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Can I File 2012 And 2013 Taxes Together

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Can I File 2012 And 2013 Taxes Together

Can i file 2012 and 2013 taxes together 5. Can i file 2012 and 2013 taxes together   Business Income Table of Contents Introduction Kinds of IncomeBartering for Property or Services Real Estate Rents Personal Property Rents Interest and Dividend Income Canceled Debt Other Income Items That Are Not IncomeAmount you can exclude. Can i file 2012 and 2013 taxes together Short-term lease. Can i file 2012 and 2013 taxes together Retail space. Can i file 2012 and 2013 taxes together Qualified long-term real property. Can i file 2012 and 2013 taxes together Guidelines for Selected Occupations Accounting for Your Income Introduction This chapter primarily explains business income and how to account for it on your tax return, what items are not considered income, and gives guidelines for selected occupations. Can i file 2012 and 2013 taxes together If there is a connection between any income you receive and your business, the income is business income. Can i file 2012 and 2013 taxes together A connection exists if it is clear that the payment of income would not have been made if you did not have the business. Can i file 2012 and 2013 taxes together You can have business income even if you are not involved in the activity on a regular full-time basis. Can i file 2012 and 2013 taxes together Income from work you do on the side in addition to your regular job can be business income. Can i file 2012 and 2013 taxes together You report most business income, such as income from selling your products or services, on Schedule C or C-EZ. Can i file 2012 and 2013 taxes together But you report the income from the sale of business assets, such as land and office buildings, on other forms instead of Schedule C or C-EZ. Can i file 2012 and 2013 taxes together For information on selling business assets, see chapter 3. Can i file 2012 and 2013 taxes together Nonemployee compensation. Can i file 2012 and 2013 taxes together Business income includes amounts you received in your business that were properly shown on Forms 1099-MISC. Can i file 2012 and 2013 taxes together This includes amounts reported as nonemployee compensation in box 7 of the form. Can i file 2012 and 2013 taxes together You can find more information in the instructions on the back of the Form 1099-MISC you received. Can i file 2012 and 2013 taxes together Kinds of Income You must report on your tax return all income you receive from your business unless it is excluded by law. Can i file 2012 and 2013 taxes together In most cases, your business income will be in the form of cash, checks, and credit card charges. Can i file 2012 and 2013 taxes together But business income can be in other forms, such as property or services. Can i file 2012 and 2013 taxes together These and other types of income are explained next. Can i file 2012 and 2013 taxes together If you are a U. Can i file 2012 and 2013 taxes together S. Can i file 2012 and 2013 taxes together citizen who has business income from sources outside the United States (foreign income), you must report that income on your tax return unless it is exempt from tax under U. Can i file 2012 and 2013 taxes together S. Can i file 2012 and 2013 taxes together law. Can i file 2012 and 2013 taxes together If you live outside the United States, you may be able to exclude part or all of your foreign-source business income. Can i file 2012 and 2013 taxes together For details, see Publication 54, Tax Guide for U. Can i file 2012 and 2013 taxes together S. Can i file 2012 and 2013 taxes together Citizens and Resident Aliens Abroad. Can i file 2012 and 2013 taxes together Bartering for Property or Services Bartering is an exchange of property or services. Can i file 2012 and 2013 taxes together You must include in your gross receipts, at the time received, the fair market value of property or services you receive in exchange for something else. Can i file 2012 and 2013 taxes together If you exchange services with another person and you both have agreed ahead of time on the value of the services, that value will be accepted as the fair market value unless the value can be shown to be otherwise. Can i file 2012 and 2013 taxes together Example 1. Can i file 2012 and 2013 taxes together You are a self-employed lawyer. Can i file 2012 and 2013 taxes together You perform legal services for a client, a small corporation. Can i file 2012 and 2013 taxes together In payment for your services, you receive shares of stock in the corporation. Can i file 2012 and 2013 taxes together You must include the fair market value of the shares in income. Can i file 2012 and 2013 taxes together Example 2. Can i file 2012 and 2013 taxes together You are an artist and create a work of art to compensate your landlord for the rent-free use of your apartment. Can i file 2012 and 2013 taxes together You must include the fair rental value of the apartment in your gross receipts. Can i file 2012 and 2013 taxes together Your landlord must include the fair market value of the work of art in his or her rental income. Can i file 2012 and 2013 taxes together Example 3. Can i file 2012 and 2013 taxes together You are a self-employed accountant. Can i file 2012 and 2013 taxes together Both you and a house painter are members of a barter club, an organization that each year gives its members a directory of members and the services each member provides. Can i file 2012 and 2013 taxes together Members get in touch with other members directly and bargain for the value of the services to be performed. Can i file 2012 and 2013 taxes together In return for accounting services you provided for the house painter's business, the house painter painted your home. Can i file 2012 and 2013 taxes together You must include in gross receipts the fair market value of the services you received from the house painter. Can i file 2012 and 2013 taxes together The house painter must include the fair market value of your accounting services in his or her gross receipts. Can i file 2012 and 2013 taxes together Example 4. Can i file 2012 and 2013 taxes together You are a member of a barter club that uses credit units to credit or debit members' accounts for goods or services provided or received. Can i file 2012 and 2013 taxes together As soon as units are credited to your account, you can use them to buy goods or services or sell or transfer the units to other members. Can i file 2012 and 2013 taxes together You must include the value of credit units you received in your gross receipts for the tax year in which the units are credited to your account. Can i file 2012 and 2013 taxes together The dollar value of units received for services by an employee of the club, who can use the units in the same manner as other members, must be included in the employee's gross income for the tax year in which received. Can i file 2012 and 2013 taxes together It is wages subject to social security and Medicare taxes (FICA), federal unemployment taxes (FUTA), and income tax withholding. Can i file 2012 and 2013 taxes together See Publication 15 (Circular E), Employer's Tax Guide. Can i file 2012 and 2013 taxes together Example 5. Can i file 2012 and 2013 taxes together You operate a plumbing business and use the cash method of accounting. Can i file 2012 and 2013 taxes together You join a barter club and agree to provide plumbing services to any member for a specified number of hours. Can i file 2012 and 2013 taxes together Each member has access to a directory that lists the members of the club and the services available. Can i file 2012 and 2013 taxes together Members contact each other directly and request services to be performed. Can i file 2012 and 2013 taxes together You are not required to provide services unless requested by another member, but you can use as many of the offered services as you wish without paying a fee. Can i file 2012 and 2013 taxes together You must include the fair market value of any services you receive from club members in your gross receipts when you receive them even if you have not provided any services to club members. Can i file 2012 and 2013 taxes together Information returns. Can i file 2012 and 2013 taxes together   If you are involved in a bartering transaction, you may have to file either of the following forms. Can i file 2012 and 2013 taxes together Form 1099-B, Proceeds From Broker and Barter Exchange Transactions. Can i file 2012 and 2013 taxes together Form 1099-MISC, Miscellaneous Income. Can i file 2012 and 2013 taxes together For information about these forms, see the General Instructions for Certain Information Returns. Can i file 2012 and 2013 taxes together Real Estate Rents If you are a real estate dealer who receives income from renting real property or an owner of a hotel, motel, etc. Can i file 2012 and 2013 taxes together , who provides services (maid services, etc. Can i file 2012 and 2013 taxes together ) for guests, report the rental income and expenses on Schedule C or C-EZ. Can i file 2012 and 2013 taxes together If you are not a real estate dealer or the kind of owner described in the preceding sentence, report the rental income and expenses on Schedule E. Can i file 2012 and 2013 taxes together For more information, see Publication 527, Residential Rental Property (Including Rental of Vacation Homes). Can i file 2012 and 2013 taxes together Real estate dealer. Can i file 2012 and 2013 taxes together   You are a real estate dealer if you are engaged in the business of selling real estate to customers with the purpose of making a profit from those sales. Can i file 2012 and 2013 taxes together Rent you receive from real estate held for sale to customers is subject to SE tax. Can i file 2012 and 2013 taxes together However, rent you receive from real estate held for speculation or investment is not subject to SE tax. Can i file 2012 and 2013 taxes together Trailer park owner. Can i file 2012 and 2013 taxes together   Rental income from a trailer park is subject to SE tax if you are a self-employed trailer park owner who provides trailer lots and facilities and substantial services for the convenience of your tenants. Can i file 2012 and 2013 taxes together    You generally are considered to provide substantial services for tenants if they are primarily for the tenants' convenience and normally are not provided to maintain the lots in a condition for occupancy. Can i file 2012 and 2013 taxes together Services are substantial if the compensation for the services makes up a material part of the tenants' rental payments. Can i file 2012 and 2013 taxes together   Examples of services that are not normally provided for the tenants' convenience include supervising and maintaining a recreational hall provided by the park, distributing a monthly newsletter to tenants, operating a laundry facility, and helping tenants buy or sell their trailers. Can i file 2012 and 2013 taxes together   Examples of services that are normally provided to maintain the lots in a condition for tenant occupancy include city sewerage, electrical connections, and roadways. Can i file 2012 and 2013 taxes together Hotels, boarding houses, and apartments. Can i file 2012 and 2013 taxes together   Rental income you receive for the use or occupancy of hotels, boarding houses, or apartment houses is subject to SE tax if you provide services for the occupants. Can i file 2012 and 2013 taxes together   Generally, you are considered to provide services for the occupants if the services are primarily for their convenience and are not services normally provided with the rental of rooms for occupancy only. Can i file 2012 and 2013 taxes together An example of a service that is not normally provided for the convenience of the occupants is maid service. Can i file 2012 and 2013 taxes together However, providing heat and light, cleaning stairways and lobbies, and collecting trash are services normally provided for the occupants' convenience. Can i file 2012 and 2013 taxes together Prepaid rent. Can i file 2012 and 2013 taxes together   Advance payments received under a lease that does not put any restriction on their use or enjoyment are income in the year you receive them. Can i file 2012 and 2013 taxes together This is true no matter what accounting method or period you use. Can i file 2012 and 2013 taxes together Lease bonus. Can i file 2012 and 2013 taxes together   A bonus you receive from a lessee for granting a lease is an addition to the rent. Can i file 2012 and 2013 taxes together Include it in your gross receipts in the year received. Can i file 2012 and 2013 taxes together Lease cancellation payments. Can i file 2012 and 2013 taxes together   Report payments you receive from your lessee for canceling a lease in your gross receipts in the year received. Can i file 2012 and 2013 taxes together Payments to third parties. Can i file 2012 and 2013 taxes together   If your lessee makes payments to someone else under an agreement to pay your debts or obligations, include the payments in your gross receipts when the lessee makes the payments. Can i file 2012 and 2013 taxes together A common example of this kind of income is a lessee's payment of your property taxes on leased real property. Can i file 2012 and 2013 taxes together Settlement payments. Can i file 2012 and 2013 taxes together   Payments you receive in settlement of a lessee's obligation to restore the leased property to its original condition are income in the amount that the payments exceed the adjusted basis of the leasehold improvements destroyed, damaged, removed, or disconnected by the lessee. Can i file 2012 and 2013 taxes together Personal Property Rents If you are in the business of renting personal property (equipment, vehicles, formal wear, etc. Can i file 2012 and 2013 taxes together ), include the rental amount you receive in your gross receipts on Schedule C or C-EZ. Can i file 2012 and 2013 taxes together Prepaid rent and other payments described in the preceding Real Estate Rents discussion can also be received for renting personal property. Can i file 2012 and 2013 taxes together If you receive any of those payments, include them in your gross receipts as explained in that discussion. Can i file 2012 and 2013 taxes together Interest and Dividend Income Interest and dividends may be considered business income. Can i file 2012 and 2013 taxes together Interest. Can i file 2012 and 2013 taxes together   Interest received on notes receivable that you have accepted in the ordinary course of business is business income. Can i file 2012 and 2013 taxes together Interest received on loans is business income if you are in the business of lending money. Can i file 2012 and 2013 taxes together Uncollectible loans. Can i file 2012 and 2013 taxes together   If a loan payable to you becomes uncollectible during the tax year and you use an accrual method of accounting, you must include in gross income interest accrued up to the time the loan became uncollectible. Can i file 2012 and 2013 taxes together If the accrued interest later becomes uncollectible, you may be able to take a bad debt deduction. Can i file 2012 and 2013 taxes together See Bad Debts in chapter 8. Can i file 2012 and 2013 taxes together Unstated interest. Can i file 2012 and 2013 taxes together   If little or no interest is charged on an installment sale, you may have to treat a part of each payment as unstated interest. Can i file 2012 and 2013 taxes together See Unstated Interest and Original Issue Discount (OID) in Publication 537, Installment Sales. Can i file 2012 and 2013 taxes together Dividends. Can i file 2012 and 2013 taxes together   Generally, dividends are business income to dealers in securities. Can i file 2012 and 2013 taxes together For most sole proprietors and statutory employees, however, dividends are nonbusiness income. Can i file 2012 and 2013 taxes together If you hold stock as a personal investment separately from your business activity, the dividends from the stock are nonbusiness income. Can i file 2012 and 2013 taxes together   If you receive dividends from business insurance premiums you deducted in an earlier year, you must report all or part of the dividend as business income on your return. Can i file 2012 and 2013 taxes together To find out how much you have to report, see   Recovery of items previously deducted under Other Income, later. Can i file 2012 and 2013 taxes together Canceled Debt The following explains the general rule for including canceled debt in income and the exceptions to the general rule. Can i file 2012 and 2013 taxes together General Rule Generally, if your debt is canceled or forgiven, other than as a gift or bequest to you, you must include the canceled amount in your gross income for tax purposes. Can i file 2012 and 2013 taxes together Report the canceled amount on line 6 of Schedule C if you incurred the debt in your business. Can i file 2012 and 2013 taxes together If the debt is a nonbusiness debt, report the canceled amount on line 21 of Form 1040. Can i file 2012 and 2013 taxes together Exceptions The following discussion covers some exceptions to the general rule for canceled debt. Can i file 2012 and 2013 taxes together Price reduced after purchase. Can i file 2012 and 2013 taxes together   If you owe a debt to the seller for property you bought and the seller reduces the amount you owe, you generally do not have income from the reduction. Can i file 2012 and 2013 taxes together Unless you are bankrupt or insolvent, treat the amount of the reduction as a purchase price adjustment and reduce your basis in the property. Can i file 2012 and 2013 taxes together Deductible debt. Can i file 2012 and 2013 taxes together   You do not realize income from a canceled debt to the extent the payment of the debt would have led to a deduction. Can i file 2012 and 2013 taxes together Example. Can i file 2012 and 2013 taxes together You get accounting services for your business on credit. Can i file 2012 and 2013 taxes together Later, you have trouble paying your business debts, but you are not bankrupt or insolvent. Can i file 2012 and 2013 taxes together Your accountant forgives part of the amount you owe for the accounting services. Can i file 2012 and 2013 taxes together How you treat the canceled debt depends on your method of accounting. Can i file 2012 and 2013 taxes together Cash method — You do not include the canceled debt in income because payment of the debt would have been deductible as a business expense. Can i file 2012 and 2013 taxes together Accrual method — You include the canceled debt in income because the expense was deductible when you incurred the debt. Can i file 2012 and 2013 taxes together   For information on the cash and accrual methods of accounting, see chapter 2. Can i file 2012 and 2013 taxes together Exclusions Do not include canceled debt in income in the following situations. Can i file 2012 and 2013 taxes together However, you may be required to file Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness. Can i file 2012 and 2013 taxes together For more information, see Form 982. Can i file 2012 and 2013 taxes together The cancellation takes place in a bankruptcy case under title 11 of the U. Can i file 2012 and 2013 taxes together S. Can i file 2012 and 2013 taxes together Code (relating to bankruptcy). Can i file 2012 and 2013 taxes together See Publication 908, Bankruptcy Tax Guide. Can i file 2012 and 2013 taxes together The cancellation takes place when you are insolvent. Can i file 2012 and 2013 taxes together You can exclude the canceled debt to the extent you are insolvent. Can i file 2012 and 2013 taxes together See Publication 908. Can i file 2012 and 2013 taxes together The canceled debt is a qualified farm debt owed to a qualified person. Can i file 2012 and 2013 taxes together See chapter 3 in Publication 225, Farmer's Tax Guide. Can i file 2012 and 2013 taxes together The canceled debt is a qualified real property business debt. Can i file 2012 and 2013 taxes together This situation is explained later. Can i file 2012 and 2013 taxes together The canceled debt is qualified principal residence indebtedness which is discharged after 2006. Can i file 2012 and 2013 taxes together See Form 982. Can i file 2012 and 2013 taxes together If a canceled debt is excluded from income because it takes place in a bankruptcy case, the exclusions in situations 2 through 5 do not apply. Can i file 2012 and 2013 taxes together If it takes place when you are insolvent, the exclusions in situations 3 and 4 do not apply to the extent you are insolvent. Can i file 2012 and 2013 taxes together Debt. Can i file 2012 and 2013 taxes together   For purposes of this discussion, debt includes any debt for which you are liable or which attaches to property you hold. Can i file 2012 and 2013 taxes together Qualified real property business debt. Can i file 2012 and 2013 taxes together   You can elect to exclude (up to certain limits) the cancellation of qualified real property business debt. Can i file 2012 and 2013 taxes together If you make the election, you must reduce the basis of your depreciable real property by the amount excluded. Can i file 2012 and 2013 taxes together Make this reduction at the beginning of your tax year following the tax year in which the cancellation occurs. Can i file 2012 and 2013 taxes together However, if you dispose of the property before that time, you must reduce its basis immediately before the disposition. Can i file 2012 and 2013 taxes together Cancellation of qualified real property business debt. Can i file 2012 and 2013 taxes together   Qualified real property business debt is debt (other than qualified farm debt) that meets all the following conditions. Can i file 2012 and 2013 taxes together It was incurred or assumed in connection with real property used in a trade or business. Can i file 2012 and 2013 taxes together It was secured by such real property. Can i file 2012 and 2013 taxes together It was incurred or assumed at either of the following times. Can i file 2012 and 2013 taxes together Before January 1, 1993. Can i file 2012 and 2013 taxes together After December 31, 1992, if incurred or assumed to acquire, construct, or substantially improve the real property. Can i file 2012 and 2013 taxes together It is debt to which you choose to apply these rules. Can i file 2012 and 2013 taxes together   Qualified real property business debt includes refinancing of debt described in (3) earlier, but only to the extent it does not exceed the debt being refinanced. Can i file 2012 and 2013 taxes together   You cannot exclude more than either of the following amounts. Can i file 2012 and 2013 taxes together The excess (if any) of: The outstanding principal of qualified real property business debt (immediately before the cancellation), over The fair market value (immediately before the cancellation) of the business real property that is security for the debt, reduced by the outstanding principal amount of any other qualified real property business debt secured by this property immediately before the cancellation. Can i file 2012 and 2013 taxes together The total adjusted bases of depreciable real property held by you immediately before the cancellation. Can i file 2012 and 2013 taxes together These adjusted bases are determined after any basis reduction due to a cancellation in bankruptcy, insolvency, or of qualified farm debt. Can i file 2012 and 2013 taxes together Do not take into account depreciable real property acquired in contemplation of the cancellation. Can i file 2012 and 2013 taxes together Election. Can i file 2012 and 2013 taxes together   To make this election, complete Form 982 and attach it to your income tax return for the tax year in which the cancellation occurs. Can i file 2012 and 2013 taxes together You must file your return by the due date (including extensions). Can i file 2012 and 2013 taxes together If you timely filed your return for the year without making the election, you can still make the election by filing an amended return within 6 months of the due date of the return (excluding extensions). Can i file 2012 and 2013 taxes together For more information, see When To File in the form instructions. Can i file 2012 and 2013 taxes together Other Income The following discussion explains how to treat other types of business income you may receive. Can i file 2012 and 2013 taxes together Restricted property. Can i file 2012 and 2013 taxes together   Restricted property is property that has certain restrictions that affect its value. Can i file 2012 and 2013 taxes together If you receive restricted stock or other property for services performed, the fair market value of the property in excess of your cost is included in your income on Schedule C or C-EZ when the restriction is lifted. Can i file 2012 and 2013 taxes together However, you can choose to be taxed in the year you receive the property. Can i file 2012 and 2013 taxes together For more information on including restricted property in income, see Publication 525, Taxable and Nontaxable Income. Can i file 2012 and 2013 taxes together Gains and losses. Can i file 2012 and 2013 taxes together   Do not report on Schedule C or C-EZ a gain or loss from the disposition of property that is neither stock in trade nor held primarily for sale to customers. Can i file 2012 and 2013 taxes together Instead, you must report these gains and losses on other forms. Can i file 2012 and 2013 taxes together For more information, see chapter 3. Can i file 2012 and 2013 taxes together Promissory notes. Can i file 2012 and 2013 taxes together   Report promissory notes and other evidences of debt issued to you in a sale or exchange of property that is stock in trade or held primarily for sale to customers on Schedule C or C-EZ. Can i file 2012 and 2013 taxes together In general, you report them at their stated principal amount (minus any unstated interest) when you receive them. Can i file 2012 and 2013 taxes together Lost income payments. Can i file 2012 and 2013 taxes together   If you reduce or stop your business activities, report on Schedule C or C-EZ any payment you receive for the lost income of your business from insurance or other sources. Can i file 2012 and 2013 taxes together Report it on Schedule C or C-EZ even if your business is inactive when you receive the payment. Can i file 2012 and 2013 taxes together Damages. Can i file 2012 and 2013 taxes together   You must include in gross income compensation you receive during the tax year as a result of any of the following injuries connected with your business. Can i file 2012 and 2013 taxes together Patent infringement. Can i file 2012 and 2013 taxes together Breach of contract or fiduciary duty. Can i file 2012 and 2013 taxes together Antitrust injury. Can i file 2012 and 2013 taxes together Economic injury. Can i file 2012 and 2013 taxes together   You may be entitled to a deduction against the income if it compensates you for actual economic injury. Can i file 2012 and 2013 taxes together Your deduction is the smaller of the following amounts. Can i file 2012 and 2013 taxes together The amount you receive or accrue for damages in the tax year reduced by the amount you pay or incur in the tax year to recover that amount. Can i file 2012 and 2013 taxes together Your loss from the injury that you have not yet deducted. Can i file 2012 and 2013 taxes together Punitive damages. Can i file 2012 and 2013 taxes together   You must also include punitive damages in income. Can i file 2012 and 2013 taxes together Kickbacks. Can i file 2012 and 2013 taxes together   If you receive any kickbacks, include them in your income on Schedule C or C-EZ. Can i file 2012 and 2013 taxes together However, do not include them if you properly treat them as a reduction of a related expense item, a capital expenditure, or cost of goods sold. Can i file 2012 and 2013 taxes together Recovery of items previously deducted. Can i file 2012 and 2013 taxes together   If you recover a bad debt or any other item deducted in a previous year, include the recovery in income on Schedule C or C-EZ. Can i file 2012 and 2013 taxes together However, if all or part of the deduction in earlier years did not reduce your tax, you can exclude the part that did not reduce your tax. Can i file 2012 and 2013 taxes together If you exclude part of the recovery from income, you must include with your return a computation showing how you figured the exclusion. Can i file 2012 and 2013 taxes together Example. Can i file 2012 and 2013 taxes together Joe Smith, a sole proprietor, had gross income of $8,000, a bad debt deduction of $300, and other allowable deductions of $7,700. Can i file 2012 and 2013 taxes together He also had 2 personal exemptions for a total of $7,800. Can i file 2012 and 2013 taxes together He would not pay income tax even if he did not deduct the bad debt. Can i file 2012 and 2013 taxes together Therefore, he will not report as income any part of the $300 he may recover in any future year. Can i file 2012 and 2013 taxes together Exception for depreciation. Can i file 2012 and 2013 taxes together   This rule does not apply to depreciation. Can i file 2012 and 2013 taxes together You recover depreciation using the rules explained next. Can i file 2012 and 2013 taxes together Recapture of depreciation. Can i file 2012 and 2013 taxes together   In the following situations, you have to recapture the depreciation deduction. Can i file 2012 and 2013 taxes together This means you include in income part or all of the depreciation you deducted in previous years. Can i file 2012 and 2013 taxes together Listed property. Can i file 2012 and 2013 taxes together   If your business use of listed property (explained in chapter 8 under Depreciation ) falls to 50% or less in a tax year after the tax year you placed the property in service, you may have to recapture part of the depreciation deduction. Can i file 2012 and 2013 taxes together You do this by including in income on Schedule C part of the depreciation you deducted in previous years. Can i file 2012 and 2013 taxes together Use Part IV of Form 4797, Sales of Business Property, to figure the amount to include on Schedule C. Can i file 2012 and 2013 taxes together For more information, see What is the Business-Use Requirement? in chapter 5 of Publication 946, How To Depreciate Property. Can i file 2012 and 2013 taxes together That chapter explains how to determine whether property is used more than 50% in your business. Can i file 2012 and 2013 taxes together Section 179 property. Can i file 2012 and 2013 taxes together   If you take a section 179 deduction (explained in chapter 8 under Depreciation ) for an asset and before the end of the asset's recovery period the percentage of business use drops to 50% or less, you must recapture part of the section 179 deduction. Can i file 2012 and 2013 taxes together You do this by including in income on Schedule C part of the deduction you took. Can i file 2012 and 2013 taxes together Use Part IV of Form 4797 to figure the amount to include on Schedule C. Can i file 2012 and 2013 taxes together See chapter 2 in Publication 946 to find out when you recapture the deduction. Can i file 2012 and 2013 taxes together Sale or exchange of depreciable property. Can i file 2012 and 2013 taxes together   If you sell or exchange depreciable property at a gain, you may have to treat all or part of the gain due to depreciation as ordinary income. Can i file 2012 and 2013 taxes together You figure the income due to depreciation recapture in Part III of Form 4797. Can i file 2012 and 2013 taxes together For more information, see chapter 4 in Publication 544, Sales and Other Dispositions of Assets. Can i file 2012 and 2013 taxes together Items That Are Not Income In some cases the property or money you receive is not income. Can i file 2012 and 2013 taxes together Appreciation. Can i file 2012 and 2013 taxes together   Increases in value of your property are not income until you realize the increases through a sale or other taxable disposition. Can i file 2012 and 2013 taxes together Consignments. Can i file 2012 and 2013 taxes together   Consignments of merchandise to others to sell for you are not sales. Can i file 2012 and 2013 taxes together The title of merchandise remains with you, the consignor, even after the consignee possesses the merchandise. Can i file 2012 and 2013 taxes together Therefore, if you ship goods on consignment, you have no profit or loss until the consignee sells the merchandise. Can i file 2012 and 2013 taxes together Merchandise you have shipped out on consignment is included in your inventory until it is sold. Can i file 2012 and 2013 taxes together   Do not include merchandise you receive on consignment in your inventory. Can i file 2012 and 2013 taxes together Include your profit or commission on merchandise consigned to you in your income when you sell the merchandise or when you receive your profit or commission, depending upon the method of accounting you use. Can i file 2012 and 2013 taxes together Construction allowances. Can i file 2012 and 2013 taxes together   If you enter into a lease after August 5, 1997, you can exclude from income the construction allowance you receive (in cash or as a rent reduction) from your landlord if you receive it under both the following conditions. Can i file 2012 and 2013 taxes together Under a short-term lease of retail space. Can i file 2012 and 2013 taxes together For the purpose of constructing or improving qualified long-term real property for use in your business at that retail space. Can i file 2012 and 2013 taxes together Amount you can exclude. Can i file 2012 and 2013 taxes together   You can exclude the construction allowance to the extent it does not exceed the amount you spent for construction or improvements. Can i file 2012 and 2013 taxes together Short-term lease. Can i file 2012 and 2013 taxes together   A short-term lease is a lease (or other agreement for occupancy or use) of retail space for 15 years or less. Can i file 2012 and 2013 taxes together The following rules apply in determining whether the lease is for 15 years or less. Can i file 2012 and 2013 taxes together Take into account options to renew when figuring whether the lease is for 15 years or less. Can i file 2012 and 2013 taxes together But do not take into account any option to renew at fair market value determined at the time of renewal. Can i file 2012 and 2013 taxes together Two or more successive leases that are part of the same transaction (or a series of related transactions) for the same or substantially similar retail space are treated as one lease. Can i file 2012 and 2013 taxes together Retail space. Can i file 2012 and 2013 taxes together   Retail space is real property leased, occupied, or otherwise used by you as a tenant in your business of selling tangible personal property or services to the general public. Can i file 2012 and 2013 taxes together Qualified long-term real property. Can i file 2012 and 2013 taxes together   Qualified long-term real property is nonresidential real property that is part of, or otherwise present at, your retail space and that reverts to the landlord when the lease ends. Can i file 2012 and 2013 taxes together Exchange of like-kind property. Can i file 2012 and 2013 taxes together   If you exchange your business property or property you hold for investment solely for property of a like kind to be used in your business or to be held for investment, no gain or loss is recognized. Can i file 2012 and 2013 taxes together This means that the gain is not taxable and the loss is not deductible. Can i file 2012 and 2013 taxes together A common type of nontaxable exchange is the trade-in of a business automobile for another business automobile. Can i file 2012 and 2013 taxes together For more information, see Form 8824. Can i file 2012 and 2013 taxes together Leasehold improvements. Can i file 2012 and 2013 taxes together   If a tenant erects buildings or makes improvements to your property, the increase in the value of the property due to the improvements is not income to you. Can i file 2012 and 2013 taxes together However, if the facts indicate that the improvements are a payment of rent to you, then the increase in value would be income. Can i file 2012 and 2013 taxes together Loans. Can i file 2012 and 2013 taxes together   Money borrowed through a bona fide loan is not income. Can i file 2012 and 2013 taxes together Sales tax. Can i file 2012 and 2013 taxes together   State and local sales taxes imposed on the buyer, which you were required to collect and pay over to state or local governments, are not income. Can i file 2012 and 2013 taxes together Guidelines for Selected Occupations This section provides information to determine whether your earnings should be reported on Schedule C (Form 1040) or C-EZ (Form 1040). Can i file 2012 and 2013 taxes together Direct seller. Can i file 2012 and 2013 taxes together   You must report all income you receive as a direct seller on Schedule C or C-EZ. Can i file 2012 and 2013 taxes together This includes any of the following. Can i file 2012 and 2013 taxes together Income from sales—payments you receive from customers for products they buy from you. Can i file 2012 and 2013 taxes together Commissions, bonuses, or percentages you receive for sales and the sales of others who work under you. Can i file 2012 and 2013 taxes together Prizes, awards, and gifts you receive from your selling business. Can i file 2012 and 2013 taxes together You must report this income regardless of whether it is reported to you on an information return. Can i file 2012 and 2013 taxes together   You are a direct seller if you meet all the following conditions. Can i file 2012 and 2013 taxes together You are engaged in one of the following trades or businesses. Can i file 2012 and 2013 taxes together Selling or soliciting the sale of consumer products either in a home or other place that is not a permanent retail establishment, or to any buyer on a buy-sell basis or a deposit-commission basis for resale in a home or other place of business that is not a permanent retail establishment. Can i file 2012 and 2013 taxes together Delivering or distributing newspapers or shopping news (including any services directly related to that trade or business). Can i file 2012 and 2013 taxes together Substantially all your pay (whether paid in cash or not) for services described above is directly related to sales or other output (including performance of services) rather than to the number of hours worked. Can i file 2012 and 2013 taxes together Your services are performed under a written contract between you and the person for whom you perform the services, and the contract provides that you will not be treated as an employee for federal tax purposes. Can i file 2012 and 2013 taxes together Executor or administrator. Can i file 2012 and 2013 taxes together   If you administer a deceased person's estate, your fees are reported on Schedule C or C-EZ if you are one of the following: A professional fiduciary. Can i file 2012 and 2013 taxes together A nonprofessional fiduciary (personal representative) and both of the following apply. Can i file 2012 and 2013 taxes together The estate includes an active trade or business in which you actively participate. Can i file 2012 and 2013 taxes together Your fees are related to the operation of that trade or business. Can i file 2012 and 2013 taxes together A nonprofessional fiduciary of a single estate that requires extensive managerial activities on your part for a long period of time, provided these activities are enough to be considered a trade or business. Can i file 2012 and 2013 taxes together    If the fees do not meet the above requirements, report them on line 21 of Form 1040. Can i file 2012 and 2013 taxes together Fishing crew member. Can i file 2012 and 2013 taxes together    If you are a member of the crew that catches fish or other water life, your earnings are reported on Schedule C or C-EZ if you meet all the requirements shown in chapter 10 under Fishing crew member . Can i file 2012 and 2013 taxes together Insurance agent, former. Can i file 2012 and 2013 taxes together   Termination payments you receive as a former self-employed insurance agent from an insurance company because of services you performed for that company are not reported on Schedule C or C-EZ if all the following conditions are met. Can i file 2012 and 2013 taxes together You received payments after your agreement to perform services for the company ended. Can i file 2012 and 2013 taxes together You did not perform any services for the company after your service agreement ended and before the end of the year in which you received the payment. Can i file 2012 and 2013 taxes together You entered into a covenant not to compete against the company for at least a 1-year period beginning on the date your service agreement ended. Can i file 2012 and 2013 taxes together The amount of the payments depended primarily on policies sold by you or credited to your account during the last year of your service agreement or the extent to which those policies remain in force for some period after your service agreement ended, or both. Can i file 2012 and 2013 taxes together The amount of the payment did not depend to any extent on length of service or overall earnings from services performed for the company (regardless of whether eligibility for the payments depended on length of service). Can i file 2012 and 2013 taxes together Insurance agent, retired. Can i file 2012 and 2013 taxes together   Income paid by an insurance company to a retired self-employed insurance agent based on a percentage of commissions received before retirement is reported on Schedule C or C-EZ. Can i file 2012 and 2013 taxes together Also, renewal commissions and deferred commissions for sales made before retirement are generally reported on Schedule C or C-EZ. Can i file 2012 and 2013 taxes together   However, renewal commissions paid to the survivor of an insurance agent are not reported on Schedule C or C-EZ. Can i file 2012 and 2013 taxes together Newspaper carrier or distributor. Can i file 2012 and 2013 taxes together   You are a direct seller and your earnings are reported on Schedule C or C-EZ if all the following conditions apply. Can i file 2012 and 2013 taxes together You are in the business of delivering or distributing newspapers or shopping news (including directly related services such as soliciting customers and collecting receipts). Can i file 2012 and 2013 taxes together Substantially all your pay for these services directly relates to your sales or other output rather than to the number of hours you work. Can i file 2012 and 2013 taxes together You perform the services under a written contract that says you will not be treated as an employee for federal tax purposes. Can i file 2012 and 2013 taxes together   This rule applies whether or not you hire others to help you make deliveries. Can i file 2012 and 2013 taxes together It also applies whether you buy the papers from the publisher or are paid based on the number of papers you deliver. Can i file 2012 and 2013 taxes together Newspaper or magazine vendor. Can i file 2012 and 2013 taxes together   If you are 18 or older and you sell newspapers or magazines, your earnings are reported on Schedule C or C-EZ if all the following conditions apply. Can i file 2012 and 2013 taxes together You sell newspapers or magazines to ultimate consumers. Can i file 2012 and 2013 taxes together You sell them at a fixed price. Can i file 2012 and 2013 taxes together Your earnings are based on the difference between the sales price and your cost of goods sold. Can i file 2012 and 2013 taxes together   This rule applies whether or not you are guaranteed a minimum amount of earnings. Can i file 2012 and 2013 taxes together It also applies whether or not you receive credit for unsold newspapers or magazines you return to your supplier. Can i file 2012 and 2013 taxes together Notary public. Can i file 2012 and 2013 taxes together   Fees you receive for services you perform as a notary public are reported on Schedule C or C-EZ. Can i file 2012 and 2013 taxes together These payments are not subject to self-employment tax (see the instructions for Schedule SE (Form 1040)). Can i file 2012 and 2013 taxes together Public official. Can i file 2012 and 2013 taxes together   Public officials generally do not report what they earn for serving in public office on Schedule C or C-EZ. Can i file 2012 and 2013 taxes together This rule applies to payments received by an elected tax collector from state funds on the basis of a fixed percentage of the taxes collected. Can i file 2012 and 2013 taxes together Public office includes any elective or appointive office of the United States or its possessions, the District of Columbia, a state or its political subdivisions, or a wholly owned instrumentality of any of these. Can i file 2012 and 2013 taxes together   Public officials of state or local governments report their fees on Schedule C or C-EZ if they are paid solely on a fee basis and if their services are eligible for, but not covered by, social security under a federal-state agreement. Can i file 2012 and 2013 taxes together Real estate agent or direct seller. Can i file 2012 and 2013 taxes together   If you are a licensed real estate agent or a direct seller, your earnings are reported on Schedule C or C-EZ if both the following apply. Can i file 2012 and 2013 taxes together Substantially all your pay for services as a real estate agent or direct seller directly relates to your sales or other output rather than to the number of hours you work. Can i file 2012 and 2013 taxes together You perform the services under a written contract that says you will not be treated as an employee for federal tax purposes. Can i file 2012 and 2013 taxes together Securities dealer. Can i file 2012 and 2013 taxes together   If you are a dealer in options or commodities, your gains and losses from dealing or trading in section 1256 contracts (regulated futures contracts, foreign currency contracts, nonequity options, dealer equity options, and dealer securities futures contracts) or property related to those contracts (such as stock used to hedge options) are reported on Schedule C or C-EZ. Can i file 2012 and 2013 taxes together For more information, see sections 1256 and 1402(i). Can i file 2012 and 2013 taxes together Securities trader. Can i file 2012 and 2013 taxes together   You are a trader in securities if you are engaged in the business of buying and selling securities for your own account. Can i file 2012 and 2013 taxes together As a trader in securities, your gain or loss from the disposition of securities is not reported on Schedule C or C-EZ. Can i file 2012 and 2013 taxes together However, see Securities dealer , earlier, for an exception that applies to section 1256 contracts. Can i file 2012 and 2013 taxes together For more information about securities traders, see Publication 550, Investment Income and Expenses. Can i file 2012 and 2013 taxes together Accounting for Your Income Accounting for your income for income tax purposes differs at times from accounting for financial purposes. Can i file 2012 and 2013 taxes together This section discusses some of the more common differences that may affect business transactions. Can i file 2012 and 2013 taxes together Figure your business income on the basis of a tax year and according to your regular method of accounting (see chapter 2). Can i file 2012 and 2013 taxes together If the sale of a product is an income-producing factor in your business, you usually have to use inventories to clearly show your income. Can i file 2012 and 2013 taxes together Dealers in real estate are not allowed to use inventories. Can i file 2012 and 2013 taxes together For more information on inventories, see chapter 2. Can i file 2012 and 2013 taxes together Income paid to a third party. Can i file 2012 and 2013 taxes together   All income you earn is taxable to you. Can i file 2012 and 2013 taxes together You cannot avoid tax by having the income paid to a third party. Can i file 2012 and 2013 taxes together Example. Can i file 2012 and 2013 taxes together You rent out your property and the rental agreement directs the lessee to pay the rent to your son. Can i file 2012 and 2013 taxes together The amount paid to your son is gross income to you. Can i file 2012 and 2013 taxes together Cash discounts. Can i file 2012 and 2013 taxes together   These are amounts the seller permits you to deduct from the invoice price for prompt payment. Can i file 2012 and 2013 taxes together For income tax purposes, you can use either of the following two methods to account for cash discounts. Can i file 2012 and 2013 taxes together Deduct the cash discount from purchases (see Line 36, Purchases Less Cost of Items Withdrawn for Personal Use in chapter 6). Can i file 2012 and 2013 taxes together Credit the cash discount to a discount income account. Can i file 2012 and 2013 taxes together You must use the chosen method every year for all your purchase discounts. Can i file 2012 and 2013 taxes together   If you use the second method, the credit balance in the account at the end of your tax year is business income. Can i file 2012 and 2013 taxes together Under this method, you do not reduce the cost of goods sold by the cash discounts you received. Can i file 2012 and 2013 taxes together When valuing your closing inventory, you cannot reduce the invoice price of merchandise on hand at the close of the tax year by the average or estimated discounts received on the merchandise. Can i file 2012 and 2013 taxes together Trade discounts. Can i file 2012 and 2013 taxes together   These are reductions from list or catalog prices and usually are not written into the invoice or charged to the customer. Can i file 2012 and 2013 taxes together Do not enter these discounts on your books of account. Can i file 2012 and 2013 taxes together Instead, use only the net amount as the cost of the merchandise purchased. Can i file 2012 and 2013 taxes together For more information, see Trade discounts in chapter 6. Can i file 2012 and 2013 taxes together Payment placed in escrow. Can i file 2012 and 2013 taxes together   If the buyer of your property places part or all of the purchase price in escrow, you do not include any part of it in gross sales until you actually or constructively receive it. Can i file 2012 and 2013 taxes together However, upon completion of the terms of the contract and the escrow agreement, you will have taxable income, even if you do not accept the money until the next year. Can i file 2012 and 2013 taxes together Sales returns and allowances. Can i file 2012 and 2013 taxes together   Credits you allow customers for returned merchandise and any other allowances you make on sales are deductions from gross sales in figuring net sales. Can i file 2012 and 2013 taxes together Advance payments. Can i file 2012 and 2013 taxes together   Special rules dealing with an accrual method of accounting for payments received in advance are discussed in chapter 2 under Accrual Method. Can i file 2012 and 2013 taxes together Insurance proceeds. Can i file 2012 and 2013 taxes together   If you receive insurance or another type of reimbursement for a casualty or theft loss, you must subtract it from the loss when you figure your deduction. Can i file 2012 and 2013 taxes together You cannot deduct the reimbursed part of a casualty or theft loss. Can i file 2012 and 2013 taxes together   For information on casualty or theft losses, see Publication 547, Casualties, Disasters, and Thefts. Can i file 2012 and 2013 taxes together Prev  Up  Next   Home   More Online Publications
 
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General FAQs on Payment Card and Third Party Network Transactions

I received Form 1099-K. How do I report it on my tax return?

Separate reporting of these transactions is not required. However, you should follow the return instructions on the form you are completing to report your gross receipts or sales. You should report items that qualify as a trade or business expense on the appropriate line item of Schedules C, E and F.

What is a participating payee?

A participating payee is:

  • Any person who accepts a payment card as payment, or
  • Any person who accepts payment made by a third party settlement organization on behalf of the purchaser or customer.

Why is this reporting necessary?

This reporting is required by law. Third party information reporting has been shown to increase voluntary tax compliance and improve collections and assessments within IRS.

How are reportable transactions to be reported to IRS?

Gross payment card and third party network transaction amounts are reported on the Form 1099-K, Payment Card and Third Party Network Transactions.

What information must be reported on the Form 1099-K?

The gross amount of reportable payment transactions for the calendar year and its corresponding months are required to be reported for each payee. The reporting of both annual and monthly amounts is necessary to resolve differences between information returns and tax returns of fiscal year filers. The name, address and taxpayer identification number of each participating payee must also be included on the form.

When are Forms 1099-K due?

Information reporting for payment card and third party network transactions is due to the IRS on the last day of February of the year following the transactions. If filing electronically, it is due the first day of April of the year following the transactions.

May Forms 1099-K be filed electronically?

Yes. Those required to file may do so through the FIRE (Filing Information Returns Electronically) system. If a payment settlement entity has more than 250 individual information returns to file in any calendar year, they all must be submitted electronically. Existing users may log into FIRE. New users may create an account and test their file before submitting.

For more information, review Publication 1220, Specifications for Filing Forms 1097, 1098, 1099, 3921, 3922, 5498, 8935, and W-2G Electronically. If you are considering filing on paper, review General Instructions for Certain Information Returns.

What are payee statements and when are they due?

Every payment settlement entity required to file a Form 1099-K must also furnish to each participating payee a written statement with the same information reported to the IRS. The statements must be furnished to the payee by January 31 of the year following the transactions.

May payee statements be furnished to participating payees electronically?

Yes. With the participating payee’s prior consent, payee statements may be provided electronically. This consent may be granted electronically. (See Treasury regulations section 1.6050W-2 for instructions for receiving consent from payees.) If a payee statement is furnished electronically, an email address for the reporting entity may be provided in lieu of a phone number.

Is there a de minimis exception for Forms 1099-K by third party settlement organizations?  

There is a “de minimis” exception from reporting for a third party settlement organization with respect to third party network transactions. If payments to a participating payee exceed $20,000 and exceed 200 transactions within the calendar year they must file for that participating payee.

Does the de minimis exception described above apply to payment card transactions?

No. The “de minimis” exception does not apply to payment card transactions settled by merchant acquiring entities.

What constitutes the "gross amount" of reportable transactions?

The "gross amount" of reportable transactions means the total unadjusted dollar amount of aggregate payment transactions for each participating payee.  

Are foreign payment settlement entities subject to the reporting requirements?

Yes. The statute and regulations establish that a "payment settlement entity" may be a domestic or foreign entity.

Are payment settlement entities required to report the transactions of governmental units, whether state or federal?

Yes. The term "participating payees" includes any governmental unit.

What is payment card and third party network reporting?

Under section 6050W of the Internal Revenue Code, payment settlement entities (merchant acquiring entities and third party settlement organizations) must report payment card and third party network transactions. This reporting requirement began in early 2012 for payment card and third party network transactions that occurred in 2011.

Are purchases made with stored-value cards or gift cards reportable transactions?

It depends.

  • Purchases are not reportable when the card is accepted as payment by the issuer or someone who is related to the issuer of the card (such as a subsidiary company or the company itself). Under these circumstances, the stored-value cards do not fit the definition of a "payment card" and purchases made with such cards are therefore not reportable. 
  • Purchases are reportable when the stored-value card is accepted by a network of persons unrelated to the issuer and each other.

For the definition of unrelated person see section 267(b) of the Internal Revenue Code, including the application of section 267(b) and (e)(3), or section 707(b)(1).

If transactions are already reportable on other information returns, must they be reported again by payment settlement entities?

No. If a transaction is reportable by a PSE both under section 6041 or section 6041 A(a) and under section 6050W, the transaction must be reported on a Form 1099-K and not a Form 1099-MISC.

If a worker at a trade or business is an independent contractor, and the independent contractor swipes payment cards on behalf of the trade or business in the normal course of business (in other words, the trade or business, not the independent contractor, receives the proceeds), should the trade or business report payments to the worker on Form 1099-K or Form 1099-MISC?

In this situation, the trade or business should continue to report payments made to independent contractors on Form 1099-MISC as they have done in the past. However, the business will receive a Form 1099-K for these payment card transactions from the payment settlement entity.

How can payee TINs be verified?

Verification of payee TINs is done through the Taxpayer Identification Number (TIN) Matching Program.   

For further information please visit General Instructions for Certain Information Returns - Introductory Material or call 1-866-255-0654.

Can the entity responsible for filing Form 1099-K contract with a third party to prepare and file these returns?

Yes. However, the entity responsible for filing (i.e., the entity that submits the instructions to transfer funds) is liable for any applicable penalties under sections 6721 and 6722 if the reporting requirements are not met. In addition, the name, address and Taxpayer Identification Number of the entity responsible for filing must be reported on the Form 1099-K in the box for the filer's information.

What is Form 1099-K?

The Form 1099-K, Payment Card and Third Party Network Transactions, is an information return that reports the gross amount of reportable transactions for the calendar year to the IRS.

If you receive a Form 1099-K, you should retain it for your records and may use it to assist you in completing your tax returns.

I filed Form 1099-K last year. What changes will I see on my 2013 Form 1099-K?

IRS modified calendar year 2013 Form 1099-K to improve compliance effectiveness. These changes include:

  • Box 3 (Number of payment transactions) is no longer optional for calendar year 2013 and should reflect the number of purchase transactions (not including refund transactions) processed through the payment card or the third party network.
  • Box 4 (Federal income tax withheld) was added to reflect amounts that may have been withheld by the payer, such as backup withholding. The recipient of the Form 1099-K should include this amount on their income tax return as tax withheld.
  • Boxes 6, 7 & 8 were added to be consistent with other information returns and reflect the State, State ID Number and State Income Tax Withheld, respectively.

What are payment settlement entities?

A payment settlement entity is an entity that makes payment in settlement of a payment card transaction or third party network transaction. Payment Settlement Entities are often referred to as “PSEs” and can take one of two forms:

  • Merchant Acquiring Entity: A bank or other organization that has the contractual obligation to make payment to participating payees in settlement of payment card transactions
  • Third Party Settlement Organization: The central organization that has the contractual obligation to make payment to participating payees of third party network transactions

If I use a payment card (or a third party settlement organization) to pay for a purchase, do these payment card reporting rules affect me and will I receive a Form 1099-K?

No. Individuals will not receive a Form 1099-K for making a purchase. These provisions affect only businesses or entities that accept payment cards or use third party network settlement organizations for payment of goods or services.

Do payment settlement entities adjust the "gross amount" to account for fees, refunds, charge-backs or other costs and refunded amounts?

No. The "gross amount" is the total unadjusted dollar amount of the payment transactions for a participating payee. This amount is not to be adjusted to account for any fees, refunds, or any other amounts.

What do I do with the information on Form 1099-K?

The Form 1099-K is an information return. Use this information return in conjunction with your other tax records to determine your correct tax. To get further information on record keeping, check out Publication 552, for individuals or Publication 583, Starting a Business and Keeping Record.  

How will IRS use the data?

The IRS will use the data from the Form 1099-K to develop:

  • Taxpayer education and outreach products and services.
  • New examination and collection approaches.    

What do I do if I think my Form 1099-K is incorrect?

If you believe the information on a Form 1099-K is incorrect, the form has been issued in error, or you have a question relating to the form, contact the filer, whose name appears in the upper left corner on the front of the form.

Or you may contact the payer, or PSE, whose name and phone number are shown in the lower left corner of the form. If you cannot get this form corrected, you may attach an explanation to your tax return and report your income correctly.

To get the further information on Information Returns, check out the General Instructions for Certain Information Returns.

Where can I call if I have a question on the Form 1099-K?

Payors who have questions about the Form 1099-K itself, may call the IRS at 1-866-455-7438. Payees who have questions about the information on a Form 1099-K they have received should contact the filer, whose name appears in the upper left corner on the form.  

I own a small business and also have a not-for-profit hobby. I do not accept payment cards for payment for either, but I do use a credit card and third party settlement organization to make purchases for both. Do the payment card reporting rules affect me?

No. The provisions for payment settlement entity reporting affect only those businesses or entities that accept these forms of payment for goods or services.

Since you do not accept these forms of payments, you will not receive a Form 1099-K for your sales.

Additionally, you will not receive a Form 1099-K for your purchases. Individuals and businesses only receive Form 1099-K for receiving payment for goods and services in reportable transactions.

I occasionally sell items on an Internet auction site and accept payment cards. How do the payment settlement entity reporting rules affect me?

If you accept payment cards as a form of payment, you will receive a Form 1099-K for the gross amount of proceeds for the goods or services purchased from you through the use of a payment card in a calendar year. Further, if you accept payments from a third party settlement organization, you should receive a Form 1099-K from that organization only if:

  • The total number of your transactions exceeds 200 

AND 

  • The aggregate value exceeds $20,000 in a calendar year.

If I have a holiday craft business and accept payment cards for payments, how do the payment settlement entity reporting rules affect me?

If you are set up to accept payment cards as a form of payment, you will receive a Form 1099-K for the gross amount of the proceeds for the goods or services purchased from you through the use of a payment card in a calendar year. Further, if you accept payments from a third party settlement organization, you should receive a Form 1099-K only if:

  • the total number of your transactions exceeds 200 

AND

  • the aggregate value exceeds $20,000 in a calendar year.

 

Page Last Reviewed or Updated: 20-Mar-2014

The Can I File 2012 And 2013 Taxes Together

Can i file 2012 and 2013 taxes together 37. Can i file 2012 and 2013 taxes together   Other Credits Table of Contents What's New Introduction Useful Items - You may want to see: Nonrefundable CreditsAdoption Credit Alternative Motor Vehicle Credit Alternative Fuel Vehicle Refueling Property Credit Credit to Holders of Tax Credit Bonds Foreign Tax Credit Mortgage Interest Credit Nonrefundable Credit for Prior Year Minimum Tax Plug-in Electric Drive Motor Vehicle Credit Residential Energy Credits Retirement Savings Contributions Credit (Saver's Credit) Refundable CreditsCredit for Tax on Undistributed Capital Gain Health Coverage Tax Credit Credit for Excess Social Security Tax or Railroad Retirement Tax Withheld What's New Adoption credit. Can i file 2012 and 2013 taxes together  The maximum adoption credit is $12,970 for 2013. Can i file 2012 and 2013 taxes together See Adoption Credit . Can i file 2012 and 2013 taxes together Plug-in electric vehicle credit. Can i file 2012 and 2013 taxes together  This credit has expired. Can i file 2012 and 2013 taxes together Credit for prior year minimum tax. Can i file 2012 and 2013 taxes together  The refundable portion of the credit for prior year minimum tax has expired. Can i file 2012 and 2013 taxes together Excess withholding of social security and railroad retirement tax. Can i file 2012 and 2013 taxes together  Social security tax and tier 1 railroad retirement (RRTA) tax were both withheld during 2013 at a rate of 6. Can i file 2012 and 2013 taxes together 2% of wages up to $113,700. Can i file 2012 and 2013 taxes together If you worked for more than one employer and had too much social security or RRTA tax withheld during 2013, you may be entitled to a credit for the excess withholding. Can i file 2012 and 2013 taxes together See Credit for Excess Social Security Tax or Railroad Retirement Tax Withheld . Can i file 2012 and 2013 taxes together Introduction This chapter discusses the following nonrefundable credits. Can i file 2012 and 2013 taxes together Adoption credit. Can i file 2012 and 2013 taxes together Alternative motor vehicle credit. Can i file 2012 and 2013 taxes together Alternative fuel vehicle refueling property credit. Can i file 2012 and 2013 taxes together Credit to holders of tax credit bonds. Can i file 2012 and 2013 taxes together Foreign tax credit. Can i file 2012 and 2013 taxes together Mortgage interest credit. Can i file 2012 and 2013 taxes together Nonrefundable credit for prior year minimum tax. Can i file 2012 and 2013 taxes together Plug-in electric drive motor vehicle credit. Can i file 2012 and 2013 taxes together Residential energy credits. Can i file 2012 and 2013 taxes together Retirement savings contributions credit. Can i file 2012 and 2013 taxes together This chapter also discusses the following refundable credits. Can i file 2012 and 2013 taxes together Credit for tax on undistributed capital gain. Can i file 2012 and 2013 taxes together Health coverage tax credit. Can i file 2012 and 2013 taxes together Credit for excess social security tax or railroad retirement tax withheld. Can i file 2012 and 2013 taxes together Several other credits are discussed in other chapters in this publication. Can i file 2012 and 2013 taxes together Child and dependent care credit (chapter 32). Can i file 2012 and 2013 taxes together Credit for the elderly or the disabled (chapter 33). Can i file 2012 and 2013 taxes together Child tax credit (chapter 34). Can i file 2012 and 2013 taxes together Education credits (chapter 35). Can i file 2012 and 2013 taxes together Earned income credit (chapter 36). Can i file 2012 and 2013 taxes together Nonrefundable credits. Can i file 2012 and 2013 taxes together   The first part of this chapter, Nonrefundable Credits , covers ten credits that you subtract from your tax. Can i file 2012 and 2013 taxes together These credits may reduce your tax to zero. Can i file 2012 and 2013 taxes together If these credits are more than your tax, the excess is not refunded to you. Can i file 2012 and 2013 taxes together Refundable credits. Can i file 2012 and 2013 taxes together   The second part of this chapter, Refundable Credits , covers three credits that are treated as payments and are refundable to you. Can i file 2012 and 2013 taxes together These credits are added to the federal income tax withheld and any estimated tax payments you made. Can i file 2012 and 2013 taxes together If this total is more than your total tax, the excess will be refunded to you. Can i file 2012 and 2013 taxes together Useful Items - You may want to see: Publication 502 Medical and Dental Expenses 514 Foreign Tax Credit for  Individuals 530 Tax Information for Homeowners 590 Individual Retirement Arrangements (IRAs) Form (and Instructions) 1116 Foreign Tax Credit 2439 Notice to Shareholder of Undistributed Long-Term Capital Gains 5695 Residential Energy Credits 8396 Mortgage Interest Credit 8801 Credit For Prior Year Minimum Tax — Individuals, Estates, and Trusts 8828 Recapture of Federal Mortgage Subsidy 8839 Qualified Adoption Expenses 8880 Credit for Qualified Retirement Savings Contributions 8885 Health Coverage Tax Credit 8910 Alternative Motor Vehicle Credit 8911 Alternative Fuel Vehicle Refueling Property Credit 8912 Credit to Holders of Tax Credit Bonds 8936 Qualified Plug-in Electric Drive Motor Vehicle Credit Nonrefundable Credits The credits discussed in this part of the chapter can reduce your tax. Can i file 2012 and 2013 taxes together However, if the total of these credits is more than your tax, the excess is not refunded to you. Can i file 2012 and 2013 taxes together Adoption Credit You may be able to take a tax credit of up to $12,970 for qualified expenses paid to adopt an eligible child. Can i file 2012 and 2013 taxes together The credit may be allowed for the adoption of a child with special needs even if you do not have any qualified expenses. Can i file 2012 and 2013 taxes together If your modified adjusted gross income (AGI) is more than $194,580, your credit is reduced. Can i file 2012 and 2013 taxes together If your modified AGI is $234,580 or more, you cannot take the credit. Can i file 2012 and 2013 taxes together Qualified adoption expenses. Can i file 2012 and 2013 taxes together   Qualified adoption expenses are reasonable and necessary expenses directly related to, and whose principal purpose is for, the legal adoption of an eligible child. Can i file 2012 and 2013 taxes together These expenses include: Adoption fees, Court costs, Attorney fees, Travel expenses (including amounts spent for meals and lodging) while away from home, and Re-adoption expenses to adopt a foreign child. Can i file 2012 and 2013 taxes together Nonqualified expenses. Can i file 2012 and 2013 taxes together   Qualified adoption expenses do not include expenses: That violate state or federal law, For carrying out any surrogate parenting arrangement, For the adoption of your spouse's child, For which you received funds under any federal, state, or local program, Allowed as a credit or deduction under any other federal income tax rule, or Paid or reimbursed by your employer or any other person or organization. Can i file 2012 and 2013 taxes together Eligible child. Can i file 2012 and 2013 taxes together   The term “eligible child” means any individual: Under 18 years old, or Physically or mentally incapable of caring for himself or herself. Can i file 2012 and 2013 taxes together Child with special needs. Can i file 2012 and 2013 taxes together   An eligible child is a child with special needs if all three of the following apply. Can i file 2012 and 2013 taxes together The child was a citizen or resident of the United States (including U. Can i file 2012 and 2013 taxes together S. Can i file 2012 and 2013 taxes together possessions) at the time the adoption process began. Can i file 2012 and 2013 taxes together A state (including the District of Columbia) has determined that the child cannot or should not be returned to his or her parents' home. Can i file 2012 and 2013 taxes together The state has determined that the child will not be adopted unless assistance is provided to the adoptive parents. Can i file 2012 and 2013 taxes together Factors used by states to make this determination include: The child's ethnic background, The child's age, Whether the child is a member of a minority or sibling group, and Whether the child has a medical condition or a physical, mental, or emotional handicap. Can i file 2012 and 2013 taxes together When to take the credit. Can i file 2012 and 2013 taxes together   Generally, until the adoption becomes final, you take the credit in the year after your qualified expenses were paid or incurred. Can i file 2012 and 2013 taxes together If the adoption becomes final, you take the credit in the year your expenses were paid or incurred. Can i file 2012 and 2013 taxes together See the Instructions for Form 8839 for more specific information on when to take the credit. Can i file 2012 and 2013 taxes together Foreign child. Can i file 2012 and 2013 taxes together   If the child is not a U. Can i file 2012 and 2013 taxes together S. Can i file 2012 and 2013 taxes together citizen or resident at the time the adoption process began, you cannot take the credit unless the adoption becomes final. Can i file 2012 and 2013 taxes together You treat all adoption expenses paid or incurred in years before the adoption becomes final as paid or incurred in the year it becomes final. Can i file 2012 and 2013 taxes together How to take the credit. Can i file 2012 and 2013 taxes together   Figure your 2013 nonrefundable credit and any carryforward to 2014 on Form 8839 and attach it to your Form 1040. Can i file 2012 and 2013 taxes together Include the credit in your total for Form 1040, line 53. Can i file 2012 and 2013 taxes together Check box c and enter “8839” on the line next to that box. Can i file 2012 and 2013 taxes together More information. Can i file 2012 and 2013 taxes together   For more information, see the Instructions for Form 8839. Can i file 2012 and 2013 taxes together Alternative Motor Vehicle Credit You may be able to take this credit if you place a qualified fuel cell vehicle in service in 2013. Can i file 2012 and 2013 taxes together Amount of credit. Can i file 2012 and 2013 taxes together   Generally, you can rely on the manufacturer's certification to the IRS that a specific make, model, and model year vehicle qualifies for the credit and the amount of the credit for which it qualifies. Can i file 2012 and 2013 taxes together In the case of a foreign manufacturer, you generally can rely on its domestic distributor's certification to the IRS. Can i file 2012 and 2013 taxes together   Ordinarily the amount of the credit is 100% of the manufacturer's (or domestic distributor's) certification to the IRS of the maximum credit allowable. Can i file 2012 and 2013 taxes together How to take the credit. Can i file 2012 and 2013 taxes together   To take the credit, you must complete Form 8910 and attach it to your Form 1040. Can i file 2012 and 2013 taxes together Include the credit in your total for Form 1040, line 53. Can i file 2012 and 2013 taxes together Check box c and enter “8910” on the line next to that box. Can i file 2012 and 2013 taxes together More information. Can i file 2012 and 2013 taxes together   For more information on the credit, see the Instructions for Form 8910. Can i file 2012 and 2013 taxes together Alternative Fuel Vehicle Refueling Property Credit You may be able to take a credit if you place qualified alternative fuel vehicle refueling property in service in 2013. Can i file 2012 and 2013 taxes together Qualified alternative fuel vehicle refueling property. Can i file 2012 and 2013 taxes together   Qualified alternative fuel vehicle refueling property is any property (other than a building or its structural components) used for either of the following. Can i file 2012 and 2013 taxes together To store or dispense alternative fuel into the fuel tank of a motor vehicle propelled by the fuel, but only if the storage or dispensing is at the point where the fuel is delivered into that tank. Can i file 2012 and 2013 taxes together To recharge an electric vehicle, but only if the recharging property is located at the point where the vehicle is recharged. Can i file 2012 and 2013 taxes together   The following are alternative fuels. Can i file 2012 and 2013 taxes together Any fuel at least 85% of the volume of which consists of one or more of the following: ethanol, natural gas, compressed natural gas, liquefied natural gas, liquefied petroleum gas, or hydrogen. Can i file 2012 and 2013 taxes together Any mixture which consists of two or more of the following: biodiesel, diesel fuel, or kerosene, and at least 20% of the volume of which consists of biodiesel determined without regard to any kerosene. Can i file 2012 and 2013 taxes together Electricity. Can i file 2012 and 2013 taxes together Amount of the credit. Can i file 2012 and 2013 taxes together   For personal use property, the credit is generally the smaller of 30% of the property's cost or $1,000. Can i file 2012 and 2013 taxes together For business use property, the credit is generally the smaller of 30% of the property's cost or $30,000. Can i file 2012 and 2013 taxes together How to take the credit. Can i file 2012 and 2013 taxes together   To take the credit, you must complete Form 8911 and attach it to your Form 1040. Can i file 2012 and 2013 taxes together Include the credit in your total for Form 1040, line 53. Can i file 2012 and 2013 taxes together Check box c and enter “8911” on the line next to that box. Can i file 2012 and 2013 taxes together More information. Can i file 2012 and 2013 taxes together   For more information on the credit, see the Form 8911 instructions. Can i file 2012 and 2013 taxes together Credit to Holders of Tax Credit Bonds Tax credit bonds are bonds in which the holder receives a tax credit in lieu of some or all of the interest on the bond. Can i file 2012 and 2013 taxes together You may be able to take a credit if you are a holder of one of the following bonds. Can i file 2012 and 2013 taxes together Clean renewable energy bonds (issued before 2010). Can i file 2012 and 2013 taxes together New clean renewable energy bonds. Can i file 2012 and 2013 taxes together Qualified energy conservation bonds. Can i file 2012 and 2013 taxes together Qualified school construction bonds. Can i file 2012 and 2013 taxes together Qualified zone academy bonds. Can i file 2012 and 2013 taxes together Build America bonds. Can i file 2012 and 2013 taxes together In some instances, an issuer may elect to receive a credit for interest paid on the bond. Can i file 2012 and 2013 taxes together If the issuer makes this election, you cannot also claim a credit. Can i file 2012 and 2013 taxes together Interest income. Can i file 2012 and 2013 taxes together   The amount of any tax credit allowed (figured before applying tax liability limits) must be included as interest income on your tax return. Can i file 2012 and 2013 taxes together How to take the credit. Can i file 2012 and 2013 taxes together   Complete Form 8912 and attach it to your Form 1040. Can i file 2012 and 2013 taxes together Include the credit in your total for Form 1040, line 53. Can i file 2012 and 2013 taxes together Check box c and enter “8912” on the line next to that box. Can i file 2012 and 2013 taxes together More information. Can i file 2012 and 2013 taxes together   For more information, see the Instructions for Form 8912. Can i file 2012 and 2013 taxes together Foreign Tax Credit You generally can choose to take income taxes you paid or accrued during the year to a foreign country or U. Can i file 2012 and 2013 taxes together S. Can i file 2012 and 2013 taxes together possession as a credit against your U. Can i file 2012 and 2013 taxes together S. Can i file 2012 and 2013 taxes together income tax. Can i file 2012 and 2013 taxes together Or, you can deduct them as an itemized deduction (see chapter 22). Can i file 2012 and 2013 taxes together You cannot take a credit (or deduction) for foreign income taxes paid on income that you exclude from U. Can i file 2012 and 2013 taxes together S. Can i file 2012 and 2013 taxes together tax under any of the following. Can i file 2012 and 2013 taxes together Foreign earned income exclusion. Can i file 2012 and 2013 taxes together Foreign housing exclusion. Can i file 2012 and 2013 taxes together Income from Puerto Rico exempt from U. Can i file 2012 and 2013 taxes together S. Can i file 2012 and 2013 taxes together tax. Can i file 2012 and 2013 taxes together Possession exclusion. Can i file 2012 and 2013 taxes together Limit on the credit. Can i file 2012 and 2013 taxes together   Unless you can elect not to file Form 1116 (see Exception , later), your foreign tax credit cannot be more than your U. Can i file 2012 and 2013 taxes together S. Can i file 2012 and 2013 taxes together tax liability (Form 1040, line 44), multiplied by a fraction. Can i file 2012 and 2013 taxes together The numerator of the fraction is your taxable income from sources outside the United States. Can i file 2012 and 2013 taxes together The denominator is your total taxable income from U. Can i file 2012 and 2013 taxes together S. Can i file 2012 and 2013 taxes together and foreign sources. Can i file 2012 and 2013 taxes together See Publication 514 for more information. Can i file 2012 and 2013 taxes together How to take the credit. Can i file 2012 and 2013 taxes together   Complete Form 1116 and attach it to your Form 1040. Can i file 2012 and 2013 taxes together Enter the credit on Form 1040, line 47. Can i file 2012 and 2013 taxes together Exception. Can i file 2012 and 2013 taxes together   You do not have to complete Form 1116 to take the credit if all of the following apply. Can i file 2012 and 2013 taxes together All of your gross foreign source income was from interest and dividends and all of that income and the foreign tax paid on it were reported to you on Form 1099-INT, Form 1099-DIV, or Schedule K-1 (or substitute statement). Can i file 2012 and 2013 taxes together If you had dividend income from shares of stock, you held those shares for at least 16 days. Can i file 2012 and 2013 taxes together You are not filing Form 4563 or excluding income from sources within Puerto Rico. Can i file 2012 and 2013 taxes together The total of your foreign taxes was not more than $300 (not more than $600 if married filing jointly). Can i file 2012 and 2013 taxes together All of your foreign taxes were: Legally owed and not eligible for a refund, and Paid to countries that are recognized by the United States and do not support terrorism. Can i file 2012 and 2013 taxes together More information. Can i file 2012 and 2013 taxes together   For more information on the credit and these requirements, see the Instructions for Form 1116. Can i file 2012 and 2013 taxes together Mortgage Interest Credit The mortgage interest credit is intended to help lower-income individuals own a home. Can i file 2012 and 2013 taxes together If you qualify, you can take the credit each year for part of the home mortgage interest you pay. Can i file 2012 and 2013 taxes together Who qualifies. Can i file 2012 and 2013 taxes together   You may be eligible for the credit if you were issued a qualified mortgage credit certificate (MCC) from your state or local government. Can i file 2012 and 2013 taxes together Generally, an MCC is issued only in connection with a new mortgage for the purchase of your main home. Can i file 2012 and 2013 taxes together Amount of credit. Can i file 2012 and 2013 taxes together   Figure your credit on Form 8396. Can i file 2012 and 2013 taxes together If your mortgage loan amount is equal to (or smaller than) the certified indebtedness (loan) amount shown on your MCC, enter on Form 8396, line 1, all the interest you paid on your mortgage during the year. Can i file 2012 and 2013 taxes together   If your mortgage loan amount is larger than the certified indebtedness amount shown on your MCC, you can figure the credit on only part of the interest you paid. Can i file 2012 and 2013 taxes together To find the amount to enter on line 1, multiply the total interest you paid during the year on your mortgage by the following fraction. Can i file 2012 and 2013 taxes together      Certified indebtedness amount on your MCC     Original amount of your mortgage   Limit based on credit rate. Can i file 2012 and 2013 taxes together   If the certificate credit rate is more than 20%, the credit you are allowed cannot be more than $2,000. Can i file 2012 and 2013 taxes together If two or more persons (other than a married couple filing a joint return) hold an interest in the home to which the MCC relates, this $2,000 limit must be divided based on the interest held by each person. Can i file 2012 and 2013 taxes together See Publication 530 for more information. Can i file 2012 and 2013 taxes together Carryforward. Can i file 2012 and 2013 taxes together   Your credit (after applying the limit based on the credit rate) is also subject to a limit based on your tax that is figured using Form 8396. Can i file 2012 and 2013 taxes together If your allowable credit is reduced because of this tax liability limit, you can carry forward the unused portion of the credit to the next 3 years or until used, whichever comes first. Can i file 2012 and 2013 taxes together   If you are subject to the $2,000 limit because your certificate credit rate is more than 20%, you cannot carry forward any amount more than $2,000 (or your share of the $2,000 if you must divide the credit). Can i file 2012 and 2013 taxes together How to take the credit. Can i file 2012 and 2013 taxes together    Figure your 2013 credit and any carryforward to 2014 on Form 8396, and attach it to your Form 1040. Can i file 2012 and 2013 taxes together Be sure to include any credit carryforward from 2010, 2011, and 2012. Can i file 2012 and 2013 taxes together   Include the credit in your total for Form 1040, line 53. Can i file 2012 and 2013 taxes together Check box c and enter “8396” on the line next to that box. Can i file 2012 and 2013 taxes together Reduced home mortgage interest deduction. Can i file 2012 and 2013 taxes together   If you itemize your deductions on Schedule A (Form 1040), you must reduce your home mortgage interest deduction by the amount of the mortgage interest credit shown on Form 8396, line 3. Can i file 2012 and 2013 taxes together You must do this even if part of that amount is to be carried forward to 2014. Can i file 2012 and 2013 taxes together For more information about the home mortgage interest deduction, see chapter 23. Can i file 2012 and 2013 taxes together Recapture of federal mortgage subsidy. Can i file 2012 and 2013 taxes together   If you received an MCC with your mortgage loan, you may have to recapture (pay back) all or part of the benefit you received from that program. Can i file 2012 and 2013 taxes together The recapture may be required if you sell or dispose of your home at a gain during the first 9 years after the date you closed your mortgage loan. Can i file 2012 and 2013 taxes together See the Instructions for Form 8828 and chapter 15 for more information. Can i file 2012 and 2013 taxes together More information. Can i file 2012 and 2013 taxes together   For more information on the credit, see the Form 8396 instructions. Can i file 2012 and 2013 taxes together Nonrefundable Credit for Prior Year Minimum Tax The tax laws give special treatment to some kinds of income and allow special deductions and credits for some kinds of expenses. Can i file 2012 and 2013 taxes together If you benefit from these laws, you may have to pay at least a minimum amount of tax in addition to any other tax on these items. Can i file 2012 and 2013 taxes together This is called the alternative minimum tax. Can i file 2012 and 2013 taxes together The special treatment of some items of income and expenses only allows you to postpone paying tax until a later year. Can i file 2012 and 2013 taxes together If in prior years you paid alternative minimum tax because of these tax postponement items, you may be able to take a credit for prior year minimum tax against your current year's regular tax. Can i file 2012 and 2013 taxes together You may be able to take a credit against your regular tax if for 2012 you had: An alternative minimum tax liability and adjustments or preferences other than exclusion items, A minimum tax credit that you are carrying forward to 2013, or An unallowed qualified electric vehicle credit. Can i file 2012 and 2013 taxes together How to take the credit. Can i file 2012 and 2013 taxes together    Figure your 2013 nonrefundable credit (if any), and any carryforward to 2014 on Form 8801, and attach it to your Form 1040. Can i file 2012 and 2013 taxes together Include the credit in your total for Form 1040, line 53, and check box b. Can i file 2012 and 2013 taxes together You can carry forward any unused credit for prior year minimum tax to later years until it is completely used. Can i file 2012 and 2013 taxes together More information. Can i file 2012 and 2013 taxes together   For more information on the credit, see the Instructions for Form 8801. Can i file 2012 and 2013 taxes together Plug-in Electric Drive Motor Vehicle Credit You may be able to take this credit if you placed in service for business or personal use a qualified plug-in electric drive motor vehicle or a qualified two- or three-wheeled plug-in electric vehicle in 2013 and you meet some other requirements. Can i file 2012 and 2013 taxes together Qualified plug-in electric drive motor vehicle. Can i file 2012 and 2013 taxes together   This is a new vehicle with at least four wheels that: Is propelled to a significant extent by an electric motor that draws electricity from a battery that has a capacity of not less than 4 kilowatt hours and is capable of being recharged from an external source of electricity, and Has a gross vehicle weight of less than 14,000 pounds. Can i file 2012 and 2013 taxes together Qualified two- or three-wheeled plug-in electric vehicle. Can i file 2012 and 2013 taxes together   This is a new vehicle with two or three wheels that: Is capable of achieving a speed of 45 miles per hour or greater, Is propelled to a significant extent by an electric motor that draws electricity from a battery that has a capacity of not less than 2. Can i file 2012 and 2013 taxes together 5 kilowatt hours and is capable of being recharged from an external source of electricity, and Has a gross vehicle weight of less than 14,000 pounds. Can i file 2012 and 2013 taxes together Certification and other requirements. Can i file 2012 and 2013 taxes together   Generally, you can rely on the manufacturer's (or, in the case of a foreign manufacturer, its domestic distributor's) certification to the IRS that a specific make, model, and model year vehicle qualifies for the credit and, if applicable, the amount of the credit for which it qualifies. Can i file 2012 and 2013 taxes together However, if the IRS publishes an announcement that the certification for any specific make, model, and model year vehicle has been withdrawn, you cannot rely on the certification for such a vehicle purchased after the date of publication of the withdrawal announcement. Can i file 2012 and 2013 taxes together   The following requirements must also be met to qualify for the credit. Can i file 2012 and 2013 taxes together You are the owner of the vehicle. Can i file 2012 and 2013 taxes together If the vehicle is leased, only the lessor, and not the lessee, is entitled to the credit. Can i file 2012 and 2013 taxes together You placed the vehicle in service during 2013. Can i file 2012 and 2013 taxes together The vehicle is manufactured primarily for use on public streets, roads, and highways. Can i file 2012 and 2013 taxes together The original use of the vehicle began with you. Can i file 2012 and 2013 taxes together You acquired the vehicle for your use or to lease to others, and not for resale. Can i file 2012 and 2013 taxes together In the case of the qualified two- or three-wheeled plug-in electric vehicle, the vehicle is acquired after 2011 and before 2014. Can i file 2012 and 2013 taxes together You use the vehicle primarily in the United States. Can i file 2012 and 2013 taxes together How to take the credit. Can i file 2012 and 2013 taxes together   To take the credit, you must complete Form 8936 and attach it to your Form 1040. Can i file 2012 and 2013 taxes together Include the credit in your total for Form 1040, line 53. Can i file 2012 and 2013 taxes together Check box c and enter “8936” on the line next to that box. Can i file 2012 and 2013 taxes together More information. Can i file 2012 and 2013 taxes together   For more information on the credit, see the Form 8936 instructions. Can i file 2012 and 2013 taxes together Residential Energy Credits You may be able to take one or both of the following credits if you made energy saving improvements to your home located in the United States in 2013. Can i file 2012 and 2013 taxes together Nonbusiness energy property credit. Can i file 2012 and 2013 taxes together Residential energy efficient property credit. Can i file 2012 and 2013 taxes together If you are a member of a condominium management association for a condominium you own or a tenant-stockholder in a cooperative housing corporation, you are treated as having paid your proportionate share of any costs of the association or corporation for purposes of these credits. Can i file 2012 and 2013 taxes together Nonbusiness energy property credit. Can i file 2012 and 2013 taxes together   You may be able to take a credit equal to the sum of: 10% of the amount paid or incurred for qualified energy efficiency improvements installed during 2013, and Any residential energy property costs paid or incurred in 2013. Can i file 2012 and 2013 taxes together   There is a lifetime limit of $500 for all years after 2005, of which only $200 can be for windows; $50 for any advanced main air circulating fan; $150 for any qualified natural gas, propane, or oil furnace or hot water boiler; and $300 for any item of energy efficient building property. Can i file 2012 and 2013 taxes together    If the total of nonbusiness energy property credits you have taken in previous years (after 2005) is more than $500, you cannot take this credit in 2013. Can i file 2012 and 2013 taxes together   Qualified energy efficiency improvements are the following improvements that are new, can be expected to remain in use at least 5 years, and meet certain requirements for energy efficiency. Can i file 2012 and 2013 taxes together Any insulation material or system that is specifically and primarily designed to reduce heat loss or gain of a home. Can i file 2012 and 2013 taxes together Exterior window (including skylights). Can i file 2012 and 2013 taxes together Exterior doors. Can i file 2012 and 2013 taxes together Any metal or asphalt roof that has appropriate pigmented coatings or cooling granules specifically and primarily designed to reduce heat gain of the home. Can i file 2012 and 2013 taxes together   Residential energy property is any of the following. Can i file 2012 and 2013 taxes together Certain electric heat pump water heaters; electric heat pumps; central air conditioners; natural gas, propane, or oil water heater; and stoves that use biomass fuel. Can i file 2012 and 2013 taxes together Qualified natural gas, propane, or oil furnaces; and qualified natural gas, propane, or oil hot water boilers. Can i file 2012 and 2013 taxes together Certain advanced main air circulating fans used in natural gas, propane, or oil furnaces. Can i file 2012 and 2013 taxes together Residential energy efficient property credit. Can i file 2012 and 2013 taxes together   You may be able to take a credit of 30% of your costs of qualified solar electric property, solar water heating property, fuel cell property, small wind energy property, and geothermal heat pump property. Can i file 2012 and 2013 taxes together The credit amount for costs paid for qualified fuel cell property is limited to $500 for each one-half kilowatt of capacity of the property. Can i file 2012 and 2013 taxes together Basis reduction. Can i file 2012 and 2013 taxes together   You must reduce the basis of your home by the amount of any credit allowed. Can i file 2012 and 2013 taxes together How to take the credit. Can i file 2012 and 2013 taxes together   Complete Form 5695 and attach it to your Form 1040. Can i file 2012 and 2013 taxes together Enter the credit on Form 1040, line 52. Can i file 2012 and 2013 taxes together More information. Can i file 2012 and 2013 taxes together   For more information on these credits, see the Form 5695 instructions. Can i file 2012 and 2013 taxes together Retirement Savings Contributions Credit (Saver's Credit) You may be able to take this credit if you, or your spouse if filing jointly, made: Contributions (other than rollover contributions) to a traditional or Roth IRA, Elective deferrals to a 401(k) or 403(b) plan (including designated Roth contributions) or to a governmental 457, SEP, or SIMPLE plan, Voluntary employee contributions to a qualified retirement plan (including the federal Thrift Savings Plan), or Contributions to a 501(c)(18)(D) plan. Can i file 2012 and 2013 taxes together However, you cannot take the credit if either of the following applies. Can i file 2012 and 2013 taxes together The amount on Form 1040, line 38, or Form 1040A, line 22, is more than $29,500 ($44,250 if head of household; $59,000 if married filing jointly). Can i file 2012 and 2013 taxes together The person(s) who made the qualified contribution or elective deferral (a) was born after January 1, 1996, (b) is claimed as a dependent on someone else's 2013 tax return, or (c) was a student (defined next). Can i file 2012 and 2013 taxes together Student. Can i file 2012 and 2013 taxes together   You were a student if during any part of 5 calendar months of 2013 you: Were enrolled as a full-time student at a school, or Took a full-time, on-farm training course given by a school or a state, county, or local government agency. Can i file 2012 and 2013 taxes together School. Can i file 2012 and 2013 taxes together   A school includes a technical, trade, or mechanical school. Can i file 2012 and 2013 taxes together It does not include an on-the-job training course, correspondence school, or school offering courses only through the Internet. Can i file 2012 and 2013 taxes together How to take the credit. Can i file 2012 and 2013 taxes together   Figure the credit on Form 8880. Can i file 2012 and 2013 taxes together Enter the credit on your Form 1040, line 50, or your Form 1040A, line 32, and attach Form 8880 to your return. Can i file 2012 and 2013 taxes together More information. Can i file 2012 and 2013 taxes together   For more information on the credit, see the Form 8880 instructions. Can i file 2012 and 2013 taxes together Refundable Credits The credits discussed in this part of the chapter are treated as payments of tax. Can i file 2012 and 2013 taxes together If the total of these credits, withheld federal income tax, and estimated tax payments is more than your total tax, the excess can be refunded to you. Can i file 2012 and 2013 taxes together Credit for Tax on Undistributed Capital Gain You must include in your income any amounts that regulated investment companies (commonly called mutual funds) or real estate investment trusts (REITs) allocated to you as capital gain distributions, even if you did not actually receive them. Can i file 2012 and 2013 taxes together If the mutual fund or REIT paid a tax on the capital gain, you are allowed a credit for the tax since it is considered paid by you. Can i file 2012 and 2013 taxes together The mutual fund or REIT will send you Form 2439 showing your share of the undistributed capital gains and the tax paid, if any. Can i file 2012 and 2013 taxes together How to take the credit. Can i file 2012 and 2013 taxes together   To take the credit, attach Copy B of Form 2439 to your Form 1040. Can i file 2012 and 2013 taxes together Include the amount from box 2 of your Form 2439 in the total for Form 1040, line 71, and check box a. Can i file 2012 and 2013 taxes together More information. Can i file 2012 and 2013 taxes together   See Capital Gain Distributions in chapter 8 for more information on undistributed capital gains. Can i file 2012 and 2013 taxes together Health Coverage Tax Credit You may be able to take this credit for any month in which all the following statements were true on the first day of the month. Can i file 2012 and 2013 taxes together You were an eligible trade adjustment assistance (TAA) recipient, alternative TAA (ATAA) recipient, reemployment TAA (RTAA) recipient, or Pension Benefit Guaranty Corporation (PBGC) pension recipient (defined later); or you were a qualified family member of one of these individuals when the individual died or you finalized a divorce with one of these individuals. Can i file 2012 and 2013 taxes together You and/or your family members were covered by a qualified health insurance plan for which you paid the entire premiums, or your portion of the premiums, directly to your health plan or to “U. Can i file 2012 and 2013 taxes together S. Can i file 2012 and 2013 taxes together Treasury–HCTC. Can i file 2012 and 2013 taxes together ” You were not enrolled in Medicare Part A, B, or C, or you were enrolled in Medicare but your family member(s) qualified for the HCTC. Can i file 2012 and 2013 taxes together You were not enrolled in Medicaid or the Children's Health Insurance Program (CHIP). Can i file 2012 and 2013 taxes together You were not enrolled in the Federal Employees Health Benefits program (FEHBP) or eligible to receive benefits under the U. Can i file 2012 and 2013 taxes together S. Can i file 2012 and 2013 taxes together military health system (TRICARE). Can i file 2012 and 2013 taxes together You were not imprisoned under federal, state, or local authority. Can i file 2012 and 2013 taxes together Your employer did not pay 50% or more of the cost of coverage. Can i file 2012 and 2013 taxes together You did not receive a 65% COBRA premium reduction from your former employer or COBRA administrator. Can i file 2012 and 2013 taxes together But, you cannot take the credit if you can be claimed as a dependent on someone else's 2013 tax return. Can i file 2012 and 2013 taxes together If you meet all of these conditions, you may be able to take a credit of up to 72. Can i file 2012 and 2013 taxes together 5% of the amount you paid directly to a qualified health plan for you and any qualifying family members. Can i file 2012 and 2013 taxes together You cannot take the credit for insurance premiums on coverage that was actually paid for with a National Emergency Grant. Can i file 2012 and 2013 taxes together The amount you paid for qualified health insurance coverage must be reduced by any Archer MSA and health savings account distributions used to pay for the coverage. Can i file 2012 and 2013 taxes together You can take this credit on your tax return or have it paid on your behalf in advance to your insurance company. Can i file 2012 and 2013 taxes together If the credit is paid on your behalf in advance, that amount will reduce the amount of the credit you can take on your tax return. Can i file 2012 and 2013 taxes together TAA recipient. Can i file 2012 and 2013 taxes together   You were an eligible TAA recipient on the first day of the month if, for any day in that month or the prior month, you: Received a trade readjustment allowance, or Would have been entitled to receive such an allowance except that you had not exhausted all rights to any unemployment insurance (except additional compensation that is funded by a state and is not reimbursed from any federal funds) to which you were entitled (or would be entitled if you applied). Can i file 2012 and 2013 taxes together Example. Can i file 2012 and 2013 taxes together You received a trade adjustment allowance for January 2013. Can i file 2012 and 2013 taxes together You were an eligible TAA recipient on the first day of January and February. Can i file 2012 and 2013 taxes together Alternative TAA recipient. Can i file 2012 and 2013 taxes together   You were an eligible alternative TAA recipient on the first day of the month if, for that month or the prior month, you received benefits under an alternative trade adjustment assistance program for older workers established by the Department of Labor. Can i file 2012 and 2013 taxes together Example. Can i file 2012 and 2013 taxes together You received benefits under an alternative trade adjustment assistance program for older workers for October 2013. Can i file 2012 and 2013 taxes together The program was established by the Department of Labor. Can i file 2012 and 2013 taxes together You were an eligible alternative TAA recipient on the first day of October and November. Can i file 2012 and 2013 taxes together RTAA recipient. Can i file 2012 and 2013 taxes together   You were an eligible RTAA recipient on the first day of the month if, for that month or the prior month, you received benefits under a reemployment trade adjustment assistance program for older workers established by the Department of Labor. Can i file 2012 and 2013 taxes together PBGC pension recipient. Can i file 2012 and 2013 taxes together   You were an eligible PBGC pension recipient on the first day of the month, if both of the following apply. Can i file 2012 and 2013 taxes together You were age 55 or older on the first day of the month. Can i file 2012 and 2013 taxes together You received a benefit for that month paid by the PBGC under title IV of the Employee Retirement Income Security Act of 1974 (ERISA). Can i file 2012 and 2013 taxes together If you received a lump-sum payment from the PBGC after August 5, 2002, you meet item (2) above for any month that you would have received a PBGC benefit if you had not received the lump-sum payment. Can i file 2012 and 2013 taxes together How to take the credit. Can i file 2012 and 2013 taxes together   To take the credit, complete Form 8885 and attach it to your Form 1040. Can i file 2012 and 2013 taxes together Include your credit in the total for Form 1040, line 71, and check box c. Can i file 2012 and 2013 taxes together   You must attach health insurance bills (or COBRA payment coupons) and proof of payment for any amounts you include on Form 8885, line 2. Can i file 2012 and 2013 taxes together For details, see Publication 502 or Form 8885. Can i file 2012 and 2013 taxes together More information. Can i file 2012 and 2013 taxes together   For definitions and special rules, including those relating to qualified health insurance plans, qualifying family members, the effect of certain life events, and employer-sponsored health insurance plans, see Publication 502 and the Form 8885 instructions. Can i file 2012 and 2013 taxes together Credit for Excess Social Security Tax or Railroad Retirement Tax Withheld Most employers must withhold social security tax from your wages. Can i file 2012 and 2013 taxes together If you work for a railroad employer, that employer must withhold tier 1 railroad retirement (RRTA) tax and tier 2 RRTA tax. Can i file 2012 and 2013 taxes together If you worked for two or more employers in 2013, you may have had too much social security tax withheld from your pay. Can i file 2012 and 2013 taxes together If one or more of those employers was a railroad employer, too much tier 1 RRTA tax may also have been withheld at the 6. Can i file 2012 and 2013 taxes together 2% rate. Can i file 2012 and 2013 taxes together You can claim the excess social security or tier 1 RRTA tax as a credit against your income tax when you file your return. Can i file 2012 and 2013 taxes together For the tier 1 RRTA tax, only use the portion of the tier 1 RRTA tax that was taxed at the 6. Can i file 2012 and 2013 taxes together 2% rate when figuring if excess tier 1 RRTA tax was withheld; do not include any portion of the tier 1 RRTA tax that was withheld at the Medicare tax rate (1. Can i file 2012 and 2013 taxes together 45%) or the Additional Medicare Tax rate (. Can i file 2012 and 2013 taxes together 9%). Can i file 2012 and 2013 taxes together The following table shows the maximum amount of wages subject to tax and the maximum amount of tax that should have been withheld for 2013. Can i file 2012 and 2013 taxes together Type of tax Maximum  wages subject to tax Maximum tax that should have been withheld Social security or RRTA tier 1 $113,700 $7,049. Can i file 2012 and 2013 taxes together 40 RRTA tier 2 $84,300 $3,709. Can i file 2012 and 2013 taxes together 20 All wages are subject to Medicare tax withholding. Can i file 2012 and 2013 taxes together   Use Form 843, Claim for Refund and Request for Abatement, to claim a refund of excess tier 2 RRTA tax. Can i file 2012 and 2013 taxes together Be sure to attach a copy of all of your W-2 forms. Can i file 2012 and 2013 taxes together Use Worksheet 3-3 in Publication 505, Tax Withholding and Estimated Tax, to help you figure the excess amount. Can i file 2012 and 2013 taxes together Employer's error. Can i file 2012 and 2013 taxes together   If any one employer withheld too much social security or tier 1 RRTA tax, you cannot take the excess as a credit against your income tax. Can i file 2012 and 2013 taxes together The employer should adjust the tax for you. Can i file 2012 and 2013 taxes together If the employer does not adjust the overcollection, you can file a claim for refund using Form 843. Can i file 2012 and 2013 taxes together Joint return. Can i file 2012 and 2013 taxes together   If you are filing a joint return, you cannot add the social security or tier 1 RRTA tax withheld from your spouse's wages to the amount withheld from your wages. Can i file 2012 and 2013 taxes together Figure the withholding separately for you and your spouse to determine if either of you has excess withholding. Can i file 2012 and 2013 taxes together How to figure the credit if you did not work for a railroad. Can i file 2012 and 2013 taxes together   If you did not work for a railroad during 2013, figure the credit as follows: 1. Can i file 2012 and 2013 taxes together Add all social security tax withheld (but not more than $7,049. Can i file 2012 and 2013 taxes together 40 for each employer). Can i file 2012 and 2013 taxes together Enter the total here   2. Can i file 2012 and 2013 taxes together Enter any uncollected social security tax on tips or group-term life insurance included in the total on Form 1040, line 60, identified by “UT”   3. Can i file 2012 and 2013 taxes together Add lines 1 and 2. Can i file 2012 and 2013 taxes together If $7,049. Can i file 2012 and 2013 taxes together 40 or less, stop here. Can i file 2012 and 2013 taxes together You cannot take  the credit   4. Can i file 2012 and 2013 taxes together Social security tax limit 7,049. Can i file 2012 and 2013 taxes together 40 5. Can i file 2012 and 2013 taxes together Credit. Can i file 2012 and 2013 taxes together Subtract line 4 from line 3. Can i file 2012 and 2013 taxes together Enter the result here and on Form 1040, line 69 (or Form 1040A, line 41) $ Example. Can i file 2012 and 2013 taxes together You are married and file a joint return with your spouse who had no gross income in 2013. Can i file 2012 and 2013 taxes together During 2013, you worked for the Brown Technology Company and earned $60,000 in wages. Can i file 2012 and 2013 taxes together Social security tax of $3,720 was withheld. Can i file 2012 and 2013 taxes together You also worked for another employer in 2013 and earned $55,000 in wages. Can i file 2012 and 2013 taxes together $3,410 of social security tax was withheld from these wages. Can i file 2012 and 2013 taxes together Because you worked for more than one employer and your total wages were more than $113,700, you can take a credit of $80. Can i file 2012 and 2013 taxes together 60 for the excess social security tax withheld. Can i file 2012 and 2013 taxes together 1. Can i file 2012 and 2013 taxes together Add all social security tax withheld (but not more than $7,049. Can i file 2012 and 2013 taxes together 40 for each employer). Can i file 2012 and 2013 taxes together Enter the total here $7,130. Can i file 2012 and 2013 taxes together 00 2. Can i file 2012 and 2013 taxes together Enter any uncollected social security tax on tips or group-term life insurance included in the total on Form 1040, line 60, identified by “UT” -0- 3. Can i file 2012 and 2013 taxes together Add lines 1 and 2. Can i file 2012 and 2013 taxes together If $7,049. Can i file 2012 and 2013 taxes together 40 or less, stop here. Can i file 2012 and 2013 taxes together You cannot take the credit 7,130. Can i file 2012 and 2013 taxes together 00 4. Can i file 2012 and 2013 taxes together Social security tax limit 7,049. Can i file 2012 and 2013 taxes together 40 5. Can i file 2012 and 2013 taxes together Credit. Can i file 2012 and 2013 taxes together Subtract line 4 from line 3. Can i file 2012 and 2013 taxes together Enter the result here and on Form 1040, line 69 (or Form 1040A, line 41) $80. Can i file 2012 and 2013 taxes together 60 How to figure the credit if you worked for a railroad. Can i file 2012 and 2013 taxes together   If you were a railroad employee at any time during 2013, figure the credit as follows: 1. Can i file 2012 and 2013 taxes together Add all social security and tier 1 RRTA tax withheld at the 6. Can i file 2012 and 2013 taxes together 2% rate (but not more than $7,049. Can i file 2012 and 2013 taxes together 40 for each employer). Can i file 2012 and 2013 taxes together Enter the total here   2. Can i file 2012 and 2013 taxes together Enter any uncollected social security and tier 1 RRTA tax on tips or group-term life insurance included in the total on Form 1040, line 60, identified by “UT”   3. Can i file 2012 and 2013 taxes together Add lines 1 and 2. Can i file 2012 and 2013 taxes together If $7,049. Can i file 2012 and 2013 taxes together 40 or less, stop here. Can i file 2012 and 2013 taxes together You cannot take  the credit   4. Can i file 2012 and 2013 taxes together Social security and tier 1 RRTA  tax limit 7,049. Can i file 2012 and 2013 taxes together 40 5. Can i file 2012 and 2013 taxes together Credit. Can i file 2012 and 2013 taxes together Subtract line 4 from line 3. Can i file 2012 and 2013 taxes together Enter the result here and on Form 1040, line 69 (or Form 1040A, line 41) $ How to take the credit. Can i file 2012 and 2013 taxes together   Enter the credit on Form 1040, line 69, or include it in the total for Form 1040A, line 41. Can i file 2012 and 2013 taxes together More information. Can i file 2012 and 2013 taxes together   For more information on the credit, see Publication 505. Can i file 2012 and 2013 taxes together Prev  Up  Next   Home   More Online Publications