table and Worksheets for the Self-Employed Prev  Up     Home   More Online Publications