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Free State Tax Returns

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Free State Tax Returns

Free state tax returns 7. Free state tax returns   Interest Income Table of Contents Reminder Introduction Useful Items - You may want to see: General InformationSSN for joint account. Free state tax returns Custodian account for your child. Free state tax returns Penalty for failure to supply SSN. Free state tax returns Reporting backup withholding. Free state tax returns Savings account with parent as trustee. Free state tax returns Interest not reported on Form 1099-INT. Free state tax returns Nominees. Free state tax returns Incorrect amount. Free state tax returns Information reporting requirement. Free state tax returns Taxable InterestInterest subject to penalty for early withdrawal. Free state tax returns Money borrowed to invest in certificate of deposit. Free state tax returns U. Free state tax returns S. Free state tax returns Savings Bonds Education Savings Bond Program U. Free state tax returns S. Free state tax returns Treasury Bills, Notes, and Bonds Bonds Sold Between Interest Dates Insurance State or Local Government Obligations Original Issue Discount (OID) When To Report Interest IncomeConstructive receipt. Free state tax returns How To Report Interest IncomeSchedule B (Form 1040A or 1040). Free state tax returns Reporting tax-exempt interest. Free state tax returns U. Free state tax returns S. Free state tax returns savings bond interest previously reported. Free state tax returns Reminder Foreign-source income. Free state tax returns  If you are a U. Free state tax returns S. Free state tax returns citizen with interest income from sources outside the United States (foreign income), you must report that income on your tax return unless it is exempt by U. Free state tax returns S. Free state tax returns law. Free state tax returns This is true whether you reside inside or outside the United States and whether or not you receive a Form 1099 from the foreign payer. Free state tax returns Introduction This chapter discusses the following topics. Free state tax returns Different types of interest income. Free state tax returns What interest is taxable and what interest is nontaxable. Free state tax returns When to report interest income. Free state tax returns How to report interest income on your tax return. Free state tax returns In general, any interest you receive or that is credited to your account and can be withdrawn is taxable income. Free state tax returns Exceptions to this rule are discussed later in this chapter. Free state tax returns You may be able to deduct expenses you have in earning this income on Schedule A (Form 1040) if you itemize your deductions. Free state tax returns See Money borrowed to invest in certificate of deposit , later, and chapter 28. Free state tax returns Useful Items - You may want to see: Publication 537 Installment Sales 550 Investment Income and Expenses 1212 Guide to Original Issue Discount (OID) Instruments Form (and Instructions) Schedule B (Form 1040A or 1040) Interest and Ordinary Dividends 8815 Exclusion of Interest From Series EE and I U. Free state tax returns S. Free state tax returns Savings Bonds Issued After 1989 8818 Optional Form To Record Redemption of Series EE and I U. Free state tax returns S. Free state tax returns Savings Bonds Issued After 1989 General Information A few items of general interest are covered here. Free state tax returns Recordkeeping. Free state tax returns You should keep a list showing sources and interest amounts received during the year. Free state tax returns Also, keep the forms you receive showing your interest income (Forms 1099-INT, for example) as an important part of your records. Free state tax returns Tax on unearned income of certain children. Free state tax returns    Part of a child's 2013 unearned income may be taxed at the parent's tax rate. Free state tax returns If so, Form 8615, Tax for Certain Children Who Have Unearned Income, must be completed and attached to the child's tax return. Free state tax returns If not, Form 8615 is not required and the child's income is taxed at his or her own tax rate. Free state tax returns   Some parents can choose to include the child's interest and dividends on the parent's return. Free state tax returns If you can, use Form 8814, Parents' Election To Report Child's Interest and Dividends, for this purpose. Free state tax returns   For more information about the tax on unearned income of children and the parents' election, see chapter 31. Free state tax returns Beneficiary of an estate or trust. Free state tax returns   Interest you receive as a beneficiary of an estate or trust is generally taxable income. Free state tax returns You should receive a Schedule K-1 (Form 1041), Beneficiary's Share of Income, Deductions, Credits, etc. Free state tax returns , from the fiduciary. Free state tax returns Your copy of Schedule K-1 (Form 1041) and its instructions will tell you where to report the income on your Form 1040. Free state tax returns Social security number (SSN). Free state tax returns   You must give your name and SSN or individual tax identification number (ITIN) to any person required by federal tax law to make a return, statement, or other document that relates to you. Free state tax returns This includes payers of interest. Free state tax returns If you do not give your SSN or ITIN to the payer of interest, you may have to pay a penalty. Free state tax returns SSN for joint account. Free state tax returns   If the funds in a joint account belong to one person, list that person's name first on the account and give that person's SSN to the payer. Free state tax returns (For information on who owns the funds in a joint account, see Joint accounts , later. Free state tax returns ) If the joint account contains combined funds, give the SSN of the person whose name is listed first on the account. Free state tax returns This is because only one name and SSN can be shown on Form 1099. Free state tax returns   These rules apply both to joint ownership by a married couple and to joint ownership by other individuals. Free state tax returns For example, if you open a joint savings account with your child using funds belonging to the child, list the child's name first on the account and give the child's SSN. Free state tax returns Custodian account for your child. Free state tax returns   If your child is the actual owner of an account that is recorded in your name as custodian for the child, give the child's SSN to the payer. Free state tax returns For example, you must give your child's SSN to the payer of interest on an account owned by your child, even though the interest is paid to you as custodian. Free state tax returns Penalty for failure to supply SSN. Free state tax returns   If you do not give your SSN to the payer of interest, you may have to pay a penalty. Free state tax returns See Failure to supply SSN under Penalties in chapter 1. Free state tax returns Backup withholding also may apply. Free state tax returns Backup withholding. Free state tax returns   Your interest income is generally not subject to regular withholding. Free state tax returns However, it may be subject to backup withholding to ensure that income tax is collected on the income. Free state tax returns Under backup withholding, the payer of interest must withhold, as income tax, on the amount you are paid, applying the appropriate withholding rate. Free state tax returns   Backup withholding may also be required if the IRS has determined that you underreported your interest or dividend income. Free state tax returns For more information, see Backup Withholding in chapter 4. Free state tax returns Reporting backup withholding. Free state tax returns   If backup withholding is deducted from your interest income, the payer must give you a Form 1099-INT for the year indicating the amount withheld. Free state tax returns The Form 1099-INT will show any backup withholding as “Federal income tax withheld. Free state tax returns ” Joint accounts. Free state tax returns   If two or more persons hold property (such as a savings account or bond) as joint tenants, tenants by the entirety, or tenants in common, each person's share of any interest from the property is determined by local law. Free state tax returns Income from property given to a child. Free state tax returns   Property you give as a parent to your child under the Model Gifts of Securities to Minors Act, the Uniform Gifts to Minors Act, or any similar law becomes the child's property. Free state tax returns   Income from the property is taxable to the child, except that any part used to satisfy a legal obligation to support the child is taxable to the parent or guardian having that legal obligation. Free state tax returns Savings account with parent as trustee. Free state tax returns   Interest income from a savings account opened for a minor child, but placed in the name and subject to the order of the parents as trustees, is taxable to the child if, under the law of the state in which the child resides, both of the following are true. Free state tax returns The savings account legally belongs to the child. Free state tax returns The parents are not legally permitted to use any of the funds to support the child. Free state tax returns Form 1099-INT. Free state tax returns   Interest income is generally reported to you on Form 1099-INT, or a similar statement, by banks, savings and loans, and other payers of interest. Free state tax returns This form shows you the interest you received during the year. Free state tax returns Keep this form for your records. Free state tax returns You do not have to attach it to your tax return. Free state tax returns   Report on your tax return the total interest income you receive for the tax year. Free state tax returns Interest not reported on Form 1099-INT. Free state tax returns   Even if you do not receive Form 1099-INT, you must still report all of your interest income. Free state tax returns For example, you may receive distributive shares of interest from partnerships or S corporations. Free state tax returns This interest is reported to you on Schedule K-1 (Form 1065), Partner's Share of Income, Deduction, Credits, etc. Free state tax returns , or Schedule K-1 (Form 1120S), Shareholder's Share of Income, Deductions, Credits, etc. Free state tax returns Nominees. Free state tax returns   Generally, if someone receives interest as a nominee for you, that person must give you a Form 1099-INT showing the interest received on your behalf. Free state tax returns   If you receive a Form 1099-INT that includes amounts belonging to another person, see the discussion on nominee distributions under How To Report Interest Income in chapter 1 of Publication 550, or Schedule B (Form 1040A or 1040) instructions. Free state tax returns Incorrect amount. Free state tax returns   If you receive a Form 1099-INT that shows an incorrect amount (or other incorrect information), you should ask the issuer for a corrected form. Free state tax returns The new Form 1099-INT you receive will be marked “Corrected. Free state tax returns ” Form 1099-OID. Free state tax returns   Reportable interest income also may be shown on Form 1099-OID, Original Issue Discount. Free state tax returns For more information about amounts shown on this form, see Original Issue Discount (OID) , later in this chapter. Free state tax returns Exempt-interest dividends. Free state tax returns   Exempt-interest dividends you receive from a mutual fund or other regulated investment company, including those received from a qualified fund of funds in any tax year beginning after December 22, 2010, are not included in your taxable income. Free state tax returns (However, see Information reporting requirement , next. Free state tax returns ) Exempt-interest dividends should be shown in box 10 of Form 1099-DIV. Free state tax returns You do not reduce your basis for distributions that are exempt-interest dividends. Free state tax returns Information reporting requirement. Free state tax returns   Although exempt-interest dividends are not taxable, you must show them on your tax return if you have to file. Free state tax returns This is an information reporting requirement and does not change the exempt-interest dividends into taxable income. Free state tax returns Note. Free state tax returns Exempt-interest dividends paid from specified private activity bonds may be subject to the alternative minimum tax. Free state tax returns See Alternative Minimum Tax (AMT) in chapter 30 for more information. Free state tax returns Chapter 1 of Publication 550 contains a discussion on private activity bonds under State or Local Government Obligations. Free state tax returns Interest on VA dividends. Free state tax returns   Interest on insurance dividends left on deposit with the Department of Veterans Affairs (VA) is not taxable. Free state tax returns This includes interest paid on dividends on converted United States Government Life Insurance and on National Service Life Insurance policies. Free state tax returns Individual retirement arrangements (IRAs). Free state tax returns   Interest on a Roth IRA generally is not taxable. Free state tax returns Interest on a traditional IRA is tax deferred. Free state tax returns You generally do not include it in your income until you make withdrawals from the IRA. Free state tax returns See chapter 17. Free state tax returns Taxable Interest Taxable interest includes interest you receive from bank accounts, loans you make to others, and other sources. Free state tax returns The following are some sources of taxable interest. Free state tax returns Dividends that are actually interest. Free state tax returns   Certain distributions commonly called dividends are actually interest. Free state tax returns You must report as interest so-called “dividends” on deposits or on share accounts in: Cooperative banks, Credit unions, Domestic building and loan associations, Domestic savings and loan associations, Federal savings and loan associations, and Mutual savings banks. Free state tax returns  The “dividends” will be shown as interest income on Form 1099-INT. Free state tax returns Money market funds. Free state tax returns   Money market funds pay dividends and are offered by nonbank financial institutions, such as mutual funds and stock brokerage houses. Free state tax returns Generally, amounts you receive from money market funds should be reported as dividends, not as interest. Free state tax returns Certificates of deposit and other deferred interest accounts. Free state tax returns   If you open any of these accounts, interest may be paid at fixed intervals of 1 year or less during the term of the account. Free state tax returns You generally must include this interest in your income when you actually receive it or are entitled to receive it without paying a substantial penalty. Free state tax returns The same is true for accounts that mature in 1 year or less and pay interest in a single payment at maturity. Free state tax returns If interest is deferred for more than 1 year, see Original Issue Discount (OID) , later. Free state tax returns Interest subject to penalty for early withdrawal. Free state tax returns   If you withdraw funds from a deferred interest account before maturity, you may have to pay a penalty. Free state tax returns You must report the total amount of interest paid or credited to your account during the year, without subtracting the penalty. Free state tax returns See Penalty on early withdrawal of savings in chapter 1 of Publication 550 for more information on how to report the interest and deduct the penalty. Free state tax returns Money borrowed to invest in certificate of deposit. Free state tax returns   The interest you pay on money borrowed from a bank or savings institution to meet the minimum deposit required for a certificate of deposit from the institution and the interest you earn on the certificate are two separate items. Free state tax returns You must report the total interest you earn on the certificate in your income. Free state tax returns If you itemize deductions, you can deduct the interest you pay as investment interest, up to the amount of your net investment income. Free state tax returns See Interest Expenses in chapter 3 of Publication 550. Free state tax returns Example. Free state tax returns You deposited $5,000 with a bank and borrowed $5,000 from the bank to make up the $10,000 minimum deposit required to buy a 6-month certificate of deposit. Free state tax returns The certificate earned $575 at maturity in 2013, but you received only $265, which represented the $575 you earned minus $310 interest charged on your $5,000 loan. Free state tax returns The bank gives you a Form 1099-INT for 2013 showing the $575 interest you earned. Free state tax returns The bank also gives you a statement showing that you paid $310 interest for 2013. Free state tax returns You must include the $575 in your income. Free state tax returns If you itemize your deductions on Schedule A (Form 1040), you can deduct $310, subject to the net investment income limit. Free state tax returns Gift for opening account. Free state tax returns   If you receive noncash gifts or services for making deposits or for opening an account in a savings institution, you may have to report the value as interest. Free state tax returns   For deposits of less than $5,000, gifts or services valued at more than $10 must be reported as interest. Free state tax returns For deposits of $5,000 or more, gifts or services valued at more than $20 must be reported as interest. Free state tax returns The value is determined by the cost to the financial institution. Free state tax returns Example. Free state tax returns You open a savings account at your local bank and deposit $800. Free state tax returns The account earns $20 interest. Free state tax returns You also receive a $15 calculator. Free state tax returns If no other interest is credited to your account during the year, the Form 1099-INT you receive will show $35 interest for the year. Free state tax returns You must report $35 interest income on your tax return. Free state tax returns Interest on insurance dividends. Free state tax returns   Interest on insurance dividends left on deposit with an insurance company that can be withdrawn annually is taxable to you in the year it is credited to your account. Free state tax returns However, if you can withdraw it only on the anniversary date of the policy (or other specified date), the interest is taxable in the year that date occurs. Free state tax returns Prepaid insurance premiums. Free state tax returns   Any increase in the value of prepaid insurance premiums, advance premiums, or premium deposit funds is interest if it is applied to the payment of premiums due on insurance policies or made available for you to withdraw. Free state tax returns U. Free state tax returns S. Free state tax returns obligations. Free state tax returns   Interest on U. Free state tax returns S. Free state tax returns obligations, such as U. Free state tax returns S. Free state tax returns Treasury bills, notes, and bonds, issued by any agency or instrumentality of the United States is taxable for federal income tax purposes. Free state tax returns Interest on tax refunds. Free state tax returns   Interest you receive on tax refunds is taxable income. Free state tax returns Interest on condemnation award. Free state tax returns   If the condemning authority pays you interest to compensate you for a delay in payment of an award, the interest is taxable. Free state tax returns Installment sale payments. Free state tax returns   If a contract for the sale or exchange of property provides for deferred payments, it also usually provides for interest payable with the deferred payments. Free state tax returns That interest is taxable when you receive it. Free state tax returns If little or no interest is provided for in a deferred payment contract, part of each payment may be treated as interest. Free state tax returns See Unstated Interest and Original Issue Discount in Publication 537, Installment Sales. Free state tax returns Interest on annuity contract. Free state tax returns   Accumulated interest on an annuity contract you sell before its maturity date is taxable. Free state tax returns Usurious interest. Free state tax returns   Usurious interest is interest charged at an illegal rate. Free state tax returns This is taxable as interest unless state law automatically changes it to a payment on the principal. Free state tax returns Interest income on frozen deposits. Free state tax returns   Exclude from your gross income interest on frozen deposits. Free state tax returns A deposit is frozen if, at the end of the year, you cannot withdraw any part of the deposit because: The financial institution is bankrupt or insolvent, or The state where the institution is located has placed limits on withdrawals because other financial institutions in the state are bankrupt or insolvent. Free state tax returns   The amount of interest you must exclude is the interest that was credited on the frozen deposits minus the sum of: The net amount you withdrew from these deposits during the year, and The amount you could have withdrawn as of the end of the year (not reduced by any penalty for premature withdrawals of a time deposit). Free state tax returns If you receive a Form 1099-INT for interest income on deposits that were frozen at the end of 2013, see Frozen deposits under How To Report Interest Income in chapter 1 of Publication 550, for information about reporting this interest income exclusion on your tax return. Free state tax returns   The interest you exclude is treated as credited to your account in the following year. Free state tax returns You must include it in income in the year you can withdraw it. Free state tax returns Example. Free state tax returns $100 of interest was credited on your frozen deposit during the year. Free state tax returns You withdrew $80 but could not withdraw any more as of the end of the year. Free state tax returns You must include $80 in your income and exclude $20 from your income for the year. Free state tax returns You must include the $20 in your income for the year you can withdraw it. Free state tax returns Bonds traded flat. Free state tax returns   If you buy a bond at a discount when interest has been defaulted or when the interest has accrued but has not been paid, the transaction is described as trading a bond flat. Free state tax returns The defaulted or unpaid interest is not income and is not taxable as interest if paid later. Free state tax returns When you receive a payment of that interest, it is a return of capital that reduces the remaining cost basis of your bond. Free state tax returns Interest that accrues after the date of purchase, however, is taxable interest income for the year it is received or accrued. Free state tax returns See Bonds Sold Between Interest Dates , later, for more information. Free state tax returns Below-market loans. Free state tax returns   In general, a below-market loan is a loan on which no interest is charged or on which interest is charged at a rate below the applicable federal rate. Free state tax returns See Below-Market Loans in chapter 1 of Publication 550 for more information. Free state tax returns U. Free state tax returns S. Free state tax returns Savings Bonds This section provides tax information on U. Free state tax returns S. Free state tax returns savings bonds. Free state tax returns It explains how to report the interest income on these bonds and how to treat transfers of these bonds. Free state tax returns For other information on U. Free state tax returns S. Free state tax returns savings bonds, write to:  For series EE and I paper savings bonds: Bureau of the Public Debt Division of Customer Assistance P. Free state tax returns O. Free state tax returns Box 7012 Parkersburg, WV 26106-7012  For series EE and I electronic bonds: Bureau of the Public Debt Division of Customer Assistance P. Free state tax returns O. Free state tax returns Box 7015 Parkersburg, WV 26106–7015  For series HH/H: Bureau of the Public Debt Division of Customer Assistance P. Free state tax returns O. Free state tax returns Box 2186 Parkersburg, WV 26106-2186 Or, on the Internet, visit: www. Free state tax returns treasurydirect. Free state tax returns gov/indiv/indiv. Free state tax returns htm. Free state tax returns Accrual method taxpayers. Free state tax returns   If you use an accrual method of accounting, you must report interest on U. Free state tax returns S. Free state tax returns savings bonds each year as it accrues. Free state tax returns You cannot postpone reporting interest until you receive it or until the bonds mature. Free state tax returns Accrual methods of accounting are explained in chapter 1 under Accounting Methods . Free state tax returns Cash method taxpayers. Free state tax returns   If you use the cash method of accounting, as most individual taxpayers do, you generally report the interest on U. Free state tax returns S. Free state tax returns savings bonds when you receive it. Free state tax returns The cash method of accounting is explained in chapter 1 under Accounting Methods. Free state tax returns But see Reporting options for cash method taxpayers , later. Free state tax returns Series HH bonds. Free state tax returns    These bonds were issued at face value. Free state tax returns Interest is paid twice a year by direct deposit to your bank account. Free state tax returns If you are a cash method taxpayer, you must report interest on these bonds as income in the year you receive it. Free state tax returns   Series HH bonds were first offered in 1980 and last offered in August 2004. Free state tax returns Before 1980, series H bonds were issued. Free state tax returns Series H bonds are treated the same as series HH bonds. Free state tax returns If you are a cash method taxpayer, you must report the interest when you receive it. Free state tax returns   Series H bonds have a maturity period of 30 years. Free state tax returns Series HH bonds mature in 20 years. Free state tax returns The last series H bonds matured in 2009. Free state tax returns Series EE and series I bonds. Free state tax returns   Interest on these bonds is payable when you redeem the bonds. Free state tax returns The difference between the purchase price and the redemption value is taxable interest. Free state tax returns Series EE bonds. Free state tax returns   Series EE bonds were first offered in January 1980 and have a maturity period of 30 years. Free state tax returns   Before July 1980, series E bonds were issued. Free state tax returns The original 10-year maturity period of series E bonds has been extended to 40 years for bonds issued before December 1965 and 30 years for bonds issued after November 1965. Free state tax returns Paper series EE and series E bonds are issued at a discount. Free state tax returns The face value is payable to you at maturity. Free state tax returns Electronic series EE bonds are issued at their face value. Free state tax returns The face value plus accrued interest is payable to you at maturity. Free state tax returns As of January 1, 2012, paper savings bonds were no longer sold at financial institutions. Free state tax returns   Owners of paper series EE bonds can convert them to electronic bonds. Free state tax returns These converted bonds do not retain the denomination listed on the paper certificate but are posted at their purchase price (with accrued interest). Free state tax returns Series I bonds. Free state tax returns   Series I bonds were first offered in 1998. Free state tax returns These are inflation-indexed bonds issued at their face amount with a maturity period of 30 years. Free state tax returns The face value plus all accrued interest is payable to you at maturity. Free state tax returns Reporting options for cash method taxpayers. Free state tax returns   If you use the cash method of reporting income, you can report the interest on series EE, series E, and series I bonds in either of the following ways. Free state tax returns Method 1. Free state tax returns Postpone reporting the interest until the earlier of the year you cash or dispose of the bonds or the year they mature. Free state tax returns (However, see Savings bonds traded , later. Free state tax returns )  Note. Free state tax returns Series EE bonds issued in 1983 matured in 2013. Free state tax returns If you have used method 1, you generally must report the interest on these bonds on your 2013 return. Free state tax returns The last series E bonds were issued in 1980 and matured in 2010. Free state tax returns If you used method 1, you generally should have reported the interest on these bonds on your 2010 return. Free state tax returns Method 2. Free state tax returns Choose to report the increase in redemption value as interest each year. Free state tax returns You must use the same method for all series EE, series E, and series I bonds you own. Free state tax returns If you do not choose method 2 by reporting the increase in redemption value as interest each year, you must use method 1. Free state tax returns    If you plan to cash your bonds in the same year you will pay for higher education expenses, you may want to use method 1 because you may be able to exclude the interest from your income. Free state tax returns To learn how, see Education Savings Bond Program, later. Free state tax returns Change from method 1. Free state tax returns   If you want to change your method of reporting the interest from method 1 to method 2, you can do so without permission from the IRS. Free state tax returns In the year of change you must report all interest accrued to date and not previously reported for all your bonds. Free state tax returns   Once you choose to report the interest each year, you must continue to do so for all series EE, series E, and series I bonds you own and for any you get later, unless you request permission to change, as explained next. Free state tax returns Change from method 2. Free state tax returns   To change from method 2 to method 1, you must request permission from the IRS. Free state tax returns Permission for the change is automatically granted if you send the IRS a statement that meets all the following requirements. Free state tax returns You have typed or printed the following number at the top: “131. Free state tax returns ” It includes your name and social security number under “131. Free state tax returns ” It includes the year of change (both the beginning and ending dates). Free state tax returns It identifies the savings bonds for which you are requesting this change. Free state tax returns It includes your agreement to: Report all interest on any bonds acquired during or after the year of change when the interest is realized upon disposition, redemption, or final maturity, whichever is earliest, and Report all interest on the bonds acquired before the year of change when the interest is realized upon disposition, redemption, or final maturity, whichever is earliest, with the exception of the interest reported in prior tax years. Free state tax returns   You must attach this statement to your tax return for the year of change, which you must file by the due date (including extensions). Free state tax returns   You can have an automatic extension of 6 months from the due date of your return for the year of change (excluding extensions) to file the statement with an amended return. Free state tax returns On the statement, type or print “Filed pursuant to section 301. Free state tax returns 9100-2. Free state tax returns ” To get this extension, you must have filed your original return for the year of the change by the due date (including extensions). Free state tax returns    By the date you file the original statement with your return, you must also send a signed copy to the address below. Free state tax returns   Internal Revenue Service Attention: CC:IT&A (Automatic Rulings Branch) P. Free state tax returns O. Free state tax returns Box 7604 Benjamin Franklin Station Washington, DC 20044   If you use a private delivery service, send the signed copy to the address below. Free state tax returns   Internal Revenue Service Attention: CC:IT&A (Automatic Rulings Branch) Room 5336 1111 Constitution Avenue, NW  Washington, DC 20224   Instead of filing this statement, you can request permission to change from method 2 to method 1 by filing Form 3115, Application for Change in Accounting Method. Free state tax returns In that case, follow the form instructions for an automatic change. Free state tax returns No user fee is required. Free state tax returns Co-owners. Free state tax returns   If a U. Free state tax returns S. Free state tax returns savings bond is issued in the names of co-owners, such as you and your child or you and your spouse, interest on the bond is generally taxable to the co-owner who bought the bond. Free state tax returns One co-owner's funds used. Free state tax returns    If you used your funds to buy the bond, you must pay the tax on the interest. Free state tax returns This is true even if you let the other co-owner redeem the bond and keep all the proceeds. Free state tax returns Under these circumstances, the co-owner who redeemed the bond will receive a Form 1099-INT at the time of redemption and must provide you with another Form 1099-INT showing the amount of interest from the bond taxable to you. Free state tax returns The co-owner who redeemed the bond is a “nominee. Free state tax returns ” See Nominee distributions under How To Report Interest Income in chapter 1 of Publication 550 for more information about how a person who is a nominee reports interest income belonging to another person. Free state tax returns Both co-owners' funds used. Free state tax returns   If you and the other co-owner each contribute part of the bond's purchase price, the interest is generally taxable to each of you, in proportion to the amount each of you paid. Free state tax returns Community property. Free state tax returns   If you and your spouse live in a community property state and hold bonds as community property, one-half of the interest is considered received by each of you. Free state tax returns If you file separate returns, each of you generally must report one-half of the bond interest. Free state tax returns For more information about community property, see Publication 555. Free state tax returns Table 7-1. Free state tax returns   These rules are also shown in Table 7-1. Free state tax returns Ownership transferred. Free state tax returns   If you bought series E, series EE, or series I bonds entirely with your own funds and had them reissued in your co-owner's name or beneficiary's name alone, you must include in your gross income for the year of reissue all interest that you earned on these bonds and have not previously reported. Free state tax returns But, if the bonds were reissued in your name alone, you do not have to report the interest accrued at that time. Free state tax returns   This same rule applies when bonds (other than bonds held as community property) are transferred between spouses or incident to divorce. Free state tax returns Purchased jointly. Free state tax returns   If you and a co-owner each contributed funds to buy series E, series EE, or series I bonds jointly and later have the bonds reissued in the co-owner's name alone, you must include in your gross income for the year of reissue your share of all the interest earned on the bonds that you have not previously reported. Free state tax returns The former co-owner does not have to include in gross income at the time of reissue his or her share of the interest earned that was not reported before the transfer. Free state tax returns This interest, however, as well as all interest earned after the reissue, is income to the former co-owner. Free state tax returns   This income-reporting rule also applies when the bonds are reissued in the name of your former co-owner and a new co-owner. Free state tax returns But the new co-owner will report only his or her share of the interest earned after the transfer. Free state tax returns   If bonds that you and a co-owner bought jointly are reissued to each of you separately in the same proportion as your contribution to the purchase price, neither you nor your co-owner has to report at that time the interest earned before the bonds were reissued. Free state tax returns    Table 7-1. Free state tax returns Who Pays the Tax on U. Free state tax returns S. Free state tax returns Savings Bond Interest IF . Free state tax returns . Free state tax returns . Free state tax returns THEN the interest must be reported by . Free state tax returns . Free state tax returns . Free state tax returns you buy a bond in your name and the name of another person as co-owners, using only your own funds you. Free state tax returns you buy a bond in the name of another person, who is the sole owner of the bond the person for whom you bought the bond. Free state tax returns you and another person buy a bond as co-owners, each contributing part of the purchase price both you and the other co-owner, in proportion to the amount each paid for the bond. Free state tax returns you and your spouse, who live in a community property state, buy a bond that is community property you and your spouse. Free state tax returns If you file separate returns, both you and your spouse generally report one-half of the interest. Free state tax returns Example 1. Free state tax returns You and your spouse each spent an equal amount to buy a $1,000 series EE savings bond. Free state tax returns The bond was issued to you and your spouse as co-owners. Free state tax returns You both postpone reporting interest on the bond. Free state tax returns You later have the bond reissued as two $500 bonds, one in your name and one in your spouse's name. Free state tax returns At that time neither you nor your spouse has to report the interest earned to the date of reissue. Free state tax returns Example 2. Free state tax returns You bought a $1,000 series EE savings bond entirely with your own funds. Free state tax returns The bond was issued to you and your spouse as co-owners. Free state tax returns You both postpone reporting interest on the bond. Free state tax returns You later have the bond reissued as two $500 bonds, one in your name and one in your spouse's name. Free state tax returns You must report half the interest earned to the date of reissue. Free state tax returns Transfer to a trust. Free state tax returns   If you own series E, series EE, or series I bonds and transfer them to a trust, giving up all rights of ownership, you must include in your income for that year the interest earned to the date of transfer if you have not already reported it. Free state tax returns However, if you are considered the owner of the trust and if the increase in value both before and after the transfer continues to be taxable to you, you can continue to defer reporting the interest earned each year. Free state tax returns You must include the total interest in your income in the year you cash or dispose of the bonds or the year the bonds finally mature, whichever is earlier. Free state tax returns   The same rules apply to previously unreported interest on series EE or series E bonds if the transfer to a trust consisted of series HH or series H bonds you acquired in a trade for the series EE or series E bonds. Free state tax returns See Savings bonds traded , later. Free state tax returns Decedents. Free state tax returns   The manner of reporting interest income on series E, series EE, or series I bonds, after the death of the owner (decedent), depends on the accounting and income-reporting methods previously used by the decedent. Free state tax returns This is explained in chapter 1 of Publication 550. Free state tax returns Savings bonds traded. Free state tax returns   If you postponed reporting the interest on your series EE or series E bonds, you did not recognize taxable income when you traded the bonds for series HH or series H bonds, unless you received cash in the trade. Free state tax returns (You cannot trade series I bonds for series HH bonds. Free state tax returns After August 31, 2004, you cannot trade any other series of bonds for series HH bonds. Free state tax returns ) Any cash you received is income up to the amount of the interest earned on the bonds traded. Free state tax returns When your series HH or series H bonds mature, or if you dispose of them before maturity, you report as interest the difference between their redemption value and your cost. Free state tax returns Your cost is the sum of the amount you paid for the traded series EE or series E bonds plus any amount you had to pay at the time of the trade. Free state tax returns Example. Free state tax returns You traded series EE bonds (on which you postponed reporting the interest) for $2,500 in series HH bonds and $223 in cash. Free state tax returns You reported the $223 as taxable income on your tax return. Free state tax returns At the time of the trade, the series EE bonds had accrued interest of $523 and a redemption value of $2,723. Free state tax returns You hold the series HH bonds until maturity, when you receive $2,500. Free state tax returns You must report $300 as interest income in the year of maturity. Free state tax returns This is the difference between their redemption value, $2,500, and your cost, $2,200 (the amount you paid for the series EE bonds). Free state tax returns (It is also the difference between the accrued interest of $523 on the series EE bonds and the $223 cash received on the trade. Free state tax returns ) Choice to report interest in year of trade. Free state tax returns   You could have chosen to treat all of the previously unreported accrued interest on the series EE or series E bonds traded for series HH bonds as income in the year of the trade. Free state tax returns If you made this choice, it is treated as a change from method 1. Free state tax returns See Change from method 1 under Series EE and series I bonds, earlier. Free state tax returns Form 1099-INT for U. Free state tax returns S. Free state tax returns savings bonds interest. Free state tax returns   When you cash a bond, the bank or other payer that redeems it must give you a Form 1099-INT if the interest part of the payment you receive is $10 or more. Free state tax returns Box 3 of your Form 1099-INT should show the interest as the difference between the amount you received and the amount paid for the bond. Free state tax returns However, your Form 1099-INT may show more interest than you have to include on your income tax return. Free state tax returns For example, this may happen if any of the following are true. Free state tax returns You chose to report the increase in the redemption value of the bond each year. Free state tax returns The interest shown on your Form 1099-INT will not be reduced by amounts previously included in income. Free state tax returns You received the bond from a decedent. Free state tax returns The interest shown on your Form 1099-INT will not be reduced by any interest reported by the decedent before death, or on the decedent's final return, or by the estate on the estate's income tax return. Free state tax returns Ownership of the bond was transferred. Free state tax returns The interest shown on your Form 1099-INT will not be reduced by interest that accrued before the transfer. Free state tax returns You were named as a co-owner, and the other co-owner contributed funds to buy the bond. Free state tax returns The interest shown on your Form 1099-INT will not be reduced by the amount you received as nominee for the other co-owner. Free state tax returns (See Co-owners , earlier in this chapter, for more information about the reporting requirements. Free state tax returns ) You received the bond in a taxable distribution from a retirement or profit-sharing plan. Free state tax returns The interest shown on your Form 1099-INT will not be reduced by the interest portion of the amount taxable as a distribution from the plan and not taxable as interest. Free state tax returns (This amount is generally shown on Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Free state tax returns , for the year of distribution. Free state tax returns )   For more information on including the correct amount of interest on your return, see How To Report Interest Income , later. Free state tax returns Publication 550 includes examples showing how to report these amounts. Free state tax returns    Interest on U. Free state tax returns S. Free state tax returns savings bonds is exempt from state and local taxes. Free state tax returns The Form 1099-INT you receive will indicate the amount that is for U. Free state tax returns S. Free state tax returns savings bond interest in box 3. Free state tax returns Education Savings Bond Program You may be able to exclude from income all or part of the interest you receive on the redemption of qualified U. Free state tax returns S. Free state tax returns savings bonds during the year if you pay qualified higher educational expenses during the same year. Free state tax returns This exclusion is known as the Education Savings Bond Program. Free state tax returns You do not qualify for this exclusion if your filing status is married filing separately. Free state tax returns Form 8815. Free state tax returns   Use Form 8815 to figure your exclusion. Free state tax returns Attach the form to your Form 1040 or Form 1040A. Free state tax returns Qualified U. Free state tax returns S. Free state tax returns savings bonds. Free state tax returns   A qualified U. Free state tax returns S. Free state tax returns savings bond is a series EE bond issued after 1989 or a series I bond. Free state tax returns The bond must be issued either in your name (sole owner) or in your and your spouse's names (co-owners). Free state tax returns You must be at least 24 years old before the bond's issue date. Free state tax returns For example, a bond bought by a parent and issued in the name of his or her child under age 24 does not qualify for the exclusion by the parent or child. Free state tax returns    The issue date of a bond may be earlier than the date the bond is purchased because the issue date assigned to a bond is the first day of the month in which it is purchased. Free state tax returns Beneficiary. Free state tax returns   You can designate any individual (including a child) as a beneficiary of the bond. Free state tax returns Verification by IRS. Free state tax returns   If you claim the exclusion, the IRS will check it by using bond redemption information from the Department of the Treasury. Free state tax returns Qualified expenses. Free state tax returns   Qualified higher educational expenses are tuition and fees required for you, your spouse, or your dependent (for whom you claim an exemption) to attend an eligible educational institution. Free state tax returns   Qualified expenses include any contribution you make to a qualified tuition program or to a Coverdell education savings account. Free state tax returns   Qualified expenses do not include expenses for room and board or for courses involving sports, games, or hobbies that are not part of a degree or certificate granting program. Free state tax returns Eligible educational institutions. Free state tax returns   These institutions include most public, private, and nonprofit universities, colleges, and vocational schools that are accredited and eligible to participate in student aid programs run by the U. Free state tax returns S. Free state tax returns Department of Education. Free state tax returns Reduction for certain benefits. Free state tax returns   You must reduce your qualified higher educational expenses by all of the following tax-free benefits. Free state tax returns Tax-free part of scholarships and fellowships (see Scholarships and fellowships in chapter 12). Free state tax returns Expenses used to figure the tax-free portion of distributions from a Coverdell ESA. Free state tax returns Expenses used to figure the tax-free portion of distributions from a qualified tuition program. Free state tax returns Any tax-free payments (other than gifts or inheritances) received for educational expenses, such as Veterans' educational assistance benefits, Qualified tuition reductions, or Employer-provided educational assistance. Free state tax returns Any expense used in figuring the American Opportunity and lifetime learning credits. Free state tax returns Amount excludable. Free state tax returns   If the total proceeds (interest and principal) from the qualified U. Free state tax returns S. Free state tax returns savings bonds you redeem during the year are not more than your adjusted qualified higher educational expenses for the year, you may be able to exclude all of the interest. Free state tax returns If the proceeds are more than the expenses, you may be able to exclude only part of the interest. Free state tax returns   To determine the excludable amount, multiply the interest part of the proceeds by a fraction. Free state tax returns The numerator of the fraction is the qualified higher educational expenses you paid during the year. Free state tax returns The denominator of the fraction is the total proceeds you received during the year. Free state tax returns Example. Free state tax returns In February 2013, Mark and Joan, a married couple, cashed a qualified series EE U. Free state tax returns S. Free state tax returns savings bond they bought in April 1997. Free state tax returns They received proceeds of $8,372 representing principal of $5,000 and interest of $3,372. Free state tax returns In 2013, they paid $4,000 of their daughter's college tuition. Free state tax returns They are not claiming an education credit for that amount, and their daughter does not have any tax-free educational assistance. Free state tax returns They can exclude $1,611 ($3,372 × ($4,000 ÷ $8,372)) of interest in 2013. Free state tax returns They must pay tax on the remaining $1,761 ($3,372 − $1,611) interest. Free state tax returns Modified adjusted gross income limit. Free state tax returns   The interest exclusion is limited if your modified adjusted gross income (modified AGI) is: $74,700 to $89,700 for taxpayers filing single or head of household, and $112,050 to $142,050 for married taxpayers filing jointly or for a qualifying widow(er) with dependent child. Free state tax returns You do not qualify for the interest exclusion if your modified AGI is equal to or more than the upper limit for your filing status. Free state tax returns   Modified AGI, for purposes of this exclusion, is adjusted gross income (Form 1040, line 37, or Form 1040A, line 21) figured before the interest exclusion, and modified by adding back any: Foreign earned income exclusion, Foreign housing exclusion and deduction, Exclusion of income for bona fide residents of American Samoa, Exclusion for income from Puerto Rico, Exclusion for adoption benefits received under an employer's adoption assistance program, Deduction for tuition and fees, Deduction for student loan interest, and Deduction for domestic production activities. Free state tax returns   Use the Line 9 Worksheet in the Form 8815 instructions to figure your modified AGI. Free state tax returns If you claim any of the exclusion or deduction items listed above (except items 6, 7, and 8), add the amount of the exclusion or deduction (except items 6, 7, and 8) to the amount on line 5 of the worksheet, and enter the total on Form 8815, line 9, as your modified AGI. Free state tax returns   If you have investment interest expense incurred to earn royalties and other investment income, see Education Savings Bond Program in chapter 1 of Publication 550. Free state tax returns Recordkeeping. Free state tax returns If you claim the interest exclusion, you must keep a written record of the qualified U. Free state tax returns S. Free state tax returns savings bonds you redeem. Free state tax returns Your record must include the serial number, issue date, face value, and total redemption proceeds (principal and interest) of each bond. Free state tax returns You can use Form 8818 to record this information. Free state tax returns You should also keep bills, receipts, canceled checks, or other documentation that shows you paid qualified higher educational expenses during the year. Free state tax returns U. Free state tax returns S. Free state tax returns Treasury Bills, Notes, and Bonds Treasury bills, notes, and bonds are direct debts (obligations) of the U. Free state tax returns S. Free state tax returns Government. Free state tax returns Taxation of interest. Free state tax returns   Interest income from Treasury bills, notes, and bonds is subject to federal income tax but is exempt from all state and local income taxes. Free state tax returns You should receive Form 1099-INT showing the interest (in box 3) paid to you for the year. Free state tax returns   Payments of principal and interest generally will be credited to your designated checking or savings account by direct deposit through the TreasuryDirect® system. Free state tax returns Treasury bills. Free state tax returns   These bills generally have a 4-week, 13-week, 26-week, or 52-week maturity period. Free state tax returns They are generally issued at a discount in the amount of $100 and multiples of $100. Free state tax returns The difference between the discounted price you pay for the bills and the face value you receive at maturity is interest income. Free state tax returns Generally, you report this interest income when the bill is paid at maturity. Free state tax returns If you paid a premium for a bill (more than the face value), you generally report the premium as a section 171 deduction when the bill is paid at maturity. Free state tax returns Treasury notes and bonds. Free state tax returns   Treasury notes have maturity periods of more than 1 year, ranging up to 10 years. Free state tax returns Maturity periods for Treasury bonds are longer than 10 years. Free state tax returns Both generally are issued in denominations of $100 to $1 million and generally pay interest every 6 months. Free state tax returns Generally, you report this interest for the year paid. Free state tax returns For more information, see U. Free state tax returns S. Free state tax returns Treasury Bills, Notes, and Bonds in chapter 1 of Publication 550. Free state tax returns For other information on Treasury notes or bonds, write to:  Bureau of the Public Debt P. Free state tax returns O. Free state tax returns Box 7015 Parkersburg, WV 26106-7015 Or, on the Internet, visit: www. Free state tax returns treasurydirect. Free state tax returns gov/indiv/indiv. Free state tax returns htm. Free state tax returns For information on series EE, series I, and series HH savings bonds, see U. Free state tax returns S. Free state tax returns Savings Bonds , earlier. Free state tax returns Treasury inflation-protected securities (TIPS). Free state tax returns   These securities pay interest twice a year at a fixed rate, based on a principal amount adjusted to take into account inflation and deflation. Free state tax returns For the tax treatment of these securities, see Inflation-Indexed Debt Instruments under Original Issue Discount (OID), in Publication 550. Free state tax returns Bonds Sold Between Interest Dates If you sell a bond between interest payment dates, part of the sales price represents interest accrued to the date of sale. Free state tax returns You must report that part of the sales price as interest income for the year of sale. Free state tax returns If you buy a bond between interest payment dates, part of the purchase price represents interest accrued before the date of purchase. Free state tax returns When that interest is paid to you, treat it as a return of your capital investment, rather than interest income, by reducing your basis in the bond. Free state tax returns See Accrued interest on bonds under How To Report Interest Income in chapter 1 of Publication 550 for information on reporting the payment. Free state tax returns Insurance Life insurance proceeds paid to you as beneficiary of the insured person are usually not taxable. Free state tax returns But if you receive the proceeds in installments, you must usually report a part of each installment payment as interest income. Free state tax returns For more information about insurance proceeds received in installments, see Publication 525, Taxable and Nontaxable Income. Free state tax returns Annuity. Free state tax returns   If you buy an annuity with life insurance proceeds, the annuity payments you receive are taxed as pension and annuity income from a nonqualified plan, not as interest income. Free state tax returns See chapter 10 for information on pension and annuity income from nonqualified plans. Free state tax returns State or Local Government Obligations Interest on a bond used to finance government operations generally is not taxable if the bond is issued by a state, the District of Columbia, a possession of the United States, or any of their political subdivisions. Free state tax returns Bonds issued after 1982 (including tribal economic development bonds issued after February 17, 2009) by an Indian tribal government are treated as issued by a state. Free state tax returns Interest on these bonds is generally tax exempt if the bonds are part of an issue of which substantially all proceeds are to be used in the exercise of any essential government function. Free state tax returns For information on federally guaranteed bonds, mortgage revenue bonds, arbitrage bonds, private activity bonds, qualified tax credit bonds, and Build America bonds, see State or Local Government Obligations in chapter 1 of Publication 550. Free state tax returns Information reporting requirement. Free state tax returns   If you must file a tax return, you are required to show any tax-exempt interest you received on your return. Free state tax returns This is an information reporting requirement only. Free state tax returns It does not change tax-exempt interest to taxable interest. Free state tax returns Original Issue Discount (OID) Original issue discount (OID) is a form of interest. Free state tax returns You generally include OID in your income as it accrues over the term of the debt instrument, whether or not you receive any payments from the issuer. Free state tax returns A debt instrument generally has OID when the instrument is issued for a price that is less than its stated redemption price at maturity. Free state tax returns OID is the difference between the stated redemption price at maturity and the issue price. Free state tax returns All debt instruments that pay no interest before maturity are presumed to be issued at a discount. Free state tax returns Zero coupon bonds are one example of these instruments. Free state tax returns The OID accrual rules generally do not apply to short-term obligations (those with a fixed maturity date of 1 year or less from date of issue). Free state tax returns See Discount on Short-Term Obligations in chapter 1 of Publication 550. Free state tax returns De minimis OID. Free state tax returns   You can treat the discount as zero if it is less than one-fourth of 1% (. Free state tax returns 0025) of the stated redemption price at maturity multiplied by the number of full years from the date of original issue to maturity. Free state tax returns This small discount is known as “de minimis” OID. Free state tax returns Example 1. Free state tax returns You bought a 10-year bond with a stated redemption price at maturity of $1,000, issued at $980 with OID of $20. Free state tax returns One-fourth of 1% of $1,000 (stated redemption price) times 10 (the number of full years from the date of original issue to maturity) equals $25. Free state tax returns Because the $20 discount is less than $25, the OID is treated as zero. Free state tax returns (If you hold the bond at maturity, you will recognize $20 ($1,000 − $980) of capital gain. Free state tax returns ) Example 2. Free state tax returns The facts are the same as in Example 1, except that the bond was issued at $950. Free state tax returns The OID is $50. Free state tax returns Because the $50 discount is more than the $25 figured in Example 1, you must include the OID in income as it accrues over the term of the bond. Free state tax returns Debt instrument bought after original issue. Free state tax returns   If you buy a debt instrument with de minimis OID at a premium, the discount is not includible in income. Free state tax returns If you buy a debt instrument with de minimis OID at a discount, the discount is reported under the market discount rules. Free state tax returns See Market Discount Bonds in chapter 1 of Publication 550. Free state tax returns Exceptions to reporting OID. Free state tax returns   The OID rules discussed in this chapter do not apply to the following debt instruments. Free state tax returns Tax-exempt obligations. Free state tax returns (However, see Stripped tax-exempt obligations under Stripped Bonds and Coupons in chapter 1 of Publication 550). Free state tax returns U. Free state tax returns S. Free state tax returns savings bonds. Free state tax returns Short-term debt instruments (those with a fixed maturity date of not more than 1 year from the date of issue). Free state tax returns Obligations issued by an individual before March 2, 1984. Free state tax returns Loans between individuals if all the following are true. Free state tax returns The lender is not in the business of lending money. Free state tax returns The amount of the loan, plus the amount of any outstanding prior loans between the same individuals, is $10,000 or less. Free state tax returns Avoiding any federal tax is not one of the principal purposes of the loan. Free state tax returns Form 1099-OID. Free state tax returns   The issuer of the debt instrument (or your broker if you held the instrument through a broker) should give you Form 1099-OID, or a similar statement, if the total OID for the calendar year is $10 or more. Free state tax returns Form 1099-OID will show, in box 1, the amount of OID for the part of the year that you held the bond. Free state tax returns It also will show, in box 2, the stated interest you must include in your income. Free state tax returns A copy of Form 1099-OID will be sent to the IRS. Free state tax returns Do not file your copy with your return. Free state tax returns Keep it for your records. Free state tax returns   In most cases, you must report the entire amount in boxes 1 and 2 of Form 1099-OID as interest income. Free state tax returns But see Refiguring OID shown on Form 1099-OID, later in this discussion, for more information. Free state tax returns Form 1099-OID not received. Free state tax returns   If you had OID for the year but did not receive a Form 1099-OID, you can find tables on IRS. Free state tax returns gov that list total OID on certain debt instruments and have information that will help you figure OID. Free state tax returns For the latest OID tables, go to www. Free state tax returns irs. Free state tax returns gov and enter “OID tables” in the Search box. Free state tax returns If your debt instrument is not listed, consult the issuer for further information about the accrued OID for the year. Free state tax returns Nominee. Free state tax returns   If someone else is the holder of record (the registered owner) of an OID instrument belonging to you and receives a Form 1099-OID on your behalf, that person must give you a Form 1099-OID. Free state tax returns Refiguring OID shown on Form 1099-OID. Free state tax returns   You must refigure the OID shown in box 1 or box 8 of Form 1099-OID if either of the following apply. Free state tax returns You bought the debt instrument after its original issue and paid a premium or an acquisition premium. Free state tax returns The debt instrument is a stripped bond or a stripped coupon (including certain zero coupon instruments). Free state tax returns For information about figuring the correct amount of OID to include in your income, see Figuring OID on Long-Term Debt Instruments in Publication 1212. Free state tax returns Refiguring periodic interest shown on Form 1099-OID. Free state tax returns   If you disposed of a debt instrument or acquired it from another holder during the year, see Bonds Sold Between Interest Dates , earlier, for information about the treatment of periodic interest that may be shown in box 2 of Form 1099-OID for that instrument. Free state tax returns Certificates of deposit (CDs). Free state tax returns   If you buy a CD with a maturity of more than 1 year, you must include in income each year a part of the total interest due and report it in the same manner as other OID. Free state tax returns   This also applies to similar deposit arrangements with banks, building and loan associations, etc. Free state tax returns , including: Time deposits, Bonus plans, Savings certificates, Deferred income certificates, Bonus savings certificates, and Growth savings certificates. Free state tax returns Bearer CDs. Free state tax returns   CDs issued after 1982 generally must be in registered form. Free state tax returns Bearer CDs are CDs not in registered form. Free state tax returns They are not issued in the depositor's name and are transferable from one individual to another. Free state tax returns   Banks must provide the IRS and the person redeeming a bearer CD with a Form 1099-INT. Free state tax returns More information. Free state tax returns   See chapter 1 of Publication 550 for more information about OID and related topics, such as market discount bonds. Free state tax returns When To Report Interest Income When to report your interest income depends on whether you use the cash method or an accrual method to report income. Free state tax returns Cash method. Free state tax returns   Most individual taxpayers use the cash method. Free state tax returns If you use this method, you generally report your interest income in the year in which you actually or constructively receive it. Free state tax returns However, there are special rules for reporting the discount on certain debt instruments. Free state tax returns See U. Free state tax returns S. Free state tax returns Savings Bonds and Original Issue Discount (OID) , earlier. Free state tax returns Example. Free state tax returns On September 1, 2011, you loaned another individual $2,000 at 12%, compounded annually. Free state tax returns You are not in the business of lending money. Free state tax returns The note stated that principal and interest would be due on August 31, 2013. Free state tax returns In 2013, you received $2,508. Free state tax returns 80 ($2,000 principal and $508. Free state tax returns 80 interest). Free state tax returns If you use the cash method, you must include in income on your 2013 return the $508. Free state tax returns 80 interest you received in that year. Free state tax returns Constructive receipt. Free state tax returns   You constructively receive income when it is credited to your account or made available to you. Free state tax returns You do not need to have physical possession of it. Free state tax returns For example, you are considered to receive interest, dividends, or other earnings on any deposit or account in a bank, savings and loan, or similar financial institution, or interest on life insurance policy dividends left to accumulate, when they are credited to your account and subject to your withdrawal. Free state tax returns This is true even if they are not yet entered in your passbook. Free state tax returns   You constructively receive income on the deposit or account even if you must: Make withdrawals in multiples of even amounts, Give a notice to withdraw before making the withdrawal, Withdraw all or part of the account to withdraw the earnings, or Pay a penalty on early withdrawals, unless the interest you are to receive on an early withdrawal or redemption is substantially less than the interest payable at maturity. Free state tax returns Accrual method. Free state tax returns   If you use an accrual method, you report your interest income when you earn it, whether or not you have received it. Free state tax returns Interest is earned over the term of the debt instrument. Free state tax returns Example. Free state tax returns If, in the previous example, you use an accrual method, you must include the interest in your income as you earn it. Free state tax returns You would report the interest as follows: 2011, $80; 2012, $249. Free state tax returns 60; and 2013, $179. Free state tax returns 20. Free state tax returns Coupon bonds. Free state tax returns   Interest on coupon bonds is taxable in the year the coupon becomes due and payable. Free state tax returns It does not matter when you mail the coupon for payment. Free state tax returns How To Report Interest Income Generally, you report all your taxable interest income on Form 1040, line 8a; Form 1040A, line 8a; or Form 1040EZ, line 2. Free state tax returns You cannot use Form 1040EZ if your taxable interest income is more than $1,500. Free state tax returns Instead, you must use Form 1040A or Form 1040. Free state tax returns Form 1040A. Free state tax returns   You must complete Schedule B (Form 1040A or 1040), Part I, if you file Form 1040A and any of the following are true. Free state tax returns Your taxable interest income is more than $1,500. Free state tax returns You are claiming the interest exclusion under the Education Savings Bond Program (discussed earlier). Free state tax returns You received interest from a seller-financed mortgage, and the buyer used the property as a home. Free state tax returns You received a Form 1099-INT for U. Free state tax returns S. Free state tax returns savings bond interest that includes amounts you reported before 2013. Free state tax returns You received, as a nominee, interest that actually belongs to someone else. Free state tax returns You received a Form 1099-INT for interest on frozen deposits. Free state tax returns You are reporting OID in an amount less than the amount shown on Form 1099-OID. Free state tax returns You received a Form 1099-INT for interest on a bond you bought between interest payment dates. Free state tax returns You acquired taxable bonds after 1987 and choose to reduce interest income from the bonds by any amortizable bond premium (see Bond Premium Amortization in chapter 3 of Publication 550). Free state tax returns List each payer's name and the amount of interest income received from each payer on line 1. Free state tax returns If you received a Form 1099-INT or Form 1099-OID from a brokerage firm, list the brokerage firm as the payer. Free state tax returns   You cannot use Form 1040A if you must use Form 1040, as described next. Free state tax returns Form 1040. Free state tax returns   You must use Form 1040 instead of Form 1040A or Form 1040EZ if: You forfeited interest income because of the early withdrawal of a time deposit; You acquired taxable bonds after 1987, you choose to reduce interest income from the bonds by any amortizable bond premium, and you are deducting the excess of bond premium amortization for the accrual period over the qualified stated interest for the period (see Bond Premium Amortization in chapter 3 of Publication 550); or You received tax-exempt interest from private activity bonds issued after August 7, 1986. Free state tax returns Schedule B (Form 1040A or 1040). Free state tax returns   You must complete Schedule B (Form 1040A or 1040), Part I, if you file Form 1040 and any of the following apply. Free state tax returns Your taxable interest income is more than $1,500. Free state tax returns You are claiming the interest exclusion under the Education Savings Bond Program (discussed earlier). Free state tax returns You received interest from a seller-financed mortgage, and the buyer used the property as a home. Free state tax returns You received a Form 1099-INT for U. Free state tax returns S. Free state tax returns savings bond interest that includes amounts you reported before 2013. Free state tax returns You received, as a nominee, interest that actually belongs to someone else. Free state tax returns You received a Form 1099-INT for interest on frozen deposits. Free state tax returns You received a Form 1099-INT for interest on a bond you bought between interest payment dates. Free state tax returns You are reporting OID in an amount less than the amount shown on Form 1099-OID. Free state tax returns Statement (2) in the preceding list under Form 1040 is true. Free state tax returns In Part I, line 1, list each payer's name and the amount received from each. Free state tax returns If you received a Form 1099-INT or Form 1099-OID from a brokerage firm, list the brokerage firm as the payer. Free state tax returns Reporting tax-exempt interest. Free state tax returns   Total your tax-exempt interest (such as interest or accrued OID on certain state and municipal bonds, including tax-exempt interest on zero coupon municipal bonds) and exempt-interest dividends from a mutual fund as shown on Form 1099-INT, box 8, and on Form 1099-DIV, box 10. Free state tax returns Add these amounts to any other tax-exempt interest you received. Free state tax returns Report the total on line 8b of Form 1040A or 1040. Free state tax returns   If you file Form 1040EZ, enter “TEI” and the amount in the space to the left of line 2. Free state tax returns Do not add tax-exempt interest in the total on Form 1040EZ, line 2. Free state tax returns   Form 1099-INT, box 9, and Form 1099-DIV, box 11, show the tax-exempt interest subject to the alternative minimum tax on Form 6251. Free state tax returns These amounts are already included in the amounts on Form 1099-INT, box 8, and Form 1099-DIV, box 10. Free state tax returns Do not add the amounts in Form 1099-INT, box 9 and Form 1099-DIV, box 11 to, or subtract them from, the amounts on Form 1099-INT, box 8, and Form 1099-DIV, box 10. Free state tax returns    Do not report interest from an individual retirement account (IRA) as tax-exempt interest. Free state tax returns Form 1099-INT. Free state tax returns   Your taxable interest income, except for interest from U. Free state tax returns S. Free state tax returns savings bonds and Treasury obligations, is shown in box 1 of Form 1099-INT. Free state tax returns Add this amount to any other taxable interest income you received. Free state tax returns You must report all of your taxable interest income even if you do not receive a Form 1099-INT. Free state tax returns Generally, contact your financial institution if you do not receive a Form 1099-INT by February 15. Free state tax returns Your identifying number may be truncated on any paper Form 1099-INT you receive. Free state tax returns   If you forfeited interest income because of the early withdrawal of a time deposit, the deductible amount will be shown on Form 1099-INT in box 2. Free state tax returns See Penalty on early withdrawal of savings in chapter 1 of Publication 550. Free state tax returns   Box 3 of Form 1099-INT shows the interest income you received from U. Free state tax returns S. Free state tax returns savings bonds, Treasury bills, Treasury notes, and Treasury bonds. Free state tax returns Add the amount shown in box 3 to any other taxable interest income you received, unless part of the amount in box 3 was previously included in your interest income. Free state tax returns If part of the amount shown in box 3 was previously included in your interest income, see U. Free state tax returns S. Free state tax returns savings bond interest previously reported , later. Free state tax returns   Box 4 of Form 1099-INT will contain an amount if you were subject to backup withholding. Free state tax returns Report the amount from box 4 on Form 1040EZ, line 7; on Form 1040A, line 36; or Form 1040, line 62 (federal income tax withheld). Free state tax returns   Box 5 of Form 1099-INT shows investment expenses you may be able to deduct as an itemized deduction. Free state tax returns See chapter 28 for more information about investment expenses. Free state tax returns   If there are entries in boxes 6 and 7 of Form 1099-INT, you must file Form 1040. Free state tax returns You may be able to take a credit for the amount shown in box 6 unless you deduct this amount on line 8 of Schedule A (Form 1040). Free state tax returns To take the credit, you may have to file Form 1116, Foreign Tax Credit. Free state tax returns For more information, see Publication 514, Foreign Tax Credit for Individuals. Free state tax returns U. Free state tax returns S. Free state tax returns savings bond interest previously reported. Free state tax returns   If you received a Form 1099-INT for U. Free state tax returns S. Free state tax returns savings bond interest, the form may show interest you do not have to report. Free state tax returns See Form 1099-INT for U. Free state tax returns S. Free state tax returns savings bonds interest , earlier, under U. Free state tax returns S. Free state tax returns Savings Bonds. Free state tax returns   On Schedule B (Form 1040A or 1040), Part I, line 1, report all the interest shown on your Form 1099-INT. Free state tax returns Then follow these steps. Free state tax returns Several lines above line 2, enter a subtotal of all interest listed on line 1. Free state tax returns Below the subtotal enter “U. Free state tax returns S. Free state tax returns Savings Bond Interest Previously Reported” and enter amounts previously reported or interest accrued before you received the bond. Free state tax returns Subtract these amounts from the subtotal and enter the result on line 2. Free state tax returns More information. Free state tax returns   For more information about how to report interest income, see chapter 1 of Publication 550 or the instructions for the form you must file. Free state tax returns Prev  Up  Next   Home   More Online Publications
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The Free State Tax Returns

Free state tax returns 30. Free state tax returns   Cómo Calcular los Impuestos Table of Contents Introduction Cómo Calcular los Impuestos Impuesto Mínimo Alternativo (AMT) Impuestos Calculados por el IRS Cómo Presentar la Declaración Introduction Una vez que haya calculado los ingresos y deducciones según se explica en las Partes Uno a Cinco, calcule los impuestos. Free state tax returns Este capítulo trata sobre los temas siguientes: Los pasos a seguir para calcular los impuestos, Un impuesto adicional que podría verse obligado a pagar, el cual se denomina “impuesto mínimo alternativo” (AMT, por sus siglas en inglés) y Las condiciones que tiene que cumplir si desea que el IRS le calcule los impuestos. Free state tax returns Cómo Calcular los Impuestos El impuesto sobre los ingresos se basa en los ingresos tributables. Free state tax returns Después de haber calculado el impuesto sobre los ingresos y el impuesto mínimo alternativo, si lo hubiera, reste los créditos tributarios y sume cualquier otro impuesto adeudado. Free state tax returns El resultado es el total de los impuestos. Free state tax returns Compare el total de los impuestos con el total de los pagos que ha efectuado para saber si tiene derecho a un reembolso o si tiene que efectuar un pago. Free state tax returns Esta sección expone los puntos generales para calcular el impuesto. Free state tax returns Puede encontrar instrucciones detalladas en las Instrucciones de los Formularios 1040EZ, 1040A y 1040. Free state tax returns Si no está seguro de qué formulario tributario debe presentar, vea ¿Qué Formulario Debo Usar? , en el capítulo 1. Free state tax returns Impuestos. Free state tax returns   La mayor parte de los contribuyentes utiliza la Tabla de Impuestos o la Hoja de Trabajo para el Cálculo del Impuesto para calcular el impuesto sobre el ingreso. Free state tax returns No obstante, existen métodos especiales si los ingresos incluyen cualquiera de los siguientes puntos: Una ganancia neta de capital. Free state tax returns (Vea el capítulo 16). Free state tax returns Dividendos calificados gravados a la misma tasa que una ganancia neta de capital. Free state tax returns (Vea los capítulos 8 y 16). Free state tax returns Distribuciones de suma global. Free state tax returns (Vea el capítulo 10). Free state tax returns Ingresos procedentes de la agricultura o pesca. Free state tax returns (Vea el Anexo J del Formulario 1040, Income Averaging for Farmers and Fishermen (Cómo calcular el promedio de ingresos para los agricultores y pescadores), en inglés. Free state tax returns Ingresos de inversiones de más de $2,000 para determinados hijos. Free state tax returns (Vea el capítulo 31). Free state tax returns Elección del padre o de la madre de declarar los intereses y dividendos de un hijo. Free state tax returns (Vea el capítulo 31). Free state tax returns Exclusión de ingresos devengados en el extranjero o exclusión por concepto de vivienda en el extranjero. Free state tax returns (Vea el Formulario 2555, Foreign Earned Income (Ingresos devengados en el extranjero) o el Formulario 2555-EZ, Foreign Earned Income Exclusion (Exclusión de ingresos devengados en el extranjero) y el Foreign Earned Income Tax Worksheet (Hoja de trabajo para los impuestos sobre ingresos devengados en el extranjero) de las Instrucciones del Formulario 1040), todos en inglés. Free state tax returns Créditos. Free state tax returns   Luego de haber calculado el impuesto sobre los ingresos y todo impuesto mínimo alternativo (explicado más adelante), verifique si tiene derecho a algún crédito tributario. Free state tax returns Puede encontrar información para saber si tiene derecho a estos créditos tributarios en los capítulos 32 al 37 y en las instrucciones de los formularios de impuestos. Free state tax returns La tabla a continuación muestra los créditos que tal vez pueda restar del impuesto y le indica en dónde puede encontrar más información sobre cada crédito. Free state tax returns CRÉDITOS Para información sobre: Vea el   capítulo: Adopción 37 Vehículo motorizado alternativo 37 Propiedad para reabastecimiento de vehículos con combustible alternativo 37 Cuidado de menores y dependientes 32 Crédito tributario por hijos 34 Crédito para titulares de bonos de crédito tributario 37 Estudios 35 Ancianos o personas incapacitadas 33 Crédito por vehículos eléctricos 37 Impuestos del extranjero 37 Intereses hipotecarios 37 Impuesto mínimo de años anteriores 37 Energía residencial 37 Aportaciones a arreglos de ahorros para la jubilación 37   Hay algunos créditos (como el crédito por ingreso del trabajo) que no aparecen en la lista porque se consideran pagos. Free state tax returns Vea Pagos , más adelante. Free state tax returns   Existen otros créditos no abordados en esta publicación. Free state tax returns Éstos abarcan los siguientes créditos: Crédito general para negocios, el cual se compone de distintos créditos relacionados con los negocios. Free state tax returns Éstos suelen declararse en el Formulario 3800, General Business Credit (Crédito general para negocios) y se explican en el capítulo 4 de la Publicación 334, Tax Guide for Small Business (Guía tributaria para pequeños negocios), ambos en inglés. Free state tax returns Crédito por producción de electricidad renovable, carbón refinado y carbón de yacimientos en tierras pertenecientes a indios para electricidad y carbón refinado producidos en instalaciones puestas en funcionamiento después del 22 de octubre de 2004 (después del 2 de octubre de 2008, para la electricidad producida mediante la energía hidrocinética renovable y la energía marina renovable) y carbón de yacimientos en tierras pertenecientes a indios producido en instalaciones puestas en funcionamiento después del 8 de agosto de 2005. Free state tax returns Vea la Parte II del Formulario 8835, Renewable Electricity, Refined Coal, and Indian Coal Production Credit (Crédito por producción de electricidad renovable, carbón refinado y carbón de yacimientos en tierras pertenecientes a indios), en inglés. Free state tax returns Crédito de oportunidad laboral. Free state tax returns Vea el Formulario 5884, Work Opportunity Credit (Crédito de oportunidad laboral), en inglés. Free state tax returns Crédito por impuestos del Seguro Social y Medicare del empleador pagados sobre ciertas propinas del empleado. Free state tax returns Vea el Formulario 8846, Credit for Employer Social Security and Medicare Taxes Paid on Certain Employee Tips (Crédito por impuestos del Seguro Social y del Medicare pagados por el empleador sobre ciertas propinas del empleado), en inglés. Free state tax returns Otros impuestos. Free state tax returns   Después de haber restado los créditos tributarios, determine si tiene que pagar impuestos adicionales. Free state tax returns Este capítulo no explica dichos impuestos adicionales. Free state tax returns Esa información aparece en otros capítulos de esta publicación y en las instrucciones de los formularios. Free state tax returns Consulte la tabla siguiente para ver otros impuestos que tal vez necesite sumar al impuesto sobre los ingresos. Free state tax returns OTROS IMPUESTOS Para información sobre: Vea el   capítulo: Impuestos adicionales sobre planes de jubilación y arreglos IRA calificados 10, 17 Impuestos sobre el empleo de empleados domésticos 32 Recuperación de un crédito para estudios 35 Impuesto del Seguro Social y Medicare sobre el salario 5 Impuesto del Seguro Social y Medicare sobre las propinas 6 Impuestos no retenidos del Seguro Social y Medicare sobre propinas 6   Usted quizás podría verse obligado a pagar el impuesto mínimo alternativo (el cual se explica más adelante en este capítulo). Free state tax returns   Existen impuestos adicionales que no se explican en esta publicación. Free state tax returns Éstos abarcan lo siguiente: Impuesto sobre el trabajo por cuenta propia. Free state tax returns Tiene que calcular este impuesto si cualquiera de las dos condiciones siguientes le corresponde (o a su cónyuge, si usted presenta una declaración conjunta). Free state tax returns Tiene ganancias netas provenientes del trabajo por cuenta propia de $400 o más, salvo ingresos de un empleado de una iglesia. Free state tax returns El término “ganancias netas provenientes del trabajo por cuenta propia” puede incluir determinada remuneración que no recibió como empleado y otras cantidades detalladas en el Formulario 1099-MISC, Miscellaneous Income (Ingresos misceláneos), en inglés. Free state tax returns Si recibió el Formulario 1099-MISC, vea las Instructions for Recipient (Instrucciones para el destinatario), al dorso del mismo. Free state tax returns Asimismo, vea las instrucciones del Anexo SE del Formulario 1040, Self-Employment Tax (Impuesto sobre el trabajo por cuenta propia) y la Publicación 334, Tax Guide for Small Business (Guía tributaria para pequeños negocios), ambas en inglés. Free state tax returns Recibió ingresos de $108. Free state tax returns 28 o más como empleado de una iglesia. Free state tax returns Impuesto Adicional del Medicare. Free state tax returns Comenzando en el año 2013, usted quizás podría estar sujeto a un Impuesto Adicional del Medicare de 0. Free state tax returns 9%, que se le aplica a los salarios sujetos al impuesto Medicare, la remuneración recibida conforme a la Railroad Retirement Act (Ley de Jubilación Ferroviaria) y el ingreso sobre el trabajo por cuenta propia que esté sobre cierta cantidad según su estado civil para efectos de la declaración. Free state tax returns Si desea más información, vea las instrucciones para la línea 60 del Formulario 1040 y las Instrucciones para el Formulario 8959, ambas disponibles en inglés. Free state tax returns Impuesto sobre los ingresos netos de inversión (NIIT, por sus siglas en inglés). Free state tax returns Comenzando en el año 2013, usted quizás podría estar sujeto al impuesto sobre los ingresos netos de inversión (NIIT, por sus siglas en inglés). Free state tax returns El NIIT es un impuesto de 3. Free state tax returns 8% sobre la cantidad menor entre el ingreso neto de inversión o la cantidad en exceso de su ingreso bruto ajustado modificado sobre una cantidad límite. Free state tax returns Si desea más información, vea las instrucciones para la línea 60 del Formulario 1040 y las Instrucciones para el Formulario 8960, ambas disponibles en inglés. Free state tax returns Impuestos sobre recuperaciones. Free state tax returns Podría verse obligado a pagar estos impuestos si antes ha reclamado un crédito por inversiones, crédito de vivienda para personas de bajos recursos, crédito por mercados nuevos, crédito por vehículos enchufables con motor de dirección eléctrica que reúnen los requisitos, crédito por vehículo motorizado alternativo, crédito por instalaciones para proveer cuidado de niños provistas por el empleador, crédito por empleo de indios estadounidenses u otros créditos enumerados en las instrucciones para la línea 60 del Formulario 1040. Free state tax returns Para información adicional, vea las instrucciones para la línea 60 del Formulario 1040. Free state tax returns Impuesto sobre beneficios en exceso de la sección 72(m)(5). Free state tax returns Si usted es (o fue) propietario del 5% de un negocio y recibió una distribución superior a los beneficios que se le ofrecen conforme a la fórmula para planes de pensiones o de anualidades calificados, tal vez tenga que pagar este impuesto adicional. Free state tax returns Vea Tax on Excess Benefits (Impuesto sobre beneficios en exceso), en el capítulo 4 de la Publicación 560, Retirement Plans for Small Business (Planes de jubilación para pequeños negocios), en inglés. Free state tax returns Impuesto del Seguro Social y Medicare sobre el seguro de vida colectivo a término fijo que no fue recaudado. Free state tax returns Si su antiguo empleador proveyó más de $50,000 en cobertura de seguro de vida colectivo a término fijo, usted tiene que pagar la parte correspondiente al empleado de los impuestos del Seguro Social y Medicare sobre esas primas. Free state tax returns La cantidad debe aparecer en el recuadro 12 del Formulario W-2 con los códigos M y N. Free state tax returns Impuestos sobre pagos de contrato blindado. Free state tax returns Este impuesto le corresponde si recibió un “pago de contrato blindado en exceso” ( “excess parachute payment” o EPP, por sus siglas en inglés) debido a un cambio de propietario o administración de la empresa. Free state tax returns La cantidad de este impuesto debe estar indicada en el recuadro 12 del Formulario W-2 con el código K. Free state tax returns Vea las instrucciones para la línea 60 del Formulario 1040. Free state tax returns Impuestos sobre distribuciones acumuladas de fideicomisos. Free state tax returns Esto le corresponde si es el beneficiario de un fideicomiso que haya acumulado ingresos, en vez de haberlos distribuido a intervalos regulares. Free state tax returns Vea el Formulario 4970, Tax on Accumulation Distribution of Trusts (Impuestos sobre distribuciones acumuladas de fideicomisos), y sus instrucciones, en inglés. Free state tax returns Impuestos adicionales sobre las cuentas HSA o MSA. Free state tax returns Puede que tenga que pagar impuestos adicionales si las cantidades que se han aportado a su cuenta de ahorros para la salud (HSA, por sus siglas en inglés) o su cuenta de ahorros para gastos médicos (MSA, por sus siglas en inglés) o las cantidades que se han distribuido de éstas no cumplen los requisitos correspondientes a dichas cuentas. Free state tax returns Vea la Publicación 969, Health Savings Accounts and Other Tax-Favored Health Plans (Cuentas de ahorros para la salud y otros planes para la salud con beneficios tributarios); el Formulario 8853, Archer MSAs and Long-Term Care Insurance Contracts (Cuentas Archer MSA de ahorros médicos y contratos del seguro de cuidado a largo plazo); Formulario 8889, Health Savings Accounts (HSAs) (Cuentas de ahorros médicos (HSA, por sus siglas en inglés)) y el Formulario 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts (Impuestos adicionales sobre planes calificados (incluidos los arreglos IRA) y otras cuentas con beneficios tributarios), todos en inglés. Free state tax returns Impuestos adicionales en cuentas Coverdell ESA para estudios. Free state tax returns Esto es aplicable si las cantidades que se han aportado a su cuenta Coverdell ESA para estudios o que se han distribuido de la misma no satisfacen los requisitos correspondientes a dichas cuentas. Free state tax returns Vea la Publicación 970, Tax Benefits for Education (Prestaciones tributarias para estudios) y el Formulario 5329, ambos en inglés. Free state tax returns Impuestos adicionales sobre programas de matrícula calificada. Free state tax returns Esto corresponde a cantidades distribuidas de programas de matrícula calificada generales pero que no cumplan los requisitos de dichas cuentas. Free state tax returns Vea la Publicación 970 y el Formulario 5329, ambos en inglés. Free state tax returns Impuestos sobre artículos de uso y consumo gravados sobre remuneraciones de acciones internas de una empresa expatriada. Free state tax returns Tal vez adeude un impuesto sobre artículos de uso y consumo del 15% sobre el valor de opciones de acciones no estatutarias y sobre otra remuneración determinada procedente de las acciones, de las cuales usted o un miembro de su familia es dueño, que es de una empresa expatriada o su grupo ampliado de filiales en las que usted fue ejecutivo, directivo o propietario de más del 10%. Free state tax returns Para información adicional, vea las instrucciones para la línea 60 del Formulario 1040. Free state tax returns Impuestos adicionales sobre ingresos recibidos de un plan de remuneración diferida no calificado que no reúna determinados requisitos adicionales. Free state tax returns Estos ingresos tienen que aparecer en el recuadro 12 del Formulario W-2, con el código Z o en el recuadro 15b del Formulario 1099-MISC. Free state tax returns Para información adicional, vea las instrucciones para la línea 60 del Formulario 1040. Free state tax returns Intereses sobre los impuestos adeudados sobre ingresos de pagos a plazo procedentes de la venta de ciertos terrenos residenciales y multipropiedades. Free state tax returns Para información adicional, vea las instrucciones para la línea 60 del Formulario 1040. Free state tax returns Intereses sobre los impuestos diferidos sobre ganancias de ciertas ventas a plazos con precio de venta superior a $150,000. Free state tax returns Para información adicional, vea las instrucciones para la línea 60 del Formulario 1040. Free state tax returns Devolución del crédito tributario para comprador de primera vivienda. Free state tax returns Si desea más información, vea el Formulario 5405, Repayment of the First-Time Homebuyer Credit (Devolución del crédito tributario para comprador de primera vivienda) y sus instrucciones, disponibles en inglés. Free state tax returns Además, vea las instrucciones para la línea 59b del Formulario 1040, en inglés. Free state tax returns Pagos. Free state tax returns   Después de calcular el impuesto total, calcule el total de los pagos que ya haya efectuado para el año. Free state tax returns Incluya los créditos que se tratan como pagos. Free state tax returns Este capítulo no explica dichos pagos ni créditos. Free state tax returns Esa información aparece en otros capítulos de esta publicación y en las instrucciones de los formularios. Free state tax returns Vea la siguiente tabla para saber qué cantidades se pueden incluir en el total de sus pagos. Free state tax returns PAGOS Para información sobre: Vea el   capítulo: Crédito tributario por hijos (adicional) 34 Crédito por ingreso del trabajo 36 Impuestos estimados pagados 4 Impuestos de Seguro Social o impuestos de la jubilación ferroviaria retenidos en exceso 37 Retención del impuesto federal sobre los ingresos 4 Crédito tributario por cobertura del seguro médico 37 Crédito por sociedad inversionista reglamentada 37 Impuesto pagado a través de prórroga 1   Otro crédito que se considera un pago es el crédito por concepto del impuesto federal sobre artículos de uso y consumo pagado sobre combustibles. Free state tax returns Este crédito es para personas que hagan uso no tributable de determinados combustibles, tales como diésel y keroseno. Free state tax returns Se declara en la línea 70 del Formulario 1040. Free state tax returns Vea el Formulario 4136, Credit for Federal Tax Paid on Fuels (Crédito por impuestos federales pagados sobre combustibles), en inglés. Free state tax returns Reembolso o saldo adeudado. Free state tax returns   Para saber si tiene derecho a recibir un reembolso o si tiene que efectuar algún pago, compare el total de los pagos con el total del impuesto. Free state tax returns Si tiene derecho a un reembolso, vea las instrucciones del formulario que presentará para saber cómo puede depositar dicho reembolso directamente en una o más de sus cuentas o para comprar bonos de ahorros de los Estados Unidos en vez de recibir un cheque en papel. Free state tax returns Impuesto Mínimo Alternativo (AMT) Esta sección explica brevemente el impuesto adicional que podría verse obligado a pagar. Free state tax returns La ley tributaria les da un trato especial a determinados tipos de ingresos y permite deducciones y créditos especiales para algunos tipos de gastos. Free state tax returns Los contribuyentes que se vean beneficiados por este trato particular podrían estar obligados a pagar al menos una cantidad mínima de impuestos mediante otro impuesto adicional denominado “impuesto mínimo alternativo” (AMT, por sus siglas en inglés). Free state tax returns Tal vez tenga que pagar el impuesto mínimo alternativo si sus ingresos tributables para fines tributarios normales, sumados a determinados ajustes y elementos de preferencia tributaria, superan una determinada cantidad. Free state tax returns Vea el Formulario 6251, Alternative Minimum Tax — Individuals (Impuesto mínimo alternativo — personas físicas), en inglés. Free state tax returns Ajustes y elementos de preferencia tributaria. Free state tax returns   Los ajustes más comunes y elementos de preferencia tributaria abarcan los siguientes casos: Inclusión de exenciones personales, Inclusión de la deducción estándar (si ésta se reclamó), Inclusión de deducciones detalladas por concepto de impuestos estatales y locales, determinados intereses, la mayor parte de las deducciones misceláneas y parte de los gastos médicos, Exclusión de todo reembolso de impuestos estatales y locales que se haya incluido en los ingresos brutos, Cambios en la depreciación acelerada de determinados bienes, La diferencia entre ganancias y pérdidas sobre la venta de bienes declarada para fines tributarios normales y del impuesto mínimo alternativo, Inclusión de determinados ingresos procedentes de opciones de compra de acciones con incentivo, Cambio en ciertas deducciones por pérdidas de actividades pasivas, Inclusión de algún valor de agotamiento que sea superior a la base ajustada de los bienes, Inclusión de una parte de la deducción por ciertos gastos de perforación intangibles e Inclusión de intereses exentos de impuestos sobre determinados bonos de una actividad privada. Free state tax returns Información adicional. Free state tax returns   Para más información acerca del impuesto mínimo alternativo, vea las Instrucciones para el Formulario 6251, en inglés. Free state tax returns Impuestos Calculados por el IRS Si presenta la declaración para el 15 de abril de 2014, puede pedir que el IRS le calcule los impuestos en el Formulario 1040EZ, el Formulario 1040A o el Formulario 1040. Free state tax returns Si el IRS le calcula los impuestos y usted pagó demasiado, recibirá un reembolso. Free state tax returns Si no pagó lo suficiente, recibirá una factura que indique el saldo adeudado. Free state tax returns Para no tener que pagar intereses o una multa por pagos morosos, tiene que pagar la factura dentro de 30 días a partir de la fecha de la factura o para la fecha de vencimiento para la presentación de la declaración, la que ocurra más tarde. Free state tax returns El IRS también le calcula el crédito para ancianos o personas incapacitadas además del crédito por ingreso del trabajo. Free state tax returns Cuándo el IRS no puede calcularle los impuestos. Free state tax returns   El IRS no puede calcularle los impuestos si se da alguna de las siguientes condiciones: Desea que el reembolso se deposite directamente en sus cuentas. Free state tax returns Desea que alguna parte del reembolso se aplique al impuesto estimado de 2014. Free state tax returns Recibió ingresos para el año de fuentes que no sean salarios, sueldos, propinas, intereses, dividendos, beneficios de Seguro Social sujetos a impuestos, compensación por desempleo, distribuciones de un arreglo IRA, pensiones y anualidades. Free state tax returns Su ingreso tributable es $100,000 o más. Free state tax returns Detalla las deducciones. Free state tax returns Presenta cualquiera de los siguientes formularios: Formulario 2555, Foreign Earned Income (Ingresos devengados en el extranjero), en inglés. Free state tax returns Formulario 2555-EZ, Foreign Earned Income Exclusion (Exclusión de ingresos devengados en el extranjero), en inglés. Free state tax returns Formulario 4137, Social Security and Medicare Tax on Unreported Tip Income (Impuestos del Seguro Social y Medicare sobre el ingreso de propinas no declaradas), en inglés. Free state tax returns Formulario 4970, Tax on Accumulation Distribution of Trusts (Impuesto sobre distribuciones acumuladas de un fideicomiso), en inglés. Free state tax returns Formulario 4972, Tax on Lump-Sum Distributions (Impuesto sobre distribuciones de sumas globales), en inglés. Free state tax returns Formulario 6198, At-Risk Limitations (Límites sobre el monto en riesgo), en inglés. Free state tax returns Formulario 6251, Alternative Minimum Tax—Individuals (Impuesto mínimo alternativo—personas físicas), en inglés. Free state tax returns Formulario 8606, Nondeductible IRAs (Arreglos IRA no deducibles), en inglés. Free state tax returns Formulario 8615, Tax for Certain Children Who Have Unearned Income (Impuesto para determinados hijos con ingresos no derivados del trabajo), en inglés. Free state tax returns Formulario 8814, Parents' Election To Report Child's Interest and Dividends (Decisión de los padres de declarar los intereses y dividendos del hijo), en inglés. Free state tax returns Formulario 8839, Qualified Adoption Expenses (Gastos de adopción calificados), en inglés. Free state tax returns Formulario 8853, Archer MSAs and Long-Term Care Insurance Contracts (Planes de ahorros para gastos médicos Archer y contratos de seguro para cuidados a largo plazo), en inglés. Free state tax returns Formulario 8889, Health Savings Accounts (HSAs) (Cuentas de ahorro para gastos médicos (HSA)), en inglés. Free state tax returns Formulario 8919, Uncollected Social Security and Medicare Tax on Wages (Impuestos sobre salarios sujetos al Seguro Social y al Medicare no recaudados), en inglés. Free state tax returns Cómo Presentar la Declaración Después de haber completado las líneas del formulario de impuestos que va a presentar, escriba su nombre y dirección. Free state tax returns En el espacio provisto, anote su número de Seguro Social. Free state tax returns Si es casado, escriba los números de Seguro Social de usted y su cónyuge aun si presenta una declaración por separado. Free state tax returns Firme y feche la declaración y escriba su(s) oficio(s). Free state tax returns Si presenta una declaración conjunta, usted y su cónyuge tienen que firmarla. Free state tax returns En el espacio provisto, anote un número telefónico con su código de área donde ubicarlo durante el día. Free state tax returns Esto agilizará la tramitación de su declaración si el IRS tiene una pregunta que puede ser resuelta por teléfono. Free state tax returns Si presenta una declaración conjunta de impuestos, anote el número de teléfono donde usted o su cónyuge pueden ser localizados durante el día. Free state tax returns Si desea autorizar al IRS para que hable sobre su declaración de impuestos del año 2013 con su amigo, con un miembro de su familia o con cualquier persona que usted elija, marque el recuadro “ Yes ” (Sí) en el área titulada “ Third Party Designee ” (Designación de un tercero) de su declaración de impuestos. Free state tax returns También, escriba el nombre del designado, número de teléfono y cualesquier 5 dígitos que el designado elija como su número de identificación personal (PIN, por sus siglas en inglés). Free state tax returns Si marca el recuadro “ Yes ” (Sí), usted y su cónyuge, si presentan una declaración conjunta, autoriza(n) a los empleados del IRS a llamar al designado para que éste conteste toda pregunta que surja durante el trámite de su declaración de impuestos. Free state tax returns Complete y adjunte a su declaración en papel cualesquier anexo y formulario solicitado en las líneas que usted completó. Free state tax returns Adjunte una copia de cada uno de los Formularios W-2 a la declaración en papel. Free state tax returns Además, adjunte a su declaración en papel todo Formulario 1099-R recibido que indique retención de impuestos en el recuadro 4. Free state tax returns Envíe la declaración al Internal Revenue Service Center (Centro de Servicio del IRS) que corresponda al área donde vive. Free state tax returns Una lista de direcciones de Centros de Servicio se halla al final de la publicación y en las instrucciones de su declaración de impuestos. Free state tax returns Datos a Incluir en el Formulario 1040EZ Lea las líneas 1 a 8b y llene las líneas que le correspondan. Free state tax returns No llene las líneas 9 a 12. Free state tax returns Si presenta una declaración conjunta, utilice el espacio a la izquierda de la línea 6 para indicar por separado los ingresos tributables suyos y los de su cónyuge. Free state tax returns Pagos. Free state tax returns   Anote en la línea 7 todo impuesto federal sobre los ingresos que se le haya retenido. Free state tax returns El impuesto federal sobre los ingresos retenido aparece en el recuadro 2 del Formulario W-2 o en el recuadro 4 del Formulario 1099. Free state tax returns Crédito por ingreso del trabajo. Free state tax returns   Si puede reclamar este crédito, según se explica en el capítulo 36 , el IRS se lo puede calcular. Free state tax returns Escriba “EIC” en el espacio a la izquierda de la línea 8a. Free state tax returns Anote en la línea 8b la paga no tributable por combate que desee incluir en los ingresos derivados del trabajo. Free state tax returns   Si su crédito de cualquier año posterior a 1996 fue reducido o denegado por el IRS, quizás tenga que presentar junto con la declaración el Formulario 8862(SP), Información Para Reclamar el Crédito Por Ingreso del Trabajo Después de Haber Sido Denegado (o el Formulario 8862, Information To Claim Earned Income Credit After Disallowance, en inglés). Free state tax returns Para detalles adicionales, vea las Instrucciones para el Formulario 1040EZ, en inglés. Free state tax returns Datos a Incluir en el Formulario 1040A Lea las líneas 1 a 27 y llene las líneas que le correspondan. Free state tax returns Si presenta una declaración conjunta, utilice el espacio a la izquierda de la línea 27 para indicar por separado los ingresos tributables suyos y los de su cónyuge. Free state tax returns No llene la línea 28. Free state tax returns Llene las líneas 29 a 33 y 36 a 40 si le corresponden. Free state tax returns Sin embargo, no llene las líneas 30 ni 38a si desea que el IRS le calcule los créditos indicados en dichas líneas. Free state tax returns Además, escriba toda información adicional que le corresponda en el espacio a la izquierda de la línea 41. Free state tax returns No llene las líneas 34, 35 ni 42 a la 46. Free state tax returns Pagos. Free state tax returns   Anote todo impuesto federal retenido sobre los ingresos que se indique en el recuadro 2 del Formulario W-2 o en el recuadro 4 del Formulario 1099, en la línea 36. Free state tax returns Anote en la línea 37 todo pago de impuesto estimado que haya efectuado. Free state tax returns Crédito por gastos del cuidado de menores y dependientes. Free state tax returns   Si puede reclamar este crédito, según se explica en el capítulo 32 , complete el Formulario 2441, Child and Dependent Care Expenses (Gastos del cuidado de menores y dependientes), en inglés, y adjúntelo a su declaración. Free state tax returns Anote la cantidad del crédito en la línea 29. Free state tax returns El IRS no le calculará este crédito. Free state tax returns Crédito para ancianos o personas incapacitadas. Free state tax returns   Si puede reclamar este crédito, según se explica en el capítulo 33 , el IRS le calculará este crédito. Free state tax returns Escriba “ CFE ” en el espacio a la izquierda de la línea 30 y adjunte el Anexo R del Formulario 1040, Credit for the Elderly or the Disabled (Crédito para ancianos o personas incapacitadas), en inglés, a su declaración de impuestos en papel. Free state tax returns En el Anexo R, marque el recuadro de la Parte I correspondiente a su estado civil para efectos de la declaración y edad. Free state tax returns Complete la Parte II y las líneas 11 y 13 de la Parte III, si le corresponden. Free state tax returns Crédito por ingreso del trabajo. Free state tax returns   Si puede reclamar este crédito, según se explica en el capítulo 36 , el IRS se lo calculará. Free state tax returns Anote “EIC” a la izquierda del espacio de la línea 38a. Free state tax returns Anote en la línea 38b la paga no tributable por combate que desee incluir en los ingresos derivados del trabajo. Free state tax returns   Si tiene un hijo que le da derecho a este crédito, tiene que llenar el Anexo EIC (Formulario 1040 ó 1040A), Earned Income Credit (Crédito por ingreso del trabajo), en inglés, y adjuntarlo a su declaración en papel. Free state tax returns Si no provee el número de Seguro Social de su hijo en la línea 2 del Anexo EIC, el crédito será reducido o denegado a menos que el hijo haya nacido y fallecido en el año 2013. Free state tax returns   Si su crédito de cualquier año posterior a 1996 fue reducido o denegado por el IRS, tal vez tenga que presentar junto con la declaración el Formulario 8862(SP) (o el Formulario 8862, en inglés). Free state tax returns Para detalles adicionales, vea las Instrucciones para el Formulario 1040A. Free state tax returns Datos a Incluir en el Formulario 1040 Lea las líneas 1 a 43 y llene las líneas que le correspondan. Free state tax returns No llene la línea 44. Free state tax returns Si presenta una declaración conjunta, utilice el espacio bajo las palabras “ Adjusted Gross Income ” (Ingresos brutos ajustados), en la primera página de la declaración para indicar por separado los ingresos tributables suyos y los de su cónyuge. Free state tax returns Lea las líneas 45 a la 71. Free state tax returns Llene las líneas que le correspondan, pero no llene las líneas 54, 61 ni 72. Free state tax returns Además, no complete la línea 55 ni las líneas 73 a 77. Free state tax returns No llene el recuadro “ c ” de la línea 53 si completa el Anexo R del Formulario 1040A o 1040, ni la línea 64a si desea que el IRS le calcule los créditos indicados en dichas líneas. Free state tax returns Pagos. Free state tax returns   Anote todo impuesto federal retenido sobre los ingresos que se indique en el recuadro 2 del Formulario W-2 o en el recuadro 4 del Formulario 1099, en la línea 62. Free state tax returns Anote en la línea 63 todo pago de impuesto estimado que haya efectuado. Free state tax returns Crédito por gastos del cuidado de menores y dependientes. Free state tax returns   Si puede reclamar este crédito, según se explica en el capítulo 32 , complete el Formulario 2441, en inglés, y adjúntelo a su declaración en papel. Free state tax returns Anote la cantidad del crédito en la línea 48. Free state tax returns El IRS no le calculará este crédito. Free state tax returns Crédito para ancianos o personas incapacitadas. Free state tax returns   Si puede reclamar este crédito, según se explica en el capítulo 33 , el IRS puede calcularle este crédito. Free state tax returns Escriba “CFE” al lado de la línea 53 y marque el recuadro “ c ” y adjunte el Anexo R del Formulario 1040A o 1040 a su declaración en papel. Free state tax returns En el Anexo R del Formulario 1040A o 1040, marque el recuadro de la Parte I correspondiente a su estado civil para efectos de la declaración y edad. Free state tax returns Complete la Parte II y las líneas 11 y 13 de la Parte III, si le corresponden. Free state tax returns Crédito por ingreso del trabajo. Free state tax returns   Si puede reclamar este crédito, según se explica en el capítulo 36 , el IRS se lo calculará. Free state tax returns Anote “EIC” en la línea de puntos al lado de la línea 64a del Formulario 1040. Free state tax returns Anote en la línea 64b la paga no tributable por combate que desee incluir en los ingresos derivados del trabajo. Free state tax returns   Si tiene un hijo que le dé derecho a este crédito, tiene que llenar el Anexo EIC, Earned Income Credit (Crédito por ingreso del trabajo), en inglés, y adjuntarlo a su declaración en papel. Free state tax returns Si no provee el número de Seguro Social de su hijo en la línea 2 del Anexo EIC (Formulario 1040 ó 1040A), el crédito será reducido o denegado a menos que su hijo haya nacido y fallecido en el año 2013. Free state tax returns   Si su crédito de cualquier año posterior a 1996 fue reducido o denegado por el IRS, tal vez tenga que presentar junto con la declaración el Formulario 8862(SP), (o el Formulario 8862, en inglés). Free state tax returns Para detalles adicionales, vea las Instrucciones para el Formulario 1040, en inglés. Free state tax returns Prev  Up  Next   Home   More Online Publications