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College Student Taxes

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College Student Taxes

College student taxes 1. College student taxes   2013 Filing Requirements Table of Contents General RequirementsSelf-employed persons. College student taxes Decedents If income tax was withheld from your pay, or if you qualify for the earned income credit, the additional child tax credit, the health coverage tax credit, or the American opportunity credit, you should file a return to get a refund even if you are not otherwise required to file a return. College student taxes Do not file a federal income tax return if you do not meet the filing requirements and are not due a refund. College student taxes If you need assistance to determine if you need to file a federal income tax return for 2013, go to IRS. College student taxes gov and use the Interactive Tax Assistant (ITA). College student taxes You can find the ITA by going to IRS. College student taxes gov and entering “interactive tax assistant” in the search box. College student taxes Open the ITA and click on Do I Need to File a Tax Return under Topics by Category. College student taxes General Requirements If you are a U. College student taxes S. College student taxes citizen or resident alien, you must file a return if your gross income for the year was at least the amount shown on the appropriate line in Table 1-1. College student taxes For other filing requirements, see your tax return instructions or Publication 501, Exemptions, Standard Deduction, and Filing Information. College student taxes If you were a nonresident alien at any time during the year, the filing requirements that apply to you may be different from those that apply to U. College student taxes S. College student taxes citizens. College student taxes See Publication 519, U. College student taxes S. College student taxes Tax Guide for Aliens. College student taxes Table 1-1. College student taxes 2013 Filing Requirements Chart for Most Taxpayers Note. College student taxes You must file a return if your gross income was at least the amount shown in the last column. College student taxes IF your filing status is. College student taxes . College student taxes . College student taxes AND at the end of 2013 you were*. College student taxes . College student taxes . College student taxes THEN file a return if your gross income** was at least. College student taxes . College student taxes . College student taxes Single under 65 $10,000 65 or older $11,500 Head of household under 65 $12,850 65 or older $14,350 Married filing jointly*** under 65 (both spouses) $20,000 65 or older (one spouse) $21,200 65 or older (both spouses) $22,400 Married filing separately any age $3,900 Qualifying widow(er)  with dependent child under 65 $16,100 65 or older $17,300 * If you were born before January 2, 1949, you are considered to be 65 or older at the end of 2013. College student taxes ** Gross income means all income you receive in the form of money, goods, property, and services that is not exempt from tax, including any income from sources outside the United States or from the sale of your main home (even if you can exclude part or all of it). College student taxes It also includes gains, but not losses, reported on Form 8949 or Schedule D. College student taxes Gross income from a business means, for example, the amount on Schedule C, line 7, or Schedule F, line 9. College student taxes But in figuring gross income, do not reduce your income by any losses, including any loss on Schedule C, line 7, or Schedule F, line 9. College student taxes Do not include any social security benefits unless (a) you are married filing separately and you lived with your spouse at any time in 2013 or (b) one-half of your social security benefits plus your other gross income and any tax-exempt interest is more than $25,000 ($32,000 if married filing jointly). College student taxes If (a) or (b) applies, see the Instructions for Form 1040 or Publication 915, Social Security and Equivalent Railroad Retirement Benefits, to figure the taxable part of social security benefits you must include in gross income. College student taxes *** If you did not live with your spouse at the end of 2013 (or on the date your spouse died) and your gross income was at least $3,900, you must file a return regardless of your age. College student taxes Gross income. College student taxes   Gross income is all income you receive in the form of money, goods, property, and services that is not exempt from tax. College student taxes If you are married and live with your spouse in a community property state, half of any income defined by state law as community income may be considered yours. College student taxes The community property states are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. College student taxes A registered domestic partner in Nevada, Washington, or California generally must report half the combined community income of the individual and his or her domestic partner. College student taxes For more information about community property, see Publication 555, Community Property. College student taxes   For more information on what to include in gross income, see chapter 2. College student taxes Self-employed persons. College student taxes    If you are self-employed in a business that provides services (where the production, purchase, or sale of merchandise is not an income-producing factor), gross income from that business is the gross receipts. College student taxes   If you are self-employed in a business involving manufacturing, merchandising, or mining, gross income from that business is the total sales minus the cost of goods sold. College student taxes Then, to this figure, you add any income from investments and from incidental or outside operations or sources. College student taxes See Publication 334, Tax Guide for Small Business, for more information. College student taxes Dependents. College student taxes   If you could be claimed as a dependent by another taxpayer (that is, you meet the dependency tests in Publication 501), special filing requirements apply. College student taxes See Publication 501. College student taxes Decedents A personal representative of a decedent's estate can be an executor, administrator, or anyone who is in charge of the decedent's property. College student taxes If you are acting as the personal representative of a person who died during the year, you may have to file a final return for that decedent. College student taxes You also have other duties, such as notifying the IRS that you are acting as the personal representative. College student taxes Form 56, Notice Concerning Fiduciary Relationship, is available for this purpose. College student taxes When you file a return for the decedent, either as the personal representative or as the surviving spouse, you should write “DECEASED,” the decedent's name, and the date of death across the top of the tax return. College student taxes If no personal representative has been appointed by the due date for filing the return, the surviving spouse (on a joint return) should sign the return and write in the signature area “Filing as surviving spouse. College student taxes ” For more information, see Publication 559, Survivors, Executors, and Administrators. College student taxes Surviving spouse. College student taxes   If you are the surviving spouse, the year your spouse died is the last year for which you can file a joint return with that spouse. College student taxes After that, if you do not remarry, you must file as a qualifying widow(er) with dependent child, head of household, or single. College student taxes For more information about each of these filing statuses, see Publication 501. College student taxes   If you remarry before the end of the year in which your spouse died, a final joint return with the deceased spouse cannot be filed. College student taxes You can, however, file a joint return with your new spouse. College student taxes In that case, the filing status of your deceased spouse for his or her final return is married filing separately. College student taxes The level of income that requires you to file an income tax return changes when your filing status changes (see Table 1-1). College student taxes Even if you and your deceased spouse were not required to file a return for several years, you may have to file a return for tax years after the year of death. College student taxes For example, if your filing status changes from filing jointly in 2012 to single in 2013 because of the death of your spouse, and your gross income is $17,500 for both years, you must file a return for 2013 even though you did not have to file a return for 2012. College student taxes Prev  Up  Next   Home   More Online Publications
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Businesses with Employees

As a business owner, when another person performs work for you, you must first correctly classify that person as an independent contractor or employee.

If the person is an independent contractor, refer to Forms and Associated Taxes for Independent Contractors for your tax responsibilities.

If the person is classified as an employee you must have an Employer Identification Number (EIN). Your tax responsibilities include withholding, depositing, reporting, and paying employment taxes. You must also give certain forms to your employees, they must give certain forms to you, and you must send certain forms to the IRS and SSA.

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The College Student Taxes

College student taxes 37. College student taxes   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. College student taxes  The maximum adoption credit is $12,970 for 2013. College student taxes See Adoption Credit . College student taxes Plug-in electric vehicle credit. College student taxes  This credit has expired. College student taxes Credit for prior year minimum tax. College student taxes  The refundable portion of the credit for prior year minimum tax has expired. College student taxes Excess withholding of social security and railroad retirement tax. College student taxes  Social security tax and tier 1 railroad retirement (RRTA) tax were both withheld during 2013 at a rate of 6. College student taxes 2% of wages up to $113,700. College student taxes 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. College student taxes See Credit for Excess Social Security Tax or Railroad Retirement Tax Withheld . College student taxes Introduction This chapter discusses the following nonrefundable credits. College student taxes Adoption credit. College student taxes Alternative motor vehicle credit. College student taxes Alternative fuel vehicle refueling property credit. College student taxes Credit to holders of tax credit bonds. College student taxes Foreign tax credit. College student taxes Mortgage interest credit. College student taxes Nonrefundable credit for prior year minimum tax. College student taxes Plug-in electric drive motor vehicle credit. College student taxes Residential energy credits. College student taxes Retirement savings contributions credit. College student taxes This chapter also discusses the following refundable credits. College student taxes Credit for tax on undistributed capital gain. College student taxes Health coverage tax credit. College student taxes Credit for excess social security tax or railroad retirement tax withheld. College student taxes Several other credits are discussed in other chapters in this publication. College student taxes Child and dependent care credit (chapter 32). College student taxes Credit for the elderly or the disabled (chapter 33). College student taxes Child tax credit (chapter 34). College student taxes Education credits (chapter 35). College student taxes Earned income credit (chapter 36). College student taxes Nonrefundable credits. College student taxes   The first part of this chapter, Nonrefundable Credits , covers ten credits that you subtract from your tax. College student taxes These credits may reduce your tax to zero. College student taxes If these credits are more than your tax, the excess is not refunded to you. College student taxes Refundable credits. College student taxes   The second part of this chapter, Refundable Credits , covers three credits that are treated as payments and are refundable to you. College student taxes These credits are added to the federal income tax withheld and any estimated tax payments you made. College student taxes If this total is more than your total tax, the excess will be refunded to you. College student taxes 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. College student taxes However, if the total of these credits is more than your tax, the excess is not refunded to you. College student taxes 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. College student taxes The credit may be allowed for the adoption of a child with special needs even if you do not have any qualified expenses. College student taxes If your modified adjusted gross income (AGI) is more than $194,580, your credit is reduced. College student taxes If your modified AGI is $234,580 or more, you cannot take the credit. College student taxes Qualified adoption expenses. College student taxes   Qualified adoption expenses are reasonable and necessary expenses directly related to, and whose principal purpose is for, the legal adoption of an eligible child. College student taxes 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. College student taxes Nonqualified expenses. College student taxes   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. College student taxes Eligible child. College student taxes   The term “eligible child” means any individual: Under 18 years old, or Physically or mentally incapable of caring for himself or herself. College student taxes Child with special needs. College student taxes   An eligible child is a child with special needs if all three of the following apply. College student taxes The child was a citizen or resident of the United States (including U. College student taxes S. College student taxes possessions) at the time the adoption process began. College student taxes A state (including the District of Columbia) has determined that the child cannot or should not be returned to his or her parents' home. College student taxes The state has determined that the child will not be adopted unless assistance is provided to the adoptive parents. College student taxes 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. College student taxes When to take the credit. College student taxes   Generally, until the adoption becomes final, you take the credit in the year after your qualified expenses were paid or incurred. College student taxes If the adoption becomes final, you take the credit in the year your expenses were paid or incurred. College student taxes See the Instructions for Form 8839 for more specific information on when to take the credit. College student taxes Foreign child. College student taxes   If the child is not a U. College student taxes S. College student taxes citizen or resident at the time the adoption process began, you cannot take the credit unless the adoption becomes final. College student taxes 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. College student taxes How to take the credit. College student taxes   Figure your 2013 nonrefundable credit and any carryforward to 2014 on Form 8839 and attach it to your Form 1040. College student taxes Include the credit in your total for Form 1040, line 53. College student taxes Check box c and enter “8839” on the line next to that box. College student taxes More information. College student taxes   For more information, see the Instructions for Form 8839. College student taxes Alternative Motor Vehicle Credit You may be able to take this credit if you place a qualified fuel cell vehicle in service in 2013. College student taxes Amount of credit. College student taxes   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. College student taxes In the case of a foreign manufacturer, you generally can rely on its domestic distributor's certification to the IRS. College student taxes   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. College student taxes How to take the credit. College student taxes   To take the credit, you must complete Form 8910 and attach it to your Form 1040. College student taxes Include the credit in your total for Form 1040, line 53. College student taxes Check box c and enter “8910” on the line next to that box. College student taxes More information. College student taxes   For more information on the credit, see the Instructions for Form 8910. College student taxes 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. College student taxes Qualified alternative fuel vehicle refueling property. College student taxes   Qualified alternative fuel vehicle refueling property is any property (other than a building or its structural components) used for either of the following. College student taxes 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. College student taxes To recharge an electric vehicle, but only if the recharging property is located at the point where the vehicle is recharged. College student taxes   The following are alternative fuels. College student taxes 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. College student taxes 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. College student taxes Electricity. College student taxes Amount of the credit. College student taxes   For personal use property, the credit is generally the smaller of 30% of the property's cost or $1,000. College student taxes For business use property, the credit is generally the smaller of 30% of the property's cost or $30,000. College student taxes How to take the credit. College student taxes   To take the credit, you must complete Form 8911 and attach it to your Form 1040. College student taxes Include the credit in your total for Form 1040, line 53. College student taxes Check box c and enter “8911” on the line next to that box. College student taxes More information. College student taxes   For more information on the credit, see the Form 8911 instructions. College student taxes 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. College student taxes You may be able to take a credit if you are a holder of one of the following bonds. College student taxes Clean renewable energy bonds (issued before 2010). College student taxes New clean renewable energy bonds. College student taxes Qualified energy conservation bonds. College student taxes Qualified school construction bonds. College student taxes Qualified zone academy bonds. College student taxes Build America bonds. College student taxes In some instances, an issuer may elect to receive a credit for interest paid on the bond. College student taxes If the issuer makes this election, you cannot also claim a credit. College student taxes Interest income. College student taxes   The amount of any tax credit allowed (figured before applying tax liability limits) must be included as interest income on your tax return. College student taxes How to take the credit. College student taxes   Complete Form 8912 and attach it to your Form 1040. College student taxes Include the credit in your total for Form 1040, line 53. College student taxes Check box c and enter “8912” on the line next to that box. College student taxes More information. College student taxes   For more information, see the Instructions for Form 8912. College student taxes Foreign Tax Credit You generally can choose to take income taxes you paid or accrued during the year to a foreign country or U. College student taxes S. College student taxes possession as a credit against your U. College student taxes S. College student taxes income tax. College student taxes Or, you can deduct them as an itemized deduction (see chapter 22). College student taxes You cannot take a credit (or deduction) for foreign income taxes paid on income that you exclude from U. College student taxes S. College student taxes tax under any of the following. College student taxes Foreign earned income exclusion. College student taxes Foreign housing exclusion. College student taxes Income from Puerto Rico exempt from U. College student taxes S. College student taxes tax. College student taxes Possession exclusion. College student taxes Limit on the credit. College student taxes   Unless you can elect not to file Form 1116 (see Exception , later), your foreign tax credit cannot be more than your U. College student taxes S. College student taxes tax liability (Form 1040, line 44), multiplied by a fraction. College student taxes The numerator of the fraction is your taxable income from sources outside the United States. College student taxes The denominator is your total taxable income from U. College student taxes S. College student taxes and foreign sources. College student taxes See Publication 514 for more information. College student taxes How to take the credit. College student taxes   Complete Form 1116 and attach it to your Form 1040. College student taxes Enter the credit on Form 1040, line 47. College student taxes Exception. College student taxes   You do not have to complete Form 1116 to take the credit if all of the following apply. College student taxes 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). College student taxes If you had dividend income from shares of stock, you held those shares for at least 16 days. College student taxes You are not filing Form 4563 or excluding income from sources within Puerto Rico. College student taxes The total of your foreign taxes was not more than $300 (not more than $600 if married filing jointly). College student taxes 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. College student taxes More information. College student taxes   For more information on the credit and these requirements, see the Instructions for Form 1116. College student taxes Mortgage Interest Credit The mortgage interest credit is intended to help lower-income individuals own a home. College student taxes If you qualify, you can take the credit each year for part of the home mortgage interest you pay. College student taxes Who qualifies. College student taxes   You may be eligible for the credit if you were issued a qualified mortgage credit certificate (MCC) from your state or local government. College student taxes Generally, an MCC is issued only in connection with a new mortgage for the purchase of your main home. College student taxes Amount of credit. College student taxes   Figure your credit on Form 8396. College student taxes 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. College student taxes   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. College student taxes 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. College student taxes      Certified indebtedness amount on your MCC     Original amount of your mortgage   Limit based on credit rate. College student taxes   If the certificate credit rate is more than 20%, the credit you are allowed cannot be more than $2,000. College student taxes 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. College student taxes See Publication 530 for more information. College student taxes Carryforward. College student taxes   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. College student taxes 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. College student taxes   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). College student taxes How to take the credit. College student taxes    Figure your 2013 credit and any carryforward to 2014 on Form 8396, and attach it to your Form 1040. College student taxes Be sure to include any credit carryforward from 2010, 2011, and 2012. College student taxes   Include the credit in your total for Form 1040, line 53. College student taxes Check box c and enter “8396” on the line next to that box. College student taxes Reduced home mortgage interest deduction. College student taxes   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. College student taxes You must do this even if part of that amount is to be carried forward to 2014. College student taxes For more information about the home mortgage interest deduction, see chapter 23. College student taxes Recapture of federal mortgage subsidy. College student taxes   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. College student taxes 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. College student taxes See the Instructions for Form 8828 and chapter 15 for more information. College student taxes More information. College student taxes   For more information on the credit, see the Form 8396 instructions. College student taxes 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. College student taxes 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. College student taxes This is called the alternative minimum tax. College student taxes The special treatment of some items of income and expenses only allows you to postpone paying tax until a later year. College student taxes 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. College student taxes 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. College student taxes How to take the credit. College student taxes    Figure your 2013 nonrefundable credit (if any), and any carryforward to 2014 on Form 8801, and attach it to your Form 1040. College student taxes Include the credit in your total for Form 1040, line 53, and check box b. College student taxes You can carry forward any unused credit for prior year minimum tax to later years until it is completely used. College student taxes More information. College student taxes   For more information on the credit, see the Instructions for Form 8801. College student taxes 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. College student taxes Qualified plug-in electric drive motor vehicle. College student taxes   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. College student taxes Qualified two- or three-wheeled plug-in electric vehicle. College student taxes   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. College student taxes 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. College student taxes Certification and other requirements. College student taxes   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. College student taxes 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. College student taxes   The following requirements must also be met to qualify for the credit. College student taxes You are the owner of the vehicle. College student taxes If the vehicle is leased, only the lessor, and not the lessee, is entitled to the credit. College student taxes You placed the vehicle in service during 2013. College student taxes The vehicle is manufactured primarily for use on public streets, roads, and highways. College student taxes The original use of the vehicle began with you. College student taxes You acquired the vehicle for your use or to lease to others, and not for resale. College student taxes In the case of the qualified two- or three-wheeled plug-in electric vehicle, the vehicle is acquired after 2011 and before 2014. College student taxes You use the vehicle primarily in the United States. College student taxes How to take the credit. College student taxes   To take the credit, you must complete Form 8936 and attach it to your Form 1040. College student taxes Include the credit in your total for Form 1040, line 53. College student taxes Check box c and enter “8936” on the line next to that box. College student taxes More information. College student taxes   For more information on the credit, see the Form 8936 instructions. College student taxes 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. College student taxes Nonbusiness energy property credit. College student taxes Residential energy efficient property credit. College student taxes 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. College student taxes Nonbusiness energy property credit. College student taxes   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. College student taxes   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. College student taxes    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. College student taxes   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. College student taxes Any insulation material or system that is specifically and primarily designed to reduce heat loss or gain of a home. College student taxes Exterior window (including skylights). College student taxes Exterior doors. College student taxes Any metal or asphalt roof that has appropriate pigmented coatings or cooling granules specifically and primarily designed to reduce heat gain of the home. College student taxes   Residential energy property is any of the following. College student taxes 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. College student taxes Qualified natural gas, propane, or oil furnaces; and qualified natural gas, propane, or oil hot water boilers. College student taxes Certain advanced main air circulating fans used in natural gas, propane, or oil furnaces. College student taxes Residential energy efficient property credit. College student taxes   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. College student taxes 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. College student taxes Basis reduction. College student taxes   You must reduce the basis of your home by the amount of any credit allowed. College student taxes How to take the credit. College student taxes   Complete Form 5695 and attach it to your Form 1040. College student taxes Enter the credit on Form 1040, line 52. College student taxes More information. College student taxes   For more information on these credits, see the Form 5695 instructions. College student taxes 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. College student taxes However, you cannot take the credit if either of the following applies. College student taxes 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). College student taxes 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). College student taxes Student. College student taxes   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. College student taxes School. College student taxes   A school includes a technical, trade, or mechanical school. College student taxes It does not include an on-the-job training course, correspondence school, or school offering courses only through the Internet. College student taxes How to take the credit. College student taxes   Figure the credit on Form 8880. College student taxes Enter the credit on your Form 1040, line 50, or your Form 1040A, line 32, and attach Form 8880 to your return. College student taxes More information. College student taxes   For more information on the credit, see the Form 8880 instructions. College student taxes Refundable Credits The credits discussed in this part of the chapter are treated as payments of tax. College student taxes 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. College student taxes 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. College student taxes 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. College student taxes The mutual fund or REIT will send you Form 2439 showing your share of the undistributed capital gains and the tax paid, if any. College student taxes How to take the credit. College student taxes   To take the credit, attach Copy B of Form 2439 to your Form 1040. College student taxes Include the amount from box 2 of your Form 2439 in the total for Form 1040, line 71, and check box a. College student taxes More information. College student taxes   See Capital Gain Distributions in chapter 8 for more information on undistributed capital gains. College student taxes 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. College student taxes 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. College student taxes 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. College student taxes S. College student taxes Treasury–HCTC. College student taxes ” 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. College student taxes You were not enrolled in Medicaid or the Children's Health Insurance Program (CHIP). College student taxes You were not enrolled in the Federal Employees Health Benefits program (FEHBP) or eligible to receive benefits under the U. College student taxes S. College student taxes military health system (TRICARE). College student taxes You were not imprisoned under federal, state, or local authority. College student taxes Your employer did not pay 50% or more of the cost of coverage. College student taxes You did not receive a 65% COBRA premium reduction from your former employer or COBRA administrator. College student taxes But, you cannot take the credit if you can be claimed as a dependent on someone else's 2013 tax return. College student taxes If you meet all of these conditions, you may be able to take a credit of up to 72. College student taxes 5% of the amount you paid directly to a qualified health plan for you and any qualifying family members. College student taxes You cannot take the credit for insurance premiums on coverage that was actually paid for with a National Emergency Grant. College student taxes 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. College student taxes You can take this credit on your tax return or have it paid on your behalf in advance to your insurance company. College student taxes 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. College student taxes TAA recipient. College student taxes   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). College student taxes Example. College student taxes You received a trade adjustment allowance for January 2013. College student taxes You were an eligible TAA recipient on the first day of January and February. College student taxes Alternative TAA recipient. College student taxes   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. College student taxes Example. College student taxes You received benefits under an alternative trade adjustment assistance program for older workers for October 2013. College student taxes The program was established by the Department of Labor. College student taxes You were an eligible alternative TAA recipient on the first day of October and November. College student taxes RTAA recipient. College student taxes   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. College student taxes PBGC pension recipient. College student taxes   You were an eligible PBGC pension recipient on the first day of the month, if both of the following apply. College student taxes You were age 55 or older on the first day of the month. College student taxes You received a benefit for that month paid by the PBGC under title IV of the Employee Retirement Income Security Act of 1974 (ERISA). College student taxes 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. College student taxes How to take the credit. College student taxes   To take the credit, complete Form 8885 and attach it to your Form 1040. College student taxes Include your credit in the total for Form 1040, line 71, and check box c. College student taxes   You must attach health insurance bills (or COBRA payment coupons) and proof of payment for any amounts you include on Form 8885, line 2. College student taxes For details, see Publication 502 or Form 8885. College student taxes More information. College student taxes   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. College student taxes Credit for Excess Social Security Tax or Railroad Retirement Tax Withheld Most employers must withhold social security tax from your wages. College student taxes If you work for a railroad employer, that employer must withhold tier 1 railroad retirement (RRTA) tax and tier 2 RRTA tax. College student taxes If you worked for two or more employers in 2013, you may have had too much social security tax withheld from your pay. College student taxes 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. College student taxes 2% rate. College student taxes You can claim the excess social security or tier 1 RRTA tax as a credit against your income tax when you file your return. College student taxes For the tier 1 RRTA tax, only use the portion of the tier 1 RRTA tax that was taxed at the 6. College student taxes 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. College student taxes 45%) or the Additional Medicare Tax rate (. College student taxes 9%). College student taxes 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. College student taxes 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. College student taxes 40 RRTA tier 2 $84,300 $3,709. College student taxes 20 All wages are subject to Medicare tax withholding. College student taxes   Use Form 843, Claim for Refund and Request for Abatement, to claim a refund of excess tier 2 RRTA tax. College student taxes Be sure to attach a copy of all of your W-2 forms. College student taxes Use Worksheet 3-3 in Publication 505, Tax Withholding and Estimated Tax, to help you figure the excess amount. College student taxes Employer's error. College student taxes   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. College student taxes The employer should adjust the tax for you. College student taxes If the employer does not adjust the overcollection, you can file a claim for refund using Form 843. College student taxes Joint return. College student taxes   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. College student taxes Figure the withholding separately for you and your spouse to determine if either of you has excess withholding. College student taxes How to figure the credit if you did not work for a railroad. College student taxes   If you did not work for a railroad during 2013, figure the credit as follows: 1. College student taxes Add all social security tax withheld (but not more than $7,049. College student taxes 40 for each employer). College student taxes Enter the total here   2. College student taxes 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. College student taxes Add lines 1 and 2. College student taxes If $7,049. College student taxes 40 or less, stop here. College student taxes You cannot take  the credit   4. College student taxes Social security tax limit 7,049. College student taxes 40 5. College student taxes Credit. College student taxes Subtract line 4 from line 3. College student taxes Enter the result here and on Form 1040, line 69 (or Form 1040A, line 41) $ Example. College student taxes You are married and file a joint return with your spouse who had no gross income in 2013. College student taxes During 2013, you worked for the Brown Technology Company and earned $60,000 in wages. College student taxes Social security tax of $3,720 was withheld. College student taxes You also worked for another employer in 2013 and earned $55,000 in wages. College student taxes $3,410 of social security tax was withheld from these wages. College student taxes Because you worked for more than one employer and your total wages were more than $113,700, you can take a credit of $80. College student taxes 60 for the excess social security tax withheld. College student taxes 1. College student taxes Add all social security tax withheld (but not more than $7,049. College student taxes 40 for each employer). College student taxes Enter the total here $7,130. College student taxes 00 2. College student taxes 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. College student taxes Add lines 1 and 2. College student taxes If $7,049. College student taxes 40 or less, stop here. College student taxes You cannot take the credit 7,130. College student taxes 00 4. College student taxes Social security tax limit 7,049. College student taxes 40 5. College student taxes Credit. College student taxes Subtract line 4 from line 3. College student taxes Enter the result here and on Form 1040, line 69 (or Form 1040A, line 41) $80. College student taxes 60 How to figure the credit if you worked for a railroad. College student taxes   If you were a railroad employee at any time during 2013, figure the credit as follows: 1. College student taxes Add all social security and tier 1 RRTA tax withheld at the 6. College student taxes 2% rate (but not more than $7,049. College student taxes 40 for each employer). College student taxes Enter the total here   2. College student taxes 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. College student taxes Add lines 1 and 2. College student taxes If $7,049. College student taxes 40 or less, stop here. College student taxes You cannot take  the credit   4. College student taxes Social security and tier 1 RRTA  tax limit 7,049. College student taxes 40 5. College student taxes Credit. College student taxes Subtract line 4 from line 3. College student taxes Enter the result here and on Form 1040, line 69 (or Form 1040A, line 41) $ How to take the credit. College student taxes   Enter the credit on Form 1040, line 69, or include it in the total for Form 1040A, line 41. College student taxes More information. College student taxes   For more information on the credit, see Publication 505. College student taxes Prev  Up  Next   Home   More Online Publications