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H&r Block Income Tax

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H&r Block Income Tax

H&r block income tax 6. H&r block income tax   Insurance Table of Contents What's New Introduction Topics - This chapter discusses: Useful Items - You may want to see: Deductible PremiumsSelf-Employed Health Insurance Deduction Nondeductible Premiums Capitalized Premiums When To Deduct Premiums What's New Retiree drug subsidy. H&r block income tax  Beginning in 2013, sponsors of certain qualified retiree prescription drug plans must account for the subsidy received by reducing the amount of qualified retiree prescription drug plans expense by the subsidy received (taking into account the taxpayer's accounting method). H&r block income tax For more information, see the retiree drug subsidy frequently asked questions on IRS. H&r block income tax gov. H&r block income tax Introduction You generally can deduct the ordinary and necessary cost of insurance as a business expense if it is for your trade, business, or profession. H&r block income tax However, you may have to capitalize certain insurance costs under the uniform capitalization rules. H&r block income tax For more information, see Capitalized Premiums , later. H&r block income tax Topics - This chapter discusses: Deductible premiums Nondeductible premiums Capitalized premiums When to deduct premiums Useful Items - You may want to see: Publication 15-B Employer's Tax Guide to Fringe Benefits 525 Taxable and Nontaxable Income 538 Accounting Periods and Methods 547 Casualties, Disasters, and Thefts Form (and Instructions) 1040 U. H&r block income tax S. H&r block income tax Individual Income Tax Return See chapter 12 for information about getting publications and forms. H&r block income tax Deductible Premiums You generally can deduct premiums you pay for the following kinds of insurance related to your trade or business. H&r block income tax Insurance that covers fire, storm, theft, accident, or similar losses. H&r block income tax Credit insurance that covers losses from business bad debts. H&r block income tax Group hospitalization and medical insurance for employees, including long-term care insurance. H&r block income tax If a partnership pays accident and health insurance premiums for its partners, it generally can deduct them as guaranteed payments to partners. H&r block income tax If an S corporation pays accident and health insurance premiums for its more-than-2% shareholder-employees, it generally can deduct them, but must also include them in the shareholder's wages subject to federal income tax withholding. H&r block income tax See Publication 15-B. H&r block income tax Liability insurance. H&r block income tax Malpractice insurance that covers your personal liability for professional negligence resulting in injury or damage to patients or clients. H&r block income tax Workers' compensation insurance set by state law that covers any claims for bodily injuries or job-related diseases suffered by employees in your business, regardless of fault. H&r block income tax If a partnership pays workers' compensation premiums for its partners, it generally can deduct them as guaranteed payments to partners. H&r block income tax If an S corporation pays workers' compensation premiums for its more-than-2% shareholder-employees, it generally can deduct them, but must also include them in the shareholder's wages. H&r block income tax Contributions to a state unemployment insurance fund are deductible as taxes if they are considered taxes under state law. H&r block income tax Overhead insurance that pays for business overhead expenses you have during long periods of disability caused by your injury or sickness. H&r block income tax Car and other vehicle insurance that covers vehicles used in your business for liability, damages, and other losses. H&r block income tax If you operate a vehicle partly for personal use, deduct only the part of the insurance premium that applies to the business use of the vehicle. H&r block income tax If you use the standard mileage rate to figure your car expenses, you cannot deduct any car insurance premiums. H&r block income tax Life insurance covering your officers and employees if you are not directly or indirectly a beneficiary under the contract. H&r block income tax Business interruption insurance that pays for lost profits if your business is shut down due to a fire or other cause. H&r block income tax Self-Employed Health Insurance Deduction You may be able to deduct premiums paid for medical and dental insurance and qualified long-term care insurance for yourself, your spouse, and your dependents. H&r block income tax The insurance can also cover your child who was under age 27 at the end of 2013, even if the child was not your dependent. H&r block income tax A child includes your son, daughter, stepchild, adopted child, or foster child. H&r block income tax A foster child is any child placed with you by an authorized placement agency or by judgment, decree, or other order of any court of competent jurisdiction. H&r block income tax One of the following statements must be true. H&r block income tax You were self-employed and had a net profit for the year reported on Schedule C (Form 1040), Profit or Loss From Business; Schedule C-EZ (Form 1040), Net Profit From Business; or Schedule F (Form 1040), Profit or Loss From Farming. H&r block income tax You were a partner with net earnings from self-employment for the year reported on Schedule K-1 (Form 1065), Partner's Share of Income, Deductions, Credits, etc. H&r block income tax , box 14, code A. H&r block income tax You used one of the optional methods to figure your net earnings from self-employment on Schedule SE. H&r block income tax You received wages in 2013 from an S corporation in which you were a more-than-2% shareholder. H&r block income tax Health insurance premiums paid or reimbursed by the S corporation are shown as wages on Form W-2, Wage and Tax Statement. H&r block income tax The insurance plan must be established, or considered to be established as discussed in the following bullets, under your business. H&r block income tax For self-employed individuals filing a Schedule C, C-EZ, or F, a policy can be either in the name of the business or in the name of the individual. H&r block income tax For partners, a policy can be either in the name of the partnership or in the name of the partner. H&r block income tax You can either pay the premiums yourself or your partnership can pay them and report the premium amounts on Schedule K-1 (Form 1065) as guaranteed payments to be included in your gross income. H&r block income tax However, if the policy is in your name and you pay the premiums yourself, the partnership must reimburse you and report the premium amounts on Schedule K-1 (Form 1065) as guaranteed payments to be included in your gross income. H&r block income tax Otherwise, the insurance plan will not be considered to be established under your business. H&r block income tax For more-than-2% shareholders, a policy can be either in the name of the S corporation or in the name of the shareholder. H&r block income tax You can either pay the premiums yourself or your S corporation can pay them and report the premium amounts on Form W-2 as wages to be included in your gross income. H&r block income tax However, if the policy is in your name and you pay the premiums yourself, the S corporation must reimburse you and report the premium amounts on Form W-2 as wages to be included in your gross income. H&r block income tax Otherwise, the insurance plan will not be considered to be established under your business. H&r block income tax Medicare premiums you voluntarily pay to obtain insurance in your name that is similar to qualifying private health insurance can be used to figure the deduction. H&r block income tax If you previously filed returns without using Medicare premiums to figure the deduction, you can file timely amended returns to refigure the deduction. H&r block income tax For more information, see Form 1040X, Amended U. H&r block income tax S. H&r block income tax Individual Income Tax Return. H&r block income tax Amounts paid for health insurance coverage from retirement plan distributions that were nontaxable because you are a retired public safety officer cannot be used to figure the deduction. H&r block income tax Take the deduction on Form 1040, line 29. H&r block income tax Qualified long-term care insurance. H&r block income tax   You can include premiums paid on a qualified long-term care insurance contract when figuring your deduction. H&r block income tax But, for each person covered, you can include only the smaller of the following amounts. H&r block income tax The amount paid for that person. H&r block income tax The amount shown below. H&r block income tax Use the person's age at the end of the tax year. H&r block income tax Age 40 or younger–$360 Age 41 to 50–$680 Age 51 to 60–$1,360 Age 61 to 70–$3,640 Age 71 or older–$4,550 Qualified long-term care insurance contract. H&r block income tax   A qualified long-term care insurance contract is an insurance contract that only provides coverage of qualified long-term care services. H&r block income tax The contract must meet all the following requirements. H&r block income tax It must be guaranteed renewable. H&r block income tax It must provide that refunds, other than refunds on the death of the insured or complete surrender or cancellation of the contract, and dividends under the contract may be used only to reduce future premiums or increase future benefits. H&r block income tax It must not provide for a cash surrender value or other money that can be paid, assigned, pledged, or borrowed. H&r block income tax It generally must not pay or reimburse expenses incurred for services or items that would be reimbursed under Medicare, except where Medicare is a secondary payer or the contract makes per diem or other periodic payments without regard to expenses. H&r block income tax Qualified long-term care services. H&r block income tax   Qualified long-term care services are: Necessary diagnostic, preventive, therapeutic, curing, treating, mitigating, and rehabilitative services, and Maintenance or personal care services. H&r block income tax The services must be required by a chronically ill individual and prescribed by a licensed health care practitioner. H&r block income tax Worksheet 6-A. H&r block income tax Self-Employed Health Insurance Deduction Worksheet Note. H&r block income tax Use a separate worksheet for each trade or business under which an insurance plan is established. H&r block income tax 1. H&r block income tax Enter the total amount paid in 2013 for health insurance coverage established under your business for 2013 for you, your spouse, and your dependents. H&r block income tax Your insurance can also cover your child who was under age 27 at the end of 2013, even if the child was not your dependent. H&r block income tax But do not include the following. H&r block income tax   Amounts for any month you were eligible to participate in a health plan subsidized by your or your spouse's employer or the employer of either your dependent or your child who was under the age of 27 at the end of 2013. H&r block income tax Any amounts paid from retirement plan distributions that were nontaxable because you are a retired public safety officer. H&r block income tax Any amounts you included on Form 8885, line 4. H&r block income tax Any qualified health insurance premiums you paid to “U. H&r block income tax S. H&r block income tax Treasury-HCTC. H&r block income tax ” Any health coverage tax credit advance payments shown in box 1 of Form 1099-H. H&r block income tax Any payments for qualified long-term care insurance (see line 2) 1. H&r block income tax   2. H&r block income tax For coverage under a qualified long-term care insurance contract, enter for each person covered the smaller of the following amounts. H&r block income tax       a) Total payments made for that person during the year. H&r block income tax       b) The amount shown below. H&r block income tax Use the person's age at the end of the tax year. H&r block income tax         $360— if that person is age 40 or younger          $680— if age 41 to 50         $1,360— if age 51 to 60         $3,640— if age 61 to 70         $4,550— if age 71 or older         Do not include payments for any month you were eligible to participate in a long-term care insurance plan subsidized by your or your spouse’s employer or the employer of either your dependent or your child who was under the age of 27 at the end of 2013. H&r block income tax If more than one person is covered, figure separately the amount to enter for each person. H&r block income tax Then enter the total of those amounts 2. H&r block income tax   3. H&r block income tax Add lines 1 and 2 3. H&r block income tax   4. H&r block income tax Enter your net profit* and any other earned income** from the trade or business under which the insurance plan is established. H&r block income tax Do not include Conservation Reserve Program payments exempt from self-employment tax. H&r block income tax If the business is an S corporation, skip to line 11 4. H&r block income tax   5. H&r block income tax Enter the total of all net profits* from: Schedule C (Form 1040), line 31; Schedule C-EZ (Form 1040), line 3; Schedule F (Form 1040), line 34; or Schedule K-1 (Form 1065), box 14, code A; plus any other income allocable to the profitable businesses. H&r block income tax Do not include Conservation Reserve Program payments exempt from self-employment tax. H&r block income tax See the Instructions for Schedule SE (Form 1040). H&r block income tax Do not include any net losses shown on these schedules. H&r block income tax 5. H&r block income tax   6. H&r block income tax Divide line 4 by line 5 6. H&r block income tax   7. H&r block income tax Multiply Form 1040, line 27, by the percentage on line 6 7. H&r block income tax   8. H&r block income tax Subtract line 7 from line 4 8. H&r block income tax   9. H&r block income tax Enter the amount, if any, from Form 1040, line 28, attributable to the same trade or business in which the insurance plan is established 9. H&r block income tax   10. H&r block income tax Subtract line 9 from line 8 10. H&r block income tax   11. H&r block income tax Enter your Medicare wages (Form W-2, box 5) from an S corporation in which you are a more-than-2% shareholder and in which the insurance plan is established 11. H&r block income tax   12. H&r block income tax Enter any amount from Form 2555, line 45, attributable to the amount entered on line 4 or 11 above, or any amount from Form 2555-EZ, line 18, attributable to the amount entered on line 11 above 12. H&r block income tax   13. H&r block income tax Subtract line 12 from line 10 or 11, whichever applies 13. H&r block income tax   14. H&r block income tax Enter the smaller of line 3 or line 13 here and on Form 1040, line 29. H&r block income tax Do not include this amount when figuring any medical expense deduction on Schedule A (Form 1040). H&r block income tax 14. H&r block income tax   * If you used either optional method to figure your net earnings from self-employment from any business, do not enter your net profit from the business. H&r block income tax Instead, enter the amount attributable to that business from Schedule SE (Form 1040), Section B, line 4b. H&r block income tax * *Earned income includes net earnings and gains from the sale, transfer, or licensing of property you created. H&r block income tax However, it does not include capital gain income. H&r block income tax Chronically ill individual. H&r block income tax   A chronically ill individual is a person who has been certified as one of the following. H&r block income tax An individual who has been unable, due to loss of functional capacity for at least 90 days, to perform at least two activities of daily living without substantial assistance from another individual. H&r block income tax Activities of daily living are eating, toileting, transferring (general mobility), bathing, dressing, and continence. H&r block income tax An individual who requires substantial supervision to be protected from threats to health and safety due to severe cognitive impairment. H&r block income tax The certification must have been made by a licensed health care practitioner within the previous 12 months. H&r block income tax Benefits received. H&r block income tax   For information on excluding benefits you receive from a long-term care contract from gross income, see Publication 525. H&r block income tax Other coverage. H&r block income tax   You cannot take the deduction for any month you were eligible to participate in any employer (including your spouse's) subsidized health plan at any time during that month, even if you did not actually participate. H&r block income tax In addition, if you were eligible for any month or part of a month to participate in any subsidized health plan maintained by the employer of either your dependent or your child who was under age 27 at the end of 2013, do not use amounts paid for coverage for that month to figure the deduction. H&r block income tax   These rules are applied separately to plans that provide long-term care insurance and plans that do not provide long-term care insurance. H&r block income tax However, any medical insurance payments not deductible on Form 1040, line 29, can be included as medical expenses on Schedule A (Form 1040), Itemized Deductions, if you itemize deductions. H&r block income tax Effect on itemized deductions. H&r block income tax   Subtract the health insurance deduction from your medical insurance when figuring medical expenses on Schedule A (Form 1040) if you itemize deductions. H&r block income tax Effect on self-employment tax. H&r block income tax   For tax years beginning before or after 2010, you cannot subtract the self-employed health insurance deduction when figuring net earnings for your self-employment tax from the business under which the insurance plan is established, or considered to be established as discussed earlier. H&r block income tax For more information, see Schedule SE (Form 1040). H&r block income tax How to figure the deduction. H&r block income tax   Generally, you can use the worksheet in the Form 1040 instructions to figure your deduction. H&r block income tax However, if any of the following apply, you must use Worksheet 6-A in this chapter. H&r block income tax You had more than one source of income subject to self-employment tax. H&r block income tax You file Form 2555, Foreign Earned Income, or Form 2555-EZ, Foreign Earned Income Exclusion. H&r block income tax You are using amounts paid for qualified long-term care insurance to figure the deduction. H&r block income tax If you are claiming the health coverage tax credit, complete Form 8885, Health Coverage Tax Credit, before you figure this deduction. H&r block income tax Health coverage tax credit. H&r block income tax   You may be able to take this credit only if you were an eligible trade adjustment assistance (TAA) recipient, alternative TAA (ATAA) recipient, reemployment trade adjustment assistance (RTAA) recipient, or Pension Benefit Guaranty Corporation (PBGC) pension recipient. H&r block income tax Use Form 8885 to figure the amount, if any, of this credit. H&r block income tax   When figuring the amount to enter on line 1 of Worksheet 6-A, do not include the following. H&r block income tax Any amounts you included on Form 8885, line 4. H&r block income tax Any qualified health insurance premiums you paid to “U. H&r block income tax S. H&r block income tax Treasury-HCTC. H&r block income tax ” Any health coverage tax credit advance payments shown in box 1 of Form 1099-H, Health Coverage Tax Credit (HCTC) Advance Payments. H&r block income tax More than one health plan and business. H&r block income tax   If you have more than one health plan during the year and each plan is established under a different business, you must use separate worksheets (Worksheet 6-A) to figure each plan's net earnings limit. H&r block income tax Include the premium you paid under each plan on line 1 or line 2 of that separate worksheet and your net profit (or wages) from that business on line 4 (or line 11). H&r block income tax For a plan that provides long-term care insurance, the total of the amounts entered for each person on line 2 of all worksheets cannot be more than the appropriate limit shown on line 2 for that person. H&r block income tax Nondeductible Premiums You cannot deduct premiums on the following kinds of insurance. H&r block income tax Self-insurance reserve funds. H&r block income tax You cannot deduct amounts credited to a reserve set up for self-insurance. H&r block income tax This applies even if you cannot get business insurance coverage for certain business risks. H&r block income tax However, your actual losses may be deductible. H&r block income tax See Publication 547. H&r block income tax Loss of earnings. H&r block income tax You cannot deduct premiums for a policy that pays for lost earnings due to sickness or disability. H&r block income tax However, see the discussion on overhead insurance, item (8), under Deductible Premiums , earlier. H&r block income tax Certain life insurance and annuities. H&r block income tax For contracts issued before June 9, 1997, you cannot deduct the premiums on a life insurance policy covering you, an employee, or any person with a financial interest in your business if you are directly or indirectly a beneficiary of the policy. H&r block income tax You are included among possible beneficiaries of the policy if the policy owner is obligated to repay a loan from you using the proceeds of the policy. H&r block income tax A person has a financial interest in your business if the person is an owner or part owner of the business or has lent money to the business. H&r block income tax For contracts issued after June 8, 1997, you generally cannot deduct the premiums on any life insurance policy, endowment contract, or annuity contract if you are directly or indirectly a beneficiary. H&r block income tax The disallowance applies without regard to whom the policy covers. H&r block income tax Partners. H&r block income tax If, as a partner in a partnership, you take out an insurance policy on your own life and name your partners as beneficiaries to induce them to retain their investments in the partnership, you are considered a beneficiary. H&r block income tax You cannot deduct the insurance premiums. H&r block income tax Insurance to secure a loan. H&r block income tax If you take out a policy on your life or on the life of another person with a financial interest in your business to get or protect a business loan, you cannot deduct the premiums as a business expense. H&r block income tax Nor can you deduct the premiums as interest on business loans or as an expense of financing loans. H&r block income tax In the event of death, the proceeds of the policy are generally not taxed as income even if they are used to liquidate the debt. H&r block income tax Capitalized Premiums Under the uniform capitalization rules, you must capitalize the direct costs and part of the indirect costs for certain production or resale activities. H&r block income tax Include these costs in the basis of property you produce or acquire for resale, rather than claiming them as a current deduction. H&r block income tax You recover the costs through depreciation, amortization, or cost of goods sold when you use, sell, or otherwise dispose of the property. H&r block income tax Indirect costs include premiums for insurance on your plant or facility, machinery, equipment, materials, property produced, or property acquired for resale. H&r block income tax Uniform capitalization rules. H&r block income tax   You may be subject to the uniform capitalization rules if you do any of the following, unless the property is produced for your use other than in a business or an activity carried on for profit. H&r block income tax Produce real property or tangible personal property. H&r block income tax For this purpose, tangible personal property includes a film, sound recording, video tape, book, or similar property. H&r block income tax Acquire property for resale. H&r block income tax However, these rules do not apply to the following property. H&r block income tax Personal property you acquire for resale if your average annual gross receipts are $10 million or less for the 3 prior tax years. H&r block income tax Property you produce if you meet either of the following conditions. H&r block income tax Your indirect costs of producing the property are $200,000 or less. H&r block income tax You use the cash method of accounting and do not account for inventories. H&r block income tax More information. H&r block income tax   For more information on these rules, see Uniform Capitalization Rules in Publication 538 and the regulations under Internal Revenue Code section 263A. H&r block income tax When To Deduct Premiums You can usually deduct insurance premiums in the tax year to which they apply. H&r block income tax Cash method. H&r block income tax   If you use the cash method of accounting, you generally deduct insurance premiums in the tax year you actually paid them, even if you incurred them in an earlier year. H&r block income tax However, see Prepayment , later. H&r block income tax Accrual method. H&r block income tax   If you use an accrual method of accounting, you cannot deduct insurance premiums before the tax year in which you incur a liability for them. H&r block income tax In addition, you cannot deduct insurance premiums before the tax year in which you actually pay them (unless the exception for recurring items applies). H&r block income tax For more information about the accrual method of accounting, see chapter 1. H&r block income tax For information about the exception for recurring items, see Publication 538. H&r block income tax Prepayment. H&r block income tax   You cannot deduct expenses in advance, even if you pay them in advance. H&r block income tax This rule applies to any expense paid far enough in advance to, in effect, create an asset with a useful life extending substantially beyond the end of the current tax year. H&r block income tax   Expenses such as insurance are generally allocable to a period of time. H&r block income tax You can deduct insurance expenses for the year to which they are allocable. H&r block income tax Example. H&r block income tax In 2013, you signed a 3-year insurance contract. H&r block income tax Even though you paid the premiums for 2013, 2014, and 2015 when you signed the contract, you can only deduct the premium for 2013 on your 2013 tax return. H&r block income tax You can deduct in 2014 and 2015 the premium allocable to those years. H&r block income tax Dividends received. H&r block income tax   If you receive dividends from business insurance and you deducted the premiums in prior years, at least part of the dividends generally are income. H&r block income tax For more information, see Recovery of amount deducted (tax benefit rule) in chapter 1 under How Much Can I Deduct. H&r block income tax Prev  Up  Next   Home   More Online Publications
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Foreclosure Resources

If you're facing foreclosure, get housing counseling and other assistance.


Housing - Avoiding Foreclosure

If you miss your mortgage payments, you may lose your home through foreclosure. Your lender can use foreclosure as a legal means to repossess your home. If you owe more than your property is worth, a deficiency judgment is pursued. Both foreclosures and deficiency judgments have a negative impact on your future credit. You should avoid foreclosure if at all possible.

These steps can help:

  • Do not ignore the letters from your lender. If you're having problems making your payments, call or write to your lender's loss mitigation department immediately. Explain your situation. Be prepared to provide them with financial information, such as your monthly income and expenses, loan documents/ type of mortgage, tax returns, the amount of equity in your home. Without this information, they may not be able to help.
  • Stay in your home for now. You may not qualify for assistance if you abandon your property.For example, the Hope for Homeowners program only offers 30-year fixed-rate mortgages to owner occupiers.
  • Contact a HUD-approved housing counseling agency. Call 1-800-569-4287 or TDD 1-800-877-8339 for the housing counseling agency nearest you. These agencies are valuable resources.

HUD counselors frequently have information on services and programs offered by government agencies as well as private and community organizations that could help you. The housing counseling agency may also offer credit counseling. These services are usually free of charge.

Mortgage and Foreclosure Scams

Most mortgage professionals are trustworthy and provide a valuable service by allowing families to own a home without saving enough money to buy it outright. But dishonest or "predatory" lenders do exist and engage in lending practices that increase the chances that a borrower will lose a home to foreclosure. Some abusive practices include:

  • Lease-back or rent-to-buy scams: You are asked to transfer the title to your home "temporarily" to the scam artist who promises to obtain better financing for your mortgage and allow you to stay in your home as a renter with the option to purchase the home back. However, if you do not comply with the terms of the rent-to-buy agreement, you will lose your money and be evicted like any other tenant.
  • Fake "government" modification programs: These scams claim to be affiliated with the government or require that you pay high fees in order to benefit from government modification programs. Remember that you do not have to pay any fees to participate in government-approved programs. Some frauds may even use words like "federal" or "government-approved" or acquire website names that make consumers think they are associated with the government.
  • Refinance fraud: The scam artist offers to be an intermediary between you and your mortgage lender to negotiate a loan modification. The scam artist may even instruct you to make payments directly to him or her, which the scammer will send to the lender. However, the scam artist will not forward the payments to your lender and you could still lose your home.
  • "Eliminate your debt" claims: Some companies may make false legal claims that you are not required to repay your mortgage or that they know of "secret laws" that can eliminate your debt. Do not believe these claims.
  • Refinance scams: You are encouraged to sign "foreclosure rescue" loan documents to refinance your loan. In reality, you have surrendered ownership of your home because the loan documents are actually deed transfer documents. You may falsely believe that your home has been saved from foreclosure until you receive an eviction notice months or even years later.

Beware of Foreclosure Rescue Scams-Help is Free

  • Beware of anyone who asks you to pay a fee in exchange for a counseling service or modification of a delinquent loan.
  • Scam artists often target homeowners who are struggling to meet their mortgage commitment or are anxious to sell their homes. Recognize and avoid common scams.
  • Beware of people who pressure you to sign papers immediately or who try to convince you that they can save your home if you sign or transfer the deed to your house over to them.
  • Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.

Making Home Affordable

The Making Home Affordable Program offers opportunities to modify or refinance your mortgage to make your monthly payments more affordable. It also includes the Home Affordable Foreclosure Alternatives Program for homeowners who are interested in a short sale or deed-in-lieu of foreclosure. Go to makinghomeaffordable.gov or call the Homeowner's HOPE Hotline, 1-888-995-HOPE (4673).

The H&r Block Income Tax

H&r block income tax Publication 575 - Introductory Material Table of Contents What's New Reminders IntroductionThe General Rule. H&r block income tax Individual retirement arrangements (IRAs). H&r block income tax Civil service retirement benefits. H&r block income tax Social security and equivalent tier 1 railroad retirement benefits. H&r block income tax Tax-sheltered annuity plans (403(b) plans). H&r block income tax Ordering forms and publications. H&r block income tax Tax questions. H&r block income tax Useful Items - You may want to see: What's New For purposes of the net investment income tax (NIIT), net investment income does not include distributions from a qualified retirement plan (for example, 401(a), 403(a), 403(b), 408, 408A, or 457(b) plans). H&r block income tax However, these distributions are taken into account when determining the modified adjusted gross income threshold. H&r block income tax Distributions from a nonqualified retirement plan are included in net investment income. H&r block income tax See Form 8960, Net Investment Income Tax - Individuals, Estates, and Trusts, and its instructions for more information. H&r block income tax Reminders Future developments. H&r block income tax  For the latest information about developments related to Publication 575, such as legislation enacted after it was published, go to www. H&r block income tax irs. H&r block income tax gov/pub575. H&r block income tax In-plan Roth rollovers. H&r block income tax   Starting in 2013, the American Taxpayer Relief Act of 2012 expanded the rules for in-plan Roth rollovers to include more taxpayers. H&r block income tax For more information, see In-plan Roth rollovers under Rollovers, discussed later. H&r block income tax Photographs of missing children. H&r block income tax  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. H&r block income tax Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. H&r block income tax You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. H&r block income tax Introduction This publication discusses the tax treatment of distributions you receive from pension and annuity plans and also shows you how to report the income on your federal income tax return. H&r block income tax How these distributions are taxed depends on whether they are periodic payments (amounts received as an annuity) that are paid at regular intervals over several years or nonperiodic payments (amounts not received as an annuity). H&r block income tax What is covered in this publication?   This publication contains information that you need to understand the following topics. H&r block income tax How to figure the tax-free part of periodic payments under a pension or annuity plan, including using a simple worksheet for payments under a qualified plan. H&r block income tax How to figure the tax-free part of nonperiodic payments from qualified and nonqualified plans, and how to use the optional methods to figure the tax on lump-sum distributions from pension, stock bonus, and profit-sharing plans. H&r block income tax How to roll over certain distributions from a retirement plan into another retirement plan or IRA. H&r block income tax How to report disability payments, and how beneficiaries and survivors of employees and retirees must report benefits paid to them. H&r block income tax How to report railroad retirement benefits. H&r block income tax When additional taxes on certain distributions may apply (including the tax on early distributions and the tax on excess accumulation). H&r block income tax For additional information on how to report pension or annuity payments on your federal income tax return, be sure to review the instructions on the back of Copies B, C, and 2 of the Form 1099-R that you received and the instructions for Form 1040, lines 16a and 16b (Form 1040A, lines 12a and 12b or Form 1040NR, lines 17a and 17b). H&r block income tax A “corrected” Form 1099-R replaces the corresponding original Form 1099-R if the original Form 1099-R contained an error. H&r block income tax Make sure you use the amounts shown on the corrected Form 1099-R when reporting information on your tax return. H&r block income tax What is not covered in this publication?   The following topics are not discussed in this publication. H&r block income tax The General Rule. H&r block income tax   This is the method generally used to determine the tax treatment of pension and annuity income from nonqualified plans (including commercial annuities). H&r block income tax For a qualified plan, you generally cannot use the General Rule unless your annuity starting date is before November 19, 1996. H&r block income tax Although this publication will help you determine whether you can use the General Rule, it will not help you use it to determine the tax treatment of your pension or annuity income. H&r block income tax For that and other information on the General Rule, see Publication 939, General Rule for Pensions and Annuities. H&r block income tax Individual retirement arrangements (IRAs). H&r block income tax   Information on the tax treatment of amounts you receive from an IRA is in Publication 590, Individual Retirement Arrangements (IRAs). H&r block income tax Civil service retirement benefits. H&r block income tax   If you are retired from the federal government (regular, phased, or disability retirement) or are the survivor or beneficiary of a federal employee or retiree who died, get Publication 721, Tax Guide to U. H&r block income tax S. H&r block income tax Civil Service Retirement Benefits. H&r block income tax Publication 721 covers the tax treatment of federal retirement benefits, primarily those paid under the Civil Service Retirement System (CSRS) or the Federal Employees' Retirement System (FERS). H&r block income tax It also covers benefits paid from the Thrift Savings Plan (TSP). H&r block income tax Social security and equivalent tier 1 railroad retirement benefits. H&r block income tax   For information about the tax treatment of these benefits, see Publication 915, Social Security and Equivalent Railroad Retirement Benefits. H&r block income tax However, this publication (575) covers the tax treatment of the non-social security equivalent benefit portion of tier 1 railroad retirement benefits, tier 2 benefits, vested dual benefits, and supplemental annuity benefits paid by the U. H&r block income tax S. H&r block income tax Railroad Retirement Board. H&r block income tax Tax-sheltered annuity plans (403(b) plans). H&r block income tax   If you work for a public school or certain tax-exempt organizations, you may be eligible to participate in a 403(b) retirement plan offered by your employer. H&r block income tax Although this publication covers the treatment of benefits under 403(b) plans and discusses in-plan Roth rollovers from 403(b) plans to designated Roth accounts, it does not cover other tax provisions that apply to these plans. H&r block income tax For that and other information on 403(b) plans, see Publication 571, Tax-Sheltered Annuity Plans (403(b) Plans) For Employees of Public Schools and Certain Tax-Exempt Organizations. H&r block income tax Comments and suggestions. H&r block income tax   We welcome your comments about this publication and your suggestions for future editions. H&r block income tax   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. H&r block income tax NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. H&r block income tax Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. H&r block income tax   You can send your comments from www. H&r block income tax irs. H&r block income tax gov/formspubs/. H&r block income tax Click on “More Information” and then on “Comment on Tax Forms and Publications. H&r block income tax ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. H&r block income tax Ordering forms and publications. H&r block income tax   Visit www. H&r block income tax irs. H&r block income tax gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. H&r block income tax Internal Revenue Service 1201 N. H&r block income tax Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. H&r block income tax   If you have a tax question, check the information available on IRS. H&r block income tax gov or call 1-800-829-1040. H&r block income tax We cannot answer tax questions sent to either of the above addresses. H&r block income tax Useful Items - You may want to see: Publication 524 Credit for the Elderly or the Disabled 525 Taxable and Nontaxable Income 560 Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans) 571 Tax-Sheltered Annuity Plans (403(b) Plans) For Employees of Public Schools and Certain Tax-Exempt Organizations 590 Individual Retirement Arrangements (IRAs) 721 Tax Guide to U. H&r block income tax S. H&r block income tax Civil Service Retirement Benefits 915 Social Security and Equivalent Railroad Retirement Benefits 939 General Rule for Pensions and Annuities Form (and Instructions) W-4P Withholding Certificate for Pension or Annuity Payments 1099-R Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. H&r block income tax 4972 Tax on Lump-Sum Distributions 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts See How To Get Tax Help near the end of this publication for information about getting publications and forms. H&r block income tax Prev  Up  Next   Home   More Online Publications