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Free Efile H&r Block

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Free Efile H&r Block

Free efile h&r block 8. Free efile h&r block   Dividends and Other Distributions Table of Contents Reminder Introduction Useful Items - You may want to see: General InformationDividends not reported on Form 1099-DIV. Free efile h&r block Reporting tax withheld. Free efile h&r block Nominees. Free efile h&r block Ordinary DividendsQualified Dividends Dividends Used to Buy More Stock Money Market Funds Capital Gain DistributionsBasis adjustment. Free efile h&r block Nondividend DistributionsLiquidating Distributions Distributions of Stock and Stock Rights Other DistributionsInformation reporting requirement. Free efile h&r block Alternative minimum tax treatment. Free efile h&r block How To Report Dividend IncomeInvestment interest deducted. Free efile h&r block Reminder Foreign-source income. Free efile h&r block  If you are a U. Free efile h&r block S. Free efile h&r block citizen with dividend income from sources outside the United States (foreign-source income), you must report that income on your tax return unless it is exempt by U. Free efile h&r block S. Free efile h&r block law. Free efile h&r block This is true whether you reside inside or outside the United States and whether or not you receive a Form 1099 from the foreign payer. Free efile h&r block Introduction This chapter discusses the tax treatment of: Ordinary dividends, Capital gain distributions, Nondividend distributions, and Other distributions you may receive from a corporation or a mutual fund. Free efile h&r block This chapter also explains how to report dividend income on your tax return. Free efile h&r block Dividends are distributions of money, stock, or other property paid to you by a corporation or by a mutual fund. Free efile h&r block You also may receive dividends through a partnership, an estate, a trust, or an association that is taxed as a corporation. Free efile h&r block However, some amounts you receive that are called dividends are actually interest income. Free efile h&r block (See Dividends that are actually interest under Taxable Interest in chapter 7. Free efile h&r block ) Most distributions are paid in cash (or check). Free efile h&r block However, distributions can consist of more stock, stock rights, other property, or services. Free efile h&r block Useful Items - You may want to see: Publication 514 Foreign Tax Credit for Individuals 550 Investment Income and Expenses Form (and Instructions) Schedule B (Form 1040A or 1040) Interest and Ordinary Dividends General Information This section discusses general rules for dividend income. Free efile h&r block Tax on unearned income of certain children. Free efile h&r block   Part of a child's 2013 unearned income may be taxed at the parent's tax rate. Free efile h&r block If it is, Form 8615, Tax for Certain Children Who Have Unearned Income, must be completed and attached to the child's tax return. Free efile h&r block If not, Form 8615 is not required and the child's income is taxed at his or her own tax rate. Free efile h&r block    Some parents can choose to include the child's interest and dividends on the parent's return if certain requirements are met. Free efile h&r block Use Form 8814, Parents' Election To Report Child's Interest and Dividends, for this purpose. Free efile h&r block   For more information about the tax on unearned income of children and the parents' election, see chapter 31. Free efile h&r block Beneficiary of an estate or trust. Free efile h&r block    Dividends and other distributions you receive as a beneficiary of an estate or trust are generally taxable income. Free efile h&r block You should receive a Schedule K-1 (Form 1041), Beneficiary's Share of Income, Deductions, Credits, etc. Free efile h&r block , from the fiduciary. Free efile h&r block Your copy of Schedule K-1 (Form 1041) and its instructions will tell you where to report the income on your Form 1040. Free efile h&r block Social security number (SSN) or individual taxpayer identification number (ITIN). Free efile h&r block    You must give your SSN or ITIN to any person required by federal tax law to make a return, statement, or other document that relates to you. Free efile h&r block This includes payers of dividends. Free efile h&r block If you do not give your SSN or ITIN to the payer of dividends, you may have to pay a penalty. Free efile h&r block For more information on SSNs and ITINs, see Social Security Number (SSN) in chapter 1. Free efile h&r block Backup withholding. Free efile h&r block   Your dividend income is generally not subject to regular withholding. Free efile h&r block However, it may be subject to backup withholding to ensure that income tax is collected on the income. Free efile h&r block Under backup withholding, the payer of dividends must withhold, as income tax, on the amount you are paid, applying the appropriate withholding rate. Free efile h&r block   Backup withholding may also be required if the IRS has determined that you underreported your interest or dividend income. Free efile h&r block For more information, see Backup Withholding in chapter 4. Free efile h&r block Stock certificate in two or more names. Free efile h&r block   If two or more persons hold stock as joint tenants, tenants by the entirety, or tenants in common, each person's share of any dividends from the stock is determined by local law. Free efile h&r block Form 1099-DIV. Free efile h&r block   Most corporations and mutual funds use Form 1099-DIV, Dividends and Distributions, to show you the distributions you received from them during the year. Free efile h&r block Keep this form with your records. Free efile h&r block You do not have to attach it to your tax return. Free efile h&r block Dividends not reported on Form 1099-DIV. Free efile h&r block   Even if you do not receive Form 1099-DIV, you must still report all your taxable dividend income. Free efile h&r block For example, you may receive distributive shares of dividends from partnerships or S corporations. Free efile h&r block These dividends are reported to you on Schedule K-1 (Form 1065), Partner's Share of Income, Deductions, Credits, etc. Free efile h&r block , and Schedule K-1 (Form 1120S), Shareholder's Share of Income, Deductions, Credits, etc. Free efile h&r block Reporting tax withheld. Free efile h&r block   If tax is withheld from your dividend income, the payer must give you a Form 1099-DIV that indicates the amount withheld. Free efile h&r block Nominees. Free efile h&r block   If someone receives distributions as a nominee for you, that person should give you a Form 1099-DIV, which will show distributions received on your behalf. Free efile h&r block Form 1099-MISC. Free efile h&r block   Certain substitute payments in lieu of dividends or tax-exempt interest received by a broker on your behalf must be reported to you on Form 1099-MISC, Miscellaneous Income, or a similar statement. Free efile h&r block See Reporting Substitute Payments under Short Sales in chapter 4 of Publication 550 for more information about reporting these payments. Free efile h&r block Incorrect amount shown on a Form 1099. Free efile h&r block   If you receive a Form 1099 that shows an incorrect amount (or other incorrect information), you should ask the issuer for a corrected form. Free efile h&r block The new Form 1099 you receive will be marked “Corrected. Free efile h&r block ” Dividends on stock sold. Free efile h&r block   If stock is sold, exchanged, or otherwise disposed of after a dividend is declared but before it is paid, the owner of record (usually the payee shown on the dividend check) must include the dividend in income. Free efile h&r block Dividends received in January. Free efile h&r block   If a mutual fund (or other regulated investment company) or real estate investment trust (REIT) declares a dividend (including any exempt-interest dividend or capital gain distribution) in October, November, or December, payable to shareholders of record on a date in one of those months but actually pays the dividend during January of the next calendar year, you are considered to have received the dividend on December 31. Free efile h&r block You report the dividend in the year it was declared. Free efile h&r block Ordinary Dividends Ordinary (taxable) dividends are the most common type of distribution from a corporation or a mutual fund. Free efile h&r block They are paid out of earnings and profits and are ordinary income to you. Free efile h&r block This means they are not capital gains. Free efile h&r block You can assume that any dividend you receive on common or preferred stock is an ordinary dividend unless the paying corporation or mutual fund tells you otherwise. Free efile h&r block Ordinary dividends will be shown in box 1a of the Form 1099-DIV you receive. Free efile h&r block Qualified Dividends Qualified dividends are the ordinary dividends subject to the same 0%, 15%, or 20% maximum tax rate that applies to net capital gain. Free efile h&r block They should be shown in box 1b of the Form 1099-DIV you receive. Free efile h&r block The maximum rate of tax on qualified dividends is: 0% on any amount that otherwise would be taxed at a 10% or 15% rate. Free efile h&r block 15% on any amount that otherwise would be taxed at rates greater than 15% but less than 39. Free efile h&r block 6%. Free efile h&r block 20% on any amount that otherwise would be taxed at a 39. Free efile h&r block 6% rate. Free efile h&r block To qualify for the maximum rate, all of the following requirements must be met. Free efile h&r block The dividends must have been paid by a U. Free efile h&r block S. Free efile h&r block corporation or a qualified foreign corporation. Free efile h&r block (See Qualified foreign corporation , later. Free efile h&r block ) The dividends are not of the type listed later under Dividends that are not qualified dividends . Free efile h&r block You meet the holding period (discussed next). Free efile h&r block Holding period. Free efile h&r block   You must have held the stock for more than 60 days during the 121-day period that begins 60 days before the ex-dividend date. Free efile h&r block The ex-dividend date is the first date following the declaration of a dividend on which the buyer of a stock is not entitled to receive the next dividend payment. Free efile h&r block Instead, the seller will get the dividend. Free efile h&r block   When counting the number of days you held the stock, include the day you disposed of the stock, but not the day you acquired it. Free efile h&r block See the examples later. Free efile h&r block Exception for preferred stock. Free efile h&r block   In the case of preferred stock, you must have held the stock more than 90 days during the 181-day period that begins 90 days before the ex-dividend date if the dividends are due to periods totaling more than 366 days. Free efile h&r block If the preferred dividends are due to periods totaling less than 367 days, the holding period in the previous paragraph applies. Free efile h&r block Example 1. Free efile h&r block You bought 5,000 shares of XYZ Corp. Free efile h&r block common stock on July 9, 2013. Free efile h&r block XYZ Corp. Free efile h&r block paid a cash dividend of 10 cents per share. Free efile h&r block The ex-dividend date was July 16, 2013. Free efile h&r block Your Form 1099-DIV from XYZ Corp. Free efile h&r block shows $500 in box 1a (ordinary dividends) and in box 1b (qualified dividends). Free efile h&r block However, you sold the 5,000 shares on August 12, 2013. Free efile h&r block You held your shares of XYZ Corp. Free efile h&r block for only 34 days of the 121-day period (from July 10, 2013, through August 12, 2013). Free efile h&r block The 121-day period began on May 17, 2013 (60 days before the ex-dividend date), and ended on September 14, 2013. Free efile h&r block You have no qualified dividends from XYZ Corp. Free efile h&r block because you held the XYZ stock for less than 61 days. Free efile h&r block Example 2. Free efile h&r block Assume the same facts as in Example 1 except that you bought the stock on July 15, 2013 (the day before the ex-dividend date), and you sold the stock on September 16, 2013. Free efile h&r block You held the stock for 63 days (from July 16, 2013, through September 16, 2013). Free efile h&r block The $500 of qualified dividends shown in box 1b of your Form 1099-DIV are all qualified dividends because you held the stock for 61 days of the 121-day period (from July 16, 2013, through September 14, 2013). Free efile h&r block Example 3. Free efile h&r block You bought 10,000 shares of ABC Mutual Fund common stock on July 9, 2013. Free efile h&r block ABC Mutual Fund paid a cash dividend of 10 cents a share. Free efile h&r block The ex-dividend date was July 16, 2013. Free efile h&r block The ABC Mutual Fund advises you that the portion of the dividend eligible to be treated as qualified dividends equals 2 cents per share. Free efile h&r block Your Form 1099-DIV from ABC Mutual Fund shows total ordinary dividends of $1,000 and qualified dividends of $200. Free efile h&r block However, you sold the 10,000 shares on August 12, 2013. Free efile h&r block You have no qualified dividends from ABC Mutual Fund because you held the ABC Mutual Fund stock for less than 61 days. Free efile h&r block Holding period reduced where risk of loss is diminished. Free efile h&r block   When determining whether you met the minimum holding period discussed earlier, you cannot count any day during which you meet any of the following conditions. Free efile h&r block You had an option to sell, were under a contractual obligation to sell, or had made (and not closed) a short sale of substantially identical stock or securities. Free efile h&r block You were grantor (writer) of an option to buy substantially identical stock or securities. Free efile h&r block Your risk of loss is diminished by holding one or more other positions in substantially similar or related property. Free efile h&r block   For information about how to apply condition (3), see Regulations section 1. Free efile h&r block 246-5. Free efile h&r block Qualified foreign corporation. Free efile h&r block   A foreign corporation is a qualified foreign corporation if it meets any of the following conditions. Free efile h&r block The corporation is incorporated in a U. Free efile h&r block S. Free efile h&r block possession. Free efile h&r block The corporation is eligible for the benefits of a comprehensive income tax treaty with the United States that the Treasury Department determines is satisfactory for this purpose and that includes an exchange of information program. Free efile h&r block For a list of those treaties, see Table 8-1. Free efile h&r block The corporation does not meet (1) or (2) above, but the stock for which the dividend is paid is readily tradable on an established securities market in the United States. Free efile h&r block See Readily tradable stock , later. Free efile h&r block Exception. Free efile h&r block   A corporation is not a qualified foreign corporation if it is a passive foreign investment company during its tax year in which the dividends are paid or during its previous tax year. Free efile h&r block Readily tradable stock. Free efile h&r block   Any stock (such as common, ordinary, or preferred) or an American depositary receipt in respect of that stock is considered to satisfy requirement (3) under Qualified foreign corporation , if it is listed on a national securities exchange that is registered under section 6 of the Securities Exchange Act of 1934 or on the Nasdaq Stock Market. Free efile h&r block For a list of the exchanges that meet these requirements, see www. Free efile h&r block sec. Free efile h&r block gov/divisions/marketreg/mrexchanges. Free efile h&r block shtml. Free efile h&r block Dividends that are not qualified dividends. Free efile h&r block   The following dividends are not qualified dividends. Free efile h&r block They are not qualified dividends even if they are shown in box 1b of Form 1099-DIV. Free efile h&r block Capital gain distributions. Free efile h&r block Dividends paid on deposits with mutual savings banks, cooperative banks, credit unions, U. Free efile h&r block S. Free efile h&r block building and loan associations, U. Free efile h&r block S. Free efile h&r block savings and loan associations, federal savings and loan associations, and similar financial institutions. Free efile h&r block (Report these amounts as interest income. Free efile h&r block ) Dividends from a corporation that is a tax-exempt organization or farmer's cooperative during the corporation's tax year in which the dividends were paid or during the corporation's previous tax year. Free efile h&r block Dividends paid by a corporation on employer securities held on the date of record by an employee stock ownership plan (ESOP) maintained by that corporation. Free efile h&r block Dividends on any share of stock to the extent you are obligated (whether under a short sale or otherwise) to make related payments for positions in substantially similar or related property. Free efile h&r block Payments in lieu of dividends, but only if you know or have reason to know the payments are not qualified dividends. Free efile h&r block Payments shown in Form 1099-DIV, box 1b, from a foreign corporation to the extent you know or have reason to know the payments are not qualified dividends. Free efile h&r block Table 8-1. Free efile h&r block Income Tax Treaties Income tax treaties the United States has with the following countries satisfy requirement (2) under Qualified foreign corporation. Free efile h&r block Australia Indonesia Romania Austria Ireland Russian Bangladesh Israel Federation Barbados Italy Slovak Belgium Jamaica Republic Bulgaria Japan Slovenia Canada Kazakhstan South Africa China Korea Spain Cyprus Latvia Sri Lanka Czech Lithuania Sweden Republic Luxembourg Switzerland Denmark Malta Thailand Egypt Mexico Trinidad and Estonia Morocco Tobago Finland Netherlands Tunisia France New Zealand Turkey Germany Norway Ukraine Greece Pakistan United Hungary Philippines Kingdom Iceland Poland Venezuela India Portugal     Dividends Used to Buy More Stock The corporation in which you own stock may have a dividend reinvestment plan. Free efile h&r block This plan lets you choose to use your dividends to buy (through an agent) more shares of stock in the corporation instead of receiving the dividends in cash. Free efile h&r block Most mutual funds also permit shareholders to automatically reinvest distributions in more shares in the fund, instead of receiving cash. Free efile h&r block If you use your dividends to buy more stock at a price equal to its fair market value, you still must report the dividends as income. Free efile h&r block If you are a member of a dividend reinvestment plan that lets you buy more stock at a price less than its fair market value, you must report as dividend income the fair market value of the additional stock on the dividend payment date. Free efile h&r block You also must report as dividend income any service charge subtracted from your cash dividends before the dividends are used to buy the additional stock. Free efile h&r block But you may be able to deduct the service charge. Free efile h&r block See chapter 28 for more information about deducting expenses of producing income. Free efile h&r block In some dividend reinvestment plans, you can invest more cash to buy shares of stock at a price less than fair market value. Free efile h&r block If you choose to do this, you must report as dividend income the difference between the cash you invest and the fair market value of the stock you buy. Free efile h&r block When figuring this amount, use the fair market value of the stock on the dividend payment date. Free efile h&r block Money Market Funds Report amounts you receive from money market funds as dividend income. Free efile h&r block Money market funds are a type of mutual fund and should not be confused with bank money market accounts that pay interest. Free efile h&r block Capital Gain Distributions Capital gain distributions (also called capital gain dividends) are paid to you or credited to your account by mutual funds (or other regulated investment companies) and real estate investment trusts (REITs). Free efile h&r block They will be shown in box 2a of the Form 1099-DIV you receive from the mutual fund or REIT. Free efile h&r block Report capital gain distributions as long-term capital gains, regardless of how long you owned your shares in the mutual fund or REIT. Free efile h&r block Undistributed capital gains of mutual funds and REITs. Free efile h&r block    Some mutual funds and REITs keep their long-term capital gains and pay tax on them. Free efile h&r block You must treat your share of these gains as distributions, even though you did not actually receive them. Free efile h&r block However, they are not included on Form 1099-DIV. Free efile h&r block Instead, they are reported to you in box 1a of Form 2439. Free efile h&r block   Report undistributed capital gains (box 1a of Form 2439) as long-term capital gains on Schedule D (Form 1040), column (h), line 11. Free efile h&r block   The tax paid on these gains by the mutual fund or REIT is shown in box 2 of Form 2439. Free efile h&r block You take credit for this tax by including it on Form 1040, line 71, and checking box a on that line. Free efile h&r block Attach Copy B of Form 2439 to your return, and keep Copy C for your records. Free efile h&r block Basis adjustment. Free efile h&r block   Increase your basis in your mutual fund, or your interest in a REIT, by the difference between the gain you report and the credit you claim for the tax paid. Free efile h&r block Additional information. Free efile h&r block   For more information on the treatment of distributions from mutual funds, see Publication 550. Free efile h&r block Nondividend Distributions A nondividend distribution is a distribution that is not paid out of the earnings and profits of a corporation or a mutual fund. Free efile h&r block You should receive a Form 1099-DIV or other statement showing the nondividend distribution. Free efile h&r block On Form 1099-DIV, a nondividend distribution will be shown in box 3. Free efile h&r block If you do not receive such a statement, you report the distribution as an ordinary dividend. Free efile h&r block Basis adjustment. Free efile h&r block   A nondividend distribution reduces the basis of your stock. Free efile h&r block It is not taxed until your basis in the stock is fully recovered. Free efile h&r block This nontaxable portion is also called a return of capital; it is a return of your investment in the stock of the company. Free efile h&r block If you buy stock in a corporation in different lots at different times, and you cannot definitely identify the shares subject to the nondividend distribution, reduce the basis of your earliest purchases first. Free efile h&r block   When the basis of your stock has been reduced to zero, report any additional nondividend distribution you receive as a capital gain. Free efile h&r block Whether you report it as a long-term or short-term capital gain depends on how long you have held the stock. Free efile h&r block See Holding Period in chapter 14. Free efile h&r block Example. Free efile h&r block You bought stock in 2000 for $100. Free efile h&r block In 2003, you received a nondividend distribution of $80. Free efile h&r block You did not include this amount in your income, but you reduced the basis of your stock to $20. Free efile h&r block You received a nondividend distribution of $30 in 2013. Free efile h&r block The first $20 of this amount reduced your basis to zero. Free efile h&r block You report the other $10 as a long-term capital gain for 2013. Free efile h&r block You must report as a long-term capital gain any nondividend distribution you receive on this stock in later years. Free efile h&r block Liquidating Distributions Liquidating distributions, sometimes called liquidating dividends, are distributions you receive during a partial or complete liquidation of a corporation. Free efile h&r block These distributions are, at least in part, one form of a return of capital. Free efile h&r block They may be paid in one or more installments. Free efile h&r block You will receive Form 1099-DIV from the corporation showing you the amount of the liquidating distribution in box 8 or 9. Free efile h&r block For more information on liquidating distributions, see chapter 1 of Publication 550. Free efile h&r block Distributions of Stock and Stock Rights Distributions by a corporation of its own stock are commonly known as stock dividends. Free efile h&r block Stock rights (also known as “stock options”) are distributions by a corporation of rights to acquire the corporation's stock. Free efile h&r block Generally, stock dividends and stock rights are not taxable to you, and you do not report them on your return. Free efile h&r block Taxable stock dividends and stock rights. Free efile h&r block   Distributions of stock dividends and stock rights are taxable to you if any of the following apply. Free efile h&r block You or any other shareholder have the choice to receive cash or other property instead of stock or stock rights. Free efile h&r block The distribution gives cash or other property to some shareholders and an increase in the percentage interest in the corporation's assets or earnings and profits to other shareholders. Free efile h&r block The distribution is in convertible preferred stock and has the same result as in (2). Free efile h&r block The distribution gives preferred stock to some common stock shareholders and common stock to other common stock shareholders. Free efile h&r block The distribution is on preferred stock. Free efile h&r block (The distribution, however, is not taxable if it is an increase in the conversion ratio of convertible preferred stock made solely to take into account a stock dividend, stock split, or similar event that would otherwise result in reducing the conversion right. Free efile h&r block )   The term “stock” includes rights to acquire stock, and the term “shareholder” includes a holder of rights or of convertible securities. Free efile h&r block If you receive taxable stock dividends or stock rights, include their fair market value at the time of distribution in your income. Free efile h&r block Preferred stock redeemable at a premium. Free efile h&r block   If you hold preferred stock having a redemption price higher than its issue price, the difference (the redemption premium) generally is taxable as a constructive distribution of additional stock on the preferred stock. Free efile h&r block For more information, see chapter 1 of Publication 550. Free efile h&r block Basis. Free efile h&r block   Your basis in stock or stock rights received in a taxable distribution is their fair market value when distributed. Free efile h&r block If you receive stock or stock rights that are not taxable to you, see Stocks and Bonds under Basis of Investment Property in chapter 4 of Publication 550 for information on how to figure their basis. Free efile h&r block Fractional shares. Free efile h&r block    You may not own enough stock in a corporation to receive a full share of stock if the corporation declares a stock dividend. Free efile h&r block However, with the approval of the shareholders, the corporation may set up a plan in which fractional shares are not issued but instead are sold, and the cash proceeds are given to the shareholders. Free efile h&r block Any cash you receive for fractional shares under such a plan is treated as an amount realized on the sale of the fractional shares. Free efile h&r block Report this transaction on Form 8949, Sales and Other Dispositions of Capital Assets. Free efile h&r block Enter your gain or loss, the difference between the cash you receive and the basis of the fractional shares sold, in column (h) of Schedule D (Form 1040) in Part I or Part II, whichever is appropriate. Free efile h&r block    Report these transactions on Form 8949 with the correct box checked. Free efile h&r block   For more information on Form 8949 and Schedule D (Form 1040), see chapter 4 of Publication 550. Free efile h&r block Also see the Instructions for Form 8949 and the Instructions for Schedule D (Form 1040). Free efile h&r block Example. Free efile h&r block You own one share of common stock that you bought on January 3, 2004, for $100. Free efile h&r block The corporation declared a common stock dividend of 5% on June 29, 2013. Free efile h&r block The fair market value of the stock at the time the stock dividend was declared was $200. Free efile h&r block You were paid $10 for the fractional-share stock dividend under a plan described in the discussion above. Free efile h&r block You figure your gain or loss as follows: Fair market value of old stock $200. Free efile h&r block 00 Fair market value of stock dividend (cash received) +10. Free efile h&r block 00 Fair market value of old stock and stock dividend $210. Free efile h&r block 00 Basis (cost) of old stock after the stock dividend (($200 ÷ $210) × $100) $95. Free efile h&r block 24 Basis (cost) of stock dividend (($10 ÷ $210) × $100) + 4. Free efile h&r block 76 Total $100. Free efile h&r block 00 Cash received $10. Free efile h&r block 00 Basis (cost) of stock dividend − 4. Free efile h&r block 76 Gain $5. Free efile h&r block 24 Because you had held the share of stock for more than 1 year at the time the stock dividend was declared, your gain on the stock dividend is a long-term capital gain. Free efile h&r block Scrip dividends. Free efile h&r block   A corporation that declares a stock dividend may issue you a scrip certificate that entitles you to a fractional share. Free efile h&r block The certificate is generally nontaxable when you receive it. Free efile h&r block If you choose to have the corporation sell the certificate for you and give you the proceeds, your gain or loss is the difference between the proceeds and the portion of your basis in the corporation's stock allocated to the certificate. Free efile h&r block   However, if you receive a scrip certificate that you can choose to redeem for cash instead of stock, the certificate is taxable when you receive it. Free efile h&r block You must include its fair market value in income on the date you receive it. Free efile h&r block Other Distributions You may receive any of the following distributions during the year. Free efile h&r block Exempt-interest dividends. Free efile h&r block   Exempt-interest dividends you receive from a mutual fund or other regulated investment company, including those received from a qualified fund of funds in any tax year beginning after December 22, 2010, are not included in your taxable income. Free efile h&r block Exempt-interest dividends should be shown in box 10 of Form 1099-DIV. Free efile h&r block Information reporting requirement. Free efile h&r block   Although exempt-interest dividends are not taxable, you must show them on your tax return if you have to file a return. Free efile h&r block This is an information reporting requirement and does not change the exempt-interest dividends to taxable income. Free efile h&r block Alternative minimum tax treatment. Free efile h&r block   Exempt-interest dividends paid from specified private activity bonds may be subject to the alternative minimum tax. Free efile h&r block See Alternative Minimum Tax (AMT) in chapter 30 for more information. Free efile h&r block Dividends on insurance policies. Free efile h&r block    Insurance policy dividends the insurer keeps and uses to pay your premiums are not taxable. Free efile h&r block However, you must report as taxable interest income the interest that is paid or credited on dividends left with the insurance company. Free efile h&r block    If dividends on an insurance contract (other than a modified endowment contract) are distributed to you, they are a partial return of the premiums you paid. Free efile h&r block Do not include them in your gross income until they are more than the total of all net premiums you paid for the contract. Free efile h&r block Report any taxable distributions on insurance policies on Form 1040, line 21. Free efile h&r block Dividends on veterans' insurance. Free efile h&r block   Dividends you receive on veterans' insurance policies are not taxable. Free efile h&r block In addition, interest on dividends left with the Department of Veterans Affairs is not taxable. Free efile h&r block Patronage dividends. Free efile h&r block   Generally, patronage dividends you receive in money from a cooperative organization are included in your income. Free efile h&r block   Do not include in your income patronage dividends you receive on: Property bought for your personal use, or Capital assets or depreciable property bought for use in your business. Free efile h&r block But you must reduce the basis (cost) of the items bought. Free efile h&r block If the dividend is more than the adjusted basis of the assets, you must report the excess as income. Free efile h&r block   These rules are the same whether the cooperative paying the dividend is a taxable or tax-exempt cooperative. Free efile h&r block Alaska Permanent Fund dividends. Free efile h&r block    Do not report these amounts as dividends. Free efile h&r block Instead, report these amounts on Form 1040, line 21; Form 1040A, line 13; or Form 1040EZ, line 3. Free efile h&r block How To Report Dividend Income Generally, you can use either Form 1040 or Form 1040A to report your dividend income. Free efile h&r block Report the total of your ordinary dividends on line 9a of Form 1040 or Form 1040A. Free efile h&r block Report qualified dividends on line 9b of Form 1040 or Form 1040A. Free efile h&r block If you receive capital gain distributions, you may be able to use Form 1040A or you may have to use Form 1040. Free efile h&r block See Exceptions to filing Form 8949 and Schedule D (Form 1040) in chapter 16. Free efile h&r block If you receive nondividend distributions required to be reported as capital gains, you must use Form 1040. Free efile h&r block You cannot use Form 1040EZ if you receive any dividend income. Free efile h&r block Form 1099-DIV. Free efile h&r block   If you owned stock on which you received $10 or more in dividends and other distributions, you should receive a Form 1099-DIV. Free efile h&r block Even if you do not receive Form 1099-DIV, you must report all your dividend income. Free efile h&r block   See Form 1099-DIV for more information on how to report dividend income. Free efile h&r block Form 1040A or 1040. Free efile h&r block    You must complete Schedule B (Form 1040A or 1040), Part II, and attach it to your Form 1040A or 1040, if: Your ordinary dividends (Form 1099-DIV, box 1a) are more than $1,500, or You received, as a nominee, dividends that actually belong to someone else. Free efile h&r block If your ordinary dividends are more than $1,500, you must also complete Schedule B (Form 1040A or 1040), Part III. Free efile h&r block   List on Schedule B (Form 1040A or 1040), Part II, line 5, each payer's name and the ordinary dividends you received. Free efile h&r block If your securities are held by a brokerage firm (in “street name”), list the name of the brokerage firm shown on Form 1099-DIV as the payer. Free efile h&r block If your stock is held by a nominee who is the owner of record, and the nominee credited or paid you dividends on the stock, show the name of the nominee and the dividends you received or for which you were credited. Free efile h&r block   Enter on line 6 the total of the amounts listed on line 5. Free efile h&r block Also enter this total on line 9a of Form 1040A or 1040. Free efile h&r block Qualified dividends. Free efile h&r block   Report qualified dividends (Form 1099-DIV, box 1b) on line 9b of Form 1040 or Form 1040A. Free efile h&r block The amount in box 1b is already included in box 1a. Free efile h&r block Do not add the amount in box 1b to, or substract it from, the amount in box 1a. Free efile h&r block   Do not include any of the following on line 9b. Free efile h&r block Qualified dividends you received as a nominee. Free efile h&r block See Nominees under How to Report Dividend Income in chapter 1 of Publication 550. Free efile h&r block Dividends on stock for which you did not meet the holding period. Free efile h&r block See Holding period , earlier under Qualified Dividends. Free efile h&r block Dividends on any share of stock to the extent you are obligated (whether under a short sale or otherwise) to make related payments for positions in substantially similar or related property. Free efile h&r block Payments in lieu of dividends, but only if you know or have reason to know the payments are not qualified dividends. Free efile h&r block Payments shown in Form 1099-DIV, box 1b, from a foreign corporation to the extent you know or have reason to know the payments are not qualified dividends. Free efile h&r block   If you have qualified dividends, you must figure your tax by completing the Qualified Dividends and Capital Gain Tax Worksheet in the Form 1040 or 1040A instructions or the Schedule D Tax Worksheet in the Schedule D (Form 1040) instructions, whichever applies. Free efile h&r block Enter qualified dividends on line 2 of the worksheet. Free efile h&r block Investment interest deducted. Free efile h&r block   If you claim a deduction for investment interest, you may have to reduce the amount of your qualified dividends that are eligible for the 0%, 15%, or 20% tax rate. Free efile h&r block Reduce it by the qualified dividends you choose to include in investment income when figuring the limit on your investment interest deduction. Free efile h&r block This is done on the Qualified Dividends and Capital Gain Tax Worksheet or the Schedule D Tax Worksheet. Free efile h&r block For more information about the limit on investment interest, see Investment expenses in chapter 23. Free efile h&r block Expenses related to dividend income. Free efile h&r block   You may be able to deduct expenses related to dividend income if you itemize your deductions on Schedule A (Form 1040). Free efile h&r block See chapter 28 for general information about deducting expenses of producing income. Free efile h&r block More information. Free efile h&r block    For more information about how to report dividend income, see chapter 1 of Publication 550 or the instructions for the form you must file. Free efile h&r block Prev  Up  Next   Home   More Online Publications
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This page is designed for you, the Site Coordinator. Here you will find those items you need at your site to make it efficient, quality-focused and customer friendly. While Publication 1084, IRS Volunteer Site Coordinator’s Handbook, is the primary source of information for volunteer program coordination and site management, we hope you will find additional information here that will make your job easier.

Whether you are a returning Site Coordinator or brand new, the part you play is critical to the success of a volunteer tax assistance program. We welcome any suggestions or recommendations you may have to improve any aspect of the volunteer program.

 


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Page Last Reviewed or Updated: 18-Mar-2014

The Free Efile H&r Block

Free efile h&r block 12. Free efile h&r block   How To Get Tax Help Table of Contents Low Income Taxpayer Clinics Whether it's help with a tax issue, preparing your tax return or a need for a free publication or form, get the help you need the way you want it: online, use a smart phone, call or walk in to an IRS office or volunteer site near you. Free efile h&r block Free help with your tax return. Free efile h&r block   You can get free help preparing your return nationwide from IRS-certified volunteers. Free efile h&r block The Volunteer Income Tax Assistance (VITA) program helps low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers. Free efile h&r block The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Free efile h&r block Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. Free efile h&r block In addition, some VITA and TCE sites provide taxpayers the opportunity to prepare their own return with help from an IRS-certified volunteer. Free efile h&r block To find the nearest VITA or TCE site, you can use the VITA Locator Tool on IRS. Free efile h&r block gov, download the IRS2Go app, or call 1-800-906-9887. Free efile h&r block   As part of the TCE program, AARP offers the Tax-Aide counseling program. Free efile h&r block To find the nearest AARP Tax-Aide site, visit AARP's website at www. Free efile h&r block aarp. Free efile h&r block org/money/taxaide or call 1-888-227-7669. Free efile h&r block For more information on these programs, go to IRS. Free efile h&r block gov and enter “VITA” in the search box. Free efile h&r block Internet. Free efile h&r block    IRS. Free efile h&r block gov and IRS2Go are ready when you are —24 hours a day, 7 days a week. Free efile h&r block Download the free IRS2Go app from the iTunes app store or from Google Play. Free efile h&r block Use it to check your refund status, order transcripts of your tax returns or tax account, watch the IRS YouTube channel, get IRS news as soon as it's released to the public, subscribe to filing season updates or daily tax tips, and follow the IRS Twitter news feed, @IRSnews, to get the latest federal tax news, including information about tax law changes and important IRS programs. Free efile h&r block Check the status of your 2013 refund with the Where's My Refund? application on IRS. Free efile h&r block gov or download the IRS2Go app and select the Refund Status option. Free efile h&r block The IRS issues more than 9 out of 10 refunds in less than 21 days. Free efile h&r block Using these applications, you can start checking on the status of your return within 24 hours after we receive your e-filed return or 4 weeks after you mail a paper return. Free efile h&r block You will also be given a personalized refund date as soon as the IRS processes your tax return and approves your refund. Free efile h&r block The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Free efile h&r block Use the Interactive Tax Assistant (ITA) to research your tax questions. Free efile h&r block No need to wait on the phone or stand in line. Free efile h&r block The ITA is available 24 hours a day, 7 days a week, and provides you with a variety of tax information related to general filing topics, deductions, credits, and income. Free efile h&r block When you reach the response screen, you can print the entire interview and the final response for your records. Free efile h&r block New subject areas are added on a regular basis. Free efile h&r block  Answers not provided through ITA may be found in Tax Trails, one of the Tax Topics on IRS. Free efile h&r block gov which contain general individual and business tax information or by searching the IRS Tax Map, which includes an international subject index. Free efile h&r block You can use the IRS Tax Map, to search publications and instructions by topic or keyword. Free efile h&r block The IRS Tax Map integrates forms and publications into one research tool and provides single-point access to tax law information by subject. Free efile h&r block When the user searches the IRS Tax Map, they will be provided with links to related content in existing IRS publications, forms and instructions, questions and answers, and Tax Topics. Free efile h&r block Coming this filing season, you can immediately view and print for free all 5 types of individual federal tax transcripts (tax returns, tax account, record of account, wage and income statement, and certification of non-filing) using Get Transcript. Free efile h&r block You can also ask the IRS to mail a return or an account transcript to you. Free efile h&r block Only the mail option is available by choosing the Tax Records option on the IRS2Go app by selecting Mail Transcript on IRS. Free efile h&r block gov or by calling 1-800-908-9946. Free efile h&r block Tax return and tax account transcripts are generally available for the current year and the past three years. Free efile h&r block Determine if you are eligible for the EITC and estimate the amount of the credit with the Earned Income Tax Credit (EITC) Assistant. Free efile h&r block Visit Understanding Your IRS Notice or Letter to get answers to questions about a notice or letter you received from the IRS. Free efile h&r block If you received the First Time Homebuyer Credit, you can use the First Time Homebuyer Credit Account Look-up tool for information on your repayments and account balance. Free efile h&r block Check the status of your amended return using Where's My Amended Return? Go to IRS. Free efile h&r block gov and enter Where's My Amended Return? in the search box. Free efile h&r block You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Free efile h&r block It can take up to 3 weeks from the date you mailed it to show up in our system. Free efile h&r block Make a payment using one of several safe and convenient electronic payment options available on IRS. Free efile h&r block gov. Free efile h&r block Select the Payment tab on the front page of IRS. Free efile h&r block gov for more information. Free efile h&r block Determine if you are eligible and apply for an online payment agreement, if you owe more tax than you can pay today. Free efile h&r block Figure your income tax withholding with the IRS Withholding Calculator on IRS. Free efile h&r block gov. Free efile h&r block Use it if you've had too much or too little withheld, your personal situation has changed, you're starting a new job or you just want to see if you're having the right amount withheld. Free efile h&r block Determine if you might be subject to the Alternative Minimum Tax by using the Alternative Minimum Tax Assistant on IRS. Free efile h&r block gov. Free efile h&r block Request an Electronic Filing PIN by going to IRS. Free efile h&r block gov and entering Electronic Filing PIN in the search box. Free efile h&r block Download forms, instructions and publications, including accessible versions for people with disabilities. Free efile h&r block Locate the nearest Taxpayer Assistance Center (TAC) using the Office Locator tool on IRS. Free efile h&r block gov, or choose the Contact Us option on the IRS2Go app and search Local Offices. Free efile h&r block An employee can answer questions about your tax account or help you set up a payment plan. Free efile h&r block Before you visit, check the Office Locator on IRS. Free efile h&r block gov, or Local Offices under Contact Us on IRS2Go to confirm the address, phone number, days and hours of operation, and the services provided. Free efile h&r block If you have a special need, such as a disability, you can request an appointment. Free efile h&r block Call the local number listed in the Office Locator, or look in the phone book under United States Government, Internal Revenue Service. Free efile h&r block Apply for an Employer Identification Number (EIN). Free efile h&r block Go to IRS. Free efile h&r block gov and enter Apply for an EIN in the search box. Free efile h&r block Read the Internal Revenue Code, regulations, or other official guidance. Free efile h&r block Read Internal Revenue Bulletins. Free efile h&r block Sign up to receive local and national tax news and more by email. Free efile h&r block Just click on “subscriptions” above the search box on IRS. Free efile h&r block gov and choose from a variety of options. Free efile h&r block Phone. Free efile h&r block    You can call the IRS, or you can carry it in your pocket with the IRS2Go app on your smart phone or tablet. Free efile h&r block Download the free IRS2Go app from the iTunes app store or from Google Play. Free efile h&r block Call to locate the nearest volunteer help site, 1-800-906-9887 or you can use the VITA Locator Tool on IRS. Free efile h&r block gov, or download the IRS2Go app. Free efile h&r block Low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers can get free help with their tax return from the nationwide Volunteer Income Tax Assistance (VITA) program. Free efile h&r block The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Free efile h&r block Most VITA and TCE sites offer free electronic filing. Free efile h&r block Some VITA and TCE sites provide IRS-certified volunteers who can help prepare your tax return. Free efile h&r block Through the TCE program, AARP offers the Tax-Aide counseling program; call 1-888-227-7669 to find the nearest Tax-Aide location. Free efile h&r block Call the automated Where's My Refund? information hotline to check the status of your 2013 refund 24 hours a day, 7 days a week at 1-800-829-1954. Free efile h&r block If you e-file, you can start checking on the status of your return within 24 hours after the IRS receives your tax return or 4 weeks after you've mailed a paper return. Free efile h&r block The IRS issues more than 9 out of 10 refunds in less than 21 days. Free efile h&r block Where's My Refund? will give you a personalized refund date as soon as the IRS processes your tax return and approves your refund. Free efile h&r block Before you call this automated hotline, have your 2013 tax return handy so you can enter your social security number, your filing status, and the exact whole dollar amount of your refund. Free efile h&r block The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Free efile h&r block Note, the above information is for our automated hotline. Free efile h&r block Our live phone and walk-in assistors can research the status of your refund only if it's been 21 days or more since you filed electronically or more than 6 weeks since you mailed your paper return. Free efile h&r block Call the Amended Return Hotline, 1-866-464-2050, to check the status of your amended return. Free efile h&r block You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Free efile h&r block It can take up to 3 weeks from the date you mailed it to show up in our system. Free efile h&r block Call 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions, publications, and prior-year forms and instructions (limited to 5 years). Free efile h&r block You should receive your order within 10 business days. Free efile h&r block Call TeleTax, 1-800-829-4477, to listen to pre-recorded messages covering general and business tax information. Free efile h&r block If, between January and April 15, you still have questions about the Form 1040, 1040A, or 1040EZ (like filing requirements, dependents, credits, Schedule D, pensions and IRAs or self-employment taxes), call 1-800-829-1040. Free efile h&r block Call using TTY/TDD equipment, 1-800-829-4059 to ask tax questions or order forms and publications. Free efile h&r block The TTY/TDD telephone number is for people who are deaf, hard of hearing, or have a speech disability. Free efile h&r block These individuals can also contact the IRS through relay services such as the Federal Relay Service. Free efile h&r block Walk-in. Free efile h&r block   You can find a selection of forms, publications and services — in-person. Free efile h&r block Products. Free efile h&r block You can walk in to some post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Free efile h&r block Some IRS offices, libraries, and city and county government offices have a collection of products available to photocopy from reproducible proofs. Free efile h&r block Services. Free efile h&r block You can walk in to your local TAC for face-to-face tax help. Free efile h&r block An employee can answer questions about your tax account or help you set up a payment plan. Free efile h&r block Before visiting, use the Office Locator tool on IRS. Free efile h&r block gov, or choose the Contact Us option on the IRS2Go app and search Local Offices for days and hours of operation, and services provided. Free efile h&r block   Please contact the office for times when assistance will be available. Free efile h&r block Mail. Free efile h&r block   You can send your order for forms, instructions, and publications to the address below. Free efile h&r block You should receive a response within 10 business days after your request is received. Free efile h&r block Internal Revenue Service 1201 N. Free efile h&r block Mitsubishi Motorway Bloomington, IL 61705-6613   Taxpayer Advocate Service. Free efile h&r block   The Taxpayer Advocate Service Is here to help you. Free efile h&r block The Taxpayer Advocate Service (TAS) is your voice at the IRS. Free efile h&r block Our job is to ensure that every taxpayer is treated fairly and that you know and understand your rights. Free efile h&r block   What can TAS do for you? We can offer you free help with IRS problems that you can't resolve on your own. Free efile h&r block We know this process can be confusing, but the worst thing you can do is nothing at all! TAS can help if you can't resolve your tax problem and: Your problem is causing financial difficulties for you, your family, or your business. Free efile h&r block You face (or your business is facing) an immediate threat of adverse action. Free efile h&r block You've tried repeatedly to contact the IRS but no one has responded, or the IRS hasn't responded by the date promised. Free efile h&r block   If you qualify for our help, you'll be assigned to one advocate who'll be with you at every turn and will do everything possible to resolve your problem. Free efile h&r block Here's why we can help: TAS is an independent organization within the IRS. Free efile h&r block Our advocates know how to work with the IRS. Free efile h&r block Our services are free and tailored to meet your needs. Free efile h&r block We have offices in every state, the District of Columbia, and Puerto Rico. Free efile h&r block   How can you reach us? If you think TAS can help you, call your local advocate, whose number is in your local directory and at Taxpayer Advocate, or call us toll-free at 1-877-777-4778. Free efile h&r block  TAS also works to resolve large-scale, systemic problems that affect many taxpayers. Free efile h&r block If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System. Free efile h&r block Low Income Taxpayer Clinics Low Income Taxpayer Clinics (LITCs) serve individuals whose income is below a certain level and need to resolve tax problems such as audits, appeals and tax collection disputes. Free efile h&r block Some clinics can provide information about taxpayer rights and responsibilities in different languages for individuals who speak English as a second language. Free efile h&r block Visit Taxpayer Advocate or see IRS Publication 4134, Low Income Taxpayer Clinic List. Free efile h&r block Prev  Up  Next   Home   More Online Publications