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Free Federal And State Efile 2013

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Free Federal And State Efile 2013

Free federal and state efile 2013 Publication 525 - Main Content Table of Contents Employee CompensationBabysitting. Free federal and state efile 2013 Miscellaneous Compensation Fringe Benefits Retirement Plan Contributions Stock Options Restricted Property Special Rules for Certain EmployeesClergy Members of Religious Orders Foreign Employer Military Volunteers Business and Investment IncomeRents From Personal Property Royalties Partnership Income S Corporation Income Sickness and Injury BenefitsDisability Pensions Long-Term Care Insurance Contracts Workers' Compensation Other Sickness and Injury Benefits Miscellaneous IncomeBartering Canceled Debts Host or Hostess Life Insurance Proceeds Recoveries Survivor Benefits Unemployment Benefits Welfare and Other Public Assistance Benefits Other Income RepaymentsMethod 1. Free federal and state efile 2013 Method 2. Free federal and state efile 2013 How To Get Tax HelpLow Income Taxpayer Clinics Employee Compensation In most cases, you must include in gross income everything you receive in payment for personal services. Free federal and state efile 2013 In addition to wages, salaries, commissions, fees, and tips, this includes other forms of compensation such as fringe benefits and stock options. Free federal and state efile 2013 You should receive a Form W-2 from your employer or former employer showing the pay you received for your services. Free federal and state efile 2013 Include all your pay on line 7 of Form 1040 or Form 1040A or on line 1 of Form 1040EZ, even if you do not receive Form W-2, or you receive a Form W-2 that does not include all pay that should be included on the Form W-2. Free federal and state efile 2013 If you performed services, other than as an independent contractor, and your employer did not withhold social security and Medicare taxes from your pay, you must file Form 8919, Uncollected Social Security and Medicare Tax on Wages, with your Form 1040. Free federal and state efile 2013 These wages must be included on line 7 of Form 1040. Free federal and state efile 2013 See Form 8919 for more information. Free federal and state efile 2013 Childcare providers. Free federal and state efile 2013   If you provide childcare, either in the child's home or in your home or other place of business, the pay you receive must be included in your income. Free federal and state efile 2013 If you are not an employee, you are probably self-employed and must include payments for your services on Schedule C (Form 1040), Profit or Loss From Business, or Schedule C-EZ (Form 1040), Net Profit From Business. Free federal and state efile 2013 You generally are not an employee unless you are subject to the will and control of the person who employs you as to what you are to do and how you are to do it. Free federal and state efile 2013 Babysitting. Free federal and state efile 2013   If you babysit for relatives or neighborhood children, whether on a regular basis or only periodically, the rules for childcare providers apply to you. Free federal and state efile 2013 Bankruptcy. Free federal and state efile 2013   If you filed for bankruptcy under Chapter 11 of the Bankruptcy Code, you must allocate your wages and withheld income tax. Free federal and state efile 2013 Your W-2 will show your total wages and withheld income tax for the year. Free federal and state efile 2013 On your tax return, you report the wages and withheld income tax for the period before you filed for bankruptcy. Free federal and state efile 2013 Your bankruptcy estate reports the wages and withheld income tax for the period after you filed for bankruptcy. Free federal and state efile 2013 If you receive other information returns (such as Form 1099-DIV, Dividends and Distributions, or 1099-INT, Interest Income) that report gross income to you, rather than to the bankruptcy estate, you must allocate that income. Free federal and state efile 2013   The only exception is for purposes of figuring your self-employment tax, if you are self-employed. Free federal and state efile 2013 For that purpose, you must take into account all your self-employment income for the year from services performed both before and after the beginning of the case. Free federal and state efile 2013   You must file a statement with your income tax return stating you filed a Chapter 11 bankruptcy case. Free federal and state efile 2013 The statement must show the allocation and describe the method used to make the allocation. Free federal and state efile 2013 For a sample of this statement and other information, see Notice 2006-83, 2006-40 I. Free federal and state efile 2013 R. Free federal and state efile 2013 B. Free federal and state efile 2013 596, available at www. Free federal and state efile 2013 irs. Free federal and state efile 2013 gov/irb/2006-40_IRB/ar12. Free federal and state efile 2013 html. Free federal and state efile 2013 Miscellaneous Compensation This section discusses many types of employee compensation. Free federal and state efile 2013 The subjects are arranged in alphabetical order. Free federal and state efile 2013 Advance commissions and other earnings. Free federal and state efile 2013   If you receive advance commissions or other amounts for services to be performed in the future and you are a cash-method taxpayer, you must include these amounts in your income in the year you receive them. Free federal and state efile 2013    If you repay unearned commissions or other amounts in the same year you receive them, reduce the amount included in your income by the repayment. Free federal and state efile 2013 If you repay them in a later tax year, you can deduct the repayment as an itemized deduction on your Schedule A (Form 1040), Itemized Deductions, or you may be able to take a credit for that year. Free federal and state efile 2013 See Repayments , later. Free federal and state efile 2013 Allowances and reimbursements. Free federal and state efile 2013    If you receive travel, transportation, or other business expense allowances or reimbursements from your employer, see Publication 463, Travel, Entertainment, Gift, and Car Expenses. Free federal and state efile 2013 If you are reimbursed for moving expenses, see Publication 521, Moving Expenses. Free federal and state efile 2013 Back pay awards. Free federal and state efile 2013   Include in income amounts you are awarded in a settlement or judgment for back pay. Free federal and state efile 2013 These include payments made to you for damages, unpaid life insurance premiums, and unpaid health insurance premiums. Free federal and state efile 2013 They should be reported to you by your employer on Form W-2. Free federal and state efile 2013 Bonuses and awards. Free federal and state efile 2013    Bonuses or awards you receive for outstanding work are included in your income and should be shown on your Form W-2. Free federal and state efile 2013 These include prizes such as vacation trips for meeting sales goals. Free federal and state efile 2013 If the prize or award you receive is goods or services, you must include the fair market value of the goods or services in your income. Free federal and state efile 2013 However, if your employer merely promises to pay you a bonus or award at some future time, it is not taxable until you receive it or it is made available to you. Free federal and state efile 2013 Employee achievement award. Free federal and state efile 2013   If you receive tangible personal property (other than cash, a gift certificate, or an equivalent item) as an award for length of service or safety achievement, you generally can exclude its value from your income. Free federal and state efile 2013 However, the amount you can exclude is limited to your employer's cost and cannot be more than $1,600 ($400 for awards that are not qualified plan awards) for all such awards you receive during the year. Free federal and state efile 2013 Your employer can tell you whether your award is a qualified plan award. Free federal and state efile 2013 Your employer must make the award as part of a meaningful presentation, under conditions and circumstances that do not create a significant likelihood of it being disguised pay. Free federal and state efile 2013   However, the exclusion does not apply to the following awards. Free federal and state efile 2013 A length-of-service award if you received it for less than 5 years of service or if you received another length-of-service award during the year or the previous 4 years. Free federal and state efile 2013 A safety achievement award if you are a manager, administrator, clerical employee, or other professional employee or if more than 10% of eligible employees previously received safety achievement awards during the year. Free federal and state efile 2013 Example. Free federal and state efile 2013 Ben Green received three employee achievement awards during the year: a nonqualified plan award of a watch valued at $250, and two qualified plan awards of a stereo valued at $1,000 and a set of golf clubs valued at $500. Free federal and state efile 2013 Assuming that the requirements for qualified plan awards are otherwise satisfied, each award by itself would be excluded from income. Free federal and state efile 2013 However, because the $1,750 total value of the awards is more than $1,600, Ben must include $150 ($1,750 − $1,600) in his income. Free federal and state efile 2013 Differential wage payments. Free federal and state efile 2013   This is any payment made by an employer to an individual for any period during which the individual is, for a period of more than 30 days, an active duty member of the uniformed services and represents all or a portion of the wages the individual would have received from the employer for that period. Free federal and state efile 2013 These payments are treated as wages and are subject to income tax withholding, but not FICA or FUTA taxes. Free federal and state efile 2013 The payments are reported as wages on Form W-2. Free federal and state efile 2013 Government cost-of-living allowances. Free federal and state efile 2013   Most payments received by U. Free federal and state efile 2013 S. Free federal and state efile 2013 Government civilian employees for working abroad are taxable. Free federal and state efile 2013 However, certain cost-of-living allowances are tax free. Free federal and state efile 2013 Publication 516, U. Free federal and state efile 2013 S. Free federal and state efile 2013 Government Civilian Employees Stationed Abroad, explains the tax treatment of allowances, differentials, and other special pay you receive for employment abroad. Free federal and state efile 2013 Nonqualified deferred compensation plans. Free federal and state efile 2013   Your employer will report to you the total amount of deferrals for the year under a nonqualified deferred compensation plan. Free federal and state efile 2013 This amount is shown on Form W-2, box 12, using code Y. Free federal and state efile 2013 This amount is not included in your income. Free federal and state efile 2013   However, if at any time during the tax year, the plan fails to meet certain requirements, or is not operated under those requirements, all amounts deferred under the plan for the tax year and all preceding tax years are included in your income for the current year. Free federal and state efile 2013 This amount is included in your wages shown on Form W-2, box 1. Free federal and state efile 2013 It is also shown on Form W-2, box 12, using code Z. Free federal and state efile 2013 Nonqualified deferred compensation plans of nonqualified entities. Free federal and state efile 2013   In most cases, any compensation deferred under a nonqualified deferred compensation plan of a nonqualified entity is included in gross income when there is no substantial risk of forfeiture of the rights to such compensation. Free federal and state efile 2013 For this purpose, a nonqualified entity is: A foreign corporation unless substantially all of its income is: Effectively connected with the conduct of a trade or business in the United States, or Subject to a comprehensive foreign income tax. Free federal and state efile 2013 A partnership unless substantially all of its income is allocated to persons other than: Foreign persons for whom the income is not subject to a comprehensive foreign income tax, and Tax-exempt organizations. Free federal and state efile 2013 Note received for services. Free federal and state efile 2013   If your employer gives you a secured note as payment for your services, you must include the fair market value (usually the discount value) of the note in your income for the year you receive it. Free federal and state efile 2013 When you later receive payments on the note, a proportionate part of each payment is the recovery of the fair market value that you previously included in your income. Free federal and state efile 2013 Do not include that part again in your income. Free federal and state efile 2013 Include the rest of the payment in your income in the year of payment. Free federal and state efile 2013   If your employer gives you a nonnegotiable unsecured note as payment for your services, payments on the note that are credited toward the principal amount of the note are compensation income when you receive them. Free federal and state efile 2013 Severance pay. Free federal and state efile 2013   You must include in income amounts you receive as severance pay and any payment for the cancellation of your employment contract. Free federal and state efile 2013 Accrued leave payment. Free federal and state efile 2013   If you are a federal employee and receive a lump-sum payment for accrued annual leave when you retire or resign, this amount will be included as wages on your Form W-2. Free federal and state efile 2013   If you resign from one agency and are reemployed by another agency, you may have to repay part of your lump-sum annual leave payment to the second agency. Free federal and state efile 2013 You can reduce gross wages by the amount you repaid in the same tax year in which you received it. Free federal and state efile 2013 Attach to your tax return a copy of the receipt or statement given to you by the agency you repaid to explain the difference between the wages on your return and the wages on your Forms W-2. Free federal and state efile 2013 Outplacement services. Free federal and state efile 2013   If you choose to accept a reduced amount of severance pay so that you can receive outplacement services (such as training in résumé writing and interview techniques), you must include the unreduced amount of the severance pay in income. Free federal and state efile 2013    However, you can deduct the value of these outplacement services (up to the difference between the severance pay included in income and the amount actually received) as a miscellaneous deduction (subject to the 2%-of-adjusted-gross-income (AGI) limit) on Schedule A (Form 1040). Free federal and state efile 2013 Sick pay. Free federal and state efile 2013   Pay you receive from your employer while you are sick or injured is part of your salary or wages. Free federal and state efile 2013 In addition, you must include in your income sick pay benefits received from any of the following payers. Free federal and state efile 2013 A welfare fund. Free federal and state efile 2013 A state sickness or disability fund. Free federal and state efile 2013 An association of employers or employees. Free federal and state efile 2013 An insurance company, if your employer paid for the plan. Free federal and state efile 2013 However, if you paid the premiums on an accident or health insurance policy, the benefits you receive under the policy are not taxable. Free federal and state efile 2013 For more information, see Other Sickness and Injury Benefits under Sickness and Injury Benefits, later. Free federal and state efile 2013 Social security and Medicare taxes paid by employer. Free federal and state efile 2013   If you and your employer have an agreement that your employer pays your social security and Medicare taxes without deducting them from your gross wages, you must report the amount of tax paid for you as taxable wages on your tax return. Free federal and state efile 2013 The payment is also treated as wages for figuring your social security and Medicare taxes and your social security and Medicare benefits. Free federal and state efile 2013 However, these payments are not treated as social security and Medicare wages if you are a household worker or a farm worker. Free federal and state efile 2013 Stock appreciation rights. Free federal and state efile 2013   Do not include a stock appreciation right granted by your employer in income until you exercise (use) the right. Free federal and state efile 2013 When you use the right, you are entitled to a cash payment equal to the fair market value of the corporation's stock on the date of use minus the fair market value on the date the right was granted. Free federal and state efile 2013 You include the cash payment in income in the year you use the right. Free federal and state efile 2013 Fringe Benefits Fringe benefits received in connection with the performance of your services are included in your income as compensation unless you pay fair market value for them or they are specifically excluded by law. Free federal and state efile 2013 Abstaining from the performance of services (for example, under a covenant not to compete) is treated as the performance of services for purposes of these rules. Free federal and state efile 2013 See Valuation of Fringe Benefits , later in this discussion, for information on how to determine the amount to include in income. Free federal and state efile 2013 Recipient of fringe benefit. Free federal and state efile 2013   You are the recipient of a fringe benefit if you perform the services for which the fringe benefit is provided. Free federal and state efile 2013 You are considered to be the recipient even if it is given to another person, such as a member of your family. Free federal and state efile 2013 An example is a car your employer gives to your spouse for services you perform. Free federal and state efile 2013 The car is considered to have been provided to you and not to your spouse. Free federal and state efile 2013   You do not have to be an employee of the provider to be a recipient of a fringe benefit. Free federal and state efile 2013 If you are a partner, director, or independent contractor, you also can be the recipient of a fringe benefit. Free federal and state efile 2013 Provider of benefit. Free federal and state efile 2013   Your employer or another person for whom you perform services is the provider of a fringe benefit regardless of whether that person actually provides the fringe benefit to you. Free federal and state efile 2013 The provider can be a client or customer of an independent contractor. Free federal and state efile 2013 Accounting period. Free federal and state efile 2013   You must use the same accounting period your employer uses to report your taxable noncash fringe benefits. Free federal and state efile 2013 Your employer has the option to report taxable noncash fringe benefits by using either of the following rules. Free federal and state efile 2013 The general rule: benefits are reported for a full calendar year (January 1–December 31). Free federal and state efile 2013 The special accounting period rule: benefits provided during the last 2 months of the calendar year (or any shorter period) are treated as paid during the following calendar year. Free federal and state efile 2013 For example, each year your employer reports the value of benefits provided during the last 2 months of the prior year and the first 10 months of the current year. Free federal and state efile 2013 Your employer does not have to use the same accounting period for each fringe benefit, but must use the same period for all employees who receive a particular benefit. Free federal and state efile 2013   You must use the same accounting period that you use to report the benefit to claim an employee business deduction (for use of a car, for example). Free federal and state efile 2013 Form W-2. Free federal and state efile 2013   Your employer must include all taxable fringe benefits in box 1 of Form W-2 as wages, tips and other compensation and, if applicable, in boxes 3 and 5 as social security and Medicare wages. Free federal and state efile 2013 Although not required, your employer may include the total value of fringe benefits in box 14 (or on a separate statement). Free federal and state efile 2013 However, if your employer provided you with a vehicle and included 100% of its annual lease value in your income, the employer must separately report this value to you in box 14 (or on a separate statement). Free federal and state efile 2013 Accident or Health Plan In most cases, the value of accident or health plan coverage provided to you by your employer is not included in your income. Free federal and state efile 2013 Benefits you receive from the plan may be taxable, as explained, later, under Sickness and Injury Benefits . Free federal and state efile 2013 For information on the items covered in this section, other than Long-term care coverage , see Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans. Free federal and state efile 2013 Long-term care coverage. Free federal and state efile 2013   Contributions by your employer to provide coverage for long-term care services generally are not included in your income. Free federal and state efile 2013 However, contributions made through a flexible spending or similar arrangement (such as a cafeteria plan) must be included in your income. Free federal and state efile 2013 This amount will be reported as wages in box 1 of your Form W-2. Free federal and state efile 2013 Archer MSA contributions. Free federal and state efile 2013    Contributions by your employer to your Archer MSA generally are not included in your income. Free federal and state efile 2013 Their total will be reported in box 12 of Form W-2, with code R. Free federal and state efile 2013 You must report this amount on Form 8853, Archer MSAs and Long-Term Care Insurance Contracts. Free federal and state efile 2013 File the form with your return. Free federal and state efile 2013 Health flexible spending arrangement (health FSA). Free federal and state efile 2013   If your employer provides a health FSA that qualifies as an accident or health plan, the amount of your salary reduction, and reimbursements of your medical care expenses, in most cases, are not included in your income. Free federal and state efile 2013   Health FSAs are subject to a $2,500 limit on salary reduction contributions for plan years beginning after 2012. Free federal and state efile 2013 The $2,500 limit is subject to an inflation adjustment for plan years beginning after 2013. Free federal and state efile 2013 For more information, see Notice 2012-40, 2012-26 I. Free federal and state efile 2013 R. Free federal and state efile 2013 B. Free federal and state efile 2013 1046, available at www. Free federal and state efile 2013 irs. Free federal and state efile 2013 gov/irb/2012-26 IRB/ar09. Free federal and state efile 2013 html. Free federal and state efile 2013 Health reimbursement arrangement (HRA). Free federal and state efile 2013   If your employer provides an HRA that qualifies as an accident or health plan, coverage and reimbursements of your medical care expenses generally are not included in your income. Free federal and state efile 2013 Health savings accounts (HSA). Free federal and state efile 2013   If you are an eligible individual, you and any other person, including your employer or a family member, can make contributions to your HSA. Free federal and state efile 2013 Contributions, other than employer contributions, are deductible on your return whether or not you itemize deductions. Free federal and state efile 2013 Contributions made by your employer are not included in your income. Free federal and state efile 2013 Distributions from your HSA that are used to pay qualified medical expenses are not included in your income. Free federal and state efile 2013 Distributions not used for qualified medical expenses are included in your income. Free federal and state efile 2013 See Publication 969 for the requirements of an HSA. Free federal and state efile 2013   Contributions by a partnership to a bona fide partner's HSA are not contributions by an employer. Free federal and state efile 2013 The contributions are treated as a distribution of money and are not included in the partner's gross income. Free federal and state efile 2013 Contributions by a partnership to a partner's HSA for services rendered are treated as guaranteed payments that are includible in the partner's gross income. Free federal and state efile 2013 In both situations, the partner can deduct the contribution made to the partner's HSA. Free federal and state efile 2013   Contributions by an S corporation to a 2% shareholder-employee's HSA for services rendered are treated as guaranteed payments and are includible in the shareholder-employee's gross income. Free federal and state efile 2013 The shareholder-employee can deduct the contribution made to the shareholder-employee's HSA. Free federal and state efile 2013 Qualified HSA funding distribution. Free federal and state efile 2013   You can make a one-time distribution from your individual retirement account (IRA) to an HSA and you generally will not include any of the distribution in your income. Free federal and state efile 2013 See Publication 590, Individual Retirement Arrangements (IRAs), for the requirements for these qualified HSA funding distributions. Free federal and state efile 2013 Failure to maintain eligibility. Free federal and state efile 2013   If your HSA received qualified HSA distributions from a health FSA or HRA (discussed earlier) or a qualified HSA funding distribution, you must be an eligible individual for HSA purposes for the period beginning with the month in which the qualified distribution was made and ending on the last day of the 12th month following that month. Free federal and state efile 2013 If you fail to be an eligible individual during this period, other than because of death or disability, you must include the distribution in your income for the tax year in which you become ineligible. Free federal and state efile 2013 This income is also subject to an additional 10% tax. Free federal and state efile 2013 Adoption Assistance You may be able to exclude from your income amounts paid or expenses incurred by your employer for qualified adoption expenses in connection with your adoption of an eligible child. Free federal and state efile 2013 See Instructions for Form 8839, Qualified Adoption Expenses, for more information. Free federal and state efile 2013 Adoption benefits are reported by your employer in box 12 of Form W-2 with code T. Free federal and state efile 2013 They also are included as social security and Medicare wages in boxes 3 and 5. Free federal and state efile 2013 However, they are not included as wages in box 1. Free federal and state efile 2013 To determine the taxable and nontaxable amounts, you must complete Part III of Form 8839. Free federal and state efile 2013 File the form with your return. Free federal and state efile 2013 Athletic Facilities If your employer provides you with the free or low-cost use of an employer-operated gym or other athletic club on your employer's premises, the value is not included in your compensation. Free federal and state efile 2013 The gym must be used primarily by employees, their spouses, and their dependent children. Free federal and state efile 2013 If your employer pays for a fitness program provided to you at an off-site resort hotel or athletic club, the value of the program is included in your compensation. Free federal and state efile 2013 De Minimis (Minimal) Benefits If your employer provides you with a product or service and the cost of it is so small that it would be unreasonable for the employer to account for it, the value is not included in your income. Free federal and state efile 2013 In most cases, the value of benefits such as discounts at company cafeterias, cab fares home when working overtime, and company picnics are not included in your income. Free federal and state efile 2013 Also see Employee Discounts , later. Free federal and state efile 2013 Holiday gifts. Free federal and state efile 2013   If your employer gives you a turkey, ham, or other item of nominal value at Christmas or other holidays, do not include the value of the gift in your income. Free federal and state efile 2013 However, if your employer gives you cash, a gift certificate, or a similar item that you can easily exchange for cash, you include the value of that gift as extra salary or wages regardless of the amount involved. Free federal and state efile 2013 Dependent Care Benefits If your employer provides dependent care benefits under a qualified plan, you may be able to exclude these benefits from your income. Free federal and state efile 2013 Dependent care benefits include: Amounts your employer pays directly to either you or your care provider for the care of your qualifying person while you work, and The fair market value of care in a daycare facility provided or sponsored by your employer. Free federal and state efile 2013 The amount you can exclude is limited to the lesser of: The total amount of dependent care benefits you received during the year, The total amount of qualified expenses you incurred during the year, Your earned income, Your spouse's earned income, or $5,000 ($2,500 if married filing separately). Free federal and state efile 2013 Your employer must show the total amount of dependent care benefits provided to you during the year under a qualified plan in box 10 of your Form W-2. Free federal and state efile 2013 Your employer also will include any dependent care benefits over $5,000 in your wages shown in box 1 of your Form W-2. Free federal and state efile 2013 To claim the exclusion, you must complete Part III of Form 2441, Child and Dependent Care Expenses. Free federal and state efile 2013 See the Instructions for Form 2441 for more information. Free federal and state efile 2013 Educational Assistance You can exclude from your income up to $5,250 of qualified employer-provided educational assistance. Free federal and state efile 2013 For more information, see Publication 970. Free federal and state efile 2013 Employee Discounts If your employer sells you property or services at a discount, you may be able to exclude the amount of the discount from your income. Free federal and state efile 2013 The exclusion applies to discounts on property or services offered to customers in the ordinary course of the line of business in which you work. Free federal and state efile 2013 However, it does not apply to discounts on real property or property commonly held for investment (such as stocks or bonds). Free federal and state efile 2013 The exclusion is limited to the price charged nonemployee customers multiplied by the following percentage. Free federal and state efile 2013 For a discount on property, your employer's gross profit percentage (gross profit divided by gross sales) on all property sold during the employer's previous tax year. Free federal and state efile 2013 (Ask your employer for this percentage. Free federal and state efile 2013 ) For a discount on services, 20%. Free federal and state efile 2013 Financial Counseling Fees Financial counseling fees paid for you by your employer are included in your income and must be reported as part of wages. Free federal and state efile 2013 If the fees are for tax or investment counseling, they can be deducted on Schedule A (Form 1040) as a miscellaneous deduction (subject to the 2%-of-AGI limit). Free federal and state efile 2013 Qualified retirement planning services paid for you by your employer may be excluded from your income. Free federal and state efile 2013 For more information, see Retirement Planning Services , later. Free federal and state efile 2013 Group-Term Life Insurance In most cases, the cost of up to $50,000 of group-term life insurance coverage provided to you by your employer (or former employer) is not included in your income. Free federal and state efile 2013 However, you must include in income the cost of employer-provided insurance that is more than the cost of $50,000 of coverage reduced by any amount you pay toward the purchase of the insurance. Free federal and state efile 2013 For exceptions to this rule, see Entire cost excluded , and Entire cost taxed , later. Free federal and state efile 2013 If your employer provided more than $50,000 of coverage, the amount included in your income is reported as part of your wages in box 1 of your Form W-2. Free federal and state efile 2013 Also, it is shown separately in box 12 with code C. Free federal and state efile 2013 Group-term life insurance. Free federal and state efile 2013   This insurance is term life insurance protection (insurance for a fixed period of time) that: Provides a general death benefit, Is provided to a group of employees, Is provided under a policy carried by the employer, and Provides an amount of insurance to each employee based on a formula that prevents individual selection. Free federal and state efile 2013 Permanent benefits. Free federal and state efile 2013   If your group-term life insurance policy includes permanent benefits, such as a paid-up or cash surrender value, you must include in your income, as wages, the cost of the permanent benefits minus the amount you pay for them. Free federal and state efile 2013 Your employer should be able to tell you the amount to include in your income. Free federal and state efile 2013 Accidental death benefits. Free federal and state efile 2013   Insurance that provides accidental or other death benefits but does not provide general death benefits (travel insurance, for example) is not group-term life insurance. Free federal and state efile 2013 Former employer. Free federal and state efile 2013   If your former employer provided more than $50,000 of group-term life insurance coverage during the year, the amount included in your income is reported as wages in box 1 of Form W-2. Free federal and state efile 2013 Also, it is shown separately in box 12 with code C. Free federal and state efile 2013 Box 12 also will show the amount of uncollected social security and Medicare taxes on the excess coverage, with codes M and N. Free federal and state efile 2013 You must pay these taxes with your income tax return. Free federal and state efile 2013 Include them on line 60, Form 1040, and follow the instructions forline 60. Free federal and state efile 2013 For more information, see the Instructions for Form 1040. Free federal and state efile 2013 Two or more employers. Free federal and state efile 2013   Your exclusion for employer-provided group-term life insurance coverage cannot exceed the cost of $50,000 of coverage, whether the insurance is provided by a single employer or multiple employers. Free federal and state efile 2013 If two or more employers provide insurance coverage that totals more than $50,000, the amounts reported as wages on your Forms W-2 will not be correct. Free federal and state efile 2013 You must figure how much to include in your income. Free federal and state efile 2013 Reduce the amount you figure by any amount reported with code C in box 12 of your Forms W-2, add the result to the wages reported in box 1, and report the total on your return. Free federal and state efile 2013 Figuring the taxable cost. Free federal and state efile 2013    Use the following worksheet to figure the amount to include in your income. Free federal and state efile 2013   If you pay any part of the cost of the insurance, your entire payment reduces, dollar for dollar, the amount you otherwise would include in your income. Free federal and state efile 2013 However, you cannot reduce the amount to include in your income by: Payments for coverage in a different tax year, Payments for coverage through a cafeteria plan, unless the payments are after-tax contributions, or Payments for coverage not taxed to you because of the exceptions discussed later under Entire cost excluded . Free federal and state efile 2013 Worksheet 1. Free federal and state efile 2013 Figuring the Cost of Group-Term Life Insurance To Include in Income 1. Free federal and state efile 2013 Enter the total amount of your insurance coverage from your employer(s) 1. Free federal and state efile 2013   2. Free federal and state efile 2013 Limit on exclusion for employer-provided group-term life insurance coverage 2. Free federal and state efile 2013 50,000 3. Free federal and state efile 2013 Subtract line 2 from line 1 3. Free federal and state efile 2013   4. Free federal and state efile 2013 Divide line 3 by $1,000. Free federal and state efile 2013 Figure to the nearest tenth 4. Free federal and state efile 2013   5. Free federal and state efile 2013 Go to Table 1. Free federal and state efile 2013 Using your age on the last day of the tax year, find your age group in the left column, and enter the cost from the column on the right for your age group 5. Free federal and state efile 2013   6. Free federal and state efile 2013 Multiply line 4 by line 5 6. Free federal and state efile 2013     7. Free federal and state efile 2013 Enter the number of full months of coverage at this cost 7. Free federal and state efile 2013   8. Free federal and state efile 2013 Multiply line 6 by line 7 8. Free federal and state efile 2013   9. Free federal and state efile 2013 Enter the premiums you paid per month 9. Free federal and state efile 2013       10. Free federal and state efile 2013 Enter the number of months you paid the  premiums 10. Free federal and state efile 2013       11. Free federal and state efile 2013 Multiply line 9 by line 10. Free federal and state efile 2013 11. Free federal and state efile 2013   12. Free federal and state efile 2013 Subtract line 11 from line 8. Free federal and state efile 2013 Include this amount in your income as wages 12. Free federal and state efile 2013   Table 1. Free federal and state efile 2013 Cost of $1,000 of Group-Term Life Insurance for One Month   Age Cost     Under 25 $ . Free federal and state efile 2013 05     25 through 29 . Free federal and state efile 2013 06     30 through 34 . Free federal and state efile 2013 08     35 through 39 . Free federal and state efile 2013 09     40 through 44 . Free federal and state efile 2013 10     45 through 49 . Free federal and state efile 2013 15     50 through 54 . Free federal and state efile 2013 23     55 through 59 . Free federal and state efile 2013 43     60 through 64 . Free federal and state efile 2013 66     65 through 69 1. Free federal and state efile 2013 27     70 and older 2. Free federal and state efile 2013 06   Example. Free federal and state efile 2013 You are 51 years old and work for employers A and B. Free federal and state efile 2013 Both employers provide group-term life insurance coverage for you for the entire year. Free federal and state efile 2013 Your coverage is $35,000 with employer A and $45,000 with employer B. Free federal and state efile 2013 You pay premiums of $4. Free federal and state efile 2013 15 a month under the employer B group plan. Free federal and state efile 2013 You figure the amount to include in your income as follows. Free federal and state efile 2013   Worksheet 1. Free federal and state efile 2013 Figuring the Cost of Group-Term Life Insurance To Include in Income—Illustrated 1. Free federal and state efile 2013 Enter the total amount of your insurance coverage from your employer(s) 1. Free federal and state efile 2013 80,000 2. Free federal and state efile 2013 Limit on exclusion for employer-provided group-term life insurance coverage 2. Free federal and state efile 2013 50,000 3. Free federal and state efile 2013 Subtract line 2 from line 1 3. Free federal and state efile 2013 30,000 4. Free federal and state efile 2013 Divide line 3 by $1,000. Free federal and state efile 2013 Figure to the nearest tenth 4. Free federal and state efile 2013 30. Free federal and state efile 2013 0 5. Free federal and state efile 2013 Go to Table 1. Free federal and state efile 2013 Using your age on the last day of the tax year, find your age group in the left column, and enter the cost from the column on the right for your age group 5. Free federal and state efile 2013 . Free federal and state efile 2013 23 6. Free federal and state efile 2013 Multiply line 4 by line 5 6. Free federal and state efile 2013 6. Free federal and state efile 2013 90 7. Free federal and state efile 2013 Enter the number of full months of coverage at this cost. Free federal and state efile 2013 7. Free federal and state efile 2013 12 8. Free federal and state efile 2013 Multiply line 6 by line 7 8. Free federal and state efile 2013 82. Free federal and state efile 2013 80 9. Free federal and state efile 2013 Enter the premiums you paid per month 9. Free federal and state efile 2013 4. Free federal and state efile 2013 15     10. Free federal and state efile 2013 Enter the number of months you paid the premiums 10. Free federal and state efile 2013 12     11. Free federal and state efile 2013 Multiply line 9 by line 10. Free federal and state efile 2013 11. Free federal and state efile 2013 49. Free federal and state efile 2013 80 12. Free federal and state efile 2013 Subtract line 11 from line 8. Free federal and state efile 2013 Include this amount in your income as wages 12. Free federal and state efile 2013 33. Free federal and state efile 2013 00 The total amount to include in income for the cost of excess group-term life insurance is $33. Free federal and state efile 2013 Neither employer provided over $50,000 insurance coverage, so the wages shown on your Forms W-2 do not include any part of that $33. Free federal and state efile 2013 You must add it to the wages shown on your Forms W-2 and include the total on your return. Free federal and state efile 2013 Entire cost excluded. Free federal and state efile 2013   You are not taxed on the cost of group-term life insurance if any of the following circumstances apply. Free federal and state efile 2013 You are permanently and totally disabled and have ended your employment. Free federal and state efile 2013 Your employer is the beneficiary of the policy for the entire period the insurance is in force during the tax year. Free federal and state efile 2013 A charitable organization to which contributions are deductible is the only beneficiary of the policy for the entire period the insurance is in force during the tax year. Free federal and state efile 2013 (You are not entitled to a deduction for a charitable contribution for naming a charitable organization as the beneficiary of your policy. Free federal and state efile 2013 ) The plan existed on January 1, 1984, and: You retired before January 2, 1984, and were covered by the plan when you retired, or You reached age 55 before January 2, 1984, and were employed by the employer or its predecessor in 1983. Free federal and state efile 2013 Entire cost taxed. Free federal and state efile 2013   You are taxed on the entire cost of group-term life insurance if either of the following circumstances apply. Free federal and state efile 2013 The insurance is provided by your employer through a qualified employees' trust, such as a pension trust or a qualified annuity plan. Free federal and state efile 2013 You are a key employee and your employer's plan discriminates in favor of key employees. Free federal and state efile 2013 Meals and Lodging You do not include in your income the value of meals and lodging provided to you and your family by your employer at no charge if the following conditions are met. Free federal and state efile 2013 The meals are: Furnished on the business premises of your employer, and Furnished for the convenience of your employer. Free federal and state efile 2013 The lodging is: Furnished on the business premises of your employer, Furnished for the convenience of your employer, and A condition of your employment. Free federal and state efile 2013 (You must accept it in order to be able to properly perform your duties. Free federal and state efile 2013 ) You also do not include in your income the value of meals or meal money that qualifies as a de minimis fringe benefit. Free federal and state efile 2013 See De Minimis (Minimal) Benefits , earlier. Free federal and state efile 2013 Faculty lodging. Free federal and state efile 2013   If you are an employee of an educational institution or an academic health center and you are provided with lodging that does not meet the three conditions given earlier, you still may not have to include the value of the lodging in income. Free federal and state efile 2013 However, the lodging must be qualified campus lodging, and you must pay an adequate rent. Free federal and state efile 2013 Academic health center. Free federal and state efile 2013   This is an organization that meets the following conditions. Free federal and state efile 2013 Its principal purpose or function is to provide medical or hospital care or medical education or research. Free federal and state efile 2013 It receives payments for graduate medical education under the Social Security Act. Free federal and state efile 2013 One of its principal purposes or functions is to provide and teach basic and clinical medical science and research using its own faculty. Free federal and state efile 2013 Qualified campus lodging. Free federal and state efile 2013   Qualified campus lodging is lodging furnished to you, your spouse, or one of your dependents by, or on behalf of, the institution or center for use as a home. Free federal and state efile 2013 The lodging must be located on or near a campus of the educational institution or academic health center. Free federal and state efile 2013 Adequate rent. Free federal and state efile 2013   The amount of rent you pay for the year for qualified campus lodging is considered adequate if it is at least equal to the lesser of: 5% of the appraised value of the lodging, or The average of rentals paid by individuals (other than employees or students) for comparable lodging held for rent by the educational institution. Free federal and state efile 2013 If the amount you pay is less than the lesser of these amounts, you must include the difference in your income. Free federal and state efile 2013   The lodging must be appraised by an independent appraiser and the appraisal must be reviewed on an annual basis. Free federal and state efile 2013 Example. Free federal and state efile 2013 Carl Johnson, a sociology professor for State University, rents a home from the university that is qualified campus lodging. Free federal and state efile 2013 The house is appraised at $200,000. Free federal and state efile 2013 The average rent paid for comparable university lodging by persons other than employees or students is $14,000 a year. Free federal and state efile 2013 Carl pays an annual rent of $11,000. Free federal and state efile 2013 Carl does not include in his income any rental value because the rent he pays equals at least 5% of the appraised value of the house (5% × $200,000 = $10,000). Free federal and state efile 2013 If Carl paid annual rent of only $8,000, he would have to include $2,000 in his income ($10,000 − $8,000). Free federal and state efile 2013 Moving Expense Reimbursements In most cases, if your employer pays for your moving expenses (either directly or indirectly) and the expenses would have been deductible if you paid them yourself, the value is not included in your income. Free federal and state efile 2013 See Publication 521 for more information. Free federal and state efile 2013 No-Additional-Cost Services The value of services you receive from your employer for free, at cost, or for a reduced price is not included in your income if your employer: Offers the same service for sale to customers in the ordinary course of the line of business in which you work, and Does not have a substantial additional cost (including any sales income given up) to provide you with the service (regardless of what you paid for the service). Free federal and state efile 2013 In most cases, no-additional-cost services are excess capacity services, such as airline, bus, or train tickets, hotel rooms, and telephone services. Free federal and state efile 2013 Example. Free federal and state efile 2013 You are employed as a flight attendant for a company that owns both an airline and a hotel chain. Free federal and state efile 2013 Your employer allows you to take personal flights (if there is an unoccupied seat) and stay in any one of their hotels (if there is an unoccupied room) at no cost to you. Free federal and state efile 2013 The value of the personal flight is not included in your income. Free federal and state efile 2013 However, the value of the hotel room is included in your income because you do not work in the hotel business. Free federal and state efile 2013 Retirement Planning Services If your employer has a qualified retirement plan, qualified retirement planning services provided to you (and your spouse) by your employer are not included in your income. Free federal and state efile 2013 Qualified services include retirement planning advice, information about your employer's retirement plan, and information about how the plan may fit into your overall individual retirement income plan. Free federal and state efile 2013 You cannot exclude the value of any tax preparation, accounting, legal, or brokerage services provided by your employer. Free federal and state efile 2013 Also, see Financial Counseling Fees , earlier. Free federal and state efile 2013 Transportation If your employer provides you with a qualified transportation fringe benefit, it can be excluded from your income, up to certain limits. Free federal and state efile 2013 A qualified transportation fringe benefit is: Transportation in a commuter highway vehicle (such as a van) between your home and work place, A transit pass, Qualified parking, or Qualified bicycle commuting reimbursement. Free federal and state efile 2013 Cash reimbursement by your employer for these expenses under a bona fide reimbursement arrangement is also excludable. Free federal and state efile 2013 However, cash reimbursement for a transit pass is excludable only if a voucher or similar item that can be exchanged only for a transit pass is not readily available for direct distribution to you. Free federal and state efile 2013 Exclusion limit. Free federal and state efile 2013   The exclusion for commuter vehicle transportation and transit pass fringe benefits cannot be more than $245 a month. Free federal and state efile 2013   The exclusion for the qualified parking fringe benefit cannot be more than $245 a month. Free federal and state efile 2013   The exclusion for qualified bicycle commuting in a calendar year is $20 multiplied by the number of qualified bicycle commuting months that year. Free federal and state efile 2013   If the benefits have a value that is more than these limits, the excess must be included in your income. Free federal and state efile 2013 You are not entitled to these exclusions if the reimbursements are made under a compensation reduction agreement. Free federal and state efile 2013 Commuter highway vehicle. Free federal and state efile 2013   This is a highway vehicle that seats at least six adults (not including the driver). Free federal and state efile 2013 At least 80% of the vehicle's mileage must reasonably be expected to be: For transporting employees between their homes and work place, and On trips during which employees occupy at least half of the vehicle's adult seating capacity (not including the driver). Free federal and state efile 2013 Transit pass. Free federal and state efile 2013   This is any pass, token, farecard, voucher, or similar item entitling a person to ride mass transit (whether public or private) free or at a reduced rate or to ride in a commuter highway vehicle operated by a person in the business of transporting persons for compensation. Free federal and state efile 2013 Qualified parking. Free federal and state efile 2013   This is parking provided to an employee at or near the employer's place of business. Free federal and state efile 2013 It also includes parking provided on or near a location from which the employee commutes to work by mass transit, in a commuter highway vehicle, or by carpool. Free federal and state efile 2013 It does not include parking at or near the employee's home. Free federal and state efile 2013 Qualified bicycle commuting. Free federal and state efile 2013   This is reimbursement based on the number of qualified bicycle commuting months for the year. Free federal and state efile 2013 A qualified bicycle commuting month is any month you use the bicycle regularly for a substantial portion of the travel between your home and place of employment and you do not receive any of the other qualified transportation fringe benefits. Free federal and state efile 2013 The reimbursement can be for expenses you incurred during the year for the purchase of a bicycle and bicycle improvements, repair, and storage. Free federal and state efile 2013 Tuition Reduction You can exclude a qualified tuition reduction from your income. Free federal and state efile 2013 This is the amount of a reduction in tuition: For education (below graduate level) furnished by an educational institution to an employee, former employee who retired or became disabled, or his or her spouse and dependent children. Free federal and state efile 2013 For education furnished to a graduate student at an educational institution if the graduate student is engaged in teaching or research activities for that institution. Free federal and state efile 2013 Representing payment for teaching, research, or other services if you receive the amount under the National Health Service Corps Scholarship Program or the Armed Forces Health Professions Scholarship and Financial Assistance program. Free federal and state efile 2013 For more information, see Publication 970. Free federal and state efile 2013 Working Condition Benefits If your employer provides you with a product or service and the cost of it would have been allowable as a business or depreciation deduction if you paid for it yourself, the cost is not included in your income. Free federal and state efile 2013 Example. Free federal and state efile 2013 You work as an engineer and your employer provides you with a subscription to an engineering trade magazine. Free federal and state efile 2013 The cost of the subscription is not included in your income because the cost would have been allowable to you as a business deduction if you had paid for the subscription yourself. Free federal and state efile 2013 Valuation of Fringe Benefits If a fringe benefit is included in your income, the amount included is generally its value determined under the general valuation rule or under the special valuation rules. Free federal and state efile 2013 For an exception, see Group-Term Life Insurance , earlier. Free federal and state efile 2013 General valuation rule. Free federal and state efile 2013   You must include in your income the amount by which the fair market value of the fringe benefit is more than the sum of: The amount, if any, you paid for the benefit, plus The amount, if any, specifically excluded from your income by law. Free federal and state efile 2013 If you pay fair market value for a fringe benefit, no amount is included in your income. Free federal and state efile 2013 Fair market value. Free federal and state efile 2013   The fair market value of a fringe benefit is determined by all the facts and circumstances. Free federal and state efile 2013 It is the amount you would have to pay a third party to buy or lease the benefit. Free federal and state efile 2013 This is determined without regard to: Your perceived value of the benefit, or The amount your employer paid for the benefit. Free federal and state efile 2013 Employer-provided vehicles. Free federal and state efile 2013   If your employer provides a car (or other highway motor vehicle) to you, your personal use of the car is usually a taxable noncash fringe benefit. Free federal and state efile 2013   Under the general valuation rules, the value of an employer-provided vehicle is the amount you would have to pay a third party to lease the same or a similar vehicle on the same or comparable terms in the same geographic area where you use the vehicle. Free federal and state efile 2013 An example of a comparable lease term is the amount of time the vehicle is available for your use, such as a 1-year period. Free federal and state efile 2013 The value cannot be determined by multiplying a cents-per-mile rate times the number of miles driven unless you prove the vehicle could have been leased on a cents-per-mile basis. Free federal and state efile 2013 Flights on employer-provided aircraft. Free federal and state efile 2013   Under the general valuation rules, if your flight on an employer-provided piloted aircraft is primarily personal and you control the use of the aircraft for the flight, the value is the amount it would cost to charter the flight from a third party. Free federal and state efile 2013   If there is more than one employee on the flight, the cost to charter the aircraft must be divided among those employees. Free federal and state efile 2013 The division must be based on all the facts, including which employee or employees control the use of the aircraft. Free federal and state efile 2013 Special valuation rules. Free federal and state efile 2013   You generally can use a special valuation rule for a fringe benefit only if your employer uses the rule. Free federal and state efile 2013 If your employer uses a special valuation rule, you cannot use a different special rule to value that benefit. Free federal and state efile 2013 You always can use the general valuation rule discussed earlier, based on facts and circumstances, even if your employer uses a special rule. Free federal and state efile 2013   If you and your employer use a special valuation rule, you must include in your income the amount your employer determines under the special rule minus the sum of: Any amount you repaid your employer, plus Any amount specifically excluded from income by law. Free federal and state efile 2013 The special valuation rules are the following. Free federal and state efile 2013 The automobile lease rule. Free federal and state efile 2013 The vehicle cents-per-mile rule. Free federal and state efile 2013 The commuting rule. Free federal and state efile 2013 The unsafe conditions commuting rule. Free federal and state efile 2013 The employer-operated eating-facility rule. Free federal and state efile 2013   For more information on these rules, see Publication 15-B, Employer's Tax Guide to Fringe Benefits. Free federal and state efile 2013    For information on the non-commercial flight and commercial flight valuation rules, see sections 1. Free federal and state efile 2013 61-21(g) and 1. Free federal and state efile 2013 61-21(h) of the regulations. Free federal and state efile 2013 Retirement Plan Contributions Your employer's contributions to a qualified retirement plan for you are not included in income at the time contributed. Free federal and state efile 2013 (Your employer can tell you whether your retirement plan is qualified. Free federal and state efile 2013 ) However, the cost of life insurance coverage included in the plan may have to be included. Free federal and state efile 2013 See Group-Term Life Insurance , earlier, under Fringe Benefits. Free federal and state efile 2013 If your employer pays into a nonqualified plan for you, you generally must include the contributions in your income as wages for the tax year in which the contributions are made. Free federal and state efile 2013 However, if your interest in the plan is not transferable or is subject to a substantial risk of forfeiture (you have a good chance of losing it) at the time of the contribution, you do not have to include the value of your interest in your income until it is transferable or is no longer subject to a substantial risk of forfeiture. Free federal and state efile 2013 For information on distributions from retirement plans, see Publication 575 (or Publication 721, Tax Guide to U. Free federal and state efile 2013 S. Free federal and state efile 2013 Civil Service Retirement Benefits, if you are a federal employee or retiree). Free federal and state efile 2013 Elective Deferrals If you are covered by certain kinds of retirement plans, you can choose to have part of your compensation contributed by your employer to a retirement fund, rather than have it paid to you. Free federal and state efile 2013 The amount you set aside (called an elective deferral) is treated as an employer contribution to a qualified plan. Free federal and state efile 2013 An elective deferral, other than a designated Roth contribution (discussed later), is not included in wages subject to income tax at the time contributed. Free federal and state efile 2013 However, it is included in wages subject to social security and Medicare taxes. Free federal and state efile 2013 Elective deferrals include elective contributions to the following retirement plans. Free federal and state efile 2013 Cash or deferred arrangements (section 401(k) plans). Free federal and state efile 2013 The Thrift Savings Plan for federal employees. Free federal and state efile 2013 Salary reduction simplified employee pension plans (SARSEP). Free federal and state efile 2013 Savings incentive match plans for employees (SIMPLE plans). Free federal and state efile 2013 Tax-sheltered annuity plans (403(b) plans). Free federal and state efile 2013 Section 501(c)(18)(D) plans. Free federal and state efile 2013 (But see Reporting by employer , later. Free federal and state efile 2013 ) Section 457 plans. Free federal and state efile 2013 Qualified automatic contribution arrangements. Free federal and state efile 2013   Under a qualified automatic contribution arrangement, your employer can treat you as having elected to have a part of your compensation contributed to a section 401(k) plan. Free federal and state efile 2013 You are to receive written notice of your rights and obligations under the qualified automatic contribution arrangement. Free federal and state efile 2013 The notice must explain: Your rights to elect not to have elective contributions made, or to have contributions made at a different percentage, and How contributions made will be invested in the absence of any investment decision by you. Free federal and state efile 2013   You must be given a reasonable period of time after receipt of the notice and before the first elective contribution is made to make an election with respect to the contributions. Free federal and state efile 2013 Overall limit on deferrals. Free federal and state efile 2013   For 2013, in most cases, you should not have deferred more than a total of $17,500 of contributions to the plans listed in (1) through (3), earlier. Free federal and state efile 2013 The specific plan limits for the plans listed in (4) through (7), earlier, are discussed later. Free federal and state efile 2013 Amounts deferred under specific plan limits are part of the overall limit on deferrals. Free federal and state efile 2013   Your employer or plan administrator should apply the proper annual limit when figuring your plan contributions. Free federal and state efile 2013 However, you are responsible for monitoring the total you defer to ensure that the deferrals are not more than the overall limit. Free federal and state efile 2013 Catch-up contributions. Free federal and state efile 2013   You may be allowed catch-up contributions (additional elective deferrals) if you are age 50 or older by the end of your tax year. Free federal and state efile 2013 For more information about catch-up contributions to 403(b) plans, see chapter 6 of Publication 571, Tax Sheltered Annuity Plans. Free federal and state efile 2013   For more information about additional elective deferrals to: SEPs (SARSEPs), see Salary Reduction Simplified Employee Pension in chapter 2 of Publication 560, Retirement Plans for Small Business. Free federal and state efile 2013 SIMPLE plans, see How Much Can Be Contributed on Your Behalf? in chapter 3 of Publication 590. Free federal and state efile 2013 Section 457 plans, see Limit for deferrals under section 457 plans , later. Free federal and state efile 2013 Limit for deferrals under SIMPLE plans. Free federal and state efile 2013   If you are a participant in a SIMPLE plan, you generally should not have deferred more than $12,000 in 2013. Free federal and state efile 2013 Amounts you defer under a SIMPLE plan count toward the overall limit ($17,500 for 2013) and may affect the amount you can defer under other elective deferral plans. Free federal and state efile 2013 Limit for tax-sheltered annuities. Free federal and state efile 2013   If you are a participant in a tax-sheltered annuity plan (403(b) plan), the limit on elective deferrals for 2013 generally is $17,500. Free federal and state efile 2013 However, if you have at least 15 years of service with a public school system, a hospital, a home health service agency, a health and welfare service agency, a church, or a convention or association of churches (or associated organization), the limit on elective deferrals is increased by the least of the following amounts. Free federal and state efile 2013 $3,000, $15,000, reduced by the sum of: The additional pre-tax elective deferrals made in earlier years because of this rule, plus The aggregate amount of designated Roth contributions permitted for prior tax years because of this rule, or $5,000 times the number of your years of service for the organization, minus the total elective deferrals made by your employer on your behalf for earlier years. Free federal and state efile 2013   If you qualify for the 15-year rule, your elective deferrals under this limit can be as high as $20,500 for 2013. Free federal and state efile 2013   For more information, see Publication 571. Free federal and state efile 2013 Limit for deferral under section 501(c)(18) plans. Free federal and state efile 2013   If you are a participant in a section 501(c)(18) plan (a trust created before June 25, 1959, funded only by employee contributions), you should have deferred no more than the lesser of $7,000 or 25% of your compensation. Free federal and state efile 2013 Amounts you defer under a section 501(c)(18) plan count toward the overall limit ($17,500 in 2013) and may affect the amount you can defer under other elective deferral plans. Free federal and state efile 2013 Limit for deferrals under section 457 plans. Free federal and state efile 2013   If you are a participant in a section 457 plan (a deferred compensation plan for employees of state or local governments or tax-exempt organizations), you should have deferred no more than the lesser of your includible compensation or $17,500 in 2013. Free federal and state efile 2013 However, if you are within 3 years of normal retirement age, you may be allowed an increased limit if the plan allows it. Free federal and state efile 2013 See Increased limit , later. Free federal and state efile 2013 Includible compensation. Free federal and state efile 2013   This is the pay you received for the year from the employer who maintained the section 457 plan. Free federal and state efile 2013 In most cases, it includes all the following payments. Free federal and state efile 2013 Wages and salaries. Free federal and state efile 2013 Fees for professional services. Free federal and state efile 2013 The value of any employer-provided qualified transportation fringe benefit (defined under Transportation , earlier) that is not included in your income. Free federal and state efile 2013 Other amounts received (cash or noncash) for personal services you performed, including, but not limited to, the following items. Free federal and state efile 2013 Commissions and tips. Free federal and state efile 2013 Fringe benefits. Free federal and state efile 2013 Bonuses. Free federal and state efile 2013 Employer contributions (elective deferrals) to: The section 457 plan. Free federal and state efile 2013 Qualified cash or deferred arrangements (section 401(k) plans) that are not included in your income. Free federal and state efile 2013 A salary reduction simplified employee pension (SARSEP). Free federal and state efile 2013 A tax-sheltered annuity (section 403(b) plan). Free federal and state efile 2013 A savings incentive match plan for employees (SIMPLE plan). Free federal and state efile 2013 A section 125 cafeteria plan. Free federal and state efile 2013   Instead of using the amounts listed earlier to determine your includible compensation, your employer can use any of the following amounts. Free federal and state efile 2013 Your wages as defined for income tax withholding purposes. Free federal and state efile 2013 Your wages as reported in box 1 of Form W-2. Free federal and state efile 2013 Your wages that are subject to social security withholding (including elective deferrals). Free federal and state efile 2013 Increased limit. Free federal and state efile 2013   During any, or all, of the last 3 years ending before you reach normal retirement age under the plan, your plan may provide that your limit is the lesser of: Twice the annual limit ($35,000 for 2013), or The basic annual limit plus the amount of the basic limit not used in prior years (only allowed if not using age 50 or over catch-up contributions). Free federal and state efile 2013 Catch-up contributions. Free federal and state efile 2013   You generally can have additional elective deferrals made to your governmental section 457 plan if: You reached age 50 by the end of the year, and No other elective deferrals can be made for you to the plan for the year because of limits or restrictions. Free federal and state efile 2013 If you qualify, your limit can be the lesser of your includible compensation or $17,500, plus $5,500. Free federal and state efile 2013 However, if you are within 3 years of retirement age and your plan provides the increased limit, discussed earlier, that limit may be higher. Free federal and state efile 2013 Designated Roth contributions. Free federal and state efile 2013   Employers with section 401(k) and section 403(b) plans can create qualified Roth contribution programs so that you may elect to have part or all of your elective deferrals to the plan designated as after-tax Roth contributions. Free federal and state efile 2013 Designated Roth contributions are treated as elective deferrals, except that they are included in income. Free federal and state efile 2013 Your retirement plan must maintain separate accounts and recordkeeping for the designated Roth contributions. Free federal and state efile 2013   Qualified distributions from a Roth plan are not included in income. Free federal and state efile 2013 In most cases, a distribution made before the end of the 5-tax-year period beginning with the first tax year for which you made a designated Roth contribution to the plan is not a qualified distribution. Free federal and state efile 2013 Reporting by employer. Free federal and state efile 2013   Your employer generally should not include elective deferrals in your wages in box 1 of Form W-2. Free federal and state efile 2013 Instead, your employer should mark the Retirement plan checkbox in box 13 and show the total amount deferred in box 12. Free federal and state efile 2013 Section 501(c)(18)(D) contributions. Free federal and state efile 2013   Wages shown in box 1 of your Form W-2 should not have been reduced for contributions you made to a section 501(c)(18)(D) retirement plan. Free federal and state efile 2013 The amount you contributed should be identified with code “H” in box 12. Free federal and state efile 2013 You may deduct the amount deferred subject to the limits that apply. Free federal and state efile 2013 Include your deduction in the total on Form 1040, line 36. Free federal and state efile 2013 Enter the amount and “501(c)(18)(D)” on the dotted line next to line 36. Free federal and state efile 2013 Designated Roth contributions. Free federal and state efile 2013    These contributions are elective deferrals but are included in your wages in box 1 of Form W-2. Free federal and state efile 2013 Designated Roth contributions to a section 401(k) plan are reported using code AA in box 12, or, for section 403(b) plans, code BB in box 12. Free federal and state efile 2013 Excess deferrals. Free federal and state efile 2013   If your deferrals exceed the limit, you must notify your plan by the date required by the plan. Free federal and state efile 2013 If the plan permits, the excess amount will be distributed to you. Free federal and state efile 2013 If you participate in more than one plan, you can have the excess paid out of any of the plans that permit these distributions. Free federal and state efile 2013 You must notify each plan by the date required by that plan of the amount to be paid from that particular plan. Free federal and state efile 2013 The plan then must pay you the amount of the excess, along with any income earned on that amount, by April 15 of the following year. Free federal and state efile 2013   You must include the excess deferral in your income for the year of the deferral unless you have an excess deferral of a designated Roth contribution. Free federal and state efile 2013 File Form 1040 to add the excess deferral amount to your wages on line 7. Free federal and state efile 2013 Do not use Form 1040A or Form 1040EZ to report excess deferral amounts. Free federal and state efile 2013 Excess not distributed. Free federal and state efile 2013   If you do not take out the excess amount, you cannot include it in the cost of the contract even though you included it in your income. Free federal and state efile 2013 Therefore, you are taxed twice on the excess deferral left in the plan—once when you contribute it, and again when you receive it as a distribution. Free federal and state efile 2013 Excess distributed to you. Free federal and state efile 2013   If you take out the excess after the year of the deferral and you receive the corrective distribution by April 15 of the following year, do not include it in income again in the year you receive it. Free federal and state efile 2013 If you receive it later, you must include it in income in both the year of the deferral and the year you receive it. Free federal and state efile 2013 Any income on the excess deferral taken out is taxable in the tax year in which you take it out. Free federal and state efile 2013 If you take out part of the excess deferral and the income on it, allocate the distribution proportionately between the excess deferral and the income. Free federal and state efile 2013    You should receive a Form 1099-R for the year in which the excess deferral is distributed to you. Free federal and state efile 2013 Use the following rules to report a corrective distribution shown on Form 1099-R for 2013. Free federal and state efile 2013 If the distribution was for a 2013 excess deferral, your Form 1099-R should have the code “8” in box 7. Free federal and state efile 2013 Add the excess deferral amount to your wages on your 2013 tax return. Free federal and state efile 2013 If the distribution was for a 2013 excess deferral to a designated Roth account, your Form 1099-R should have code “B” in box 7. Free federal and state efile 2013 Do not add this amount to your wages on your 2013 return. Free federal and state efile 2013 If the distribution was for a 2012 excess deferral, your Form 1099-R should have the code “P” in box 7. Free federal and state efile 2013 If you did not add the excess deferral amount to your wages on your 2012 tax return, you must file an amended return on Form 1040X, Amended U. Free federal and state efile 2013 S. Free federal and state efile 2013 Individual Income Tax Return. Free federal and state efile 2013 If you did not receive the distribution by April 15, 2013, you also must add it to your wages on your 2013 tax return. Free federal and state efile 2013 If the distribution was for the income earned on an excess deferral, your Form 1099-R should have the code “8” in box 7. Free federal and state efile 2013 Add the income amount to your wages on your 2013 income tax return, regardless of when the excess deferral was made. Free federal and state efile 2013 Report a loss on a corrective distribution of an excess deferral in the year the excess amount (reduced by the loss) is distributed to you. Free federal and state efile 2013 Include the loss as a negative amount on Form 1040, line 21 and identify it as “Loss on Excess Deferral Distribution. Free federal and state efile 2013 ”    Even though a corrective distribution of excess deferrals is reported on Form 1099-R, it is not otherwise treated as a distribution from the plan. Free federal and state efile 2013 It cannot be rolled over into another plan, and it is not subject to the additional tax on early distributions. Free federal and state efile 2013 Excess Contributions If you are a highly compensated employee, the total of your elective deferrals and other contributions made for you for any year under a section 401(k) plan or SARSEP can be, as a percentage of pay, no more than 125% of the average deferral percentage (ADP) of all eligible non-highly compensated employees. Free federal and state efile 2013 If the total contributed to the plan is more than the amount allowed under the ADP test, the excess contributions must be either distributed to you or recharacterized as after-tax employee contributions by treating them as distributed to you and then contributed by you to the plan. Free federal and state efile 2013 You must include the excess contributions in your income as wages on Form 1040, line 7. Free federal and state efile 2013 You cannot use Form 1040A or Form 1040EZ to report excess contribution amounts. Free federal and state efile 2013 If you receive a corrective distribution of excess contributions (and allocable income), it is included in your income in the year of the distribution. Free federal and state efile 2013 The allocable income is the amount of gain or loss through the end of the plan year for which the contribution was made that is allocable to the excess contributions. Free federal and state efile 2013 You should receive a Form 1099-R for the year the excess contributions are distributed to you. Free federal and state efile 2013 Add the distribution to your wages for that year. Free federal and state efile 2013 Even though a corrective distribution of excess contributions is reported on Form 1099-R, it is not otherwise treated as a distribution from the plan. Free federal and state efile 2013 It cannot be rolled over into another plan, and it is not subject to the additional tax on early distributions. Free federal and state efile 2013 Excess Annual Additions The amount contributed in 2013 to a defined contribution plan is generally limited to the lesser of 100% of your compensation or $51,000. Free federal and state efile 2013 Under certain circumstances, contributions that exceed these limits (excess annual additions) may be corrected by a distribution of your elective deferrals or a return of your after-tax contributions and earnings from these contributions. Free federal and state efile 2013 A corrective payment of excess annual additions consisting of elective deferrals or earnings from your after-tax contributions is fully taxable in the year paid. Free federal and state efile 2013 A corrective payment consisting of your after-tax contributions is not taxable. Free federal and state efile 2013 If you received a corrective payment of excess annual additions, you should receive a separate Form 1099-R for the year of the payment with the code “E” in box 7. Free federal and state efile 2013 Report the total payment shown in box 1 of Form 1099-R on line 16a of Form 1040 or line 12a of Form 1040A. Free federal and state efile 2013 Report the taxable amount shown in box 2a of Form 1099-R on line 16b of Form 1040 or line 12b of Form 1040A. Free federal and state efile 2013 Even though a corrective distribution of excess annual additions is reported on Form 1099-R, it is not otherwise treated as a distribution from the plan. Free federal and state efile 2013 It cannot be rolled over into another plan, and it is not subject to the additional tax on early distributions. Free federal and state efile 2013 Stock Options If you receive an option to buy or sell stock or other property as payment for your services, you may have income when you receive the option (the grant), when you exercise the option (use it to buy or sell the stock or other property), or when you sell or otherwise dispose of the option or property acquired through exercise of the option. Free federal and state efile 2013 The timing, type, and amount of income inclusion depend on whether you receive a nonstatutory stock option or a statutory stock option. Free federal and state efile 2013 Your employer can tell you which kind of option you hold. Free federal and state efile 2013 Nonstatutory Stock Options Grant of option. Free federal and state efile 2013   If you are granted a nonstatutory stock option, you may have income when you receive the option. Free federal and state efile 2013 The amount of income to include and the time to include it depend on whether the fair market value of the option can be readily determined. Free federal and state efile 2013 The fair market value of an option can be readily determined if it is actively traded on an established market. Free federal and state efile 2013    The fair market value of an option that is not traded on an established market can be readily determined only if all of the following conditions exist. Free federal and state efile 2013 You can transfer the option. Free federal and state efile 2013 You can exercise the option immediately in full. Free federal and state efile 2013 The option or the property subject to the option is not subject to any condition or restriction (other than a condition to secure payment of the purchase price) that has a significant effect on the fair market value of the option. Free federal and state efile 2013 The fair market value of the option privilege can be readily determined. Free federal and state efile 2013 The option privilege for an option to buy is the opportunity to benefit during the option's exercise period from any increase in the value of property subject to the option without risking any capital. Free federal and state efile 2013 For example, if during the exercise period the fair market value of stock subject to an option is greater than the option's exercise price, a profit may be realized by exercising the option and immediately selling the stock at its higher value. Free federal and state efile 2013 The option privilege for an option to sell is the opportunity to benefit during the exercise period from a decrease in the value of the property subject to the option. Free federal and state efile 2013 If you or a member of your family is an officer, director, or more-than-10% owner of an expatriated corporation, you may owe an excise tax on the value of nonstatutory options and other stock-based compensation from that corporation. Free federal and state efile 2013 For more information on the excise tax, see Internal Revenue Code section 4985. Free federal and state efile 2013 Option with readily determinable value. Free federal and state efile 2013   If you receive a nonstatutory stock option that has a readily determinable fair market value at the time it is granted to you, the option is treated like other property received as compensation. Free federal and state efile 2013 See Restricted Property , later, for rules on how much income to include and when to include it. Free federal and state efile 2013 However, the rule described in that discussion for choosing to include the value of property in your income for the year of the transfer does not apply to a nonstatutory option. Free federal and state efile 2013 Option without readily determinable value. Free federal and state efile 2013   If the fair market value of the option is not readily determinable at the time it is granted to you (even if it is determined later), you do not have income until you exercise or transfer the option. Free federal and state efile 2013    Exercise or transfer of option. Free federal and state efile 2013   When you exercise a nonstatutory stock option, the amount to include in your income depends on whether the option had a readily determinable value. Free federal and state efile 2013 Option with readily determinable value. Free federal and state efile 2013   When you exercise a nonstatutory stock option that had a readily determinable value at the time the option was granted, you do not have to include any amount in income. Free federal and state efile 2013 Option without readily determinable value. Free federal and state efile 2013   When you exercise a nonstatutory stock option that did not have a readily determinable value at the time the option was granted, the restricted prope
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The Free Federal And State Efile 2013

Free federal and state efile 2013 31. Free federal and state efile 2013   Impuesto sobre Ingresos No Derivados del Trabajo de Determinados Hijos Table of Contents ¿Que Hay de Nuevo? Introduction Useful Items - You may want to see: Cómo Saber si se Tiene que Utilizar la Declaración del Padre o de la MadrePadres que no Presentan la Declaración Conjunta Elección de los Padres de Declarar los Intereses y Dividendos del HijoConsecuencias de Incluir los Ingresos del Hijo Cómo Calcular los Ingresos del Hijo Cómo Calcular el Impuesto Adicional Impuesto para Determinados Hijos con Ingresos No Derivados del TrabajoCómo Facilitar Información sobre los Padres (líneas A-C del Formulario 8615) Paso 1. Free federal and state efile 2013 Cómo Calcular los Ingresos Netos No Derivados del Trabajo del Hijo (Parte I del Formulario 8615) Paso 2. Free federal and state efile 2013 Cómo Calcular el Impuesto Provisional a la Tasa Impositiva de los Padres (Parte II del Formulario 8615) Paso 3. Free federal and state efile 2013 Cómo Calcular el Impuesto del Hijo (Parte III del Formulario 8615) ¿Que Hay de Nuevo? Impuesto sobre el ingreso neto de inversiones. Free federal and state efile 2013  Para años empezando después del 31 de diciembre de 2012, el impuesto de un hijo, el cual se calcula en el Formulario 8615, puede estar sujeto al impuesto sobre el ingreso neto de inversiones (NIIT, por sus siglas en inglés). Free federal and state efile 2013 El NIIT es un impuesto de 3. Free federal and state efile 2013 8% sobre la cantidad menor entre el ingreso neto de inversión o el exceso del ingreso bruto ajustado modificado (MAGI) del hijo que exceda del límite superior específico. Free federal and state efile 2013 Utilice el Formulario 8960, Net Investment Income Tax (Impuesto sobre ingreso neto de inversiones), en inglés, para calcular este impuesto. Free federal and state efile 2013 Para más información sobre el NIIT, visite www. Free federal and state efile 2013 irs. Free federal and state efile 2013 gov e ingrese “Net Investment Income Tax” en la casilla de búsqueda “Search” (Buscar), en inglés. Free federal and state efile 2013 Introduction Este capítulo explica los dos requisitos siguientes, los cuales podrían afectar el impuesto sobre ingresos no derivados del trabajo de determinados hijos: Si los ingresos procedentes de intereses y dividendos del hijo (incluidas las distribuciones de ganancias de capital) totalizan menos de $10,000, el padre o la madre tal vez pueda optar por incluir dichos ingresos en la declaración de uno de los padres en vez de presentar una declaración a nombre del hijo. Free federal and state efile 2013 Vea Elección de los Padres de Declarar Intereses y Dividendos del Hijo , más adelante. Free federal and state efile 2013 Si el total de intereses, dividendos y otros ingresos no derivados del trabajo del hijo sobrepasa $2,000, una parte de dichos ingresos podría estar sujeta a la misma tasa de impuesto que la de sus padres en lugar de estar sujeta a la tasa del hijo. Free federal and state efile 2013 (Vea Impuesto para Determinados Hijos con Ingresos No Derivados del Trabajo , más adelante). Free federal and state efile 2013 En lo que concierne a estos requisitos, el término “hijo” abarca a hijos legalmente adoptados e hijastros. Free federal and state efile 2013 Estos requisitos corresponden tanto si el hijo es dependiente como si no lo es. Free federal and state efile 2013 Useful Items - You may want to see: Publicación 929 Tax Rules for Children and Dependents (Requisitos tributarios para hijos y dependientes), en inglés Formulario (e Instrucciones) 8615 Tax for Certain Children Who Have Unearned Income (Impuesto para determinados hijos con ingresos no derivados del trabajo), en inglés 8814 Parents' Election To Report Child's Interest and Dividends (Elección de los padres de declarar los intereses y dividendos del hijo), en inglés Cómo Saber si se Tiene que Utilizar la Declaración del Padre o de la Madre Si los padres del hijo están casados el uno con el otro y presentan una declaración conjunta, básese en la declaración conjunta para calcular el impuesto sobre los ingresos no derivados del trabajo de dicho hijo. Free federal and state efile 2013 La tasa impositiva y otra información de dicha declaración se utiliza para calcular el impuesto del hijo según se explica más adelante bajo Impuesto para Determinados Hijos con Ingresos No Derivados del Trabajo . Free federal and state efile 2013 Padres que no Presentan la Declaración Conjunta Para los padres que no presenten la declaración conjunta, los siguientes temas aclaran, cuál declaración de impuestos de los padres tiene que utilizar para calcular el impuesto. Free federal and state efile 2013 Sólo el padre o la madre cuya declaración se utilice puede elegir la opción descrita bajo Elección de los Padres de Declarar Intereses y Dividendos del Hijo . Free federal and state efile 2013 Padres casados. Free federal and state efile 2013   Si los padres del hijo presentan declaraciones por separado, utilice la declaración de quien tenga el mayor ingreso tributable. Free federal and state efile 2013 Padres que no viven juntos. Free federal and state efile 2013   Si los padres del hijo están casados el uno con el otro pero no viven juntos, y el padre o la madre con quien vive el hijo (el padre o la madre con custodia) se considera no casado, utilice la declaración del padre o de la madre con custodia. Free federal and state efile 2013 Si el padre o la madre con custodia no es considerado no casado, utilice la declaración de quien tenga el mayor ingreso tributable. Free federal and state efile 2013   Para una explicación sobre cuándo una persona casada que vive aparte de su cónyuge es considerada no casada, vea Cabeza de Familia en el capítulo 2. Free federal and state efile 2013 Padres divorciados. Free federal and state efile 2013   Si los padres del hijo están divorciados o legalmente separados y el padre o la madre que tuvo la custodia del hijo durante la mayor parte del año (el padre o la madre con custodia) no se ha vuelto a casar, utilice la declaración del padre o de la madre con custodia. Free federal and state efile 2013 Padre o madre con custodia que se ha vuelto a casar. Free federal and state efile 2013   Si el padre o la madre con custodia ha vuelto a casarse, el padrastro o la madrastra (en vez del padre o la madre sin custodia) se considera el otro padre o la otra madre del hijo. Free federal and state efile 2013 Por lo tanto, si el padre o la madre con custodia y el padrastro o la madrastra presentan una declaración conjunta, utilice dicha declaración conjunta. Free federal and state efile 2013 No utilice la declaración del padre o de la madre sin custodia. Free federal and state efile 2013   Si el padre o la madre con custodia está casado con el padrastro o la madrastra pero presentan declaraciones por separado, utilice la declaración de quien tenga el mayor ingreso tributable. Free federal and state efile 2013 Si el padre o la madre con custodia está casado con el padrastro o la madrastra pero no viven juntos, corresponde el tema anterior Padres que no viven juntos . Free federal and state efile 2013 Padres que nunca se han casado. Free federal and state efile 2013   Si los padres del hijo nunca han estado casados el uno con el otro pero vivieron juntos durante todo el año, utilice la declaración de quien tenga el mayor ingreso tributable. Free federal and state efile 2013 Si los padres no vivieron juntos durante todo el año, corresponden los requisitos explicados anteriormente bajo Padres divorciados . Free federal and state efile 2013 Padre viudo o madre viuda que se vuelve a casar. Free federal and state efile 2013   Si un viudo o una viuda vuelve a casarse, el nuevo cónyuge se considera el otro padre o la otra madre del hijo. Free federal and state efile 2013 En este caso, corresponden los requisitos explicados anteriormente bajo Padre o madre con custodia que se ha vuelto a casar . Free federal and state efile 2013 Elección de los Padres de Declarar los Intereses y Dividendos del Hijo Tal vez pueda optar por incluir los ingresos de su hijo procedentes de intereses y dividendos (incluidas las distribuciones de ganancias de capital) en la declaración de impuestos. Free federal and state efile 2013 En tal caso, su hijo no estará obligado a presentar una declaración. Free federal and state efile 2013 Puede elegir esta opción sólo si se cumplen todas las condiciones siguientes: Su hijo tenía menos de 19 años de edad (o tenía menos de 24 años si era estudiante a tiempo completo) al finalizar el año. Free federal and state efile 2013 Su hijo recibió ingresos sólo de intereses y dividendos (incluidas las distribuciones de ganancias de capital y dividendos del Alaska Permanent Fund (Fondo Permanente de Alaska)). Free federal and state efile 2013 Los ingresos brutos del hijo eran menos de $10,000. Free federal and state efile 2013 El hijo está obligado a presentar la declaración a no ser que usted elija incluir estos ingresos. Free federal and state efile 2013 El hijo no presenta una declaración conjunta correspondiente al año actual. Free federal and state efile 2013 No se efectuó ningún pago de impuestos estimados para el año ni se aplicó a este año ningún pago del año anterior (ni de una declaración enmendada) en exceso bajo el nombre y número de Seguro Social de su hijo. Free federal and state efile 2013 No se retuvo de los ingresos de su hijo ningún impuesto federal sobre los ingresos conforme a las reglas de la retención adicional. Free federal and state efile 2013 Usted es el padre o la madre cuya declaración se tiene que utilizar al aplicar los requisitos tributarios especiales para hijos. Free federal and state efile 2013 (Vea Cómo Saber si se Tiene que Utilizar la Declaración del Padre o de la Madre , anteriormente). Free federal and state efile 2013 Estas condiciones se hallan también en la Figura 31-A. Free federal and state efile 2013 Determinados cumpleaños el 1 de enero. Free federal and state efile 2013   Un hijo que haya nacido el 1 de enero de 1995 se considerará de 19 años de edad al final del año 2013. Free federal and state efile 2013 Usted no puede optar por declarar los intereses y dividendos de tal hijo a menos que éste fuera estudiante a tiempo completo. Free federal and state efile 2013   Aquel hijo que haya nacido el 1 de enero de 1990 se considerará de 24 años de edad al final del año 2013. Free federal and state efile 2013 Usted no puede optar por declarar los intereses y dividendos de tal hijo. Free federal and state efile 2013 Estudiante a tiempo completo. Free federal and state efile 2013   Un estudiante a tiempo completo es un hijo matriculado como tal durante alguna parte de cada uno de 5 meses del año calendario en una escuela o que asistió a tiempo completo a un curso de capacitación agrícola ofrecido sobre el terreno por una escuela, agencia del estado, condado o gobierno local. Free federal and state efile 2013 El término “escuela” abarca escuelas politécnicas, profesionales e industriales. Free federal and state efile 2013 Una escuela no incluye un curso de capacitación en el trabajo, escuela por correspondencia, ni escuelas que ofrecen cursos sólo por Internet. Free federal and state efile 2013 Cómo optar por incluir los ingresos de su hijo. Free federal and state efile 2013   Elija incluir los ingresos de su hijo adjuntando el Formulario 8814 al Formulario 1040. Free federal and state efile 2013 (Si opta por hacer esto, no puede presentar el Formulario 1040A ni el Formulario 1040EZ). Free federal and state efile 2013 Adjunte un Formulario 8814 distinto correspondiente a cada hijo cuyos ingresos desee incluir. Free federal and state efile 2013 Puede incluir los ingresos de uno o más hijos y no incluir los ingresos de otros. Free federal and state efile 2013 Consecuencias de Incluir los Ingresos del Hijo El impuesto federal sobre los ingresos de su hijo podría ser mayor si opta por usar el Formulario 8814. Free federal and state efile 2013 La tasa impositiva podría ser más alta. Free federal and state efile 2013   Si su hijo recibió dividendos calificados o distribuciones de ganancias de capital, usted podría pagar hasta $100 adicionales de impuestos si incluye los ingresos de su hijo en vez de presentar una declaración de impuestos por separado a nombre del hijo. Free federal and state efile 2013 Esto se debe a que la tasa impositiva que corresponde a los ingresos de su hijo entre $1,000 y $2,000 es de 10% si usted opta por incluirlos. Free federal and state efile 2013 No obstante, si presenta una declaración por separado en nombre del hijo, la tasa impositiva podría bajar hasta 0% (porcentaje de cero) debido a las tasas impositivas preferentes para dividendos calificados y distribuciones de ganancias de capital. Free federal and state efile 2013 Deducciones que no puede tomar. Free federal and state efile 2013   Al hacer la elección de incluir estos ingresos en el Formulario 8814, no puede tomar ninguna de las deducciones siguientes a la que el hijo tendría derecho en su propia declaración. Free federal and state efile 2013 La deducción estándar adicional si el hijo es ciego. Free federal and state efile 2013 La deducción por una multa por el retiro prematuro de los ahorros de su hijo. Free federal and state efile 2013 Deducciones detalladas (como gastos de inversiones de su hijo o donaciones caritativas). Free federal and state efile 2013 Deducciones o créditos reducidos. Free federal and state efile 2013   Si utiliza el Formulario 8814, su ingreso bruto ajustado aumentado podría reducir determinados créditos o deducciones en la declaración, incluyendo lo siguiente: Deducciones por aportaciones a una cuenta de ahorros tradicional para la jubilación (IRA, por sus siglas en inglés). Free federal and state efile 2013 Deducciones por intereses sobre un préstamo de estudios. Free federal and state efile 2013 Deducciones detalladas por gastos médicos, pérdidas por hecho fortuito y robo y ciertos gastos misceláneos. Free federal and state efile 2013 Crédito por gastos del cuidado de hijos y dependientes. Free federal and state efile 2013 Crédito tributario por hijos. Free federal and state efile 2013 Créditos tributarios por estudios. Free federal and state efile 2013 Crédito por ingreso del trabajo. Free federal and state efile 2013 Figura 31-A. Free federal and state efile 2013 ¿Puede Incluir Usted en su Declaración de Impuestos los Ingresos de su Hijo? Please click here for the text description of the image. Free federal and state efile 2013 Figura 31–A. Free federal and state efile 2013 ¿Puede Incluir Usted en su Declaración de Impuestos los Ingresos de su Hijo? Multa por pago insuficiente del impuesto estimado. Free federal and state efile 2013   Si elige incluir estos ingresos para 2013 y no se le retuvo impuesto suficiente o no pagó suficiente impuesto estimado para saldar los impuestos adeudados, podría estar sujeto a una multa. Free federal and state efile 2013 Si piensa elegir lo mismo para 2014, es posible que necesite aumentar la retención de impuestos federales sobre el ingreso o los pagos de impuesto estimado para evitar la multa. Free federal and state efile 2013 Vea el capítulo 4 para más información. Free federal and state efile 2013 Cómo Calcular los Ingresos del Hijo Utilice la Parte I del Formulario 8814 para calcular los ingresos de su hijo procedentes de intereses y dividendos declarados por usted. Free federal and state efile 2013 A sus ingresos sólo se le añade la cantidad que sea superior a $2,000. Free federal and state efile 2013 La cantidad superior a $2,000 se indica en la línea 6 del Formulario 8814. Free federal and state efile 2013 A menos que los ingresos del hijo abarquen dividendos calificados o distribuciones de ganancias de capital (explicadas a continuación), la misma cantidad se indica en la línea 12 del Formulario 8814. Free federal and state efile 2013 Incluya la cantidad de la línea 12 del Formulario 8814 en la línea 21 del Formulario 1040. Free federal and state efile 2013 Anote en inglés “Form 8814” en la línea de puntos al lado de la línea 21. Free federal and state efile 2013 Si presenta más de un Formulario 8814, incluya el total de los montos de la línea 12 de todos los Formularios 8814 en la línea 21 del Formulario 1040. Free federal and state efile 2013 Distribuciones de ganancias de capital y dividendos calificados. Free federal and state efile 2013   Si se incluye alguna distribución de ganancias de capital en los ingresos de dividendos de su hijo, vea Capital gain distributions (Distribuciones de ganancias de capital) bajo Figuring Child's Income (Cómo calcular los ingresos del hijo) en la Parte 2 de la Publicación 929, en inglés. Free federal and state efile 2013 Si se incluye algún dividendo calificado en los ingresos de dividendos de su hijo, vea Qualified dividends (Dividendos calificados) bajo Figuring Child's Income (Cómo calcular los ingresos del hijo) en la Parte 2 de la Publicación 929, en inglés. Free federal and state efile 2013 Cómo Calcular el Impuesto Adicional Utilice la Parte II del Formulario 8814 para calcular el impuesto sobre los $2,000 de los intereses y dividendos de su hijo que no incluya usted en sus ingresos. Free federal and state efile 2013 Este impuesto se suma al impuesto calculado sobre los ingresos suyos. Free federal and state efile 2013 Dicho impuesto adicional es la cantidad que sea menor entre: El 10% (multiplicado por la cantidad de los ingresos brutos de su hijo menos $1,000) o $100. Free federal and state efile 2013 Incluya el monto de la línea 15 de todos los Formularios 8814 en el total de la línea 44 del Formulario 1040. Free federal and state efile 2013 Marque el recuadro a de la línea 44 del Formulario 1040. Free federal and state efile 2013 Figura 31-B. Free federal and state efile 2013 ¿Tiene que Utilizar el Formulario 8615 para Calcular los Impuestos de su Hijo? Please click here for the text description of the image. Free federal and state efile 2013 Figura 31-B. Free federal and state efile 2013 ¿Tiene que Utilizar el Formulario 8615 para Calcular los Impuestos de su Hijo? Impuesto para Determinados Hijos con Ingresos No Derivados del Trabajo Si el total de intereses, dividendos y otros ingresos no derivados del trabajo de un hijo sobrepasa $2,000, una parte de dichos ingresos podría estar sujeta a la misma tasa impositiva que la de sus padres en lugar de estar sujeta a la tasa del hijo. Free federal and state efile 2013 Si el padre o la madre no elige, o no puede elegir, incluir los ingresos del hijo en su declaración, utilice el Formulario 8615 para calcular los impuestos del hijo. Free federal and state efile 2013 Adjunte el formulario completado al Formulario 1040 o al Formulario 1040A del hijo. Free federal and state efile 2013 Cuándo se tiene que presentar el Formulario 8615. Free federal and state efile 2013   El Formulario 8615 tiene que presentarse para un hijo si se dan todas las siguientes condiciones: Los ingresos del hijo no derivados del trabajo eran superiores a $2,000. Free federal and state efile 2013 El hijo está obligado a presentar una declaración para 2013. Free federal and state efile 2013 Dicho hijo: Era menor de 18 años de edad al final del año, Tenía 18 años a finales del año y su ingreso del trabajo no constituía más de la mitad de su manutención o Era estudiante a tiempo completo mayor de 18 años y menor de 24 años al finalizar el año y su ingreso del trabajo no constituía más de la mitad de la manutención suya. Free federal and state efile 2013 Por lo menos uno de los padres del hijo estaba vivo al finalizar el año 2013. Free federal and state efile 2013 El hijo no presenta una declaración conjunta para 2013. Free federal and state efile 2013 Estas condiciones se hallan también en la Figura 31-B. Free federal and state efile 2013 Ingreso del trabajo. Free federal and state efile 2013   El ingreso del trabajo incluye sueldos, salarios, propinas y otras remuneraciones recibidas por servicios personales que usted prestó. Free federal and state efile 2013 No incluye los ingresos no derivados del trabajo según se define más adelante en este capítulo. Free federal and state efile 2013 Manutención. Free federal and state efile 2013   La manutención de su hijo incluye todas las cantidades gastadas para proveerle alimentos, alojamiento, ropa, educación, cuidado médico y dental, recreación, transporte y necesidades similares. Free federal and state efile 2013 Al calcular la manutención de su hijo, incluya aquélla proporcionada por usted, su hijo y otras personas. Free federal and state efile 2013 Sin embargo, no se considera como manutención una beca que su hijo haya recibido si éste es estudiante a tiempo completo. Free federal and state efile 2013 Vea el capítulo 3 para más detalles acerca de la manutención. Free federal and state efile 2013 Determinados cumpleaños el 1 de enero. Free federal and state efile 2013   Utilice la siguiente tabla para saber si determinados hijos con cumpleaños en el 1 de enero cumplen la condición 3 bajo Cuándo se tiene que presentar el Formulario 8615. Free federal and state efile 2013    SI un hijo nació. Free federal and state efile 2013 . Free federal and state efile 2013 . Free federal and state efile 2013 ENTONCES, al finalizar 2013, se considera que el hijo tiene. Free federal and state efile 2013 . Free federal and state efile 2013 . Free federal and state efile 2013 el 1 de enero de 1996 18 años* el 1 de enero de 1995 19 años** el 1 de enero de 1990 24 años*** *Este hijo no es menor de 18 años. Free federal and state efile 2013 El hijo cumple la condición 3 sólo si éste no tuvo ingresos derivados del trabajo superiores a más de la mitad de la manutención suya. Free federal and state efile 2013  **El hijo cumple la condición 3 sólo si éste era estudiante a tiempo completo y no tuvo ingresos derivados del trabajo superiores a más de la mitad de la manutención suya. Free federal and state efile 2013  ***No utilice el Formulario 8615 para este hijo. Free federal and state efile 2013 Cómo Facilitar Información sobre los Padres (líneas A-C del Formulario 8615) En las líneas A y B del Formulario 8615, escriba el nombre y número de Seguro Social de los padres. Free federal and state efile 2013 (Si los padres presentaron una declaración conjunta, escriba el nombre y número de Seguro Social que aparezca primero en la declaración conjunta). Free federal and state efile 2013 En la línea C, marque el recuadro correspondiente al estado civil para efectos de la declaración del padre o de la madre. Free federal and state efile 2013 Vea Cómo Saber si se Tiene que Utilizar la Declaración del Padre o de la Madre al principio de este capítulo para información sobre qué información de la declaración de los padres tiene que utilizar para llenar el Formulario 8615. Free federal and state efile 2013 Padre o madre con año tributario distinto. Free federal and state efile 2013   Si el padre o la madre y el hijo no tienen el mismo año tributario, complete el Formulario 8615 utilizando la información de la declaración del padre o de la madre para el año tributario que finalice durante el año tributario del hijo. Free federal and state efile 2013 Si no se obtiene a tiempo la información de la declaración del padre o de la madre. Free federal and state efile 2013   Si la información necesaria de la declaración de los padres no se obtiene para la fecha de vencimiento del plazo de entrega de la declaración del hijo (normalmente el 15 de abril), puede utilizar cálculos aproximados para presentar la declaración. Free federal and state efile 2013   Puede utilizar cualquier cálculo aproximado razonable. Free federal and state efile 2013 Dicho cálculo puede derivarse de información de la declaración del año anterior. Free federal and state efile 2013 Si utiliza un cálculo aproximado en el Formulario 8615, anote en inglés, “Estimated” (Aproximado) en la línea junto a dicha cantidad. Free federal and state efile 2013    Cuando obtenga la información correcta, presente una declaración enmendada utilizando el Formulario 1040X, Amended U. Free federal and state efile 2013 S. Free federal and state efile 2013 Individual Income Tax Return (Declaración enmendada de impuestos sobre el ingreso personal de los Estados Unidos), en inglés. Free federal and state efile 2013   En vez de utilizar cálculos aproximados, quizás pueda conseguir una prórroga automática de 6 meses para presentar la declaración de impuestos si para la fecha de vencimiento del plazo de entrega de la misma, presenta el Formulario 4868(SP), Solicitud de Prórroga Automática para Presentar la Declaración del Impuesto sobre el Ingreso Personal de los Estados Unidos (o el Formulario 4868, en inglés). Free federal and state efile 2013 Las prórrogas se explican en el capítulo 1 . Free federal and state efile 2013 Paso 1. Free federal and state efile 2013 Cómo Calcular los Ingresos Netos No Derivados del Trabajo del Hijo (Parte I del Formulario 8615) Al calcular el impuesto de un hijo utilizando el Formulario 8615, el primer paso es calcular los ingresos netos no derivados del trabajo del hijo. Free federal and state efile 2013 Para hacerlo, utilice la Parte I del Formulario 8615. Free federal and state efile 2013 Línea 1 (ingresos no derivados del trabajo). Free federal and state efile 2013   Si el hijo no recibió ingresos del trabajo, anote en esta línea los ingresos brutos ajustados indicados en la declaración del hijo. Free federal and state efile 2013 Los ingresos brutos ajustados aparecen en la línea 38 del Formulario 1040 o en la línea 22 del Formulario 1040A. Free federal and state efile 2013 No se puede utilizar el Formulario 1040EZ si se tiene que presentar el Formulario 8615. Free federal and state efile 2013   Si el hijo sí recibió ingresos del trabajo, calcule la cantidad a anotar en la línea 1 del Formulario 8615 utilizando la hoja de trabajo de las instrucciones del formulario. Free federal and state efile 2013   No obstante, si el hijo: ha excluido de la declaración algunos ingresos ganados en el extranjero, ha deducido alguna pérdida del trabajo por cuenta propia o ha deducido alguna pérdida neta de operación de otro año, utilice la Alternate Worksheet (Hoja de trabajo alternativa) para la línea 1 del Formulario 8615 que se encuentra en la Publicación 929, en inglés, para calcular la cantidad a anotar en la línea 1 del Formulario 8615. Free federal and state efile 2013 Definición de los ingresos no derivados del trabajo. Free federal and state efile 2013   Los ingresos no derivados del trabajo generalmente son todos los ingresos que no sean sueldos, salarios ni otras cantidades recibidas como pago por trabajo que de hecho se haya realizado. Free federal and state efile 2013 Dichos ingresos abarcan los intereses tributables, dividendos (inclusive las distribuciones de ganancias de capital), ganancias de capital, compensación por desempleo, la parte sujeta a impuestos de pagos del Seguro Social y pensiones y determinadas distribuciones de fideicomisos. Free federal and state efile 2013 Además, los ingresos no derivados del trabajo abarcan cantidades derivadas de bienes que el hijo haya adquirido con ingresos del trabajo (como intereses sobre una cuenta de ahorros en la que el hijo haya depositado sueldos). Free federal and state efile 2013 Ingresos no sujetos a impuestos. Free federal and state efile 2013   Para este fin, los ingresos no derivados del trabajo sólo abarcan cantidades que su hijo tenga que incluir en el total de ingresos. Free federal and state efile 2013 No se incluyen los ingresos no tributables no derivados del trabajo, tales como los intereses exentos de impuestos y la parte no tributable de pagos del Seguro Social y pensiones. Free federal and state efile 2013 Ingresos procedentes de bienes recibidos como regalo. Free federal and state efile 2013   Los ingresos no derivados del trabajo de un hijo abarcan todo ingreso generado por bienes que pertenezcan al hijo. Free federal and state efile 2013 Esto es así aun si se le traspasaron los bienes al hijo, independientemente de cuándo se traspasaron o se compraron dichos bienes ni quién los traspasó. Free federal and state efile 2013   Los ingresos no derivados del trabajo de un hijo incluyen ingresos generados por bienes dados al hijo como regalo. Free federal and state efile 2013 Esto incluye regalos dados al hijo por los abuelos o cualquier otra persona y regalos dados conforme a la Uniform Gift to Minors Act (Ley de Uniformidad Respecto a Regalos a Menores). Free federal and state efile 2013 Ejemplo. Free federal and state efile 2013 Amanda Naranjo, de 13 años de edad, recibió los siguientes ingresos: Dividendos — $800 Salarios — $2,100 Intereses tributables — $1,200 Intereses exentos de impuestos — $100 Ganancias netas de capital — $100 Los dividendos eran dividendos calificados sobre acciones que le habían regalado sus abuelos. Free federal and state efile 2013 Los ingresos no derivados del trabajo de Amanda son $2,100. Free federal and state efile 2013 Éste es el total de dividendos ($800), intereses tributables ($1,200) y ganancias netas de capital ($100). Free federal and state efile 2013 Su salario se considera ingreso del trabajo, y no de ingreso no derivado del trabajo porque se le paga por un trabajo que de hecho se ha realizado. Free federal and state efile 2013 No se incluyen los intereses exentos de impuestos porque éstos no están sujetos a impuestos. Free federal and state efile 2013 Ingresos provenientes de fideicomisos. Free federal and state efile 2013   Si el hijo es beneficiario de un fideicomiso, las distribuciones de intereses, dividendos, ganancias de capital y otros ingresos no derivados del trabajo tributables procedentes de dicho fideicomiso se consideran ingresos no derivados del trabajo del hijo. Free federal and state efile 2013   No obstante, para llenar el Formulario 8615, una distribución tributable de un fideicomiso calificado establecido para casos de incapacidad no se considera ingresos no derivados del trabajo sino ingresos del trabajo. Free federal and state efile 2013 Línea 2 (deducciones). Free federal and state efile 2013   Si el hijo no detalla las deducciones en el Anexo A del Formulario 1040, anote $2,000 en la línea 2. Free federal and state efile 2013   Si el hijo sí detalla las deducciones, anote en la línea 2 la cantidad mayor entre: $1,000 más la parte de las deducciones detalladas del hijo de la línea 29 del Anexo A del Formulario 1040 que esté directamente relacionada con la generación de ingresos no derivados del trabajo anotados en la línea 1 o $2,000. Free federal and state efile 2013 Relación directa entre las deducciones y la generación de ingresos no derivados del trabajo. Free federal and state efile 2013   Se considera que las deducciones detalladas están directamente relacionadas con la generación de ingresos no derivados del trabajo si las mismas corresponden a gastos pagados para generar o cobrar ingresos sujetos a impuestos o para administrar, conservar o mantener bienes cuyo fin es generar ingresos. Free federal and state efile 2013 Esos gastos abarcan cargos por custodia y servicios, cargos por servicios de cobro de intereses y dividendos tributables y determinados cargos por asesoramiento sobre inversiones. Free federal and state efile 2013   Estos gastos se suman a otras deducciones detalladas misceláneas en el Anexo A (Formulario 1040). Free federal and state efile 2013 Sólo se puede deducir la cantidad que sea superior al 2% de los ingresos brutos ajustados del hijo. Free federal and state efile 2013 Vea el capítulo 28 para más información. Free federal and state efile 2013 Ejemplo 1. Free federal and state efile 2013 Roberto, de 12 años de edad, tiene ingresos no derivados del trabajo de $8,000, sin otros ingresos ni ajustes a los ingresos. Free federal and state efile 2013 Tiene deducciones detalladas de $300 (netas del límite del 2%) que están directamente relacionadas con sus ingresos no derivados del trabajo. Free federal and state efile 2013 Tiene ingresos brutos ajustados de $8,000 que se anotan en la línea 38 del Formulario 1040 y en la línea 1 del Formulario 8615. Free federal and state efile 2013 En la línea 2 se anotan $2,000 porque dicha cantidad supera la suma de $1,000 más las deducciones detalladas de $300 directamente relacionadas con la generación de ingresos de inversiones. Free federal and state efile 2013 Ejemplo 2. Free federal and state efile 2013 Elena, de 8 años de edad, tiene ingresos no derivados del trabajo de $16,000 y tiene una multa de $100 por retiro prematuro. Free federal and state efile 2013 No tiene otros ingresos. Free federal and state efile 2013 Tiene deducciones detalladas de $1,050 (netas del límite del 2%) que están directamente relacionadas con la generación de sus ingresos no derivados del trabajo. Free federal and state efile 2013 Sus ingresos brutos ajustados, anotados en la línea 1, son $15,900 ($16,000 − $100). Free federal and state efile 2013 La cantidad de la línea 2 es $2,050. Free federal and state efile 2013 Ésta es la cantidad mayor de: $1,000 más los $1,050 de deducciones detalladas directamente relacionadas con la generación de ingresos de inversiones o $2,000. Free federal and state efile 2013 Línea 3. Free federal and state efile 2013   De la línea 1 reste la línea 2 y anote el resultado en esta línea. Free federal and state efile 2013 Si es cero o menos, no llene el resto del formulario. Free federal and state efile 2013 No obstante, tiene que adjuntar el Formulario 8615 a la declaración del hijo. Free federal and state efile 2013 Calcule el impuesto sobre los ingresos tributables del hijo de manera normal. Free federal and state efile 2013 Línea 4 (ingresos tributables del hijo). Free federal and state efile 2013   Anote en la línea 4 los ingresos tributables del hijo provenientes de la línea 43 del Formulario 1040 o de la línea 27 del Formulario 1040A. Free federal and state efile 2013   Sin embargo, si el hijo presenta el Formulario 2555 o el Formulario 2555-EZ para declarar la exclusión de ingresos ganados en el extranjero, la exclusión por concepto de vivienda o la deducción por concepto de vivienda, vea las Instrucciones del Formulario 8615 o la Publicación 929, ambas en inglés. Free federal and state efile 2013 Línea 5 (ingresos netos no derivados del trabajo). Free federal and state efile 2013   Los ingresos netos no derivados del trabajo del hijo no pueden sobrepasar sus ingresos tributables. Free federal and state efile 2013 Anote en la línea 5 del Formulario 8615 la cantidad de la línea 3 o la línea 4, la que sea menor. Free federal and state efile 2013 Esta cantidad corresponde a los ingresos netos no derivados del trabajo del hijo. Free federal and state efile 2013   Si es cero o menos, no llene el resto del formulario. Free federal and state efile 2013 No obstante, tiene que adjuntar el Formulario 8615 a la declaración del hijo. Free federal and state efile 2013 Calcule el impuesto sobre los ingresos tributables del hijo de manera normal. Free federal and state efile 2013 Paso 2. Free federal and state efile 2013 Cómo Calcular el Impuesto Provisional a la Tasa Impositiva de los Padres (Parte II del Formulario 8615) El siguiente paso al llenar el Formulario 8615 es calcular un impuesto provisional sobre los ingresos netos no derivados del trabajo del hijo utilizando la tasa impositiva del padre o de la madre. Free federal and state efile 2013 El impuesto provisional a la tasa impositiva del padre o de la madre es la diferencia entre el impuesto sobre los ingresos tributables del padre o de la madre calculados con los ingresos netos no derivados del trabajo del hijo (más los ingresos netos no derivados del trabajo de cualquier otro hijo cuyo Formulario 8615 incluya la información de la declaración de impuestos del padre o de la madre) y el impuesto calculado sin dichos ingresos. Free federal and state efile 2013 Al calcular el impuesto provisional a la tasa impositiva del padre o de la madre en el Formulario 8615, no vuelva a calcular las exclusiones, deducciones ni créditos en la declaración del padre o de la madre debido a los ingresos netos no derivados del trabajo del hijo. Free federal and state efile 2013 Por ejemplo, no vuelva a calcular la deducción por gastos médicos. Free federal and state efile 2013 Calcule el impuesto provisional en las líneas 6 a 13 del Formulario 8615. Free federal and state efile 2013 Nota: Si el hijo o el padre o la madre tiene pérdidas o ganancias de capital, obtenga la Publicación 929, en inglés, para información que le será de ayuda al completar la Parte II del Formulario 8615. Free federal and state efile 2013 Línea 6 (ingresos tributables del padre o de la madre). Free federal and state efile 2013   Anote en la línea 6 los ingresos tributables del padre o de la madre provenientes de la línea 43 del Formulario 1040, de la línea 27 del Formulario 1040A o la línea 6 del Formulario 1040EZ. Free federal and state efile 2013   Si utilizó la Foreign Earned Income Tax Worksheet (Hoja de trabajo para el impuesto sobre los ingresos del trabajo en el extranjero) de las instrucciones del Formulario 1040 para calcular el impuesto correspondiente al padre o a la madre, anote la cantidad de la línea 3 de dicha hoja de trabajo en vez de los ingresos tributables del padre o de la madre. Free federal and state efile 2013 Línea 7 (ingresos netos no derivados del trabajo de otros hijos). Free federal and state efile 2013   Si la información de la declaración del padre o de la madre se utiliza también en el Formulario 8615 de otro hijo, anote en la línea 7 el total de las cantidades de la línea 5 de los Formularios 8615 de todos los demás hijos. Free federal and state efile 2013 No incluya la cantidad de la línea 5 del Formulario 8615 que esté llenando. Free federal and state efile 2013 Ejemplo. Free federal and state efile 2013 Pablo y Juana del Pozo tienen tres hijos, Sandra, Geraldo y Miguel, quienes tienen que adjuntar el Formulario 8615 a sus declaraciones de impuestos respectivas. Free federal and state efile 2013 Los ingresos netos no derivados del trabajo de los hijos en la línea 5 de sus Formularios 8615 son: Sandra — $800 Geraldo — $600 Miguel — $1,000 La línea 7 del Formulario 8615 de Sandra indicará $1,600, o sea, el total de las cantidades anotadas en la línea 5 de los Formularios 8615 de Geraldo y Miguel. Free federal and state efile 2013 La línea 7 del Formulario 8615 de Geraldo indicará $1,800 ($800 + $1,000). Free federal and state efile 2013 La línea 7 del Formulario 8615 de Miguel indicará $1,400 ($800 + $600). Free federal and state efile 2013 Si no está disponible la información de los otros hijos. Free federal and state efile 2013   Si no está disponible la cantidad de los ingresos netos no derivados del trabajo de los otros hijos antes de que venza el plazo para presentar la declaración, preséntela anotando cálculos aproximados o solicite una prórroga del plazo para presentarla. Free federal and state efile 2013 Vea Si no se obtiene a tiempo la información de la declaración del padre o de la madre , anteriormente. Free federal and state efile 2013 Línea 11 (impuesto provisional). Free federal and state efile 2013   Reste la línea 10 de la línea 9 y anote el resultado en esta línea. Free federal and state efile 2013 Éste es el impuesto provisional. Free federal and state efile 2013   Si la línea 7 está en blanco, ignore las líneas 12a y 12b y anote en la línea 13 la cantidad proveniente de la línea 11. Free federal and state efile 2013 Ignore asimismo el tema siguiente que trata de las líneas 12a y 12b. Free federal and state efile 2013 Líneas 12a y 12b (dividiendo el impuesto provisional). Free federal and state efile 2013   Si anota alguna cantidad en la línea 7 (fuera de cero), divida el impuesto provisional indicado en la línea 11 entre los hijos según la participación de cada hijo en el total de los ingresos netos no derivados del trabajo. Free federal and state efile 2013 Esto se hace en las líneas 12a, 12b y 13. Free federal and state efile 2013 Sume la cantidad de la línea 7 a la de la línea 5 y anote el total en la línea 12a. Free federal and state efile 2013 Divida la cantidad de la línea 5 entre la de la línea 12a y anote el resultado, como número decimal, en la línea 12b. Free federal and state efile 2013 Ejemplo. Free federal and state efile 2013 En el ejemplo anterior bajo Línea 7 (ingresos netos no derivados del trabajo de otros hijos), el Formulario 8615 de Sandra indica $1,600 en la línea 7. Free federal and state efile 2013 La cantidad anotada en la línea 12a es $2,400, o sea, el total de las cantidades provenientes de las líneas 5 y 7 ($800 + $1,600). Free federal and state efile 2013 El número decimal en la línea 12b es . Free federal and state efile 2013 333, calculado de la siguienta manera y redondeado hasta tres decimales:   $800 = . Free federal and state efile 2013 333     $2,400   Paso 3. Free federal and state efile 2013 Cómo Calcular el Impuesto del Hijo (Parte III del Formulario 8615) El último paso para calcular el impuesto de su hijo utilizando el Formulario 8615 es determinar la cantidad mayor entre: El total de: La parte del impuesto provisional correspondiente al hijo basado en la tasa impositiva del padre o de la madre, más El impuesto sobre los ingresos tributables del hijo que sean superiores a los ingresos netos no derivados del trabajo, calculado a la tasa impositiva del hijo o El impuesto sobre los ingresos tributables del hijo calculado a la tasa impositiva del hijo. Free federal and state efile 2013 Éste es el impuesto del hijo. Free federal and state efile 2013 Se calcula en las líneas 14 a 18 del Formulario 8615. Free federal and state efile 2013 Impuesto mínimo alternativo. Free federal and state efile 2013   Un hijo puede estar sujeto al impuesto mínimo alternativo (AMT, por sus siglas en inglés) si cuenta con determinados elementos que reciben un trato preferente conforme a la ley tributaria. Free federal and state efile 2013 Vea el tema titulado Impuesto Mínimo Alternativo (AMT) , en el capítulo 30. Free federal and state efile 2013    Para información adicional acerca de quién tiene que pagar el AMT y cómo calcularlo, vea el Formulario 6251, Alternative Minimum Tax—Individuals (Impuesto mínimo alternativo—individuos), en inglés. Free federal and state efile 2013 Para información sobre límites especiales aplicables a un hijo que presente el Formulario 6251, vea Certain Children Under Age 24 (Determinados hijos menores de 24 años de edad), en las Instrucciones para el Formulario 6251, en inglés. Free federal and state efile 2013 Prev  Up  Next   Home   More Online Publications